Impact of Monetary Policy on Companies Profitability and Its Valuation Essays

Impact of Monetary Policy on Companies Profitability and Its Valuation Essays Impact of Monetary Policy on Companies Profitability and Its Valuation Essay Impact of Monetary Policy on Companies Profitability and Its Valuation Essay Meaning of monetary policy Monetary policy is the management of money supply and interest rates by central banks to influence prices and employment. Monetarypolicy works through expansion or contraction of investment and consumption expenditure. Monetary policy is the process by which the government, central bank (RBI in India), or monetary authority of a country controls : (i) The supply of money (ii) Availability of money (iii) Cost of money or rate of interest In order to attain a set of objectives oriented towards the growth and stability of the economy. Monetary theory provides insight into how to craft optimal monetary policy. Monetary policy is referred to as either being an expansionary policy, or a contractionary policy, where an expansionary policy increases the total supply of money in the economy, and a contractionary policy decreases the total money supply. Expansionary policy is traditionally used to combat unemployment in a recession by lowering interest rates, while contractionary policy involves raising interest rates in order to combat inflation. Monetary policy is contrasted with fiscal policy, which refers to government borrowing, spending and taxation. Credit policy is not only a policy concerned with changes in the supply of credit but it can be and is much more than this. Credit is not merely a matter of aggregate supply, but becomes more important factor since there is also issue of its allocation among competing users. There are various sources of credit and other aspects of credit that need to be looked into are its cost and other terms and conditions, duration, renewal, risk of default etc. Thus the potential domain of credit policy is very wide. Where currency is under a monopoly of issuance, or where there is a regulated system of issuing currency through banks which are tied to a central bank, the monetary authority has the ability to alter the money supply and thus influence the interest rate in order to achieve policy goals. Monetary policy, also described as money and credit policy, concerns itself with the supply of money as so of credit to the economy. Objective of monetary policy The objectives are to maintain price stability and ensure adequateflow of credit to the productive sectors of the economy. Stability ofthe national currency (after looking at prevailing economicconditions), growth in employment and income are also looked into. The monetary policy affects the real sector through long and variable periods while the financial markets are also impacted through shorttermimplications. Major objectives can be summarized as under: i) To promote and encourage economic growth in the economy amp; ensure the economic stability at full employment or potential level of output. It aims to achieve the twin objectives of meeting in full the needs of production and trade, and at the same time moderating the growth of money supply to contain the inflationary pressures in the economy. ii) Sectorial deployment of Funds. Depending upon the priorities laid down in the plans, the RBI has determined the allocation of funds, as also the interest rates among the different sectors. There are four main channels which the RBI looks at: * Quantum channel: money supply and credit (affects real outputand price level through changes in reserves money, moneysupply and credit aggregates). * Interest rate channel. Exchange rate channel (linked to the currency). * Asset price. Price stability has evolved as the dominant objective of monetary policy for sustaining economic growth and ensuring orderly conditions in the financial markets with increasing openness of the Indian economy The fundamentalidea is that it is only in a low and stable inflation environment that economic growt h can be continued. Monetary policy also aims to be directly supportive of growth by ensuring that the credit requirements of various segments are met adequately through an appropriate credit delivery and credit pricing mechanism and a conducive credit culture. Monetary decisions today take into account a wider range of factors, such as: * short term interest rates; * long term interest rates; * velocity of money through the economy; * exchange rate * credit quality * bonds and equities (corporate ownership and debt) * government versus private sector spending/savings * international capital flow of money on large scales * financial derivatives such as options, swaps and future contracted. Monetary policy tools The monetary authority uses various instruments of monetary control in order to influence the goal variables in desired directions and degrees. The target variables are variables which the monetary authority tries to control or influence so as to influence the goal variables in the desired manner. To serve the target function well, a chosen target variable should possess the following four qualifications: a) It should be closely related to goal variables and this relation should be well understood and reliably estimable, b) It should be rapidly affected by policy instruments, c) Non-policy influences on it should be relatively small,i. , small relative to policy influences, and d) It should be readily observable (a measurable) with little or no time lag. Traditionally three variables have served as candidates for monetary-policy targets. They are: money supply, bank credit, and interest rates in securities market. Various Monetary policy tools are: i. Monetary base Monetary policy can be implemented by changing the size of the monetary base. This directly changes the total amount of money circulating in the economy. A centra l bank can use open market operations to