Communication Patterns of Men and Women :: essays research papers fc

â€Å"The whole goddamn business of what you’re calling intimacy bugs the hell out of me. I never know what you women mean when you talk about it. Karen complains that I don’t talk to her, but it’s not talk she wants, it’s some other damn thing, only I don’t know what the hell it is!† This quote from a man interviewed by Lillian Rubin is the perfect example of the differences in communication between men and women. These differences in communication methods of women and men are born of a complex interaction between society and the individual. Men seem to struggle with intimacy and emotional expression, while women rely on this type of communication causing much struggle between the sexes. Lillian Rubin suggests that intimacy, a form of communication between men and women, itself is an ambiguous or difficult term to define, but asserts that it does embody the idea of the ability to put away a public persona and be cared about or care for the â€Å"real person†. This alludes to a struggle between the human need for intimacy and that for independence suggested by other sociologists. In addition to this idea of intimacy, Rubin looks deeper into the human psyche and analyzes the different ways in which men and women communicate their emotions. Rubin explains that while women can easily explain what emotions they are feeling and what has caused these, men struggle to verbalize their feelings and this causes animosities between men and women. Women want men to communicate their emotions while men don’t understand why they should or how to go about doing this (Rubin, p. 384-386). Rubin’s explanation for the differences in communication is that it stems from societal pressures that encourage men to suppress their emotions, and act â€Å"rationally†. Men are socialized to believe that acting emotionally like women is not normal. She states that â€Å"this is the single most dispiriting dilemma between women and men.† Finally Rubin goes on to suggest that while men can act out anger and frustration inside the family, the expression of fear, dependency, or sadness would expose vulnerability, and is difficult for men to do (Rubin p. 383-388). Another Sociologist, Deborah Tannon, has done research in the differences between communication methods of women and men. She also suggests that conflicting ideas of intimacy and independence plays a critical role in the differing views of communication.

The Right to Privacy :: Papers

The Right to Privacy Our country's fathers found themselves in a dilemma ratifying the Constitution. New York, one of the most powerful states, required a Bill of Rights be added before ratification. This was an incredible task for James Madison, the Father of the Constitution. Madison opposed enumerating a Bill of Rights for reasons expressed in the Ninth Amendment. Madison feared the listing of specific rights might be construed as the only rights citizens possessed. He was quite correct in his perception. Advances in technology, such as video cameras, phone taps, and Internet invasion, make privacy a very different issue in the new millennium than it was in 1791. The right to privacy is defined as the right to be protected from unwarranted intrusion by the government, media, or other institutions or individuals. There are many historical court cases dealing with the issue of privacy; some have become landmark cases that have shaped a whole new attitude about American civil rights. A few examples of such cases are The U.S Supreme Court decisions in Griswold vs. Connecticut (1965), and Roe vs. Wade and (1973). In addition to such monumental cases, many more recent, smaller cases have shaped the our right to privacy. Computer and telecommunication advances have made credit, medical, and other data readily available, highly marketable commodities, raising many concerns about individual's privacy. While few may be inclined to argue against the rights of citizens there is the question of the framers' original intent in adopting the Ninth Amendment. Most constitutional experts assume Madison meant simply "The enumeration of certain rights, shall not be construed to deny or disparage others retained by the people." (Amendment IX) However, "The right of the people to be secure in their persons, houses, papers and effects" has become a much more complicated issue than it was in the later part of the 18th century. The requirement of the states to include a Bill of Rights was ,in theory, a sound idea. The rights of the people should be protected. The times called for a specific list of these rights because of frequent failure to protest them. The purpose of the Bill of Rights was to state the rights of the people and to serve as law to protect them. The Bill of Rights lists both the civil liberties, freedoms guaranteed to an individual, and civil rights, what the government must provide for an individual.

Free College Essays - The Setting of Venice in Shakespeares Othello :: GCSE Coursework Shakespeare Othello

The Setting of Venice in Othello Othello is a fundamentally different character to all others in the play [1]. He is an outsider to Venice and therefore an outsider to the customs and society of Venice. In one way this is good for him. He is a renowned strong general who is much in demand from the Venetians. Rather than fight the war against the Turks for themselves, they hire Othello to do so, indicating that he is respected by the Venetians but not considered, as a civilized Venetian would be, above having to fight wars barbarically. This lack of cultural acceptance is indicated by the way Brabantio is willing to Îloveâ, invite to his house and ask him to tell battle stories. However, when there is the possibility of Desdemona marrying Othello, Brabantio is vehemently opposed, exclaiming; "Destruction on my head".[2] Venice is a haven of civilization, on the border with the land of heathenism and disputes. When Brabantio is told he has been robbed, he answers inconsistently; "What tellâst thou me of robbing? This is Venice; My house is not a grange." This not only shows that Venice is a quiet, civilized, uneventful place, but that its inhabitants (or at least Brabantioâs generation) believe it to be themselves.[ LINK TO 3] They live by a code of behavior and upbringing which views someone like Othello as barbarous, uncivilized, and almost amusing in a superior cultural kind of way. Every time a character calls Othello "the Moor" a sense of derision and superiority is conveyed and all the other feelings of distance inherent in Venetians.[4] Iago says that Desdemona is a "supersubtle Venetian"[5] as if the calculatedness of her thoughts and deeds were not too a feature of himself, which they certainly are. The implication is that civilised people are conniving and scheming people, and are in that sense understood to one another while this adds to the irony of the constant reference to Iago as "honest Iago". It also contrasts the Venetian way of social dealing with the open nature of Othello. Othello is clever, as his style and military prowess show but is to content of Venice he is na†¢ve. He is too trusting and misunderstands the subtleties of Venetian society it is the combination of his openness and decisiveness, pride and trustfulness that allows super subtle Iago to destroy him, powerful as Othello is. Free College Essays - The Setting of Venice in Shakespeare's Othello :: GCSE Coursework Shakespeare Othello The Setting of Venice in Othello Othello is a fundamentally different character to all others in the play [1]. He is an outsider to Venice and therefore an outsider to the customs and society of Venice. In one way this is good for him. He is a renowned strong general who is much in demand from the Venetians. Rather than fight the war against the Turks for themselves, they hire Othello to do so, indicating that he is respected by the Venetians but not considered, as a civilized Venetian would be, above having to fight wars barbarically. This lack of cultural acceptance is indicated by the way Brabantio is willing to Îloveâ, invite to his house and ask him to tell battle stories. However, when there is the possibility of Desdemona marrying Othello, Brabantio is vehemently opposed, exclaiming; "Destruction on my head".[2] Venice is a haven of civilization, on the border with the land of heathenism and disputes. When Brabantio is told he has been robbed, he answers inconsistently; "What tellâst thou me of robbing? This is Venice; My house is not a grange." This not only shows that Venice is a quiet, civilized, uneventful place, but that its inhabitants (or at least Brabantioâs generation) believe it to be themselves.[ LINK TO 3] They live by a code of behavior and upbringing which views someone like Othello as barbarous, uncivilized, and almost amusing in a superior cultural kind of way. Every time a character calls Othello "the Moor" a sense of derision and superiority is conveyed and all the other feelings of distance inherent in Venetians.[4] Iago says that Desdemona is a "supersubtle Venetian"[5] as if the calculatedness of her thoughts and deeds were not too a feature of himself, which they certainly are. The implication is that civilised people are conniving and scheming people, and are in that sense understood to one another while this adds to the irony of the constant reference to Iago as "honest Iago". It also contrasts the Venetian way of social dealing with the open nature of Othello. Othello is clever, as his style and military prowess show but is to content of Venice he is na†¢ve. He is too trusting and misunderstands the subtleties of Venetian society it is the combination of his openness and decisiveness, pride and trustfulness that allows super subtle Iago to destroy him, powerful as Othello is.

