Fashion and Style Essay Example | Topics and Well Written Essays - 500 words

Fashion and Style - Essay Example The effect of clothing choice is powerful than one would think since people judge us by the way we look and dress. To some style is more of character than clothes but when one styles up in a good manner one makes the inner self to be visible and many would emulate a person who dresses in a good way. One would also earn respect from the people that one associates with since it gives the impression of what one is. Despite the spreading of fashion, style has been out for decades. As the economy expanded, the world has embarked on a collective shopping extravaganza. Clothes and style, on the other hand, doesn't demand a credit card it prospers on bravery and creativity (Jen 38).Style goes way beyond fashion; it is an individually distinctive way of putting ourselves together. It is a unique blend of spirit and substance. Personal identity imposed on, and created through, the world of things. It is a way of capturing something exciting, making a statement about ourselves in clothes. It is what people really want when they aspire to be fashionable. Style is under the general term, fashion. Style is anoverall term which covers very many other topics such as: music, film and television literature, rhetoric, and linguistics among very many other areas. When it comes to fashion clothes are widely discussed and we can say that clothes give a visual aspect to consciousness itself. Through clothes we are able to invent ourselves time and again when we get to dress up. Dressing code also has got a specific time to take over. We dress differently during different occasions such that you cannot dress the same way in a wedding and in a burial ceremony. Style requires one to have confidence with what he is expressing. One can have lots of clothes and lack style (Chidy 97).Fashion is a very wide area which also entails furniture, body piercing, accessories, footwear and clothing including many other things. Style also describes ones uniqueness either in ones career like most of t he musicians have different styles which make them known and recognized. Fashion has got no end each day inventions are made so one has to be updated. It is also expensive to maintain. The media plays an important role in fashion since fashion journalism is practiced here.

Absorption and Marginal Costing Methods

Absorption and Marginal Costing Methods Absorption costing treats the costs of all manufacturing components (direct material, direct labour, variable overhead and fixed overhead) as inventoriable or product costs in accordance with generally accepted accounting principles (GAAP), (BARFIELD et al., 2001). 1.2 Marginal Costing Variable costing is a cost accumulation method that includes only variable production costs (direct material, direct labour, and variable overhead) as product or inventoriable costs. (BARFIELD et al., 2001) 1.3 Similarities between Both Methods Marginal costing Absorption costing Closing inventories are valued at marginal production cost. Closing inventories are valued at full production cost. Fixed costs are period costs. Fixed costs are absorbed into unit costs. Cost of sales does not include a share of fixed  overheads. Cost of sales does include a share of fixed overheads 1.4 Influences of Marginal and Absorption costing on the pricing policy Pricing decisions: Since marginal cost per unit is constant from period to period within a short span of time, firm decisions on pricing policy can be taken, If fixed cost is included, the unit cost will change from day to day depending upon the volume of output. Overhead Variances: Overheads are recovered in costing on the pre-determined rates. This creates the problem of treatment of under or over-recovery of overhead, if fixed overhead were included Marginal costing avoids such under or over recovery of overheads. True profit: It is argued that under the marginal costing technique, the stock of finished goods and work-in-progress are carried on marginal cost basis and the fixed expenses are written off to profit and loss account as period cost. This shows the true profit of the period. Break-even analysis: Marginal costing helps in the preparation of break-even analysis, which shows the effect of increasing or decreasing production activity on the profitability of the company. Control over expenditure: Segregation of expenses as fixed and variable helps the management to exercise control over expenditure. The management can compare the actual variable expenses with the budgeted variable expenses and take corrective action through, variance analysis. Business decision-making: Marginal costing helps the management in taking a number of business decisions like make or buy, discontinuance of a particular product, replacement of machines etc.) (BRAGG, STEVEN M., 2007) 1.4.1 Influences of Marginal Costing It recognizes the importance of fixed costs in production; This method is accepted by Inland Revenue as stock is not undervalued; This method is always used to prepare financial accounts; When production remains constant but sales fluctuate absorption costing will show less fluctuation in net profit and Unlike marginal costing where fixed costs are agreed to change into variable cost, it is cost into the stock value hence distorting stock valuation. (Accounting for management) (BRAGG, STEVEN M., 2007) 1.4.2 Influences of Absorption Costing (It is simple to operate. There are no apportionments, which are frequently done on an arbitrary basis, of fixedcosts. Many costs, such as the marketing directors salary, are indivisible by nature. Fixed costs will be the same regardless of the volume of output, because they are period costs. It  makes sense, therefore, to charge them in full as a cost to the period. The cost to produce an extra unit is the variable production cost. It is realistic to value  closing inventory items at this directly attributable cost. Under or over absorption of overheads is avoided. Marginal costing provides the best information for decision making.) (KAPLAN, 2008) Classifications of cost systems in terms of object: function, product (services) and behaviour, analysing probable causes of cost variances and offer directors the needed advice to improve performance. 2. Cost by Object 2.1.1 Direct Cost Direct costs are costs which can be directly identified with a specific cost unit or cost centre. There are three main types of direct cost: Direct materials for-example, cloth for making shirts Direct labour for-example, the wages of the workers stitching the cloth to make the shirts Direct expenses for-example, the cost of maintaining the sewing machine used to make the shirts. 2.1.2 Indirect Cost Indirect costs are costs which cannot be directly identified with a specific cost unit or cost centre. Examples of indirect costs include the following: The total of indirect costs is known as overheads. indirect materials these include materials that cannot be traced to an individual shirt, for example, cotton indirect labour for example, the cost of a supervisor who supervises the shirt makers Indirect expenses for example, the cost of renting the factory where the shirts are manufactured. 2.2 Cost by Function 2.2.1 Production Cost Production costs are the costs which are incurred when raw materials are converted into finished goods and part finished goods (work in progress). 3.2.2 Non-Production Cost 2Nonproduction costs are costs that are not directly associated with the production processes in a manufacturing organisation. 2.3 Cost by behaviour 2.3.1 Variable Cost Variable costs are costs that tend to vary in total with the level of activity. As activity levels increase then total variable costs will also increase. Note that as total costs increase with activity levels, the cost per unit of variable costs remains constant. Examples of variable costs include direct costs such as raw materials and direct labour 2.3.2 Fixed Cost A fixed cost is a cost which is incurred for an accounting period, and which, within certain activity levels remains constant. Note that the total cost remains constant over a given level of activity but the cost per unit falls as the level of activity increases. (KAPLAN, 2008) Examples of fixed costs: rent business rates Executive salaries. 2.3.3 Stepped Fix Cost This is a type of fixed cost that is only fixed within certain levels of activity. Once the upper limit of an activity level is reached then a new higher level of fixed cost becomes relevant. Examples of stepped fixed costs: Warehousing costs (as more space is required, more warehouses must be purchased or rented) Supervisors wages (as the number of employees increases, more supervisors are required). 2.3.4 Semi Variable Cost Semi variable costs contain both fixed and variable cost elements and are therefore partly affected by fluctuations in the level of activity. †¢ Semi variable costs can be shown graphically as follows Examples of semi variable costs: Electricity bills (fixed standing charge plus variable cost per unit of electricity consumed) Telephone bills (fixed line rental plus variable cost per call) 2.4 Cause of Cost Variances (Sales price variances may be caused by: unplanned price increases (sales price variance) unexpected fall in demand due to recession (sales volume variance) Materials price variances may be caused by: supplies from different sources unexpected general price increases Materials usage variances may be caused by: a higher or lower incidence of scrap an alteration to product design Labour efficiency variances may be caused by: changes in working conditions or working methods, for example, better supervision consequences of the learning effect) (BPP, 2007) Responsibility accounting as a system of planning and control of the organisation. 3. Responsibility Centres Responsibility accounting systems identify, measure, and report on the performance of people controlling the activities of responsibility centres. Responsibility centre sari classified according to their managers scope of authority and type of financial responsibility. Companies may define their organizational units in various ways based on management accountability for one or more income-producing factors-costs, revenues, profits, and/or asset base. (BARFIELD et al., 2001) 3.1 Cost Centres In a cost centre, the manager has the authority only to incur costs and is specifically evaluated on the basis of how well costs are controlled. Theoretically, revenues cannot exist in a cost centre because the unit does not engage in revenue producing activity. Cost centres commonly include service and administrative departments. For example, the equipment maintenance centre in a hospital may be a cost centre because it does not charge for its services, but it does incur costs. (BARFIELD et al., 2001) 3.2 Revenue Centre A revenue centre is strictly defined as an organizational unit for which a manager is accountable only for the generation of revenues and has no control over setting selling prices or budgeting costs. In many retail stores, the individual sales departments are considered independent units, and managers are evaluated based on the total revenues generated by their departments. Departmental managers, however, may not be given the authority to change selling prices to affect volume, and often they do not participate in the budgeting process. Thus, the departmental managers might have no impact on costs. (BARFIELD et al., 2001) 3.3 Profit Centre In a profit centre, the manager is responsible for generating revenues and planning and controlling expenses related to current activity. (Expenses not under a profit centre managers control are those related to long-term investments in plant assets; such a situation creates a definitive need for separate evaluations of the subunit anther subunits manager.) A profit centre managers goal is to maximize the centres net income. (BARFIELD et al., 2001) 3.4 Investment Centre An investment centre is an organizational unit in which the manager is responsible for generating revenues and planning and controlling expenses. In addition, the centres manager has the authority to acquire, use, and dispose of plant assets in a manner that seeks to earn the highest feasible rate of return on the centres asset base. (BARFIELD et al., 2001)