change the monetary base. The central bank would buy/sell bonds in exchange for hard currency. When the central bank disburses/collects this hard currency payment, it alters the amount of currency in the economy, thus altering the monetary base. ii. Reserve requirements The monetary authority exerts regulatory control over banks. Monetary policy can be implemented by changing the proportion of total assets that banks must hold in reserve with the central bank. Banks only maintain a small portion of their assets as cash available for immediate withdrawal; the rest is invested in illiquid assets like mortgages and loans. By changing the proportion of total assets to be held as liquid cash, the Federal Reserve changes the availability of loanable funds. This acts as a change in the money supply. Central banks typically do not change the reserve requirements often because it creates very volatile changes in the money supply due to the lending multiplier. iii. Discount window lending Many central banks or finance ministries have the authority to lend funds to financial institutions within their country. By calling in existing loans or extending new loans, the monetary authority can directly change the size of the money supply. v. Interest rates The contraction of the monetary supply can be achieved indirectly by increasing the nominal interest rates. Monetary authorities in different nations have differing levels of control of economy-wide interest rates. The Federal Reserve can set the discount rate, as well as achieve the desired Federal funds rate by open market operations. This rate has significant effect on other market interest rates, but there is no perfect relationship. In the United States open market operations are a relatively small part of the total volume in the bond market. One cannot set independent targets for both the monetary base and the interest rate because they are both modified by a single tool - open market operations; one must choose which one to control. In other nations, the monetary authority may be able to mandate specific interest rates on loans, savings accounts or other financial assets. By raising the interest rate(s) under its control, a monetary authority can contract the money supply, because higher interest rates encourage savings and discourage borrowing. Both of these effects reduce the size of the money supply. v. Currency board A currency board is a monetary arrangement which pegs the monetary base of a country to that of an anchor nation. As such, it essentially operates as a hard fixed exchange rate, whereby local currency in circulation is backed by foreign currency from the anchor nation at a fixed rate. Thus, to grow the local monetary base an equivalent amount of foreign currency must be held in reserves with the currency board. This limits the possibility for the local monetary authority to inflate or pursue other objectives. 1. Instruments of monetary policy in India The monetary policy is nothing but controlling the supply of Money. The RBI takes a look at the present levels and also takes a call on what should be the desired level to promote growth, bring stability of price (low inflation) and foreign exchange. The Reserve Bank of India (RBI) as a designated monetary authority has no control over the deficit financing of the central government and only limited control over its foreign exchange assets, we discuss below in detail the instruments of control used by the RBI: : A. Quantitative measures: 1. Open Market operations: It means the purchase and sale of securities by central bank of the country. The sale of security by the central bank leads to contraction of credit and purchase thereof to credit expansion. It is useful for the developed countries. In India, the RBI enters into sale and purchase of government securities and treasury bills. So the RBIcan pump money into circulation by buying back the securities and vice versa. In absence of an independent security market (all Banks are state owned); this is not really effective in India. The major Limitations are that * When the central bank purchases the securities the cash reserve of member bank will be increased and vice versa. The bank will expand and contract credit according to prevailing economic and political circumstances and not merely with reference to their cash reserves. * When the commercial bank cash balance increase the demand for loan and advance should increase. This may not happen due to economic and political uncertainty. * The circulation of bank credit should have a constant velocity. 2. Bank rate policy :Popularly known as repo rate and reverse repo rate, it is the rate at which the RBI and the Banks buy or exchange money. This results into the flow of bank credit and thusaffects the money supply. Bank rate- It is the minimum rate at which the central bank of a country provides loan to the commercial bank of the country. Bank rate is also called discount rate because bank provides finance to the commercial bank by rediscounting the bills of exchange. When general bank raises the bank rate, the commercial bank raises their lending rates;it results in fewer borrowings and reduces money supply in the economy. Reverse repo rate– It is the rate that RBI offers the banks for parking their funds with it. Reverse repo operations suck out liquidity from the system. Major limitation is that : * Well organized money market should exist in the economy. Repo rate * It is introduced through which RBI can add to liquidity in the banking system. Through repo system RBI buys securities from the bank and there by provide funds to them. * Repo refers to agreement for a transaction between RBI and banks through which RBI supplies funds immediately against government securities and simultaneously agree to repurchase the same or similar securities after a specified time which may be one day to 14 days. A repurchase agreement or ready forward deal is a secured short-term (usually 15 days) loan by one bank to another against government securities. * Legally, the borrower sells the securities to the lending bank for cash, with the stipulation that at the end of the borrowing term, it will buy back the securities at a slightly higher price, the difference in price representing the interest. 