DOUBLE REPLACEMENT AND REACTION Assignment Example | Topics and Well Written Essays - 250 words

DOUBLE REPLACEMENT AND REACTION - Assignment Example The balanced equation for the reaction is: Ba(OH)2+2HNO3→Ba(NO3)2+2HOH (c)No. The reaction between Copper (II) Sulphate and Zinc Bromide would not complete. This is because Zinc ions in the solution will react with the Sulphate ions to form Zinc Sulphate which is insoluble in nature .The formation of this precipitate then indicates that the whole reaction is not complete. (d)Yes. The reaction between Sodium Carbonate and Hydrochloric acid will complete because the acid in the reaction is a strong acid meaning that it will react to dissociate completely into hydroxyl ions. This then indicates that the reaction is complete. The equation for this reaction is given as: Na2CO3+2HCI→2NaCl+H2CO3 (e)Yes. The reaction between Barium Chloride and Sulphuric acid will complete because the sulphuric acid is a strong acid and hence it will dissociate completely in the solution to form hydroxyl ions. Due to the completeness of this dissociation, the whole reaction is said to be complete. The equation for the reaction is given as:

Economic Development Programs Essay Example for Free

Economic Development Programs Essay Within my community, there are several development programs which have been established for the purposes of making the community more directly participative in economic development. Such programs include agricultural development programs, business development programs as well as higher education economic development programs. These programs will be addressed in this paper, with specific attention to the key actors/players in the programs, the short and long term goals of these programs, and also the political and economic issues they face in the process of promoting economic development in the region. Agricultural finance programs To begin with, there are special loan programs for new ranchers and farmers in this region, the most infamous one being the Aggie Bond Beginning Farmer Loan Programs. Through Aggie Board Loan Programs, the state helps the newly established farmers in the region to obtain loans for purchasing land and equipments, for breeding farm animals and for the construction of farm buildings (NCOSAFP, 2010). The main players/actors in Aggie Bond Program include the lending institutions (which are in collaboration with the state administration), state administration itself—playing the role of assisting beginner farmers and ranchers to obtain low rate interest loans which are exempt from federal income tax—and the ranchers/farmers who participate in the program. The federal government is also indirectly involved in these programs since it is the one that facilitates the provision of tax exemption on the interest income. Besides obtaining loans at reduced interest rates, the financial risks on loans solely rest with the lending institutions which have established for these purposes (NCOSAFP, 2010). The short term goals of Aggie Bond Programs are to act as the capital base for individuals or partnerships within the state who desire to engage in ranching, farming or both, but lack adequate financial resources to do so (NCOSAFP, 2010). In so doing, they provide all the necessary financial resources to individuals and transfer the credit decisions to the lending institutions. On the other hand, the long term goal of Aggie Board Programs is to facilitate economic growth and development within the state and the nation at large, through optimum utilization of the agricultural resources within the state and taking advantage of the tax-exempt provisions by the federal government. The program also aims at encouraging the spirit of entrepreneurship within the state through assisting potential entrepreneurs in the agricultural sector to unleash their potential (NCOSAFP, 2010). The key economic problem that the actors in these programs face is mostly the failure of the farmers to repay loans granted due to unproductive farm activities or catastrophes which damage the farming/ ranching establishmentespecially nature catastrophes (NCOSAFP, 2010). This becomes a setback all the players involved because the farmers undergoes serious financial losses, the lender incurs bad debts, the state and the federal government loses the potential economic contribution from the entrepreneur. Political issues on the other hand arise from the Aggie bond allocations and apportionments among the lending bodies. For instance, after a serious debate on the farm bill, the maximum bond allocation was increased from $469 200 in 2009 to 470,100 this year and the actors have been involved in political discussions regarding the meager increments and how it would be equally apportioned to the lending institutions (NCOSAFP, 2010). Business financing programs The other type of economic development programs are the business financing development programs. These programs are so closely related to the Aggie Bond Programs in that they offer loans for many kinds of business businessmen in the state. However, there is a slight different from the one discussed above because this program finances both established as well as new business-people in the industry. For the new entrants, capital is provided while for the already existing business people, the required funds for activities such as expansion and boosting for those experiencing serious financial traps is availed (OK Commerce, 2010). The actors in these programs are established lending institutions and the business community. They include; Economic Development Administration, the Bureau Of Indian Affairs Loan Guaranty Fund, The Industrial Finance Authority, Capital Access Program, and the Linked Deposit Loan Programs. The short term goals of these programs is to provide short term business financing to the business community to solve short term cash problems, while the long term goals are to offer long term low interest loans to major business persons/ institutions to solve serious and long range financial issues (OK Commerce, 2010). Mostly, these programs do not face much political issues as compared to the economic issues which are tied to the unsecured loans and competition. While the unsecured loans may sometimes compel the lending institution to file cases in the legal system against errant and faulting business people, the competition from other existing lending institutions makes them too congested in the estate (OK Commerce, 2010). Higher education programs The state also has a Higher Education Economic Development Program. This program is designed in such way as to generate partnerships between businesses and higher education institutions within the state in order to nurture higher learning via State Regents’ Economic Development Grants. Nominations are made from the institutions and assessed by State Regents’ staff committee. Submissions are made just once for every partnership, and a limit of twenty five recognitions can be made annually (OK Highered, 2010). The actors in this program are basically partnering institutions, which usually pay $500 coordinated by the state regents. The money provided is used for internships for students of institutions to work in the enterprises of partnering business, faculty externships with partnering businesses, tuition waivers to partnering businesses’ staff members, and development of partnerships with supplementary equipment, supplies and materials (OK Highered, 2010). The short term and long term a goal of this program is the same: to facilitate economic development through partnering for the purposes of higher education. In so doing, the partnering members are able to assist each other in catering for the expenses of higher education to ensure that none is left out. In addition, they promote economic growth growth of the member businesses through materials and other kinds of supplies using the funds contributed by each partner (OK Highered, 2010). Just like the other economic development programs mentioned above, this program also faces a number of political and economical problems in its endeavors to accomplish goals and objectives. On the economic part, the program currently has a capacity of twenty two member universities and sometimes, the resources available from the partnership funds cannot meet all the needs of the partners: consequently, the process of assisting members cater for higher education needs has to take longer than the members desire (OK Highered, 2010). This basically, has the result of slowing down the accomplishment of goals and also sometimes results to withdraw of some impatient partners. In addition, the members have too much higher education needs such that the partnership has only to cater for a small percentage of the required amounts. In so doing, the economic goals are partially and not wholly accomplished. Politically, the program is not affected by external politics, but rather by internal politics among the members which mostly results from conflicting interests amongst the members and also in the selection of the leaders who will foresee the management of operations and finances (OK Highered, 2010). However, such issues have been solved successfully within the environs of the partnership. References NCOSAFP (2010). Types of state agricultural finance programs. Retrieved from http://www. stateagfinance. org/types. html OK Commerce (2010). Business financing programs. Retrieved from http://www. okcommerce. gov/Start-A-Business/Financing-Programs/ OK Highered (2010). Economic development grant for the partnership development program. Retrieved from http://www. okhighered. org/econ-dev/partner-recog. shtml

Laws Of War :: essays research papers

Laws of War The term "laws of war" refers to the rules governing the actual conduct of armed conflict. This idea that there actually exists rules that govern war is a difficult concept to understand. The simple act of war in and of itself seems to be in violation of an almost universal law prohibiting one human being from killing another. But during times of war murder of the enemy is allowed, which leads one to the question, "if murder is permissible then what possible "laws of war" could there be?" The answer to this question can be found in the Charter established at the International Military Tribunals at Nuremberg and Tokyo: Crimes against Humanity: namely, murder, extermination, enslavement, deportation, and other inhumane acts committed against any civilian population, before or during the war, or persecutions on political, racial or religious grounds in execution of or in connection with any crime within the jurisdiction of the Tribunal, whether or not in violation of the domestic law of the country where perpetrated. Leaders, organizers, instigators, and accomplices participating in the formulation or execution of a common plan or conspiracy to commit any of the foregoing crimes are responsible for all acts performed by any persons in execution of such plan.1 The above excerpt comes form the Charter of the Tribunal Article 6 section C, which makes it quite clear that in general the "laws of war" are there to protect innocent civilians before and during war. It seems to be a fair idea to have such rules governing armed conflict in order to protect the civilians in the general location of such a conflict. But, when the conflict is over, and if war crimes have been committed, how then are criminals of war brought to justice? The International Military Tribunals held after World War II in Nuremberg on 20 November 1945 and in Tokyo on 3 May 1946 are excellent examples of how such crimes of war are dealt with. (Roberts and Guelff 153-54) But, rather than elaborate on exact details of the Tribunals of Nuremberg and Tokyo a more important matter must be dealt with. What happens when alleged criminals of war are unable to be apprehended and justly tried? Are they forgotten about, or are they sought after such as other criminals are in order to serve justice? What happens if these alleged violators are found residing somewhere other than where their pursuers want to bring them to justice? How does one go about legally obtaining the custody of one such suspect? Some of the answers to these questions can be found in an analysis of

Role of Roman Legions in Republic and the Empire

The role of Roman legions in creating the republic first and then the empire has been widely acknowledged. Legions emerged from the early Roman army which was composed of levied citizens and developed into a full fledged force with a modern infantry and well organized cavalry. (McCall, 2002). The first person to conscript soldiers into legions to the advantage of the state was Servius Tullius. By introducing the census, Tullius made it incumbent for all youth to be organized in various classes based on their income and also made it incumbent for them to join the army as a mark of being Roman citizens. This tradition of use of the legions for political consolidation has thus been the hallmark of the rise of the republic as well as the empire. In Rome service in the legion was considered mandatory. This naturally led to correlation of the legion with the republic as the concept emerged over the years by consolidation of the state. For the purposes of distinguishing between classes, the recruits were divided into five classes based on their income as each soldier had to acquire his own arm and equipment. Thus citizenship and legionnaire were both concomitant thereby laying strong linkages between the republic and the legions which were exploited over a period. The legions remained conscripted and were recalled as on required basis during the Republic thereby indicating that these were transient and to be fully exploited for sponsoring the aim of the head of the state. After the Marian reforms which were brought in at the end of the 2nd century BC, the legion was professionalized by Gaius Marius. This was done by him to enlarge the legions and enable fielding larger armies. Politically too this was important as in a Republic the state had the duty to provide jobs to people, for which legions were considered to be most appropriate organizations, once again highlighting an utilitarian trend. Assimilation of the Italian soldiers in Roman legions and grant of citizenship was also a Marian initiative thereby enhancing the numbers as well as the power of the state. The ingrained manipulative streak of the masters of the legion would be more than evident in these measures. This professionalizing also led to a realization that the legions could play an important political role and hence all governors were proscribed from leaving their province with the legions to prevent precipitation of a crisis in other states. Just such a crisis precipitated the civil wars when Caesar broke the rule crossing with his legion into Italy. The civil wars saw the end of the republic and beginning of the Empire led by Augustus in 27 BC. The legions once again were very effectively used by both Antony and Augustus the ultimate victor of the civil war which led to the establishment of the Roman empire. Once having won the war though Augustus reduced the number of legions as he was finding it difficult to sustain the force. Politically it was not expedient to have many legions which could challenge the authority of the emperor at any given time. Augustus and then his successors would not however totally abandon the concept, but only added new legions as required by the circumstances and disbanded these when no longer required by the needs of the empire, thereby once again denoting how they successfully exploited the legions for the purposes of the state. Reference 1.Mccall, Jeremiah B. (2002). The Cavalry of the Roman Republic: Cavalry Combat and Elite Reputations in the Middle and Late Republic. New York : Routledge.

