Building a global network

The paper shall examine some of the challenges that PricewaterhouseCoopers (PwC) are confronting after a merger between Pricewaterhouse and Coopers and Lybrand. The company is one of the most influential within its respective business arena. Such a position presents a fresh set of challenges in terms of creating an efficient and fully functioning network. These issues shall be examined below. Importance of having a knowledge base or intranet resources The latter company had benefited from the economies of scale that emanated from creation of such a large and influential global company.Consequently, there was a need to ensure that one of the most important qualities in business was attained and this was speed. The latter trait would only be efficiently carried out if the companies under consideration had fast technologies to help them achieve this. One of the latter modes of technology is the use of intranet and possession of a knowledge base. (PWC, 2000) The intranet would go a long way in facilitating communication between a series of stakeholders within this firm. Some of them included its employees, the company’s suppliers, its clients and many more.Since these stakeholders were distributed globally, then there was a need to make sure that this information was shared efficiently and the best way to do this was through the utilization of a sound knowledge management system or the intranet. A good knowledge base was also essential in adding value to the various clients by providing them with easy access to their resources. Intranet would also assist in boosting the process of deployment that provided products and services within the firm. In addition, the knowledge base was also essential in ensuring sound management of those resources.Lastly, the use of the intranet was important in ensuring that the merger was effectively carried out. This was because the latter form of technology would ensure that information was fist captured, then updated and distr ibuted effectively within this organization. In other words, knowledge within the two firms would be made available to the entire organization and this would make the process a whole lot more effective. Advantages and disadvantages of the Knowledge curve implemented at PWC There are a number of strong points that the Knowledge Curve (the intranet) that was implemented by PwC.First of all, it provided a platform against which all the knowledge within the firm was incorporated. This meant that the Knowledge Curve was instrumental in providing a tool for providing the company with a source of competitive advantage. (Thomas, 2000) The Knowledge Curve was also advantageous because of its profiling capabilities. Through this methodology, it was possible to understand the needs of the company on the basis of geography, line of business and industry. This intranet system was important to the company because it would assist the company to achieve knowledge management both at global level and also at office level.However, there was a problem with the Knowledge Curve owing to the fact that certain priorities at office level would not be implemented on a global level. This was because only the aspects that were common between various firms would be included in this global level system of profiling. (Law, 1998) It should be noted that this limitation was dealt with by providing Knowledge Curve homepages for each office. This would go a long way in ensuring that personalized information was restricted for these areas. Another major disadvantage was that it was difficult to customize this respective system.This eventually led to the creation of another website whose purpose was to ensure that local needs within each enterprise level were addressed. The latter website was known as the bridge. By adding such extra features, then it can be said that Knowledge Curve was a bit ineffective at achieving most of it objectives. (Lambert and Langley, 2000) How PWC would encourage user s to contribute knowledge towards the intranet First of all, PWC could ensure that they break down all the bureaucratic systems within the company.This means that the former mentality where it had been held that the support teams are implementers while the more experienced members were the decision makers should be changed. By doing this, people who are more in touch with what is going on at the ground will be encouraged to participate more within the intranet system within the company. The company needs to ensure that there is a flatter structure implemented on the ground. This will go a long way in encouraging participants to contribute towards the internet because they will feel more valued by the organization.While the company has gone a long way in eliminating some of the office politics within the organization, there are still relatively high numbers of issues that need to be implemented by this company in order to boost participation. Since there is still a management board t hat does project approvals and constitutes the management board, then people within the organization may still be feeling a little inhibited about contributing towards that intranet. Fewer powers need to be given to this board so as to boost an open environment.How PWC could facilitate awareness about the intranet and encourage users to utilize the knowledge base PWC was faced with an enormous task of informing all its one hundred and fifty thousand employees who are distributed across one hundred and fifty two countries for this receptive company. Consequently, there was a need to look for methods that could apply in such a wide geographical arena. Presentations are always a good way of informing people about something new. Consequently, the latter company could utilize this method to inform people.It could carry this out by visiting various offices hence talking to people face to face and making them understand some of these issues properly. (Law, 1998) Besides using presentations , there is a need to interact personally with these potential users through the utilization of direct instructions. The company could go a long way in promoting awareness by distributing literature in the system. Since PWC is implementing the system on a global scale, then there is a need for the company to ensure that all the respective groups understand the intricacies involved through a method that leaves room for the communication of vast amounts of data.Other ways in which this company can create awareness include; †¢ Flyers †¢ Posters †¢ Wallet cards †¢ Give a ways †¢ Many more The company can also go a long way in ensuring that various professionals understand how to use this system. This can be done by implementing sessions tailored for such groups. Examples are all the accountants within the firm. By addressing a particular profession, then the company will have shown them just how specific the intranet will be to their respective needs. Promoting a wareness should not just be restricted to understanding the system itself.Awareness needs to be done through a two way exchange. In other words, the system needs to be made in such a manner that the underlying problems faced by the users need to be understood by the incoming team. One such example is the Knowledge Point help desk in which individuals can address their problems through such a system. Besides this, there is also a need to look into some of the challenges that the group is likely to encounter through a survey. Here, respondents can be asked about how they found the intranet and what the company can do to improve it.Tracking this intranet on an annual basis can also go a long way in ensuring its success. (Anonymous, 1998) Issues that PWC could encounter for intranet users outside PWC Most of the problems to be faced by intranet users outside of this organization will emanate from the fact that there are still a number of corrections that are yet to be done in the proces s. An example of this issue is in terms of its Notes usage; the company is yet to implement a regional basis of this system. Consequently, the following Notes names will have to be carried out †¢ Country †¢ City †¢ Line of serviceSince ensuring the implementation of such system would take up a lot of time, then it can be said that the security of the user will be at stake. Another way in which security issues could present a hurdle to the respective clients under consideration is through the implementation of a private link to the client’s system. This can be problematic owing to the fact that implementing it is too complex thus leaving security needs unmet. An example of how such a problem was revealed was when the PWC tried implementing a private system for Hong Kong which was the centre point of all Asian Pacific clients.This was implemented through Australian, New Zealand and Hong Kong gateways. Utilization of such measures could be very problematic owing t o the fact that so many security bridges can arise out of such a complex system. Evaluation of Lotus and the Knowledge Curve Benefits of using such systems Also, the intranet was very important to this company because of the fact that it was quite simple to implement. In other words, it was relatively easy to package, capture and also deliver knowledge to the respective users.Whether PWC could manage diverse and huge information with its technical infrastructure PWC can definitely manage such a diverse information system owing to the fact that it implemented a rationalization program. This was done in order to eliminate duplication of work that arose out of the availability of two sources of data. Besides this, the company was in need of synchronizing all the numerous databases that were located within different geographical areas. In order to solve such a problem, the company chose to delegate duties to lines of service.Doing this was an effective and adequate way of making sure th at all the problems being faced were dealt with meticulously. Besides that, the IT team would have been overburdened by the problem. Each line of service member was supposed to carry out identification of the data owner. PWC was able to carry this out effectively also data owners were assigned the task of regularly updating information so as to ensure that the data base was valuable. Carrying out these painstaking tasks to completion was an indication that the company can manage vast amounts of data. (Lotus, 2000)Additionally, this company is capable of covering most of its challenges to be faced in managing huge databases by choosing to maintain open rather than closed systems. Closed systems may work for relatively small companies. However, companies of a global nature such as PWC are in need of making sure that people can update and access information as smoothly as possible and an open database would definitely be the way to go. Lastly, PWC was able to eliminate the duplication problem that it was facing at the beginning of their merger. This was also another painstakingly slow process since it was manually done.Since the company was able to do this effectively, then one can assume that the company can be able to carry out the process of managing even larger amounts of data in the future. Ways in which the Knowledge Curve structure could be improved The Knowledge Curve could be improved in the future trough working on local Knowledge Curves. Already, the Development team has been assigned with this task. They need to ensure that all data is analyzed at local levels in order to streamline some of the tax management, document management and executive recruitment tasks (Farhoomand, 2000)In order for the knowledge curve to work, there should be improvement of the company’s networking system. Servers for data sharing need to be worked on. Also, there are a number of related task that need to be managed and target include; monitoring, internet services, n etwork management and security systems. The Knowledge Curve also requires continuous improvement of the Lotus Notes Infrastructure, this can best be achieved through the process of recertifying all identification within this systems. Besides this, the process of addressing through the use of initials needs to be implemented.The Knowledge Curve needs to be in line with recent technologies. This needs to be done in such a manner that items such as voice recognition technologies need to reflect such perceptions. In line with this is the issue of upgrading the power system within the company. Lastly, the Knowledge curve can also be improved through a sound feedback teams. First of all, they need to ensure that calls are answered promptly. Also, they need to improve their level of integration between the use and the integration of internal networks.How PWC should disseminate the service to its clients The company is interested in ensuring that most if not all the services offered to thei r respective clients are done in an effective manner. In order to do this, then clients should not be treated as if operational challenges are part of their problems. The company needs to ensure that the transition is as smooth as possible. (Leong, 1999) First of all, the company should send notifications to their clients about any recent upgrades within their system. This can be done through email.Thereafter, the company should give details about those changes and leave room for inquiries from clients in case they do not understand the instructions. Shortly after, the company needs to carry implementation in one stage. This can be done in short intervals so as to ensure that the entire process is covered within a relatively short time. Customers can get weary of this by implementation if they constantly have to grapple with new changes. It would be best to get it over and done with at one go. Whether PWC should offer the service for free or for a feeSince PWC prides itself in the v alue addition within its services, then the company should offer the service as a bonus to their clients. The rewards of implementing such a system will be depicted in the returns obtained by the system. PwC will be more effective in responding to client needs and they will also have a large capacity for managing information received from their respective clients. Consequently, the system will improve their profitability through more satisfied consumers and a wider client base. There will be no point in charging them for this because if PwC was to do this, they would be trying to get double benefits.Conclusion Building a global network is a huge challenge for PwC but this company has more than enough capabilities to deal with this issue. First of all, their networking team has been able to manage effectively and they will continue to do so. Secondly project, development and customer care groups have also done their part. The company needs to keep up this effort in order to ensure th at their Knowledge Curve has succeeded. References PWC (2000): Homepage, retrieved from http://www. pwcglobal. com/ accessed on 24th Jan 2008Anonymous (1998): Moore Schiro: We changed the competitive landscape; Accounting Today, 28th September Thomas, S. (2000): Focus – Keeping pace with knowledge; Information Week Review, 155 Leong, K. (1999): Marketing Gets Innovative, Internet week, 3rd May, Lambert and Langley (2000): PwC Interview, Hong Kong, 1st February Lotus (2000): Definition of Notes, retrieved form http://www. whatiscom/notes. htm 30 May Farhoomand, A. (2000): Price water house Cooper: Building a global network; Asia case research centre Law, G. (1998): And then there were four; Management journal, 45, 1

A University Education Is Not Essential for Success’ Essay

In a general point of view, university education is necessary for success and that is why parents nowadays would ask their children to finish their Bachelor degree as a minimum request. They think that university education is an essential element for success. However, I do not think that that is true at all. University education is only one of the keys for success but not the only key to achieve success. Some people may think that what success is being a millionaire or even a billionaire. Nevertheless, in the reality, being that kind of capitalists does not require any degree of education. It is a truth that having a higher degree of education can let us apply a higher salary job but it is not essential for being the tycoons. There are some real life examples to prove my argument is truth. Bill Gates, Steve Jobs and Richard Li choose to give up their opportunity to finish the university education and start their businesses. Although they do not have any diploma of graduation in the university, they can still run their business very well and earn a huge sum of money. University education is not an essential element for being a millionaire. Earning enormous figure of income does not request any degree. Moreover, what success is not only making a huge sum of money but also making our own dreams come true. Not everyone is giving weight money to a high position and what he or she wants is to accomplish his or her dreams. Different people have different dreams and some of the dreams may require a high level of education such as being a doctor or a lawyer in Hong Kong. It is necessary for the one who has these dreams to have a good academic result in A-Level exam and finish the university study to get the certification. However, some dreams do not claim any degree such as travelling around the world and having a perfectly satisfactory family. Therefore, we can grasp that how essential a university education is according to the one’s dreams but university education is not essential for every dream. In addition, there are many other keys for success, such as the talents, intelligence, communication skills, social skills etc. To be successful in a career, we need those elements I mentioned above and cannot ignore their importance for success. The diploma is only just an admission ticket in our career. What the boss paying attention is not our level of education but our working ability. That’s mean the ability to get the project done in order to help the boss earning profit. Although one has a high education level, the boss would still fire him or her if he or she makes troublesome to the company. Therefore, the university education is not that essential as people think. In conclusion, the university education is only one of the key for success.

