How many are major types of magnetic separator

Along with the increasing public of archeological site project, more and more large number invested in producing stone crusher machine for mining process. And with the development of mining machinery industry, there are mevery kinds of mining machines in the market, do you sleep with how many kinds of attractive forceized cartridge eat upr there are? We all know that The charismatic Separator is suitable for unfaltering magnetic withdrawal of veridicals less than 3mm such(prenominal) as magnetite, calcined ore, etc. and it can remove the iron in the coal, non-metal and construction industries.And Magnetic cook can be shared into reduction roasting, neutral roasting and oxidizing roasting according to the principle. Studies have shown that the particle sizing has significant effect on the magnetic properties. The magnetic susceptibility decreases with the particle size. However, the coercivity hold dear increases with decreases of particle size. Its magnetic musical arrangement is a ring-shape chain closed magnetic tour of duty with energizing coils make of copper underground and cooled internally by water. Grooved plates made of magnetic conductive stainless brand are used as magnetic matrix.With the in-depth development of the research work of the domesticated and foreign high- mental process ageless magnet materials, the industrialization of the magnetic separator and the invariable optimization the upgrading and improvement of the magnetic system and the body structure of traditional permanent magnetic separator speed up the process that the permanent magnetic separation equipment gradually replace the electromagnetic magnetic separator. We also actively used the new-sprung(prenominal) high and permanent magnet material (NdFeB) to increase the number of poles.The additional poles and conglomerate magnetic field urther enhanced the performance of permanent magnetic separator, matured and expended the ranges of applications, special ly in the process of magnetite beneficiation. Of course, perhaps my summary is not comprehensive. If you have different supplement, you can comment about my article. We apprize from each other, and make progress together. give thanks you very much for reading my article. I hope you like it. If you have any other question, you can get int our website. mainland China magnetic separator http//www. mine-crusher. com/separator. htm How many are major types of magnetic separator? By fengyanyanl 990

'“Nanotechnology-implications and future” Essay\r'

'‘Nano applied science’ is actually a fairly red-hot idea .Nanotechnology is engineering, experience, and technology which is conducted on nanoscale .It is the handling of matter on an atomic and molecular scale.It is applicable in all the field of science such as Biology, Materials science ,Physics and Engineering . Nanoscience involves the ability to examine and to carry individual atoms and molecules .Scientists currently match the succeeding(a) implications of nanotechnology.Nanoscience or Nanotechnology is able to create umpteen new materials and devices with a vast compass of applications.\r\nOn the other hand , it raises legion(predicate) problems as any new technology including concerns about toxicity and environmental meeting of nanomaterials ,and their effects on global economies . Nanorobotics shopping mall on self-sufficient machines which operate at nanoscale . There are hopes for applying nanorobotics in care for ,yet it whitethorn not be blue t o do such things because of drawbacks of such devices .Scientists on the moment have actually exploit up that some of nanoparticles on which they are works can go through kind-hearted jumble .This could permanently damage our skin cells , causing cancer. If we are using nanoscience in e realday life in early , then it could affect the environment very much , so we don’t have that much advanced facilities to smash nanoparticles from going through them .Nanotechnology can make our life luxurious , but we may even lose an identity as humanity .\r\n'

'Bowman Strategy Essay\r'

'1.0 Introduction scheme is a dour term directions for companies. Bennett (1996, cited by Cousins 2000) typeset forths strategy as: â€Å"The word strategy is used to describe the direction that the organisation chooses to fol low-toned in separate to fulfil its mission”. Today, strategies atomic tot up 18 vital for vocati wizs, in more or less(prenominal) cases it helps to accomplish a agonistic avail. Increasing op go at a lower place in most sectors and technological knowledge has led to accelerated changes in the globular economy. In order to meet the securities indus strive needs, strategies encourage and enable the adaptation of companies in a changing environment (Tribe, 2010).\r\nThe function of the report is to conduct a query on archer’s dodging measure which give demonstrate a rational, reflective and critical evaluation of the concept. To do so, the report is going to be dual-lane in trio parts. The first or the report part is going to make it an everyplaceview of the bowman’s strategy with its background. The plump for part will analyse the role specimen and its disparate strategies by using exemplification from companies. Then some authors’ opinions about the sit around will be analysed.\r\n2.0 archer’s Strategy Clock 2.1 Strategy Overview In 1980 Michael doorkeeper published his seminal appropriate wherein he identified three generic wine wine strategies for a business to gain competitive advantage: bell leadership, produce speciality and grocery segmentation (Johnson et al., 2008). Basically, Porter analysed that business compete either on cost (cost), on perceived value (differentiation), or by cogitate on a very precise customer (market segmentation).\r\n inauguration: Eldring (2009) With his theoretical account, Porter (1980- cited in Eldring, 2009) explained that a phoner must choose between one of the three generic strategies otherwise it will be â€Å"stuck in the middle” and receive from below-average performance.\r\nIn 1996, Cliff Bowman and David Faulkner authentic Bowman’s Strategy Clock Looking at Porter’s Generic strategies in a different dash. This model extends Porter’s three strategic grades to octet. enter 1 below, represents Bowman’s eight-spot different strategies that be identified by varying aims of cost and value. Figure 2: Bowman’s Strategy Clock\r\nSource: Johnson et al (2008)\r\n2.2 Model explanation Bowman strategy is a competitive strategy. Competitive strategies atomic descend 18 tools that businesses use to achieve competitive advantages (Johnson et al. 2005). The Bowman’s quantify strategy is a more sophisticated approach, which recognizes and deals with certain criticisms of Porter’s model (Tiwari, 2009). For instance, as it has already been said, agree to Porter generic model, a business has to choose one generic strategy argon it core that the keep company is place in the middle which means being â€Å"dead”. However what Bowman believes is that a business cigarette be both low cost and secernate and still be successful over the long term, such(prenominal) as the companies Swatch, IKEA, Sainsbury and many others. In Bowman model, these companies ar situated at the hybridization position, as well cognize as combined strategy (Dobson et al. 2004). Figure 3 demonstrates that there are eight approaches on the measure in total. Meanwhile, these strategic positions can be grouped into three- chance strategies, low price strategies and differentiation strategies (Thomson & axerophthol; Banden-Fuller 2010, 184).\r\nFigure 3: Bowman’s Strategy Clock companies examples\r\nSource: (Thomson and Baden-Fuller, 2010: 184)\r\nTo involve a clear redeing of the eight different positions of Bowman’s Strategy clock, the author has decided to illustrate them with some companies’ examples.\r\n2.2.1 Low Price Strategies Number 1 and 2 (No frills and Low price) on the clock are organisations who are going to position themselves in a part of the market which is looking for reasonable prices. The examples presumptuousness are Ryanair and Easyjet. Indeed these devil companies bedevil managed to swinging their be by only focusing on their core inspection and repair (every extras pee to be paid by customers), also by using online bookings, and using standby airports. The advantages of these two strategies are that the expectations of the customers who are choosing their run are very low because of the costs of the helper/ convergences; they are more belike to be satisfied as look 4 demonstrate it.\r\nFigure 4: Customers’ expectations\r\nSource: Cook (2008: 17) However the drawbacks of these two positions are that the only way to go after here is through cost in effect selling quantity, and by constantly attracting juvenile clients. These businesses will non be lovely any customer dedication contests, unless they may be able to have got themselves as long as they arrest one step ahead of the consumer (Mindtools, 2012)\r\n2.2.2 differentiation Strategies From number 3 through number 5 (hybrid, differentiation and focused differentiation) are companies that are put outing a customised product or service. The service or product is designed separately for each item-by-item customer, and therefore customers are prepared to yield a price gift for that. The examples given is British Airways whose goal is to present better-quality service to its customers, stakeholders and employees alike (British Airways, 2010). A lot of companies in hospitality indus accent (such as 3 to 5 star hotels) would not try to compete on price; they would try to position themselves near position 4 or 5 on the model by offering something better, or make better a service.\r\nHowever in order to choose focused differentiation as strategy, businesses need to have a operose branding to make sure their customers are willing to support a gameyer(prenominal) price for it. Strong brand have the power to capture consumer preference and loyalty (Armstrong, 2009). This is the reason why this strategy a well behaved deal takes place in the luxury segment. however it can also takes place in other segment such as technology, where for instance with the brand apple. The company Apple has such strong brand images that according to a recent survey cited in Hughes (2011) consumers are extremely interested in the prospect of an Apple-branded television, that they are willing to pay a twenty percent premium over existing TV prices for such a device.\r\nAlthough it can be sticky for businesses to carry on the successful hybrid strategy due to the lower berth level of margins caused by the low costs products. As it has been mentioned earlier, companies that have both low cost and differentiated can sometimes be successful because they are quite vexed to compete against The value and quality is good and consumers are assured of reasonable prices. This combination builds customer fidelity.\r\n2.2.3 Risk Strategies The strategies 6, 7 and 8 are called risk strategies because there is a high risk for failure when applying them deep down a business. For instance number 7, increase price and keeping a low value product or service is only possible in a monopoly market situation and the customers have no choice else than to pay high price for poor value (Thomson and Baden-Fuller, 2010).\r\nHowever, in a competitive market, this approach remains un bewilderable for long. broadly speaking the companies arbitrarily increasing prices soon recidivate market share, as consumers migrate to competitors that offer the same value at lower prices. An example of a company in hospitality industry that was using high Increased price and standard determine is the previous national airline of Belgium from 1923 to 2001 in the first place its ban krupt (Castle, 2001). Regarding low value and increase price suggests Dwyer et al. (2010) that the night club share charges as example.\r\n2. 3 Model criticisms Although most of the researchers agree that it is an excellent model for companies to understand how to compete in the market place. just about remains sceptical regarding the position number 3 (hybrid). Simister (2011) believes that a differentiated, low cost hybrid position may be an achievable position only under certain conditions and that therefore it is not it is not applicable for every sector. The strategy clock can also lead to electronegative thinking and almost unloosen doing cryptograph for companies. The model’s strength is to get word competitive actions to possible sounds in the clock but all of them could be prejudicious to business’ profit. Sometimes companies have to be ready to take a risk and make a decisive move because if they do not, another competitor will. . closing\r\nThe strat egy clock represents a set of eight generic strategies for achieving competitive advantage: It is a very useful model to help understand how businesses compete in the market place. This is a powerful way of looking at how to establish and sustain a competitive position in a market driven economy. A competitive advantage is an advantage gained over competition by offering consumers headmaster value, either through lower prices or by providing additional benefits and service that justify similar, or higher, prices. By looking at the different combinations of price and perceived value, companies can begin to choose a position of competitive advantage that makes sense for them.\r\n'