Demographic Influences And Product Positioning

I spoke about the strengths that Ryan Air has, such as having acquired buzz. I said that since Ryan Air is expanding Eastwards at a steady pace this is a strength but a after some opinions from Maira Azzopardi and Nadine Grixti, I had come to realise that this is more of an opportunity. Maria Azzopardi also said that the fact that the website is available in more than 20 languages is also a strength.Nadine Grixti went over to say that booking flights over the internet is a strength , however after a discussion with Maria Azzopardi and Elenia Desira regarding how this is the only way to book flight she decided that this was if fact a weakness. Maria Azzopardi and I continued to discuss that Ryan Air avoid paying congestion fees and it will also remain the first low-cost airlines these were identified as strengths. Nadine Grixti continued by saying since Ryan Air does not have an office in Malta, this saved costs and is a strength for Ryan Air.I said that since passengers have to pay f or an extra services even for using the restroom this is a weakness for Ryan Air and also the fact that profits decreased could also prove to be a weakness as Ryan Air may have to cut down on certain services or products to make up for this loss. Nadine Grixti and Elenia Desira argued that since passengers must pay for their luggage this is also a sign of weakness, Nadine Grixti came up with the idea that Ryan Air should provide a package which includes luggage along with flights.Maria Azzopardi and Elenia Desira continued to say that this should not be obligatory since certain groups travel with only hand luggages. Maria Azzopardi said that since Ryan Air does not provide adequate Human Resources policies this may lead to an unmotivated workforce. Nadine Grixti said that the website is the only means of booking flights which is once again a weakness. I spoke about the fact that Ryan Air can expand into various other regions while still maintaining low costs, we all agreed that this was an opportunity.Moreover we all discussed other opportunities such as the new fleet of airplanes and the steady expansion of Ryan Air into the East. Finally we discussed that since Ryan Air collects a lot of data from passengers, they may use this data to target customers even better. Nadine Grixti started discussing threats namely that if the oil price continues to rise and reach $150 per barrel this could lead to a situation where Ryan Air does not make any profits. Another threat is the fact that other airlines may choose to enter low cost markets we all agreed on this.Maria Azzopardi came up with the idea that if other airlines acquire smaller one Ryan Air may face threats, we then discussed the effects that this may have on Ryan Air. Nadine Grixti spoke about the imminent threat that a change in CEO may have as it will take some getting used to for the whole organisation. Elenia Desira and I said that the global recession and past factors such as September 11th and Islandic Volcano ash is also a threat and this is a threat since some people may be less willing to travel and perhaps even scared to travel.Moreover an increase in snow storms or volcano ash may cause airports to shut down and this may cancel certain flights. In conclusion we discussed all the factors contributing to SWOT analysis. The meeting went well and we managed to disused all that we had planned within the agenda. On most factors we were all in agreement whilst other took some discussions. We all discussed that the factors that influence the Ryanair’s demography are age, occupation, average income, lifestyles, religion, race, culture, birth rate and death rate.Moreover, we all agreed that such factors have various implications for Ryanair, for example: Maria Azzopardi said that people with adventurous personalities and lifestyles are more likely to travel than others. I continued to say that people who fear travelling with an airplane will definitely discard the idea of trave lling around the world unless over land or by sea. This will therefore, decrease the revenue of Ryanair.Charmaine Berry continued to say that the demography will have an influence on the workforce, meaning the people available to work, and also the wealth of the workforce. A discussion arose on why the workforce and the wealth of the workforce itself will influence demography. I came up with the idea that the workforce will influence the demography of Ryanair because the culture of such organisation will not be the same of that of the personnel. This will ultimately influence the motivation and performance of employees.Elenia Desira stated that the occupation of customers will also affect the demography of Ryanair because business men or women will opt for a low-cost flights which will increase profits. However, the drawback is that the more the income the customers earn the more they will be able to afford more luxurious flights such as Airmalta and British Airways, and this will u ltimately decrease the profits of Ryanair. The discussion then shifted to product positioning.Maria Azzopardi began to say that product positioning is defined as how customers perceive the product or service Ryanair offers compared to other competitors. Elenia Desira continued by mentioning a marketing tool, the perceptual mapping, which identifies the perception of existing or potential customers on a specific product or service. Charmaine Berry stated that Ryanair would fall under a low price and budget standard airline and therefore. It can therefore, be said that one of the main competitors is EasyJet because they are also perceived as having a low price and budget standard.I concluded on product positioning by stating that it is of great importance for Ryanair to make use of perceptual mapping because it would help the organisation to identify in which position Ryanair stands in customers’ mind compared to other competitive airlines. In conclusion, in this meeting demogr aphic influences and product positioning were discussed. It was a very productive meeting as we managed to discuss the topics we had planned in the agenda. Demographic Influences And Product Positioning I spoke about the strengths that Ryan Air has, such as having acquired buzz. I said that since Ryan Air is expanding Eastwards at a steady pace this is a strength but a after some opinions from Maira Azzopardi and Nadine Grixti, I had come to realise that this is more of an opportunity. Maria Azzopardi also said that the fact that the website is available in more than 20 languages is also a strength.Nadine Grixti went over to say that booking flights over the internet is a strength , however after a discussion with Maria Azzopardi and Elenia Desira regarding how this is the only way to book flight she decided that this was if fact a weakness. Maria Azzopardi and I continued to discuss that Ryan Air avoid paying congestion fees and it will also remain the first low-cost airlines these were identified as strengths. Nadine Grixti continued by saying since Ryan Air does not have an office in Malta, this saved costs and is a strength for Ryan Air.I said that since passengers have to pay f or an extra services even for using the restroom this is a weakness for Ryan Air and also the fact that profits decreased could also prove to be a weakness as Ryan Air may have to cut down on certain services or products to make up for this loss. Nadine Grixti and Elenia Desira argued that since passengers must pay for their luggage this is also a sign of weakness, Nadine Grixti came up with the idea that Ryan Air should provide a package which includes luggage along with flights.Maria Azzopardi and Elenia Desira continued to say that this should not be obligatory since certain groups travel with only hand luggages. Maria Azzopardi said that since Ryan Air does not provide adequate Human Resources policies this may lead to an unmotivated workforce. Nadine Grixti said that the website is the only means of booking flights which is once again a weakness. I spoke about the fact that Ryan Air can expand into various other regions while still maintaining low costs, we all agreed that this was an opportunity.Moreover we all discussed other opportunities such as the new fleet of airplanes and the steady expansion of Ryan Air into the East. Finally we discussed that since Ryan Air collects a lot of data from passengers, they may use this data to target customers even better. Nadine Grixti started discussing threats namely that if the oil price continues to rise and reach $150 per barrel this could lead to a situation where Ryan Air does not make any profits.Another threat is the fact that other airlines may choose to enter low cost markets we all agreed on this. Maria Azzopardi came up with the idea that if other airlines acquire smaller one Ryan Air may face threats, we then discussed the effects that this may have on Ryan Air. Nadine Grixti spoke about the imminent threat that a change in CEO may have as it will take some getting used to for the whole organisation.Elenia Desira and I said that the global recession and past factors such as September 11th and Islandic Volcano ash is also a threat and this is a threat since some people may be less willing to travel and perhaps even scared to travel. Moreover an increase in snow storms or volcano ash may cause airports to shut down and this may cancel certain flights. In conclusion we discussed all the factors contributing to SWOT analysis. The meeting went well and we managed to disused all that we had planned within the agenda. On most factors we were all in agreement whilst other took some discussions.Minutes for Meeting 2Subject: Demographic influences and Product positioningWe all discussed that the factors that influence the Ryanair’s demography are age, occupation, average income, lifestyles, religion, race, culture, birth rate and death rate. Moreover, we all agreed that such factors have various implications for Ryanair, for example: Maria Azzopardi said that people with adventurous personalities and lifestyles are more likely to travel than others. I continued to say that people wh o fear travelling with an airplane will definitely discard the idea of travelling around the world unless over land or by sea.This will therefore, decrease the revenue of Ryanair. Charmaine Berry continued to say that the demography will have an influence on the workforce, meaning the people available to work, and also the wealth of the workforce. A discussion arose on why the workforce and the wealth of the workforce itself will influence demography. I came up with the idea that the workforce will influence the demography of Ryanair because the culture of such organisation will not be the same of that of the personnel.This will ultimately influence the motivation and performance of employees. Elenia Desira stated that the occupation of customers will also affect the demography of Ryanair because business men or women will opt for a low-cost flights which will increase profits. However, the drawback is that the more the income the customers earn the more they will be able to afford more luxurious flights such as Airmalta and British Airways, and this will ultimately decrease the profits of Ryanair.The discussion then shifted to product positioning. Maria Azzopardi began to say that product positioning is defined as how customers perceive the product or service Ryanair offers compared to other competitors. Elenia Desira continued by mentioning a marketing tool, the perceptual mapping, which identifies the perception of existing or potential customers on a specific product or service. Charmaine Berry stated that Ryanair would fall under a low price and budget standard airline and therefore.It can therefore, be said that one of the main competitors is EasyJet because they are also perceived as having a low price and budget standard. I concluded on product positioning by stating that it is of great importance for Ryanair to make use of perceptual mapping because it would help the organisation to identify in which position Ryanair stands in customers’ mind c ompared to other competitive airlines. In conclusion, in this meeting demographic influences and product positioning were discussed. It was a very productive meeting as we managed to discuss the topics we had planned in the agenda.

The Ferdinand Marcos Administration essays

The Ferdinand Marcos Administration essays Ferdinand Marcos was an intellectual, capable of initiating unimaginable ideals for himself and for his country. He served in the military and assembled medals of prestige and honor. For a time Ferdinand was sentenced imprisonment, but this "mishap" proved Ferdinand to be resilient image, he studied while he was in prison and even topped the bar exams; in the future acquitted himself in court through his own defense; who would then know that the core of Martial Law rooted in the blood of the Marcos's. Our president Joseph Estrada, was a former movie actor, who portrayed roles of heroism for the poor. Ferdinand and Erap have different origins; Macoy being a soldier and Erap as an actor; however, the governance of both presidents had similarities in some ways. Before Martial Law, Ferdinand's two years of service to the Filipinos was fairly proficient, infrastructure, which still stands today, was built during those early terms of Ferdinand Marcos. The Marcos regime oversaw the potentials of inflation; they monopolized every possible scene in the industry, placing their cronies and relatives to the advantage and under the protection of the government. The autocratic style and power of Marcos, coupled with the first lady, Imelda Romualdez seemed ceaseless, but the spirit of nationalism was beginning to act, mass rallies were getting into place, and the number of activists grew. Today, the strength of nationalism is being tested once more. An economic and political crisis has sprung again, and the question of another Martial law is being raised. Martial law was heed upon, with the consent of the U.S., there was a new society envisioned by Ferdinand, he saw this as an aperture for a change. Ferdinand's political oppositions and people w ho posed as a threat to the administration was either exiled or imprisoned, again an add-on to the strength of the Regime. Human rights violations, persecutions, corruption, to name, were only a f...

NFPA 704 Chemical Storage Color Codes

NFPA 704 Chemical Storage Color Codes This is a table of chemical storage code colors, as devised by J. T. Baker. These are the standard color codes in the chemical industry. Except for the stripe code, chemicals assigned a color code generally may be stored safely with other chemicals with the same code. However, there are many exceptions, so it is important to be familiar with the safety requirements for every chemical in your inventory. J. T. Baker Chemical Storage Color Code Table Color Storage Notes White Corrosive. May be harmful to eyes, mucous membranes and skin. Store separate from combustible and flammable chemicals. Yellow Reactive/Oxidizer. May react violently with water, air or other chemicals. Store separate from combustible and flammable reagents. Red Flammable. Store separately only with other flammable chemicals. Blue Toxic. Chemical is hazardous to health if ingested, inhaled or absorbed through the skin. Store separately in a secure area. Green Reagent presents no more than a moderate hazard in any category. General chemical storage. Gray Used by Fisher instead of green. Reagent presents no more than a moderate hazard in any category. General chemical storage. Orange Obsolete color code, replaced by green. Reagent presents no more than a moderate hazard in any category. General chemical storage. Stripes Incompatible with other reagents of the same color code. Store separately. Numeric Classification System In addition to the color codes, a number may be given to indicate the level of hazard for flammability, health, reactivity, and special hazards. The scale runs from 0 (no hazard) to 4 (severe hazard). Special White Codes The white area may contain symbols to indicate special hazards: OX - This indicates an oxidizer that allows chemical to burn in the absence of air. SA - This indicates a simply asphyxiant gas. The code is limited to nitrogen, xenon, helium, argon, neon, and krypton. W with Two Horizontal Bars Through It s of chemicals that carry this warning include sulfuric acid, cesium metal, and sodium metal.

Using the Spanish Word Mucho in the Right Context

Using the Spanish Word Mucho in the Right Context Like its English cognate, or related word linguistically, much, the Spanish word  mucho conveys the idea of something being great in quantity or degree. Like English,   mucho can be used as an adverb, adjective or pronoun. Mucho As an Adverb As an adverb, mucho is frequently translated as much or a lot. Unlike when it is used as adjective and pronoun, the word mucho does not change with gender or number. It can change when it used as an adverb before adjectives or other adverbs to mean very, in that case, the word  mucho  is shortened to  muy. However,  mucho  is used when it stands alone to mean very, as in answering a question:  Ã‚ ¿Ests  cansada? Sà ­, mucho, which means,  Are you tired? Yes, very. Spanish Sentence English Translation Fernando habla mucho y dice poco. Fernando talks a lot and says very little. En invierno nieva mucho en los Alpes. In the winter it snows a lot in the Alps. Derek Jeter es mucho mejor de lo que fue Lou Gehrig. Derek Jeter is much better than what Lou Gehrig was. Mi mam me ama mucho. My mother loves me a lot. El iPhone es mucho ms que un telfono. The iPhone is much more than a telephone. Mi ta es muy inteligente. My aunt is very intelligent. Mucho As an Adjective As an adjective, mucho must agree with the noun it refers to in number and gender. It is typically translated as much, a lot of or too many; in plural form, it typically means many or a lot of. Spanish Sentence English Translation He odo que las naranjas tienen mucho azcar. I have heard that oranges have a lot of sugar. Beber mucha leche entera puede provocar sobrepeso. Drinking a lot of whole milk can cause [a person to be] overweight. Twitter tiene muchos usuarios internacionales. Twitter has many international users. Tras su gobierno Schwarzenegger tiene muchas opciones. After his governorship, Schwarzenegger has many options. En el mundo hay muchos millones de personas expuestas al riesgo de erupciones volcnicas. Worldwide there are many millions of people exposed to the risk of volcanic eruptions. Mucho As a Pronoun When it functions as a pronoun, mucho means  a large amount of  and it  must agree in gender and number with the noun it substitutes for. Spanish Sentence English Translation Normalmente, hay cera en los odos, pero cuando hay mucha, puede ser necesario que el mdico la remueva. Normally, there is wax in the ears. But when there is a lot, it can be necessary that the doctor remove it. (Mucha refers to cera, which is singular and feminine.) Para recibir mucho, es necesario dar mucho. In order to receive much, it is necessary to give much. Hay muchos que pierden su vida buscando una perfeccin que nunca se llega a encontrar. There are many who waste their lives looking for a perfection that never shows up to be found. (Muchos is gender neutral and plural.) Muchas quieren ser como Marilyn Monroe. Many want to be like Marilyn Monroe. (Muchas likely refers to women and/or girls.)

Yamato-e, a style of Japanese painting Research Paper

Yamato-e, a style of Japanese painting - Research Paper Example This technique was one of its own and was used to reveal the interior of a house or building from the outside. Yamato-e’s interior depiction of the inside of buildings gives a sense of voyeurism which is demonstrated through its dominant usage for description in classical literally works such as poetry and novels (Anna 1). there is nowhere that Yamato-e’s art finds more usage and success than in The Tale of Genji dating back to 2006.570, a famous Japanese novel by a Heian court lady, Murasaki Shikibu. In the novel, Shikibu uses the Fukinuki Yatai technique to illustrate the events of The Ivy scene, which uses heavy elements of the cloud bands that are brown in colour gives the pictorial borders a rich embellishments making the reader give more attention to the narrative. Voyeurism is conveyed towards the later half part of the novel through the illustration of prince Genji and the maidservant in the palace through the removal of the roof, whereby the reader can see the events inside the palace. Therefore, it can be said that Yamato-e, as a form of art, has evolved to suit the demands and exhaustive illustration of human feelings on subject matters that are of concern to the Japanese people in an aesthetic way and its quest to progress with the daily unfolding events that are important to them. The Yamato-e’s is considered to have developed along side other unique Japanese cultures such as the growth of the Waka poetry (1975.268.59), of the Heian period characterized by thirty one syllables.