3. Cash Reserve ratio (CRR): This is the percentage of total deposits that the banks have to keep with RBI. And this instrument can change the money supply overnight. Changing cash reserve ratio is an excellent instrument of control. The bank has to keep certain amount of bank money with themselves as reserves against deposits. * The increase in the cash rate leads to the contraction of credit only when the banks excess reserves. * The decrease in the cash rate leads to the expansion of credit and banks tends to make more available to borrowers. . 4. Statutory Liquidity Requirement (SLR)amp;liquidity adjustment facility ( LAF )-this is the proportion of deposits which Banks have to keep liquid in addition to CRR. This also has a bearing on money supply. * LAF is the instrument of monetary policy from June 2000 to adjust on daily basis liquidity in the banking system. * Through LAF, RBI regulates short-term interest rates while its bank rate policy serves as a signaling device for its interest rate policy in the intermediate period. RRBs are required t o maintain SLR at 25 per cent of their NDTL in cash or gold or in unencumbered government and other approved securities. Unlike in the case of scheduled commercial banks, balances maintained in call or fixed deposits by RRBs with their sponsor banks are treated as â€Å"cash† and hence, reckoned towards their maintenance of SLR. As a prudential measure, it is desirable on the part of all RRBs to maintain their entire SLR portfolio in government and other approved securities, which many of them are already doing. All RRBs may maintain their entire SLR holdings in government and other approved securities. B. Qualitative measures: 1. Credit rationing: Imposing limits and charging higher/lower rates of interests in selective sectors are what you see is being done byRBI. 2. Moral suasion: We hear of RBIs directive of priority lending in Agriculture sector. Seems more of a directive rather than persuasion. It implies the central bank exerting pressure on banks by using oral and written appeals to expand or restrict credit in line with its credit policy. It is a combination of persuasion and pressure which RBI is always in a position to use on banks in general and errant banks in particular. This is exercised through discussions, letters, speeches, and hints thrown to banks. This can be used by the RBI to urge banks to keep a large proportion of their assets in the form of government securities, lend their helping hand to develop a broad and active market in treasury bills and government securities, and not borrow excessively from the bank when it is engaged in fighting the forces of inflation. The main interst sensitive sectors are banking sector,automobile sectorand real estate sector Let me examine how the monetary policy impact on the major interast sensitive sectors ie banking sector and automobile sector. oth sectors are linked with the policy measurs of the RBI. the change in interst rate casues a big impact on the profit earning capacity of the two sector companies Firstly the banking sector . This  analysis  takes  a look at  Indian monetary  policy  and  how it  will  impact:   Ã‚  Ã‚   a. Banks   Profitability b. Availability   of  Ã‚   funds  Ã‚   to   trade   and  Ã‚   industry   Ã‚  Ã‚   c. Other   factor Interest on loans are the main income of the banks. when the reserve bank take an action which effect interest rate it will affect the banks income and profitability. It may be positive or negative. Cost of fund will increase and it will reduce banks net interest margin to keep the net interest margin all banks raises lending rates When RBI hikes CRR it will directly affect by the profitability of banking companies. When RBI increase the CRR it will cause reducing the deposits available with the banks to make loans . Banks charge a very high interest rate on the loans they give. Banks take this measurer to retain the profit rate which earned during former CRR rate.. when the lending rate are high, general public and corporate postpone heir work to future period. so this cause to reduse the lending from banks,then the profit will decrease If the RBI reduce the CRR and SLR rate ,the banks can give more loans at lower interest rate. the low interst rate attract more companies and people to take loan. so this cause to increase the profit of the banks Cash Reserve Ratio (CRR)| 6. 00% (w. e. f. 24/04/2010)| Increased from 5. 00% to 5. 50% wef 13/02/2010; and then again to 5. 75% wef 2 7/02/2010; and now to 6. 00% wef 24/04/2010| Now the CRR is 6. 00%. it from 24-4-2010. RBI increased CRR from 5. 00% to 6. 00% during the 4th quarter of 2009-2010 and 1st quarter of 2010-11. this change also change the net interest margin of the banks. 1% increase caused a negative impact of the profitability of the banks. Statutory Liquidity Ratio (SLR)| 24%(w. e. f. 18/12/2010)| Decreased from 25% which was continuing since 07/11/2009| No more change in the SLR rate after 7-11-2009 have made an impact on the profit earning capacity of the banks Bank rate impact It is the minimum rate at which central bank provides loan to commercial banks. It is also called discounting rate because bank provides finance to the commercial banks by rediscounting the bill of exchange. When central banks raises bank rate commercial banks raises lending rate and vice-versa When RBI rises the bank rate ,the commercial banks rasies rasies its lending rates, it will adversely impact on the profitability of banks. Bank’s net interest margin will reduce. Repo rate impact When ever there is deficient of the fund with the banks then the banks barrow money from RBI, Repo rate is the rate at which all banks barrow rupees from RBI. When RBI increase repo rate ,no banks ready to take loan from RBI. IF the RBI decrease the repo rate, bank will go to RBI to take loan at lower interest rate. If the RBI increase the rate it will reduce the profit margin. Reverse repo effect If the RBI increase the reverse repo rate banks get high interest by putting money to safe hands. but it reduce the money supply in the economy . bank not have money to give loans to public and get interest on loan. so interest earned on loans will decrease and the net interest margin reduced. Reverse Repo Rate| 6. 