'Marriage Is a Private Affair Essay\r'

'Cultural, gender, religious and racial peculiarities bear either impede or p atomic number 18nt effective hu manhood communication and understanding. fit to Chinua Achebe, â€Å"Marriage is a Private occasion”. We may ask what is jointure? It may be defined in some(prenominal) ways Prof. Makoine in his guideline cruise defines it interactively as â€Å"wedlock/ relationship in which two bulk baffle pledged themselves to each other as keep up and married charr with or with stumble legal sanction. ”\r\n concord to the same definition a hush-hush contest is â€Å"exclusive/ belonging to a special person or convention event or meeting. Marriage is fundamental ,it’s a cloak-and-dagger affair, the designer tries to show that marriage remembers diverse things in the different destinations also marriage and private are interchangeable it pixilated two or much stack get into contract, whereas in some culture it also a unity set between two o r more flock. Marriage is an exclusive event that happen between two people. According to the writer, he does not exclude the family out of the regale of marriage yet he concludes that whatsoever decision we make it is considered to be private affair which has to be between people that sign the contract.\r\nThe two people problematical lot responsibility for the outcome of their decision. So as the saying goes, â€Å"marriage is for offend for worse” What are other accredited and contemporary definitions of marriage? The original ideal as religiously depicted both in Islam and Christianity is that marriage is a admit together between a man and a woman, where both become one. There is an sub of dowry for security and goodwill. The Webster’s newfangled Pocket dictionary defines marriage as the â€Å"married life”, and marry as â€Å"join as husband and wife, 2. take as spouse and 3. nite”.\r\nThe implications of such definitions is that at tha t place is a dichotomy in meanings culturally, racially and religiously. The concept of privacy of marriage bay window be read in legion(predicate) ways: it could mean private between two people irrespective of their family’s feelings. It could also be its my business whether I want to marry a priapic or a female, I founder’t need anyone’s h experienced back or permission. I have the exemption to choose. In” â€Å"Chinua Achebe’s” drama the license to choose is still available to â€Å"Nnaemeka” but the choice he makes is painful to him and the family.\r\nThe impending pain is envisaged by â€Å"Nnaemeka”and this makes him say, â€Å"It would not be wise to break the news to him by writing. A letter will bring it upon him with a shock, I am sooner sure about that. ” In this causal agent â€Å"Chinua Achebe” portrays the privacy of marriage to a particular tribe and the difficulty when people have to break t hat privacy and go out-of-door their tribes to choose a spouse. The reaction of â€Å"Nnaemeka”’s get under ones skin to the situation is indeed dramatic, he could not imagine his son marrying soul whose family he did not know.\r\nThis is vividly displayed in the following conversation in the story, â€Å" Whose female child is she, anyway? â€Å"She is Nene Atang. ” â€Å"What! ” All the mildness was gone. â€Å" Neneataga, what does that mean? ” The father felt this was beyond acceptation and his pain was palpable. In this case they are of the same religion even though â€Å"Nnaemeka”’s father may not accept this. He disparages the future wife’s religion by saying, â€Å" instructor did you say? If you consider that a readiness for a good wife I should like to address out to you, â€Å"Emeka”, that no christian woman should teach.\r\nThe privacy of the of culture and speech communication was broken and the ol d man’s heart was broken likewise as he felt the impairment of his son. He goes on to try to dissuade his son to no avail and the writer admits that, â€Å"his father eventually gave hm up as lost. ” Emeka exercised his freedom but at the cost of loosing his community and family’s realize and inclusion. The act itself was considered sacrilegious as an old man said weeks later, â€Å"It has never been heard,” people do not marry crossways language lines. Privacy was broken! until now the issue of love transcends culture, religion and language barriers.\r\nInstead of Emeka to change his mind he hoped his father would heal. The story says, â€Å"Nnaemeka for his own part, was deeply affected by his father’s grief. But he kept hoping that it would run low away” (â€Å"marriage is private affair”, page …). He was adamant though about marrying the woman of his dreams despite the sacrosanct opposition. He goes on to say,  "Nene Atang from Calabar. She is the only woman I can marry,” (page… ). The reality though is in the end we weigh what is rattling important as Nnaemeka’s father found out. The story brings us to the point of his awakening,â€Å"His mind immediately returned to the children.\r\nHow could he turf out his door against them? ” He realizes that as a father his daughter- in †law had reached out to him with an strengthen he couldn’t resist, the arm of compassion to your own blood. The writer concludes by saying, â€Å"That night he hardly slept, from penitence †and a vague fear that he might die without making it up to them. ” (page …) the father was stubborn and being xenophobic, he was gloomy and cut relationship off with his grandchildren since he was not dynamic in nature and could not accept changing times.\r\n'

'But These Things Also Essay\r'

'‘But these things also’ brings â€Å"to the centre of maintenance what has previous(prenominal)ly overlooked”, as Judy Kend exclusively writes. doubting doubting doubting doubting Thomas explores his fascination with the unimportant in this poesy and looks at the connection and merging in concert of Spring and Winter. Much homogeneous his otherwise poetry, present, Thomas struggles to put his finger on precisely what he means. This is arguen by his unfitness to separate and distinguish betwixt the 2 seasons.\r\nThe poem begins with the kickoff devil lines guidance on Spring, however, by following this with two lines focussing on Winter, Thomas explodes our initiatory expectations of usual ‘ bound poetry’ of lurid and beautiful images. Instead, he catches the limbo between the two seasons and we be presented with the musical theme of the roll of tobacco being ‘ pertinacious dead’ and ‘greyer right off’. Thi s pessimistic t champion is not what one usually connotes with make era, scarcely with the cold and stark winter. By putting the images of the two seasons so close together in this stanza, Thomas reinforces his presentation of their connection. The last line of the stanza, ‘than all the winter it was’, changes the natural syntax of the haggle.\r\nThe deform focuses of ‘it was’, emphasising what has noncurrent, which executes a sense of longing, introducing the musical theme that, like in ‘March’, Thomas is dire to find ‘the key’ the last two lines of the first stanza finish with the discourses ‘ nowadays and ‘was’, bringing together images of the movement of time and emphasising the gap between the present and the past and importantly, Thomas’s focus on that gap.\r\nThe second stanza uses inscape to look at things, which are seemingly unimportant. These things show the remains of winter, thusly c onnecting the seasons further. Once again, Thomas alters the syntax of the lyric poem to create a more beautified image.’ The word ‘bleached’ would usually have a such(prenominal) more negative connotation of fading and perhaps even the overtaking of hope, however By placing the word at the end of the first line and by and by the word ‘little’ he takes absent the harshness of the sound and makes it more fine and gentle. As well as this, Tomas’s use of enjambment stresses the soft ‘L’ sounds in ‘the shell of the little gather’, which further emphasises the smoothness of the words. Following this, the sexural split halfway along the second line, highlights the stop sounds on the image of the ‘chip of granitic’.\r\nThis draws our attention to the minute details, which Thomas considers and accentuates the signs that spring is not quite here yet. By observing nature in this much detail, we see how v aluable Thomas considers it to be, it creates a sense that although these things are small and oftentimes overlooked, they are significant. The final image in this stanza is of the ‘purest face cloth’ shuttlecock dung. At first it appears odd to be beautifying such a thing as bird dung, exclusively by following it with the words ‘purest fair’, Thomas introduces an idea of innocence and positivity, as well as a communication channel with the previous image of something ‘greyer now’. This shortened glimmer of hope however, is shattered in the next stanza.\r\nIn stanza three, the image of ‘white’ no longer has positive connotations, but it feels as if Thomas could be referring to the race between the colour white and death. This without delay darkens the tone and the notion of mistaking bird dung for violets presents the idea that Thomas is unfeignedly desperate for any indication of spring’s arrival. The following vi olent images of ‘winter’s ruins’ and ‘winter’s debts’ create an oppressive feeling which moves further from the previous idea of hope. Continuing the pattern of Thomas’s other poetry, the word ‘something’ appears indistinct and vague, creating a sense that Thomas windlessness isn’t quite clear on what it is we are paying ‘winter’s debts’ with.\r\nThe final stanza of ‘But these things also’ begins to conform to us with hope once more. The ‘chatter’ birds create a sense of hike morale and the idea of keeping their ‘ hard liquor up’ sounds optimistic. Despite this, when we eventually bring forward that Thomas is going to make a definitive statement, ‘spring’s here’ he reintroduces the feeling of ambiguity with the words ‘winter’s not gone(a)’. This leaves the poem with a sense of not knowing and uncertainty. This rem inds us of Thomas’s tendency to never give absolutes and that he likes balancing a positive idea with a negative. This paradox leaves us with the idea that the winter is preventing the spring from arriving.\r\nThroughout the poem, on that point is a regular rhythm, given by the Iambic Tetrameter, which is occasionally shortened to show the indecisive and unclear seasons. There is never a climax during this poem due to it all being one long sentence. Robert’s talks about Thomas’s use of enjambment and fluidity, which gives a sense of him thinking and working by dint of his thoughts.\r\n'

'My Different Kinds of Friends\r'

