Contract Case Map Essay Example | Topics and Well Written Essays - 1000 words

Contract Case Map - Essay Example She alleges that because she had asked for two bedrooms in her suite and not two bathrooms, this in effect amended the contract. GE Marquette Medical Systems is a company that had engaged the Biomedical Systems Corp. to make home uterine activity monitors (a.k.a. HUAM) These medical devices are regulated by the FDA. The contract between GE and Biomedical contained stipulations which stated that GE had to obtain pre-market notification clearance from the FDA, which for that purpose, Biomedical needed to give 90 days notice of intent to market the device to the FDA. The 90 day notice is for the FDA to check if the HUAM is substantially similar to other devices already approved for sale. However, GE instead requested that the FDA reclassify the HUAM device, which is a process that took over three years to complete. Thus, Biomedical sued GE for breach of contract and the jury awarded it damages. GE filed an appeal on the allegation that that the clearance procedure Biomedical wanted in the contract violated FDA procedure. The Supreme Court affirmed the lower ocurt's ruling. The Court struck down GE's raising the defense of illegality because this defense is not available. The contract with Biomedical clearly stated that GE would apply for clearance which it failed to do. Furthermore, the Court held that the FDA itself would have decided if clearance was proper. Petitoner won the case Kain v. Bluemound East Industrial Park, Inc., 2001 WL 1042674 (Ct. App., Wisc., 2001) Bluemound East is in the business of real estate, and had sold to Kain a parcel of land, which had been filled. Kain had informed Bluemound that he intended to construct a building which would exert 3,000 pounds per square foot. Bluemound stated that the land was safe for that building, and even warranted it in the contract. Kain had built a building that exerted even less than 3,000 pounds per square foot, and in a few years had sunk 2 inches. This resulted in Kain having to pay substantial sums for damage repair and preventive measures against further sinking. He then filed suit against Bluemound for breach of warranty. The lower court dismissed the claim for lack of evidence, thus Kain appealed. The Supreme Court reversed the lower court's ruling. It held that Bluemound had made a warranty as documented in the contract of sale, which is an assurance by one party to a contract of the existence of a fact upon which the other party may rely. A warranty is intended to relieve the promisee of any duty to ascertain the fact for himself, and amounts to a promise to indemnify the promisee for any loss if the fact warranted proves untrue. Seeing as the warranty by Bluemound is clear and unambiguous, and proof that the sinking was not due to Kain's own fault or negligence, the lower court is reversed. Petitoner won the

Negotiation and Conflict Week 3 Essay Example | Topics and Well Written Essays - 750 words

Negotiation and Conflict Week 3 - Essay Example In this discussion, the different models such as Trust model and I/R/P model will be taken into concern as a form of effective strategies for addressing the conflicts which have been described in the first week’s assignment. Trust model The different features of Trust model can be viewed as valuable strategy for addressing any sort of conflict situations in an organization. The model explains two types of trust such as interpersonal trust and procedural trust (Furlong, 2005). Interpersonal Trust Interpersonal trust is a perception which states that an individual will not perform any such act that might harm the interest of other individual. The perception mainly depends upon people’s judgment about a person’s character, nature, value and integrity. One of the important characteristics of interpersonal trust is the reliance upon the assumption and belief rather on definite information (Furlong, 2005). Procedural Trust This form of trust generally permits an indivi dual to place their trust particularly in the process rather than the attitudes and ideas of the individuals involved. One of the major features of procedural trust is that it signifies the importance of placing trust in the procedure other than the attributes of an individual (SlideShare Inc.2012). In order to solve the conflict situations relating to non-acceptance of the rules by the employees and violation of maintaining the working guidelines which set by the higher authorities, the organization can apply both interpersonal as well as procedural trust associated with trust model as an effective strategy. From the perspective of interpersonal trust linked with Trust model, the aforementioned conflict situation can be solved as it largely encourages the parties i.e. the employees to emphasize upon their common interests as well as solutions. Moreover, interpersonal trust focuses upon two significant aspects which include skill improvement and communication between employees and t he higher authorities of an organization. The constant development of these factors might ultimately address the aforementioned conflict situations which are related to first week’s assignment. From the viewpoint of procedural trust, the aforesaid conflict situations of an organization can be addressed and solved as it encourages the employees to believe in the process in order to attain a favorable resolve connected with any disputes with the management of an organization (SAGE Publications. 2012). I/R/P model I/R/P model generally stands for interests, rights or power model which is regarded as a basic, broad and applicable process that can diagnose almost all dispute or conflict situations of an organization by a considerable level. This model recognizes three essential methods that can be uses to solve organizational conflicts. The methods have been described hereunder (Furlong, 2005). Interest-Based Processes This process is about reconciling or finding a solution which complies with the interest of the parties. Interest based approaches are more consensual and successful when both the parties are able to protect their respective interests (Furlong, 2005). Rights-Based Processes This process focuses upon securing the rights of the involved parties in the conflict situations by paying much attention to different sources of rights which include any laws, statutes, policies, contacts, policies and past practices among others (Furlong, 2005). Power Based Processes Th