Claire Morgan :: English Literature

‘The Signalman’ and ‘The Black Cat’ Mystery Stories. In my opinion the most important thing to make a good mystery story is suspense. The writer should have the reader wanting to read on and asking questions right from the start. The description of the setting and characters are vital to the mystery. It gives the reader the emotions to really understand the atmosphere of the story. I don’t think the atmosphere needs to be really obscured but some bizarre features are needed to get an eerie and suspicious feeling. A twist in the end throws the reader’s prediction off course, and brings the mystery together. The clues should be laid out subtlety in the story so at the end the reader can see what they missed as they were reading. If questions are left unanswered at the end of the story it keeps the readers thinking so they can imagine what happens. A death makes the story more tragic and far fetched yet realistic making the person wearier of what is going on. Being written in the first person makes the story feel more personal and emotional so the reader feels like they are actually in the story. Dialogue also adds to this affect. Having the words of a person gives you a better idea of their personality. I have recently studied ‘The Signalman’ written by Charles Dickens and ‘The Black Cat’ by William Wintel. They were both written in the 19th century. ‘The Signalman’ is a mystery story about a man getting involved with a signalman. As he first calls down to the signalman, he becomes part of the nightmare. The writer plays the part of the detective as the story is written in the first person. He starts off as just a passer by, but notices the strange, lonely man. He decides to go down and speak with the signalman when he realises he will be here again. He soon becomes very involved with the problems of the signalman. After the man told the narrator about his sightings the narrator tries to find explanations of the delusions. However the next evening he returns to find out that he was wrong. At first, he thinks he is seeing the exact same ghost that the signalman claimed to have seen, but he soon realised that this was not. When he reached the bottom of the cutting he was confronted by the dead body of the signalman. As he watched while the evidence of the accident was gathered the words of the driver echoed through his head. He had heard these words before. The signalman had told him them the previous

How far does Somerset deserve his reputation as the ‘Good Duke’? Essay

Edward Seymour, also known as the 1st Duke of Somerset, in many ways did not deserve his title as the ‘Good Duke’ due to the fact that not only did he used his position as Edward VI’s uncle to gain autocratic power as ‘Lord Protector’, his arrogant and selfish style of government led to a collapse of not only the economy, but created many social, religious and political problems, leading to rebellions spreading across the country. Because of this, it would be unfair to call him a ‘Good Duke’ as his legacy did little good for his successors, having created a nation in a terrible state to save the governing of. Somerset (then known as Earl of Hertford) claimed the title of Lord Protector after the death of Henry VIII, when sometime before it was decided that he and an equal group of others (forming the Regency Council) would manage the throne for Edward VI whilst he was a child, ‘thinking it the surest form of government and most fit for that commonwealth’. Being the boy king’s uncle, it seemed natural for him to be his guardian, and he had soon gained trust by many members – allowing him the favour of being one of the leaders on this council. Somerset, however, played a game of factions, and his rise to power quickly as (self-named) ‘Lord Protector’ allowed the so called ‘Good Duke’ to successfully alienate others – giving his supporters positions of authority around him, whilst leaving those with other ideas along the sides to look upon with confusion and bitterness. Ruling alone was his style of government, and appeasing his supporters with wealth, offices, land and titles was one of his ways to keep control. Somerset, who had made himself Duke – building a grand estate for himself as if he were the real king – gained much resentment from the Privy Council, who, although offered Somerset advice, could see that he was not interested in their views. Sir William Paget – an advisor to the former king – often criticised Somerset’s way of government, noticing that the policies created by the so called council were those only of Somerset, and later he would be one of the forces bringing Somerset down from power. It seems right to suggest that the power Somerset held had gotten to his head – where every policy he wrote, decision he made, and action he took were nothing but his own, and this can be an argument opposing the title of the ‘Good Duke’ he has earned by some, being quite selfish and power-hungry, cavorting around as if he was the actual king. As historian Susan Brigden put it (New Worlds, Lost Worlds): ‘Since Somerset had taken the devising of policy to himself, his would be the blame if, and when, it failed’. As a hard on, military commander, it seemed only natural that Somerset’s attention would have been strongly focussed on foreign policy, particularly, the issue of Edward VI’s suzerainty over Scotland. However, it can be said that Somerset was obsessed with the idea of ruling over Scotland – perhaps using Henry VIII’s initial idea of marrying the young Edward VI to the infant Mary Queen of Scots to strengthen the alliance between the two countries, as an excuse for the insanely increased expenditure over the war. Although relations with France so far had been fairly calm, the idea of Mary Queen of Scots marrying the dauphin of France allowed Somerset to see clearly in his way what was needed to gain Scotland – a war – in his opinion. All seemed well for Somerset, who’s tactic was to defeat the Scots and French in battle and force rule, and this subsequently started off successfully – bringing England victory with the Battle of Pi nkie in September 1547. Nevertheless, Somerset failed to recognise the fierce economic problems that were facing the nation at the time. The previous ruler, Henry VIII had already mangled inflation with the debasing of the coins – yet Somerset foolishly allowed this to continue, trying to fund the war with the Scots. In his Lenton Sermon of 1549, Latimer spoke of the debasing of the silver coin ‘so reddened with copper it blushed for shame’. Financing the war was still a huge problem and Somerset’s tactics seemed to have been failing due to the inability to defend all the forts that had been blocked previously. Without money, the war was crumbling, which led to further problems with the economy. Crop prices were a new high, and it was hard enough to grow grain as it was – this allowed the people of England to start resenting Somerset. In terms of his reputation at the ‘Good Duke’, his actions did not support this title – firstly, he chose to ignore the increasingly terrible economic situation of the country, allowing the rise of inflation and poor exchange rate to continue as a result of the debasing of the silver coins. Likewise his obsession with resolving the Scottish conflict led to heavy military expenditure for little gain, with the resultant garrisoning expensive and frail. Also, by avoiding confrontation with France, Somerset simply passed on England’s major concerns to future monarchs. These decisions were clearly poorly made and short sighted, and whilst he continuously debased the coins of the ordinary, spent much money on his own lavish property and funding a war that he seemed to have underestimated (both financially and skilfully – he realised the French Army was very strong), he refused to admit fault in his own policies, placing ‘the cause of society’s ill elsewhere’ (Brigden.), the ultimate show of arrogance, allowing further bitterness from the Council towards him. As a protector and so called ‘Good Duke’ he seemed to have failed to make any effective progress. In terms of Religious Policy, it was under Edwards VI’s rule, and so under Somerset, that the real changes to the church started to happen. Henry VIII had not only left a legacy that was riddled with debt for the economy, but also tensions amongst the Catholic Church after Henry’s controversial break from Rome. Edward VI, who at the time was being raised protestant, was sure to make reforms that made the majority Catholic country convert, according to his father’s wishes. How things were done was up to Somerset, who, totally different from his hard-faced and somewhat cruel military persona, was quite tolerable in terms of religious change. February 1547, one of the first and noticeable moves to convert to Protestantism made was the denunciation of images in churches in London, although it was not an official change, this act of iconoclasm was fully supported by the government and the protestant extremists such as Nicholas Ridley, showing the starting of religion reform under Somerset. It was not until July of that year that the government sent out injunctions to further attack the Catholic church – this time picking up on things such as candles, bell ringing, stained glass windows and images of saints in Catholic churches across the country, with visitations made by government which were to ‘precipitate the most sweeping changes in religion England had yet seen’ (Eamon Duffy, The Stripping of the Alters). In December of that year came a further change which had significant impact. Chantries, which were used to pray for the souls trapped in Purgatory – a state between heaven and hell in Catholic belief – were dissolved, with these buildings turned into bookshops and other things. Although these changes were changing the appearance of Catholicism in England, Somerset seemed to have ‘gotten away with it’ so far, as although people were perhaps angry with the changes, a lot of people accepted the changes quietly – after all they were not too hard to live with. It can be argued that these policies were soft – and Somerset in a kind fashion had not introduced any cruel punishment to punish those who opposed his idea – which led a lot of Catholics to hide their churchly images in annoyance rather than rebellion. It was not until May 1549 that Somerset introduced the Book of Common Prayer, did he really have a huge impact in terms of the religious reforms. These books were a guideline of what was to be said at all church services, and were completely in English, which was a huge leap from catholic Services which were held in Latin. This change aimed to make churches simpler – less about money and the show of religion, but more about the faith – according to the most radical Protestants. If the Book of Common Prayer was in English, it would be easier for everyone to hear the messages of God in clear plain English, something Catholics disagreed with, as they thought only trained and blessed priests should have been able to read the bible. It was this change that acted as a catalyst for the later rebellions. Although these religious changes seemed somewhat inevitable, and perhaps would have happened under anyone – not just Somerset – it can be argued that Somerset did not do much to drive the changes that were being made, and instead he cared about the conflict with Scotland overall much more. Another thing to take notice was that Somerset was interested in foreign policy, and of course for the future succession of the throne after Edward VI. At that point, most of Europe was Catholic, and Somerset knew that if there was much radical change in England with the church, England would lose important links to major countries such as Spain – which to Somerset – perhaps was not worth the risk of fast change. On the whole, this could have been the reason as to why he didn’t make too obvious changes at the beginning, explaining the relatively slow progress of change, with some policies not lasting very well under Somerset, which would explain why he seemed to be tolerating of religious change and didn’t try and force it too hard, even though it did eventually lead to rebellions. In 1549 many commons’ uprisings were occurring. These were surprising – ‘Not since 1381 had there been such widespread rebellion’ (Susan Brigden, New Worlds, Lost Worlds). Particularly significant, two rebellions occurred under Somerset – the first being the Western Rebellions, in the Cornish area of England. There was a building of tension here with the Cornish, who had a history of disliking the government as they wanted independence. This very strongly catholic state was outraged with the religious changes being made – and so challenged Somerset and his government with a list of demands. The second rebellion was the Kett Rebellion, taking place in East Anglia – which occurred less due to religious reforms, but in rise of the desperation of economic reform, especially after the extreme expenditure thanks to the Scottish war conflict and the over-debasing of the silver coins. The rebellion – named after Robert Kett who took lead – also had a list of things they wanted changing, however interestingly, were written with much more politeness, and had nothing to do with the religious reforms. This suggests to us that only a few parts of the country had so far been greatly affected by the religious reforms under Somerset. These rebellions tell us the general antagonism and resentment the population felt towards the condition of the country under Somerset, suggesting that he was far from being a ‘Good Duke’ However, it is important to argue that it was not just Somerset’s fault – it was too the gentry, ‘who in pursuit of self-interest had abdicated their duty to the commons, seemed powerless to act and looked upon one another’ (Susan Brigden). Although about different problems and the uprisings seemed to be unrelated, there was a ‘particular sharpness in social conflict’ (Andy Wood, the 1549 Rebellions and the Making of Early Modern England) that was very significant, and this blame that fell onto Somerset led to his demise in the time coming. Somerset was growing increasingly desperate to sort out the problems with the rebellions, and so appointed Lord Russell, a nobleman in the West, to sort out the uprisings in the area. Although it took time and strength, on the 4th August 1549, Somerset was able to defeat the rebels in the west, leaving him only the rebels in Kett, against whom he was defeated humiliatingly later on. Somerset then turned to his last hope, as he saw it, the Duke of Northumberland (then known as Earl of Warwick) to help him out with Kett, despite knowing that Northumberland was actually his potential rival. His strong opponent successfully sorted out the rebels, and bought light to the failures of Somerset – his demise was inevitable – and his enemies (Northumberland, Cranmer) who once sat in the shadows in resent towards his arrogant and autocratic rule were able to speak up against Somerset, using his failure against Scotland, worsening of the economy and religious reforms done poorly to accuse him of being a unsuitable Lord Protector, as after all, he did fail to protect the country from rebellions. Somerset, knowing his end was near and his enemies were plotting against him, moved himself and the young King to the Windsor Palace where they were safer. Edward in his diary, wrote ‘Me thinks I am in a prison’, and when it was discovered that Somerset had in fact locked Edward up – thinking that the ‘possession of his person was the key to power’ (Brigden). When discovered, Somerset surrendered and was executed for treason – offering ‘his life, not his liberty’ (Brigden). The fall of Somerset seems like he was perhaps targeted and plotted against, and the fact that he had many enemies alongside the knowledge of his failing policies, supports the argument that Somerset perhaps didn’t deserve the title of the ‘Good Duke’. On the other hand, to not argue Somerset as the ‘Good Duke’ would be unfair as there are things that made him perhaps not as bad as it seemed. Somerset did indeed inherit a legacy full of debt, economical issues, and religious conflict from Henry VIII, and so it would be unreasonable to say that the rebellions started solely due to Somerset’s policies – as he believed he was just carrying out the will of Henry VIII. Furthermore, Somerset was often described being very caring of the poor – ‘Somerset saw himself as the champion of the oppressed, hearing complacently the benisons if the poor.’ (Susan Brigden). This suggests that he was not as brutal as he was made out to be (normally because of his cruel Military regime against Scotland), another reason as to why he good have been considered ‘Good’ to an extent, as previous Monarchs/rulers weren’t often praised with ‘Oh the commons pray for you sir’. Also, he could also be compared to the Duke of Northumberland, who inherits his position as Lord Protector. Northumberland has been compared to being a typical ‘Machiavellian’ character – a person who stabbed the back of others to get what he wanted, and although reform was perhaps more effective under Northumberland, it would be unfair to, if talking in terms of morals, call Northumberland a better Duke than Somerset. Overall, there are some things supporting the argument that Somerset could be described as a ‘Good Duke’ if comparing him to Northumberland. Overall it would seem that Somerset did not deserve the title as the ‘Good Duke’ because of the overall negative effect he had in government, and his policies that failed to successfully bring religious reform in the country, whilst causing further economic damage due to his blind war expenditure from his obsession with the Scotland conflict. Somerset’s overall attitude towards governing was also partly to blame – he created many enemies for himself due to making decisions on his own constantly, alienating certain members who would then plot against him and because of this, he would be solely to blame for the actions he took. Although he didn’t mean to cause extra damage, it is undeniable that his actions proved that he didn’t deserve to be called the ‘Good Duke’.