Practical Demonkeeping Chapter 26

26 TRAVIS'S STORY Augustus Brine sat in one of the big leather chairs in front of his fireplace, drinking red wine from a balloon goblet and puffing away on his meerschaum. He had promised himself that he would have only one glass of wine, just to take the edge off the adrenaline and caffeine jangle he had worked himself into during the kidnapping. Now he was on his third glass and the wine had infused him with a warm, oozy feeling; he let his mind drift in a dreamy vertigo before attacking the task at hand: interrogating the demonkeeper. The fellow looked harmless enough, propped up and tied to the other wing chair. But if Gian Hen Gian was to be believed, this dark young man was the most dangerous human on Earth. Brine considered washing up before waking the demonkeeper. He had caught a glimpse of himself in the bathroom mirror – his beard and clothing covered with flour and soot, his skin caked with sweat-streaked goo – and decided that he would make a more intimidating impression in his current condition. He had found the smelling salts in the medicine cabinet and sent Gian Hen Gian to the bathroom to bathe while he rested. Actually he wanted the Djinn out of the room while he questioned the demonkeeper. The Djinn's curses and ravings would only complicate an already difficult task. Brine set his wineglass and his pipe on the end table and picked up a cotton-wrapped smelling-salt capsule. He leaned over to the demonkeeper and snapped the capsule under his nose. For a moment nothing happened, and Brine feared that he had hit him too hard, then the demonkeeper started coughing, looked at Brine, and screamed. â€Å"Calm down – you're all right,† Brine said. â€Å"Catch, help me!† The demonkeeper struggled against his bonds. Brine picked up his pipe and lit it, affecting a bored nonchalance. After a moment the demonkeeper settled down. Brine blew a thin stream of smoke into the air between them. â€Å"Catch isn't here. You're on your own.† Travis seemed to forget that he had been beaten, kidnapped, and tied up. His concentration was focused on Brine's last statement. â€Å"What do you mean, Catch isn't here? You know about Catch?† Brine considered giving him the I'm-asking-the-questions-here line that he had heard so many times in detective movies, but upon reflection, it seemed silly. He wasn't a hardass; why play the role? â€Å"Yes, I know about the demon. I know that he eats people, and I know you are his master.† â€Å"How do you know all that?† â€Å"It doesn't matter,† Brine said. â€Å"I also know that you've lost control of Catch.† â€Å"I have?† Travis seemed genuinely shaken by this. â€Å"Look, I don't know who you are, but you can't keep me here. If Catch is out of control again, I'm the only one that can stop him. I'm really close to ending all this; you can't stop me now.† â€Å"Why should you care?† â€Å"What do you mean, why should I care? You might know about Catch, but you can't imagine what he's like when he's out of control.† â€Å"What I mean,† Brine said, â€Å"is why should you care about the damage he causes? You called him up, didn't you? You send him out to kill, don't you?† Travis shook his head violently. â€Å"You don't understand. I'm not what you think. I never wanted this, and now I have a chance to stop it. Let me go. I can end it.† â€Å"Why should I trust you? You're a murderer.† â€Å"No. Catch is.† â€Å"What's the difference? If I do let you go, it will be because you will have told me what I want to know, and how I can use that information. Now I'll listen and you'll talk.† â€Å"I can't tell you anything. And you don't want to know anyway, I promise you.† â€Å"I want to know where the Seal of Solomon is. And I want to know the incantation that sends Catch back. Until I know, you're not going anywhere.† â€Å"Seal of Solomon? I don't know what you're talking about.† â€Å"Look – what is your name, anyway?† â€Å"Travis.† â€Å"Look, Travis,† Brine said, â€Å"my associate wants to use torture. I don't like the idea, but if you jerk me around, torture might be the only way to go.† â€Å"Don't you have to have two guys to play good cop, bad cop?† â€Å"My associate is taking a bath. I wanted to see if I could reason with you before I let him near you. I really don't know what he's capable of†¦ I'm not even sure what he is. So if we could get on with this, it would be better for the both of us.† â€Å"Where's Jenny?† Travis asked. â€Å"She's fine. She's at work.† â€Å"You won't hurt her?† â€Å"I'm not some kind of terrorist, Travis. I didn't ask to be involved in this, but I am. I don't want to hurt you, and I would never hurt Jenny. She's a friend of mine.† â€Å"So if I tell you what I know, you'll let me go?† â€Å"That's the deal. But I'll have to make sure that what you tell me is true.† Brine relaxed. This young man didn't seem to have any of the qualities of a mass murderer. If anything, he seemed a little naive. â€Å"Okay, I'll tell you everything I know about Catch and the incantations, but I swear to you, I don't know anything about any Seal of Solomon. It's a pretty strange story.† â€Å"I guessed that,† Brine said. â€Å"Shoot.† He poured himself a glass of wine, relit his pipe, and sat back, propping his feet up on the hearth. â€Å"Like I said, it's a pretty strange story.† â€Å"Strange is my middle name,† Brine said. â€Å"That must have been difficult for you as a child,† Travis said. â€Å"Would you get on with it.† â€Å"You asked for it.† Travis took a deep breath. â€Å"I was born in Clarion, Pennsylvania, in the year nineteen hundred.† â€Å"Bullshit,† Brine interrupted. â€Å"You're not a day over twenty-five.† â€Å"This is going to take a lot more time if I have to keep stopping. Just listen – it'll all fall into place.† Brine grumbled and nodded for Travis to continue. â€Å"I was born on a farm. My parents were Irish immigrants, black Irish. I was the oldest of six children, two boys and four girls. My parents were staunch Catholics. My mother wanted me to be a priest. She pushed me to study so I could get into seminary. She was working on the local diocese to recommend me while I was still in the womb. When World War I broke out, she begged the bishop to get me into seminary early. Everybody knew it was just a matter of time before America entered the war. My mother wanted me in seminary before the Army could draft me. Boys from secular colleges were already in Europe, driving ambulances, and some of them had been killed. My mother wasn't going to lose her chance to have a son become a priest to something as insignificant as a world war. You see, my little brother was a bit slow – mentally, I mean. I was my mother's only chance.† â€Å"So you went to seminary,† Brine interjected. He was becoming impatient with the progress of the story. â€Å"I went in at sixteen, which made me at least four years younger than the other boys. My mother packed me some sandwiches, and I packed myself into a threadbare black suit that was three sizes too small for me and I was on the train to Illinois. â€Å"You have to understand, I didn't want any part of this stuff with the demon; I really wanted to be a priest. Of all the people I had known as a child, the priest seemed like the only one who had any control over things. The crops could fail, banks could close, people could get sick and die, but the priest and the church were always there, calm and steadfast. And all that mysticism was pretty nifty, too.† â€Å"What about women?† Brine asked. He had resolved himself to hearing an epic, and it seemed as if Travis needed to tell it. Brine found he liked the strange young man, in spite of himself. â€Å"You don't miss what you've never known. I mean I had these urges, but they were sinful, right? I just had to say, ‘Get thee behind me Satan', and get on with it.† â€Å"That's the most incredible thing you've told me so far,† Brine said. â€Å"When I was sixteen, sex seemed like the only reason to go on living.† â€Å"That's what they thought at seminary, too. Because I was younger than the others, the prefect of discipline, Father Jasper, took me on as his special project. To keep me from impure thoughts, he made me work constantly. In the evenings, when the others were given time for prayer and meditation, I was sent to the chapel to polish the silver. While the others ate, I worked in the kitchen, serving and washing dishes. For two years the only rest I had from dawn until midnight was during classes and mass. When I fell behind in my studies, Father Jasper rode me even harder. â€Å"The Vatican had given the seminary a set of silver candlesticks for the altar. Supposedly they had been commissioned by one of the early popes and were over six hundred years old. The candlesticks were the most prized possession of the seminary and it was my job to polish them. Father Jasper stood over me, evening after evening, chiding me and berating me for being impure in thought. I polished the silver until my hands were black from the compound, and still Father Jasper found fault with me. If I had impure thoughts it was because he kept reminding me to have them. â€Å"I had no friends in seminary. Father Jasper had put his mark on me, and the other students shunned me for fear of invoking the prefect of discipline's wrath. I wrote home when I had a chance, but for some reason my letters were never answered. I began to suspect that Father Jasper was keeping my letters from getting to me. â€Å"One evening, while I was polishing the silver on the altar, Father Jasper came to the chapel and started to lecture me on my evil nature. â€Å"‘You are impure in thought and deed, yet you do not confess,' he said. ‘You are evil, Travis, and it is my duty to drive that evil out!' â€Å"I couldn't take it any longer. ‘Where are my letters?' I blurted out. ‘You are keeping me from my family.' â€Å"Father Jasper was furious. ‘Yes, I keep your letters. You are spawned from a womb of evil. How else could you have come here so young. I waited for eight years to come to Saint Anthony's – waited in the cold of the world while others were taken into the warm bosom of Christ.' â€Å"At last I knew why I had been singled out for punishment. It had nothing to do with my spiritual impurity. It was jealousy. I said, ‘And you, Father Jasper, have you confessed your jealousy and your pride? Have you confessed your cruelty?' â€Å"‘Cruel, am I?' he said. He laughed at me, and for the first time I was really afraid of him. ‘There is no cruelty in the bosom of Christ, only tests of faith. Your faith is wanting, Travis. I will show you.' â€Å"He told me to lie with arms outstretched on the steps before the altar and pray for strength. He left the chapel for a moment, and when he returned I could hear something whistling through the air. I looked up and saw that he was carrying a thin whip cut from a willow branch. â€Å"‘Have you no humility, Travis? Bow your head before our Lord.' â€Å"I could hear him moving behind me, but I could not see him. Why I didn't leave right then I don't know. Perhaps I believed that Father Jasper was actually testing my faith, that he was the cross I had to bear. â€Å"He tore my robe up the back, exposing my bare back and legs. ‘You will not cry out, Travis. After each blow a Hail Mary. Now,' he said. Then I felt the whip across my back and I thought I would scream, but instead I said a Hail Mary. He threw a rosary in front of me and told me to take it. I held it behind my head, feeling the pain come with every bead. â€Å"‘You are a coward, Travis. You don't deserve to serve our Lord. You are here to avoid the war, aren't you, Travis?' â€Å"I didn't answer him and the whip fell again. â€Å"After a while I heard him laughing with each stroke of the whip. I did not look back for fear he might strike me across the eyes. Before I had finished the rosary, I heard him gasp and drop to the floor behind me. I thought – no, I hoped – he had had a heart attack. But when I looked back he was kneeling behind me, gasping for air, exhausted, but smiling. â€Å"‘Face down, sinner!' he screamed. He drew back the whip as if he were going to strike me in the face and I covered my head. â€Å"‘You will tell no one of this,' he said. His voice was low and calm. For some reason that scared me more than his anger. ‘You are to stay the night here, polish the silver, and pray for forgiveness. I will return in the morning with a new robe for you. If you speak of this to anyone, I will see that you are expelled from Saint Anthony's and, if I can manage it, excommunicated.' â€Å"I hadn't ever heard excommunication used as a threat. It was something we studied in class. The popes had used it as an instrument of political control, but the reality of being excluded from salvation by someone else had never really occurred to me. I didn't believe that Father Jasper could really excommunicate me, but I wasn't going to test it. â€Å"While Father Jasper watched, I began to polish the candlesticks, rubbing furiously to take my mind off the pain in my back and legs, and to try to forget that he was watching. Finally, he left the chapel. When I heard the door close, I threw the candlestick I was holding at the door. â€Å"Father Jasper had tested my faith, and I had failed. I cursed the Trinity, the Virgin, and all the saints I could remember. Eventually my anger subsided and I feared Father Jasper would return and see what I had done. â€Å"I retrieved the candlestick and inspected it to see if I had done any damage. Father Jasper would check them in the morning as he always did, and I would be lost. â€Å"There was a deep scratch across the axis of the candlestick. I rubbed at it, harder and harder, but it only seemed to get worse. Soon I realized that it wasn't a scratch at all but a seam that had been concealed by the silversmith. The priceless artifact from the Vatican was a sham. It was supposed to be solid silver, but here was evidence that it was hollow. I grabbed both ends of the candlestick and twisted. As I suspected, it unscrewed. There was a sort of triumph in it. I wanted to be holding the two pieces when Father Jasper returned. I wanted to wave them in his face. ‘Here', I would say, ‘these are as hollow and false as you are. I would expose him, ruin him, and if I was expelled and damned, I didn't care. But I never got the chance to confront him. â€Å"When I pulled the two pieces apart, a tightly rolled piece of parchment fell out.