25% (w. e. f. 03/05/2011)| Increased from 5. 75% which was continuing since 17/03/2011 [Till 03/05/2011, reverse repo rate was an independent rate and announced by RBI. However, in the monetary policy announced on 03/05/2011, RBI has decided that now the reverse repo rate will not be announced separately, but will be linked to Repo rate. Reverse Repo rate will be 100 bps below the repo rate] | How monetary policy affect on the returns of auto sector The automotive industry remains one of the highest revenue-earning industries in India and contributed over 5% to India’s GDP in 2009, providing direct and indirect employment to more than 13 million people. The market outlook for the industry remains promising, especially in the small car segment. The Indian automobile market is currently dominated by the two-wheeler segment but with an expanding middle class population, growing earning power and industrial development, the demand for passenger cars and commercial vehicles will increase exponentially. Also, the low vehicle presence (with passenger car stock of only around 11 per 1,000 population in 2008) indicates a very low base with significant growth potential. As per ‘Just-Auto’ analyst reports, sales of passenger cars in 2008-2016 are expected to grow at a CAGR of around 10%. In addition to increased domestic demand, there is also likely to be increased investment by global auto manufacturers to India due to its strong technological capability and availability of trained manpower at competitive prices. Currently, the foreign auto companies with assembly plants in India include, General Motors, Ford, Hyundai, Honda, Suzuki, Nissan Motors, Toyota, Volkswagen, Audi, Skoda, BMW, Fiat and Mercedes Benz. With the introduction of the Tata Nano, the cheapest car in the world at USD 2200, and FDI from Suzuki Motor Corp, Hyundai Motor Co, and Nissan Motor Co to make India their manufacturing hub for small cars, India has made huge inroads in the compact car segment. In fact, in 2009, India overtook China in the global auto exports of compact cars for the first time. Increase or decrease in interest rate will directly affect the automobile industry because a majority of people are depending on  car loans  or two wheeler  loans for  buying vehicle. So if the interest rates are increasing, people won’t be able to afford this and normally the demand for automobiles will come down this will have a very bad impact on the industry TATA MOTORS: TATA MOTORS Tata Motors is India’s largest automobile company It is the leader in commercial vehicles and among the top three in passenger vehicles. The company is the worlds fourth largest truck manufacturer, the worlds second largest bus manufacturer. Tata Motors has auto manufacturing and assembly plants in Jamshedpur , Pantnagar , Lucknow , Ahmedabad , Sanand and Pune in India, as well as in Argentina, South Africa and Thailand. Products : Passenger cars and utility vehicles Concept vehicles Commercial vehicles Military vehicles Financial results of tata motors 2009-10 2008-09 2007-08 ) Gross revenue38,364. 1028568. 2133093. 93 2) Net revenue(excluding excise duty)35593. 0525629. 7328739. 41 3) Total expenditure31414. 7723877. 2925807. 82 4) Operating profit4178. 281752. 442931. 59 5) Other income1853. 45925. 97483. 18 6) Profit before interest and depreciation6031. 732678. 413414. 77 7) Interest and discounting charges(net)1103. 84673. 68282. 37 8) Cash profit4927. 892004. 734057. 84 Rising interest rates  had a negative impact on company because when interest rates was raised, the cost of borrowing money rosed. Ultimately, the company profitability and ability to grow was reduced. When a company profits (or earnings) dropped, its stock became less desirable, and its stock price falled . A company success comes when it sells its products . But increased interest rates negatively impact its customers. The financial health of its customers directly affected the company ability to grow sales and earnings. When interest rates rise, investors start to rethink their investment strategies i. e Investors sell shares in interest-sensitive stocks that they hold. Interest-sensitive industries include electric utilities, real estate, and the financial sector. Interest rates rises –sales effects profitability is affected dividend payments too effected. The price of a stock depends on the earnings of the company. If the earnings slow down (because of higher interest rate payments), the prices of the stocks will dip and overall, the stock market will be hit. A rise in interest rates also cools down the economy . demand for goods and services rise. If the supply is not immediately forthcoming, the price of those goods and services rise. That leads to inflation. Low interest rates are good for business, it makes it cheaper to borrow funds, invest in new projects, expand supply, etc. Low interest rates also increases consumption as  debt finance becomes cheaper and people’s disposable income rises as existing interest payments are reduced. A decrease in interest rates therefore increases revenue expectations for most businesses. car sales down as compared to the previous year. reducing costs wherever possible, consolidating brands and dropping model lines and deferring Ramp;D projects to conserve funds.