Brand Personality

Consumer Behaviour Brand Personality: Red Bull Red bull has become one of the largest most profitable companies on the planet. One might ask how an energy drink company could become so big. The answer to that question is through an effective brand personality. Red bull began as a company in Thailand, and once entrepreneurs realized the potential opportunity it exploded. As of recently, Red Bull has gotten its name into just about every sport there is.Their niche is extreme sports and events but they also are involved in traditional team sports as well. To give a general sense of just how wide spread their reach is, we will take a look at just some of the sports and events they sponsor. The list is as follows: * New York Red Bull * MLS soccer team * Red Bull Crushed Ice: * Downhill ice skating race * Red Bull Racing: * Formula One racing * Red Bull’s â€Å"McConkey† Documentary: * Famous Skier/Base Jumper Documentary * Red Bull Rampage Utah Mountain biking competition * Red Bull Winch Sessions * Abstract Wakeboarding and snowboarding locations * Red Bull Art of Motion * Freerunning competition * Red Bull Stratos * Felix Baumgartner’s record breaking jump from 128,000 feet * Travis Rice’s: The Art of Flight * Snowboard documentary funded by Red Bull This list goes on. Just by these few examples there’s no question that Red Bull has developed a world famous brand personality, for being the leader in sports innovations.They have continually pushed the envelope when it comes to extreme activities. Using Felix Baumgartner’s jump as a primary example, Red Bull, not NASA, sent a man 128K feet to test the possibility of a human entering the atmosphere. Felix’s jump set records including highest (128K feet) and fastest (1342km/h – breaking the sound barrier) free fall ever. This recent event portrays Red Bull’s personality perfectly and just how creative and innovative they are becoming with regards to their sponsorships. Brand Personality Consumer Behaviour Brand Personality: Red Bull Red bull has become one of the largest most profitable companies on the planet. One might ask how an energy drink company could become so big. The answer to that question is through an effective brand personality. Red bull began as a company in Thailand, and once entrepreneurs realized the potential opportunity it exploded. As of recently, Red Bull has gotten its name into just about every sport there is.Their niche is extreme sports and events but they also are involved in traditional team sports as well. To give a general sense of just how wide spread their reach is, we will take a look at just some of the sports and events they sponsor. The list is as follows: * New York Red Bull * MLS soccer team * Red Bull Crushed Ice: * Downhill ice skating race * Red Bull Racing: * Formula One racing * Red Bull’s â€Å"McConkey† Documentary: * Famous Skier/Base Jumper Documentary * Red Bull Rampage Utah Mountain biking competition * Red Bull Winch Sessions * Abstract Wakeboarding and snowboarding locations * Red Bull Art of Motion * Freerunning competition * Red Bull Stratos * Felix Baumgartner’s record breaking jump from 128,000 feet * Travis Rice’s: The Art of Flight * Snowboard documentary funded by Red Bull This list goes on. Just by these few examples there’s no question that Red Bull has developed a world famous brand personality, for being the leader in sports innovations.They have continually pushed the envelope when it comes to extreme activities. Using Felix Baumgartner’s jump as a primary example, Red Bull, not NASA, sent a man 128K feet to test the possibility of a human entering the atmosphere. Felix’s jump set records including highest (128K feet) and fastest (1342km/h – breaking the sound barrier) free fall ever. This recent event portrays Red Bull’s personality perfectly and just how creative and innovative they are becoming with regards to their sponsorships. Brand Personality Consumer Behaviour Brand Personality: Red Bull Red bull has become one of the largest most profitable companies on the planet. One might ask how an energy drink company could become so big. The answer to that question is through an effective brand personality. Red bull began as a company in Thailand, and once entrepreneurs realized the potential opportunity it exploded. As of recently, Red Bull has gotten its name into just about every sport there is.Their niche is extreme sports and events but they also are involved in traditional team sports as well. To give a general sense of just how wide spread their reach is, we will take a look at just some of the sports and events they sponsor. The list is as follows: * New York Red Bull * MLS soccer team * Red Bull Crushed Ice: * Downhill ice skating race * Red Bull Racing: * Formula One racing * Red Bull’s â€Å"McConkey† Documentary: * Famous Skier/Base Jumper Documentary * Red Bull Rampage Utah Mountain biking competition * Red Bull Winch Sessions * Abstract Wakeboarding and snowboarding locations * Red Bull Art of Motion * Freerunning competition * Red Bull Stratos * Felix Baumgartner’s record breaking jump from 128,000 feet * Travis Rice’s: The Art of Flight * Snowboard documentary funded by Red Bull This list goes on. Just by these few examples there’s no question that Red Bull has developed a world famous brand personality, for being the leader in sports innovations.They have continually pushed the envelope when it comes to extreme activities. Using Felix Baumgartner’s jump as a primary example, Red Bull, not NASA, sent a man 128K feet to test the possibility of a human entering the atmosphere. Felix’s jump set records including highest (128K feet) and fastest (1342km/h – breaking the sound barrier) free fall ever. This recent event portrays Red Bull’s personality perfectly and just how creative and innovative they are becoming with regards to their sponsorships.