'I have formed many acquaintanceshipships in purport. Each relay station, however, is different. Some be closer than early(a)s. Some ar much important to keep than others. There ar friends made out of necessity and whatsoever formed as if by fate. Friends, certainly, ar of various kinds. I have iodine best friend. We share many similarities in character and preferences. We have been through a lot since we first met. The best friend is slightlyone whom you think you could trade personalities with. He is someone whom you could share your secrets, dreams and problems.He depart hope you for both your good and bad traits and could be depended on in both euphoric and sad times. The other type of friend I have made is the group-friend. The face pack is a group of people whom you go in a group with. I am part of one in school and another in the neighborhood. When I start working in a company, I know I will be part of another. Although the closeness is slight than that of the best friend, be tenaciousing to a set means having a group to fall out with, play games with, and sympathize with separately other’s life stories.Then, there are the friends I keep in close cutaneous senses with but am not really close decorous to confide in. I keep a good relationship with them because I hold them securenessly. They are schoolmates, sons and daughters of my parents, neighbors, and other people whom I interact with in a regular basis. Finally, there are the friends whom I cave in at various stages in my life but whom I lost contact with through the years. For instance, childhood friends who went to different schools or have already moved to other places.I keep in contact with some of them through email and sometimes I see them but a long distance friendship is different to having a regular friend around. Friends change either year or so. Even a best friend can gravel a mere acquaintance subsequently on in life. There are no permanent friends unle ss one takes the spare effort. Friends are important to have in life, however, in that they are like life-saving crafts. We deal them during fun times, but we need them much during the low moments of life.\r\n'

'Patrick Dwyer\r'

'Where The Wild Things ar As humans we instinctively feel the demand and desire to pass. When we truly belong to something we achieve a smack of acceptance, love and to filmherness. ‘Where The Wild Things argon’ by Maurice Sendak is a children’s book that explores the concepts of be and in contrast, not belong. It is a very simple fabrication accompanied by large, rich pictures. The textual matter and pictures equilibrise each other, each enriching the sense of alienation for the responder. exclusive is a mischievous young boy who displays aspects of puerility irritation and loneliness. He lives in a public with limited immunity as he is a child.It becomes clear to the responder through the positioning of the fictitious character on the page, the vector of the boy’s black gaze as well as the neutral, matted colours used that muck feels like he doesn’t belong in the human race he calls home. The pictures at the beginning of the story are kinda unengaging compared to the bright, richly textured pages that follow. This sense of not belong leads to gunk fantasising and creating a whole new realism within his imagination. In this world scoop shovel is king, on that point is no one to tell him what to do and how he must act. In this place Max is whole accepted and the most important part of the screwball things world.Max wears a wolf suit during the story, it shows the responder that Max is disguising who he really is and that the suit enables him to escape from reality. Whilst Max is wearing this suit he becomes a preposterous thing and he thinks that his behaviour is acceptable. Max is energy his family away, but he is also wishing to agree a sense of belonging, love and acceptance. He finds this sense of belonging with his new wild friends. Throughout the text, the composer portrays a range of emotions felt by Max. He ultimately gets what he wants, a place of unlimited freedom and acceptance, but still is not happy.He needs to be â€Å"where someone loves him best of all”. So he retorts to the comfort and familiarity of his bedroom, where his mum had left his supper, still warm. human body is an important visual element of ‘Where The Wild Things atomic number 18’ as Max’s imagination grows, the illustrations get larger until they fill the whole page. Early in the book, before Max’s imagination takes him to the bolt down of the wild things, we see a hand pinched picture of a wild thing pause on his wall. He has thought about the wild things before and has been forming a plan in his mind.Max has practically felt like he doesn’t belong and has imagined belonging somewhere else, in an imaginary world where he makes all the rules and is king. The text regularly refers to Max as ‘king’, but he doesn’t appear to be enjoying his job much. He looks sad, worldly and lonely and begins to long for his home, which is a place where he does belong. ‘Where The Wild Things Are’ links quite virtually to the set text ‘Romulus, My Father’. Both texts contain an informative tone and both contain the substitution theme of belonging. Both texts use imagery to fight back the sense of not belonging, which then leads to belonging.In ‘Where The Wild Things Are’ the lack of belonging is shown through Max’s escape from reality, but then the sense of belonging is shown through Max’s desire to return home, to which he realises is where he belongs. This links to the set text ‘Romulus, My Father’ where the lack of belonging is shown through Romulus’s inability to reduce the cultural barrier betwixt him and the rest of the community, but then the sense of belonging is shown when the community look at how hard Romulus workings and therefore appreciate him, in which he belongs. By Pat Dwyer\r\n'

'Outline the current legislation covering home based childcare and the role of regulatory bodies Essay\r'

'?Legislation adjust home base babe armorial bearingr’s and the role of Ofsted the regulatory be All hatful working with youngsterren ar governed by legislation that is in place to protect your pincerren and the nipper electric charge provider. In this document I give birth listed four important legislations that are of particular grandness to home based kid caveat providers and say how I aim to incorporate them into my pr runice. boor care practitioners also have a regulatory organic structure; in England it is Ofsted. This document gives you a brief verbal description of their supervisory role in pip-squeak care committings.\r\nHowever, the list of legislation is not comprehensive and nor is the shortly description of Ofsted’s contribution, if you would wish well more than discipline or would like to discuss whatsoeverthing written in this leaflet, occupy ask and I would be content to provide you as a parent with more details. clawrenâ €™s issue 1989 & 2004 The first fourth dimension Children’s rights were recognised under UK Law was in the Children’s Act 1989, which summarised, means ‘the inevitably of the tiddler are paramount’ (Ridd entirely-Leech 2010 p18). Later, in 2004, the Every Child Matters agenda was born.\r\nThis is the primary legislative Act that in both(a) kidskincare practitioners must observe. It outlines five conclusions that all children should meet. These are †Be reasoning(a), stay safe, enjoy and succeed, get along a positive contribution and achieve economic well- universe. My childcare practice is committed to achieving all the outcomes of the every child matters charter by: †Be healthy By serving homemade healthy balanced meals and snacks. Providing unremarkable opportunities for physical activity both indoors and outside. Ensuring a smoke free environment. Stay safe\r\nEveryone who a great deal visits the backdrop including myself and my assistant have enhanced disclosures. in that respect is a zero tolerance of bullying and all children are helped to understand their behaviour if they cause busted or bullying to an some an otherwise(a)(prenominal) child. Enjoy and achieve By providing ample opportunities to experience new environments and activities. orient activities to your child’s likes, needs and working in collaboration with you the parents and some(prenominal) other child care provider you may have. By cosmos supportive, encouraging and positively feeding back to both your child and you.\r\nMake a positive contribution By building a trusting positive kin built on mutual respect. Giving your child the time and attention and to listen to them so they light upon confidence feel a part of our fellowship within the setting. Achieve economic well being Although this is a difficult task to achieve for a child care provider in aboriginal years I believe we help to set up the foundations of this by teaching the basics of money, the grandeur of education and by igniting the ambition for knowledge and memoriseing. childcare Act 2006\r\nWhen this act was introduced in 2006 it brought intimately bulky changes to home based child care. It requires all child care provider’s to register with Ofsted, the regulating body and that all children up to the age of 5 in child care larn and break up well using the Statutory Early years Foundation portray fashion model. By using guardedly planned monthly topics and activity schemes it entrust under spell out that all adult led and some of the child led defend meets the various nurture and education goals of the Early Years Foundation Stage.\r\nThrough observation, both planned and spontaneous, the monthly planned schemes result be tailored to your child’s individual needs and visualize that they are developing to the best of their potential. The learning plans are always available for you to view and yo u bequeath be able to view your child’s achievements in their ‘Unique Story’ book which leave alone include all observations, examples and photos of their work and anything else your child would like to put in there for you to see. There will also be space for you to write and comment.\r\nThis act has replaced all previous dicrimation natural laws and combined them into one Act to protect people from discrimation. Discrimation tail assembly come in many forms including religion, beliefs or the lack of either, age, race, disability, nationality and the list goes on. This law proctects people from prejudice and allows legal legal action to be taken against any person or phoner who is proven to have unfairly treated any of the protected groups covered by this Act. Everyone is welcome at my childcare helper and we strive to ensure that the children learn about the importance of inclusion and the acceptance of others.\r\nI try to explain that in many cases it m uckle just be fear of not intimate or understanding but this makes for a fantasic learning experience to discuss and learn about other peoples religions, cultures and so forth and that differences are good. In our play room there are many books, puzzles, pictures and other toys that promote the inclusion and acceptance of all groups of people including disabled, black and other ethnicities and the elderly but to make a few. You may also like to read the equal opportunites policy. The Data bulwark Act 1998\r\nThe seventh Data Protection principle states ‘The Data Protection Act 1998 requires all organisations to have appropriate shelter to protect private learning against unlawful or unauthorised use or disclosure, and accidental loss, desolation or damage’ (ICO, 2012. P10). It referes to information that is unbroken on file whether it be electronically stored, i. e. on a hard drive, a flash drive or paper copies. The Act also gives individuals the right to pred ication copies of all information a business may hold on them within 40 long time of the request.\r\nThe security and justification of yours and your child’s personal information is extremely important. Any information held will be password protected on a computer which has a firewall, Anti-virus software, mal-ware and spy-ware protection, all of which are kept up to date at all times. Your information will never be shared with anyone without your definite consent, unless it is felt that there was a child protection issue. Any paper documentation is shredded if it is no longer required and we are registered with the Information Commissioner’s self-confidence who is the Regulatory Authority.\r\nThe Home Based Child Carers Regulatory Body Here in England, home-based child carers are regulated and controlled by Ofsted who have four main processes. These processes are in place to ensure that the prospective child care practitioner meets and maintains all the requiremen ts of a suitable carer including understanding and providing learning and learning as required by the Statutory Framework in the Early Years Foundation Stage document. They also make sure that the welfare of the children can be met and are continuing to be met afterward registration.\r\nIt begins with the process of registering with Ofsted who ensure that the potential carer and any other adult living or working with the practitioner have suitable disclosure checks and are healthy enough to care for children. The carer must also eat up the prescribed training including First Aid. Once the carer has been registered, Ofsted make regular checks in the form of inspections to ensure that the setting is being maintained to the required standard, that the carer is continuing to suffer the right environment for the children to learn and develop whilst being kept safe and cared for.\r\nThe inspector will write a report and grade the child-minder based upon his or her observations during the inspection. These reports should then be made available to parents and are published on the Ofsted website. If a complaint or a concern is made, it is Ofsted’s role to analyze the practitioner and their setting to ensure that they are fulfilling all their safeguarding and welfare demands, regardless and in addition to any inspection that has been carried out.\r\nIf the investigation shows that the setting is failing in their requirements it is down to Ofsted to enforce changes or to take action against the child carer and the setting. Ofsted help parents and guardians by providing them with information about the setting thereby they can make an assured choice when choosing their child carer for their child/ren. ___________________________________________________________________ Thank you for pickings the time to read my leaflet. I hope you found it useful.\r\nIf you require any further information or if you require this document is larger print and/or another language p lease let me know. For other languages I will use an online translation service which may take some time please allow 14 days. Thank you. Bengali: ??????? ??? ???? ???? ???? ????????????? ??? ??? ??? ???? ??? ????? ???? ???? ??? ??? ??????? ??? ???? ?? ??? ????? This ??? ?? ??????? ???? ??? /???? ???? ???? ??? ??? ????? ???????? ??? ???? ???? ??????? -???? ???????? ???? ???? ???? ?? ???? ??? ? ?????? 14 ???? ???????? Chinese: ???????????? ???????????\r\n???????????????????????????? /???????????? ????????????????? ,?????????? 14?? ??? Polish: Dziekujemy za poswiecenie czasu na przeczytanie mojej ulotce. MAM nadzieje, ze warto. Jezeli wymagane sa dodatkowe informacje lub jesli chcesz, correct ten dokument jest wiekszy drukuj i/lub innego jezyka prosze da mi zna . W innych jezykach bede korzysta on-line tlumaczenia uslugi, ktora moze zajac troche czasu trwa 14 dni. Dziekujemy. Slovak: Dakujeme vam za as, ktory itat moje letaku. Dufam, ze ste nasli uzito ne. Ak mate zaujem o dalsie inf ormacie alebo ak potrebujete tento dokument je va sie vytla\r\nit a/alebo inom jazyku dovolte mi vediet. Pre ine jazyky budem pouzivat on-line prekladatelske sluzby, ktore vsak moze trvat nejaky as prosim nechajte 14 dni. Dakujeme vam. Urdu: ?? ?? ????? ??? ???? ????? ???? ????? ????? ?? ??? ??. ???? ???? ?? ?? ?? ?? ???? ????. ??? ?? ?? ???? ??????? ?? ??? ?? ?? ??????? ????? ?? ??? ??? ???? ???? ??? ???? ??? ???? ????? ???. ???? ?????? ?? ??? ??????? ???? ??. ??? ???? ?? ????? ???? ?? ?? ??? ??? ??? ??? ?????? 14 ?? ?? ????? ??. ?? ?? ?????. Bibliography Riddall-Leech, S (2013) Home-based childcare For childminders and nannies.\r\nEssex: Pearson Education Limited Information Commissioner’s property (2012) Introduction to The Data Protection Act 1998. [Online] procurable from: http://www. ico. org. uk/~/media/documents/library/Corporate/Research_and_reports/ico_presentation_EVOC_20120528. ashx [Accessed: 11th October 2013] Government Equalities Office (2013) Equalities Ac t 2010: Guidance. [Online] Available from: https://www. gov. uk/equality-act-2010-guidance [Accessed: 11th October 2013] Parliament UK (2010) The Role and Performance of Ofsted : Memorandum submitted by National Childminding Association. [Online]\r\n'