Biography of Cy Twombly, Romantic Symbolist Artist

Biography of Cy Twombly, Romantic Symbolist Artist Cy Twombly (born Edwin Parker Cy Twombly, Jr.; April 25, 1928–July 5, 2011) was an American artist known for works featuring scribbled, sometimes graffiti-like paintings. He was often inspired by classical myths and poetry. His style is called romantic symbolism for its interpretation of classical material in shapes and words or wordless calligraphy. Twombly also created sculptures during much of his career. Fast Facts: Cy Twombly Occupation: ArtistKnown For: Romantic symbolist paintings and characteristic scribblesBorn: April 25, 1928 in Lexington, VirginiaDied: July 5, 2011 in Rome, ItalyEducation: School of the Museum of Fine Arts, Black Mountain CollegeSelected Works: Academy (1955), Nine Discourses on Commodus (1963), Untitled (New York) (1970)Notable Quote: I swear if I had to do this over again, I would just do the paintings and never show them. Early Life and Education Cy Twombly grew up in Lexington, Virginia. He was the son of a professional baseball player, Cy Twombly, Sr., who had a short major league career pitching for the Chicago White Sox. Both men were nicknamed Cy after legendary pitcher Cy Young. As a child, Cy Twombly practiced art with kits that his family ordered from the Sears Roebuck catalog. He began taking art lessons at age 12. His instructor was painter Pierre Daura, a Catalan artist who fled Spain during the Spanish Civil War of the 1930s. After high school, Twombly studied at the School of the Museum of Fine Arts in Boston and Washington and Lee University. In 1950, he began studying at the Art Students League of New York, where he met fellow artist Robert Rauschenberg. The two men became lifelong friends. With Rauschenbergs encouragement, Twombly spent much of 1951 and 1952 studying at the now-defunct Black Mountain College in North Carolina with artists like Franz Kline, Robert Motherwell, and Ben Shahn. Klines black-and-white abstract expressionist paintings, in particular, heavily influenced Twomblys early work. Twomblys first solo exhibition took place at the Samuel M. Kootz Gallery in New York in 1951. Military Influence and Early Success With a grant from the Virginia Museum of Fine Arts, Cy Twombly traveled to Africa and Europe in 1952. Robert Rauschenberg accompanied him. When Twombly returned to the U.S. in 1953, Twombly and Rauschenberg presented a two-person show in New York City that was so scandalous, the visitor comments book was removed to avoid the negative and hostile responses to the show. In 1953 and 1954, Cy Twombly served in the U.S. Army as a cryptologist deciphering coded communication. While on weekend leaves, he experimented with the Surrealist art technique of automatic drawing, and he adapted it to create a methodology for drawing in the dark. The result was abstract forms and curves that emerged as key elements of later paintings. Cy Twombly Academy (1955) at Museum of Modern Art, New York City, USA. Robert Alexander / Getty Images From 1955 through 1959, Twombly emerged as a prominent New York artist associating with both Robert Rauschenberg and Jasper Johns. During this period, his scribbled pieces on white canvas gradually evolved. His work became simpler in form and monochromatic in tone. By the late 1950s, his pieces appeared on dark canvas with what looked like white lines scratched into the surface. Romantic Symbolism and Blackboard Paintings In 1957, on a trip to Rome, Cy Twombly met Italian artist Baroness Tatiana Franchetti. They married in New York City in 1959 and soon moved to Italy. Twombly spent part of the year in Italy and part in the U.S. for the rest of his life. After moving to Europe, classical Roman myths began to heavily influence Twomblys art. In the 1960s, he frequently used classical mythology as source material. He created cycles based on myths like Leda and the Swan and The Birth of Venus. His work was dubbed romantic symbolism, as the paintings were not directly representational but rather were meant to symbolize the classical, romantic content. In the late 1960s and early 1970s, Twombly created what are often called the Blackboard Paintings: scrawled white writing on a dark surface that resembles a chalkboard. The writing does not form words. In the studio, Twombly reportedly sat on the shoulders of a friend and moved back and forth along the canvas to create his curving lines. Cy Twomblys Untitled (New York City) at Christies auction. Peter Mcdiarmid / Getty Images In 1963, after the assassination of U.S. President John F. Kennedy, Twombly created a series of paintings informed by the life of the assassinated Roman emperor Commodus, son of Marcus Aurelius. He titled it Nine Discourses on Commodus. The paintings include violent splatters of color against the background of grey canvases. When exhibited in New York in 1964, American critics reviews were largely negative. However, the Commodus series is now seen as one of Twomblys most significant achievements. Sculpture Cy Twombly created sculpture from found objects throughout