Antony and Cleopatra Research Paper Example

Antony and Cleopatra Research Paper Example Antony and Cleopatra Paper Antony and Cleopatra Paper even through all the images of dissolution and destruction, Enobarbus is prepared to remain faithful, Ill yet follow the wounded chance of Antony. . He scornes the idea that Caesar, with great armies under his control high-battled Caesar, would forego his good fortune unstate his happiness by fighting with a practiced swordsman be staged to th show/ Against a sworder. Enobarbus wonders what can be in remaining loyal to a fool Mine honesty and I begin to square However he then comments that To follow with a falln Lord/ Does conquer him that did his master conquer/ And earns a place Ith story. This poignant comment about earning a place in the story and gaining a moral victory over Caesar is the only reason he can think of to stay with Antony. Enobarbus soon offers the image of rats leaving a sinking ship, however the ambiguity of the image is that he could be referring to either himself or Cleopatra. Thou art so leaky, that we must leave thee to thy sinking, for thy dearest quit thee. The irony of Enobarbus decision to eventually leave, is not lost on us, he can see the truth in everything but himself. Which is why Enobarbus earns his place in the story. After his desertion, Enobarbus comments are full of great pathos and create the aurora of finality. O sovereign mistress of true melancholy, for Shakespeares audiences, Melancholy was not merely sadness, it was a deep and black despair that could blow the heart. It is that Enobarbus is praying for, after his realisation that he abandoned everything that he stood for. During Act 4 scene 6 he is confronted by the reason which he stood by Antony in the first place, it is this realisation of a tragic mistake that he must die and he proclaims I will go seek/ Some ditch in wherein to die. The following soliloquy contains yet more imagery of breaking and dissolution This blows my heart. , where Enobarbus reveals his true thoughts. However it is the Elizabethan belief that to be full of thoughts was to be full of despair , grief and distress that concerns Enobarbus he feels that anymore thought will kill him he also says that he is un-loyal betrayer with a crown of gold, better my service when my turpitude Thou dost so crown with gold! , which is the opposite view to what we see him as. His talks of finishing all foul thoughts, it is this dark imagery of breaking and shattering that creates the enigmatic end to his life, blessing the moon (which in Elizabethan times was thought to causes depression, illness, and even madness) and then crying out to Antony as he dies. His final act is to ask Antony for forgiveness for deserting him, Forgive me in thine own particular, But let the world rank me in register A master-leaver and a fugitive. O Antony! O Antony! His almost hyperbolic reaction shows his final acknowledgement of his own truth that the Roman qualities about him were weaker than the Egyptian characteristics. Enobarbus tragedy is the tragedy of a cynical mind coupled with a soft heart. His cynical and objective views (the commentator and truth teller. ) often are undermined by his poetic, and kind side (Antonys confindantn and his speech in Act 2 scene 2). His realisation of himself a the end definitely does earn himself a place Ith story.

Industrial Revolution Essay

Industrial Revolution Essay Industrial Revolution Essay Mike Appell Frazer EUC 2001 The Industrial Revolution, one of the most vital periods of change in Great Britain, occurred because of the stable economic, social, and political stance of the country, as well as brought lasting effects in Britain in each of these areas. With its fast growing monopoly on ocean trade, its renewed interest in scientific discovery, and its system of national banks holding tight to its financial security, Britain was, at the time of the Industrial Revolution, ready for change. It was the great historical change we call the Industrial Revolution which would forever change city life, social class structure, the power of the British nation amongst others of the world, the production of machinery, and the strength of the economy of Britain. Because of the Industrial Revolution, never again would the British have to suffer the results of no changes regarding the inequalities of the working world, or doubt the strength of their country. Instead they would come to view the word "technology " in a completely new way. Due to its sturdy financial and economic conditions, Great Britain was the leading figure in the Industrial Revolution. First of all, its domination of the seas via a strong military force gave it control of ocean transportation and trade. Ongoing British trade of tobacco, sugar, tea, and slaves internationally was largely a result of this control. Secondly, Britain’s national banking system provided it with capital from investments and a surplus of finances for which to use in commerce on the international scale. New inventions of the time included John Kay’s "flying shuttle" weaving device and George Stephenson’s "Rocket" railway train, along with innovations such as Abraham Darby’s thought to use coal instead of charcoal in order to create fuel, as well as Henry Bessemer's renovation of steel production (3.UShistory.com). Each of these improvements aided both the production and transportation of products and materials used fo r trade and in industrial factories. Other new developments included a seed drill, which enabled farmers to plant seeds in straight rows, along with the introduction of mechanical reapers and threshers. These and other devices greatly increased farm production in Britain, promoting the growth and trade of the country. The improved cultivation of healthier fruits, vegetables, and other foods grown on British farms using the new inventions bettered the health and growth of the population, which meant there were more workers to help run industrial factories. Great Britain was also rich in natural resources such as water and coal. These could provide an ample energy supply for trains, factories, steam ships, and other devices which increased transportation and also the movement of workers and new industrial ideas as well. In fact, Britain’s American colonies played an important role in providing the country with such vital raw materials. The enclosure movement restricted the owne rship of public farmlands specifically to the wealthy landowners. As a result of this movement, an influx of unemployed farm workers was created, adding to Britain’s strong labor force in cities. An increase in the number of workers in industry meant that factories could run more efficiently and produce more goods than ever before, helping to manufacture a much greater amount of new machinery (1.Thefreedictonary.com/industrialrevolution).It was this expanded variety of mechanical tools that would fuel the continuation of the Industrial Revolution. The Industrial Revolution was a positive era to have occurred in Britain. In the beginning, however, the Industrial Revolution appeared to bring no benefits at all to the country. Living conditions in cities became unsanitary, as well as cramped and impoverished. Factories subjected men, women, and even children workers to low wages, harsh punishments, and unprotected work around dangerous machinery.The tremendous use of coal in

Divisibility Tricks and How to Divide in Your Head

Divisibility Tricks and How to Divide in Your Head A great way to enhance student learning in mathematics is to use tricks. Luckily, if you are teaching division, there are a lot of math tricks to choose from. Dividing by 2 All even numbers are divisible by 2. E.g., all numbers ending in 0, 2, 4, 6, or 8. Dividing by 3 Add up all the digits in the number.Find out what the sum is. If the sum is divisible by 3, so is the number.For example: 12123 (121239) 9 is divisible by 3, therefore 12123 is too! Dividing by 4 Are the last two digits in your number divisible by 4?If so, the number is too!For example: 358912 ends in 12 which is divisible by 4, and so is 358912. Dividing by 5 Numbers ending in 5 or 0 are always divisible by 5. Dividing by 6 If the number is divisible by 2 and 3, it is also divisible by 6. Dividing by 7 First Test: Take the last digit in a number.Double and subtract the last digit in your number from the rest of the digits.Repeat the process for larger numbers.Example: Take 357. Double the 7 to get 14. Subtract 14 from 35 to get 21, which is divisible by 7, and we can now say that 357 is divisible by 7. Second Test: Take the number and multiply each digit beginning on the right-hand side (ones) by 1, 3, 2, 6, 4, 5. Repeat this sequence as necessary.Add the products.If the sum is divisible by 7, so is your number.Example: Is 2016 divisible by 7?6(1) 1(3) 0(2) 2(6) 2121 is divisible by 7, and we can now say that 2016 is also divisible by 7. Dividing by 8 This ones not as easy. If the last 3 digits are divisible by 8, so is the entire number.Example: 6008. The last 3 digits are divisible by 8, meaning 6008 is as well. Dividing by 9 Almost the same rule and dividing by 3. Add up all the digits in the number.Find out what the sum is. If the sum is divisible by 9, so is the number.For example: 43785 (4378527) 27 is divisible by 9, therefore 43785 is too! Dividing by 10 If the number ends in a 0, it is divisible by 10.

Marketing in Healthcare Industry Term Paper Example | Topics and Well Written Essays - 1000 words

Marketing in Healthcare Industry - Term Paper Example A marketing manager should understand the objectives of the firm in general and come up with a corporate marketing strategy which should address the product, distribution channels and tactics to be used. A strategic marketing plan begins by coming up with a strategic business unit that is independent based on management, access to resources, competition, customers and positioning strategy. The major elements that one focuses on include identification of the enterprise, situation analysis, coming up with strategies and control establishment all in a strategic business unit. A marketing plan in most cases involves a description of the product on the basis of any distinctive features presented, a budget for carrying out the awareness which includes the adverts and promotional activities, pricing strategies which depend on the cost of production, market segmentation and a full description of business location. Strategic marketing should also focus on the business environment which firstl y will concentrate on the economic variable which will assess whether the economy is in recession or in expansion (Berkowitz, 2011). Secondly, strategy will analyses the impacts of technological on the speed, processes, production and market and try to include this in marketing plan. The third factor is political intervention which focuses on regulations, taxes, reporting requirements and how these influence marketing strategies. Another factor to consider is the social cultural factors which relates to the perceptions of a certain product in different cultural diversities. These are psychological factors that alter the demand patters and the market dynamics bringing about a change in the profits of a firm. Finally, the strategic marketing should focus on internal review process. This checks the management and information systems, competition, budgets, distribution channels, market plan, sales projections, cost analysis and an overall snapshot of the marketing plan. Before a consume r can come up with a purchase, various factors both internal and external influence the decision making process. A person can choose to purchase a product not because it is needed but because of a perception that it is useful. The consumer behavior is determined by internal factors such as feelings, tastes and preferences, while external factors relate to commercials, the marketing abilities of the firm or coupons reflecting the product. However, initial intent must be created before a consumer can make a purchase. The choice made will be influenced by the cost of the product and on evaluation or observation on the quality of the item in question (Berkowitz, 2011). A person may also choose to buy a product out of previous satisfaction on the use of the item. Companies may be interested to ensure that goods being produced for selling should not create cognitive dissonance on the part of the consumer which determines purchase value. The marketing strategy to be adopted by a normal bus iness enterprise is different from that to be used by a health care industry. This is because the target population is different. Whilst the business focused on the overall consumer, the health care focused on a limited class such as the aged, the sick and those in need of medical attention. In this case, their approach is narrowed on that business

Social, Economic, And Political Changes Caused By Globalization Essay

Social, Economic, And Political Changes Caused By Globalization - Essay Example Global wealth is currently shifting from less heavily populated American and European regions to the more heavily populated Asian region because of globalization. According to Lieber and Weisberg (2002, p.274), globalization helps people all over the world in the creation of a stronger and stable world. Supporters of globalization believe that globalization benefits the world through the promotion of such ideas like human rights, democracy, and freedom and that it enhances the success of the world through free trade, free investment, and better technology. According to Dharam Ghai (2003), free market and private enterprise are extremely important in determining the success of globalization. Cross-cultural businesses have been increased a lot as a result of globalization. Imports and exports between different countries were also increased because of the liberalized rules affected in many countries as part of globalization. Despite all these arguments in favor of globalization, some pe ople believe that globalization is nothing but imperialism. It should be noted that imperialism is the process of taking over of a weaker nation by a stronger nation (What is imperialism, n.d.). Critics of globalization believe that capitalist countries like America and UK are trying to loot the wealth of developing and underdeveloped countries in the name of globalization. Globalization is labeled as Americanization by the opponents. They pointed out that instead of globalization, glocalization is necessary for a country to progress properly. It should be noted that glocalization is the process of integrating local markets into world capitalism. It refers to a concept in which individual, group, organization, product or service upholds the local standards even while operating internationally.