† â€Å"The invocation,† Brine interrupted. â€Å"Yes, but I didn't know what it was. I unrolled it and started to read. There was a passage at the top in Latin, which I didn't have much trouble translating. It said something about calling down help from God to deal with enemies of the Church. It was signed by His Holiness, Pope Leo the Third. â€Å"The second part was written in Greek. As I said, I had fallen behind in my studies, so the Greek was difficult. I started reading it aloud, working on each word as I went. By the time I was through the first passage, it had started to get cold in the chapel. I wasn't sure what I was reading. Some of the words were mysteries to me. I just read over them, trying to glean what I could from the context. Then something seemed to take over my mind. â€Å"I started reading the Greek as if it were my native language, pronouncing the words perfectly, without having the slightest idea of what they meant. â€Å"A wind whipped up inside the chapel, blowing out all the candles. Except for a little moonlight coming through the windows, it was completely dark, but the words on the parchment began to glow and I kept reading. I was locked into the parchment as if I had grabbed an electric wire and couldn't let go. â€Å"When I read the last line, I found I was screaming the words. Lightning flashed down from the roof and struck the candlestick, which was lying on the floor in front of me. The wind stopped and smoke filled the chapel. â€Å"Nothing prepares you for something like that. You can spend your life preparing to be the instrument of God. You can read accounts of possession and exorcism and try to imagine yourself in the situation, but when it actually happens, you just shut down. I did, anyway. I sat there trying to figure out what I had done, but my mind wouldn't work. â€Å"The smoke floated up into the rafters of the chapel and I could make out a huge figure standing at the altar. It was Catch, in his eating form.† â€Å"What's his eating form?† Brine asked. â€Å"I assume from the deal with the flour that you know Catch is visible to others only when he is in his eating form. Most of the time I see him as a three-foot imp covered with scales. When he feeds or goes out of control, he's a giant. I've seen him cut a man in half with one swipe of his claws. I don't know why it works that way. I just know that when I saw him for the first time, I had never been so frightened. â€Å"He looked around the chapel, then at me, then at the chapel. I was praying under my breath, begging God for protection. â€Å"‘Stop it!' he said. ‘I'll take care of everything.' Then he went down the aisle and through the chapel doors, knocking them off their hinges. He turned and looked back at me. He said: ‘You have to open these things, right? I forgot – it's been a while.' â€Å"As soon as he was gone I picked up the candlesticks and ran. I got as far as the front gates before I realized that I was still wearing the torn robe. â€Å"I wanted to get away, hide, forget what I had seen, but I had to go back and get my clothes. I ran back to my quarters. Since I was in my third year at seminary, I been given a small private room, so, thankfully, I didn't have to go through the dormitory ward rooms where the newer students slept. The only clothes I had were the suit I had worn when I came and a pair of overalls I wore when I worked in the seminary fields. I tried to put on the suit, but the pants were just too tight, so I put the overalls on and wore the suit jacket over them to cover my shoulders. I wrapped the candlesticks in a blanket and headed for the gate. â€Å"When I was just outside the gate, I heard a horrible scream from the rectory. There was no mistaking; it was Father Jasper. â€Å"I ran the six miles into town without stopping. The sun was coming up as I reached the train station and a train was pulling away from the platform. I didn't know where it was going, but I ran after it and managed to swing myself on board before I collapsed. â€Å"I'd like to tell you I had some kind of plan, but I didn't. My only thought was to get as far away from St. Anthony's as I could. I don't know why I took the candlesticks. I wasn't interested in their value. I guess I didn't want to leave any evidence of what I'd done. Or maybe it was the influence of the supernatural. â€Å"Anyway, I caught my breath and went into the passenger car to find a seat. The train was nearly full, soldiers and a few civilians here and there. I staggered down the aisle and fell into the first empty seat I could find. It was next to a young woman who was reading a book. â€Å"‘This seat is taken,' she said. â€Å"‘Please, just let me rest here for a minute,' I begged. ‘I'll get up when your companion returns.' â€Å"She looked up from her book and I found myself staring into the biggest, bluest eyes I'd ever seen. I will never forget them. She was young, about my age, and wore her dark hair pinned up under a hat, which was the style in those days. She looked genuinely frightened of me. I guess I was wearing my own fright on my face. â€Å"‘Are you all right? Shall I call the conductor?' she asked. â€Å"I thanked her but told her that I just needed to rest a moment. She was looking at the strange way I was dressed, trying to be polite, but obviously perplexed. I looked up and noticed that everyone in the car was staring at me. Could they know about what I'd done? I wondered. Then I realized why they were staring. There was a war on and I was obviously the right age for the Army, yet I was dressed in civilian clothes. ‘I'm a seminary student,' I blurted out to them, causing a breeze of incredulous whispers. The girl blushed. â€Å"‘I'm sorry,' I said to her. ‘I'll move on.' I started to rise, but she put her hand on my shoulder to push me back into my seat and I winced when she touched my injured shoulder. â€Å"‘No,' she said, ‘I'm traveling alone. I've just been saving this seat to ward off the soldiers. You know how they can be sometimes, Father.' â€Å"‘I'm not a priest yet,' I said. â€Å"‘I don't know what to call you, then,' she said. â€Å"‘Call me Travis,' I said. â€Å"‘I'm Amanda,' she said. She smiled, and for a moment I completely forgot why I was running. She was an attractive girl, but when she smiled, she was absolutely stunning. It was my turn to blush. â€Å"‘I'm going to New York to stay with my fianc's family. He's in Europe,' she said. â€Å"‘So this train is going east?' I asked. â€Å"She was surprised. ‘You don't even know where the train is going?' she asked. â€Å"‘I've had a bad night,' I said. Then I started to laugh – I don't know why. It seemed so unreal. The idea of trying to explain it to her seemed silly. â€Å"She looked away and started digging in her purse. ‘I'm sorry,' I said, ‘I didn't mean to offend you.' ‘You didn't offend me. I need to have my ticket ready for the conductor.' â€Å"I'd completely forgotten about not having a ticket. I looked up and saw the conductor coming down the aisle. I jumped up and a wave of fatigue hit me. I almost fell into her lap. â€Å"‘Is something wrong?' she asked. â€Å"‘Amanda,' I said, ‘you have been very kind, but I should find another seat and let you travel in peace.' â€Å"‘You don't have a ticket, do you?' she said. â€Å"I shook my head. ‘I've been in seminary. I'd forgotten. We don't have any need for money there and†¦' â€Å"‘I have some traveling money,' she said. â€Å"‘I couldn't ask you to do that,' I said. Then I remembered the candlesticks. ‘Look, you can have these. They're worth a lot of money. Hold them and I'll send you the money for the ticket when I get home,' I said. â€Å"I unrolled the blanket and dropped the candlesticks in her lap. â€Å"‘That's not necessary,' she said. â€Å"I'll loan you the money.' â€Å"‘No, I insist you take them,' I said, trying to be gallant. I must have looked ridiculous standing there in my overalls and tattered suit jacket. â€Å"‘If you insist,' she said. ‘I understand. My fianc is a proud man, too.' â€Å"She gave me the money I needed and I bought a ticket all the way to Clarion, which was only about ten miles from my parent's farm. â€Å"The train broke down somewhere in Indiana and we were forced to wait in the station while they changed engines. It was midsummer and terribly hot. Without thinking, I took off my jacket and Amanda gasped when she saw my back. She insisted that I see a doctor, but I refused, knowing that I would only have to borrow more money from her to pay for it. We sat on a bench in the station while she cleaned my back with damp napkins from the dining car. â€Å"In those days the sight of a woman bathing a half-naked man in a train station would have been scandalous, but most of the passengers were soldiers and were much more concerned with being AWOL or with their ultimate destination, Europe, so we were ignored for the most part. â€Å"Amanda disappeared for a while and returned just before our train was ready to leave. ‘I've reserved a berth in the sleeping car for us,' she said. â€Å"I was shocked. I started to protest, but she stopped me. She said, ‘You are going to sleep and I am going to watch over you. You are a priest and I'm engaged, so there is nothing wrong with it. Besides, you are in no shape to spend the night sitting up in a train.' â€Å"I think it was then that I realized that I was in love with her. Not that it mattered. It was just that after living so long with Father Jasper's abuse I wasn't prepared for the kindness she was showing me. It never occurred to me that I might be putting her in danger. â€Å"As we pulled away from the station, I looked out on the platform, and for the first time I saw Catch in his smaller form. Why it happened then and not before I don't know. Maybe I didn't have any strength left, but when I saw him there on the platform, flashing a big razor-toothed grin, I fainted. â€Å"When I came to, I felt like my back was on fire. I was lying in the sleeping berth and Amanda was bathing my back with alcohol. â€Å"‘I told them you'd been wounded in France,' she said. â€Å"The porter helped me get you in here. I think it's about time you told me who did this to you.' â€Å"I told her what Father Jasper had done, leaving out the parts about the demon. I was in tears when I finished, and she was holding me, rocking me back and forth. â€Å"I'm not sure how it happened – the passion of the moment and all that, I guess – but the next thing I knew, we were kissing, and I was undressing her. Just as we were about to make love she stopped me. â€Å"‘I have to take this off,' she said. She was wearing a wooden bracelet with the initials E + A burnt into it. ‘We don't have to do this,' I said. â€Å"Have you, Mr. Brine, ever said something that you know you will always regret? I have. It was: ‘We don't have to do this.' â€Å"She said: ‘Oh, then let's not.' â€Å"She fell asleep holding me while I lay awake, thinking about sex and damnation, which really wasn't any different from what I'd thought about each night in the seminary – a little more immediate, I guess. â€Å"I was just dozing off when I heard a commotion coming from the opposite end of our sleeping car. I peeked through the curtains of the berth to see what was happening. Catch was coming down the aisle, looking into berths as he went. I didn't know at the time that Catch was invisible to other people, and I couldn't understand why they weren't screaming at the sight of him. People were shouting and looking out of their berths, but all they were seeing was empty air. â€Å"I grabbed my overalls and jumped into the aisle, leaving my jacket and the candlesticks in the berth with Amanda. I didn't even thank her. I ran down the aisle toward the back of the car, away from Catch. As I ran, I could hear him yelling, ‘Why are you running? Don't you know the rules?' â€Å"I went through the door between the cars and slid it shut behind me. By now people were screaming, not out of fear of Catch, but because a naked man was running through the