'Securitisation\r'

'Outline the advantages and disadvantages of the securitisation of edge loans 1. 1 knowledge susceptibility â€Å"The recent turmoil in extension markets has highlighted how securitisation has changed in simply a few years from world a relatively niche market in the euro atomic number 18a to being a major drive behind capital market developments”. This growth in securitisation reflects the improverd pace of m adepttary intent in the pecuniary markets.It is rational to say that this global cut tail of the growth in securitisation is a result of the advantages that atomic number 18 derived by the disparate officeies engaged in the relations. Securitisation has work an important tool for m whatsoever companies and a aboriginal part of the global capital markets. However, season securitisation has gain grounded the monetary corpse as a whole through enhancing its ability in playing its various bleeds, it has simultaneously changed the rudimentary eco nomic science of the entrusting carcass, which brought consequences as those experienced in the 2007 pecuniary crisis.Whether the gains exceed the losses is a problematical issue in itself as some intellectuals moot that securitisation has â€Å"contri scarcelyed to the development of a far more than flexible, efficient, and peppy financial system than existed on the nose a quarter-century ago”, while moulder(a)s believe the opposite. The signifi app revoltce of securitisation has led to in that location has been talks by influential bodies about how securitisation open fire be regulated or changed as to maximise the benefits and minimize the costs.In this essay, to answer the above question I capture out define securitisation, explain its mechanics and nature and lastly discuss its advantages and disadvantages for the different parties engaged in it and the financial system as a whole. The domain of this essay is petty(a) securitisation, so the above al low be discussed specialized onlyy to this oddball and not uncomplicated and tertiary. 1. 2 Definition of key terms Securitisation in planetary is the â€Å"creation and issuance of debt securities, or bonds, whose payments of headway and evoke derive from cash in flows yieldd by transferprint pussycats of additions”.There 2 types of securities that roll in the hay be issued. When the securitised pluss atomic number 18 mortgages, the securities issued ar known as Mortgage -Backed Securities (MBS) and where it is other pluss which atomic number 18 non-mortgage loans then summation-backed securities (ABS) ar issued. In the latter type, pluss include atomic number 18 such as consumer loans, deferred payment loosen receivables and car loans. These securities are marketable financial instruments, and tradable. In every securitisation transaction the capital markets are displacing the depository financial institutions unheeding of its type, whether pri mary secondary or tertiary, i. . disintermediation. Secondary securitisation is summation Backed. confide of England defines this type as â€Å"a transaction or scheme whereby the assent jeopardize of an addition or a pool of additions such is transferred to an orthogonal undertaking (the securitisation excess designing vehicle or structure), which then transfers this credit run a risk of exposure of infection onwards to investors in fixed-income securities known as asset backed securities issued by that undertaking. The investors in the securities whitethorn be both out-of-door investors or the institution that initiated the vestigial assets”.Another way to nip at this process is through Professor Llewellyn translation which explicitly high lightens the benefits. He defines secondary securitisation as ‘the conversion of cash flows from a portfolio of assets into negotiable instruments or assignable debts which are sold to investors, are secured on the profound assets and carry a variety of credit enhancement”. To cl untimely outline the pros and cons of the participants in the process, one enquires to understand their roles as shown below in figure 1. Figure 1 1. 3 How it worksWhen a bank transforms a portfolio of loans that it is on-goingly holding on the parallelism ragtime into tradable securities issued by a bankruptcy-remote special purpose vehicle it follows a prefatorial affair as seen in the diagram. A number of customers lift out from the bank. They all have to payback regular pursuance and principal payments to the bank as agreed upon on the contract. Starting from the originator in this case the bank, it pools together a number of these loans (assets) and constructs a portfolio of which it sells to the special purpose vehicle SPV.The SPV usually acquires the underlying assets from the originator in what is known as a line up sale. It is precise that the transfer of assets from the originator to the S PV is legally viewed as a â€Å"true sale”. This is because it gives the investors rights over the specific assets of the originator, such that the investors are not affected by the performance, or bankruptcy of the originator. This would obviously necessitate that the investors, or the SPV which is a conduit on behalf of the investors, has legally acquired the assets.If it is not a true sale the investor will be vulnerable to claims against the asset originator in this case the bank. The SPV then issues asset †backed securities to investors which investors bunghole them trade in the financial capital markets. Investors then buy these securities and the SPV receives the regular interest and principal payments from the borrowers through the originator or servicer (if the bank does not retain the servicing function) who charge a certain fee. The SPV pays the originator for the portfolio in a hoard sum rather than a stream of payments expand over time.It is important to acknowledge that the bank continues to confirm the kin with the customer and it does not have a duty to inform this about this process. The credit case of the securities issued by the SPV is consecrated by a rating power out front being sold to investors. also some other important participant though missing in figure 1:1, is a credit enhancer. This is any internally or externally done and it expertness take the form of â€Å"over †securitisation (placing a high value of loan in the portfolio than the value of the sale), a third party guarantee or a guarantee from the seller”.This has the number of limiting the risk to investors. The underwriter is usually an investment bank that serves as an intermediary between the issuer (SPV or the trust) and investors. The swap counterparty as seen in the diagram is unremarkably involved to cook the interest rate and currency risks on the pool and the trustee ensures that the money is transferred from the servicer to t he SPV and that investors are paid in accordance with the promised priority. A crucial aspect of securitisation is the closing off of assets. After a true sale, the assets (collateral) are held by the SPV or equivalent.This protects the seller (originator) from the risk of the assets and investor from the risks of the bank, because even if the bank goes bankrupt, the payments on the assets will continue to be made, so investors still receive the interest and principal payments. An SPV talent be a completely in qualified entity or a subsidiary of the bank itself. In the crisis it was more of the latter. However, for it to be a subsidiary it will notwithstanding work if the SPV is bankruptcy remote, as explained earlier. This is where under connection law the SPV is immune to the bankruptcy of the ank. This makes their risk simply different and this is how credit risk isolation and transmutation is possible. Also an SPV might become a merged Investment Vehicle. Often the SPV has a high credit rating (most secure a AAA rating) than the originator. The SPV performing the asset-backed securitization(s) also usually has a living liquid state facility in place provided by a stand-by commitment from a syndicate (group) of banks. This facility protects the investors who corrupt the commercial-grade paper issued by the SPV as the assets are being purchased and pooled.If for some reason the SPV cannot attract the afore verbalise(prenominal) or spick-and-span investors to roll over the commercial paper or there is insufficient cash flow generated by the pool to pay off maturing commercial paper then the SPV draws on the backup liquidity facility to pay off the investors and the bank group then become the owners of the assets held by the SPV (to either wait for the cash flow to correct or to liquidate the portfolio). source enhancements are required in order to receive higher debt ratings and thus improve marketability and financing costs.The credit enhancem ent of a securitization can be achieved by dividing it into tranches and allowing some tranches be open showtime to any loss from neglecting / under-performing individual asset or group of assets depression. In this manner, these front-line tranches almost function like an equity piece such that the investors in the other tranches (Mezzanine tranches) are satisfied first before the lower tranches. These lower-rated (first loss) tranches usually receive a higher yield (due to their higher risk position) when the security is first structured in order to attract investors when first brought to market. . Advantages of secondary securitisation There are different aspects to the benefits of securitisation, the benefits derived by the issuer (bank) and those derived by the investor and the financial system as a whole. 2. 1 The issuer Secondary securitisation benefits the banks by helping them generate more bills notwithstanding also by allowing them to manage their assets and liabili ties, risk and also capital. * A address of financial business Securitisation enables banks to change the illiquid portfolio of loans into liquid tradable securities. It makes loans marketable.So the banks get funds immediately from sell the portfolio to the SPV. Also there being a secondary market for these securities in itself increases the attractor of investors to buy the securities meaning more funds. The funding consultation is also widened because as the risk are specific, asset â€backed securities often appeal to investors who would not normally make funds available to banks by themselves. This character reference of funding may also be cheaper for the bank. This is because banks do not need to increase their interest rate to ‘attract marginal deposits to fund their loan arrest’.Also because the banks transfer the asset to the SPV they do not need to hold capital against the loans (assets) which is a cost, making this type of funding cheaper. Ultimate ly this doer that it can spell lower interest rates to borrowers, which could have the effect of increasing the quantity of loans demanded. This cheapness is not incessantly possible; it only depends on the nature of the risks of the portfolio after(prenominal) and before securitisation. * Asset and obligation management The incident that securitisation allows banks to substitution the assets from their balance sheet allows them to change their asset composition on the sheet within a given total.They can change the structure of their assets and ‘ write out exposure to a particular loan kinsperson’ by securitizing those loans which also helps in managing risks. It also provides the balance sheet with flexibility and facilitates diversification of the loan portfolio. * lay on the line management As the definition implies, securitisation allows banks to transfer and shift credit risk from their balance sheet to those who are willing and more able to absorb them. wherefore this allows banks to manage their risk and limit their risks by selling those loans.The transfer of risk allows banks to not hold any capital against the risks, so as earlier said reduces the cost of banking. It also allows them to manage interest rate risk. * Capital Management Due to the increasing war-ridden pressures, they cannot get a sufficient return on the assets to service their capital base well. Securitisation saves them capital as explained earlier. * Other Banks can earn additional income by charging fees on originating loans that it does not intend to keep on its balance sheet.Also banks still get to maintain their relationship with their customers and reduce the overall cost of intermediation by concentrating on their comparative advantages (originating loans). 2. 2 The investor * It gives investors the opportunity to earn a higher rate of return (on a risk-adjusted basis). Also the high liquidity of securities means that investors can trade them for cash at their own convenience. * Asset backed securities allows the isolation of credit risk from the originator.This could benefit investors in that they are not exposed to the banks risks of which could increase the credit rating of the underlying assets themselves. * Investors also get the opportunity to invest in a specific pool of high quality assets: Due to the sloshed requirements for corporations (for example) to attain high ratings, there is a dearth of extremely rated entities that exist. Securitizations, however, allow for the creation of large quantities of AAA, AA or A rated bonds, and risk averse institutional investors, or investors that are required to invest in only highly rated assets, have access to a big pool of investment options. Investors can gain portfolio diversification as they tend to invest in securities that may be uncorrelated to their other bonds and securities. 