A Flag For Sunrise By Robert Stone Essay Example | Topics and Well Written Essays - 750 words

A Flag For Sunrise By Robert Stone - Essay Example He segregates his time between Connecticut, where he lectures at Key West and Yale University.A Flag for Sunrise placed in the imaginary Central American country of Tecan, assault American intrusion in such countries. Frank Holliwell, once Central Intelligence Agency worker, now and an itinerant professor. By discovering the fortune of Americans whose lives develop into entwined in Tecanecan politics, Stone add up the varied reasons that sketch Americans into clashes that they merely unclearly understand. It states the introduction of the nastiest from North American civilization, maintaining of cruel and lethal governments, and obliteration and fatalities. Pablo Tabor, a suspicious psychotic on a charge of murder, finds his fortune: demise underwater. An inquisitive, anthropologist Frank Holliwell feels living only when trapped up in the secrecy and the disgust of clashes in the frightening and cruel tropics, but cannot clarify why. Holliwell finds endurance of the fittest the only value but close that strangers have "no business down there." Everybody is probing for what only the innovatory seem to have-a "flag" or rationale-but all are let down, tormented, and slaughtered.A Flag For Sunrise offers panoply of men and women on the missing who have lost their path. Sister Justin, "the earnest nun" (5) has lost confidence, and now wants some wisdom of political reason. She memorizes the civil rights progress in Mississippi, where she depleted a night in prison. She is prepared to depart life pointlessly -- which she accomplished -- for the reason. Driving to Tecan with Marie Zecca and Tom, workers of the U.S. Embassy, and Bob Cole, a temporary journalist, Holliwell comments to himself that the massive volcanoes for which the state is well-known seem to converse " a troubling sense of the earth as nothing more than itself, of blind force and mortality. As mindlessly refuting of hope as a skull and bones" (157-58). According to Holliwell the United States obscured the world beneath pop society to use his expression, "'Mickey Mouse will see [us] dead'" (108). American trademark of optimism, is, as he know it, a disappearing thing. "Its going sour and we're going to die of it" (109-10). Current history has collapsed American confidence and fetched down with it Holliwell's confidence in that non-selling asset. Holliwell's investigation is, nonetheless, about families. His recognized dealing in life "was to husband and father, to teach, even to inspire, and to endure. These things were not trivial" (245). "The world paid in blood for their articulate delusions, but it was all right because for a while they felt better. And presently they could put their consciousnesses on automatic. They were beyond good and evil in five easy steps [. . .]" (245). Holliwell distinguishes that his complete uncertainty is a symbol of misery that final and supreme confront to supporter and political performer is similar. "There was no reason to get angry," he believes. "At his age one took things as they were. Despair was also a foolish indulgence, less lethal than vain faith but demeaning" (246). The absurdities of spiritual and political faiths inhabit in Sister Justin as a longing for realistic act, and she notices an instant when an option must be through and reserved. Her outset of political realities change the energy between Holliwell and herself so that the person who reads observes Holliwell

Toy's role in a child's life Essay Example | Topics and Well Written Essays - 750 words

Toy's role in a child's life - Essay Example For instance, Barthes points out that toys are usually perceived basically a â€Å"microcosm of the adult world† (Callus & Herbrechter 150). Therefore, toys can be seen as reduced replicas of the humanly objects, an aspect that is used by the elders to belittle the children. Toys are therefore usually used to create a relatively small world that matches the sizes of the children thus enabling the children to be prepared for adulthood. However, in doing so, adults underestimate the power of creativity and imaginative capabilities possessed by children. Barthes has used the French toys to accurately epitomize the expected functions of the adult individuals in the world. By doing so, children are obviously prepared to accept the expected functions without any insightful thought thus enabling the â€Å"adult world† to be thrust upon the children as they grow up. The children are therefore hallowed to accept the societal acts in the environment without any curiosity. For instance, Barthes argues that the alibi of a nature is frequently used to create â€Å"soldiers, postman and Vespa’s† (Berger 33). This clearly shows that toys have been used to reveal the various things that are existent in the adult world. The toys therefore enables and conditions the children to grow into a world of adulthood through the assimilation of different duties in the world. For instance, toys such as soldiers and combative gadgets that are mostly used by boys help them to assume a more protective role in future whereas replicas of dol ls and kitchen gadgets which are mostly used by girls expresses their future roles as house wives. Equally important, Barthes labels the contemporary toys as faithful, truthful and complicated items. This is due to the fact that the present day children only use the toys as an owner and not as a creator. This implies that currently, children only purchase and own toys without really taking part in the toy’s creation process. Their interest is always

Transformational Learning Essay Example | Topics and Well Written Essays - 1000 words

Transformational Learning - Essay Example The significant feature of power is that it is the function of Dependency. The greater the person is dependent on the first person; the greater is the first individual’s power in the relationship. Team work is vital in an organization. Triumphant teams accomplish the strategic goals if they are efficient. Teams are most successful when different group of workers are participating. Restricting the number of teams on which only one employee may contribute. Team has a habitual meeting schedule. A new employee is added to the team. Transformational leadership style situates eminent values for imitation. The encouraging inspiration gives the adherents with challenges along with a suggestion for appealing in joint purposes and accomplishments. Transactional leadership engrosses dependent support. Cohorts are aggravated by the manager’s assurance, admiration, and remuneration. Transformational Leaders are those who provide individualized consideration and intellectual stimulation and who possess charisma. They pay attention to the concerns and growth needs of individual followers, awareness of issues by helping them to look at old problems in new ways and they are able to motivate and inspire followers to put out additional effort to achieve group goals. Transactional leaders are those who guide or motivate their followers in the direction of established goals clarifying role and task requirements. These leaders encourage followers to rise above their own self interest for the good of the organization and who is capable of having a deep and astonishing effect on his or her followers. Organization culture is the common perception held by organizational associates, a system of shared meaning. This system is a set of key characteristics that the organization values. Transformational Leadership and organizational culture are supposed to be firmly entwined. The leaders should have a profound consideration of the distinctiveness as well as force of the

ARTICLE BRIEF Essay Example | Topics and Well Written Essays - 250 words

ARTICLE BRIEF - Essay Example v. Commissioner, 350 U.S. 46 (1955). According to the ruling, capital assets include the property held by the taxpayer but does not include goods in trade or assets held by the taxpayer for the primary purpose of resale. It is, therefore, viable to conclude that Haig Simmons did not incur a loss on capital and hence the loss is categorized as ordinary. The Supreme Court held the verdict of the Court of Appeals and the Tax Court that the petitioner’s future business transactions are designed to caution its manufacturing business against the price increase that would reduce the profit margin. In this case, Anderson (2001) declares that the loss emanating from such transactions should be included as an income when determining the tax payable. Similar ruling was made on March 7, 1988 in the case Arkansas Best Corp. v. Commissioner, 485 U.S. 212 (1988). In the case, the court noted that future transaction had a consistent trend of giving rise to huge gains that went untaxed. The court therefore held that the petitioner should be slapped with a tax burden with the future loss as part of taxable income. In conclusion, losses emanating from future contracts form a part of the loss on inventory and hence the amount in the transaction should be incorporated as an income to the enterprise but not as a loss on

Transformational Learning Essay Example | Topics and Well Written Essays - 1000 words

Transformational Learning - Essay Example The significant feature of power is that it is the function of Dependency. The greater the person is dependent on the first person; the greater is the first individual’s power in the relationship. Team work is vital in an organization. Triumphant teams accomplish the strategic goals if they are efficient. Teams are most successful when different group of workers are participating. Restricting the number of teams on which only one employee may contribute. Team has a habitual meeting schedule. A new employee is added to the team. Transformational leadership style situates eminent values for imitation. The encouraging inspiration gives the adherents with challenges along with a suggestion for appealing in joint purposes and accomplishments. Transactional leadership engrosses dependent support. Cohorts are aggravated by the manager’s assurance, admiration, and remuneration. Transformational Leaders are those who provide individualized consideration and intellectual stimulation and who possess charisma. They pay attention to the concerns and growth needs of individual followers, awareness of issues by helping them to look at old problems in new ways and they are able to motivate and inspire followers to put out additional effort to achieve group goals. Transactional leaders are those who guide or motivate their followers in the direction of established goals clarifying role and task requirements. These leaders encourage followers to rise above their own self interest for the good of the organization and who is capable of having a deep and astonishing effect on his or her followers. Organization culture is the common perception held by organizational associates, a system of shared meaning. This system is a set of key characteristics that the organization values. Transformational Leadership and organizational culture are supposed to be firmly entwined. The leaders should have a profound consideration of the distinctiveness as well as force of the

Business Math - advantages and disadvantages of higher interest rates Essay

Business Math - advantages and disadvantages of higher interest rates on investments - Essay Example Secondly, increase in interest rate has an effect to bond debt. When interest rate rises, after bonds are issued, bond prices fall. Government can use this strategy to buy back bonds, hence retire debt and free money in their budget to devote to other projects. Interest rate also affects risk aversion. When the interest rate is high, returns from normal savings cushions against riskier investments. The effect of this leads to more investors willing to work with these rates of return. Interest rates also affect equities, rising rate brings about higher borrowing costs, and this consequently impacts on the ability to spend. (Frankel, 2003) On the other hand, a disadvantage is that when interest rates are high, the following disadvantages are experienced. These occur in order to balance out the change. First, its expensive to borrow money, hence less money is available to buy goods. In effect, this will slow the growth rate of an economy. High interest rate can have effect on stock market, since less money is borrowed, the quantity of goods available from traders is less as they cannot afford to make more purchases. Loan borrowing by businesses is also reduced due to the cost incurred in borrowing. High interest rate also has a negative effect on credit cards, companies using credit cards will raise their rates respectively in order to balance with the interest rate changes (Frankel,