sleeping car. â€Å"I looked into the next car and saw the conductor coming down the aisle toward me. Catch was almost to the door behind me. Without thinking, or even looking, I opened the door to the outside and leapt off the train, naked, my overalls still in hand. â€Å"The train was on a trestle at the time and it was a long drop to the ground, fifty or sixty feet. By all rights I should have been killed. When I hit, the wind was knocked out of me and I remember thinking that my back was broken, but in seconds I was up and running through a wooden valley. I didn't realize until later that I had been protected by my pact with the demon, even through he was not under my control at the time. I don't really know the extent of his protection, but I've been in a hundred accidents since then that should have killed me and come out without a scratch. â€Å"I ran through the woods until I came to a dirt road. I had no idea where I was. I just walked until I couldn't walk anymore and then sat down at the side of the road. Just after sunup a rickety wagon pulled up beside me and the farmer asked me if I was all right. In those days it wasn't uncommon to see a barefoot kid in overalls by the side of the road. â€Å"The farmer informed me that I was only about twenty miles from home. I told him that I was a student on holiday, trying to hitchhike home, and he offered to drive me. I fell asleep in the wagon. When the farmer woke me, we were stopped at the gate of my parents' farm. I thanked him and walked up the road toward the house. â€Å"I guess I should have known right away that something was wrong. At that time of the morning everyone should have been out working, but the barnyard was deserted except for a few chickens. I could hear the two dairy cows mooing in the barn when they should have already been milked and put out to pasture. â€Å"I had no idea what I would tell my parents. I hadn't thought about what I would do when I got home, only that I wanted to get there. â€Å"I ran in the back door expecting to find my mother in the kitchen, but she wasn't there. My family rarely left the farm, and they certainly wouldn't have gone anywhere without taking care of the animals first. My first thought was that there had been an accident. Perhaps my father had fallen from the tractor and they had taken him to the hospital in Clarion. I ran to the front of the house. My father's wagon was tied up out front. â€Å"I bolted through the house, shouting into every room, but there was no one home. I found myself standing on the front porch, wondering what to do next, when I heard his voice from behind me. â€Å"‘You can't run from me,' Catch said. â€Å"I turned. He was sitting on the porch swing, dangling his feet in the air. I was afraid, but I was also angry. â€Å"‘Where is my family?!' I screamed. â€Å"He patted his stomach. ‘Gone,' he said. â€Å"‘What have you done with them?' I said. â€Å"‘They're gone forever,' he said. ‘I ate them.' â€Å"I was enraged. I grabbed the porch swing and pushed it with everything I had. The swing banged against the porch rail and Catch went over the edge into the dirt. â€Å"My father kept a chopping block and an ax in front of the house for splitting kindling. I jumped off the porch and snatched up the ax. Catch was just picking himself up when I him in the forehead with it. Sparks flew and the ax blade bounced off his head as if it had hit cast iron. Before I knew it I was on my back and Catch was sitting on my chest grinning like the demon in that Fuselli painting, The Nightmare. He didn't seem at all angry. I flailed under him but could not get up. â€Å"‘Look,' he said, ‘this is silly. You called me up to do a job and I did it, so what's all the commotion about? By the way, you would have loved it. I clipped the priest's hamstrings and watched him crawl around begging for a while. I really like eating priests, they're always convinced that the Creator is testing them.' â€Å"‘You killed my family!' I said. I was still trying to free myself. â€Å"‘Well, that sort of thing happens when you run away. It's all your fault; if you didn't want the responsibility, you shouldn't have called me up. You knew what you were getting into when you renounced the Creator.' â€Å"‘But I didn't,' I protested. Then I remembered my curses in the chapel. I had renounced God. ‘I didn't know,' I said. â€Å"‘Well, if you're going to be a weenie about it, I'll fill you in on the rules,' he said. ‘First, you can't run away from me. You called me up and I am more or less your servant forever. When I say forever, I mean forever. You are not going to age, and you are not going to be sick. The second thing you need to know is that I am immortal. You whack me with axes all you want and all you'll get is a dull ax and a sore back, so just save your energy. Third, I am Catch. They call me the destroyer, and that's what I do. With my help you can rule the world and other really swell stuff. In the past my masters haven't used me to the best advantage, but you might be the exception, although I doubt it. Fourth, when I'm in this form, you are the only one who can see me. When I take on my destroyer form, I am visible to everyone. It's stupid, and why it's that way is a long story, but that's the way it is. In the past they decided to keep me a secret, but there's no rule about i t.' â€Å"He paused and climbed off my chest. I got to my feet and dusted myself off. My head was spinning with what Catch had told me. I had no way of knowing whether he was telling the truth, but I had nothing else to go on. When you encounter the supernatural, your mind searches for an explanation. I'd had the explanation laid in my lap, but I didn't want to believe it. â€Å"I said, ‘So you're from hell?' I know it was a stupid question, but even a seminary education doesn't prepare you for a conversation with a demon. â€Å"‘No,' he said, ‘I'm from Paradise.' â€Å"‘You're lying,' I said. It was the beginning of a string of lies and misdirections that have gone on for seventy years. â€Å"He said, ‘No, really, I'm from Paradise. It's a little town about thirty miles outside of Newark.' Then he started laughing and rolling around in the dirt holding his sides. â€Å"‘How can I get rid of you?' I asked. â€Å"‘Sorry,' he said, ‘I've told you everything that I have to.' â€Å"At the time I didn't know how dangerous Catch was. Somehow I realized that I was in no immediate danger, so I tried to come up with some sort of plan to get rid of him. I didn't want to stay there at the farm, and I didn't have anywhere I could go. â€Å"My first instinct was to turn to the Church. If I could get to a priest, perhaps I could have the demon exorcised. â€Å"I led Catch into town, where I asked the local priest to perform an exorcism. Before I could convince him of Catch's existence, the demon became visible and ate the priest, piece by piece, before my eyes. I realized then that Catch's power was beyond the comprehension of any normal priest, perhaps the entire Church. â€Å"Christians are supposed to believe in evil as an active force. If you deny evil, you deny good and therefore God. But belief in evil is as much an act of faith as belief in God, and here I was faced with evil as a reality, not an abstraction. My faith was gone. It was no longer required. There was indeed evil in the world and that evil was me. It was my responsibility, I reasoned, to not let that evil become manifest to other people and thereby steal their faith. I had to keep Catch's existence a secret. I might not be able to stop him from taking lives, but I could keep him from taking souls. â€Å"I decided to remove him to a safe place where there were no people for him to feed on. We hopped a freight and rode it to Colorado, where I led Catch high into the mountains. There I found a remote cabin where I thought he would be without victims. Weeks passed and I found that I had some control over the demon. I could make him fetch water and wood sometimes, but other times he defied me. I've never understood the inconsistency of his obedience. â€Å"Once I had accepted the fact that I couldn't run away from Catch, I questioned him constantly, looking for some clue that might send him back to hell. He was vague, to say the least, giving me little to go on except that he had been on Earth before and that someone had sent him back. â€Å"After we had been in the mountains for two months, a search party came to the cabin. It seemed that hunters in the area of the cabin, as well as people in villages as far as twenty miles away, had been disappearing. When I was asleep at night, Catch had been ranging for victims. It was obvious that isolation wasn't going to keep the demon from killing. I sent the search party away and set myself on coming up with some kind of plan. I knew we would have to move or people would discover that Catch existed. â€Å"I knew there had to be some sort of logic to his presence on Earth. Then, while we were hiking out of the mountains, it occurred to me that the key to sending Catch back must have been concealed in another candlestick. And I had left them on the train with the girl. Jumping off the train to escape Catch may have cost me the only chance I had to get rid of him. I searched my memory for anything that could lead me to the girl. I had never asked where she was going or what her last name was. In trying to recall details of my time with her I kept coming up with the image of those striking blue eyes. They seemed etched into my memory while everything else faded. Could I go around the eastern United States asking anyone if they had seen a young girl with beautiful blue eyes? â€Å"Something nagged at me. There was something that could lead me to the girl; I just had to remember it. Then it hit me – the wooden bracelet she wore. The initials carved inside the heart were E + A. How hard could it be to search service records for a soldier with the first initial E? His service records would have his next of kin, and she was staying with his family. I had a plan. â€Å"I took Catch back East and began checking local draft boards. I told them I had been in Europe and a man whose first name began with E had saved my life and I wanted to find him. They always asked about divisions and stations and where the battle had taken place. I told them I had taken a shell fragment in the head and could remember nothing but the man's first initial. No one believed me, of course, but they gave me what I asked for – out of pity, I think. â€Å"Meanwhile, Catch kept taking his victims. I tried to point him toward thieves and grifters when I could, reasoning that if he must kill, at least I could protect the innocent. â€Å"I haunted libraries, looking for the oldest books on magic and demonology I could find. Perhaps somewhere I could find an incantation to send the demon back. I performed hundreds of rituals – drawing pentagrams, collecting bizarre talismans, and putting myself through all sorts of physical rigors and diets that were supposed to purify the sorcerer so the magic would work. After repeated failures, I realized that the volumes of magic were nothing more than the work of medieval snake-oil salesmen. They always added the purity of the sorcerer as a condition so they would have an excuse for their customers when the magic did not work. â€Å"During this same time I was still looking for a priest who would perform an exorcism. In Baltimore I finally found one who believed my story. He agreed to perform an exorcism. For his protection, we arranged to have him stand on a balcony while Catch and I remained in the street below. Catch laughed himself silly through the entire ritual, and when it was over, he broke into the building and ate the priest. I knew then that finding the girl was my only hope. â€Å"Catch and I kept moving, never staying in one place longer than two or three days. Fortunately there were no computers in those days that might have tracked the disappearances of Catch's victims. In each town I collected a list of veterans, then ran leads to the ground by knocking on doors and questioning the families. I've been doing that for over seventy years. Yesterday I think I found the man I was looking for. As it turned out, E was his middle initial. His name is J. Effrom Elliot. I thought my luck had finally turned. I mean the fact that the man is still alive is pretty lucky in itself. I thought that I might have to trace the candlesticks through surviving relatives, hoping that someone remembered them, perhaps had kept them as an heirloom. â€Å"I thought it was all over, but now Catch is out of control and you are keeping me from stopping him forever.†