Development Economics Paper 3 Essay Example | Topics and Well Written Essays - 500 words - 1

Development Economics Paper 3 - Essay Example From a critical point of view I believe in the existence of the poverty trap that has essentially entangled a group of people and deprive them from getting what they would desire to get. In essence, an individual born to a poor family in the village set up of a third world country may be entangled within the vicious circle of poverty, lack of access to education and healthcare facilities as well as exposure to the world out there. In such a case, the child may be limited and despite of his talent and great mind, they fail to get a platform to practice it and perfect the art. This leaves them in the same place becoming a vicious circle for a family or the state at large. there is poverty trap for those who have too little and cannot invest to get enough returns whereas those who have access to reasonably more resources, there potential to grow is evident regardless of the situation around them. As one continues to invest in what they have, growth is eminent and sooner or later there w ill be no poverty trap entangling them as they break free from it. Yes, I believe that the poverty trap works when all other factors are kept constant. Someone’s financial income essentially determines there financial might and dictates what they can do in as far as investment is concerned. The economic status of an individual starts flat then rises as one gets income but the goes down as responsibilities increases creating an S-curve that depicts element of a poverty trap. In this sense, poverty trap is evident and works by way of limiting ones potential within their financial might derailing them from the ability to invest a break away from the vicious cycle of poverty (Banerjee and Duflo 55). S-curve is a theoretical shape depicting a poverty trap that shows one beginning on a straight line, then goes up to a point where they stagnant and start the downward movement again. This concept is used

The Invisible Man by Ralph Ellison Essay Example | Topics and Well Written Essays - 1000 words

The Invisible Man by Ralph Ellison - Essay Example Perhaps, it is through such attributes of the story that make it qualify as The Invisible Man. Earlier on, before joining the Brotherhood, his early experiences describe him as a naà ¯ve inexperienced person with natural charisma. He is an individual who harbors good thoughts of others, optimistic that everyone he meets deserves an equal measured of respect. He is a law abiding citizen who does not participate in most vices and mischiefs that occur in his neighborhood. The author lets the reader perceive the struggle of the narrator, who represents the African American culture in their struggles during the era of pre-civil rights unions (Orozco 22). The narrator at the beginning the story thinks well of others despite having every reason to doubt their trustworthiness. The narrator is determined to make it in a society that is racially divide and one that has ignored his human rights. Despite the humiliation he is subjected to by the society, the narrator displays patience and succumbs to his fate (Orozco 64). While still at the South, the narrator proves to be hard working, portrayed by his great oratory skills in public speaking. As a result, he is honored to deliver the same speech to a group of important white men who visit the town. He is eventually rewarded by a briefcase containing a scholarship to a prestigious African American college but after enduring a humiliating near-death blindfolded fight with other black men in a boxing ring. The illiterate nature of the narrator also comes out as he tries hard to imagine and figure out what the writing in his letter of scholarship letter. The narrator is portrayed as ignorant following the event that takes place in college when he decides to take the Mr. Norton to have a drink at a black owned restaurant. Mr. Norton is wealthy white trustee of the college and the narrator is mandated with the task of chauffeuring him around the college campus (Ellison 57).

History Essay Example | Topics and Well Written Essays - 500 words - 25

History - Essay Example w the nature of reality and truth (metaphysics); to understand how we know the things that we know (epistemology); the best way to live (ethics); the best way to govern (political philosophy); and the workings of the universe and the natural world (natural philosophy, or science). The Greeks were not the first civilization to wonder about these matters or to explore them, but they made answering these questions such a fundamental part of their cultural experience that they attained a very high level of intellectual advancement across all these areas. Their curiosity and experiments contributed to the development of Western civilization. Thornton is especially interested in the ways that the Greek civilization laid the foundation for modern day scientific and political thought. Scientifically, Greek philosophers laid the cornerstone for modern Western science. Long before the Manhattan Project and nuclear physics, the Greek philosopher Democritus argued that the world was made of tiny particles he called atoms. The Greeks were interested in what things were made of: A pencil was a pencil, but what was the pencil made of? Well, wood. And what was the wood made of? Though their answers weren’t always right, asking the questions was the most important step. And often, they were right: Anaximander theorized that the earth was round (basing this theory on the shadow it casts on the moon during an eclipse) centuries before Columbus sailed the ocean blue. The Greeks based their theories on a combination of scientific observation and rational thought, two things that form the basis of Western scientific innovation today. Most importantly, though, the Greeks gave Western science a passion for understanding the way that things work, and a willingness to make guesses and efforts in pursuit of that goal. The Western notion of government also owes much to the Greek model. Plato’s Republic outlines the model for a utopian society in which people are divided into groups

Marketing case study (analysis) Essay Example | Topics and Well Written Essays - 750 words

Marketing case study (analysis) - Essay Example If I were Mrs. Mead, what should I do? Can my thoughts and opinion prevail over my salespeople’s views of market strategy which is only to deal with customers when they ask questions? The first question that I need to ask is: do I need to change employees and the sales force of my business? The answer to this is yes and no. Yes, because we really have to look on the quality of people that we can have in our business, aside from the quantity. In the case of Mrs. Mead’s business establishment, it seems there needs some realignment. Some managerial position has to be filled in. She doesn’t need to be an all-around manager-owner of the store. She can hire another qualified manager or supervisor, or can choose from among her trusted employees. Firth (2002) discusses in his book the subjects of â€Å"life and work† and organizational change. He cites Daryl R. Coner, considered one of the leading authorities on the subject of organization change and who has taken his learning to the boardrooms of such giants as Mobil Oil, JC Penney, Pepsico-Cola, Levi-Strauss and AT, and consulted organizations and governments. He recommends Coner’s â€Å"stance is to demystify the uncertainties of the human change with clear processes and vivid concepts† (Firth 74). Let us consider Mrs. Mead’s store as a business that needs organizational change. She could be missing some of the basics of organizational change. Her people need motivations and a change of attitude towards work and the organization they belong. To analyze more of Mrs. Mead’s situation, her store is located on the outskirts of the city. Why should this be in the outskirts? This means that the establishment is not strategically located. She must find a good location for her store where she can display the best of her products. And then the question: Why is Mrs. Mead targeting only the blue collar workers market? Can she not upgrade or change to some higher stratum like the white collar

History Essay Example | Topics and Well Written Essays - 500 words - 25

History - Essay Example w the nature of reality and truth (metaphysics); to understand how we know the things that we know (epistemology); the best way to live (ethics); the best way to govern (political philosophy); and the workings of the universe and the natural world (natural philosophy, or science). The Greeks were not the first civilization to wonder about these matters or to explore them, but they made answering these questions such a fundamental part of their cultural experience that they attained a very high level of intellectual advancement across all these areas. Their curiosity and experiments contributed to the development of Western civilization. Thornton is especially interested in the ways that the Greek civilization laid the foundation for modern day scientific and political thought. Scientifically, Greek philosophers laid the cornerstone for modern Western science. Long before the Manhattan Project and nuclear physics, the Greek philosopher Democritus argued that the world was made of tiny particles he called atoms. The Greeks were interested in what things were made of: A pencil was a pencil, but what was the pencil made of? Well, wood. And what was the wood made of? Though their answers weren’t always right, asking the questions was the most important step. And often, they were right: Anaximander theorized that the earth was round (basing this theory on the shadow it casts on the moon during an eclipse) centuries before Columbus sailed the ocean blue. The Greeks based their theories on a combination of scientific observation and rational thought, two things that form the basis of Western scientific innovation today. Most importantly, though, the Greeks gave Western science a passion for understanding the way that things work, and a willingness to make guesses and efforts in pursuit of that goal. The Western notion of government also owes much to the Greek model. Plato’s Republic outlines the model for a utopian society in which people are divided into groups

GLOBAL FINANCE, INC. (GFI) Essay Example | Topics and Well Written Essays - 2500 words

GLOBAL FINANCE, INC. (GFI) - Essay Example Slow performance and latency issues were a problem as well. The Wi-Fi network is issues as well because it is widely accessible to people that live near the range of the wireless network. Such issues must be addressed through the process of redesigning the network infrastructure and the technologies that can be implemented to help alleviate these issues. In order to decrease network traffic, it is important to install firewalls to the system to monitor and restrict certain traffic that could be harming the network. A firewall is a piece of hardware or software program that helps in screening out viruses, worms and hackers that try to reach your computer via the Internet. A Virtual Private Network Gateway must have a firewall installed in it to prevent strangers from connecting to the network virtually. This virtual private network (VPN) extends a private network across an extended a public network, like the Internet. These systems enable computers to receive and send data across public or shared networks as if it is it had a direct link to the private network; hence, it benefits from the security, management functionality policies of the private network. A VPN is formed by establishing a virtual point-to-point connection via the use of virtual tunneling protocols, traffic encryptions, and dedicated connections. It is also important to give all employees an RSA token so that the authentication process is even more secure. An RSA token is a small device that has a particular number of digits within it that change every 10-15 seconds. This number must be inputted into the VPN portal so that the user can be confirmed and authenticated into the network. Such a technology can help alleviate the traffic issues that the network was having and help in speeding up the performance of the network system as well. Firewalls are essential as well because they help monitor all packets that

Interpersonal Conflict in the Movie Hitch Essay Example for Free

Interpersonal Conflict in the Movie Hitch Essay This article to me proves to be somewhat true. I do feel that when you are in a relationship with someone you do tend to feel that you know this person well and can understand what the other person is simply saying at that time. When you are the person trying to communicate it should be as clear as possible. Like in the article the man misunderstood what she was saying but he had no way of knowing because if she was hot temperature wise she should have just said it in a way where he would know she meant temperature wise. This could also put a major strain on relationship between people. There would always be arguments or something because you and whoever would never be able to communicate successfully with one another. It would be nothing but miscommunication because you would have thought that you would be close enough to someone appears to create the illusion of understanding more than actual understanding. (U. S. News World Report) Miscommunication played a major role in something that happen to me one day. We were having a pizza party for the class and we need to buy extra pizza for the teachers because the kids could only eat cheese. The issue was that some did not eat the same type of pizza as others. So, after that a coworker and I decided we wanted supreme and the others wanted chicken pizza. My understanding was that her and I was going half and half on the supreme pizza because when we made the order we both were telling our coworker what we did and did not want on the pizza. As the pizza arrived they gave her a whole pizza and they brought a supreme pizza upstairs which we was trying to figure out who pizza it was because other people was asking for some but we did not want to give it away until we knew who the pizza belonged to. However, after talking to my coworker she stated that the others thought we had just took their pizza to because it was in our class and did not know they were sending people to ask for the pizza because it was in our room but how were we suppose to know. It got me kind of upset and she told me not to worry about it. So later that day in the meeting after school I felt I needed to address the problem and told my coworkers how were we suppose to know the pizza in our room because our class is upstairs and you guys did not want the kids to see that type of pizza because they could not be offered any. They should have told us that they were coming to our room to eat instead of thinking we were trying to take the pizza they bought. From that day forward we made sure that we understand clearly what we are ordering and doing when it comes to lunch time or whatever.

The Impact Of Internship On Graduate Employability Management Essay

The Impact Of Internship On Graduate Employability Management Essay This report examines the impact of internships on graduate labour market. The view of this report is to find out what skills, knowledge and attributes are basically needed by graduate students to perform their professional duty in the practical job field in todays job market. The report then draws the key themes about what graduate employability is and what employers needs are in relation to graduates. Although non internship candidates find it more difficult to enter the job market, they have chances because employers look after soft skills from a candidate such as good communication skills, team work and also critical thinking. The report concludes by examining career prospects that graduates follow after doing an internship, whether they chose to follow an accounting career, or other industries, they have to think of medium and long term prospects in order to find a desired job. Introduction In recent years, there has been rapid expansion of higher education in UK. This has had important and deep effects on labour markets because employers need today highly educated employees. Internships provide practical experience in which a student has intentional learning goals and reflects actively on what she or he is learning throughout the experience. Doing an internship provides opportunities for students to gain work experience and companies help them to get a job in the future. Internships introduce students to the world of work and allow them to gain business experience, skills and knowledge that are necessary to succeed in todays labour market. They allow students to connect their experience from the workplace, with the theoretical knowledge that they have explored during university. Definition of Internship An internship represents a formal program that provides practical experience in which a student has intentional learning goals and reflects actively on what she or he is learning throughout the experience. Doing an internship provides opportunities for students to gain work experience and companies help them to get a job in the future. Also Employers are usually more concerned with your work experience than your qualifications and internships are often the only way to get the work experience you need to secure a job, so they are a vital part of your resume. Many employers prefer or require applicants who have done an internship or relevant work experience and in many of the more competitive job markets it is essential to set you apart from the others. However, some internships are unpaid and universities career development centres are asked to stop advertising unpaid internships on their websites, because interns cannot afford to work for weeks, and in some cases months, without being paid. Benefits and values of an internship According to Career Services Centre, the benefits of doing an internship allow you to gain a better perspective of post-graduation employment by applying the principles and theories a student developed during their seminar classes. Also students can develop a personal work ethic and be able to investigate their career interests and prospective career goals. An internship alleviates the development of professional contacts, which can help a student in the future for reference another company. By doing an internship you can develop a series of skills and knowledge that help students to choose from a wide range of possibilities about their future career. (Careers Services Centre, 2010-2011) The graduate labour market Graduate labour market offers information to students about any jobs available on the market, what recent graduates have done, average earnings that graduates can expect and also graduate recruitment trends. It is helpful to understand what a job in a real life is and identifies students options for future career developments. University of Wolverhampton (2010) states: The graduate labour market today is much more complex. Developments such as increased global competition and advances in technology mean that the workforce needs to be more highly skilled. This has led to many changes such as the importance of a degree when applying for a job, higher education is expanding and for todays market there are many students with a degree, which they increase competition within popular sectors. The graduate labour market continues to improve and many vacancies that employers are promoting are filled with graduates that have already worked for any of their organisations, through work placements, internships or vacation schemes. Graduate labour market Accounting For those graduates that have the right degrees, the current job market for accounting is very strong. Employers dont require a specific major of filed or study, but they are more focused on soft skills such as communication, teamwork, leadership and critical thinking. Accounting graduates find excellent opportunities in private sectors because they can work for a company; develop the knowledge about its business and the financial sector. Despite the tight labour market and strong demand, accounting graduates face tough competition, as top-tier firms expect skills beyond the sheepskin. Candidates must demonstrate technical knowledge and intangible qualities, such as presentation and public speaking, initiative, computer literacy and interpersonal abilities. Definition of employability [Employability is] a set of achievements, skills, understandings and personal attributes that make graduates more likely to gain employment and be successful in their chosen occupations, which benefits themselves, the workforce, the community and the economy. (Yorke, 2004) Since the recession the graduate labour market had become increasingly competitive, which is even harder for students to get a job without having any experience. There are few vacancies on the market, which are filled very quickly. Students also consider that they wouldnt have gone to university giving the fact that the market is very competitive. Although, they prefer to go to university because it is a unique experience, where you develop a series of skills and knowledge for a subject they like. According to Times Higher Education, students were less sure that higher education had prepared them for the world of work, however, with 35 per cent disagreeing or strongly disagreeing that university had equipped them well for employment. (David Matthews, 2012) Post-internship vs. non-internship candidates Most undergraduate students know that having an internship represents a good opportunity for a full time job offer. Those that do not have the opportunity to do an internship, will be likely to have less experience and therefore harder to get into the job market. According to Birchalls latest research (2012), people without any experience had little or no chance of being offered a place on their graduate training programmes. Even more strikingly, almost three-quarters of graduate vacancies advertised at investment banks and half the training contracts offered by major law firls this year are likely to be filled by former interns. Also, companies tend to recruit candidates who already have worked for them. Career path The accounting industry is so varied because is very difficult to identify the types of accounting careers that a graduate can take. Depending on their studies they can work in any industry in accounting. There is public accounting where graduates can work for any sized firm, ranging from a large, international CPA firm to a small local accounting practice. Within the firm, they can work in such areas as audit, tax and management consulting. With government graduates can work for a specific company. And they may work in tax, finance and again IT or internal audits. Also they can create a path to success at either the federal, state or local level. Non-profit organizations and education also offer many diverse opportunities. (American Institute of CPAs, 2012) Skills, knowledge and aptitudes Internships provide students opportunities to develop skills, knowledge and aptitudes within a workplace environment. Most students benefit from higher education support and guidance in finding a good internship/placement. Today careers are very different and students find with difficulty a job without experience and the most significant challenge for graduates will be to manage their relationships with work and with learning. This requires skills such as negotiating, action planning and networking, added to qualities of self-awareness and confidence. These are the skills required to be self-reliant in career and personal development; skills to manage processes rather than functional skills. They are as valuable in education as in the workplace, and as valuable to organizations as they are to individuals. (Rose and Jonathan, 2012) Traditional jobs still exist but, there is a huge increase in the number of graduates, which means that there are fewer jobs with graduate training programs. AGR members recruited an estimated 80% of graduates available for work. Today the figure is 50%.( The Association of Graduate Recruiters, 2012). Graduates need to be flexible and adapt to new situations. In order to obtain a good job, a graduate needs transferable skills such as working well in a team, good communication skills and self-reliance skills which are enabling skills that will be essential for graduates to survive in todays labour market. They are the skills to manage a lifetimes progression in learning and work, rather than to do the work itself. They are process skills rather than functional skills. The complete graduate needs 4 major types of skills such as self reliant being able to manage their personal development; they have to be good team players having management skills, IT and presentation skills; they have to be specialists which helps them to become an expert at something (e.g. marketing, accounting, tax, IT, etc); and also they have to have general skills and knowledge (e.g. problem solving, critical thinking, basic accounting and finance). Career prospects Being an accountant requires to complete many tasks, preparing financial statements and also record business transations. They also calculate financial costs, develop IT systems to track financial performance. Post internship graduates have many opportunities to find a good job and this is because they have fresh thinking, new knowledge to businesses and analytical skills. They have a variety of choices to think as a medium term prospect for their career, as finishing ACCA or long term prospects such as considering a career in accounting as an auditor or a chartered accountant, working for the government or being self-employed. Conclusion and Recommendations Employers expect graduates to have the discipline, knowledge and technical competence in order to demonstrate a broad range of skills and attributes that include critical thinking, team working, communication skills and problem solving. Internships help students to develop these skills that enable them to find the desired job, to progress in their work and therefore to facilitate the success of the companies that they work for and contribute to society and the economy. Universities have to develop employability skills more in depth, through their programmes including practical guidance and teaching strategies that allow students to have a better understanding about what employers expect from them, and how they should demonstrate their skills to them.