A real estate investment trust

A real estate investment trust Chapter 1: Introduction 1.1 Introduction A Real Estate Investment Trust (REIT) is a mode of indirect investment which buys, sells, develops and manages property investments. REITs have an advantage in that they experience gains from certain taxation rules. Before REITs were introduced in the UK in 2007 listed property companies suffered from double taxation, with corporation and investors tax being paid on their dividends. With direct property investment there was only one taxation charge on rental income. In order to alleviate this problem the REIT structure was adopted in the UK, by making companies exempt if they met certain requirements. The birth of the REIT structure came from the United States and dates back as far as the 1880s. Originally they were simple modes of investment were it enabled investors to avoid double taxation by distributing their income to beneficiaries. In this essence they have not changed however are more heavily regulated than these early days. Although this tax advantage was ended in the US for a period they quickly re-emerged in 1960s, were their structure has been developed since. Certain changes such as allowing pension funds investment access has saw the mode of investment sore. Although REITs offer advantages of taxation it also has numerous benefits over direct property investment vehicles. The heterogeneity of property can lead to uncertainty about its market value which can be compounded by thin trading in some locations with a lack of transparent data on transaction prices also. Thin trading can lead to delays in the sale and slow legal transfer process. These disadvantages of direct property create the potential for illiquidity and prevent fund managers from actively managing their portfolios. Property also has higher management and transaction costs than the paper asset quality of REITs which can be sold in smaller divisible units. Direct property is â€Å"lumpy† in that only the largest financial institutions can afford to buy in any large volume. REITs have the benefit of being a paper asset tradable on major exchanges with their dividend linked to the income from property. Information for REITs are freely available and regulated by accountin g policies. REITs also have the benefit of the opportunity for investors to diversify risk in their portfolio. This has the benefits of property but without the difficulties linked to direct property investments. In the REIT structure there are 3 different types of REITs generally on offer. Equity REITs offer investment trusts where greater than 75% of assets are in the form of direct ownership of income producing properties. These are the most popular form of REIT. Mortgage REITs however deal in the ownership and investment of property mortgages, they loan money to owners of property or invest in existing mortgages or mortgage securities. These are debt instruments were income is generated from the interest they earn on the mortgage loans. A Hybrid REITs combine both equity and debt instrument. Although REITs appear to offer many advantages in comparison to direct property investment their history in UK since their instigation in the UK has been greatly chequered with the global economic downturn having effected fund values greatly. Source- REITa.org 1.2 Proposition The proposition for this paper is; â€Å"Investor confidence in the UK-REIT has been permanently affected by the timing of their introduction to the UK during the recession.† 1.3 Aims and Objectives Indirect investment in property has been a steadily growing mode of investment in the UK over the previous years. With Real Estate Investment Trusts being introduced to the UK in 2007 my overall research aims to establish the effects recent years have had on investor confidence in UK-REITs performance as an indirect investment mode in portfolios. In order to meet this aim a number of objectives are assembled. These are: To look at how the recession has affected investment in property as a whole. To compare how direct and indirect investment in property have performed in the UK during the recession. To establish whether there is an inherent problem with the structure of UK—REITs or has the recession been the main driver for their underperformance. To interview a mixture of fund managers, property investors and general property professionals in order to support theoretical findings of the poor performance of UK-REITs since their introduction and establish any other underlying factors in the UK-REIT system. 1.4 Scope of Study This research initially involves an overview of the structure of the UK-REIT and its performance history since January 2007. The scope of the study is then further narrowed down, with emphasis on why the UK-REIT has performed poorly supported by interviews to indicate investors views of the future performance of UK-REITs. 1.5 Structure of Study Chapter one: Introduction Introduces the field of this study and states the hypothesis that will be investigated. The chapter also sets out the aims and objectives of the dissertation to â€Å"understand the history of REIT performance within the UK and ascertain if investor confidence has been permanently affected by the recession† and concludes with a brief discussion of the methods used. Chapter two: Research Methodology States the research methodology utilised to carry out this study. It looks at the various types of research and data that will be employed and how these findings will be analysed. Chapter 3: Literature Review This shall look at the generic fundamentals of the UK structure of the REIT in order to establish that the UK-REIT structure is not flawed. It will look at the theoretical determinants of the performance the UK-REIT. Chapter 4 Chapter 5 Chapter 6 Conclusion will look at the key findings of the study. Conclusion Chapter 2: Research Methodology 2.1 Introduction The purpose of all research is fundamentally the same and is defined by â€Å"seeking through methodical processes to add to ones own body of knowledge and hopefully, to that of others, by the discovery of non trivial facts and insights.† Sharp and Howard (1996) This chapter shall detail the methods to be implemented during the course of this study. It shall include a brief outline of different methods used; secondary data and primary data along with quantitative and qualitative data. It shall show the process with which the research shall follow, along with its limitations and finally an explanation of how the results can be analysed. 2.2 Types of Research Methods The different types of research methods used during this study shall be described below. 2.21 Secondary Research Secondary research involves the summary, collation and or synthesis of existing research. For my dissertation I shall look at a number of sources of secondary research in order to better inform my primary research. I shall use existing academic research on REITs from journals, in order to source such material from the Library catalogue. Textbooks shall provide another academic background to the subject. Articles from publications such as the Financial Times shall provide current views of property professionals. Search engines such as www.google.com and the Google scholar service shall provide further material for this paper. Historic data on the performance of REITs can be sourced from such bodies as the IPD and REITA.org. This quantitative data shall be statistically analysed. Academic integrity of sources shall have to be taken into consideration when reviewing secondary sources. Academic journals have the Newton metaphor of â€Å"standing on the shoulders of giants† in that their material has been reviewed intensively by other academics before being published. However other material may not have such integrity in their views. For example articles are only one persons view point on a subject and thus may not be entirely correct. 2.22 Primary Research Primary research involves the collection of data that does not already exist. My dissertation shall look to conduct primary research through semi- structured interviews with a mixture of fund managers, property investors and general property professionals. This research shall be in the form of a questionnaire emailed to the individual. The results of which shall be treated ethically following the research ethics guiding principle outlined by Dissertation Guide. This Chapter 3: Literature Review 3.1 Introduction This Chapter shall aim to look into the work of previous academics on REITs. Firstly we shall look at depth the generic fundamentals of the UK structure of the REIT in order to establish that the UK-REIT structure is not flawed. Secondly it will look at the place of REITs in a modern portfolio, REITs as an inflation hedge, information transfer between direct and indirect property and REIT sensitivity. 3.2 The UK structure of the REIT The introduction of REITs in the UK has been long in the making and regarded by many as long overdue. The 2003 Pre-budget report announced that â€Å"in line with the interim recommendations of the Barker review, the government has concluded that reform to the tax treatment of property investment would improve liquidity, transparency and scrutiny, provide access to property for long-term savings and could expand the private rented sector† This was the beginnings of the process that concluded with the introduction of Real estate investment trusts in January 2007. In order to establish a Real Estate Investment Trust structure in the UK the HM Treasury published the Paper â€Å"Promoting more flexible investment in property: a consultation† in 2004. The purpose of this paper was to look at the possibilities of REITs in the UK and to look at successful structures which had been implemented in other countries. By looking at these other structures HM Treasury concluded that REIT structures which I had been successfully implement elsewhere were close-ended, publicly listed and internally manage. The Paper also outlined the requirement to distribute a high level of the income to investors, combined with restrictions on debt gearing and development activity permitted. In order for Real Estate Investment Trusts to be instigated in the UK the Government through this paper set out four key objectives for reform: â€Å"Improving the quality and quantity of finance for investment in commercial and residential property. Expanding access to a wider range of savings products on a stable and well regulated basis. Protecting all taxpayers by ensuring a fair level of tax is paid by the property sector. Supporting the structural change in property markets to reduce costs and improve flexibility and quality for tenants.† HM Treasury 2004 3.21 UK Structural Features The paper (HM Treasury, 2004) also outlined structural features that would be vital to the design of any proposed property investment fund for the UK. Firstly one of the primary objectives for introducing a REIT structure to the UK would be to be listed on the stock exchange. This would expand the opportunity for small investors to invest in a wider range of property. It would also ensure fairness restricting private companies taking advantage of the tax arrangement without delivering some of the wider public benefits. The paper also outlines further benefits to being lists on the stock exchange; ensuring a wide investor base and encourages access to the retail investor. The listed property structure also determines frequent market scrutiny with the regulation structure already place in the stock market ensuring transparency for the investor, whilst also increasing liquidity of the asset type. Another potential advantage would be that the fund might trade closer to its net asset value, which would make it easier to raise new capital on the market. A second key structural feature of the UK-REIT was to establish if a close-ended or open ended fund structure would be more suitable. An open ended structure could mean that the scheme may have to liquidate asset quickly, at a time which might not be appropriate for the market leading to instability. The nature of property as an illiquid asset and with the requirement of some degree of liquidity to be present in the portfolio causes difficulties in the open ended structure. With the close-ended structure the UK-REIT these difficulties do not arise. If an investor wishes to withdraw an investment they may simply sell shares, where the price reflects market equilibrium for the share. Thirdly in this early stage of the looking at the possible UK-REIT structure it was decided that there would be a high level of income distribution to investors. This was to ensure that that investors had good returns. However the exact distribution percentage needed to be designed to reflect conditions specific to the UK in order to for there to be sufficient cash to maintain properties in the portfolio. The report also looked at the levels of borrowing that the property investment fund should be allowed. If there was high borrowing allowed then this would imply high debt service costs, reducing the level of income to investors, perhaps also changing the balance from an income return based investment to a capital value return. With high borrowing, then the structure may resemble that of an ordinary property company. The report also looks at concern over the development activity in the UK structure. The government had two objectives for this; firstly to encourage greater renewal within the property industry, to develop new commercial and residential property. Also secondly to ensure that the property sector contributes its share of tax, with high levels of income and capital being distributed to investors. With the high distribution costs and borrowing restrictions it was decided that the fund should not be a vehicle which newly developed property would be sold and managed. In December 2006 HM Revenues and Customs published their pre budget report, outlining the UK- REIT structure that would be implemented in January 2007. 90% of the income from the tax exempt business is to be distributed to shareholders within 12 months of the end of the accounting period. The company must not be controlled by five or fewer shareholders. Shares must be recognised on a recognised stock exchange An entry Charge of 2% of the market value of their investment properties is chargeable at the date of conversion 75% or more of its assets must take the form of investment property and 75% or more of its income must be rental income. The company must not borrow money on terms that are linked to its profits. Distributions of UK-REITs tax exempt income are treated as income from property. Where a UK-REIT carries on a joint venture, the activities of the joint venture company can be taken into account in deciding if the UK-REIT meets the regime conditions. Restrictions on gearing; profits must cover interest payments by at least 1.25times failing this the company will pay corporation tax. 3.3 REITs place in a Portfolio The place of REITs in a portfolio has been the subject of much debate. Chiang et al. (2002) conducted research into the place of REITs in a contemporary portfolio. It states that the business of investment management is a decentralised, top-down one in which practitioners must estimate the optimal asset class mix. Therefore fund managers must have an understanding of what exactly Real Estate Investment Trusts are at the macro level, in order to be effective in optimising and diversifying their portfolios. If an investment manager was able to mimic the returns of REITs, the less understood REIT would be likely to be operationally redundant. However if the price behaviour of REITs is unique then including REITs into portfolios would be essential and beneficial to practitioners, as their portfolios are further diversified at the macro level. The Chiang et al paper is motivated to provide evidence regarding the benefits of diversification from including REITs in multi asset portfolios wi thout or combined with unsecuritised real estate. Liang and McIntosh (1998) however include a more complete set of asset classes over a longer period of time in order to derive more conclusive results. The research concluded that REITs are a unique asset class which cannot be mimicked at the macro level by investing in other asset classes. The paper also investigated that styles of REITs can change over time, while the returns remained unique throughout the sample period. However in a study by Glasgock et al.(2000) claims that previous research only looked at linear relationships and without acknowledging the long run economic effects that may occur. In their study they used integration analysis to examine long term economic relationships among REITs and other markets. Need more about real estate versus stocks