the 1950s, but he stopped producing three-dimensional work in 1959 and did not begin again until the mid-1970s. Twombly returned to found and discarded objects, but just like his paintings, his sculptures were newly influenced by classical myths and literature. Most of Twomblys sculptures are painted white- in fact, he once said, White paint is my marble. Cy Twombly sculptures and paintings at the Broad Museum in Los Angeles, California, USA. Santi Visalli / Getty Images Twomblys sculpted works were not well-known to the public for most of his career. An exhibition of selected sculpted pieces from throughout his career was shown at the Museum of Modern Art in New York City in 2011, the year of Twomblys death. Since they are constructed mostly of found objects, many observers see his sculpture as a three-dimensional record of the artists life. Later Works and Legacy Late in his career, Cy Twombly added more bright color to his work, and on occasion his pieces were representational, such as his massive late-career paintings of roses and peonies. Classical Japanese art influenced these works; some are even inscribed with Japanese haiku poetry. Untitled (Roses), Cy Twombly (2008) at the Broadhurst Museum in Munich. Miguel Villagran / Getty Images One of Twomblys final works was the painting of the ceiling of a sculpture gallery at the Louvre museum in Paris, France. He died of cancer on July 5, 2011, in Rome, Italy. Twombly avoided the trappings of celebrity for most of his career. He chose to let his painting and sculpture speak for themselves. The Milwaukee Art Museum presented the first Twombly retrospective in 1968. Later major exhibitions included a 1979 retrospective at the Whitney Museum of American Art and the Museum of Modern Arts 1994 retrospective in New York City. Many see Twomblys work as a significant influence on important contemporary artists. Echoes of his approach to symbolism are seen in the work of Italian artist Francesco Clemente. Twomblys paintings also presaged the large-scale paintings by Julian Schnabel and the use of scribbling in the work of Jean-Michel Basquiat. Sources Rivkin, Joshua. Chalk: The Art and Erasure of Cy Twombly. Melville House, 2018.Storsve, Jonas. Cy Twombly. Sieveking, 2017.

Advanced Copyright and Design Law Essay Example | Topics and Well Written Essays - 1500 words

Advanced Copyright and Design Law - Essay Example o ensure that the owners and creators of both literary and artistic work should benefit from their work for a reasonable duration of time, while also ensuring that their generations also reaps the benefits of the innovation and creation of the work. The provisions of Article 2 of Berne Convention for the Protection of Literary and Artistic Works2, states that the creators of artistic and literary work shall enjoy the rights of protection of their created work in the countries member state to union, other than in the country of origin where the artistic and literary copyright protection has been registered. In this respect, the convention provided for the uniform applicability of the right to enjoy the protection of the literary and artistic work that has been created throughout the European Union, without any disparity as regards the exact country for which the copyright has been registered. Further, Article 7(4) of the Berne Convention for the Protection of Literary and Artistic Wor ks3 provides that unless there is special protection of any artistic or literary work in the country of origin, the work shall be protected as artistic work within the European Union. Therefore, the need to ensure consistency in the protection of the artistic and literary works from being used without the authorization of the owner throughout the European Union is essential. Thus, repealing section 52 of the UK copyright Act was not a mistake but a necessary measure to enhance the benefits obtainable from artistic design protection both by the owners of the artistic designs and the whole society. There are two major reasons why repealing section 52 of the UK copyright act was not a mistake: First, repealing of section 52 of the UK copyright Act seeks to harmonize the copyright benefit enjoyment for the UK artistic design used in mass production, to match with the provisions of the European Union artistic and literary copyright protection. Section 52 of Copyright, Designs and Patents

Budget Management Analysis Research Paper Example | Topics and Well Written Essays - 1000 words

