Overview of qualities and standards of global employment

The challenges and opportunities associated with overseas positions are as follows: the cultural differences create the assimilation process somewhat lengthy; the expectations of the management personnel, as well as employees, are in high regard, according to the increase of the company’s production or output.Advertising We will write a custom case study sample on Overview of qualities and standards of global employment specifically for you for only $16.05 $11/page Learn More The opportunities are based on the contribution of knowledge and acquisition of unique set of skills that the new setting will provide but also, on the changes that can be implemented on social and individual levels. The problem of the cultural difference is one of the major ones, as the person has to learn the traditions of intricate beliefs of the society. Usually, people are involved within the norms from very young age and are able to learn and absorb the rules and regula rities of society over a long amount of time. The fact that an employee from another part of the world has little time to study the unique culture creates a stress and constraints on the abilities to get familiarized with the society. The expectations are on the highest level, as the person invited is considered knowledgeable and of high professionalism, as to conduct own mastery and management in the new setting. The process of increasing the company’s productivity and the development of the personal skills of employees is the goal of every superior and so, a close understanding on the organizational level is needed for success. The opportunity to increase personal knowledge of the culture and understanding of the company politics creates an advantage for an international employee. The set up of new and more advanced techniques and process will ensure the prosperity and positive direction of the business. The qualifications of a person coming abroad are very important for th e way they will adopt to the new culture and vice versa. The employee must be very flexible in the transition, as to make it unnoticeable for the employees and other managers of the company. The local representatives, as well as customs and governments must be consulted, so that no ethically disrespectful behaviors are exhibited. The employee and the company, including the social setting, must function as a unit, so that there are no disturbances in the normal activities of the worker’s and company’s work. An intellectual and responsible approach must be used by the employee, so that the trust and understanding of the new company is gained.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The social customs, traditions, religious values, business standards and other experiences must be analyzed in precision, in order to avoid any missing links and details. Also, the politi cal and economical qualities of the nation or country must be studied, so that business technique and general morale of the country are well known and are used to an advantage. If a business functions on an international level, the policies and procedures according to other countries must be studied as well. This creates an environment filled with learning and pressure, and the employee must be able to withstand the stress. Not only must the culture of one country and people be learned but also a number of different world views and norms. So, the employee must have great attention to details and an ability to correctly interpret and use the information received. The overall qualities are related to hard work, determination and respect towards the people and the country (Plessis, 2010). Reference Plessis, A. (2010). International human resource management: An overview of its effect on managers in global organisations. Interdisciplinary Journal Of Contemporary Research In Business, 2( 4), 178-182. This case study on Overview of qualities and standards of global employment was written and submitted by user Lillianna Suarez to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