Commodity Fetishism in Edith Wharton’s The Age of Innocence :: Edith Wharton Age Innocence Essays

Commodity Fetishism in Edith Wharton’s The Age of Innocence Commodity fetishism is a term first coined by Karl Marx in his 1867 economic treatise, Das Kapital. It takes two words, one with a historically economic bent and another with a historically religious bent, and combines them to form a critical term describing post-industrial revolution, capitalist economies. Specifically, this term was used to describe the application of special powers or ideas to products that carried no such inherent value. In Edith Wharton’s The Age of Innocence, old New York society is dissected as if the book were a study in cultural anthropology. One of the critical elements of this society is its emphasis on material items. From Parisian dresses to brand name cigars, this society is particularly interested in what a member owns. A brief examination of how commodities affect the creation an identity and social order in Wharton’s New York will be endeavored. But first, commodity fetishism will be defined more specifically before we can apply Marx’s ideas to the novel. The comprising elements of this term will be examined to create a general understanding of the economic and social ideas that went into its creation. The term â€Å"commodity† is often considered to be synonymous with a â€Å"good,† any produced item, such as refined sugar or textiles (Spickard). Although this seems a decent, basic definition, a commodity actually refers to something useful that can be turned to commercial or other advantage. The key point here is that a good fails to be a commodity when it no longer has a commercial advantage. A pile of gold is only a commodity if someone agrees to buy it. The term â€Å"fetish†, despite the prevalent sexual connotations of today, actually has a religious origin. A fetish is any object that is believed to have special or magical powers, often associated with animistic or shamanistic religions. Thus, to make something a fetish is to infuse an inanimate or material object with special powers above and beyond that of its physical self. The concept of commodity fetishism, then, was used by Marx to describe the over-appraisal of commodities in a capitalist economy. What is Marx saying? How can something be â€Å"worth† more than it’s worth? This occurs when the â€Å"use value,† the natural capacity to satisfy a human want, of something is of different worth than its â€Å"exchange value,† the social capacity to be exchangeable for other commodities (Wenning).

Twelfth Night: Summary :: essays research papers

Twelfth Night: Summary Act One scene one   Ã‚  Ã‚  Ã‚  Ã‚  This scene introduces us to the Duke, who is in love with a girl called Olivia. His servant goes to ask her wether or not she would like to go out with the Duke. The message back from her servant is that Olivia will not be seen in public for seven years because of the death of her brother. Scene Two   Ã‚  Ã‚  Ã‚  Ã‚  After a shipwreck, Viola finds herself of Illyria, a coastal town. She believes that her brother has been killed in the shipwreck, and that she will never get off this island. After learning about the Duke, she arranges with the captain of the ship to disguise herself and to serve the Duke. He may then fall in love with her. Scene Three   Ã‚  Ã‚  Ã‚  Ã‚   Sir Toby and Maria are talking to each other about Olivia's decision to morn for seven years. They are also talking about Sir Toby's drinking and friend, Sir Andrew, a foolish knight that has been brought to the castle as a suitor to Olivia. Sir Andrew says he is going to leave, but Sir Toby persuades him not to, as Olivia is not interested in the Duke. Maria leaves, and Andrew and Toby dance. Scene Four   Ã‚  Ã‚  Ã‚  Ã‚  Viola, already disguised as Cesario (she is referred to as Cesario instead of Viola throughout the play), has already became a servant to the Duke. Her first job is to try and persuade Olivia to go out with the Duke. Viola has fallen in love with the Duke. Scene Five   Ã‚  Ã‚  Ã‚  Ã‚  Maria and Feste the clown are talking when Olivia enters with Malvolio. She has a conversation with Feste, and he gets the better of her. Maria announces that a young ‘man' (Cesario) is here to see Olivia. She says that if he is from the Duke, she will not see him. Maria returns and says the young man will not take no for an answer, so Olivia meets him with Maria at her side. Cesario is very convincing about the Duke's love, but Olivia is not unstuck. She dismisses Cesario, and when by her self, shows that she is in love with ‘him'. She sends Malvolio with a ring Cesario apparently left behind, and said he should return tomorrow. Act Two Scene One   Ã‚  Ã‚  Ã‚  Ã‚  Sebastian, Violia's identical twin brother comes to shore after the shipwreck, saved by Antonio. He wants to be Sebastian's servant, but he says that he will make it to the Duke's court by himself. Scene Two   Ã‚  Ã‚  Ã‚  Ã‚  Malvolio runs after Cesario to give him the ring. He denies that he gave it to her, and so Malvolio puts it on the ground in front of him.