The Saga of the Tigua Indians Essay -- Tigua Indians Native Americans

The Saga of the Tigua Indians The Saga of the Tigua Indians is an amazing one. By all reasoning they should have been wiped out long ago. There quiet defiance to change, however, has carried them through. From the height of civilization to near extinction the Tigua have remained. They endure imprisonment by the Spanish, oppression and manipulation by everyone that followed. This is the story of a people thought to extinct, that are once again learning to survive. Early histories of the Tigua Indians are conflicting and largely untrue. Since 1680 it had been believed that the Tiguas were traitors to the Pueblo Nation, and had chose sides with the Spanish during the Pueblo Revolt. Upon the Spanish retreat south it was believed that the Tiguas chose to flea with the Spanish Military. The truth of their migration south is somewhat different. The Tigua are direct descendants of the Pueblo Indians of Isleta, New Mexico. There name Tigua, or Tiwa, refers to the dialect that they speak. Long before they founded Isleta, however, they were the inhabitants of a much more spectacular home; the fabled city of Gran Quivira, the golden city that drew the interest of Coronado. By 800 A.D. the city covered seventeen acres. T its height it had twenty housing projects built in the form of towering apartments, when most of Europe was nothing but primitive tribes. Terraces, garden apartments, churches, workshops and kitchens separated these projects. The masons w ere so skilled that the stones required no cement, and the carpenters cut wood in a way that the beams required no nails. When the Spanish finally found this city of legends they ere so impressed that they called it Pueblo de los Humanas, or the City of Human Beings. Then they went about destroying the city and the people forcing them into exile. This marked the beginning of centuries of abuse. From relocation to theft the Tiguas were to become the plaything of Europeans and Americans alike. In 1680 the majority of the Pueblo Indians in New Mexico staged a revolt against the Spanish. On the whole the Tigua did not join the revolt. Some believe this is an indication that the Tigua were loyal to the cross and to Spain. This is not entirely accurate. As the southernmost pueblo, location probably had more to do with the fate of the Tigua then anything. The news of this revolt led by an Indian named Pope had... ...se. The tribe is currently building many welfare programs, educational programs, establishing health benefits, plus laying aside money to distribute to the entire tribe. The money is currently collecting interest in a trust until the Bureau of Indian Affairs gives approval to a distribution plan. The lawsuits to reclaim the land have been put on hold. The Tigua are getting what they want through the casino. They are by choice quietly buying land that is legally theirs anyway. Though they are the rightful owners, the Tigua do not wish to make a big scene. They prefer to achieve economic independence on their own, hopefully reducing the chances of being taken advantage of again. Only six full-blooded Tigua remain, and they still plow and keep their traditional lands. They continue to teach children and grandchildren how to be Tigua. Works Cited 1. Ysleta del Sur Pueblo Archives (the Tigua file. / (S.l. / 1992-1993 FILM 22,186 REEL 1 Center for American History FILM 22,186 REEL 2 Center for American History FILM 22,186 REEL 3 Center for American History 2. Exiled : the Tigua Indians of Ysleta del Sur. Randy Lee Eickhoff. Plano, Texas, Republic of Texas Press, 1996.

A Farewell to False Love

Trevor Robinson Kanshaw 1st 3/25/13 A Farewell to False Love essay â€Å"If only one could tell true love from false love as one can tell mushrooms from toadstools† In the poem A Farewell to False love, Sir Walter Raleigh uses loaded language to prove that false love is hard to notice until you’ve already gone through the relationship. Raleigh uses such quotes as: â€Å"A mortal foe and enemy to rest†, and â€Å"A gilded hook that holds a poisoned bait† to make us as the reader to feel that false love is bad.Raleigh also uses this poem to make us be more cautious or realize false love from true love. Raleigh uses the quote, â€Å" A siren song, fever of the mind† as a classic form of allusion in reference to The Odyssey, a classic Greek story. In The Odyssey, the sirens used their songs to lure in sailors only to kill them. Raleigh uses â€Å"a sirens song† to relate to a trap or some type of trick. When he uses fever of the mind he means tha t people are to infatuated with them to even notice false love.The poem also includes the quote â€Å" A substance like the shadow of the sun† which contains redundancy, whereas the sun has no shadow. A quote such as this one is confusing, yet deep in the sense that the sun cannot have a shadow; Compared to Raleigh’s feeling that he cannot find true love. The line being redundant also has its meaning. It means that false love is unneeded and should cancel itself out. Raleigh repeats the theme that false love is a lie, a deceiver, and untrue over and over through ought the poem. All the lines mean the same thing in different ways.

The Great Gatsby, a novel of the past

The Great Gatsby by F. Scott Fitzgerald is a novel written in the past. The characters chase visions of the future that are determined by their past, which leads them to tragedy. The protagonist, Jay Gatsby, has dedicated his entire life to recapturing the perfect past with his soul mate, Daisy. Even though he believes that recreating the past is his life's goal, this leaves a tragic, heart-breaking, and disastrous ending to the novel. When Nick Carraway, the narrator, tells Gatsby that you can't repeat the past,Gatsby replies, â€Å"Why of course you can! † this is because when he has a month of fun love with Daisy, he thinks that that can compete with the years and experiences she has shared with Tom, which was proven wrong when she admits she is also still has feelings for Tom. The effect of the exclamation mark shows the emotional outburst he has and exaggerates his excitement to win back Daisy, as it is his version of the American Dream. Gatsbys mansion is a physical symb ol of his love for Daisy, he is certain that money can reconstruct his history with her.Gatsby uses his â€Å"new money' to create a home that he thought equalled houses of â€Å"old money', which is ironic as the segregation between societies is what had taken her away from him originally. The novel is told in a linear fashion but not in chronological order, it includes many flashbacks and moments in time. Even though there is a lack of faith whether the narrator is reliable or trustworthy, it adds realism as the reader's life is also not in chronological order.The reason for this is because Fitzgerald uses an impressionistic arrative technique, where Nick tries to make sense of the events in the story and comments on them, which mirrors the same way we do as readers. He focuses on the past as he has in fear of the future without Gatsby. There are hints and accusations that Nick is homosexual and in love with him. Greg Olear, in an article on The Weeklings, highlights that his de scription of Jordan Baker in Chapter One â€Å"could be a description of a man† and â€Å"the word ‘small breasted' which de-emphasizes the golfer's feminine attributes.This could explain why he fixates on the past and idealises it. Technology plays a big role in the novel in ending huge opportunities and futures, especially with Tom's marriage and love affair. The tension created in the novel when his house phone rings is vast as even though we are not told who is calling, the reader knows it is Tom's lover. This may be the reason that Daisy feels obliged to have an affair as she is rebelling against Tom. Another example of technology is Gatsbys yellow car which kills Myrtle.The description of her death is xtremely vivid to create an image in the reader's brain, â€Å"her left breast was swinging loose like a flap. † The significance of the symbol of her â€Å"left breast† is femininity and motherhood. It is being ripped off her body as she dies; transla ting that her femininity led to her death or that it had been taken away from her because of her lower class birth. The Lost Generation involves a group of writers, including Fitzgerald, who during the First World War and the Great Depression moved to France, Paris, for its inexpensive cost of living. https://donemyessay.com/the-great-gatsby-novel-questions/

National Junior Honor Society Essay

To be SCHA Queen would be a great accomplishment. I would be able to demonstrate my leadership skills and express my love for show and horses. As SCHA Queen, I would take great pride in being a spokesperson and representative for SCHA and be able to increase membership in SCHA. SCHA means a number of things to me. This was my first year, but I always looked forward to waking up and going out to ride. Another reason why SCHA means so much to me is it keeps me and my horse in shape for other things involving our riding career. Its always fun to see how much my horse changes and develops during the season, and even how I change throughout the season There’s no where to go but up, and that means improvement. SCHA has changed me by changing my attitude about competition. I’ve now learned that winning is not always everything. , it may sound cliche , but, everyone is a winner when you improve on anything. I also have become more confident horseman and I am able to push my hor se to do his best. I have only been riding for about 3 years and SCHA has truly brought out my inner horseman. Now that I am more confident in my riding skills I try to teach my horse new things as well as teach myself. In addition to new skills and confidence I also made new friends. I met new people and learned some facts about riding I hadn’t known before. In general I am very shy and usually keep to myself, but this season has really taught me how to come out of my shell and talk to everyone. I now know that I can talk to anyone in the club and they will be more than glad to help me with anything I may need. A key part of being Queen would be helping others in SCHA. This would include encouraging others during their events and being a good sportsman. I can also give positive feedback about what a person is doing while riding, to help them in a way that they can ride better and be a better sportsman. To help others in SCHA I can share the knowledge I have learned in SCHA and my experience with horses. Just as other people have shared their knowledge with me, I can do the same for other people so the horse community can grow. My friends are always curious about what I do with horses and what SCHA is. I’m lways more than happy to share that information with them in hopes that they will be bit by the horse bug too. Â  As SCHA quee n I will bring a good values, leadership skills and a positive attitude to SCHA. It would mean a great deal to me to be able to represent SCHA at this level level.

John Miltons Paradise Lost Essay Example | Topics and Well Written Essays - 1500 words

John Miltons Paradise Lost - Essay Example Milton's view on the first acts of disobedience by Adam and Eve sounds critical and defensive worrying that universal despair and death will appear inadequate and incommensurate with the violation of a single dietary prohibition. This is in line with the concluding two ignored scriptural verses that say: "Anyone who examines this sin carefully will admit, and rightly, that it was a most atrocious offense, and that it broke every part of the law. For what fault is there which man did not commit in committing this sin He was to be condemned both for trusting Satan and for not trusting God; he was faithless, ungrateful, disobedient, greedy, uxorious; she, negligent of her husband's welfare; both of them committed theft, robbery with violence, murder against their children (i.e. the whole human race); each was sacrilegious and deceitful, cunningly aspiring to divinity though thoroughly unworthy of it, proud and arrogant. Correspondingly, Eccles. vii.29 states that "God has made man uprig ht, but they have thought up numerous devices, and in James ii.10 states that "whoever keeps the whole law, and yet offends in one point, is guilty of all. Such verses where referenced by Milton's Paradise Lost saying that Adam and Eve become manifold in sin with their disobedience of one law. The primal act is death's equivalent of the original single cell from which all life is said to have derived, fertilized in a flash of lightning as the earth cooled, leaving traces of itself in all its varied progeny. Milton exploits the Preacher's choice of adam for "man" in the Hebrew text of Ecclesiastes 7:29 as well as his shift from singular to plural in the second clause. This rabbinic interpretation of texts rewrites the verse in an Edenic context and adds Eve as a sinner by means of binary fission. Rashi elucidates and expounds adam in the verse ("God created Adam perfectly upright"), and both Rashi and the earlier Midrash Qoheleth Rabbah explain the use of the plural "they": "when Eve was created from the body of Adam, he became two people" (as cited in Rosenblatt 1994). The concluding verse of the paragraph from James emphasizes the strictly permanent and unbreakable unity of the Pentateuchal law, ultimately a rabbinic idea, although its most famous formulations occur in the letters of Paul, who appropriates and transforms it. Taunting the Jewish Christians, less pious than the Pharisees, who yet refuse to ignore the ceremonial law, Paul insists that if they adopt Jewish law they must perform it all (Sifra, Kedoshim 8b; Sabbath 31a). Paul always views the law's unity negatively, as in Galatians 3:6-14, which attempts to illustrate that the law is impossible to keep in every detail and that only faith can save (Segal 1990). Milton mentions not Paul but rather the noticeably unProtestant and un-Pauline James, whose assumption of the law's unity strengthens his positive declaration that works must go along with faith. The law in Milton's Eden was just, efficacious, and easy to keep. The long list of sins in De doctrina constitutes a complaint against Adam and Eve, not against the law itself, and so Milton appropriately cites James's positive rather than Paul's negative view of the law's unity. The aggregate of