buy custom Aggression in the 1930s essay

buy custom Aggression in the 1930s essay The era of economic depression and anxiety was also the time for flourishing intensity of political dictatorship. Civil liberties and democratically elected governments declined rapidly in Europe and some parts of Asia. On the eve of the Second World War, democratically elected governments were only surviving in France, Great Britain, Switzerland, the Scandinavian countries and the Low Countries. Elsewhere in Europe and Asia, various kinds of dictators ruled. Brutality and dictatorship seemed to be the wave of the time. Thus the intellectual crisis and the fall of liberal political institutions characterized the general civilization in Europe. This composition examines the various conquests and battles that dominated the various parts of Europe and East Asia and effects these developments. The events of the 1930s provide a disturbing section in the account western civilization. The main development was not only the rise in distinct dynamic and ruthless tyranny but also the revitalization of authoritarian reign. This new form of authoritarian rule reached its full realization in the Nazi Germany, Japan and the Soviet Union. Hitler and Stalin ruled with unprecedented severity and mobilized their troops for enormous atrocities. Hitlers undertakings were directed towards territorial expansion and racial aggression, and his attack on Poland started the world war two in 1939. Although outstanding opportunity for social progression and steady economic recovery won the Nazi support, they were merely the byproducts of the brutal Nazi regime. The unique and basic concepts of the Nazi regime remained race and space- the superiority of the German race and territorial expansion. FRENCH AND BRITISH APPEASEMENT The British government under Neville Chamberlain anticipated the Nazi regimes intention of invading its neighbors. For this, the British and the French governments signed an appeasement agreement with Hitler to avoid future wars. The concept of Appeasement came about from the Treaty of Versailles in 1919.The British appeasement, which lasted into 1939, was practically a dictation of the French policy. This appeasement was motivated by the pacifism of the British population still tormented by the memories of the First World War and the feeling of guilt among the Britons towards Germany. British conservatives looked down upon Hitler and underestimated his capabilities. To them the real threat was the Soviet Union and not the Nazi. The British favored appeasement for various reasons. For one, Britain was still recovering from the diverse effects of the first war. Due to the economic problems brought about by the great depression, Britain was focusing on improving the economy rather than engaging war. Secondly, because of the weak economy, Britain had a weak military with an insufficient navy and almost no air force. In light of these problems, Neville Chamberlain, the then British Prime minister, believed that by convincing Hitler to sign an appeasement document will prevent Hitler from engaging in war with Britain. Although he had no intention of disengaging from war, his main aim was to get enough time to step up his army. Throughout this time, while France and Britain opted for appeasement; the Soviet Union remained silent watching all the developments. Quite obviously, Hitler did not keep the promise of appeasement. In 1939, although Britain and France issued ultimatums, the Nazi invaded Poland. This act forced Britain and France to declare war on Germany. These developments led to the Second World War. It is ironical that while Britain and France declared war on Germany to protect the Polish sovereignty, they did nothing inform of practical assistance to Poland. Instead of helping Poland, they attacked Germany with the aim of topplin the Nazi government. Viewed critically, the declaration of war by Britain and France on Germany was an empty gesture. NAZI-SOVIET UNION PACT By 1938, Germany was preparing for was. Adolf Hitler was hopping to capture Poland without resistance, having taken over Austria in 1938. However, he did not want a split army as was the case in the First World War when the German army split into two. Hitler was ascertained not to repeat the faults. In an effort not to fail in future wars, Germany signed an economic agreement with the Soviet Union. In the pact, the Soviet Union was to provide Germany with raw materials and food products in exchange for machineries from Germany. This pact proved essential for Germany during the Second World War. For example, the economic agreement helped Germany to bypass British blockades. Four days after the signing of the economic agreement, the two countries signed another agreement (the German-Soviet Non-Aggression Pact). The agreement stated that the two countries would not attack each other during the war. The Nazi-Soviet Union pact was greatly beneficial for Germany in the Second World War (Richard et al., 221). While the Nazi attacked Poland, the Soviet Union did not intervene. Also, because of the pact, the Soviet Union did not enter into any fight with Germany; consequently Germany was able to avoid two-front wars as was the case in the First World War. The terms and the protocols of this pack were kept by the Soviet Union and the Nazi until Germany invaded the Soviet Union in 1941. As independent organizations get under control and Germany regain its economic strength, Hitler collaborated with other like-minded dictators and began expanding the territory of Germany. These expansions were facilitated partly by the military strength of the Nazi army and partly by divided, uncertain, pacific