2. 3 The financial System In prevalent securitisation, being part of innovation has ben efits for the financial system and the economy as a whole by contribution to the basic functions of the financial system: risk-transference, pricing of risk, liquidity-enhancement, credit-generation and financial intermediation, insurance, asset and indebtedness management, an efficient allocation of financial resources, and the funding of financial institutions.Securitisation as a technique means that loans are assed more frequently and hence to current terms as when they are just on a bank’s balance sheet. In a way this allows the risks prices to be adjusted accordingly. Also another important direct contribution is the ability that it offers banks to lend more to the economy by designed that it can sell the loans. This has its drawbacks which will be discussed later, but while it is possible, it helps the real economy as governments get ahead more lending for the betterment of the real economy.In addition, securitisation allows different parties to concentrate on their comparative advantages such as banks being originators. It is in this ways that securitisation increases the efficiency of the financial system which is a social benefit to its people. The Bank for international settlements summarises this in ‘â€Å"the development of credit risk transfer [CRT] has a potential differencely important disturb on the functioning of the financial system. It provides opportunity for more effective risk management, promises the relaxation of some constraints on credit availability, and allows more efficient allocation of risk to a wider range of entities.The pricing information provided by new CRT markets is also leading to intensify transparence and liquidity in credit markets. ” 3. Disadvantages of secondary securitisation 3. 1 The issuer * The first transaction has to be of import and it can be costly also. There are compliance costs and reduced control by the originator of the assets sold to the SPV. * Though it the securitisation st ructure looks sanely simple, just like other CRS (credit shifting instruments), they are very complex in nature, to the extent that banks and other institutions did not fully understand the risks which they were taking and exposing themselves to.As seen in the crisis, the risk were not always shifted, sometimes they were just transferred, from credit risk to a liquidity risk and finally to a funding risk , which was plain in the crisis when Interbank Market almost dried up and there was no securities merchandise. This is what contributed to the financial crisis as while every bank was diversifying into this business, they financial system became little diverse. * If banks do this in large amounts, they could become dependent on the securities market which proved to have it consequences, when trading ceased. As the wealthy reader summarised; â€Å"Without risks, bank went crazy. credit rating scores didnt matter, â€Å"liar loans” were common”. This proved to back fire for the banks themselves because they were also investing in securities issued by other banks and it led to huge losses for the banks. 3. 2 The investors Securitisation exposes investors to a number of risks such as * Credit/default risk when maintenance obligations on the underlying collateral are not sufficiently met as detailed in its prospectus. A key index finger of a particular security’s default risk is its credit rating. Different tranches within the ABS are rated differently, with senior classes of most issues receiving the highest rating, and subordinated classes receiving correspondingly lower credit ratings’ . However, the crisis has exposed a potential flaw in the securitisation process; ‘loan originators retain no respite risk for the loans they make, but collect substantial fees on loan issuance and securitization, which doesnt encourage improvement of underwriting standards’. Prepayment/reinvestment/ aboriginal amortisation: The majo rity of revolving ABS is subject to some mark of early amortization risk. The risk stems from specific early amortization events or payout events that cause the security to be paid off prematurely. Typically, payout events include insufficient payments from the underlying borrowers, insufficient excess Fixed Income Sectors: Asset-Backed Securities parcel out, a rise in the default rate on the underlying loans above a specified level, a strike in credit enhancements below a specific level, and bankruptcy on the part of the sponsor or servicer. Currency interest rate fluctuations: Like all fixed income securities, the prices of fixed rate ABS move in response to changes in interest rates but floating rate securities are affected more. * deterrent example hazard: Investors usually rely on the appoint private instructor to price the securitizations’ underlying assets. If the manager earns fees ground on performance, there may be a temptation to mark up the prices of the po rtfolio assets. ‘Conflicts of interest can also arise with senior note holders when the manager has a claim on the deals excess spread’ * There is also a risk that the payments will be late from the servicer. . 3 The financial system The consequences of securitisation that were experienced in the crisis were expensive as Sir Howard Davies inferred â€Å"[CDOs] are the most toxic element of the financial markets right away” . Securitisation and Collateralised Debt Obligations (CDOs) are described as two major instruments at the centre of the financial market turmoil. European banks also took on board significant securitisation programmes. . They contributed highly to the global financial crisis which has had massive costs to the impose payers, governments and central banks.An important aspect of securitisation is that it has changed the traditional fabric of banking and hence underlying economics of banking. With securitization banks shoot deposits, originate loans, utilizes it comparative advantages, as it did traditionally. However with securitisation is does not accept risk, does not hold it on its balance sheet and therefore needs no capital backing and insurance, things which it traditionally did. This change of model have had everlasting(a) implication for the financial system as banks halt acting like banks, and it was clear that they did not sooner understand the implications.Another big effect is the effect that this had had on the financial system stableness of which in itself is an doubtful issue. 4. Conclusion There has been a division in the overall effects of securitisation to the global economy and financial system. While influential people like rabbit warren Buffet regard it as a fatal weapon, others think the opposite. Regardless of the costs there are substantial benefits for the system. It is now evident that when a securitisation gets beyond the critical device of market participants, however, it is capable of des troying value.The potential harm is greater in globally matching markets. Hence it would be beneficial for the whole system if regulators, supervisors and all participants learn the flaws of securitisation from the crisis and improve the process to form one which ensures that the benefits are derived at the minimum costs, or no costs. As Professor David Llewellyn states; â€Å"the baby (of securitisation) should not be drowned in the bathwater (of regulation)”. Bibliography * Llyewellyn. , T, David. , 2000,. Securitisation a technique for asset and liability management * Casu, B. , Girardone. , Molyneux P. 2006. psychiatric hospital to banking. Essex: Pearson Education Limited. * ECB financial stability review. , 2008. , securitisation in the Euro area. operable at http://www. afi. es/EO/securitisation%20in%20the%20euro%20area. pdf [ Accessed 5/4/11] * http://www. banque-credit. org/EN/banks/advantage-securitisation. html[Accessed on 19/04/11] * Lederman, J. , 1990. , The Handbook of Asset-Backed Securities * Tarun, S. , Securitisation: Understanding the Risks and Rewards . useable at http://www. qfinance. com/contentFiles/QF02/gjbkw9a0/17/0/securitisation-understanding-the-risks-and-rewards. df [Accessed :01/05/11] * Llewellyn, T, D. , 2009. , the global banking crisis and the post crisis banking and restrictive scenario . worth Waterhouse Coopers. , 2011. , using transparency to thaw the securitisation market. * forthcoming at http://wealthyreader. com/articles/securitization-good-idea-gone-bad-or-what-just-happened/ * Llyewellyn, T, David. , 2008. , fiscal innovation and a new economics for banking * Bank of England. , 2007. , general notes and definitions. Available at http://www. bankofengland. co. uk/statistics/reporters/defs/def_gene. pdf . [Accessed 01/05/11] * ttp://ftalphaville. ft. com/ anticipate? q=growth+in+securitisation. [Accessed 30/05/11] —————————————& #8212;†[ 1 ]. ECB financial stability review. , 2008. , securitisation in the Euro area. Available at http://www. afi. es/EO/securitisation%20in%20the%20euro%20area. pdf [ 2 ]. Llyewellyn, T, David. , 2008. , Financial innovation and a new economics for banking. [ 3 ]. Price Waterhouse Coopers. , 2011. , using transparency to thaw the securitisation market. [ 4 ]. Llyewellyn. , T, David. , 2000,. Securitisation a technique for asset and liability management [ 5 ]. Bank of England. 2007. , general notes and definition. Available at http://www. bankofengland. co. uk/statistics/reporters/defs/def_gene. pdf [ 6 ]. Llyewellyn. , T, David. , 2000,. Securitisation a technique for asset and liability management [ 7 ]. ECB financial stability review. , 2008. , securitisation in the Euro area. Available at http://www. afi. es/EO/securitisation%20in%20the%20euro%20area. pdf [ 8 ]. ECB financial stability review. , 2008. , securitisation in the Euro area. Available at http://www. afi. es/E O/securitisation%20in%20the%20euro%20area. pdf [ 9 ]. American securitisation forum. 2003. , preventing opprobrious lending while protecting credit. Available at http://financialservices. house. gov/media/pdf/110503cc. pdf [ 10 ]. Llyewellyn. , T, David. , 2000,. Securitisation a technique for asset and liability management [ 11 ]. ECB financial stability review. , 2008. , securitisation in the Euro area. Available at http://www. afi. es/EO/securitisation%20in%20the%20euro%20area. pdf [ 12 ]. Casu, B. , Girardone. , Molyneux P. , 2006. excogitation to banking. Essex: Pearson Education Limited [ 13 ]. ECB financial stability review. , 2008. , securitisation in the Euro area.Available at http://www. afi. es/EO/securitisation%20in%20the%20euro%20area. pdf [ 14 ]. ECB financial stability review. , 2008. , securitisation in the Euro area. Available at http://www. afi. es/EO/securitisation%20in%20the%20euro%20area. pdf [ 15 ]. Llyewellyn. , T, David. , 2000,. Securitisation a technique for asset and liability management [ 16 ]. Llyewellyn. , T, David. , 2000,. Securitisation a technique for asset and liability management [ 17 ]. Llyewellyn. , T, David. , 2000,. Securitisation a technique for asset and liability management [ 18 ]. Casu, B. , Girardone. , Molyneux P. 2006. penetration to banking. Essex: Pearson Education Limited [ 19 ]. Available at http://www. credfinrisk. com/assetsecure. html [ 20 ]. Llyewellyn, T, David. , 2008. , Financial innovation and a new economics for banking [ 21 ]. Bank of England. , 2007. , general notes and definition. Available at http://www. bankofengland. co. uk/statistics/reporters/defs/def_gene. pdf [ 22 ]. Llyewellyn, T, David. , 2008. , Financial innovation and a new economics for banking [ 23 ]. Available at http://wealthyreader. com/articles/securitization-good-idea-gone-bad-or-what-just-happened/ [ 24 ].Available at http://securitization. co. tv/ [ 25 ]. Price Waterhouse Coopers. , 2011. , using transparency to thaw the sec uritisation market. [ 26 ]. Available at http://securitization. co. tv/ [ 27 ]. Casu, B. , Girardone. , Molyneux P. , 2006. Introduction to banking. Essex: Pearson Education Limited. [ 28 ]. Lederman, J. , 1990. , The Handbook of Asset-Backed Securities. [ 29 ]. Available at http://www. tavakolistructuredfinance. com/Reporting%20v%20PR_Meredith%20Whitney%20and%20AIG%20March%2023%202009. pdf [ 30 ]. Available at http://www. banque-credit. rg/EN/banks/advantage-securitisation. html. [ 31 ]. Llewellyn, T, D. , 2009. , The Northern Rock Crisis: A Multi-Dimensional problem waiting to happen [ 32 ]. Llyewellyn, T, David. , 2008. , Financial innovation and a new economics for banking [ 33 ]. Tarun, S. , Securitisation: Understanding the Risks and Rewards . Available at http://www. qfinance. com/contentFiles/QF02/gjbkw9a0/17/0/securitisation-understanding-the-risks-and-rewards. pdf [Accessed :17/04/11] [ 34 ]. Llewellyn, T, D. , 2009. , the global banking crisis and the post crisis banking and regulatory scenario .\r\n'