MARKETING PLANNING Essay Example | Topics and Well Written Essays - 1000 words

MARKETING PLANNING - Essay Example What demographics lay waiting for the product launch? What such developments and trends effect the possibilities or eventual life of the product in question? And what answers to all these stated complexities has the company planned to take? These questions eventually merge into the economic chapter with questions such as the development and effect of prices, savings and the general trend of people and society has taken and its effects. Are potential factors of production, inclusive of the natural resources as well as capital and labor within the reach of the company so as to expand considerably? Do any of its decisions pose a legal threat or complication? The eventual effect of technology is another factor. Is the technology available adjustable or a new and expensive capital investment is necessary. If so, is it too expensive for the cost-push inflation effects to discourage its life as a commodity? Does if have influences or is victim to being influenced by political or cultural co mplications? And lastly the market structures are analyzed. The customers and their reactions and trends towards similar or new innovative products considered. The size of the markets, the type and the profits analyzed. What about significant competition and the resulting cut in prices? The facilitators and marketing firms, the suppliers and indeed the distribution and dealers considered. Only then, after such a study, is a product, truly launched (Dibbs and Simkin, 2008). The main problem that Sky faces in order to launch its services to a broader audience is, simply put, the different components that can promise a success. First and foremost, the 3D audience that Sky wishes to capture is basically the ones who own HD televisions in the Europe, amounting to around 12 million households. These customers, already getting accustomed to their new and expensive HD sets, are less likely to appreciate further funding into

(Scholarship Essay)The importance of intercultural awareness and Essay

(Scholarship )The importance of intercultural awareness and competence - Essay Example The problem with most people is that they always believe that their culture is right and that other people should conform to their culture. No one culture is guilty of this because it is a natural human reaction to believe that your way of doing things is right. When I first came to study in the UK, according to Dr. Milton Bennett’s Developmental Model of Intercultural Sensitivity (DMIS), I was probably at the Defense stage. For me, Aston Business School is an opportunity for me to test myself at a higher level of education. I am extremely focused and willing to listen to what others have to say. When dealing with a range of different cultures, this is the key to come to some sort of understanding. Some people believe that diversity is not a good thing because it only results in conflict. While there can be issues in dealing with other cultures, I actually think that it is a good thing because it allows everything to learn something off each other. If people can be willing to compromise, then diversity encourages greater thinking because a wider range of voices can be heard. Now that I have been in the UK for awhile, I would consider myself to be at the Adaption stage on the DMIS. My ultimate objective is to reach the Integration stage, but this will not happen until I have lived in the UK for a very long time and have adapted 100% to British culture. Part of the reason why I have decided to apply to Aston Business School is that it promotes diversity among its student population. This is extremely important for me because I share the same values. If given the chance to attend, I will make sure that I promote diversity among the student population by helping different cultures to come together. I feel that I can be an intermediary whenever conflict inevitably occurs between students of different ethnic backgrounds. Because I have already gone through some of the struggles of settling into a school with a

Chinas Urbanization as a Spectacle Case Study Example | Topics and Well Written Essays - 1250 words

Chinas Urbanization as a Spectacle - Case Study Example The spectacles build up in the cities to an extent that it turns into an image. To create room for these spectacle projects, city residents are repeatedly displaced and relocated while migrants are ejected (Laurence, 2012; Wing, 2009). This form of urbanization is a clear depiction of China’s shallowness. The magnificent architecture is copied from the west and is a clear show of China’s lack of appreciation of their culture. The new city undoubtedly indicates China’s lack of confidence by replacing structure depicting their culture with those from a dissimilar civilization. The architectural problems China is facing emanates from the attempts to merge the western devised design with the Chinese culture. The belief that Asian like hiding problem is verified by the manner in which China has used the magnificent architectures to cover the predicaments facing China ranging from excessive pollution to the miserable displaced families. The spectacle is an invention characterized by shadow and light that China borrowed directly from western culture. Chinese sprawl is apparent from space with American Culture tailored in the architectures (Campanella, 2008; Ren, 2011). The skyscrapers are a depiction of a deteriorating culture and a mere cover-up of a failing economy. The developments led to vast migration from the rural areas to urban centers to an extent that the urban population overtook that in the rural areas. From the Cultural Revolution, the Chinese culture started depreciating and in the next few years, the culture might become extinct (Wing, 2009). One of the consequences of the development of spectacle city is the increased abuse of Labour rights with the migrants into the metropolis earning meager wages while working in poor working conditions. The mass migration is expected to cause immerse strains in aspects pertaining to housing, transport as well as increase the rate of pollution (Laurence, 2012).

MANAGINGPEOPLE&ORGANISATIONS Essay Example | Topics and Well Written Essays - 1250 words

MANAGINGPEOPLE&ORGANISATIONS - Essay Example The transition from bureaucratic phase to post -bureaucratic phase involved diminishing emphasis on formalised internal control mechanism and organization structure. This organizational transformation represents wider cultural, economic and social development along with the fast changing technology, which has also modernized the production techniques. It is very important for the organizations to focus on the outcomes and results as it would help in achieving competitive advantage. The next portion of the study would be reflecting whether the employees only focus on the salary, wages paid etc. It would provide justifications whether to accept this view or not. Empowerment to the Employees in Post-bureaucratic Phase The study tries to show whether getting money at the end of the month is the ultimate goal or objective of the employees and this requires highlighting several factors that are associated with the motivation, goals and objectives of the employees. The reason behind the tra nsitional phase from bureaucratic to post-bureaucratic organizational structure has also been discussed earlier. The transition focused on the work culture, which would ultimately improve the outcomes of the organization (Josserand, Teo and Clegg, 2006). ... This would positively impact the performance of the organization. Empowerment is the most important component in the post-bureaucratic phase. It reflects awarding authority or power to those employees who are lower in the organizational hierarchy. This intention of empowerment in this post -bureaucratic phase has been done for creating a work environment where the employees of the organizations would be the decision makers. This would involve awarding the employees with the authority to make various decisions so that they begin feeling a sense of personal identification and individuality. However, the fundamental concept behind this empowerment was that it would allow the business in flourishing fast. The empowerment would allow the organizational employees in functioning without high managerial governance and would increase the organizational performance. It is so because the human element is highly responsible behind disintegration of the potential. The idea of empowerment is for a llowing the employees to make decisions based on their own knowledge, expertise and experience. This would statistically increase the overall efficiency of the organization. However, empowerment and reward by promoting to higher level hierarchy would enable the employees to implement their leadership skills. These act as high motivational factors for the employees, enabling them to be loyal to the organization and give their best. This gives them a scope to rise in the hierarchy level by proving their excellence. The leadership skills are big reasons of motivation to the employees and they work hard to prove themselves in order to experience this skill. Getting liberty to take own decisions and handle several business situations give them high satisfaction and this

Conan Doyle Essay Example for Free

Conan Doyle Essay In the The Blue Carbuncle Sherlock Holmes solves the mystery of a stolen diamond. The criminal in this story is a man named James Ryder. After James Ryder had stolen The Blue Carbuncle he stuck it down a gooses throat. The goose that had the diamond was distributed the Breckenridge Stall, then sold to a goose club at the Alpha Inn. Sherlock Holmes bumps into James Ryder outside the Breckenridge Stall. Sherlock Holmes makes the criminal confess to what he had done. Sherlock Holmes then lets him go free because he thinks that he will not commit any more crimes, because of how fearful he was. It was quite important for Sir Arthur Conan Doyle to create a strange atmosphere because it adds to the tension. All three stories have strange and unusual atmospheres, but each storys atmosphere is different. In The Red Headed League, Conan Doyle describes the area of Saxe-Coburg Square. He shows how unpleasant and muddled the area is. It was a pokey, little, shabby-genteel place, where four lines of dingy two-storied brick houses looked out into a small railed-in enclosure, where a lawn of weedy grass and a few clumps of faded laurel bushes made a hard fight against a smoke-laden and uncongenial atmosphere. The words that are used here show the messiness and unpleasantness of the area. The words pokey, little, shabby-genteel, dingy and smoke-laden all give a pretty good idea that the area was quite chaotic. In The Speckled Band Conan Doyle created a thrilling and frightening atmosphere, as if it was a horror story. The Speckled Band was set at Stoke Moran in Surrey, which is where Julia Stoner was killed. At the beginning of the story when Helen Stoner is talking to Sherlock Holmes about her problems she describes how the night was when Julia was killed. It was a wild night, this shows that that night was unlike any ordinary night. The wind was howling outside, and the rain was beating and splashing against the windows. This describes a lot of the atmosphere; it shows that the weather was quite stormy. This also explains why Helen couldnt sleep. Suddenly, amidst all the hubbub of the gale, there burst forth the wild scream of a terrified woman. Conan Doyles intended effect was to thrill the reader; Conan Doyle has achieved this by using the words wild, howling and beating. Here the writers effect was to try and scare or thrill the reader. Whereas in The Blue Carbuncle the atmosphere was a little different. It was a bitter night. Here, Conan Doyle is trying to show the reader that it is cold outside. He achieves this by describing the night as bitter. The reader will also know that it is cold because Holmes and Watson both put on their ulsters and cravats. Outside, the stars were shining coldly in a cloudless sky, here Conan Doyle is trying to show the reader that the area is very calm and peaceful, unlike in The Red Headed League where the area is busy and unpleasant. Sir Arthur Conan Doyle used different ways to show that these stories take place in the 1880s and 1890s. Most of the time he mentions carriages, which were used in that time. Nowadays carriages are not used because they have been replaced by cars. In The Red Headed League when Sherlock Holmes is memorising all the shops at Saxe-Coburg Square he comes across a shop that makes carriages. McFarlanes carriage-building depot. Here the writer intended to show the reader that this was a time where carriages were used as a form of transport. The effect on the reader is that the reader knows this story is set in the 1890s. Conan Doyle also uses dates and newspapers to show that these stories are set in the 1880s and 1890s. In The Speckled Band and The Red Headed league Conan Doyle mentions the date, but he does not mention the date in The Blue Carbuncle. In The Speckled Band, right at the beginning of the story while Dr. Watson is narrating, he says It was early in April, in the year 83; hear the writer is showing the reader that this story is taking place in the year 1883. In The Red Headed League, the note that Jabez Wilson shows to Sherlock Holmes had a date on it. The note said, THE RED-HEADED LEAGUE IS DISSOLVED. October 9, 1890. Also when Mr. Wilson is showing Sherlock Holmes the advertisement he mentions the date on the newspaper. It is The Morning Chronicle of April 27, 1890. Just two months ago. By saying that the newspaper was from two months ago, Conan Doyle is telling the reader that this story was set in 1890. Conan Doyle did not always use the same techniques, to show that each story was set in the 1880s and 1890s. Unlike The Speckled Band and The Red Headed League, in The Blue Carbuncle there are no dates to show that the story is set in the 1880s and 1890s. Conan Doyle uses different techniques to show that this story is also set in that time. In The Blue Carbuncle and The Red Headed Conan Doyle refers to gas-lit lamps, as gas lamps were used in the 1880s and 1890s. In The Blue Carbuncle when Sherlock Holmes and Dr. Watson were jus about to leave the Breckenridge stall, Watson narrates Turning round we saw a little rat-faced fellow standing in the centre of the circle of yellow light which was thrown by the swinging lamp. He also says, He sprang round, and I could see in the gas-light that every vestige of colour had been driven from his face. Also in The Red Headed League Watson says, We rattled through an endless labyrinth of gas-lit streets until we emerged into Farrington Street. These references to gas lamps show that the stories were set in the 1880s and 1890s. Conan Doyle also referred to matches in The Speckled Band. Even though we use matches nowadays, we do not use them for the same purposes as in the 1880s and 1890s. In those times they were used to see in the dark or to light lanterns. When Helen stoner is talking about what happened to her sister Julia she mentions a match. In her right hand was found the charred stump of a match, and in her left a match-box. This shows that when Julia woke up she struck a match to see what was going on. The value of money in the 1880s and the 1890s was much different than the value for money now. At that time people were paid around i 4 a week, which was considered quite a lot of money. Whereas, people now are paid much more and with i 4 you cant really buy much. The social differences in those times also show that these stories were based in the 1880s and 1890s. If you look at Helen Stoner, she was a rich woman that lived in a big house with servants. In those times rich people were considered superior to poorer people. Nowadays you wouldnt find servants working for rich people, because weather your rich or poor you have rights. The audience or readers would recognise the places named in the stories, which are all in England. The intended effect of the writer was to make the reader feel as if he or she was in the story itself, which would make it feel more dramatic. Conan Doyle achieves this by using areas in London that most people live in. Places such as Holborn and Harrow. Sir Arthur Conan Doyle used very unusual titles for his stories to intrigue the reader. When a reader sees the title The Speckled Band, he or she wouldnt think of a venomous Indian snake. The reader wouldnt know what to think, which make them want to read the story to see what The Speckled Band is. The same with The Red Headed League, which is a very unusual title. The reader wouldnt think that that The Red Headed League was a club for read headed people who were paid i 4 a week for copying the Encyclopaedia Britannica. Conan Doyle uses these unusual titles to throw the reader off track. In The Speckled band Conan Doyle makes the reader think that the gypsies are the ones that killed Julia Stoner. He makes it look like all the evidence points to them. Helen Stoner says, perhaps to these very gypsies in the plantation. I do not know whether the spotted handkerchiefs which so many of them wear over their heads might have suggested the strange adjective which she used. The effect on the reader was that he or she would be thrown off track to make the story feel more interesting. Sir Arthur Conan Doyle uses some very interesting openings to grab the readers attention. Also, every character that Conan Doyle introduces is different in some way, which makes the story feel more interesting and also to intrigue the reader.