Foreign exchange risk Essay

Toyota Motor Corporation is the world’s third largest automaker. It was established in Japan on 28 August 1937. Apart from its 12 plants in Japan, Toyota has 54 manufacturing companies in 27 countries, employs 246700 people and markets vehicles in more than 160 countries. Its capital as at March 2002 was 397 billion yen. Toyota is exposed to the fluctuation in foreign currency exchange as it operates mainly in America, Continental Europe and Britain. It is therefore affected by the fluctuation in the value of the US dollar, the Euro and to a lesser extent the British pound. Toyota’s consolidated financial statements, which are presented in the Japanese yen, are affected by the foreign exchange fluctuation, as all the amounts in the various countries’ currencies have to be translated into yen. Toyota’s primary markets based on unit sales for vehicles for financial year ended March 31 2002 were Japan (40%), North America (32%) and Europe (13%). Toyota is listed on the London, New York and Tokyo stock exchanges. In the normal course of doing business, Toyota employs derivatives financial instruments, including forward contracts and foreign currency options to manage its exposure to fluctuation in foreign currency exchange rates. Toyota does not use derivatives for speculation and trading. (http://www.toyota.co.jp/en/ir.html accessed on 14th November 2002) The profitability of Toyota’s operations is affected by many factors including the changes in the value of the Japanese yen against other currencies which Toyota does business. The financial year for Toyota is from 1 April to 31 March. IMPACT OF FOREIGN EXCHANGE RISK ON OPERATION The value of the Japanese yen has fallen generally for the past three years against the dollar and the Euro though there had been periods of  fluctuations. (http://pacific.commerce.ubc.ca/xr/data.html accessed on 14th November 2002). Changes in foreign exchange rate affect Toyota’s revenue, gross margins, operating costs, operating income, net income and retained earnings. Toyota’s cost and liabilities are affected by transaction exposure which relates primarily to sales proceed from Toyota’s non domestic sales produced in Japan. It is also affected to a lesser extent sales proceed from Toyota’s continental Europe sales produced in UK. Toyota’s use of forward exchange rate contracts and currency options is to hedge foreign exchange risk associated with trade receivables denominated primarily in U.S. dollars. Toyota also engages in foreign currency settlements with domestic counter parties. The company enters into forward contracts and purchases currency options (principally euro and dollar) to hedge certain portions of forecasted cash flows denominated in foreign currencies. Additionally, the Company enters into forward exchange contracts to offset the earnings impact relating to exchange rate fluctuations on certain monetary assets and liabilities. The Company enters into forward exchange contracts as hedges of net investments in international operations. This reduces foreign exchange risk and transaction costs in those settlements by handling receipts in the foreign currencies in which they are denominated. Toyota buys supplies from Peugeot in France and is therefore exposed to the Euro exchange rate. It also manufactures engines in Japan for BMW. These inflows and outflows as a result of dealing with these European companies expose Toyota to foreign exchange risks. Cars produced in Japan and other production sites are shipped to Europe and America, which are the major market for Toyota. Toyota has to make a decision as to which currency to price the cars. If the cars are priced in yen in order to avoid foreign exchange risk, Toyota will not be competitive in those markets, as it would have shifted the risk to its customers. If the price is in the domestic currencies Toyota will be exposed to foreign exchange risk. When there is a depreciation or appreciation of the currencies in relation to the yen, Toyota will be torn between changing the price to reflect the change in the exchange rate. This decision will depend on the price elasticity of demand  for cars among other factors. Toyota manages these risks by using forward contracts, money market hedging and option market hedging. Toyota also enters into currency borrowing to address a portion of its transaction risk. Foreign exchange forward contracts are used to limit exposure to losses, resulting from changes in foreign currency exchange rates on accounts receivable and transactions denominated in foreign currencies. Foreign exchange forward contracts, which are designated and effective as hedges of currency, risk on existing assets and liabilities are included as an offset to foreign exchange gain or loss and recorded on the existing assets and liabilities. Foreign currency option is to reduce the risks that are likely to be incurred on account receivable and anticipated transactions denominated in foreign currencies. This has reduced, but not eliminated, the effects of foreign exchange fluctuation. The preparation of Toyota’s consolidated financial statements is in conformity with accounting principles accepted in the United States of America. All assets and liabilities of foreign subsidiaries are translated into Japanese yen at the appropriate year end current rates and all income and expense accounts are translated at rates that approximate those prevailing at the time of the transaction. Toyota therefore uses the temporal method of translation. The resulting translation adjustments are included as a component of accumulated income. Toyota is exposed to translation risk when the results of subsidiaries are translated into yen. The value in yen may not reflect the true value of the subsidiary, as it will also depend on the exchange rate between the two countries at the time of the translation. This can distort significantly when results of different periods are being compared and among various geographical markets. The yen has been stronger in fiscal year 2000 as against 1999. According to Toyota’s Annual Reports, net revenue increased by 6.1% in 1999 and decrease by 0.4% in 2000. If the difference in yen used for translation purposes are eliminated, net revenue would have increased by 5.9% in 1999 and increased by 11.2% in 2000 (http://www.toyota.co.jp/en/ir.html accessed on 14th November 2002). Thus, even though the consolidation figure showed a decrease in net revenue in 2000, it was mainly due to the strengthening of the yen in 2000, which made dollar values smaller after translation. The value of the yen against the Euro and the dollar fell generally for the past three years. The fall of the yen for the past three years has made Toyota reported profit when it is translated into yen though in actual fact it may not have been so. Toyota’s net revenue for fiscal year 2002 showed a 9% increase over the previous year. This is because of the weakening yen and the translation effect. If the difference in yen value used for translation purposes is eliminated, Toyota showed only 2.8% increase. Net revenue