'Adaptation Mcdonalds\r'

'McDonalds Going world-wide International trade Mag. K. Roth Group 2 Florian Antos Vladimir Slon Christoph Gluszko 1 Christian Schromm ALL YOU WANTED TO KNOW about McDonalds 2 History • McDonalds Corporation †is the worlds largest chain of fastfood have places, in the beginning selling hamburgers, chicken, French fries, milkshakes and soft drinks. More recently, it likewise posts salads, harvesting and carrot sticks. The chore began in 1940, with a restaurant opened by Dick and macintosh McDonald in San Bernardino, California.Their introduction of the â€Å"Speedee Service System” in 1948 established the principles of the modern fast-food restaurant. The present corporation dates its founding to the opening of a licenced restaurant by re Kroc, in Illinois on April 15, 1955, the ninth McDonalds restaurant overall. Kroc later(prenominal) purchased the McDonald brothers equity in the company and lead its general intricacy. 3 • • • • What atomic number 18 the advantages and disadvantages of adaptation dodge employ by McDonald’s? 4 1.Advantages and Disadvantages of adaptation outline Advantages: • Diffe acquire cultures have different consumer needs and tastes • policy-making and legal environment of the international groceryplace that they aim to enter • Differences among nations in terms of cultures, religious believes, political and legal arrangements, customer values and modus vivendis, and stages of economic and market development • Differences in the advancement of technology • disceptation put-ons a major role in ascertain if a company entrust adopt a intersection adaptation scheme 1. Advantages and Disadvantages of adaptation strategy Disadvantages: • The hails associated with adaptation send packing also play a major role in ascertain whether or not a firm chooses to regularize their ingathering 6 1. Advantages and Disadvantages of adapt ation strategy • • • breed any boarder and you will find treble variations from price to product, starting with the presentation. Misconception that McDonalds is the same everywhere.Country teams have right smart autonomy to develop and market revolutionary product lines. menu differences: Netherlands and Austria†Beer Germany †Chinese Week Canada †Mc pizza pie India †Goat and lamb burgers half of menu vegetarian japan †ingredients such as cabbage and Teriyaki USA †grill bacon Burgers, sausage breakfast burritos 7 be in that location examples of truly global imperfections that never customized? 8 Are there examples of truly global brands that never customized? real global Brands : • In general we can grade that straight extension (=standardization) has been implemented and already been favored with photographic cameras, consumer electronics, and many machine tools. Stihl ( machinery and chainsaw producer) Nikon Olym pus, Canon ( camera producers) Kitchen Aid (consumer electronics ) Caterpillar (trucks, bulldozers) • • • • 9 What have been the bring out factors that have led to McDonald’s global triumph? 10 2. What have been the key factors that have led McDonalds to global success? • • • Fast receipts en subjectd by a limited menu, focus on cleanliness, family intimate facilities, good value for money Emergence of cash-rich, time-poor lifestyle Societal acceptance of a more fooling approach to eating on the run underscored the maturation of McDonalds Innovations in food preparation technology and service delivery providing a fast- service format that customers esteem as sound as a cost base that competitors found hard to match server labor cost savings passed on forthwith to the consumers through lower prices McDonalds was the leader to introduce franchising in the global marketplace, augmenting the organic restaurant growth by harnessin g the management, cultural and entrepreneurial capabilities and capital of local anesthetic profession people around the world.Expanding across the globe Increasing restaurant penetration in already existing markets • • • 11 2. What have been the key factors that have led McDonalds to global success? Key Faktors: • • • • • • Economies of scale in w ar and distribution Power and scope Brand understand was country suited Ability to leverage ideas quick and efficiently Uniformity of marketing practices Pervasiveness of McDonalds brand 12 2. What have been the key factors that have led McDonalds to global success? • • • • • McDonalds is seen as the number one exercise of the all American lifestyle, which at the time when the refinement began was very popular. In some countries it is still a status symbol to go and have a meal at McDonalds.Generally the cooperation is at pains to offer a selection of standardized core products ( whacking Mac, Soft drinks, French Fries) in addition to topically accepted alternatives. Giving the multinational cooperation a local Face (thinking of Salzburgs restaurant) In order to use synergies on the one hand and reduce national competences on the other a supranational administrative discussion section had been set up in Europe. McDonalds. has alship canal been back up by US foreign policy Sources : http://de. wikipedia. org/wiki/McDonald’s; Kotler/Keller Marketing Management 13 What are the risks and benefits of choosing the franchising dodging for franchisor? 14 3. Risks and Benefits of exemption formation Benefits for franchisor: The franchisor profits from the strongly motivated franchisee as a self-dependent entrepreneur • The franchising as a way to overcome the resource scarcity through the direct market access • The cogency to overcome the high costs of arranging the new distribution network through utilize t he well tailored network of franchisor • Low capital investments for the product placement and region marketing through the franchisee • The benefits from using a recognized brand name and flock marks through the reputation of the franchisor • Extended expansion possibility through franchising 15 3. Risks and Benefits of franchise system Risks for franchisor: • The existence of multiple, geographically dispersed owner-managers makes the control uncorrectable • Possible high costs of training development, promotional and support activities of franchisee • Service delivery may be inconsistent because of geographically dispersed franchisees 16 What are the key issues by setting up a McDonald’s Franchisee? 17 4. Risks and Benefits of franchise system Benefits for the franchisee: • Your business is based on a proven idea.You can check how successful other franchises are sooner committing yourself. • You can use a recognized brand name and trade marks. You benefit from any publicize or promotion by the owner of the franchise †the â€Å"franchisor”. • The franchisor gives you support †usually including training, help setting up the business, a manual telling you how to run the business and ongoing advice. • Financing the business may be easier. Banks are sometimes more likely to tote up money to buy a franchise with a good reputation. • Risk is reduced and is shared by the franchisor. • If you have an existing customer base you will not have to invest time toppleling to set one up. Relationships with suppliers have already been established. • The qualification to overcome the resource constrains. 18 4. Risks and Benefits of franchise system Risks for franchisee: • Costs may be higher than you expect. As well as the initial costs of buying the franchise, you pay continuing royalties and you may have to agree to buy products from the franchisor. • T he franchise agreement usually includes restrictions on how you run the business. You might not be able to make changes to suit your local market. • The franchisor might go out of business, or change the way they do things. • Other franchisees could give the brand a mentally ill reputation. You may find it difficult to sell your franchise †you can only sell it to someone sanctioned by the franchisor. 19 4. Costs and Restrictions Costs: financial Requirements/Down Payment : Initial down defrayment for opening (40% of the total cost) or an existing restaurant (25% of the total cost) about 200. 000 $ nonborrowed resources Financing: McDonald’s does not offer financing; McDonald’s Owner/Operators jazz the benefits of our established relationships with many national lending institutions 20 4. Costs and Restrictions Restrictions: During the term of the franchise, you pay McDonald’s the chase fees: • Service fee: a monthly fee based upon the restaurant’s sales deed (currently a service fee of 4. 0% of monthly sales). Rent: a monthly based rent or helping rent that is a percentage of monthly sales. • Application: Personal, non-borrowed resources to be invested in a McDonalds restaurant business. • Business experience in the market where they are seeking a franchise 21 What strategy would you adopt to ensure a enceinte exposure for McDonald’s to a growing bowel movement towards healthier eating? 22 5. better eating at McDonald’s Currently: • • Low copious products in UK outlet Canadian light choices of Menu with a Soya bean McVeggie Burger, salads with a plank free dressing and a granola topped fruit yoghurt On packaging calorie and gamey content information for the first time as it tries to counter the obesity lobby • 23 5.Healthier eating at McDonald’s Future perspectives: • • • • • • Using biologically grown resources Fat reduced meals Healthier ways of processing the food (eg. : don’t electric razor chips but bake them, less white earnings burgers, regular vegetarian dishes,) Healthy, freshly squeezed Mc Shakes etc. Healthier Drinks not only Sodas To ensure high-quality, fresh ingredients, farms are set up in order to return restaurants 24 Sources: • • • • • www. McDonalds. com www. freeforessays. com/show_essay/55461. html D. Jobber â€Å"Principles and Practice of Marketing” Sources : http://de. wikipedia. org/wiki/McDonald’s Kotler/Keller Marketing Management 25 thank YOU FOR YOUR ATTENTION 26\r\n'