Budget Management Analysis - Research Paper Example Budget development is a process that encompasses information and fact gathering, making reasonable future assumption in term of revenue expected and cost to be incurred, and it also need to be timely and have high accuracy and need to be approved and reviewed since it forms the basis of undertakings in an organization (MacEwan, 2009). Information and facts that form the basis of operating budget need to be gathered, this information may be obtained from stake holder also from past periods budgets and then this information should be linked to goals and priorities of organization in harmony with financial and budgeting policies of an organization (MacEwan, 2009). With reference to financial and budget guideline of organization, forecasted expenses taking into fixed and variable cost and revenue estimated including the assumption made are formally documented in an authentic format, and projection in financial terms are reflected. (MacEwan, 2009). At this phase, one needs to be realistic when formulating assumption. This phase involves finalizing detail of the budget in preparation for the purpose of presentation and official approval of the budget. Budget should be organized during the presentation, and one should be ready to answer the question that arise, new adjustment that arise during presentation should be incorporated in the final draft and then communication of the budget approval within organization (MacEwan, 2009). This phase of development of the operating budget involve demining if an organization is running on track in regard to the approved budget, review of variance and determining significant variance reasons is done, also is at this stage of the operating budget collective action from emerging variance may be taken if need be, (MacEwan, 2009) and preparation of information to be used in the next budget start since budgeting is a cyclic process. Expense result in regard to budget expectation give rise to variance, which is the

Lessons Found in Beauty and the Beast Essay -- Fairytales Essays Beaut

Lessons Found in Beauty and the Beast   Ã‚  Ã‚  Ã‚  Ã‚  Once upon a time?   Ã‚  Ã‚  Ã‚  Ã‚  The classic opener for any fairy tale, which is no different in the case of Beauty and the Beast. Fairy tales were meant to teach our children life lessons that society, at the time, deems important to learn. They teach us the difference between right and wrong, black and white, good and bad, light and dark, and beautiful and ugly. There are many different variations and names to Beauty and the Beast. This famous fable has been passed down and integrated into our culture time and time again, each time adding different lessons that were thought to be important in that day and age. What has changed over the years? How have the fairy tales of Beauty and the Beast affected the children of yesterday, today and tomorrow? I hope to show how fairy tales, more importantly Beauty and the Beast, is helpful to children in many ways, but mostly by teaching them the way that they should act in society. There are three very important lessons that Beauty and the Beast teaches us. First, and probably, the biggest one, is that beauty is only skin deep. It is what is on the inside that counts. Second, which ties in with the first lesson is, don't be too greedy because you will only be looking for the beauty on the out side. Finally, do unto others as you would have done to you, this will make you beautiful on the inside were it counts. In this paper I am going to take a look at two versions of Beauty and the Beast. Although The Lady and the Lion and Beauty and the Beast are very different, the base story is there. True beauty is determined by what is on the inside and not on the outside. In addition vanity and riches will not make you happy. Finally, to be truly beautiful you must treat people how you would want to be treated. Before I get into those versions of Beauty and the Beast, I want to talk about those who don?t think this fairy tale should be seen or heard by children. One version of this tale is by none other than Disney. Kathi Maio said, ?Disney?s version features a beast who looks ugly and acts even uglier? What a heart-warming fable! Why it?s a regular training film for the battered women of tomorrow!? (194). At first I thought, wow she has issues, but when I looked deeper I found what she meant. Not to say that I agree with her by any means. It is a fairy tale for a reason! These things... ...because of the fear that fairies will come after me and turn me into a beast or a statue. (Which if you think about it would be very scary, seeing a something with wings and a wand flying at you.) I just feel that if you want to be treated well, you should treat others well. This was most likely imbedded into me through fairy tales just like Beauty and the Beast. As you can see from only two very short versions of this fairy tale that the values in it are virtues that we should all have. This fairy tale has been passed down for many generations and with each year it grows and adapts to society, but the bases for this story stay true. You can?t judge a book by its cover. The truth is it is what is on the inside that counts, which leads to the next lesson; that being greedy will not make you happy. For everything you get that you think will make you happy, you will only find that you are unhappier than before. This flows nicely into the golden rule. Do unto others as you would have done to you, and this will bring you true happiness. I believe that this is a great fairy tale and the values it teaches are even better. My children will know the story of Beauty and the Beast well.