Hospitality and Transport Essay Example for Free

Hospitality and Transport Essay The historical development of hospitality has been developed for more than2000 years. There are normally 3 different types of hospitality, which are: i) hostels ii) motel and iii) hotel. There is also self-camping facility for people staying and living in the campsites. The first early travelers were either warriors or traders or people who traveling for education or religious purpose. As there was no hotel at that time, so they pitched their tents for temporary accommodation. After the camping period, there were some small Inns that were the first type of commercial enterprise within Hospitality industry, this has been the first catering service in the field of hospitality where customers pay for different service while staying in the Inns. In the early days, the travelers used to stay in a large communal room with limited privacy and the places were rough and simple. All the guests were usually shared the same quarter with their houses and livestock. As time went on, some luxuries structure of hospitality was gradually introduced for the wealthy travelers with private rooms and toilets. There was little improvement had been made in the inns, the Hoshi Ryokanis the world’s oldest hotel, it is located in Komatsu, Japan. The hotel and spa have been owned by the same family since 1300 years ago. The quality assurance scheme (Star rating) is usually rated by customers who had been staying in the hotels. The star rating system allows customers to assess the standard of accommodation and rate them at their own choices. It also motivates businesses to continually improve or maintain their standards and encourages healthy competition. Nowadays, the hotel industry has equipped with a Star rating for people to review. The rating is start off with the lowest rating e.g. ‘One Star’ rating which represents clean and tidy, have basic facilities, acceptable with all basic needs in the rooms. They may even provide breakfast for the guests as well. On the other hand, the higher the hotel rating means better and more luxury the hotels are. For example the Six Stars rated hotel will normally include a 24- hours’ reception and room service, internet PC and self-care production in the room. The world highest rating hotel is ‘The Burj Al Arab hotel’ in Dubai that is widely described as a Seven-Star property. New Trends of hospitality: * Electronic check-ins, guests’ registers as preferred customers are sent key cards equipment with the latest of identification technology that uses radio frequencies. On the day of guest ‘s confirmed arrival, a text message will be sent to their mobile device carrying basic details: room number, timing and the guest do not have to go to the check in desk while arrived, they just have to simply moves to his room and uses the key card. It saves time for both the guests and the hotel. * The historical development of transportation: *   The first earth tracks were created by humans. The first ever transportation was using animals such as horses, oxen and donkeys which became an element in track-creation. Tracks were often flattened or widened to accommodate animal traffic. Few years later, the Travis was developed to use on the icy road. By the development of transport, the first modern highways were designed by John Loudon McAdam, using paving material of soil and stone. The modern history of road transport also involves into the development of transportation such as new models of horse- drawn vehicles, bicycles, motorcars, motor trucks and electric vehicles. The development in UK: * The main transportation in UK is facilitated air, rail and water networks. A radial road networks have a total of 29,145 miles of main roads, 2173 miles of motorways and 213750 miles of paved roads. The rail network consists of  two independent parts: Great Britain and Northern Ireland since 1994. The Great Britain network is the oldest network in the world. The system consists 5 speed main lines from London to the rest of country. And also there’s some airports have built within those countries and London Heathrow airport have been known as the busiest in the world. The road network is the most popular method of transportation in the UK. Which carries over 90% of motorized passenger travel and 65% of domestic traveler. Local bus services are covering over the whole country since they operated by the ‘’ Big five’’ private transport companies such as National express, First Group and Stagecoach. The other similar transport of buses is coach, which provides a long- distance links throughout the UK. The majority of coach services are provided by national express and Scottish City link is operating in Scotland. Newest development in the world * The newest development of transportation in the world is the high speed