increased by 15.5% in North America, 24.8% in Europe and 0.4% in Japan, for fiscal 2002 compared to 2001 after consolidation. If translation effect is eliminated, the net revenue in North America increases by only 2.2% and 12.9% in Europe (http://www.toyota.co.jp/en/ir.html accessed on 14th November 2002). There was a double digit devaluation of the yen to the dollar in the business year ended March 31 2002. Toyota gained 70 billion yen from favourable exchange rate. The US dollar rose to about 127 yen from about 123 yen a year ago. A strong dollar helps the earning of Toyota by boosting the value of overseas revenue when converted into yen. However, translation effect is a reporting consideration and does not affect Toyota’s underlying operation. Toyota does not hedge against translation risk. Toyota manages its operating exposure by diversifying its operation and financing. It has localised much of its production by constructing production units in most of the countries in which it operates. Local operation allows Toyota to purchase most of its supplies and resources used in the production process in currencies that matches the currencies of local revenue with local expenses. Toyota has asked its UK suppliers to settle all bills using Europe’s single currency, the euro (http://news.bbc.co.uk/1/hi/business/873840.stm accessed on 16th November 2002). This reduces its exposure to changes in the value of the pound. Toyota has diversify its finance base by being able to raise funds in more than one place and thereby take advantage in interest rate differentials. Toyota can therefore borrow in Japan, United States of America or Europe to take advantage of interest rate differentials. With the expected fall in the American Interest rate as against the Japanese interest rate, Toyota can borrow in dollars so as to take advantage of the fall in interest rates. The  expected fall in American interest will lead to a fall in the value of dollars in relation to the yen. This fall will make loans and other commitments denominated in dollars less expensive in yen terms. Toyota will therefore gain from the expected depreciation of the dollar. The most obvious source or determinant of economic currency exposure comes from firms having revenues or costs denominated in foreign currencies. These direct or transaction effects are relatively easy to identify and manage. In addition, firms that also have foreign-based operations will have translation exposures that arise from consolidation. At the same time, there are also a number of indirect effects, which can be just as important and apply both to firms engaged in international business and to domestic firms, but which are substantially more difficult to recognise. This indirect economic currency exposure arises from unexpected movements in foreign exchange rates changing the competitive situation of the firm and which affect the firm’s future cash flows (and hence value). GLOBAL ECONOMIC FORECAST INFLATION DIFFERENTIALS The exchange rate stated simply is the price of one currency in terms of another currency. Exchange rate can therefore be expressed in terms of the law of one price which states that â€Å"in the presence of a competitive market structure and the absence of transportation cost and other barriers to trade, identical products which are sold in different markets will sell at the same price in terms of a common currency† (Pilbeam, K. (1992) International Finance, Macmillan). Relative purchasing power parity says that the change in the price level of commodities in one country relative to the rate of change in price levels in another country determines the exchange rate between the two countries. This in other words means that the rate of inflation in one country relative to another determines the rate of change in their respective currencies. (Ross et al, 1999). Thus if there is higher inflation in one country in relation to others, prices of goods and services will increase in th at country in relation with others and exchange  rates have to change accordingly in response to inflation differentials. According to the World Economic Outlook of the International Monetary Fund (http://www.imf.org/external/pubs/ft/weo/2002/02/pdf/appendix.pdf accessed on 14th November 2002), inflation is expected to move from -1.40% in 2002 to -1.2% in 2003 in Japan. This is 14.3% rise in inflation in Japan. Inflation in United States of America is expected to move from 1.2% in 2002 to 1.9% in 2003. American inflation is expected to increase by 58.3% whereas inflation in the Euro area is expected to decrease by 17.4%. This means that prices of goods and services in America will increase more than prices in Japan whiles prices in Europe is expected to decrease. The expected increase in the prices in America will lead to the depreciation of the dollar against the yen in order to maintain the purchasing power parity. The relative decrease in the level of inflation in Europe as against Japan will lead to the appreciation of the Euro against the yen. The yen is therefore expected to appreciate against the dollar but depreciate against the Euro. This will affect Toyota’s revenues and profits, as whatever amount is translated from dollar to yen will be lower comparatively. However, it will gain when the Euro is translated, as values will be higher after translation. BALANCE OF PAYMENT Balance of Payment measures the flow of economic transactions between the residents of a given country and the residents of other countries during a certain period of time. The use of balance of payment data to forecast foreign exchange rates assumes a fixed exchange rate regime. The balance of payment suggests that the current account get worse as national income rises. This is because the increased income will lead to increased income will lead to increased demand for goods and services including foreign products. This will lead to an increased demand for foreign currencies and a decrease in the value of the domestic currency. The basic tendency is for domestic currency to weaken to pay for the increased imports. In a fixed exchange regime, when this falls below certain limits the domestic government will have to intervene by selling resaves of foreign currencies in the foreign exchange market (Buckley, A. 2000). The same is with surplus where instead of selling foreign currencies, the government will buy foreign  currencies. This will increase demand or supply of foreign currencies and therefore affect the price i.e. the exchange rate. Thus if domestic income levels were to rise, the increase will lead to transaction demand for money which means that if the money stock and interest rates are held constant, the increased demand can only come about through a fall in domestic prices. The fall in domestic prices will then requires a depreciation of the currency to maintain purchasing power parity. However, an increase in foreign income levels leads to a fall in foreign prices level and therefore a depreciation of the home currency to maintain purchasing power parity (Pilbeam 1993). If there is increased demand for