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Ethical issues in Health Care Management - Essay Example One of the most baffling and difficult potential causes for ethical issues in the healthcare system is the doctor-patient relationship. Let’s take for example a fictitious healthcare center. In any case the issue of doctor-patient relationship can extend much more in reality and can indulge even the healthcare personnel – nurses, caregivers and medical assistants. We can discover multi-layer ethical issues arising on the grounds of giver-receiver relation. This relationship is radically distinctive in the sense that one has the advantage of possessing certain knowledge and the other is exposed, vulnerable and intimidated to trust. In order to prevent misuse of the giver (medical personnel and doctors) and imposing his dominance over the receiver (the patient) ethic codes and value must be solidly instilled. There are several causes for ethical issues in the doctor – patient model. The first cause is the information availability. We can look at two examples. On one hand due to the nature of the healthcare institution, the personnel is able to extract details from the patient which is any other situation would be considered invasive. Thus, the healthcare institution is obliged to keep high confidentiality to preserve the patients’ rights and privacy. On the other hand, possessing the knowledge allows doctors to withhold sensitive information in order to protect the patient. A fine line needs to be created and ethical codes in healthcare centers try to achieve the ethical violations. Klugman and Dalinis (2008) give a distinctive commentary on the healthcare issues and practices in the rural areas and how they differ from the urban settings. They comment that rural practitioners are physically placed in small, closed communities where socializing with their patients is necessary outside of the healthcare center. Residents in the rural areas have different

Court Report Essay Example | Topics and Well Written Essays - 500 words

Court Report - Essay Example Medical Practitioner Board in Victoria is a statutory authority established to protect the community by ensuring doctors maintain professional standards and practice ethically and competently. The Medical Practice Act 1994 guides the operations of the Board and clearly states that the Board’s main purpose is to protect the public. According to the complainant she went to Dr. Leeks eight times in 1979 or 1980. She narrates that Dr. leeks fondled her breast and digitally penetrating her. But Dr. Leeks denies her allegations.Several complaints has been also forwarded to the Medical Board complaining Dr. Leeks of the use of electric shock in treating the children. The case was dropped since Dr. Leeks voluntarily stop practicing his profession to avoid further investigation. The Board investigates the complaints about any aspect of a doctor’s professional activity. It takes seriously all matters raised by the community and investigates them thoroughly. In this case the Board is carefully analyzing if the Country Court Judge Duggan is correct in accusing Dr. Leeks of sexual misconduct. The complainant also files a complaint to Dr. Leeks in the Medical Board. Since sexual misconduct is a serious allegation the case is referred to a formal hearing. Formal Hearings are open to the public and the media (although the identity of the complainant is protected by law) and both the doctor and the Board are entitled to legal representation.

Rock and Roll Assignment Example | Topics and Well Written Essays - 1000 words

Rock and Roll - Assignment Example The cultural phenomenon associated with the song is undeniable, but a close analysis of the music content exposes negligible evidence of explicit or revolutionary intents. The thrusting, shaking, and gyrating dance moves by Presley when performing this song were seen as fostering destructive and negative reactions to youths. The song has a twelve-bar blues, carefully structured to enhance dancing, particularly with the quick tempo. The song has a constant backbone thanks to the double bass present in the guitar solo and the chorus section. The drumming is just perfect. It is unadorned and simple; purposely and concisely striking on the song beats prior to blasting into machine-gun burst at every verse-end, revealing to the listener the beginning of a subsequent twelve bars. The lead guitar solo also encourages the listeners to dance due to its simple and rhythmic nature, and with the added advantage of not distracting the beat. The rhythm from the guitar is superb, as it provides a driving, compelling impetus. Moreover, the guitar rhythm plays at nine bars of the twelve bar pattern (Bennett 15). Simultaneously, strutting riff plays, adding the body and depth of the magnificent twelve bar pattern, and when its play stops, its absence reflects a certain conspicuous. Combine the rock and roll magic of these instruments with Presley’s voice, the driving force, perfect control, and power, and you get the most unique and popular song in the 1950s. 2. Art Garfunkel and Paul Simon Consumerist ideals dominated the 1960’s society, with Americans in upper and middle class struggling to attain a â€Å"model life†. The consumerist goals created a false sense of peace and security. The song â€Å"sound of silence† by Art Garfunkel and Paul Simon uses diction, clear metaphors, contrasting tones, and repetition to highlight the need for social changes. The 1960s had an awkward epoch where majority of the Americans dared not to question or criticize societal expectations (Perone 45). The song reflects the mixed emotions in the 1960s such as hopes of societal activists and submissive conformists for social change. Composed in the aftermath of President John F. Kennedy and the Vietnam War, the two artists reinforce the need for social change; condemn submissiveness, and ig norance using the term â€Å"silence†. The song uses various similes and metaphors to pass across the message. It highlights the American national well-being as a facade that most citizens are afraid to address. The lyrics to the song compares â€Å"cancer† to the disturbing the silence, highlighting the impossibility of changes in society at the time. Through such similes, Garfunkel and Simon highlight the complacency, stubbornness of upper and middle-class levels, especially with reference to nuclear family. The song may fall into the folk music category due to its style of writing. The song resembles storytelling, though it fuses with the popular genre of music during the 1960s, which was traditional folk music, thus the presence of electric bass, drums, and electric guitar (Perone 47). The use of rhythmic syncopations and those other instruments promote the essence of storytelling. This, combined with the audacity to question societal expectations at a time when it was considered a social crime, makes the song a great piece of rock and roll music. 3. John Lennon There was imminent danger of a possible lack of unity and peace in the world in the 1970s era. The revolutions that were taking place were a threat to world peace, and this perhaps triggered John Lennon of the Beatles to compose the song â€Å"Imagine†. The song is a strong, emotional, and though-provoking piece of music advocating for the

Transformation of Asean Community to Aec and the Effects to Thailand Essay Example for Free

Transformation of Asean Community to Aec and the Effects to Thailand Essay Recently, the world has experienced financial crisis, those countries that have been powerful and have strong economies such as the members of European Union (EU) such as the United Kingdom, France and Greece, are facing a big financial collapse. So now a new economic community is arising with intense competition because new markets are developing and financial opportunities are sought. Association of South East Asian Nations (ASEAN) is one of significant players in the world’s economy for centuries. It has emerged strongly from the financial crisis offering the new opportunities for investors and businesspeople. The interest and attention of investment are moving to the ASEAN area more and more each year because of the available untapped market in the ASEAN and the potential of being the production base that eases and facilitates those new incoming traders and investors. Many investors have kept their eyes on the region’s performance and its transition into the ASEAN Economic Community (AEC) which is the newest area of economic integration in the world. To study this economic bloc is significant in order to capture the great opportunities and prepare to be ready in taking the supreme advantages from the AEC. In the transforming processes, some practices will be applied to the members and that can make the difference between failure and success of the AEC project apparent. This could lead to a modification of the plan for AEC integration in the future, from the beginning of origin point to the change of community which takes place in four phases, its visions and four pillars. They should be taken into consideration to learn how it works to move forward because this economic community will possibly be the new engine of the world economy. This essay consists of an introduction, explanation and clarification on the ASEAN and the AEC. In order to critically examine the AEC; most of its dimensions will be discussed. There are three areas included in the paper which are, firstly; identify and describe both communities’ purposes of existing as well as the characteristics of the community, these explanations can be used to explain and clarify what the AEC represents in the past, present, and future. The detail of each four-pillar, the core targets of the AEC, will be carefully interpreted. Secondly; the benefits of the AEC will be briefly examined. And lastly, the challenges that the AEC may face in the progression of it transformation from ASEAN will be analysed. Some suggestion will be offered in the conclusion. What are ASEAN and AEC? Association of Southeast Asian Nations (ASEAN) was established on 8 August 1967 in Bangkok, Thailand. The founding members are Indonesia, Malaysia, Philippines, Singapore, and Thailand. After that Brunei Darussalam, Viet Nam, Lao PDR and Myanmar, and Cambodia joined in 1984, 1995, 1997, and 1999, respectively. At the beginning, â€Å"it was for political purposes and was declared a preferential trade area in 1977.† (Frankel and Wei, 1997, p.312) that is the point where the ASEAN started moving towards the economic community and move further in 1992 when the ASEAN Free Trade Area (AFTA) was established. Source: International Monetary Fund, 1994, World Economic Outlook, October 1994: A Survey by the Staff (Washington) Its performances have been outstanding. Apparently from many measurements, for example, the increasing of ASEAN’s Gross Domestic Product (GDP), the indicator that used to calculate health of the areas’ economy, compares to other countries’ is remarkable. In figure 1, from 1960-70, its Real GDP was 5.6. It has gradually increased and in 1990-2000, the real GDP was 7.6 which comparable with Republic of Korea, slightly lower than China and even higher than Japan that was at 2.5 (Larsen F., Aziz J., 1997, p.309). The Real GDP Growth of the ASEAN-6 (Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) is forecasted to reach 6.0% on average from 2011-2015 while the EU’s real GDP growth before 2015 will not be more than 3% (The Conference Board, 2012). Additionally, the inflation has remained stable which reflects the notable performance of the ASEAN in setting fiscal and financial policies. Furthermore, the Foreign Direct Investment (FDI) inflows that was unattractive in the past, now it has distinguished among the world FDI inflows. As of 1995-2005, the FDI inflows of the ASEAN was about US$15,773 to US$38,083 million (ASEAN FDI Database, 2006, p.13) but after that it has been rocketed to US$47,075.6, US$ 38,266 and US$76,207 million in 2008-2010, respectively.