regimes, which tried to buy off the Nazi and avoid war. However, despite many regimes buying off Hitler, war inevitably broke out; both in the east and in the west, for the ambitions of Hitler were unlimited. On both the east and west war fronts, Nazi solders fought successfully, creating a vast empire of destruction and death (Richard et al., 291). The expansion of the Nazi empire together with the deaths and destructions continued until October 1942. The reckless aggression by the Nazi regime lead to the creation of powerful coalitions determined to bring to an end the Nazi order. Led by the United States, the Soviet Union and Britain, the grand forces functioned efficiently in bringing down the Nazi regime. By 1943, the tide had completely turned against the Nazi and two years later, Germany was utterly defeated. Thus Hitler and the Nazi empire were short-lived. Italy was not left behind. In 1922, Mussolini seized power in Italy. Like other European dictators, Mussolini hated and wanted to destroy liberalism in Italy. Like the Soviet Unions Stalin, Mussolini begun as socialist but successfully sough the support of revolutionists and turned against the working class. Mussolinis rule was theatrical and brutal, but was not as successful as other European dictators of his time (Richard et al., 307). The dictatorship characteristic of Mussolini came into light when he rejected parliamentary government. When the opposition pressured him for reforms, Mussolini declared his desire to make Italy a fascist nation; he abolished the freedom of press, and his government ruled by decree. However, unlike the communists in the Soviet Union or the Nazi Germany, Mussolini did not succeed to establish a totalitarian state. His fascist party was not able to destroy the previous power structures like the Nazi did. Besides the Mussolini regime was not racial and did not prosecute Jews until when Italy became under Nazi control late in the Second World War. JAPANESE AGGRESSION AND CHINESE RESPONSE Meanwhile in East Asia, war was boiling between Japan and China. Between 1931 and 1937, the politics of Japan was overtaken by the military. Many incidences involving the military occurred, each undermining the development of democratic government. Many coups and assassinations were conducted. The Japanese invasion of China was one of the major events that marked Japans involvement in the wars. It was also a great step by Japan in becoming an economic giant competing with countries such as Germany, Britain and the United States. Prior to the invasion, Japan had a long history of involvement in Chinese affairs. Towards the end of the 1800s Japan and China were constantly at war for land (Iwanami, 22). Japan remained successful in the world as the only country from Asia to be economically equivalent to European countries. Japan was particularly more successful after the First World War but the great depression following the War caused Japan to suffer big economic problems. To maintain it economic stability, Japan felt that the only way was to conquer new lands to provide them with natural resources. On top of their priority were the Chinese province of Manchuria and the surrounding areas extending along the Pacific Ocean. Although not considered to be a major contributing factor, the destruction of the Japanese railway by Chinese solders in 1913 is also contributed to the invasion. When China-Japan war became eminent, political parties in Japan were emasculated and then disbanded, Japanese politics became a mi litary affair and the whole country was mobilized to accomplish the war. Upon invasion of China, the Japanese set up a false government in Manchuria. In so doing, the Japanese were able to exploit the natural resources of Manchuria and increase trade during the harsh economic times. The invasion of Manchuria was followed by the Rape of Ranking in 1938, which further weakened the Chinese government and the divided Chinese people. During these invasions, the Japanese army murdered and tortured many innocent Chinese. Popularly known as the Forgotten Holocaust, this is the main cause of animosity between china and Japan. During the war, all domestic raw materials were mobilized to develop ships and war planes. Towards the end of the war, the only priority of the Japanese government was the production of airplanes. Other light industries such as the textile factories were almost eliminated. With time, Japan realized that the natural resources coming from the yen Bloc (Manchuria, Taiwan, Korea and other parts of captured china) was not sufficient (Iwanami, 66). In order to secure more resources, Japan invaded south East Asia, beginning with French Indochina (Vietnam). This act angered the United States, which imposed asset freeze and oil embargo on Japan. Consequently, Japan began to prepare for war with the United States. Encouraged by the Nazi in Europe, the Japanese initiate the war against the US by bombing the Pearl Harbor. To the Japanese, the totalitarianism in the USSR and Germany was more superior to individualism and capitalism in America Upon the outbreak of the Pacific war, Japan attacked a wide area of South East Asia but soon began to face difficulties from the allied counter-attacks. Japanese planes and ships quickly diminished while the US developed more and more of them (Iwanami, 37). In 1945, the USSR entered there was against Japan. During the same time, the US troops had conquered most cities in Japan. Two atomic bombs in Nagasaki and Hiroshima forced Japan to surrender. The main reason why Japan was defeated was the collapse of its economy for the lack of energy and inputs. Buy custom Aggression in the 1930s essay