Japanese goods and services by Americans and Europeans then the yen is likely to appreciate, as the demand for yen will increase. However, under a floating exchange system, the government has no responsibility to peg the exchange rate. The fact that the overall balance does not sum to zero will automatically alter the exchange rate in the direction necessary to obtain a Balance of Payment close to zero (Eitman et al). If the country is running a substantial current account deficit whilst the capital and financial account balance is zero, it will have a deficit Balance of Payment. There will be excess supply of domestic currency and the market will rid itself of the imbalance by lowering the price through the depreciation of the currency. INTEREST RATE DIFFERNTIALS The interest rate parity theorem implies that if interest rates are higher domestically than in a particular foreign country, the foreign country’s currency will be selling at a premium in the forward market; and if interest rates are lower domestically, the foreign currency will be selling at a discount in the forward market (Ross et al 1999). The link between interest rate and exchange rate is explained by the International Fisher Effect, which holds that the interest rate differential is an unbiased predictor of future changes in the spot exchange rate (Rugman et al 2000). This differential is also important in determing forward exchange rates because this rate would be that which neutralises the difference in interest rates between the two countries. If the interest rate of one country is expected to fall in relation to another country, this will make the demand for  financial instruments denominated in that currency to fall. This fall in demand for financial instruments will lead to a fall in demand of that currency and therefore a depreciation of that currency. However, if interest rates are expected to rise in relation to other countries, there will be an increase in demand for financial instruments denominated in that currency and an appreciation of the currency. In practical terms, the international fisher effect implies that while an investor in a low interest country can convert his funds into the currency of a high interest country and get paid a higher rate, his gain (the interest rate differential) will be offset by the expected loss because of foreign exchange rate changes. The recent announcement of a fall in the American interest rate whilst the Japanese interest rate remain constant will lead to a fall in the demand for dollar denominated instruments and therefore a fall in the value of the dollar in relation to the yen. The Euro interest rate is not expected to change and therefore the exchange rate between the yen and the Euro may not change on the basis of interest rates. RISK MANAGEMENT STRATEGIES â€Å"Toyota uses a value-at-risk analysis (â€Å"VAR†) to evaluate its exposure to changes in foreign currency exchange rates. The value-at-risk of the combined foreign exchange position represents a potential loss in pre-tax earnings that are estimated to be  ¥25.2 billion as of March 31, 2001 and  ¥24.0 billion as of March 31, 2002. Based on Toyota’s overall currency exposure (including derivative positions), the risk during the year ended March 31, 2002 to pre-tax cash flow from currency movements was on average  ¥25.0 billion, with a high of  ¥26.7 billion and a low of  ¥22.9 billion. The value-at-risk was estimated by using a variance/ covariance model and assumed a 95% confidence level on the realization date and a 10-day holding period. Toyota changed the model used for calculation of value-at-risk from â€Å"variance/covariance† method to â€Å"Monte Carlo Simulation† method because Toyota introduced a new system, which Toyota considers more effective for risk management purposes. The prior year amounts have been restated to the fiscal 2002 presentation.† (Toyota Annual Report 2002) LEADING AND LAGGING. Larger, more centralized corporations have additional options that may be employed to help control the foreign exchange risk of inter company transactions. One effective and potentially profitable approach involves leading (prepaying) payments when the payer’s currency is devaluing against the payment currency and lagging those payments if the payer’s currency is appreciating. Lagging is when a company pays its financial commitments late so as to take advantage of a devaluing currency. Leading on the other hand is paying early before a currency devalues. It serves as a means of shifting liquidity between subsidiaries to avoid bid – ask spreads and take advantage of interest rate differentials (Clark E. et al 1993). Toyota should take advantage of the fall in the interest rates in United States and subsequent expected fall in the value of the dollar. The American subsidiary should pay early all monies owned to the parent company in Japan. This will give a higher value than waiting for the dollar to devalue before paying. From a company wide standpoint, the treasurer can direct leading and lagging policy in order to take advantage of the favourable effects of exchange rate fluctuations. Additionally, leading and lagging policies may be used to shift funds from cash-rich to cash-poor affiliates, thereby improving short-term liquidity. However, leading and lagging is only possibly when the company has 100% ownership of the subsidiary. This is because the effect of an extended or reduced payment date alters the relative rate of return of each subsidiary. This is unfair to minority shareholders, as they do not necessarily benefit from such a practise that benefits the multinational as a whole. (Eiteman et al 2001). Toyota’s subsidiary in the US has minority shareholders like General Motors and these will be at a disadvantage if Toyota should use leading and lagging to manage its exposure. Inequality may arise unless the adjustment is made to reflect a subsidiary’s sacrifice. NETTING. Netting inter company transfers is another form of international cash management strategy that Toyota can employ. It requires a high degree of centralization. The basis of netting is that, within a closed group of related companies, total payables will always equal total receivables. Netting is useful primarily when a large number of separate foreign exchange  transaction occur between subsidiaries (Eiteman et al 2001). Thus instead of Toyota paying monies owed to and by each subsidiary, the subsidiaries can net off each others debt and thereby not deal in the foreign exchange market. In order to reduce the bank transaction cost, such as spread between foreign exchange bid and ask quotations and transfer fees, Toyota should establish an in house netting centre. The exposure that remains–net payments to payees–can then be hedged in the forward market if desired. The advantages of netting are  · A reduction in foreign exchange conversion fees and funds transfer fees as commissions on foreign exchange transactions and funds transfer are drastically reduced.  · A quicker settlement of obligations reducing the group’s overall exposure. REINVOICING. Reinvoicing goes one step beyond the centralized approach of multilateral netting by way of a clearing centre. A reinvoicing centre buys goods from the manufacturing subsidiary or parent, without taking possession, and reinvoices other company affiliates or third parties when it sells the goods. By conducting all transactions in the affiliate’s functional currency, the reinvoicing centre bears all currency risks. This prevents the FC exposures from distorting the subsidiary’s operating profit (loss). In addition, the reinvoicing centre allows for centralized cash flow management, increase international business expertise and opportunities for arbitrage. The centre also improves and centralizes banking relationships and acts as a central purchasing agent for subsidiaries. Most important, the reinvoicing centre can assess its net position on all inter company transactions and hedge in the forward market accordingly. Problems with reinvoicing centres are * Some countries prohibit reinvoicing centres, as well as any third-party billing (for example, France, Spain,). * They are very expensive to set up because sophisticated information systems and legal and tax expertise are required. BACK TO BACK LOANS Back to back loans is when two firms arrange to borrow money in each others currency so as to avoid the risk associated with exchange rate fluctuation. Toyota can enter into an agreement with an American company that has a subsidiary in Japan. Toyota can then lend yen to the Japanese subsidiary of the American company and the American company in turn lends Toyota’s American subsidiary money in dollars. This will reduce the risk that Toyota will have had if it had lend the money to its American subsidiary as the expected fall in the value of the dollar will have reduced the amount of yen to be received. The advantage with back to back loan is there will not be the need to change currencies as loans will have been contracted in the functional currency of the subsidiary and therefore there will be no risk. However it is very difficult to get a partner who will be prepared to enter into such an arrangement. NATURAL HEDGING Natural hedging is to manage an anticipated exposure to a particular currency by acquiring a debt denominated in that currency. Thus if a firm has a long term inflow in one currency, the firm can acquire an outflow in the form of a loan in the same currency and use the inflow to service the debt. Since Toyota’s main markets are the USA and Europe, it can take out loans in Euro or dollars and use the proceeds from its operations to pay for the loan. Toyota will then not have to bother about the exchange rate fluctuation, as it will be paying the loan from proceeds generated from local operations. Toyota is also asking its British suppliers to bill them in the Euro so as to reduce the risk. This is effective in eliminating currency exposed when the exposure cash flow is relatively constant and predictable over time (Eiteman et al 2001) FORWARD CONTRACT Forward contract is an agreement to exchange currencies of different countries at a specific future date and at a specific forward rate (Eiteman et al 2001). If Toyota has receivables denominated in US dollars in the form of loans owed to the parent company, it can enter into a forward contract to hedge against the expected fall in the value of the dollar. When the value of the dollar depreciates, Toyota will therefore not be at risk. However, should the predictions not come true and the dollar rather appreciates, Toyota would have lost the opportunity of earning more on the spot market. REFERENCES 1. BUCKLEY, A. (2000) multinational finance. 4th ed., Harlow : Financial Times Prentice Hall. 2 CLARK, E. LEVASSEUR, M. ROUSSEAU, P. (1993) international finance, London : Chapman and Hall. 3 PILBEAM, K. (1992) international finance, Basingstoke : Macmillan Education. 4 RUGMAN, A. M. (2000) international business: a strategic management approach, 2nd ed., Harlow: Financial Times/Prentice Hall. 5. EITEMAN, D.K., STONEHILL, A.I., MOFFETT, M. H. (2001) Multinational business finance, 9th ed., 6.ROSS, S.A., WESTERFIELD, R., JAFFE, J. (1999) corporate finance, 5th ed., London: McGraw Hill. 6. (http://www.imf.org/external/pubs/ft/weo/2002/02/pdf/appendix.pdf accessed on 14th November 2002), 7. (http://www.toyota.co.jp/en/ir.html accessed on 14th November 2002) 8. (http://pacific.commerce.ubc.ca/xr/data.html accessed on 14th November 2002) 9. (http://news.bbc.co.uk/1/hi/business/873840.stm accessed on 16th November 2002)

Democracy and the news Essay

This paper will look at the different ways the media reflects and affects society by examining the various relationships that exists between the media, the state and the citizens. It will firstly define key terms, allowing for controversial words to have a specific and continuing definition throughout the paper. Three key ideas, centering around the relationships between the media and the state, will make up the major part of this paper; namely how the media affects the state, how the state affects the media and failed attempts by the media to affect the state. Examples of each concept being discussed will be included, showing the notion in practice. Relationships between the media and citizens will also be examined and discussed, again using examples to show each in action. The relationship between the media and citizens will be discussed, examining the ability of the media to influence the public, the public’s ability to influence the media and failed attempts of the media t o influence the public. The conclusion of this paper will detail the role of the media within society, how it operates and different functions it both performs, and attempts to perform. The media is a constantly changing medium. It includes television, newspapers, magazines, journals, radio, cinema, advertisements, and interactive multi-media. It can also include the Internet, video games, mobile phones and computers ( O’Shaughnessy & Stadler, 2002 ). No undisputable definition of the term ‘media’ exists, however, for the purpose of this paper the following definition given by O’Shaughnessy and Stadler ( 2002 ), will be understood as conclusive. The media are technologically developed and economically profitable forms of human communication, held either in public or private ownership, which can transmit information and entertainment across time and space to large groups of people ( O’Shaughnessy & Stadler, 2002; Pg 4 ). A democracy is † the notion that power and authority is vested in the people,  Ã¢â‚¬  ( Singleton et al, 2000; Pg 4 ). In Australia, citizens vote for representatives that make up the parliament, and the party holding the majority form Government. Government operates at three levels; Commonwealth, state and local. Parliamentary members are held accountable and responsible for their actions, and numerous institutions designed to check and balance power exists to ensure this occurs. Citizen is defined in The Macquarie Dictionary ( 1994 ) as being â€Å"a member, native or naturalized, of a state or nation, † ( Pg 187 ) and will adopt this definition