TGV, It is developed during the 1970s by GEC. And the word ‘’TGV’’ stands for Tre’s Grande Vitesse (Very high speed) which has the top speeds touching 200 mph. It is more than just a train it operates from Paris or Lille for little more than just 3 hours. And major crossing France and northern Spain. Inside will be including arm sets and individual tables. It can also reach over 150 destinations by the high- speed TGV network. Current trends of the transportation section: * The road, air and rail transport are used by the people who are able to afford extra money on transport and even a holiday (high income groups), buses are used predominately by low income groups such as pensioners and elderly people. * In 2003 85% of distance traveled was by car or taxi; with 6% being by bus and 6% by rail. Air, pedal cycle and motorcycle accounted for roughly 1% each. * Three in ten homes in Britain don’t have a car (13 million people) * Passenger transport has grown in recent years, the statistic figure shows that total passengers travel in domestic country has risen from 1970 to 1979 billion in 2004 Part B Chosen city: Barcelona, Spain = Where Barcelona located in the Map * * * Recently there is some tendency of young couples getting married in overseas, so the couple can travel together for a romantic trip as well as getting registered marriage in overseas. Also, honeymoon travel packages are getting more popular and only those leading travel operators have the resources and reputation to organize such tours. I am therefore intending to organize a package tour for couples and the destination will be Barcelona, Spain – a very romantic and artist’s city in Europe, yet the overall living standard in Span is relatively lower than other European countries and still one of the most popular destinations in Europe. Since many couples like to go to travel to other countries and cities, so I propose our company to consider promoting a package tour for couples. The name of the tour will be â€Å"Romantic Package Tour in Barcelona, Span (3 to 7 days). In order to explore the package tour in a more holistic approach, the following topics including transportation (External and Internal), accommodation and catering in the city of Barcelona will also be discussed for the package. Transportation: * By train: Firstly, you can take the Euro star to Paris and then you can choose either overnight train or daytime trains from Paris to Barcelona. London to Barcelona by train: * It is a more eco-friendly option for tourists to travel. If you are planning to go to Barcelona with a longer time staying, here’s one of the choice for you to experience more with you lover. Train hotel will be your choice to  choose. There is a restaurant and a bar in the overnight train, it gives you an opportunity to enjoy a meal with a bottle of wine in the train, the fare start at  £39 one-way or  £69return for the Euro star plus  £68 each way for train hotel. Including a bed in a 4-bed Tourist class sleeper or a  £152 each way per person in a 2-bed Gran please sleeper with private shower and toilet, dinner and breakfast next morning will be included as well. The other one is daytime trains, it operates since 2010, and It is a two double – decter TGV Duplex high-speed trains linking with Paris and Spain every day. You can firstly get into the Eurostar train from London then spend approximately 3-4 hours, you will be reach the destination. It’s a first sector of the new Perpignan-Barcelona high speed lines. There’s two different classes for you to choose in the train, the 2nd class seats on TGV is like a mix of unidirectional seating and some tables for four, the 1st class seat have a ‘club duo’ on the left and a ‘club quatre’ on the right. All seats inside are all with power sockets for laptop and mobiles. The Eurostar will cost  £39 one-way or  £69 for return, Paris to Barcelona cost starts at  £59 in 2nd class and  £73 in 1st class each way. And you can also use the train to travel to the other cities within Spain! By air: *   There are totally 3 terminals in Barcelona, A and B are for international flights and C is for domestic flight. It is the fastest way to travel to Barcelona and there are several options of budget airlines for you to choose from London to Barcelona, which include easy jet, Ryan air, and Monarch. The ticket will be around  £60-70 economy class for return. You can choose a higher class of seats which you only have to pay a little bit more for you to have more comfortable seats. After arriving at Barcelona you can get into the buses and they will take you through where your accommodation is. By sea: * * The port supports both ferries and cruises ships, this is the relax way to travel within Barcelona. There’s sun, sea and incredible views of the  city in the luxury and comfort way for you to enjoy your time being in Barcelona. The ferries hold routes to Liverpool and Portsmouth, duration from 7hours 30 minutes. So you can easily take a ferry to Barcelona. It is also a romantic way for couples to travel. Other Internal transportations within Barcelona: *   For sure, you can get to hire a taxi in the city and it should take you to wherever you like, all taxis in Barcelona are black and yellow so it is very easy for you to recognize it. It will show a green light when available for hire. Barcelona is also known as a cyclist friendly city with cycle lanes, packing facilities are many great traffic-free places to cycle such as port. You can also hire a car for self-driving to anywhere you wish! In conclusion, all of the above transportation will be one of the options for the customers in the package tour. The price of the tour is varies