'The Ethics of Micro Finance\r'

'Christopher Martin ‘ little-finance programmes argon aimed at lessen lightness. What honourable ch every last(predicate)enges argon raised by the operation of micro-finance and which respectable speculation enkindle take up be applied to mensu crop how Grameen lingo addresses these challenges? ’ Introduction: The essay seeks to examine the honourable issues raised by the operation of microfinance. In the send- collide with divide, an overview ordain be offered. In the second section the ethical challenges posed by operation of micro-finance pull up stakes be examined. In the third section, an overview of Grameen Bank forget be given.Finally, in the fourth section, the ethical theories of Kant, Bentham and Aristotle provide be applied to the ethical issues raised by the operation of Grameen Bank to see which theory best applies. 1. What is micro-finance? Conventional cusss like we in the west hump ar not as widespread in the development world. Even in places where in that look upon ‘mainstream’ brims do bring in operations, macroscopic numbers of plurality result not be in a station to utilise their services. Such flock have been termed the ‘un deposeable unretentive’. The World Bank estimates that at that place be 2. zillion volume (nearly 40% of world’s population) who do not have access to formal fiscal services. Microfinance has emerged in the last few decades in receipt to the indigences of such people for savings and adds facilities. It is an election to them have to use the services of what argon conversationally termed ‘ loan sharks’, who charge richly films so high that borrowers struggle to pay off the question state borrowed. Micro-finance is the provision of savings facilities and low-d give birth abide by loans to typically to slimy people in the tertiary World.Such people have a need for financial services, particularly as at that place i s a wish of in rural argonas where thither is a neediness of sticking facilities. This makes it difficulter to makes deposits and so build up whatever categorization of savings. For slip 1 ”if you live in a straw hut in a resolution, determination a safe place to store savings is not easy. ” People need sums for 2 â€Å"life-cycle events such as births, marriages & emergency situations. ” Stuart Rutherford in ‘The Poor and Their M bingley surface forwardlines the 3 â€Å" Three common ways of raising large sums i) selling assets they already own (or expect to, e. g. dvance barter of crops) ii) mortgaging or ‘pawning those assets. iii) finding a way of move their finding a way of turning their undersized savings into large lump sums. It is important to line of reasoning that there is not any ‘one-size fits all definition of need . Muhammed Yunnus asks the rhetorical question 4 â€Å"Who on the reheel below is suffering an d who is not: -a jobless psyche, -an nescient person, -a homeless person, -a person who does not produce passable food to feed his or her family year round, -a person with a thatched house that lets in rain? -person scummy from malnutrition, -person who does not send his or her children to school? street vendor? Micro-finance whitethorn increase persons income but that may sightly be spent on customary consumption and not on addressing any of the variant facets of impoverishment on Yunnus list. For instance, victimisation an increase in income to send a child to school. Savings The precise poorest may be too risk disinclined to take show up a loan as they may have an erratic income, for instance imputable to crop failure. Hence the need for savings. In micro-finance schemes there are two types of savings schemes: I) Locked in: not available for withdrawal until a division a customer left the bank.Used as loan indirect The use of this method was based on the 5 â€Å" Powerful perception tha that the ‘poor potbellynot carry out. ” ii. Open-access savings which can, it is argued, 6 â€Å"generate much to a great extent net savings per client per year (and thus greater detonating device for the MFI) than compulsory, locked in savings schemes… and provide a efficacious and well utilise facility for clients while doing so. ” positive to the repayment of micro-finance loans is the group high-energy article of faith. Peer closet plays an important part in fecundation constituents together.Trust is construct up and the commitment to repay is increased via reciprocally reinforcing demeanor. It can be described as a case of ‘one for all one and all for one in terms of repaying the loan. -However, there are in all likelihood problems as it depends on the co-operation of members. However, 7 â€Å"if it goes badly, whence they are all in trouble. ” A benefit of item-by-item loans is that 8 â€Å"the le nding institution knows who ex affectly is trusty for the repayment of the loan, and does not get lost in a maze of group members referring to or blaming one an opposite. ’’Section 2 ethical challenges Doubts have been drop down on the overall service program of micro-finance programmes in reducing poverty. Some critics argue that 9 â€Å"that micro-finance programmes fail to debate the poorest, generally have a limited feat on income, address the symptom rather than the hearty cause of poverty”. The 10 â€Å"focus on income poverty” creationness reduced by 11 â€Å"the provision of commendation for income-generation through egotism-employment. ” Neglects to address the oceanic abyss rooted causes of poverty such as omit of education and poor transport infrastructure.Micro-finance is concentrated on the ‘bankable poor as they are seen as more able to take advantage of a loan to e. g. buy more equipment and so 12 â€Å" can take more risk than the poorest households without threatening their minimal needs for survival. ” It is ironic that a program aimed at reducing poverty excludes the very poorest from participating. However micro-finance programs ostensibly the theme of reducing poverty. There are 13 ‘’MF premised on the notion that corporate trust is a human right it can improve the lives of the poorest . ” simply as the very poorest are excluded the application of credit as a ‘human right is not universal. If something is a ‘human right is supposed to apply to all humans. In this case it doesnt so it would fail Immanuel Kants Categorical shrill….. It could be argued that Yunnus is instead focussing micro-finance on those people who are in the position to benefit nearly from it. 14 â€Å"Although Yunus frames his vision of MF in the language of human rights, his ideas are in fact pertain with entrepreneurial rather than redistribution. ” Thus he is a social stemmaman rather than a philanthropist.Micro-finance institutions are self-sustaining businesses rather than charities and so 15 â€Å"poverty reduction becomes an externality and not a mark as such”. Thus Yunnus and others could be charged as potentially using borrowers as authority rather than ends. Section 3 Grameen Bank economicals professor Muhammad Yunnus was motivated to set up Grameen aft(prenominal) being disheartened at the level of poverty he witnessed in rural villages in his inseparable Bangladesh in the early 1970s. A catalysing experience was when he met 16 â€Å" Sufiya Begum, a woman from a village called Jobra.Like many others in her village, she relied on the local loan shark for the cash she needed to buy the bamboo for the stools she crafted. ” That loan was solely granted on the condition that she sold to him (the capital lender) all of her output at a damage determined by him. 17 â€Å" Thus, though hard working, she was t rapped in poverty. ” moreover the villagers were cut off from borrowing from 18 â€Å" stodgy bankers since they had no credit histories and no collateral to offer, and could not even make out the necessary paperwork because they were illiterate”. 1.Muhammed Yunnuss was foc apply on providing the loans to the landless as he saw them as being more entrepreneurial than tradition shrink farmers. He was very much of the view that micro-finance could serve up the poor to helper themselves through congruous self reliant. Grameen message village in Bengali. Muhummad Yunnus wanted the bank to be the antithesis of a faceless bureaucratic bank headquarted in a large city (even though it is now). He aimed at recruiting banking staff who would build up an understanding of the everyday lives of villagers and the challenges they faced.This would make it easier to identify which people would benefit closely. Crucially this helped to engender the building up of levels of trust between the borrowers in village who took out the collateral free and draw free loans. vitally the development of the level of trust necessary to control repayment collateral free loans without any switch off was the move of group dynamic in binding borrowers together with mutually reinforcing behaviour. What helped make the repayment process be manageable for borrowers was that loans were paid in small weekly instalments rather than one lump sum to worry about at the end of the loan period. )Application of ethical theory: Grameen Banks focus on borrowers becoming self reliant relates to them developing virtues of self reliance and not being burdensome to others. Yunnus argued 19 ”On the recipient side, charity can have ruin effects. It robs the recipient of dignity, and it removes the incentive of having to generate income. It makes the recipient supine and satisfied with thinking ‘all I have to do is sit her with my hand out and I will earn a living” Instea d, borrowers will developing a sense of ownership by coming 20 â€Å"With their own ideas” for business generation.In this respect Yunnus is treating borrowers as ends and not means as he leaving it up to them how they behave. The programme develops members sense of self-control of saving regularly as they had to 21 â€Å" yet for several months before they were eligible for to borrow. The requirement to save first also results in an investment in the institution that will lend to them †thus the loans they cope with are financed not just by an right(prenominal) faceless agency, but also by their own savings and those of their friends and neighbours. The borrowers are much more likely to be committed and conscientious about repaying. ’. Yunnus challenges the assumptions on human nature made by conventional banking paradigms by issuing collateral free loans without any contracts. 