Who Killed Palomino Molero by Mario Vargas Llosa Essay

Who Killed Palomino Molero by Mario Vargas Llosa - Essay Example But the relatively sophisticated Silva is not so quick to jump to conclusions. "Nothing's easy, Lituma," he says. "The truths that seem most truthful, if you look at them from all sides, if you look at them close up, turn out either to be half truths or lies" (86)1. Vargas Llosa, playing on the normal expectations of readers of detective fiction, produces a plot that is surprising for the very reason that it contains no surprises. Yet he simultaneously undermines the expectations of postmodernist readers by keeping his detective story plot on track right through to the end. Who Killed Palomino Molero derives a great deal of its energy from metareading effects similar to those so important in Aunt Julia and the Scriptwriter. The text can be read by typical "unsophisticated" fans of detective fiction as an ordinary detective story. The ending of Vargas Llosa's subplot is thus very much like the ending of the detective plots. Silva himself makes the parallel between the plots quite clear: "I've made a vow," he declares early in the book. "I won't die until I screw that fat bitch and until I find out who killed Palomino Molero" (58). 2 The Foucauldian link between sex and epistemology suggested in Who Killed Palomino Molero indicates that these two roles are not all that different.

The Connection of The Metabolist Movement With Traditional Japanese Essay

The Connection of The Metabolist Movement With Traditional Japanese Architecture and Urban Design - Essay Example This was accomplished through defying the traditions of space, creating new forms and functional features within the structures. In the pamphlet Metabolism 1960: The Proposals for a New Urbanism, the proponants of the movement presented through the philosophies that defined the thoughts of the architects who were discussing the concepts. The philosophy of Metabolism are founded in the ideas of Buddhist worship, combined with thoughts about impermanence and change as they related to the losses in space that the population explosion was revealing for the future (Kurokawa 6). The ideas behind the development of the design are sometimes considered to be technocratic as much as they are still entrenched in the movement of the avant-garde. The technocrat is someone who lends expertise without the influences of politics in order to solve problems for a society. Crowther and Vunsche write that â€Å"the heterogeneous Japanese Metabolism Movement is significant for its incorporation of moder n science and mathematics into a philosophical exegesis of nature† (173). They go on to explain that the structures with their mass and density for their function were intended to reflect the technological advancements through a technology dominated habitat (Crowther and Vunsche 173). Metabolism is also concerned with nature. ... One of the things that Kurokawa wanted to avoid was repeating the aesthetics and structures found in the West. In the aftermath of the war Japan had been torn apart with much of its original architecture lost to the bombs and destruction of war. Kurokawa wanted to see a Japanese reinvention of building, placing the works in harmony with both the modern and the surroundings in which it would exist. The Description Internal The Nakagin Capsule Tower was built by Kisho Kurokawa in 1972 in order to solve a problem of too many traveling business men without enough economical space to house them when they visited Tokyo (Figure 1). The work looks like a pegged game, something like Jenga that has been slotted together in the best possible configuration. For the Metabolism Movement, the work is small having only 144 modules that can be stacked and rotated around a 14 story core. The building can be changed by removing or adding modules that are connected by four tension bolts to the core buil ding. The pieces were built and pre-made in a manufacturing plant in Shiga, making the units replaceable. The space is small, but efficient allowing for the perfected small space for an individual to live (Svievan). Figure 2 Nakagin Capsule Tower (Svievan) Description External The period of time when the Metabolism Movement was active was one in which social issues and the increases in the population were of high interest. The aftermath of World War II on the Japanese was to shift their ideas from military conquest to technological conquest. The Nakagin Capsule Tower reflects this idea through economy and efficiency. The inside of the building in relationship with its economy is reflected on the exterior through its modular and changeable