depends on the type of transportation they chose. The short 3 days tours are recommended to travel via air while the 7 days tours can choose either by sea or train. Accommodation: *   There are 3 main types of accommodations for customers to choose during the journey. Resort with facilities: * In Barcelona, most of these large scale resorts lie somewhere out of town and the couples are on the main coast road heading for sites. If they are enjoy themselves with their partners in the country side and they should take a more relaxing way- to stay in the city, staying in large resort is one of many types of accommodation You should be looking for. However it is not a serviced accommodation so you have to self-catering but they do provide space for you to cook. One of the best resort site near Barcelona city center is called ‘’Resort Barcelona’’ which is extremely well serviced and it operates a free daily bus to Place Cataluà ±a (the city center) from the site during a period of September to June. Travel time is about 30-60 minutes. There is also train that operates from MA taro to Barcelona city that runs every 10 minutes during the day. The resort site itself provides swimming pool, supermarket restaurant and an Internet cafà ©, so you don’t have to consider of buying food and drinks. The Internet connection within the site is very handy because they have several supermarkets inside the site and also have access of free WIFI in all of the bungalows and camping space. The site also has a beach club at the Matron Beach along with a Diving lab at the port of MA taro. It also offers bicycle rental from a reasonable price. So you can spend one of the afternoons with your love ones at the beach. Hostels: * It is the cheaper accommodation option that you have to share rooms with normally 4-8 people of bunk bed. The toilets and showers will also be shared amongst the guests as well. This type of accommodation will only aim at people who are traveling with a spotless budget of money and they prefer to have self-cater service for saving travel expenses. The other similar accommodation in Spain is family hostels, similar to Bed and Breakfast in UK, which is slightly different than hostels. It is operated by local families in Spain. Normally aiming a group of people, they will provide rooms with double bed, individual and triple beds. Some of them will have to share toilets and bathrooms but some may have their own inside the bedrooms. They will provide breakfast or you have to self-catering. Hostel Felipe II is a 2 stars serviced hostel. Welcoming, quiet and cheap accommodation right in the center of Barcelona. It is a modern, colorful and bright hostel. Which have been recently reformed. It only takes 10 minutes walking to the city center so it is one of the best choices of hostel. The facilities will include tourist information in reception open 12 hours a day, left- luggage service, bedclothes included in the price. Lift, common room and computer room, dining room, free Wi-Fi Internet connection, car park, Air condition/heating, private showers and toilet. The prices will be  £38 per night with private toilet and bathroom. Hotels: (3-4 star): * Hotels are one of the main types of accommodation which most of the tourists will choose to stay. There is star rating from 1 to 5+ but it is also the most expensive ones. But some of them have reasonable prices and it depends on which seasons you going to stay there. The three stars hotels offer small meeting rooms and business services, wirelesses Internet for guests to contact friends and family. It will serve hot and cold breakfast each mornings, additional property amenities will include multilingual staff; laundry services there will be private showers and toilets in the bedroom. It is more likely to be a basic accommodation, which is most suitable for all people. The prices are from  £40-100+. The example of it is ‘Travel Lodge’ which will provide B and B service and reception at a very low and reasonable price. Royal Ramblas is a 4 stars rating hotel that located in central Barcelona. It is connected to the airport within an easy reach and it only takes 5-10 minutes walking distance of Placa de catalunya, Las Ramblas and Barcelona cathedral There is also dining option at the hotel includes a restaurant and a coffee shop for you to relax during the day. It also contains tour assistance, airport shuttle, laundry facilities and currency exchange. The prices are from  £120 to  £200 per night (double bed). All the basic things are included in the hotel except some entertainment, so you may have to choose a higher rating hotel to reach your needs. Luxury hotel: * For those who is traveling for honeymoon or wedding I will recommended the customers can choose the higher class of hotels which is between 4 to 6 stars with luxuries service and facilities. 