Development of Credit Facilities in Sierra Leone

Development of Credit Facilities in Sierra Leone Chapter 1 This study is on the creation of credit facilities to Small and Medium Size Enterprises in Sierra Leone with special focus on the construction industries. 1.1 Background to the Economy of Sierra Leone Sierra Leone is a relatively small country, on the West Coast of Africa with an area of approximately 28,000square miles. The estimated population is 5.5 million inhabitants, 30% of whom resides in the western area of the country according to recent census in 2006. The state of the country’s economy, immediately after independence from the British Colony in 1961 up to the 1970’s, was quite satisfactory in terms of performance. The exchange rate between the Leone and other foreign currencies was relatively good. More so, the British Pound Sterling was exchanged at One pound ( £1) to One Leone (Le1). The inflation rate was extremely low. The country’s earnings from exports were very much attractive, with Diamond export accounting for well over 50% of the country’s foreign exchange earnings. This was closely followed by cash crop exports such as Cocoa, coffee, oil palm, piassava and chillies. The country’s external debt position at this time was not high, Between 1972 to 1975, the economy started experiencing down turn that was mainly due to external factors, such as the famous oil price shock in 1973. Naturally, the 1980 Organisation of Africa Unity (OAU) summit that was hosted by the government of Sierra Leone fuelled the debt crisis in Sierra Leone. Because of the foreign exchange scarcity in the country, the credit agreement between domestic importers and their business partners aboard collapsed. In 1988, the country was forced to devalue her currency. Between 1992 and 1994, Sierra Leone successfully implemented an adjustment program supported by the International Monetary Fund (IMF) under the Right Accumulation Program (RAP). The World Bank also supported the program through the Reconstruction of Import Credit (RIC) in 1992 and the Structural Adjustment Credit (SAC) in 1993. Following the successful implementation of the RAP, the IMF approved a three year arrangement support under Enhanced Structural Adjustment Facility (ESAF). The implementation of the first annual program was disrupted by the escalation of the rebel activities in 1995. With the return of democracy in 1996, the IMF supported the economic recovery program adopted by the new Government with a second annual program under the ESAF. Poverty intensified with real per capita declining to US$142 in 2000. Since then Sierra Leone has been classified as the poorest country in the world and ranks at the bottom of the United Nations Development Programme (UNDP) Human Development Index. The growth in the economy has been underpinned by broad recovery in Agriculture, mining, manufacturing, construction and the service sector. The economy of the Country continues to worsen in early 1992 when the civil unrest started which causes untold sufferings on humans and the entire country. Many people were forced out of their houses and eventually became displaced persons and refugees in their own country and neighbouring country like Guinea, The Gambia and Ghana. Almost all segments of the business economy collapsed including banking and lending institutions. It was then the problems of growth in economy worsen and every thing completely deteriorated and collapsed. The almost 11 years of civil unrest ended in March 2002. The end of the war actually opens the door for a new beginning, for new economic growth and prosperity in the face of peace and unity. The situation has recently worsened because of the credit crunch faced by many of the world famous banking institutions and Sierra Leone has not been any exceptions. The effect coupled with other factors has created more gaps for banking institutions to provide loans to small and medium enterprises. In a press release from Prlog Dec. 15, 2008 by Robin Trehan as quoted â€Å"SMEs represent over ninety-nine percent of the country’s employers. While it is essential that these businesses obtain the necessary funding to remain active, they are often the first to suffer when financial crisis hits. Banks already facing financial hardship often deem SMEs as too risky to finance. Credit terms are becoming increasingly harder and qualifying for financing is subject to much stricter guidelines. The re are things that SMEs can do, however, to increase their chances of finding financing†. 1.2 Statement of the Problem The term credit in this thesis refers to an amount or sum placed at a person’s disposal by a bank and usually to be repaid with interest within a given period of time. Small and Medium Size Enterprises (SME) is very important in terms of the dynamic role in the development of the private sector in Sierra Leone. The SME’s are regarded as an engine for any economic growth and development in any country. They provide opportunities for job creation and expansion in the physical reconstruction of the economy especially for a post war development country like Sierra Leone. Majority of the physical infrastructures ranging from housing, office buildings and business structures were all destroyed during the civil unrest. These structures need to be reconstructed for the economy to grow and become prosper. Today many construction companies or firms have emerged to assist in the rehabilitation and reconstruction. While there may be some of the construction companies who have existed of years, it is also true that majority of these construction companies are new ones who are just coming up to help and provide their expertise in the development of Sierra Leone. But yet still, it is a challenge for many of these companies to adequately involve in the process of rehabilitation and reconstruction simply because they cannot get the required finance in the form of overdraft or loans, or provide the necessary collateral for the banks as required, making them less competitive. In Sierra Leone the performance of SME’s over the years has been very poor which is due to the fact that the creation of credit from the banks which is an essential stimulant for private investment in the construction industries has been grossly under performing. This is one of the reasons for poor performance of the economy in terms of growth in most developing countries including Sierra Leone. Construction companies have not been able to access huge funds by way of loan over the years from the banking and other financial institutions, mainly due to lack of confidence in the private sector as a result of problems like moral hazards and the absence of collateral security and the lack of experience in construction engineering. 1.3 Justification of the Study The importance of the construction industries in the process of rehabilitation and reconstruction of the war towns in Sierra Leone cannot be over-emphasized. During the war there was so much destruction of infrastructures in the country, now that there is peace there is high need for reconstructions and the development of new roads and structures to aid national growth. International organisations like the International Monetary Fund (IMF), World Bank, African Development Bank (ADB) main focus is to assist Small Medium Size Enterprises (SME) in developing countries gain strong financial base. It had been felt that SMEs employ majority of the work force in the developing countries, therefore, they have realised that when SME become financially stable the economy of the nation will be better and that the citizens will be able to live a comfortable life. The role of commercial banks and other financial institutions in private sector development and the assessment of their overall performance in terms of economic growth and development has not received much of the attention by researchers. The central bank maintaining interest rate at high level has greatly contributed to discourage SMEs from borrowing from retail banks and other financial institution for investment purposes. This is one of the reasons why most SMEs are under developed. Besides commercial banks are requesting for very stiff conditions to access loan by the private sector. A study on the provision of credit to construction companies for investment towards economic growth has not been studied in greater detail by previous researchers. This among others, gave me the urge to probe into the activities of the commercial banks and other financial institutions in the creation of credit to construction companies in Sierra Leone, This study is to help government and other professionals as well as other stakeholders, to grasp fully the implications of credit refusal to small and medium size enterprises and how it will affect the development of the nation. The result of this study is hope to enable banking and other financial institutions, local and national government and other stakeholders to device concrete ways by which small and medium size enterprises can easily get access to credit to undertake construction programmes. 1.4 Objectives of the study The main aim of the study is to assess the implications of credit creations by the banks and other financial institutions to Small and Medium Size Enterprises with special focus on the Construction Industries for economic growth and development in Sierra Leone. The specific objectives are: To determine the extent to which banks have been contributing to the development of the construction industries in Sierra Leone. To examine some of the reasons responsible for the inability of the construction industries to solicit loans from the banks and other financial institutions for the purpose of investment. To establish reasons for the reluctance of the banking and other financial institutions to provide the much needed funds for private sector development. To examine the reasons for the reluctance of the banking sector to provide the much needed funds for SME in the construction industries for development, even though SME’s are regarded as the engine of economic growth. 1.5 Research Questions: Certain research questions will be drawn up for proper examination of this objective. These include: To what extent do commercial banks provide funds to Small and Medium Size Enterprises in the construction Industries? What are the main problems encountered by the construction companies in terms of securing loans and overdrafts from the commercial banks? What is responsible for the low investment of the private sector (SME’s) in Sierra Leone? What is the role of the central bank in facilitating credit creation for SME’s in the pursuit of development in Sierra Leone? What is the role of the Government ministry in the area of infrastructural developmental plans for Sierra Leone? The study will make use of secondary data received from the Bank of Sierra Leone, Commercial Banks and some of the registered construction companies in Sierra Leone. The study will try to reveal the reasons for the constraints Small and Medium size Enterprises are facing in securing credit facilities from the banks. Interviews will be conducted with senior officers of both the banking industries and construction sectors, together with government officers in the area of national development for the country. 1.6 Definition of Operational Terms: 1. Credit Creation: Credit creation is the multiple expansions of banks demand deposits. It is an open secret now that banks advance a major portion of their deposits to the borrowers and keep smaller parts of deposits to the customers on demand. 2. Venture Capital: Venture Capital is the name given to equity finance provided to support new, expanding and entrepreneurial businesses. Venture capitalists usually prefer to take a close interest in the business that is the subject of their investment. This could involve taking part in decision made by the business. Funds provided by venture capitalist are often referred to as private capital.(Mclaney E, 2003) 3. Gearing: Small businesses are in a fundamentally different position from that of the larger one on the issue of gearing. Financial risk to which capital gearing gives rise tends to emphasise operating risk, which will be present with or without gearing. Small businesses are more exposed to financial risk than public liability companies. (Mclaney, 2003) 4. Bank and Institutional Debt: Long term loans are available from banks and other financial institutions at both fixed and floating interest rates, provided the issuing bank is convinced that the purpose of the loan is a good one. The cost of bank loan is usually a floating rate of 3-6 percent above the base rate, depending on the perceived risk of the borrowing company. The issuing bank charges an arrangement fee on bank loans, which are usually secured by a fixed and floating charge, the nature of the charge depending on the availability of assets of good quality to act as security. A repayment schedule is often agreed between the bank and the borrowing company, structured to meet the specific needs of the borrower and in accordance with the lending policies of the bank. (Watson D Head A, 2007) 5. Security –the Bank’s Perspective: A bank has little to lose and much to gain by taking security for a loan. A bank’s solicitor should check that the borrower and any other party providing security have capacity to do so. (The company act 1989, prima facie, a company could pursue only the objects for which its memorandum stated it was incorporated) 6. Security – the Borrower’s Perspective: It is often difficult for a borrower to argue against a reasonable request for security. However, some borrowers will be contractually prohibited from providing security by a negative pledge in a document to which they are already a party. Specialised lending for financing a project will always be secured over the asset or project in question. (Adams D, 2006) 7. Cash Flow Statements for Small Companies: Financial Report Standard (FRS1) prescribes a format for cash flow statements. Except for very small companies, all companies are required to prepare a cash flow statement for each accounting period. There are two approaches available under the standard; the direct method which shows the operating cash receipts and payments summing to the net cash flow from operating activities, and the indirect method which identifies the net cash flow via reconciliation to operating profit. (Wood F, 2002). CHAPTER 2 Literature Review 2.0 Introduction The purpose of this chapter is to make a review of related literature on Small and Medium isze Enterprises and the Creation of Credit in the Construction Industry. With these literatures the researcher will have a better understanding of the study, as well as what has already been done on it in the form of previous research. 2.2 Definition of Small and Medium Size Enterprises A business can be considered small on basis of predetermined criteria such as the number of employees, annual turnover or capital employed. In the late 1990s, it was estimated that small businesses with fewer than 50 employees accounted for 99 per cent of all UK business, almost 50 per cent of non government employment and 42 per cent of turnover. Small firms have become a focus for governmental policy at both national and intergovernmental level. Bolton in his report in 1971 identified three main characteristics of a small firm: were independently owned The business securities are not quoted in any established capital market that is they are not traded in the efficient market. were managed in a personalised way- The ownership of the business’s equity and hence its control lie in the hands of a small close knit-group; that is it is a family type business. possessed a limited share of the total market 2.3 Nature of Small and Medium Size Enterprises The Bolton report, the first official government inquiry into small firms attempted to establish standard definitions of small firms for particular sector of industry based on numerical indicators of size such as sales or number of employees. A firm with 250 employees in a labour intensive industry may still be a small firm. (Brown, 1987) Criteria for Small and Medium Size Enterprises Size Category Number of Employees Maximum Annual Turnover (euros) Maximum Balance balance sheet total Micro Firm 0 -9 2 million euros 2 million Small Firm 10 – 49 10 million euros 10 million Medium-sized Firm 50 – 249 50 million 43 million 2.4 Objectives of Small and Medium Size Enterprises In SME’s the managers and the shareholders are likely to be substantially the same person or at least closely connected with one another. Thus agency problems, and their potential associated costs, are likely to have little or possibly no impact on the typical small business. Because of the elimination of agency gap, most managers of SME’s are shareholder; they would make decisions following a pure wealth-maximising goal more determinedly than would be the case in the typical large enterprise. The motives of managers or owners of small businesses are diverse. These motives might be the desire to experience the satisfaction of building up a business, a desire to lead a particular way of life, or a desire to keep someone (perhaps family) tradition alive. Since it is possible for managers to know the personal objectives of shareholders of small business, decisions can probably be made with these in mind. Both large and small businesses that makes a series of decisions causing the wealth to diminish, will sooner or later fail. Wealth maximisation goal is very important to small business and cannot be ignored. 2.5 Organisation of Small and Medium Enterprises The research will consider Small and Medium Size Enterprises in the construction industries that are organised as private limited companies. According to Mclaney (2003) private companies need be of no minimum size; public companies must issue at least  £50,000 of nominal share capital, of which 25% must be paid up. There is no upper limit on the size of a private company. Private companies are entitled to restrict the transfer of their shares; that is it is possible for the company’s Articles of Association to contain a clause giving the directors the power to refuse to register a transfer, at their discretion. While private companies must publish annual accounts, the volume of details is rather less than that which the law requires of public companies. 2.6 Sources of Finance for Small and Medium Size Enterprises Several inquires have dealt with the financing of SMEs and each of these enquires discovered, to a greater extent, that small businesses find it more difficult and more expensive to raise external finance. A particular problem faced by small businesses in their quest for equity capital is the lack of an `exit route’. Generally investors require that there be some way of liquidating their investment before they are prepared to commit funds to it. A number of schemes have been introduced to help small businesses: 2.6.1. The loan Guarantee Scheme (LGS) as first introduced in 1981 to cover situations were potential borrowers were unable to provide sufficient collateral or where the bank deem the risk of lending unacceptable. 2.6.2. The Enterprise Investment Scheme (EIS) – This scheme replaced the Business Expansion Scheme (BES) and it is designed to help small unquoted companies to raise equity finance from business angels 2.6.3.The Venture Capital Trust (VCT) – The trust was introduced in 1995 to encourage individuals to invest in smaller, unlisted trading companies. Venture Capital is the name given to equity finance provided to support new, expanding and entrepreneurial businesses. Venture capitalists usually prefer to take a close interest in the business. This could involve taking part in decision made by the business. Funds provided by venture capitalist are often referred to as private capital.(Mclaney E, 2003) 2.6.4. The Enterprise Fund (EF) it was announced in the competitiveness white paper in 1998 and is designed to help the financing of small businesses with growth potential. 2.6.5. The National Business Angel Network (NBAN) it was launched in 1999 to connect ‘business angels’ with companies seeking equity capital 2.6.6. The late payment of Commercial Debts (Interest) act 1998 gives certain small businesses a statutory right to claim interest from large businesses and the public sector on late payment of commercial debts. 2.7 Gearing Small businesses are in a fundamentally different position from that of the larger one on the issue of gearing. Financial risk to which capital gearing gives rise tends to emphasise operating risk, which will be present with or without gearing. Small businesses are more exposed to financial risk than public liability companies.