throughout this paper. The print and electronic media’s ability to broadcast information both quickly and widely across society allows the media to successfully enact the role of ‘ public watchdog ‘ ( Wheeler, 1997; Pg 238 ). The media feeds citizens information. The public is informed of what occurs around them and abroad, who their politicians are, how they look and sound and important issues being suggested, debated and implemented within government. † Politician – journalist relationships are inherently collusive. Each needs the other to achieve their objectives † ( Franklin 1998 ). Politicians require the services of journalists for their messages to reach the general public and journalists need politicians in order to cover politics ( Ward 2002 ). The relationship between the state and the mass media can quickly become vulnerable. The media holds a particular power, which can see it become an agenda setter for society. Not only politicians realise the importance of the media as a platform from which to speak. Pressure groups seek out the media in order to publicize their objectives. Those that successfully use the media acquire a community status, which has the potential to morph into a political status, from which opposition to political ideals, occurrences or similar can be passed on to citizens. Examples of such groups include Friends of the Earth, Greenpeace and Amnesty. These groups can become oppositional spokesmen to government policy, sources of information and social commentators on legislation or policy ( Negrine, 1989; Pg 163 ). The media uses these groups as an official  authority, as they are recognized and respected organisations within the greater community, a status gained through use of the media itself. Examples exist where journalists can be seen as ‘ propaganda agents ‘ for politicians. The term ‘ manufacturing consent ‘ is described by Robinson ( 2002 ) as the † power of the government to set the news media agendas, † ( Robinson, 2002; Pg 12 ). Entman ( 1991 ), examines an example of this with two incidents from the 1980’s. The media’s contradictory handling of two aircraft shoot-downs, the Korean Airline and Iran Air, despite case similarities, proved the presence of political persuasiveness. Both resulted in a large loss of civilian life, and both were the result of military mistakes. The Iran Air shoot-down for which the US was answerable, was described † in terms of a technical failure, † ( Robinson, 2002; Pg 13 ). The Korean Airline shoot-down, effected by the USSR, was † framed as a moral outrage, † ( Robinson, 2002; Pg 13 ). The US media covered these two incidents as instructed to by US administrations and, says Entman ( 1991 ), chose to neither challenge nor criticize the facts presented to them by the state ( Robinson, 2002 ). The combination of Western governments intervening during humanitarian crises, and the considerable media attention given to dire circumstances abroad, saw the relationship between the media and the state linked as contributing factors, namely with the media encouraging the state to intervene ( Robinson, 2002 ). This trend became known as the ‘ CNN effect ‘ ( Robinson, 2002; Pg 1 ). Media coverage was proclaimed to influence policy-makers, resulting as † either a necessary or sufficient factor in producing a particular outcome, † ( Robinson, 2002; Pg 37 ). The ‘ CNN effect ‘ ( Robinson, 2002 ) adheres to the fact that definitive policy decisions lie with the policy makers, but media coverage can encourage policy makers to see that a decision is attained ( Robinson, 2002 ). An example of media coverage contributing to humanitarian intervention is that which became known as ‘ Operation Deliberate Force ‘, an action led progressively by the US into Bosnia between 1992 and 1995. The war in Bosnia was the biggest conflict resulting from the dissolution of the Federal  Republic of Yugoslavia ( FRY ). Bosnia broke away from the undermined FRY and fighting began in 1991 between Bosnian government forces on one hand, and Bosnian Serb nationalists and Yugoslav army on the other. The latter two intent on creating ‘ethnically pure ‘ regions in Bosnia ( Robinson, 2002; Pg 73 ). Pressure mounted in the US for intervention and as the war continued, US involvement increased, culminating in 1995 when the US became directly involved with the Bosnia war. This occurred after the 1994 Sarajevo market place bombing. The media expelled a † do something † ( Robinson, 2002; Pg 82 ) attitude and it came at a time when US policy-makers were unsure of just how much force they should exude. Holbrooke ( 1999 ) believes a CNN effect ultimately persuaded the US to act. The eventual response that came from the US was a threatened use of massive force, should the Serb nationalists fail to cease actions against civilians. † The reason the West finally, belatedly intervened was heavily related to news media coverage, † ( Holbrooke, 1999; Pg 20 ). Media influence, however, cannot entirely be held responsible for the US intervention. Avoidance of a humiliating UN withdrawal, along with the credibility and competence of the US can also be considered contributing factors. ( Robinson, 2002; Pg 85 ) The media can also attempt to set an agenda and fail. When politicians are certain of their policy, media coverage can have virtually no influence in encouraging a policy change ( Robinson, 2002 ). The war in Kosovo, also a result of the FRY dissolution, proved an area of much controversy between US administrations and the media. Albanian Kosovars, disheartened with a lack of international support, supported a Kosovo Liberation Army ( KLA ). KLA attacks on Serb forces were answered with considerable force, which included civilian targets ( Robinson, 2002; Pg 94 ). Two contingency plans were decided upon; the deployment of ground troops, and the use of air strikes, and were to go ahead should Serb forces continue attacks against Albanian civilians. US air strikes prevailed, but appeared to have little affect on the Serbian military. The US media became critical of the actions undertaken, and it became clear that the general community consensus lent toward a group campaign into Kosovo. It was concluded by Robinson, ( 2002 ) that although a large section of media coverage in the US encouraged the deployment of ground troops, it added little pressure on the government to  do so ( Robinson, 2002 ). Not all media outlets chose to criticize the policy-makers however, and a minority were seen supporting air attacks, ( Robinson, 2002; Pg 109 ). This example shows that although a CNN effect was clearly present, it failed in its attempt to influence policy change. Two theories suggest ways of understanding the relationship between the media and society. Firstly, it is suggested † the media reflect the realities, values, and norms of a society. †¦ The media act as a mirror of society ( O’Shaughnessy & Stadler, 2002; Pg 28 ). Secondly, it can be said that † the media affect how people think, believe, and behave. The media construct our values for us and have a direct effect on our actions † ( O’Shaughnessy & Stadler, 2002 ). Both theories will be discussed. The media role includes both identifying issues of public concern, as well as acting as check on the abuse of power, this generally being political power. Journalists describe society to itself. They seek truth. They convey  information, ideas and opinions †¦ They search, disclose, record,  question, entertain, suggest and remember. They inform citizens and  animate democracy ( White, 1996; Pg 288 ). It is important to note that journalists, similarly to politicians, are held accountable for what they report. † Accountability engenders trust, ( White, 1996; Pg 288 ). Journalists in Australia are answerable to a self-regulatory and industry funded board known as the Media, Entertainment and Arts Alliance. The media often influences’ and reflects the priorities of communities or societies. The media is reliant on advertisements for revenue. In order to attract businesses to advertise, the outlet must attract consumers. This sees media  outlets selling the news, opinions and human-interest pieces that appeal to the values, opinions and sense of the greater market, namely, the readers and viewers. Increasingly, it is impossible to discuss the media without broaching the subject of public relations. Public relations professionals are most apt at using the media to suit their needs. They create the stories and feed the media with them, highlighting those facts they wish known, and keeping the undesirable ones hidden. If a cause requires the attention of the general public, it is possible to entice the media to cover it by creating newsworthy conditions. Politicians employ public relations professionals, who are often professional journalists, to liaise with the media. Obligations of the media to the citizen are to represent, interpret and evaluate ( O’Shaughnessy & Stadler, 2002 ). The majority of citizens receive their knowledge of global issues through media outlets. The media explains these occurrences to the general public, giving them an understanding of what they may not otherwise know. The media can be seen as an educational tool, giving understanding of the norms, values and realities of society to citizens ( O’Shaughnessy & Stadler, 2002 ). The real power of the media lies in its ability to ‘ agenda set ‘ ( Ward, 2002; Pg 404 ). † The media may not be able to tell people what to think but †¦.. they are remarkably successful in telling audiences what issues to think about, † ( Cohen, 1963; Pg 13 ). The media can act as society’s definer, giving meaning and understanding to situations and occurrences. Although the definitions and explanations may not necessarily reflect the attitudes of the subject ‘ experts ‘, the power of the media can quickly see misinformation become the general consensus. Since the September 11 terrorist attacks, the term ‘ terrorism ‘ has been misinterpreted within the media, and used to describe what academics in the field would not label as terrorism. Debate is strong regarding the issues of media censorship, with allegations, arising more and more frequently, regarding violent, sexually explicit and disturbing films, comics, song lyrics, Internet sites and books. Misdemeanor behaviour is often said to have been motivated and inspired by such mediums. In Australia’s republic referendum held in 1999, † 18 of Australia’s 20 daily newspapers supported a ‘Yes’ vote, † ( Ward, 2002; Pg 404 ). Despite this, the majority of Australian’s voted against Australia becoming a republic. Media scholars are aware that media campaigns will not alter political views of those with existing political opinion and loyalties. An increasing minority however, are influenced by media propaganda and media content may prove valuable during elections in the more marginal seats ( Ward, 2002; Pg 404 ). The example of the republic referendum could be seen as an attempted, and ultimately failed, use of the CNN effect on society. _________________________________________________ The above discussion is in reference to situations within western democracies. Other political systems, including dictatorships and less democratic regimes, eg. Zwimbabe, USSR, and China use the media differently, tending to control opinion and political views, and thereby dictating public viewpoints. Prior to the recent elections in Russia, many of the non-government television stations were taken over or shut down, and had to change their influence and affiliations before being allowed to broadcast again. This saw the public denied access to media that presents a point of view different to that which the government wants citizens to have. Hitler shut down all newspapers during his leadership and produced his own, preaching his messages to the masses, this undoubtedly contributing to the large number of Germans that became Nazis. Media ownership is an essential element in this debate, and it is vital to recognize the regulations regarding media ownership in Australia. The federal government of 1986 sought to ensure that media ownership remained as diverse as possible. † A person owning a television license cannot at the same time own more than 15 per cent of a newspaper published in the same city † ( Singleton et al, 2000: Pg 308 ). 1992, however, saw legislation altered to allow more than 15 per ownership, provided the owner is deemed † not to be in control † ( Singleton et al, 2000: Pg 308 ). In a democratic society it is always possible for the alternative point of view to be presented, and for the most part, all sides of debates are considered. The media affects and reflects. It can act as an agent of propaganda and it can set the agenda. It can influence, or be influenced. The media, the state and the citizens are interdependent, each needing and using the other to inform and be informed. Western democracies will continue to see a balance within the media and the information it contains, as media ownership laws ensure the media remains democratic. BIBLIOGRAPHY Cohen, B. 1963. The Press and Foreign Policy. New Jersey: Princeton University Press. Entman, R. 1991. ‘ Framing US Coverage of International News: Contrasts in Narratives of the KAL and Iran Air Incidents ‘. Journal of Communication 41(4):6 – 27. Holbrooke, R. 1999. No Media – No War. Index on Censorship, 28(3): 20-1. Negrine, Ralph. 1989. Politics and the Mass Media in Britain. London: Routledge. O’Shaughnessy, Michael & Stadler, Jane. 2002. Media and Society, An Introduction. 2nd Edition. Victoria: Oxford University Press. Robinson, Piers. 2002. The CNN Effect: The myth of news, foreign policy and intervention. London: Routledge. Singleton, Aitkin, Jinks & Warhurst. 2000. Australian Political Institutions. 6th Edition. Malaysia: Pearson Education Australia Pty Limited / Longman. Ward, Ian. 2002. Media Power. Government, Politics, Power and Policy in Australia. Summers, John ( Ed ). NSW: Pearson Education Australia Pty Limited / Longman. Wheeler, Mark. 1997. Politics and the Mass Media. Oxford: Blackwell Publishers Ltd. White, Sally. 1996. Reporting in Australia. 2nd Edition. South Yarra: MacMillan Publishers Australia Pty Limited.