5 stars hotels often offer excellent access to the city center and all the main attractions in Barcelona and normally takes 10 to 15 mins to walk from the hotel to the city center. One of the popular hotel in Barcelona is ‘’hotel arts Barcelona’’ which owned by the Palace Carlton group which offers modern and high quality accommodation right on the sea front. To make your trip goes perfectly, we suggest our customers to choose the most luxury hotel in Barcelona to stay, which is Mandarin Oriental Barcelona. It contains 7 types of rooms for guests to choose from, and we have come up a choice of best three rooms for couples to choose. They are ‘’deluxe room’’ the classical room have goose down bedding, twice daily housekeeping service with complimentary water on turndown, large working desk, separate bath and walk-in showers, plush terry bathrobes. The other choice is ‘’Deluxe Terrance Room’’ with the added benefit of an outdoor Terrance overlooking views and the most impressive are the bathrooms, which feels like wonderful spa-like sanctuaries. The last one is ‘’Mandarin Terrance Room’’ which is a spacious room flooded with light and for you to enjoy a real sense of calm and space. It also contains light wood floors, white leather furnishings and sumptuous linens have been combined with white walls. All the rooms will include a fast, high quality bandwidth, both wired and wireless. A high definition LCD television including the latest movies for you to get some entertainment in the room and high quality audio system. Catering: * Self- catering: * There are five different types of catering service that the tourists can choose during their stay in Barcelona. The first one is self-catering which the tourists have to buy their own food form supermarket. But they have to  make sure that their accommodation have a kitchen or self-=catering facilities provided. These kinds of self-catering will provide for people who have the lowest budget for the trip, and for those who enjoys themselves being in the countryside because some people may go out for a picnic with their lovers to explore more about the nature. The local supermarkets are ‘’Las Ramblas’’, ‘’El Corte Ongles’’ and’’De Tot al Born’’ They are all operate from 10:00- 22:00. Some supermarkets may provide a 24 hours service as well. The budget can be flexible for self-catering and it all depends what you will buy in the market. But normally won’t be as expensive as the local restaurants . So it will cost about  £2-5 per meal and person. Medium budget traveler: * If you are aiming for a reasonable restaurant at a reasonable price but do not want to do the self-catering, I suggest these customers to go to some fast food restaurant such as ’Pizza Hats’ or some sandwiches cafà © to have their meals. Or even takeaway service from the takeaway shops near to their accommodation. The other cheaper choice for them is have a choice of good quality restaurant in cheaper price. There is one restaurant located near by the church of Santa Maria de Mar. It is called ‘’El Casal’’ the word ‘’casal’’ means a place of Encentro, exchange. The guests will enjoy a relaxing atmosphere, familiar and a quiet time with their lover in here. It Is mainly a sandwiches with premium Catalan products, fresh smoothie and a cappuccino. They can also book the restaurant for a special event for themselves and their partners. The prices are form  £2  £8 for a normal lunch. Dinner restaurant: * This is one of the most popular dinning places for couples/ families to have during their trip. It will normally present a relatively higher price from between  £8-40+ per person. It depends on the type of food and the restaurant’s location. They can enjoy the local Spanish dinner at ‘’La Rita’’ that is an Elegant and formal place with a modernist look, the  cuisine is based in the Mediterranean tradition. The prices for meal from  £7 to  £11. With a choice of vegetarian food as well. It also provides long life recipes, cooked over a low heat and with the best ingredients from the market that provides you a cozy environment with a special event. To make your trip goes more smoothly with a bottle of wine. In view of arranging package tour for couples in their wedding or honey moon trip, our company should aim at people who is willing to spend a little bit more money to make the trip most memorable, therefore I will highly recommended that the dinning in fine restaurants in the city is to the choice of this kind. Our company can also offer a pre-booking system for those most popular restaurants in the city that normally would not be possible booked by tourists. Some extra cost for this service would be added. This type of restaurant will be discussed in the next paragraph. High-class restaurant: To ensure the high class of the trip for the couples, dinning in high-class of restaurants are the way forward for the package for newly marriage couple as well as couples for honeymoon. Therefore I strongly recommend the couples to choose this type of catering service for them. One of the selling points as mentioned above was pre-booking system which is only available for local residents. Our company would offer such pre-booking for the couples joining the package. It is normally aim at people who have some special event to hold such as romantic proposal or an after wedding party. It is usually hard to book a table in the normal circumstances and should normally take a week or so. Our company would book in advance for the couples once they join the package tour with down payment made to the company. We would choose those high class restaurants with good reputation or famous rating under the Michelin of Stars, however our company does provide this service for special customers of getting married or going for honeymoon which they do not mind to spend extra money in the tour. In order to enjoy this lovely environment. Our potential customers can just simply say to us and we can manage to make the pre-booking of a table(s) for two. One of the restaurant we recommended to you is ‘’Comerc 24’’ which is a 1 Michelin star restaurant. The chef – Charles Abellan is the professional of legendary chef and 3 stars Michelin fame. ‘’Comerc 24’’ is an inspired stylish and elegant dining experience.  The menu changes constantly but the high quality of the cuisine will never change. The prices are range from  £20 to  £100. This is especially for people who would like to explore a new style of wine tasting and an enjoyable moment i n Barcelona.