(Mclaney,2003) 2.8 Help and Advice to Small Businesses One of the major barriers faced by SMEs is the lack of information, help and advice on their operations. Recent initiative to improve this sphere includes: 2.8.1. The business link network – organised in 1993 as a ‘one stop shop’ for information and advice to SMEs. It brings together the services of major business development services in the single accessible location. 2.8.2. The Enterprise Zone – launched in 1997 as a definitive internet site for business information. It provides help on a whole range of business issues. 2.8.3. The Information Society Initiative/Interforum E-Commerce Award – launched in 1999 as part of government’s e-commerce strategy. It is essentially an award scheme to recognise and reward best practice in the use of electronic trading among smaller firms. 2.9 Bank and Institutional Debt Long term loans are available from banks and other financial institutions at both fixed and floating interest rates, provided the issuing bank is convinced that the purpose of the loan is a good one. The cost of bank loan is usually a floating rate of 3-6 percent above the base rate, depending on the perceived risk of the borrowing company. The issuing bank charges an arrangement fee on bank loans, which are usually secured by a fixed and floating charge, the nature of the charge depending on the availability of assets of good quality to act as security. A repayment schedule is often agreed between the bank and the borrowing company, structured to meet the specific needs of the borrower and in accordance with the lending policies of the bank. (Watson D Head A, 2007) 2.10 Security –the Bank’s Perspective A bank has little to lose and much to gain by taking security for a loan. A bank’s solicitor should check that the borrower and any other party providing security have capacity to do so. (The company act 1989, prima facie, a company could pursue only the objects for which its memorandum stated it was incorporated) 2.11 Security – the Borrower’s Perspective It is often difficult for a borrower to argue against a reasonable request for security. However, some borrowers will be contractually prohibited from providing security by a negative pledge in a document to which they are already a party. Specialised lending for financing a project will always be secured over the asset or project in question. (Adams D,2006) 2.12 Working Capital Problems of the Small Business Working capital is the difference between current assets over current liabilities. The amount invested by businesses in working capital is often high in proportion to the total assets employed. It is important that these amounts are managed properly. It is often claimed that many small businesses suffer from a lack of capital and, where this is the case, tight control over working capital investment becomes critical. There are evidence, however, that SB are not very good at managing their working capital, and this has been cited as the major cause of their high failure rate compared with that of large businesses. 2.13 Credit Management Small businesses don’t have the resources to manage their trade debtors (account receivables) effectively. Most small businesses don’t have a credit control department. Small business also lack proper debt collection procedures, such as prompt invoicing and sending out regular statements. These risks probably tend to increase where there is an excessive concern for growth. In an attempt to increase sales, small businesses may be too willing to extend credit to customers that are poor credit risk Lack of market power is another issue for small businesses. They find themselves in a weak position when negotiating credit terms with larger businesses. When big customer exceeds the terms of credit, the small supplier may feel inhibited from pressing the customer for payment in case future sales are lost. (A survey undertaken by the Credit Management Research Centre (CMRC) during April and June, 2003, indicates that small businesses are likely to have to wait an average of 60 days for their trade debtors to pay. 2.14 Cash Flow Statements for Small Companies Financial Report Standard (FRS1) prescribes a format for cash flow statements. Except for very small companies, all companies are required to prepare a cash flow statement for each accounting period. There are two approaches available under the standard; the direct method which shows the operating cash receipts and payments summing to the net cash flow from operating activities, and the indirect method which identifies the net cash flow via reconciliation to operating profit.(Wood F,2002) Credit Creation 2.15 Definition of Credit Creation The BNET business dictionary defines credit creation as the collective ability of lenders to make money available to borrowers. Credit creation is the multiple expansions of banks demand deposits. Banks advance a major portion of their deposits to the borrowers and keep smaller parts of deposits to customers on demand. The tendency on the part of commercial banks to expand their demand deposits as a multiple of their excess cash reserve is called creation of credit. 2.16 Functions of Financial Intermediation in Credit Creation Financial intermediation is the process of channelling funds between those who wish to lend or invest and those who wish to borrow or require investment funds. Financial intermediaries act as principal, creating new financial assets and liabilities. They do not act solely as agents, charging a commission for their services. (The Monetary and Financial System-CIB/BPP Publication 1993 Edition) Any institution standing between the ultimate provider of funds and the ultimate user of funds is engaged in financial intermediation. There are many types of institutions and other organisations that act as intermediaries in matching firms and individuals who need finance with those who wish to invest. These institutions also provide other services which are non-intermediary services like financial advisory services, fund management services and advice to undertakers and mergers provider by merchant banks. Some of the organisation that acts as financial intermediaries is as follows: 2.16.1 Clearing Banks – this bank participate in system which simplifies daily payment so that all the thousands of individual customer payments are reduced to a few transfers of credit between the banks. They offer various accounts to investors and provide large amount of short to medium-term loans to the business sector and the personal sector. The work of these institutions can best be understood through a consideration of the main items in their balance sheet. 2.16.2 Clearing Bank Liabilities – The money from the banks responsible comes chiefly from their customer’s sight and time deposits- mostly current and deposit accounts with which most people are familiar. An important additional item relates to certificates of deposit. These are issued generally for a medium amount of  £50,000 and a maximum of  £500,000 with an initial term to maturity of from three months to five years. Clearing Bank Assets Customers’ money is re-lent in a variety of ways. The main aim of the bank is to have a range of lending instruments of varying terms so that money can be recovered quickly and yet, at the same time, earn the maximum return. 2.16.3 Investment Banks / Merchant Banks The investment banks or Merchant banks have some functions that they undertake: 2.16.3.i Financial Advice to Business Firms Few manufacturing or commercial companies of any size can now afford to be without the advice of a merchant bank. Such advice is necessary in order to obtain investment capital, to invest surplus funds, to guard against takeover, or to take over others. Increasingly, the merchant banks have themselves become activity involved in the financial management of their business client and have had an influence over the direction these affairs have taken. 2.16.3.ii Providing Finance to Business Merchant banks also compete in the services of leasing, factoring, hire-purchase and general lending. They are also the gateway to the capital market for long-term funds because they are likely to have specified departments handling capital issues as ‘issuing houses’. 2.16.4 Foreign Trade A lot of merchant bank are active in the promotion of foreign trade by providing marine insurance, credits, and assistance in appointing foreign agents and arranging foreign payments. Merchant bank is essentially in the general business of creating wealth and of helping those who show that they are capable of successful business enterprise. It is expected that merchant banks will operate without the large branch network necessary for a clearing bank, they work closely with their clients and be more ready to take business risk and promote business enterprise than clearing bank. 2.16.5 Building Societies These take deposits from the household sector and lend to individuals buying their own homes. They have recently grown rapidly in the UK and now provide many of the services offered by clearing banks. Over the years many have converted to banks. 2.16.6 Finance Companies/Houses – Providing medium-term instalment credits to the business and personal sector. These are usually owned by business sector firms or by other financial itermediaries. 2.17 Services Provided by Financial Institutions Financial institutions are organisations that provide services in connection with one or more of the following:- Financial intermediation, linking ultimate providers of funds with ultimate users and creating new financial assets in the process. Exchanging financial assets on behalf of their customers, that is acting as brokers or agents for clients. Exchanging financial assets for their own accounts proprietary dealers, as they are termed. Helping to create financial assets for their customers, and then selling these assets to others in the market underwriting new share issues, for example Providing investment advice to others, example to people seeking a personal pension or to firms on mergers and takeovers. Fund management- managing the whole or part of a pension fund, for example some large non-financial companies have their own financial subsidiaries. In the United Kingdom Ford Motor Finance and Mark and Spencer Finance Se Development of Credit Facilities in Sierra Leone Development of Credit Facilities in Sierra Leone Chapter 1 This study is on the creation of credit facilities to Small and Medium Size Enterprises in Sierra Leone with special focus on the construction industries. 1.1 Background to the Economy of Sierra Leone Sierra Leone is a relatively small country, on the West Coast of Africa with an area of approximately 28,000square miles. The estimated population is 5.5 million inhabitants, 30% of whom resides in the western area of the country according to recent census in 2006. The state of the country’s economy, immediately after independence from the British Colony in 1961 up to the 1970’s, was quite satisfactory in terms of performance. The exchange rate between the Leone and other foreign currencies was relatively good. More so, the British Pound Sterling was exchanged at One pound ( £1) to One Leone (Le1). The inflation rate was extremely low. The country’s earnings from exports were very much attractive, with Diamond export accounting for well over 50% of the country’s foreign exchange earnings. This was closely followed by cash crop exports such as Cocoa, coffee, oil palm, piassava and chillies. The country’s external debt position at this time was not high, Between 1972 to 1975, the economy started experiencing down turn that was mainly due to external factors, such as the famous oil price shock in 1973. Naturally, the 1980 Organisation of Africa Unity (OAU) summit that was hosted by the government of Sierra Leone fuelled the debt crisis in Sierra Leone. Because of the foreign exchange scarcity in the country, the credit agreement between domestic importers and their business partners aboard collapsed. In 1988, the country was forced to devalue her currency. Between 1992 and 1994, Sierra Leone successfully implemented an adjustment program supported by the International Monetary Fund (IMF) under the Right Accumulation Program (RAP). The World Bank also supported the program through the Reconstruction of Import Credit (RIC) in 1992 and the Structural Adjustment Credit (SAC) in 1993. Following the successful implementation of the RAP, the IMF approved a three year arrangement support under Enhanced Structural Adjustment Facility (ESAF). The implementation of the first annual program was disrupted by the escalation of the rebel activities in 1995. With the return of democracy in 1996, the IMF supported the economic recovery program adopted by the new Government with a second annual program under the ESAF. Poverty intensified with real per capita declining to US$142 in 2000. Since then Sierra Leone has been classified as the poorest country in the world and ranks at the bottom of the United Nations Development Programme (UNDP) Human Development Index. The growth in the economy has been underpinned by broad recovery in Agriculture, mining, manufacturing, construction and the service sector. The economy of the Country continues to worsen in early 1992 when the civil unrest started which causes untold sufferings on humans and the entire country. Many people were forced out of their houses and eventually became displaced persons and refugees in their own country and neighbouring country like Guinea, The Gambia and Ghana. Almost all segments of the business economy collapsed including banking and lending institutions. It was then the problems of growth in economy worsen and every thing completely deteriorated and collapsed. The almost 11 years of civil unrest ended in March 2002. The end of the war actually opens the door for a new beginning, for new economic growth and prosperity in the face of peace and unity. The situation has recently worsened because of the credit crunch faced by many of the world famous banking institutions and Sierra Leone has not been any exceptions. The effect coupled with other factors has created more gaps for banking institutions to provide loans to small and medium enterprises. In a press release from Prlog Dec. 15, 2008 by Robin Trehan as quoted â€Å"SMEs represent over ninety-nine percent of the country’s employers. While it is essential that these businesses obtain the necessary funding to remain active, they are often the first to suffer when financial crisis hits. Banks already facing financial hardship often deem SMEs as too risky to finance. Credit terms are becoming increasingly harder and qualifying for financing is subject to much stricter guidelines. The re are things that SMEs can do, however, to increase their chances of finding financing†. 1.2 Statement of the Problem The term credit in this thesis refers to an amount or sum placed at a person’s disposal by a bank and usually to be repaid with interest within a given period of time. Small and Medium Size Enterprises (SME) is very important in terms of the dynamic role in the development of the private sector in Sierra Leone. The SME’s are regarded as an engine for any economic growth and development in any country. They provide opportunities for job creation and expansion in the physical reconstruction of the economy especially for a post war development country like Sierra Leone. Majority of the physical infrastructures ranging from housing, office buildings and business structures were all destroyed during the civil unrest. These structures need to be reconstructed for the economy to grow and become prosper. Today many construction companies or firms have emerged to assist in the rehabilitation and reconstruction. While there may be some of the construction companies who have existed of years, it is also true that majority of these construction companies are new ones who are just coming up to help and provide their expertise in the development of Sierra Leone. But yet still, it is a challenge for many of these companies to adequately involve in the process of rehabilitation and reconstruction simply because they cannot get the required finance in the form of overdraft or loans, or provide the necessary collateral for the banks as required, making them less competitive. In Sierra Leone the performance of SME’s over the years has been very poor which is due to the fact that the creation of credit from the banks which is an essential stimulant for private investment in the construction industries has been grossly under performing. This is one of the reasons for poor performance of the economy in terms of growth in most developing countries including Sierra Leone. Construction companies have not been able to access huge funds by way of loan over the years from the banking and other financial institutions, mainly due to lack of confidence in the private sector as a result of problems like moral hazards and the absence of collateral security and the lack of experience in construction engineering. 1.3 Justification of the Study The importance of the construction industries in the process of rehabilitation and reconstruction of the war towns in Sierra Leone cannot be over-emphasized. During the war there was so much destruction of infrastructures in the country, now that there is peace there is high need for reconstructions and the development of new roads and structures to aid national growth. International organisations like the International Monetary Fund (IMF), World Bank, African Development Bank (ADB) main focus is to assist Small Medium Size Enterprises (SME) in developing countries gain strong financial base. It had been felt that SMEs employ majority of the work force in the developing countries, therefore, they have realised that when SME become financially stable the economy of the nation will be better and that the citizens will be able to live a comfortable life. The role of commercial banks and other financial institutions in private sector development and the assessment of their overall performance in terms of economic growth and development has not received much of the attention by researchers. The central bank maintaining interest rate at high level has greatly contributed to discourage SMEs from borrowing from retail banks and other financial institution for investment purposes. This is one of the reasons why most SMEs are under developed. Besides commercial banks are requesting for very stiff conditions to access loan by the private sector. A study on the provision of credit to construction companies for investment towards economic growth has not been studied in greater detail by previous researchers. This among others, gave me the urge to probe into the activities of the commercial banks and other financial institutions in the creation of credit to construction companies in Sierra Leone, This study is to help government and other professionals as well as other stakeholders, to grasp fully the implications of credit refusal to small and medium size enterprises and how it will affect the development of the nation. The result of this study is hope to enable banking and other financial institutions, local and national government and other stakeholders to device concrete ways by which small and medium size enterprises can easily get access to credit to undertake construction programmes. 1.4 Objectives of the study The main aim of the study is to assess the implications of credit creations by the banks and other financial institutions to Small and Medium Size Enterprises with special focus on the Construction Industries for economic growth and development in Sierra Leone. The specific objectives are: To determine the extent to which banks have been contributing to the development of the construction industries in Sierra Leone. To examine some of the reasons responsible for the inability of the construction industries to solicit loans from the banks and other financial institutions for the purpose of investment. To establish reasons for the reluctance of the banking and other financial institutions to provide the much needed funds for private sector development. To examine the reasons for the reluctance of the banking sector to provide the much needed funds for SME in the construction industries for development, even though SME’s are regarded as the engine of economic growth. 