Political Risk in Malaysia

†¢ The fact that Prime Minister Mahathir has seen fit to take a two month vacation is the strongest evidence in a long time that his position within UMNO remains unchallenged. The political succession issue also seems clearer now that Mahathir has permitted his deputy to assume the title of Acting Prime Minister. Such a privilege was not given to trusted lieutenant Ghafar Baba in 1989, when the prime minister was recovering from a coronary bypass operation. Anwar's performance will be watched closely in the coming weeks. Another test of the extent to which Mahathir is at ease with Anwar will be the degree to which the prime minister gives Anwar free reign to deal with any public controversies which arise while he is on leave. †¢ The by-election victory of the opposition Democratic Action Party in Perak in mid-May surprised many observers. However, it would be an exaggeration to suggest that the result portends a significant shift of ethnic Chinese support away from the government in the nation as a whole. Local issues were paramount in the campaign, and voters knew that they could support the opposition without threatening the National Front's two-thirds majority in parliament. †¢ The differing approaches taken by Malay politicians (who have been calling for a tough stand against Singapore) and the Chinese business community (which has been urging moderation) has not yet led to any appreciable rise in ethnic tension. However, the situation could change quite significantly should Malay leaders suggest that the nation's ethnic Chinese were siding with Singapore. Tension between Singapore and Malaysia has remained remarkably persistent, over the last few weeks, egged on by the semi-official press in both countries. An informal boycott of Malaysia by Singapore travel agencies during the school holiday season has been followed by a variety of tit for tat moves in Malaysia aimed at reducing Malaysian exports through Singapore and cracking down on Singaporean professionals working illeg ally on social visit passes. While politicians on both sides of the causeway have been more careful in their public statements, it is difficult to believe that the critical tenor of the reporting by the mass media of both countries does not have at least the tacit support of the two governments. Even so, things are unlikely to be allowed to get out of hand. †¢ Relations with the US, however, are improving. Once a staunch opponent of an American security presence in Asia, Kuala Lumpur now appears quite willing to cooperate with the US military in the region, with a number of US warships making high-profile calls at Malaysian ports in recent months. The policy shift appears to be related to efforts by Prime Minister Mahathir to woo US companies to invest in his pet project, the Multi-Media Super-Corridor (MSC). By providing facilities to US forces, Kuala Lumpur hopes to send a reassuring signal to the American companies it hopes to attract to the MSC. pic] Near-Term Outlook Steady as she goes Given a choice, Mahathir would probably very much like to concern himself with foreign policy issues in the coming months. However, it is very likely that domestic issues will continue to push their way to the top of the political agenda, forcing the prime minister to intervene belatedly to settle various issues which emerge while he is overseas. To the extent that the prime minister will want to sh ow any serious interest in domestic affairs, his attention will probably be focused on corruption. Mahathir appears to have concluded that graft — and Malaysia's growing reputation for it — is becoming an increasingly serious obstacle to his efforts to win the country the international respect and admiration he believes it deserves as a result of its economic achievements. Meanwhile, Deputy Prime Minister Anwar Ibrahim's grip on the finance portfolio is under threat, with rumors circulating in Kuala Lumpur that the prime minister is none too pleased with the way he has handled several matters in the last few months. A series of missteps by Anwar has certainly left many in the private sector wondering whether the deputy prime minister is really the most suitable man for the job. There is little doubt that Dr. Mahathir remains in firm control of the country. So much so that uncertainties regarding policy issues only seem to emerge when he is not around. With the UMNO partly polls out of the way and national elections not due for some time, Dr. Mahathir can be expected to spend an increasing amount of his time pursuing his long-held interest in foreign affairs in locations such as Tokyo, Beijing and Seoul while putting domestic matters on hold. This year, Kuala Lumpur plays host to two important ASEAN meetings, and the prime minister will want to make the most of them. The first (in July) is the ASEAN ministerial meeting and its accompanying ASEAN Regional Forum with the grouping's dialogue partners. The second (in December) is the ASEAN informal summit. In the run-up to both, Dr. Mahathir can be expected to make his views known on a variety of internationally controversial issues. Apart from a few more speeches about perceived Western arrogance, the prime minister will be pushing for the acceptance of Myanmar as a full member of ASEAN. There will also be more talk about the formation of a de facto EAEC, with Kuala Lumpur inviting participation from countries such as China, Japan and South Korea. With the prime minister traveling overseas quite a lot, it is possible to argue that the prospect of short-term government policy paralysis this year is greater than is generally realized. On several occasions now, the government has revealed a lack of decisiveness when faced with a controversial issue while the prime minister was out of the country. A case in point is Anwar's foot-dragging early last year over the implementation of the rotation system for the position of Sabah Chief minister. Yet another was the unfavorable High Court decision last June which forced a temporary halt to work on the Bakun Dam in Sarawak. In both cases, flagging political resolve only revived when Mahathir returned to take charge of events. The more recent furor over the uncomplimentary remarks of Singapore's Lee Kuan Yew regarding the crime situation in the southern Malaysian state of Johore are yet another example of the same thing. Although the matter appeared to have been resolved before Mahathir left for Tokyo, ministers emerged from a subsequent Cabinet meeting chaired by Anwar to make off-the-record comments to the press to the effect that Malaysia had decided to â€Å"freeze† its relations with Singapore in the wake of remarks by Singaporean leaders that implied that Malaysia had overreacted. The resulting media reports shocked the business community in both countries, since such reports inevitably conjured up visions of the 1965 split and suggested that a wide range of business and political ties would be disrupted. Yet another possible source of uncertainty in the coming months relates to the extent to which corporate rivalries will continue to reflect an ongoing political rift between Dr. Mahathir and Anwar. Reports that Renong has come up with a proposal to build a high-speed train line between Kuala Lumpur and Singapore — an idea which clashes directly with similar plans by DRB-Hicom — certainly suggests that they will. In the popular mind, Renong is associated with UMNO Treasurer Daim Zainuddin (a close Mahathir confidant), while DRB-Hicom is seen as being more closely linked with individuals associated with Anwar. The reality, however, is probably a little more complicated, with the late Tan Sri Yahaya of DRB-Hicom (who died suddenly in early March) arguably at least as close to Mahathir as he was to Anwar. Either way, the two companies have such powerful connections that the battle between them will almost certainly involve political as well as purely economic criteria. Local pundits may not have got it exactly right in the case of Renong and DRB-Hicom, but there is little doubt that policy differences between the prime minister and his deputy do have some impact on the corporate scene. A case in point is the recent refusal of the finance ministry to provide financial guarantees to Ekran, the company responsible for the construction of the massive Bakun Dam. Anwar has never really embraced the project, and it is not hard to conclude from this decision that the finance minister is determined to make things as difficult for Ekran as possible, despite the fact that the Bakun Dam is one of Mahathir's pet projects. Of more relevance to the business community in general, however, is Anwar's performance as minister of finance. With the economy doing well, it may be argued that the fact that he lacks a solid background in economics is of little consequence. All that is really required is an intelligent personality capable of taking advice from experts in both the ministry and the central bank. At this level, Anwar seems to measure up. However, a closer look suggests that he is also capable of making errors of judgment which could create quite serious problems in the future if they are made at a time when the economy is less resilient. Take the problem we mentioned earlier about the Cabinet decision regarding Singapore. Anwar could have ended the confusion over the freezing-of-relations reports as soon as they arose, but he chose not to do so. Instead, he issued a press statement which, while stopping short of announcing a trade and investment boycott, appeared to support widespread rumors that such a decision had actually been taken. In this way it may be argued that he allowed the alarm to spread though the business communities of both countries. As a result, the value of both the ringgit and Singapore dollar dropped overnight. Perhaps Anwar was trying to send a political message to Singapore. If so, it is worth noting that although Mahathir has had some high-profile tiffs with Western nations in the past, even he has never before sent such a blunt message to a neighboring country. Yet another apparent lapse in judgment concerns the way the central bank (technically under the control of Anwar's finance ministry) handled an announcement at the end of March about new guidelines aimed at reducing lending to the property sector. A vaguely worded statement to the effect that the authorities had imposed a new 20% limit on bank loans to the sector sent the stock market reeling, with property and finance stocks in particular taking a beating. The new policy also redefined lending for share purchases in order to curb what monetary authorities said was excessive share speculation. Left to draw their own interpretations, some banks stopped giving out such loans altogether while checking whether they had exceeded the new limits. Anwar did little at first to clarify the situation, merely informing the press that he was satisfied with the CB move. It was not until several days later when the monetary authorities released details of the new guidelines (which contained exemptions that significantly watered down the effect of the new curbs) that the market stabilized. Not surprisingly, the incident has pleased nobody, with a number of economists privately accusing the authorities of backing down on an important measure designed to reduce the exposure of the banks to the property market. For Mahathir, the timing could not have been worse. The prime minister is particularly anxious to ensure that the listing of the Bakun Hydro-electric Corporation in June comes off well. With foreign investors shying away from the project, the company is now relying on the domestic market to absorb a massive M$3 billion in new shares. This will not be easy to do on a falling stockmarket, and Mahathir will now probably want to make sure that he is still in the country in the run-up to the IPO so that he can settle any last minute hitches. Meanwhile, with a Cabinet reshuffle on the cards in the coming months, the Deputy Prime Minister's political opponents can be expected to once again press for Anwar's removal in favor of Trade and Industry Minister Rafidah Aziz. Since the beginning of the year, Mahathir has lost two senior figures who played an important role in promoting projects in which he is especially interested. The uncertainties created as a result of the sudden death of businessman Tan Sri Yahaya show the sort of thing that can happen as a result of current Malaysian development strategies which place heavy reliance on individual entrepreneurs to run major companies in strategic industries. Of particular concern now is the fate of Malaysia's national car project which Tan Sri Yahaya headed. The resignation of Selangor Chief Minister Tan Sri Tun Mustapha in mid-April as a result of corruption allegations is another case in point. The loss of Tun Muhamad was not a serious political blow to the prime minister, since the latter was not considered a key Mahathir loyalist. However, it has raised questions about the extent to which his successor will be willing to push the Multimedia Super Corridor project and support the development of Putra Jaya, the new administrative capital. The Sultan of Selangor does not appear to be especially interested in cooperating with Mahathir in selecting a replacement, and has instead made disparaging remarks about transfers of land ownership during Tun Muhamad's tenure. The loss of key individuals in other economic sectors could also upset the apple cart. The huge M$15-billion Bakun Dam project in Sarawak, for example, is very closely associated with Tan Sri Ting Pek Khiing. The fact that he suffered a mild stroke last year cannot be regarded as good news for the hundreds of subcontractors — both local and foreign — which are expecting him to push the project through to completion. None of these problems, either by themselves or in combination, are likely to trip up a seasoned politician such as Mahathir, but they are going to be distractions from the foreign policy agenda the prime minister would rather follow. Two other developments are worth monitoring. The first concerns the degree to which the current anti-corruption drive can really be expected to take off, while the second concerns the (not entirely unrelated) political revival of UMNO Youth. The current anti-graft campaign really got going in the run-up to the UMNO party elections late last year when Mahathir ordered a blanket ban on campaigning in order to keep candidates from showering money and favors on delegates. Then, at the convention itself, he launched an emotional attack on graft, saying that it would destroy the party. The result has been that several corruption-tainted candidates competing in the party elections lost heavily. Since then, proposals have been tabled in parliament designed to increase the effectiveness of the Anti-Corruption Agency (ACA), the Selangor Chief Minister has been forced to resign, and no less than eight other senior officials have been placed under investigation. On this issue, Mahathir appears to have Anwar solidly behind him, although the latter has sometimes operated as something of a loose cannon, embarking on investigations that could ultimately implicate staunch Mahathir supporters such Works Minister Samy Vellu, for example. The latter development also points to a serious problem facing a national leadership wishing to pursue the matter further: how to launch a determined attack on graft without undercutting one's own political support. For this reason alone, it is a fairly safe bet that the current campaign will not be a comprehensive one. More likely, a few carefully chosen cases will be vigorously pursued in the hope that this will have a demonstration effect on other greedy individuals. Ahmad Zahid Hamidi, the newly elected leader of UMNO Youth, has not been wasting much time getting the once-influential organization back into the headlines. Although generally regarded as an Anwar man, Mr. Hamidi has an independent streak which could yet embarrass the deputy prime minister and see the youth organization setting off on a course quite different from that of the national leadership in the coming months. The violent way in which a conference on East Timor was broken up by Malay youths last year certainly put Anwar in the difficult position of having to distance the government from the actions of his political ally. Since then, Mr. Hamidi has taken on far less politically troublesome (for Anwar! ) issues such as the Australian racism debate, Singapore-Malaysia relations and Malay social problems. However, the ability of UMNO Youth to act independently in the future should not be underestimated. It would not be surprising, for example, if the organization turns out to be the prod that keeps the current anti-corruption drive alive much longer than many local politicians would like.