Impact of the Dollar Currency Base Metal on India

Impact of the Dollar Currency Base Metal on India Abstract: Currency Future is a future contract in which specified currency can be bought or sell at pre determined price and date. In developed nations like US and UK the currency price increment impact on physical trading volume, it decrease it on currency price increment and increase it on currency price decrement. Like this, same thing happened in developing nations. In India the base metals prices so much impacted due to currency future price volatility. In India, the currency future trading was started on 29th Aug. 2008 in National Stock Exchange (NSE), in Multi Commodity Exchange (MCX) on 7th Oct. 2008 and in Bombay Stock Exchange on 1st Oct. 2008. The objective of this paper is to measure the correlation of base metals with currency future trading i.e. US $. This research paper is an attempt to consider the investor behaviour regarding currency future trading in India. Some factors which have been considered for research are currency future, base metals and price movement in upward or i n downward side. The results are analyzed with the help of statistical tools and techniques. Introduction Currency Futures means a standardised foreign exchange derivatives contract traded on a recognised stock exchange to buy or sell one currency against another on a specified future date, at a price specified on the date of contract, but does not include a forward contract. Currency derivatives can be described as contracts between sellers and buyers whose values are derived from the underlying which in this case is the exchange rate. Currency Derivatives are mostly designed for hedging purposes, although they are also used as instruments for speculation. Currency Derivatives i.e. Currency Future are standardised in terms of contract sizes, trading parameters settlement procedures and traded on regulated exchange. The contract size is fixed and is referred to as lot size. Future contract are traded through exchanges, the settlement of the contract is guaranteed by the exchange or clearing corporation and hence there is no counter party risk. In INDIA the currency future trading was started on 29th Aug. 2008 in National Stock Exchange (NSE), in Multi Commodity Exchange (MCX) on 7th Oct. 2008 and in Bombay Stock Exchange on 1st Oct. 2008. Currency Future trading play a vital role in developed nations and developing nations. It makes the so much volatility in metal prices in terms of online trading as well as in physical trading. After the starting of currency future trading in India the volatility increase in the MCX non precious metal. The total number of contract traded before starting of currency future trading in non precious metal are 84186 (lots) and after the starting of currency future trading 69358 (lots). It shows that there is lot of volatility in the metal market sometime it increases the volume or sometime it decrease the volume. Multi Commodity Exchange of India Ltd (MCX) is a state of the art electronic commodity future exchange. The head quartered of MCX in Mumbai. The demutualised exchange set up by Financial Technologies (India) Ltd (FTIL) has permanent recognition from the Government of India to facilitate online trading and clearing and settlement operations for commodity futures across the country. The operations started in Nov 2003. MCX offers more than 40 commodities across various segments such as bullion, ferrous and non ferrous metals and a number of agro-commodities on its platform. The exchange is the worlds largest exchange in Silver, the second largest in Gold and Copper. MCX has been certified to three ISO standards including ISO 9001- 2000 Quality Management System standard, ISO 14001: 2004 Environmental Management System standard and ISO 27001:2005 Information Security Management System standard. Literature Review Since the beginning of trading in financial futures and options in the 1970s, the effect of financial derivatives trading on the underlying spot markets has been of great interest to both academics and practitioners. One of the issues commonly investigated by finance researchers is whether futures trading increases the price volatility of underlying markets and thus leads to destabilisation of these markets. Previous studies provide mixed evidence on this issue. To investigating the market behaviours (such as currency price volatility, metal market depth and trading volume) is an important aspect of research on the market microstructure literature. Tauchen and Pitts (1983)1 argue that these three variables are closely related. However, most studies deal with mutual contemporaneous relationship between two of those three dimensions and reach no consistent results. Very few empirical papers investigate the dynamic nature of the interactions, such as the feedback effects between those three variables. The relationship between currency future and trading volume has been examined frequently and usually is in a positive correlation between volatility and trading volume. Copeland (1976)2, develop sequential arrival of information models where new information flows into market to generate both trading volume and price movement. Karpoff (1987)3, reviews empirical and theoretical research on the relation between price changes and trading volume in financial markets. Eighteen of nineteen empirical papers support the positive correlation between volatility and trading volume. Bessembinder and Segun (1993)4 accommodate persistence in the positive relationship on eight futures market by ARCH-GARCH empirical method. In those studies above, it is consistently positive contemporaneous relation between return volatility and trading volume but lacks consistent in the relation between return volatility and market depth or between market depth and trading volume. Furthermore, there are few studies for the analysis of return volatility and trading volume incorporating with the market depth, which is proven to be fundamentally related to trading activity and market behaviour of return volatility (Bessembinder and Seguin, 1992)5. As suggested by Malliaris (1997)6, the origin of futures markets is related to the necessity to manage the risk associated with volatile spot price changes of certain assets. It can also be claimed that futures contracts became more popular since the economic deregulation in 1970s, which resulted in increased volatility in foreign currencies, debt instruments and stock indexes. Market observers and regulators have generally acknowledged the crucial role that futures markets have in risk transfer and price discovery, but they have often