(ASEAN Foreign Direct Investment Statistics Database, 2012, p.1) Part One: Purposes of Establishing AEC The main purpose of the establishment of ASEAN was cooperation in many areas such as economic, social, and etc. that promotes the regional peace and stability. (Economic Community Factbook , 2011, p.viii) Even though, there are many changes in the framework of improvement in the ASEAN, the shared vision â€Å"outward looking, living in peace, stability and prosperity, bonded together in partnership in dynamic development and in a community of caring societies†(ibid., p.viii) is maintained and used as fundamental outline in the future for every ASEAN nations. In 2003, all ASEAN members decided to create the more committed and strong economic community which is called â€Å"AEC†; they targeted to reach the plan by 2020. But then in 2007, they have changed to accelerate the established to 2015. The understanding on core four-pillar of the AEC can acknowledge the main purposes of the AEC and build an awareness on how the opportunities will be occurred in the region. Regard to the four-pillar (ASEAN Secretariat, 2012, p.3-14), first is ‘Single Market and Production Base’, the ASEAN attempts to bring 10 nations to become one market and a key production base of the world by executing â€Å"Five Free Flows† which are; firstly, Free Flow of Goods by creating a tariff liberalisation and a trade facilitation within the region. Making the custom process more ready and standardised to build an ‘ASEAN Single Window’, this flow leads to economies of scale, and reduction in cost while increasing productivity, to the region. Secondly, Free Flow of Services which liberalises every service sector to leverage the flexibility within the ASEAN. Thirdly, Free Flow of Skilled Labour, support efficiency and effectiveness of qualified professionals’ mobility. Fourthly, Free Flow of Investment eliminates restricted regulations that not facilitate free flow and openness in an investment. Lastly, Free Flow of Capital that integrat es the ASEAN’s financial market and capital market to ensure the trade’s strength and flow. The willingness of each nation to consolidate market is the problem that brings the most difficulty in success this pillar. The second pillar, ‘Competitive Economic Region’, aims to create the appropriate competition environment within the ASEAN by setting policies in order to protect the customer right and businesses in the ASEAN. The most important component of this pillar is an infrastructure development which includes the transportation and logistics services. The crucial point is to enhance the efficient and secure transport network; not only physical infrastructure, e.g. road and rail, but also the soft infrastructure such as high-speed connection on internet and ICT application. To ease inter-border investment and financing on regional infrastructure are the most significant leverage to create a competitive economic in the region. The infrastructures are important in catching up the world’s advancement and speed up the equal competition within the region. The third pillar, ‘Equitable Economic Development’, purposes to support the Cambodia, Lao PDR, Myanmar, and Vietnam (CLMV) and SMEs in the region for creating the fair competition and promoting the advanced competitiveness environment. It also aims to strengthen the ASEAN’s competitive capacity in international level. The gap that exists within the region can slow down the process in success of this pillar. The last pillar, ‘Integration into the Global Economy’, even though it has existed over the decades that ASEAN has signed Free Trade Area agreement with major partners in the world market, the AEC will act as the one partner to the other markets, for instance, with China where the ASEAN benefits most because of its early economic recovery. Part Two: Benefits of AEC In 2012, the ASEAN is in the phase III of the ASEAN Economic Community Blueprint which consists of four phases, the master plan in creating the AEC, which some benefits and obstacles in turn into new economic community have appeared and those can be learned in order to adjust the new plan, maintain the effectiveness of it and hasten the efficiency. Regard to the four-pillar, the benefits of the AEC are; attract new FDI both from within and outside the region as a result of larger market, openness and free flow within the ASEAN that are caused by non-tariff barriers. These can promote the technologicals improvement and hasten the trade integration of the region which leads to the independence from external regions’ economy. In the past, the ASEAN has relied its economic growth and trade with the major partners such as United States and European Union. As the AEC becomes more integrated, the more productivity growth and more strength in international competition capacity it will be and it will also less vulnerability to external crisis. The economies of scale is another benefit that the AEC can received if the successful of the ‘Single Market and Production Base’ happens which bring about to the cost reduction in production because of the tariff liberalisation. As soon as the free flow of skilled labour occurred, the level of education will increase dramatically which improves the living standard and income standard. Not only well-beings will arise but also the decreasing of poverty in the region will truly happen. By adding the new infrastructure to region, the convenience in communication, travel and trade will support the competitiveness of the ASEAN. Part Three: Challenges of Becoming AEC When the massive progression takes place, the challenges and problems that present obstacles and slow down the processes of transformation will occur and cause difficulties in reaching the goal. From the earlier processes till 2012; the third phase, the problems that struggle the ASEAN Economic Community Blueprint have been reviewed and observed through the scorecard measurement that evaluates each phases of four-pillar. The percentage of completed tasks comparing to the benchmark is showing both successful and unsuccessful performance of the AEC. Source: Adapted from ASEAN Secretariat (2012).Chartering Progress toward Regional Economic Integration .ASEAN Economic Community Scorecard, 8-15. Retrieved August 21, 2012, http://www.aseansec.org/publications/ASEAN_AECFactBook.pdf According to the scorecard the most successful area in the four-dimension is the ‘Integration into the Global Economy’; phase I achieved 100% and phase II achieved 77.8% (on average of 85.7%), as suggested in the prior part that ASEAN have done many agreement with world partners so it is the task that every nations in ASEAN can do best as a result of well experienced. The most difficult part is ‘Single Market and Production Base’; phase I achieved 93.8% and phase II achieved 49.1% (on average of 65.9%) and closely followed by the ‘Equitable Economic Development’ that is on average of 66.7%. These are the areas where the ASEAN cannot do well because of the gap between members, obviously that ASEAN-6 and CLMV are very apart in standard of living and education which lead to lack of attention from those laggards in improving equality abilities toward the AEC, as well as the behindhand infrastructure development countries such as the Philippines, Lao PDR and Vietnam that have to catch up with others (Basu Das, 2012, p.4) the lack of financial support could be the main cause because to build up the strong infrastructure network, it requires massive financial investment not only for the construct platform but also the management tasks. Those other countries are also slow in implementing the plan, for example, in Thailand; the corruption has slowed the development progress. In Cambodia and Myanmar, political restrictions and barriers are controversial and unpredictable. Another challenge is the ASEAN nations see each other as competitors not partners, for instance, Thailand and Vietnam in Rice industry, they compete to lead in the sector, they not intend to become the single market in reality. Moreover, trade within the ASEAN is relatively low compared with other regions in the world (A. Frankel J. Wei S., 1997, p.312). This causes the weakness of the ASEAN in competing with other regional integration because its economy, including the export and import, depends on other countries and leads to financial weakness. Lastly, the language struggle is a major issue. People in the ASEAN are lacking in linguistic skills, except in Singapore, Malaysia, and the Philippines, they cannot speak English and Chinese which are the main business median languages so it seems to bring the inequality to the people in region and slow the success of ‘Free Flow of Labour’. Conclusion The AEC is the most crucial task that the ASEAN has to complete in order to have a sustainable growth in financial and economic affairs in the future. Though the establishment of the ASEAN was long, the gap between nations still exists. And even though outstanding performance is the most attractiveness from investors, the readiness in infrastructure is still questionable. Towards the AEC era requires hard working and cooperation within the ASEAN, the success of the AEC can come from the readiness of individuals in region. Thus, education is the fundamental factor to create understanding in the AEC’s purposes. It can empower people to obtain the most benefits from the AEC and not to be taken advantages by foreign investors. The foundation principles of the AEC are the four-pillars which will assist it in becoming a single market and key production base of the world. With an appropriate competitive environment and a developed uniformity the region can become a significant global economic engine. People should also be well-informed about the positive sides as well as the challenges in the transformation to the AEC so they can take full advantage of these opportunities. Nevertheless, the AEC is like other economic communities, it is essential to have a consistency in development, discipline and commitment of each nation in the community. As can be seen from the failure of the other communities such as the EU, the carelessness and indiscipline can cause on uncontrollable crisis that can affect people around the world and diminish confidence. Bibliography ASEAN FDI Database (2006).FDI Flow to ASEAN 1995-1st Quarter 2006.Statistics of Foreign Direct Investment in ASEAN, 13. Retrieved August 14, 2012, from http://www.aseansec.org/5187-1.pdf ASEAN Foreign Direct Investment Statistics Database (2012).Top ten sources of foreign direct investment inflow to ASEAN.ASEAN Statistics.1. Retrieved August 14, 2012, from http://www.aseansec.org/stat/Table27.pdf ASEAN Secretariat (2012).Chartering Progress toward Regional Economic Integration .ASEAN Economic Community Scorecard, Retrieved August 21, 2012, http://www.aseansec.org/publications/ASEAN_AECFactBook.pdf Basu Das, S. (Eds.) (2012). Achieving the Asian Economic Community 2015: Challenges for member countries and business. Singapore: ISEAS. Frankel, J., Wei, S. (1997).ASEAN in a Regional Perspective. In J.Hicklin D.Robinson A. Singh(Eds.), Macroeconomic Issues Facing ASEAN Countries (pp.311-365). Washington D.C.: External Relations Department, Publication Services. International Monetary Fund, 1994, World Economic Outlook, October 1994: A Survey by the Staff (Washington). Larsen, F., Aziz, J. (1997).ASEAN in the World Economy. In J.Hicklin D.Robinson A. Singh (Eds.), Macroeconomic Issues Facing ASEAN Countries (pp.299-310). Washington D.C.: External Relations Department, Publication Services. The Conference Board (2012).Comparison of Base Scenario with Optimistic and Pessimistic Scenarios, 2012 – 2025.Global Economic Outlook 2012. Retrieved August 20, 2012, from http://www.conference-board.org/data/globaloutlook.cfm

Investing in Futures and Options Essay Example for Free

Investing in Futures and Options Essay INTRODUCTION Of late, investors who are in the stock and commodity are focusing their attention towards risk management especially due to high volatility nature. Since these volatility movements are uncertain, it has become foremost cause of vagueness for such investors. Since the globalization of trade and free trade between major countries has become the order of the day, all most all the investors have to be under mercy of the exchange rate fluctuations which results in volatility   .The notion that exchange rates , profitability and other factors   influence a firm’s value and therefore the price of its stock is widely held by financial analyst ,economists and corporate managers . The liberalization of economic policies and investment policies due to world trade organization’s (WTO) free flow of investments and trade between member countries and bilateral free trade agreements between countries have augmented internationalization of economic activity and exceptional era of world wide currency and interest rates instability. To counter these financial risks, new pioneering concept commodity and stock market hedging techniques have nurtured at a rapid speed. The main feature of the using derivatives through hedging is to have control over the financial risk and minimizing the effect of uncertain cash flows. Financial institutions have come to rescue to these corporations who have exposure to financial risk with the range of products to assist in risk management. By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives. These instruments enhance the ability to differentiate risk and allocate it to the investors most able and   willing to take it – a process that has undoubtedly improved national productivity growth and standards of living .’ Allen Green Span, Chairman, Board of Governors of the US Federal Reserve System. The structural advantage of derivatives i.e. leverage or gearing   makes them suitable for managing risk can also result in the generation of leveraged profits or in the event of adverse market movement , a significant losses. The main advantage of gearing is that the buyer or seller need only to cough up a small proportion of total price at the time of deal is executed. It may be 1% and 8% depending upon the volatility of the underlying commodity or instrument. In the case of exchange traded transactions, this deposit is recognized as â€Å"initial margin† and is expected to reflect the amount by which the price of a contract may vary in one day’s trading. At the day end, all contracts will be valued and if the price has been found to move against the position, the losing party will have to pay further â€Å"variation margin† calls. In contrary, if the price movement is positive, credit will be given to the party .It is this element of gearing that provides the opportunity to make large gains or losses. Prudent handling of this leverage will result in considerable profit maximization and if it handled inexpertly, may generate losses .In some cases , these losses though high but they are few in number when measured against volume of business and number of participants in derivative business .The contributory factors for sustaining loss includes excessive position taking ( in relation to capital) , fraudulent activity , unexpected market moves, ineffective risk management, insufficient product understanding and inadequacies in corporate policy governing their use. What is a derivative? Derivative is a mathematical word which refers to a variable, which has been derived from another variable and they have no values of their own. Derivatives derive their value from the value of some other asset, which is referred as the underlying. For instance, a derivative of the shares of AT T Corporation (underlying), will derive its value from the share price (value) of AT T Corporation. Likewise, a derivative contract on wheat depends upon the price of wheat. An agreement or an option to buy or sell the underlying asset of the derivative up to a certain time in the future at a predetermined price i.e. the exercise price by way of special contract is known as derivative contract. The contract also has a flat expiry period mostly in the range of 3 to 12 months from the date of origination of the contract. The price of the underlying asset and the expiry period of the contract determine the value of the contract. Financial derivatives comprises of underlying financial asset like currency, debt instruments, equity shares, share price index etc.Exchange-traded derivatives are derivative contracts that has been standardized and traded on the stock exchanges. Over-the –counter derivatives is one which has been customized as per the requirements of the user by negotiating with the other party involved. Some of the common forms of derivatives are Futures, Forwards and Options. Futures: Futures are the derivative contracts that give the holder the chance to buy or sell the underlying asset at a pre-specified price some time in the near future and usually thy come with standardized form like contract size, fixed expiry time and price. The future market is one where continues auction market and exchanges presenting the recent information about the supply and demand as regards to individual commodities or financial instruments like stocks . In other words, future market is one where buyers and sellers of variety of commodities, financial instruments get together to trade. The main aim of the future market is to manage price risk. The future price risk is averted by buying or selling futures contract, with a price level arrived at now, for items to be delivered in future. This is achieved by hedging which helps to shield against the risk of an adverse price change in the near future or use of futures to lock in an acceptable margin between their purchase and their selling price. In futures, bankers, farmers, traders, manufacturers will arrange for the purchase or sale of a futures contract. In future market, commodities are broken down into five categories namely agriculture, metallurgical, interest bearingassets, jndexes and foreign currency. Agricultural futures market includes oats, corn , wheat , soybeans , soy meal ,soyoil,sunflower oil ,cattles , live hogs   and pork bellies, lumber , plywood ,cotton, coffee, cocoa, rice, orange juice and sugar. For every one of these commodities, different contract months are available and it depends upon the harvest cycle. More aggressively traded commodities usually have more contract months available and a new type of contract is available almost every month to meet the growing institutional and corporate market. Futures on Metallurgical Products: Petroleum products and metals is being covered under this group and it includes platinum, gold, silver, palladium, copper, gasoline, crude oil, propane and heating oil. Every month a new type of contract emerges to cater the needs of ever increasing institutional and corporate market. Assets which bears interest: This has its origin during 1975 and products in these categories include treasury bonds, Treasury Bills, Municipal Bonds, Treasury Notes and Eurodollar deposits. It is also possible to trade contracts with the same maturity but different expected interest rate differentials. Futures on Indexes: Now futures are available on most chief indexes such as New York Stock Exchange Composite, SP 500, New York Stock Exchange Utility index, Russell 2000, Commodity Research Bureau (CRB), SP 400 Midcap, FT-Se 100 Index (London) and Value line. These stock index features are settled in cash and there is no delivery of goods is involved in this method. A trader has to settle his positions by buying or selling an offsetting position or in cash at expiration. Foreign Currency Futures: During the post war period, the exchange rates and interest rates were stable and the mechanism of fixed exchange rates of the Bretton Woods era enabled the corporations to know in advance their foreign exchange liabilities for their imports. But the collapse of Bretton Woods’s system after the war resulted in the introduction of general floating exchange rates replacing the earlier fixed system. The introduction of floating exchange rates have resulted in large unexpected movements in exchange rates that too in unforeseen directions and magnitudes which affected interest rate movements as the monetary establishment tried to influence the exchange rates by movements in interest rates. It is to be noted that the forward market in currencies is much bigger than the foreign exchange futures market. Further, there are cross currency futures that are being traded and these includes Deutsch mark / yen, Deutsch mark / French franc. Forwards Options: Forward is another form of a derivative contract but tailored to the needs of the user in terms of expiry date, contract size, and price. These contracts confer the holder the option to buy or sell the under lying at a pre-determined price some time in the future .Call option is one where the buyer has given his option to buy the underlying at the near future .Where as an option to sell the underlying at a specified price in the future is called as Put Option. As regards to the option contract, the buyer is not obliged to exercise the option contract. Generally, options can be traded on the stock exchange or on the OTC. In option, the participants may assume a position in an underlying futures contract at a certain price which is known as exercise or strike price within a particular period of time. The price or premium of the option is determined through action market trading. Swaps: Swaps contract was introduced in 1981 and can be considered as one of the latest financial innovations to manage financial risks. The contracting parties are obliged to exchange specified cash flows at specified intervals under a swap contract. In a nutshell, a swap contract can be defined as a series of forward contracts put together. If the exchange of interest rate payments in one currency for payments in another currency is devised, then it amounts to a currency swap. If the exchange between two parties of interest obligations or receipts in the same currency on an agreed amount of notional principal for an agreed period of time is devised, then it is known as interest rate swap. An interest rate swap is an agreement between two parties to exchange interest payments calculated on different bases over a period of time. Under interest rate swap, one party to the contract makes fixed –rate payments while the other party’s payments are based on a floating rate such as LIBOR. For instance, if a company which has borrowed from a bank at a floating rate (7 m LIBOR) may want to swap that for a fixed rate (7m LIBOR) so that they can cover the risk if the interest rates go up. On one side, they pay 7% (of the agreed notional principal) and receive 7m LIBOR and on the other side they pay 7m LIBOR straight out to repay their loan. Thus they have converted a floating rate loan into a fixed rate loan. The said bank may manages its own risk from the above swap transaction by backing it out with another swap , say by paying 6.95% for 7m LIBOR and thus they earn a profit of 0.5% difference thus avoiding the risk in the interest rate changes . The other different types of interest rate swap are: Basis swap: For instance, swapping 2m LIBOR for 4m LIBOR. Basic swaps are mostly used by mortgage companies because the get the mortgage payments on monthly basis. Both fixed Currency Swap : Both fixed and say fixed $ for fixed  £ Both floating currency swap: 2m $ LIBOR for 4 m Yen LIBOR. Cross Currency Swap: fixed  £ for 2m CHF LIBOR. Companies derive more flexibility to exploit their comparative advantage in their respective borrowing markets under currency swaps. Under interest rate swap, corporations try to focus on their comparative advantage in borrowing in a single currency in the short end of the maturity spectrum vs. the long –end of the maturity spectrum. USES OF DERIVATIVES: Derivatives are mainly used for speculation or hedging. For speculation, derivatives offer us leverage. For instance, instead of buying  £ 5Million bond in the anticipation that its price will rise up, one can buy an option on that bond, which might only cost  £ 2000. The profit chances or opportunities are the same less the price of the option but the risk is much less as the most we can loose in this deal is the option price ( £ 2000). For hedging, derivatives let you to seal the price now for a trade in future or at least limits the rise or fall of that price. An UK company holding a US bond which is on the verge of its maturity could buy an interest rate option to guarantee the dollar / sterling rate did not diminish the value of its bond. Volatility is regarded as the most precise measure of risk and its return. The greater the volatility, the greater the risk and the reward as it is evidenced in the transaction from bull to bear markets. It is to be observed in the bearish market, volatility and risk augment while returns disappear including short –selling returns. History: The very first exchange for trading derivatives started by Royal Exchange in London, which allowed forward contract. Likewise, the first future contract was introduced to Yodoya rice market in Osaka, Japan in 1650. Then in 1848, Chicago Board of Trade was started to handle futures market of US. Russell Sage, a famous New York financier introduced synthetic loans using the principle of put-call parity. Sage could able to create a synthetic loan by fixing the put, call and strike prices with interest rate poignantly higher than the US usury law permitted. Chicago Mercantile Exchange started International Monetary Market in 1972 which permitted trading in currency futures. The Chicago Board of Trade started first interest rate futures in 1975.Treasury bill futures contract was introduced in 1975 by Merc. The Chicago Board Options Exchange was started in 1973 and there were publications for the first time option pricing model of Fischer Black and Myron Scholes. Chicago Board Options Exchange created an option on an index of stocks which was originally known as CBOE 100 index which later known as SP 100. During 1980, Swaps and other over-the –counter derivatives were introduced. It was in 1994, the derivative trade witnessed a series of huge losses and this affected experienced trading firms like Metallgesellschaft and Procter and Gamble. Orange country, California which is the America’s wealthiest city was declared as bankruptcy due to derivative trading and use of leverage in a portfolio of short -term Treasury securities. DERIVATIVES OR DESTRUCTIVE? A CASE STUDY OF BARINGS, UK. Baring Brothers, a British merchant bank went to bankruptcy in 1995 after incurring a whooping loss of  £ 860 million occurred on the Singapore and Osaka derivative exchanges. Nick Leeson, the bank’s star trader and absence of management controls to monitor his activities were the main reasons for this debacle. During the period between 1992 and 1995, Lesson built up positions in futures and options contracts on the Nikkei 225 stock exchange index, which proved highly profitable in the early years. Futures positions were bought by Lesson on the Nikkei index and financed cash calls on them as they fell in value by selling put options on the contract, thereby producing a straddle and thus betting against volatility of the market. Simex derivative exchange in Singapore were used to book the contracts and he run a hedged position on Nikkei index futures and make money by arbitraging between Singapore and Osaka markets. However he ceased hedging on the purchases made in Singapore and took on risk. Due to unexpected volatility in the market, losses were incurred and these losses in fact exceeded the net worth of Baring Bank .Lesson was later imprisoned for the falsification of records in an attempt to cover up his