Pre-American Revolution

Do you know why the American Revolution occurred? Do you think Americans just wanted to be the United States of America just because they desired. King George lll tried to control the lives of the colonists in many ways. There was several causes to why americans seeked for independence. These causes ultimately lead to the start of a revolution. Little by little Colonists found ways to protest against the british army and the king of England. King George III applied unlawful taxes, to control colonists lives. There was many ways king George III tried to control the lives of the colonists. For Example there is this famous slogan which was â€Å"No Taxation Without Representation†, this was because Parliament had control of colonial trade, taxed imports, and exports. By the 1760s, the Americans were getting a right taken away from them. The English Bill of Rights of 1689 had forbidden the imposition of taxes without the consent of Parliament. Since the colonists had nobody representing in Parliament, the taxes violated the guaranteed Rights of Englishmen. He thought it was necessary for most of the taxes he pasted in order for the Country of Britain not to go bankrupt after the win of the â€Å"seven years† war which doubled Britains dept . One of the laws passed was the stamp act. The stamp act was a direct tax by Parliament specifically targeting the colonies of British America, and it required that many printed materials in the colonies be produced on stamped paper produced in London. There was many acts that angered the colonists and eventually made them revoke against Parliament. hese were some of the causes of the American Revolution . The Intolerable acts were a response to the famous boston tea party. there was four acts that got the 13 colonies heated. The Boston Port Act, was the first of the acts passed, which consisted of closing the port of Boston until the East India Company had been repaid for the tea dumped in the water and until the king was satisfied that order had been restored. Colonists argued that the Port Act punished all of Boston rather than just the individuals who had destroyed the tea. The Massachusetts Government Act altered the government of Massachusetts to bring it under control of the British government. Almost all positions in the colonial government were to be given orders by the governor or the king. This act also limited the activities of town meetings in Massachusetts to one meeting a year, unless the Governor arranged one. Colonists outside Massachusetts feared that their governments could now also be changed by Parliament. The Administration of Justice Act allowed the governor to move trials of accused royal officials to another colony or even to Great Britain if he believed the official could not get a fair trial in Massachusetts. George Washington called this the â€Å"Murder Act† because he believed that it allowed British officials to harass Americans and escape justice. The Quartering Act applied to all of the colonies, it was method of housing British troops in America. King George did indeed applied several laws that got the colonists angry. So there were several ways of how the colonist protested. Everyone has heard of â€Å"No taxation without representation. † It was a famous slogan shouted by colonist because they were taxed by almost everything they purchased without their consent. There was no one in Parliament to represent them, so that meant they did not have a word or an opinion. Throughout the years the colonists got tired of the British customs because they were opposing many things that Parliament was doing. So they started doing their own tea and clothes, this was also because almost everything was taxed and colonists thought it was a better way to save money. Another famous event was the â€Å"Boston Tea Party†, in that event officials in Boston refused to return three ships loaded with taxed tea to Britain, a group of colonists dressed as indians boarded the ships and destroyed the tea by throwing it into Boston Harbor, the incident remains an iconic event of American history. In response to the taxes many people let out their anger on the tax collectors. Sometimes it was just a scare but in some cases they were murdered. The continental congressed passed an association act which allowed colonists to boycott British goods, it was effective while it lasted. King George III applied unlawful taxes, to control colonists lives. There are just too many reasons of why the american revolution happened. If Britain did not tax or governed the colonies how they did, we would be living in a much different world. Maybe we wouldn't have even been the United States of America. The Americans had every right to protest against Parliament since they were advocated from some of their rights. You feel me?

Justify the Need for Keeping Records and Describe the Types of Record You Would Maintain

Record keeping enables the teacher to provide evidence of individual student’s charter from the start to finish of a course. It enables to plan, organize and to create best learning environment for the learners. This is classified depending on the subject taught, organization and any other records needed as per UK regulations. JUSTIFICATION FOR RECORD KEEPING Accurate records taken throughout the course facilitates both teacher and student to continuously assess the effectiveness of the teaching and learning relationship. Gravells, (2008) states â€Å"you need to keep records of how your learners are progressing. Being organized with an accurate record for every student helps me in assessing the student’s need and to give a positive feedback on â€Å"how things are going. † On another level, it also keeps me in check as to whether or not I need to refine any aspect of my teaching. Record keeping also helps in taking key decisions when assessing the learner for s uccessful completion of the course (ie) assignments, lab test reports, etc. It is also noteworthy that every individual has different learning needs which needs to be accommodated by a single teacher. Without proper planning and accurate record keeping, it is impossible to deliver results. In short, record keeping, helps me and the learner to set goals and track progress. TYPES OF RECORDS: There are different types of records to maintain depending on what we need them for. As a lecturer, I would maintain three different types of records. 1. Teacher’s records 2. Learners records 3. Mandatory records Teacher’s records: This constitutes of all the records that is needed by me to deliver a course within a subjective frame of time. As a Lecturer, this is usually my first record and plan to deliver the subjects allotted to me. I will be explaining this more in the following sections: Scheme of Work: This is a framework prepared by me based on the syllabus to teach throughout the course. It contains teaching methodology, when, what and how to teach, tutorials, discussion details and assessment plans. It contains a plan of how to assess the learners understanding and making sure that all learning outcomes are achieved. Lesson plan: I always ensure that I have a lesson plan for every subject I teach. This plan contains all details of every day activity. It contains learning objectives for that particular day, teaching procedures, required materials, assignment and details about learner’s appraisal for that day. This level of detailed planning from a teacher’s end is required for a consistent delivery of any course material. Both scheme of work and the lesson plan will enable the teacher and the learner to spread the weight of the lessons into sizable chunks to ensure the required understanding and subject knowledge is achieved. LEARNERS RECORDS A learner’s record helps to track individual student’s performance. It clearly identifies the area of strengths and weaknesses of a learner. From a lecturing perspective, it gives me focus as to where the learners need more or less. The different types of learner records are classified as below: Individual Learning Plans (ILPs): ILPs are developed in conjunction with the learner to assess strengths, performance, progression and barriers to learning. According to this, I can plan to support their developmental needs. Progress report: Progress reports are nothing but scorecards. The progress report gives us the exact percentage/numbers in each area though not in any details. Both teachers and the students get pointers from this, which can lead into development of ILPs. This is by far the most widely used record in all types of learning environment. Assessment course forms: Assessment course forms are usually developed by the awarding bodies for individual courses. These are then given to tutors to assess competencies of students for that particular course. It is mainly used for scoring/giving feedback in exams/assessments. It provides the assessor, the learner’s grasp for the subject and helps tutors to refine the ILPs accordingly. MANDATORY RECORDS Attendance Register: It is used to monitor learner’s presence. This helps to improve learners overall academic performance and to get higher grades and reassessing the teaching methods. Personal details records: This is a basic record required by any organization to admit candidates to a course. It contains contact details, next to kin, previous qualification, experience and achievements. It enables the institute to match candidates to right course. These details are maintained and managed according to the confidentiality agreement and Data Protection act 1998. Health and safety records H&S records are maintained by both organizations and teachers respectively. These contain any risk assessments done for individual classrooms and/or buildings to maintain safety and security for all accessing the site.