expressed concern over the potential role that futures activity may have in destabilizing the markets. Antoniou and Holmes (1995)7 examined the impact of trading in the FTSE-100 index futures on the spot price volatility and concluded that futures trading improves the quality and speed of information flowing to spot markets. Their evidence suggests that there has been an increase in spot price daily volatility, but that this due to increased information in the market and not to speculators having adverse destabilizing effect. Some studies provide empirical results that support the opinion that trading in futures can destabilize the spot market. For example, Figlewiski (1980)8 investigates the futures contracts for Treasury Bills (GNMA pass through certificates) and provides evidence that futures market activity increases the volatility of cash prices. More recent study by Bae, Kwon and Park (2004)9 focuses on the effect of the introduction of index futures trading in the Korean markets on spot price volatility. The authors concluded that introducing the futures and options trading on the Korean stock exchange resulted in both larger spot price volatility and greater market efficiency (allowing for quicker adjustment of market prices to information). The combined average daily turnover of the currency futures contracts in all the three exchanges (NSE, BSE, MCX) increased from USD 1.1 billion in March 2009 to 2.5 billion in September 2009 – which means a growth of more than 125% in just six months period. Objectives of Research Paper To know the impact of Currency Future US$ on base metal with reference to India. Hypothesis of Research Paper Null Hypothesis: There is positive impact of currency future US$ on base metals, if US$ increases than the price of base metals increases and vice versa. Data Analysis The impact of currency future i.e. US$ on base metals is totally depend on the day to day trading prices of currency as well as metals. To find out the impact of currency on base metals we need the daily transaction prices, for this we collect it from secondary resources. To find out the correlation of currency future and base metals I summarise the data in average form. I collected per day USD INR pricing data for twenty seven months and calculated its average per month. For the base metals, I selected five metals (viz. Aluminium, Copper, Lead, Nickel, and Zinc) collected their pricing data for each day for twenty seven months and calculated its average per month. Here we can see in the table no. 2 there is correlation coefficient between currency future and base metals. Aluminium, Copper, Lead, Nickel and Zinc are inversely correlated to currency future. There is impact on the Aluminium -0.787, the copper -0.267, lead -0.770, nickel -0.897 and zinc -0.850. When the currency future prices raise the base metals prices decrease and sometimes the base metals prices increase. It shows that the currency future and base metals are inversely correlated. Conclusion The data analysis of the currency future and the base metals shows that there is a correlation between them. When there is volatility in the currency future and base metals it impacts the relation between them. Sometimes it makes the positive relation between currency future and base metals and sometimes it makes the negative relation between them. Due to this the economic condition of India is so much impacted. When the prices volatility increases in base metals it creates the problem in physical metals trading that impact directly or indirectly to the economic condition of our nation. The data analysis represents the inverse linear relationship between currency future and base metals. Scope of research There is so much scope of this research because it is a new concept in India. Before two years ago the currency future trading was started in India. The currency future trading is a concept which is not very common. People are not so much aware about it. This paper is related with base metals only but further the whole metal market is influenced by it.

Light vs. Dark in Heart of Darkness Essay -- Heart Darkness Conrad Ess

Light vs. Dark in Heart of Darkness The realism movement of the late nineteenth century produced works in literature that were marked by reduced sentimentality and increased objectivity. The goal was to let details tell the story, and remove noticeable bias of the author through scientific and detailed descriptions. While this form of storytelling undoubtedly is most accurate, it creates difficulties for authors to incorporate their themes into the story. This resulted in an increase in symbolism in realist works. The objects and descriptions within the story are the author’s vehicle for displaying the values and themes of the work. Light and darkness are symbols commonly used in literature, and have held specific symbolic meanings for hundreds of years. Simply stated, light commonly symbolizes good, while darkness symbolizes its antithesis - evil. (Cooper) For centuries light vs. dark has been quite possibly the most common symbol in all literature. In Heart of Darkness, Joseph Conrad uses detail to crea te a feeling that transcends the literal text - most notably through his use of light and dark and the inversion of their traditional meanings. The end goal of this inversion is the establishment of the theme that not everything is as it seems. More specifically, Conrad uses detailed imagery of light and dark to show often times white men can be more savage than the natives. The use of darkness in the title of Conrad’s work immediately alludes to it’s relevance to the story, but in an unexpected way. While the contrast of light and dark, white and black, and good and evil is a common theme in his novella, Conrad essentially reverses the meanings of the two. Conrad’s story is about the penetration of a corru... ...Conrad removes Marlow’s bias, but through the inclusion of careful details he is able to establish his themes. The cruelty of white man to the natives, appearances being deceiving, the nobility of the Africans – all are clear messages of this text that come across not from Marlow’s opinion, but rather the careful inclusion of details and symbolism. No bigger symbol helps Conrad reinforce his theme than the continuous battle of light and dark, and his use of the two is the cornerstone from which he builds meaning from symbolism. Works Cited Conrad, Joseph. Heart of Darkness. The Longman Anthology of British Literature. Ed. David Damrosch, New York: Pearson. Copyright 2004. (pp. 948-1001) Cooper, J.C. An Illustrated Encyclopedia of Traditional Symbols. London: Thames and Hudson. Copyright 1987.