activities. The rationale of this case law is to elucidate how a bank can face bankruptcy if there is no proper risk management system is in force. The case also establishes the concept of ‘value at risk ‘(VAR) which is a simple method to express the risk of a portfolio. Because of the recent derivatives disasters, end-users, regulators, financial institutions and central bankers are now resorting to VAR as a method to foster stability in financial markets .The case illustrates how VAR could have been utilized to Baring Bank case to warn its management of the risk they were facing in advance. VOLATILITY: Volatility has its effect on administered market and it is high when both supply and demand are inelastic and liable to random shocks. According to Rudiger Dornbusch, market always overshoots in reaction to unexpected changes in economic variables. Volatility is a type of market incompetence and it is a reaction to uncertainty and excessive volatility is unreasonable. Volatility in stock and commodity market is represented by sharp changes in prices and inventory levels and level of volatility itself has fluctuated over the time. Changes in future prices, spot prices and inventories are influenced by changes in volatility Volatility is a determinant of changes in price expressed in percentage terms without regard to direction especially in stock price and stock index levels , commodities and in financial intermediaries .For example , an increase from 200 to 201 in one index is as same as the volatility terms to an increase in 100 to 101 in another index , because both changes are 1% and as this 1% increase is equal to volatility terms to a 1 % price decline .There are four ways to explain the volatility or movement and they are historical volatility , future volatility , expected volatility and implied volatility . Historical volatility is an appraiser of actual price variation during a particular period in the past. Future volatility refers annualized standard deviation of daily returns during particular future period basically between current and an option expiration. Expected volatility is an investor’s forecast of volatility utilized in an option method to gauge the theoretical value of an option. Implied volatility is the volatility percentage that illustrates the current market price of an option and it is the indicator of an option’s price. Volatility is described as standard deviation of the yield of an asset and the value of an option always increases with volatility. The greater the volatility, the higher the option chance during its life and convertible to the underlying asset at a marginal profit and this methodology has been proved in the Black-Scholes formula. Black-scholes formula yield results during trends and unsuccessful when the market change sign. â€Å" The implied volatilities are efficient forecasts of future volatility since varying market conditions cause volatilities to change through time stochastically and traditional volatilities   can not correct itself to varying market conditions as ghastly .Stochastic volatility contradicts the assumption required by the Black-Scholes model –if volatilities do modify stochastically through moment in time, the Black-Scholes method is no longer the correct pricing method and an implied volatility derived from the Black-Scholes formula provides no fresh information. Black-Scholes formula is lacking on certain issues like the oblique volatilities of various options on the identical stock tend to differ disregarding the formulas hypothesize that a single stock can be correlated with only one value of implied volatility. The Black-Scholes formula mainly ignores the distribution of stock prices in US market.   Some studies have revealed severe deviation from the price process fundamental to Black-Scholes formula like excess kurtosis, skewness, time varying volatilities and serial correlation. Further Black –scholes deals with stochastic volatility poorly and it relies on impractical assumption that market dickers endlessly thereby ignoring institutional constraints and transaction costs. Stock Charting: Stock charting is the process of a graphical sequence record enables it easier to dapple the effect of cardinal happenings on authoritarian security’s price., its functioning over a period of time and whether it’s trading its higher or its lower or in between these. Traders are very particular in daily, intraday data to forecast short-term price movements.   Investors rely on weekly and monthly charts to mark long term trends and movements. Line chart, Bar chart, Candlestick Chart and point and figure chart are some of the examples of stock charting method.   Arithmetic and semi-log arithmetic scales are two methods of price scaling used in the stock charting method. When the price range is hemmed within a tight range and used in general for short-term charts and trading. Semi-log scales are useful for long term charts to estimate the percentage movements over a foresighted period of time including large movements. Stock and other securities are estimated in relative terms through tools lime PE, Price/Revenues and Price/Book and as such it will be more useful to analyse in percentage terms. Ocillator: This is an indicator which is calculated by taking 10 day moving average of the difference between the numbers of advancing and defining issues for authoritarian given index. An indicator will reflect whether an index is gaining or losing impetus, so the size of the moves is more significant than the level of the current reading. The level of the reading is influenced by how the oscillator changes each day thereby dropping a value ten days ago and adding today’s value. The scale in moves is also helpful when it is compared with the divergence from the index price. If the Dow climaxes at the same time, the oscillator peaks in overbought area and suggests a top. Divergence is said to be negative and momentum is declining when index makes a new high but the oscillator fails to make a higher .One can buy if the index declines at this point but oscillator moves into oversold territory. If the oscillator rises above a previous overbought level though the index rises but does not make new heights, it is said to be upside momentum exists to continue the rally. Support: A support level is the price at which buyers are anticipated to enter the market in considerable numbers to take control from sellers. As the market has its track record, when price falls to a new low and then soars, the buyers who ignored on the first low will be persuaded to buy if price returns to that level back .Fearing of missing out the opportunity for the second time, these traders may enter into market in adequate numbers to take control from sellers. As the result, there is a rally strengthening sensitivity that price is unlikely to fall further thereby creating a support level. Resistance: The price level at which the sellers are anticipated to enter the market in sizeable numbers to take control from buyers is known as resistance level. If price makes a new High and then move back, sellers who ignored the previous High will be predisposed to sell when price returns to that level back. Fearing of missing the opportunity for the second time, these sellers may enter the market in large numbers to overwhelm buyers. As the result, market perception will be reinforced that price is unlikely to increase higher and form a resistance level. CANDLE CHARTING: It is a price chart that shows the open, low, the high and close for a stock each day over a specified period of time .It is known as Japanese candles because they used to analyse the price of rice contracts. When the close is higher than the open , the same is represented by an white empty box in the candle charting .When the close is lower than the open , then it is represented by a solid black candle ,Colored candles are used to reflect the day’s volume. Investment strategies in stock and options Following is the most of common investment strategies for keeping investment objectives, financial means and risk tolerance. Despite of market crash in 1929, market break in 1987, market correction in 1989 and though the prices of all securities fell down drastically but broad movement of the market has seen their value steadily increased. One of the strategies is to buy and hold for long the high quality stocks or futures of stock or commodities .The buy –and-hold strategy offers one to profit from this long term forward trend of the stock market. Further, dividend investment plan offers small investors a painless method of building wealth. Dollar –Cost Averaging: This is also a long term strategy and one has to invest in a stock or mutual fund or futures at regular intervals monthly, quarterly or semiannually. The success of dollar-cost averaging relies on consistency of amount invested and the regularity of the payments so as to minimize pricing and timing risk. The success of the Dollar cost averaging depends upon the following factors. The plan for the investment should be for a long period i.e. from 7 years to 10 years .In the last 100 years, there were about 40 recessions or market corrections or a downturn about every 3 years and If one carry on to invest through about three of these corrections, the profits of dollar-cost averaging tend to be maximized. 2 .Investment at regular intervals is most preferred. Investment should be made regularly regardless of the price of the stock. Give preference to high quality of stocks or mutual funds and a company or fund with history of habitual dividend payments and possible for capital appreciation is a better choice. One has to make sure that he has enough strength so that he can adhere to the plan through highs and lows and sell out at the peak and thus the money allocated for dollar-cost averaging result in wealth-building funds, not committed funds.[i] Going Short: An investor who prefers short i.e. enters into futures contract by agreeing to sell and deliver the underlying at a price and wishes to make profit from declining price levels and thereby selling high now , the contract can be repurchased in the future at a lesser price thus creating a profit for the investor. 16.Spreads: It involve taking benefit of the price difference between two different contracts of the same commodity and spreading is believed to be the most conventional forms of trading in the futures market because it is much safer than the trading long / short futures contract. There are different types of spread namely calendar spread, inter-exchange spread and inter-market spread. Swing Trading: It denotes a technique of placing emphasis on playing the swings in the PPS, selling on the highs and buying on the lows rather than the swiftness of the trade. To complete the swing trade, it may need more than a day, a week or authoritarian month or longer period and channeling stock is pursued by the some swing traders. Flipping: It refers the process of trading a stock very quickly with in minutes or hours etc as past as possible may be on the same day. It is often used to explain a buy and sell with a share that is running and where the trader buys the stock as it is moving up and sells the same on even a higher point in a short period of time. A flipper aim is to maximize his profits by emphasizing on fast trades to earn quick profits. The risk is also less downside as the trader sits in a stock for a less time. [i] Hall, Alvin D., and Carolyn M. Brown. Investment Strategies Made Easy: Heres How to Overcome Your Fears of the Market and Invest like a Pro. Black Enterprise Mar. 1994: 66+. 2.Fisher, Black and Myron Scholes, â€Å"The pricing of Options and Corporate Liabilities â€Å"The Journal of Political Economy, 81,637-654. 3.Mackay, Charles. Extraordinary Popular Delusions and the Madness of Crowds: New York, Harmony Books (1980). 4.Chance .Don M.† A Chronology of Derivatives† Derivative Quarterly, 2 (winter, 1955) 53-60. 5.Thomas L. Friedman ,The World Is Flat: A Brief History of the Twenty-first Century Stephen Leeb, Glen Strathy ,The Coming Economic Collapse: How You Can Thrive When Oil Costs $200 a Barrel 7.George A. Fontanills, Tom Gentile The Volatility Course 8.George Soros, Paul A. Volcker The Alchemy of Finance (Wiley Investment Classics) 9.John C. Hull Options, Futures and Other Derivatives (6th Edition) 10.Marc Allaire ,The Options Strategist 11. George Kleinman, Trading Commodities and Financial Future: A Step by Step Guide to Mastering the Markets (3rd Edition). 12. Sheldon Natenberg ,Option Volatility Pricing: Advanced Trading Strategies and Techniques Jeffrey M. Christian, Commodities Rising: The Reality Behind the Hype and How To Really Profit in the Commodities Market. John J. Murphy ,Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (New York Institute of Finance John F. Carter, Mastering the Trade (McGraw-Hill Trader’s Edge) 16. Joseph Kellogg, Trading From the Inside 17. Thomas N. Bulkowski ,Encyclopedia of Chart Patterns (Wiley Trading) 18.Stephen W. Bigalow, Profitable Candlestick Trading: Pinpointing Market Opportunities to Maximize Profits