Macbeth and Macduff Essay

Macbeth explains that Lady Macbeth hates her weak self. â€Å"Make thick me blood. † (1:5:44). Lady Macbeth wants to feel no emotion; she wants to stop being a woman and become a more dominant factor. In this case she wants to become a man. Shakespeare supports his explanation by asking Lady Macbeth ask the spirits to change her, â€Å"Come to my woman’s breast/ and take y milk for gall. (1:5:48-49), she doesn’t want what she has because it is of no longer use to her â€Å"gall†. The author’s purpose it to inform that Lady Macbeth is the true killer and is using Macbeth as a puppet. The author writes in a dominant tone to show Lady Macbeth’s feeling toward change. First, Shakespeare portrays an ominous image in Lady Macbeth’s soliloquy, â€Å"The raven himself is hoarse. †(1:5:37-38). She talks of the future death of the king. The Raven being the messenger who announces death. The cacophonous word â€Å"hoarse† portrays the raven’s speech and harsh tone of voice. Then, there is a tip in the balance of the hegemonic structure in the play. â€Å"That my keen knife see not the wound it makes. †(1:5:51). Lady Macbeth knows hat she is not supposed to have a â€Å"keen knife†, perhaps not a knife at all. A woman, in her right place, should not be keen. She must submit and let her husband have all the control. Where as Lady Macbeth wants to be the one with all the power. The cacophonous diction that Shakespeare uses for the Lady Macbeth. That tend on mortal Ruiz2 thoughts† (1:5:40). Lady Macbeths uses the harsh â€Å"t† expresses her self loathing toward her self and her weakness. â€Å"Nor keep peace between† (1:5:45). There is an eerie â€Å"e† sound portrayed in this line. Shakespeare’s Macbeth portrays the dominance women have. The dominance and the plan that Lady Macbeth has over her own husband. She uses this power to her advantage. Throughout the play Shakespeare reveals through more images of Lady Macbeth’s dominant power.

Summary Of Twelve Years A Slave By Solomon Northup

As American’s our country’s history has been drilled into our education. There are many things to make us proud, as well as ashamed. An atrocious attribute to our country’s past is slavery. Slavery not only happened in America but in numerous countries for far too long. So many people of color were discriminated, abused, abducted and often times killed without remorse. There are millions of individuals, who if were still alive today, could identify with each of those things stated above and tell their own story. One person who would proudly protest their unfortunate experience would be a man by the name Solomon Northup. He wrote a memoir addressing his oppressors and coming clean with all the unjust actions that had taken place. In his book Twelve Years a Slave, the role of religion was very evident not only in his own life, but the lives of the people who played a role in his captivity in slavery. Religion is portrayed in several different perspectives throughou t Twelve Years a Slave. Northup uses this important common ground to cultivate the true relationship between slave and owner. By frequently visiting the topic of faith a realization can be made that both parties are indeed human, this further sheds light on the injustices of Northup’s 12 years in slavery. It has been widely known that slaves were very spiritual people. Throughout their struggles and hardships, they depended on their faith to help them make it through. One can find evidence of this in many hymnsShow MoreRelatedTwelve Years a Slave Film Adaptation655 Words   |  3 PagesTwelve Years A Slave is a 2013 film adaptation of a slave narrative of the same name that was written by Solomon Northup. The main characters Solomon/Platt, Patsey and Edwin Epps are played by Chiwetel Ejiofor, Lupita Nyongo and Michael Fassbender respectively. Directed by Steve McQueen, the movie directs the attention of the reader on the servile life in the South of the United States before the Civil War. Solomon Nyong’o is a free slave from the State of the New York, upon invitation he goes toRead MoreAnalysis Of The Movie 12 Years A Slave By Steve Mcqueen1396 Words   |  6 Pages The movie 12 Years a Slave, directed by Steve McQueen, depicts a free black man, Solomon Northup, from New York who was drugged and kidnapped in order to be sold into slavery in the pre-Civil War South. The movie is filled with powerful scenes and moments of tension that portray the cruel, gruesome years that millions of slaves experienced. For the next twelve years of Solomon’s life, the movie illustrates how he became a piece of property under several different masters. Solomon spent the bulkRead More Summary of Twelve Years a Slave Essay5063 Words   |  21 PagesSummary of Twelve Years a Slave Solomon Northup was born a freeman. On Christmas day, 1829, Northup married Anne Hampton. He was about twenty one years old and decided to enter upon a life of industry so that he could help support him and his wife. He first was employed with others repairing the Champlain Canal. By the time the Canal was finished Northup purchased a pair of horses and other things necessarily required in the business of navigation. He hired several men to help him and he