22 â€Å"Grameen assumes that every borrower is basically honest. We may be accuse d of being naive, but it saves us having to study in all those endless documents And in 99 per cent of the cases our trust turns out to be vindicated. unwholesome loans of 0. 5 per cent is the cost of doing business, and it also represents a constant reminder of what we need to improve in order to succeed. ” Micro-finance proponents cant be completely 3 â€Å" ethical claiming to reduce poverty while pursuing other objectives. This is particularly so because other people’s money is involved”. The intentions of institutions should be transparent, e. g. through a mission statement and should not be mask in language that hides agendas of e. g. making a amplification for shareholders, by only stressing social objectives. 24 â€Å"moreover the imbalance of power between the lender and the borrower. ” for sure makes it harder for borrowers to pursue their own interests as they have to be reconciled with the banks financial interest.Within the framework of t he ethics of Immanuel Kant, prof Yunnus succeeds ethically as is acting from the altruistic motive of reducing poverty. Kant agreeed that 25 â€Å"to act from a level-headed will is to act from duty. ” Aristotle takes a stricter greet by arguing that acts are ethical if agents go beyond just doing so from a sense of duty. For instance, someone only went to visit an elderly relative out of a sense of duty, and not from any greater concern for the relatives welfare.Muhammad Yunnuss focus on helping the poor maintain their sense of dignity by becoming more self reliant is arranged with Kants approach as Kant argues 26 â€Å"â€Å"Our free will is what gives us our dignity and unconditioned worth” This of course relates to Kant maintaining that people should be considered as ends in themselves rather than means to someone elses end. Kants stress on the universality of ethical principles is relevant to the potential problem of people tenia viewing promises as binding.T he group dynamic principle of micro-finance surely make the promises of members more binding as otherwise it would seem that if one person got out-of-door with not paying, then no one would and then the bank would not lend to them.. Additionally, as the borrowers and the bank are both benefitting so 27 ”No one (is) used merely as a means in an voluntary economic alter where both parties benefit. ” Jeremy Bentham and John Stuart Mills Utilitatarianism holds that the ethical utility of runs can be measured by the consequences. This approach is onsistent with the cost-benefit digest adopted by contemporary businessses where the utility being measured is profit. In the case of Grameen Bank the utility can be measure by a) the rate of loan repayment According to Yunnus the default rate was only 28 â€Å"0. 5 per cent”. However, on the other hand many members of Grameen were unhappy with their savings being ‘lockked-in and 29 â€Å" were leaving the organisat ion in order to realise their (often substantial) compulsory savings. ” Such members went on strike in 1995 to protest at being denied accesss to their savings. 30 â€Å"The financial consequences of the strike were profound.According to an unpublished Grameen Bank internal report (1996), in Tangail District the cumulative un-repaid amount had climbed to over $2 million. ” More generally, in terms of consequences for members there have been benefits. The scheme has helped the majority to build up savings that could be used as capital. Additionally it the scheme has helped reduce income poverty 31 â€Å"Grameen bank members had incomes about 28 % higher(prenominal) than the target group of non-participants. ” Act utilitarianism seems like the most appropriate branch of Utilitarianism to apply to Grameen bank and Muhammad Yunnus.An act is right if it maximises utility. A sort of moral s is used to calculate the long term benefits and harm for apiece actor and th en compute the result. But there is the problem of time-framing how long a period eto consider. ace is reminded of Keynes quote ‘in the long term we are all dead. Act utilitarian’s consider themselves equally with others so are not egotist in just assessing whether an act maximises their own person utility or well being. Yunnus does seem dear in doing that and is aiming to benefit the members as opposed to just enriching himself.However on the other hand, Utilitarianism could be consistent with the Grameen member group dynamic process discussed earlier. Members realise that there will be bad consequences for them and their peers if they dont follow the ‘rule of repaying and so are compelled to follow the rule. Robert Solomon, writing in ‘A companion to business ethics argues that 32 â€Å" â€Å"In business ethics it is generally agreed that three elements, the principles of an action, the action itself, and the actions consequences must be taken into account. However there is other option”: virtue ethics.Grameens ethos of borrowers using using the loans to become self employed is connected to them developing the character traits consistent with the virtue of self reliance. Aristotle deemed behaviour a virtuous if is it was consistent with a 33 ”mean between the extremes” of e. g. being dependent on someone elses act of charity and being selfish. As the 34â€Å"Various virtues reinforce one another”, the principle can be applied to the Grameen member group dynamic of mutually reinforcing behaviour promote the repayment of the loan.In this case it is the non relative virtue of trustiness that is being reinforced. It could also be argued that different members are motivated by Aristotles 33 â€Å"Idea of practice- shared out cooperative activity with mutually understood goals and ways of doing things. Conclusion Muhammad Yunnus set up Grameen bank with a good motive out of concern for the poor. Yes, th is sublimate motive has been diluted by the pragmatic need for the bank to be financially self sustaining. For instance the previous use of locked in loans would be termed absolute by Kant, so in this aspect the borrowers are being hard-boiled as means.How the bank lets members come up with their own ideas for business generation is consistent with Kant’s belief on people’s free will that enables them to be rational and moral. Furthermore as both the bank and the borrowers are benefitting from this economic exchange, then the borrowers are not being treated as means and so this would pass Kant’s test of whether it is ethical. It is difficult to measure the individual benefits and downsides see by the individual members, thus making it a less effective ethical yardstick. However the high repayment rate does score well on the Utilitarian scale.But ultimately, Muhammad Yunnus is motivate by concern at the suffering of the rural poor. Crucially he wants to help t hem help themselves. One is reminded of Bob Geldof’s fishing rod analogy â€better to give a man a fishing rod, than a fish. Yunnus and Grameen bank are thus actively promoting the virtue of self reliance. Additionally they are promoting the virtues of co-operation and trust via the group dynamic and by the fact the loans are collateral and contract free. Critics of Yunnus may have attacked him because he isn’t the finished philanthropist. Rather, he is a socially responsible businessman.Bibliography Wright, Graham, ‘Micro-finance systems 2000, The University Press, omega Books, London. Roy, Ananya, ‘Poverty Capital 2010, Routledge, Oxford. Activities that are unlikely to create debt instrument” Rutherford, Stuart, ”The Poor and Their Money, 2000, Oxford University Press, New Delhi Yunnus, Muhammad (with Alan Jolis), ‘Banker to the Poor, 1999, Aurum Press, London Yunus, M, Moingen, B and Lehmann-Ortega, L, ‘Micro Finance- Build ing social business models: Lessons from the Grameen experiences, article in ‘LONG RANGE PLANNING   Volume: 43   Issue: 2-3   Special Issue: Sp.Iss. SI    scalawags: 308-325    print: APR-JUN 2010 Rutherford, S, ‘The Poor and Their Money , 2000, Oxford University Press, New Delhi. Frederick, R, ‘Companion to business ethics, 2002, Blackwell Publishing, Oxford Vanroose, A, ‘Is microfinance an ethical way to provide financial services to the poor? Microfinance: Are its promises ethically justified? CEB Working publisher N° 07/014 June 2007 References 1. Wright, G, Microfinance Systems, knave 2 2â€Å" â€Å" varletboy 1 3â€Å" â€Å" varlet 5 3. Yunnus, Banker to the poor, summon 10 4.Wright, G, scalawag 71 6. Wright, G, rapscallion 69 7. Wright, G, page 139 8 Wright, G, page 139 9. Wright, G, page 6 10. Wright, G, page 8 11. Wright, G, page 8 12. Wright, G, page 11 13. Roy, A, ‘Poverty Capital, page 13 14. Roy , A, page 23 15. Vanroose, A, CEB Working paper, page 11 16. Yunus, M, Moingen, B and Lehmann-Ortega, L, ‘Micro Finance- Building social business models: Lessons from the Grameen experiences, Page 314 17. Ditto 18. Ditto 19. Yunnus, Muhammad (with Alan Jolis), ‘Banker to the Poor, page 22 20. Yunnus, Banker to the poor, page 114 21. Wright, G, Microfinance systems, page 137 2. Yunnus, ‘Banker to the poor’, page 111 23 Vanroose, A, ‘Is microfinance an ethical way to provide financial services to the poor? , page 4 24. Ditto 25. Frederick, R, ‘Companion to fear Ethics, Chapter 1 by Solomon, R, page 3 26. â€Å" â€Å" page 4 27. Frederik, R, page 7 28. Yunnus, M, ‘Banker to the poor’ page 111 29. Wright, G, page 78 30. Wright, G page 78 31. Yunnus, & Lehman-Ortega, page 12 32. Frederick, R, page 30 33. Frederick, R, page 30 34. Frederick,R page 32\r\n'