1.5 Research Questions: Certain research questions will be drawn up for proper examination of this objective. These include: To what extent do commercial banks provide funds to Small and Medium Size Enterprises in the construction Industries? What are the main problems encountered by the construction companies in terms of securing loans and overdrafts from the commercial banks? What is responsible for the low investment of the private sector (SME’s) in Sierra Leone? What is the role of the central bank in facilitating credit creation for SME’s in the pursuit of development in Sierra Leone? What is the role of the Government ministry in the area of infrastructural developmental plans for Sierra Leone? The study will make use of secondary data received from the Bank of Sierra Leone, Commercial Banks and some of the registered construction companies in Sierra Leone. The study will try to reveal the reasons for the constraints Small and Medium size Enterprises are facing in securing credit facilities from the banks. Interviews will be conducted with senior officers of both the banking industries and construction sectors, together with government officers in the area of national development for the country. 1.6 Definition of Operational Terms: 1. Credit Creation: Credit creation is the multiple expansions of banks demand deposits. It is an open secret now that banks advance a major portion of their deposits to the borrowers and keep smaller parts of deposits to the customers on demand. 2. Venture Capital: Venture Capital is the name given to equity finance provided to support new, expanding and entrepreneurial businesses. Venture capitalists usually prefer to take a close interest in the business that is the subject of their investment. This could involve taking part in decision made by the business. Funds provided by venture capitalist are often referred to as private capital.(Mclaney E, 2003) 3. Gearing: Small businesses are in a fundamentally different position from that of the larger one on the issue of gearing. Financial risk to which capital gearing gives rise tends to emphasise operating risk, which will be present with or without gearing. Small businesses are more exposed to financial risk than public liability companies. (Mclaney, 2003) 4. Bank and Institutional Debt: Long term loans are available from banks and other financial institutions at both fixed and floating interest rates, provided the issuing bank is convinced that the purpose of the loan is a good one. The cost of bank loan is usually a floating rate of 3-6 percent above the base rate, depending on the perceived risk of the borrowing company. The issuing bank charges an arrangement fee on bank loans, which are usually secured by a fixed and floating charge, the nature of the charge depending on the availability of assets of good quality to act as security. A repayment schedule is often agreed between the bank and the borrowing company, structured to meet the specific needs of the borrower and in accordance with the lending policies of the bank. (Watson D Head A, 2007) 5. Security –the Bank’s Perspective: A bank has little to lose and much to gain by taking security for a loan. A bank’s solicitor should check that the borrower and any other party providing security have capacity to do so. (The company act 1989, prima facie, a company could pursue only the objects for which its memorandum stated it was incorporated) 6. Security – the Borrower’s Perspective: It is often difficult for a borrower to argue against a reasonable request for security. However, some borrowers will be contractually prohibited from providing security by a negative pledge in a document to which they are already a party. Specialised lending for financing a project will always be secured over the asset or project in question. (Adams D, 2006) 7. Cash Flow Statements for Small Companies: Financial Report Standard (FRS1) prescribes a format for cash flow statements. Except for very small companies, all companies are required to prepare a cash flow statement for each accounting period. There are two approaches available under the standard; the direct method which shows the operating cash receipts and payments summing to the net cash flow from operating activities, and the indirect method which identifies the net cash flow via reconciliation to operating profit. (Wood F, 2002). CHAPTER 2 Literature Review 2.0 Introduction The purpose of this chapter is to make a review of related literature on Small and Medium isze Enterprises and the Creation of Credit in the Construction Industry. With these literatures the researcher will have a better understanding of the study, as well as what has already been done on it in the form of previous research. 2.2 Definition of Small and Medium Size Enterprises A business can be considered small on basis of predetermined criteria such as the number of employees, annual turnover or capital employed. In the late 1990s, it was estimated that small businesses with fewer than 50 employees accounted for 99 per cent of all UK business, almost 50 per cent of non government employment and 42 per cent of turnover. Small firms have become a focus for governmental policy at both national and intergovernmental level. Bolton in his report in 1971 identified three main characteristics of a small firm: were independently owned The business securities are not quoted in any established capital market that is they are not traded in the efficient market. were managed in a personalised way- The ownership of the business’s equity and hence its control lie in the hands of a small close knit-group; that is it is a family type business. possessed a limited share of the total market 2.3 Nature of Small and Medium Size Enterprises The Bolton report, the first official government inquiry into small firms attempted to establish standard definitions of small firms for particular sector of industry based on numerical indicators of size such as sales or number of employees. A firm with 250 employees in a labour intensive industry may still be a small firm. (Brown, 1987) Criteria for Small and Medium Size Enterprises Size Category Number of Employees Maximum Annual Turnover (euros) Maximum Balance balance sheet total Micro Firm 0 -9 2 million euros 2 million Small Firm 10 – 49 10 million euros 10 million Medium-sized Firm 50 – 249 50 million 43 million 2.4 Objectives of Small and Medium Size Enterprises In SME’s the managers and the shareholders are likely to be substantially the same person or at least closely connected with one another. Thus agency problems, and their potential associated costs, are likely to have little or possibly no impact on the typical small business. Because of the elimination of agency gap, most managers of SME’s are shareholder; they would make decisions following a pure wealth-maximising goal more determinedly than would be the case in the typical large enterprise. The motives of managers or owners of small businesses are diverse. These motives might be the desire to experience the satisfaction of building up a business, a desire to lead a particular way of life, or a desire to keep someone (perhaps family) tradition alive. Since it is possible for managers to know the personal objectives of shareholders of small business, decisions can probably be made with these in mind. Both large and small businesses that makes a series of decisions causing the wealth to diminish, will sooner or later fail. Wealth maximisation goal is very important to small business and cannot be ignored. 2.5 Organisation of Small and Medium Enterprises The research will consider Small and Medium Size Enterprises in the construction industries that are organised as private limited companies. According to Mclaney (2003) private companies need be of no minimum size; public companies must issue at least  £50,000 of nominal share capital, of which 25% must be paid up. There is no upper limit on the size of a private company. Private companies are entitled to restrict the transfer of their shares; that is it is possible for the company’s Articles of Association to contain a clause giving the directors the power to refuse to register a transfer, at their discretion. While private companies must publish annual accounts, the volume of details is rather less than that which the law requires of public companies. 2.6 Sources of Finance for Small and Medium Size Enterprises Several inquires have dealt with the financing of SMEs and each of these enquires discovered, to a greater extent, that small businesses find it more difficult and more expensive to raise external finance. A particular problem faced by small businesses in their quest for equity capital is the lack of an `exit route’. Generally investors require that there be some way of liquidating their investment before they are prepared to commit funds to it. A number of schemes have been introduced to help small businesses: 2.6.1. The loan Guarantee Scheme (LGS) as first introduced in 1981 to cover situations were potential borrowers were unable to provide sufficient collateral or where the bank deem the risk of lending unacceptable. 2.6.2. The Enterprise Investment Scheme (EIS) – This scheme replaced the Business Expansion Scheme (BES) and it is designed to help small unquoted companies to raise equity finance from business angels 2.6.3.The Venture Capital Trust (VCT) – The trust was introduced in 1995 to encourage individuals to invest in smaller, unlisted trading companies. Venture Capital is the name given to equity finance provided to support new, expanding and entrepreneurial businesses. Venture capitalists usually prefer to take a close interest in the business. This could involve taking part in decision made by the business. Funds provided by venture capitalist are often referred to as private capital.(Mclaney E, 2003) 2.6.4. The Enterprise Fund (EF) it was announced in the competitiveness white paper in 1998 and is designed to help the financing of small businesses with growth potential. 2.6.5. The National Business Angel Network (NBAN) it was launched in 1999 to connect ‘business angels’ with companies seeking equity capital 2.6.6. The late payment of Commercial Debts (Interest) act 1998 gives certain small businesses a statutory right to claim interest from large businesses and the public sector on late payment of commercial debts. 2.7 Gearing Small businesses are in a fundamentally different position from that of the larger one on the issue of gearing. Financial risk to which capital gearing gives rise tends to emphasise operating risk, which will be present with or without gearing. Small businesses are more exposed to financial risk than public liability companies.(Mclaney,2003) 2.8 Help and Advice to Small Businesses One of the major barriers faced by SMEs is the lack of information, help and advice on their operations. Recent initiative to improve this sphere includes: 2.8.1. The business link network – organised in 1993 as a ‘one stop shop’ for information and advice to SMEs. It brings together the services of major business development services in the single accessible location. 2.8.2. The Enterprise Zone – launched in 1997 as a definitive internet site for business information. It provides help on a whole range of business issues. 2.8.3. The Information Society Initiative/Interforum E-Commerce Award – launched in 1999 as part of government’s e-commerce strategy. It is essentially an award scheme to recognise and reward best practice in the use of electronic trading among smaller firms. 2.9 Bank and Institutional Debt Long term loans are available from banks and other financial institutions at both fixed and floating interest rates, provided the issuing bank is convinced that the purpose of the loan is a good one. The cost of bank loan is usually a floating rate of 3-6 percent above the base rate, depending on the perceived risk of the borrowing company. The issuing bank charges an arrangement fee on bank loans, which are usually secured by a fixed and floating charge, the nature of the charge depending on the availability of assets of good quality to act as security. A repayment schedule is often agreed between the bank and the borrowing company, structured to meet the specific needs of the borrower and in accordance with the lending policies of the bank. (Watson D Head A, 2007) 2.10 Security –the Bank’s Perspective A bank has little to lose and much to gain by taking security for a loan. A bank’s solicitor should check that the borrower and any other party providing security have capacity to do so. (The company act 1989, prima facie, a company could pursue only the objects for which its memorandum stated it was incorporated) 2.11 Security – the Borrower’s Perspective It is often difficult for a borrower to argue against a reasonable request for security. However, some borrowers will be contractually prohibited from providing security by a negative pledge in a document to which they are already a party. Specialised lending for financing a project will always be secured over the asset or project in question. (Adams D,2006) 2.12 Working Capital Problems of the Small Business Working capital is the difference between current assets over current liabilities. The amount invested by businesses in working capital is often high in proportion to the total assets employed. It is important that these amounts are managed properly. It is often claimed that many small businesses suffer from a lack of capital and, where this is the case, tight control over working capital investment becomes critical. There are evidence, however, that SB are not very good at managing their working capital, and this has been cited as the major cause of their high failure rate compared with that of large businesses. 2.13 Credit Management Small businesses don’t have the resources to manage their trade debtors (account receivables) effectively. Most small businesses don’t have a credit control department. Small business also lack proper debt collection procedures, such as prompt invoicing and sending out regular statements. These risks probably tend to increase where there is an excessive concern for growth. In an attempt to increase sales, small businesses may be too willing to extend credit to customers that are poor credit risk Lack of market power is another issue for small businesses. They find themselves in a weak position when negotiating credit terms with larger businesses. When big customer exceeds the terms of credit, the small supplier may feel inhibited from pressing the customer for payment in case future sales are lost. (A survey undertaken by the Credit Management Research Centre (CMRC) during April and June, 2003, indicates that small businesses are likely to have to wait an average of 60 days for their trade debtors to pay. 2.14 Cash Flow Statements for Small Companies Financial Report Standard (FRS1) prescribes a format for cash flow statements. Except for very small companies, all companies are required to prepare a cash flow statement for each accounting period. There are two approaches available under the standard; the direct method which shows the operating cash receipts and payments summing to the net cash flow from operating activities, and the indirect method which identifies the net cash flow via reconciliation to operating profit.(Wood F,2002) Credit Creation 2.15 Definition of Credit Creation The BNET business dictionary defines credit creation as the collective ability of lenders to make money available to borrowers. Credit creation is the multiple expansions of banks demand deposits. Banks advance a major portion of their deposits to the borrowers and keep smaller parts of deposits to customers on demand. The tendency on the part of commercial banks to expand their demand deposits as a multiple of their excess cash reserve is called creation of credit. 2.16 Functions of Financial Intermediation in Credit Creation Financial intermediation is the process of channelling funds between those who wish to lend or invest and those who wish to borrow or require investment funds. Financial intermediaries act as principal, creating new financial assets and liabilities. They do not act solely as agents, charging a commission for their services. (The Monetary and Financial System-CIB/BPP Publication 1993 Edition) Any institution standing between the ultimate provider of funds and the ultimate user of funds is engaged in financial intermediation. There are many types of institutions and other organisations that act as intermediaries in matching firms and individuals who need finance with those who wish to invest. These institutions also provide other services which are non-intermediary services like financial advisory services, fund management services and advice to undertakers and mergers provider by merchant banks. Some of the organisation that acts as financial intermediaries is as follows: 2.16.1 Clearing Banks – this bank participate in system which simplifies daily payment so that all the thousands of individual customer payments are reduced to a few transfers of credit between the banks. They offer various accounts to investors and provide large amount of short to medium-term loans to the business sector and the personal sector. The work of these institutions can best be understood through a consideration of the main items in their balance sheet. 2.16.2 Clearing Bank Liabilities – The money from the banks responsible comes chiefly from their customer’s sight and time deposits- mostly current and deposit accounts with which most people are familiar. An important additional item relates to certificates of deposit. These are issued generally for a medium amount of  £50,000 and a maximum of  £500,000 with an initial term to maturity of from three months to five years. Clearing Bank Assets Customers’ money is re-lent in a variety of ways. The main aim of the bank is to have a range of lending instruments of varying terms so that money can be recovered quickly and yet, at the same time, earn the maximum return. 2.16.3 Investment Banks / Merchant Banks The investment banks or Merchant banks have some functions that they undertake: 2.16.3.i Financial Advice to Business Firms Few manufacturing or commercial companies of any size can now afford to be without the advice of a merchant bank. Such advice is necessary in order to obtain investment capital, to invest surplus funds, to guard against takeover, or to take over others. Increasingly, the merchant banks have themselves become activity involved in the financial management of their business client and have had an influence over the direction these affairs have taken. 2.16.3.ii Providing Finance to Business Merchant banks also compete in the services of leasing, factoring, hire-purchase and general lending. They are also the gateway to the capital market for long-term funds because they are likely to have specified departments handling capital issues as ‘issuing houses’. 2.16.4 Foreign Trade A lot of merchant bank are active in the promotion of foreign trade by providing marine insurance, credits, and assistance in appointing foreign agents and arranging foreign payments. Merchant bank is essentially in the general business of creating wealth and of helping those who show that they are capable of successful business enterprise. It is expected that merchant banks will operate without the large branch network necessary for a clearing bank, they work closely with their clients and be more ready to take business risk and promote business enterprise than clearing bank. 2.16.5 Building Societies These take deposits from the household sector and lend to individuals buying their own homes. They have recently grown rapidly in the UK and now provide many of the services offered by clearing banks. Over the years many have converted to banks. 2.16.6 Finance Companies/Houses – Providing medium-term instalment credits to the business and personal sector. These are usually owned by business sector firms or by other financial itermediaries. 2.17 Services Provided by Financial Institutions Financial institutions are organisations that provide services in connection with one or more of the following:- Financial intermediation, linking ultimate providers of funds with ultimate users and creating new financial assets in the process. Exchanging financial assets on behalf of their customers, that is acting as brokers or agents for clients. Exchanging financial assets for their own accounts proprietary dealers, as they are termed. Helping to create financial assets for their customers, and then selling these assets to others in the market underwriting new share issues, for example Providing investment advice to others, example to people seeking a personal pension or to firms on mergers and takeovers. Fund management- managing the whole or part of a pension fund, for example some large non-financial companies have their own financial subsidiaries. In the United Kingdom Ford Motor Finance and Mark and Spencer Finance Se