Character analysis of Curleys wife and Slim. :: English Literature

Character analysis of Curley's wife and Slim. Steinbeck managers to deliver Curley's wife and Slim's description of their characters so clearly because we get told what people think of them but then we get given their clear precise description of them so we can make our judgement of their personality. We first hear about Curley's wife by Candy when he tells George and Lennie. This is a bit of gossip that Candy tells George about Curley's wife and it is also the opinion of most of the ranch workers. Now Candy is a gossip and he wants to tell George and he does it very effectively. Candy makes sure that George is on his side and you can tell that he feels a bit safer when George agrees with him. We are told that Curley's wife is very beautiful and a bit of a flirt when Candy says, 'I seen her give Slim the eye.' 'An' I seen her give Carlson the eye.' Candy's opinion of Curley's wife is emphasized when he says to George, 'Know what I think?' 'Well, I think Curley's married à ¢Ã¢â€š ¬Ã‚ ¦ a tart' Steinbeck has given us a general Idea about her character but then he builds upon that by introducing her to George and Lennie. As soon as she walks in to the bunkhouse signs start to emerge. Her figure cuts off the sunlight from outside, 'the rectangle of sunshine in the doorway was cut off.' This makes the bunkhouse dark and dark is a sign for trouble and evil. Her description is very vivid and mentions the colour red, which is a very symbolised colour. 'She had full, rouged lips' 'Her fingernails were red.' 'She wore a cotton house dress and red mules, on the instep of which were little bouquets of red ostrich feathers.' Red is a symbol of danger but it can also mean love and passion. Red is also the colour that enrages a bull and since Lennie has been described and related to different animals I think Lennie could be a bull as well. Another detail that is made about Curley's wife is that 'Her voice had a nasal, brittle quality.' This is different to all of her other details because it suggests that she is also very fragile. A clue again relating to her being fragile is when she asks Slim if he has seen Curley. When Slim says that Curley is looking for her she reacts in a way that I think she is scared of Curley, 'She was suddenly apprehensive.' Another aspect that Steinbeck managers to deliver is that she is called Curley's wife

Problem Review Set Capital Structure and Leverage Essay

Managerial Finance – Problem Review Set – Capital Structure and Leverage If a firm utilizes debt financing, an X% decline in earnings before interest and taxes (EBIT) will result in a decline in earnings per share that is larger than X. True b. False 2) Firm A has a higher degree of business risk than Firm B. Firm A can offset this by using less financial leverage. Therefore, the variability of both firms’ expected EBITs could actually be identical. 3) It is possible that two firms could have identical financial and operating leverage, yet ave different degrees of risk as measured by the variability of EPS. ) Which of the following events is likely to encourage a company to raise its target debt ratio, other things held constant? An increase in the corporate tax rate. An increase in the personal tax rate. An increase in the company’s operating leverage. d. The Federal Reserve tightens interest rates in an effort to fight inflation. e. The company’s stock price hits a new high. 5) The firm’s target capital structure should be consistent with which of the following statements? Maximize the earnings per share (EPS). Minimize the cost of debt (rd). Obtain the highest possible bond rating. Minimize the cost of equity (rs). Minimize the weighted average cost of capital (WACC). 6) Which of the following statements isAs a firm increases the operating leverage used to produce a given quantity of output, this will normally lead to an increase in its fixed assets turnover ratio. b. normally lead toa decrease in its business risk. normally lead to a decrease in the standard deviation of its expected EBIT. d. ormally lead to a decrease in the variability of its expected EPS. e. ormally lead to a reduction in its fixed assets turnover ratio. 7) Reynolds Resorts is currently 100% equity financed. The CFO is considering a recapitalization plan under which the firm would issue long-term debt with a yield of 9% and use the proceeds to repurchase common stock. The recapitalization would not change the company’s total assets, nor would it affect the firm’s basic earning power, which is currently 15%. The CFO believes that this re capitalization would ikely to occur if the company goes ahead with the recapitalization plan?