Mergers and Acquisitions: Indian Banking Consolidation

Mergers and Acquisitions: Indian Banking Consolidation Globally it has been found that the mergers and acquisition have become one of the major ways to corporate restructuring which has also struck the financial services industry which has experienced merger waves leading to the emergence of huge banks and financial institutions. The main reason for mergers is intense competition among the companies in the same industry which put focus on economies of scale, efficiency in cost and profitability. Some other factors leading to the mergers is the too big to fail principle followed by the authorities. In few countries like Germany, weak banks were forcefully merged to avoid the problem financial distress arising out of bad loans and erosion of capital funds. Several academic studies have analyzed merger related gains in banking and these studies have adopted two approaches. The first approach deals with evaluating the long term performance of the merger by analyzing the accounting information such as return on assets, operating costs and eff iciency ratios. A mergers is considered to have led to improved performance if the the change in the accounting based performance is superior to the changes in the performance of the comparable banks that were not involved in the merger activity during that period. Another approach is to analyze the gains in stock price of the bidder and the target company around the announcement of the merger. In this approach the merger is assumed to create value if the combined value of the bidder and target banks increase on the announcement of the merger and the consequent and the stock prices reflect the potential value of the acquiring banks. The objective of this paper is to present a panoramic view of merger trends in India and to ascertain two important perceptions of stake-holders, shareholders and managers and to discuss dilemmas and other issues of this topic of Indian banking. Review of Literature for impact of mergers The two important issues which are examined by various academic studies relating to bank mergers are: impact of mergers on the operating performance and efficiency of the banks Impact of mergers on the market value of the equity of both bidder and the target banks. Cornett and Tehranian (1992) and Spindit and Tarhan (1992) provided evidence for increase in post-merger operating performance. However the studies of Berger and Humphrey (1992), Piloff (1996) and Berger (1997) did not find any evidence in increase in post-merger operating performance. Berger and Humphrey (1994) also reported that most of the studies that examined pre-merger and post-merger financial ratios found no impact on operating cost and profit ratios. The reasons for mixed evidence are: lag between completion of merger process and the realization of benefits of mergers, sample selection and the methods adopted in the financing of mergers. Further, the financial ratios may be misleading indicators of performance because they do not take into account for product mix or input prices. On the other hand researches may also could have confused scale and scope efficiency gains with what is known as X-efficiency gains. Recent studies have explicitly employed frontier X-efficiency met hods to identify the X-efficiency benefits of bank mergers. Few studies have also analyzed the potential benefits and scale economies of mergers. Landerman (2000) explored diversification benefits to be had from banks merging with non banking financial service firms. Simulated mergers of US banks and non-bank financial service firms demonstrated that diversification of banks into insurance business and securities brokerage is optimal for reducing the probability of bankruptcy for bank holding companies. Wheelock and Wilson (2004) found that expected merger activity in US banking industry is positively related to management rating, size of the bank, competitive position and geographical location of banks and is negatively related to market concentration. The second issue determined was the analysis of merger gains in terms of the gains in stock price performance of the bidder and the target banks on announcement of merger. In this case a merger is expected to create value only if the combined value of the bidder and target companies increases after the declaration of the merger. However a lot of studies have failed to find any direct relationship between the merger and the gains in performance or in shareholder wealth. But there are reasons for mixed evidence as a merger announcement also takes in to account the way the deal is financed .If equity offerings are used it may be interpreted as overvaluation by the issuer. Therefore the negative announcements returns to the firms that are bidding can be attributed to the negative signalling which is completely unrelated to the value which is created by the merger. Returns to the bidders companies shareholders is greater when the merger is totally financed with cash than in mergers in whi ch financing is done through equity offering. There is one more problem with this event study analysis as if there is a consolidation wave going on; mergers are anticipated by stockholders and analyst. Potential candidates for the mergers are highlighted and made popular by the financial press and the stock market analysts. In these cases the event study analysis may fail. Therefore an analysis of mergers across the world and a literature review does not provide strong evidence on the benefits gained by banks in the mergers in the banking industry. Also the findings of the literature also contrast with the findings of the consultants who find a considerable cost savings and operational efficiency achieved through mergers. The reasons why academic study do not find cost benefits and the consultants highlight this fact are Consulates may study a potential cost savings which may not materialize They tend to highlight potential cost saving activities and the economist study all the activities. They tend to be biased towards successful cases and ignore the unsuccessful ones. They tend blow up the benefits achieved while the benefits may be miniscule if accounted on a relative terms. The academic studies provide motivation for the examination and evaluation of two important issues pertaining to the mergers and acquisition to the Indian banking. Do mergers help in improving the operational performance and result in cost savings However in India most of the mergers are forced by the central bank in order to protect the interest of the depositors and avoid financial distress therefore the above mentioned reason is rarely found in the mergers activities. Do merger provide abnormal gains and returns to the acquirer and the target banks upon the declaration Consolidation Trends Observed in India Improving the operational performance and cost efficiency has always been a priority in Indian banking sector and has been a major issue of discussions in the policy formulation by the government of India in the consultation and with the central bank (Reserve Bank of India). Several committees have also been formed in order to suggest structural changes to achieve this objective. Some of the major committees formed are Banking Commission, 1972 Chairman R.G Saraiya, 1976 chairman : Manubhai Shah Committee for the functioning of public sector banks, 1978 chairman : James S Raj These committees have suggested the restructuring of the Indian banking system with an objective to improve the process of credit delivery and also suggested the idea of having around 3 to 4 large banks which have a pan India presence and the rest of the bank should be present at the regional level. The major thrust on consolidation started with the Narasimham committee in 1991. It emphasised and embarked upon consolidation and merger in order to make the Indian banks huge in size and also comparable to the global banks. A second Narasimham committe was also formed in 1998 which suggested mergers and consolidation among the strong banks in public as well as private sector and also with other financial institutions, NBFC (Non Banking Financial Companies). Now we will have a look at some of the recent trends in consolidation in Indian banking. Restructuring of weak Indian Banks Amongst other routes government of India has adopted mergers as a means to achieve restructuring of the Indian banking system. Many banks which are small in size and are weak are merged with other banks which are stronger and are larger to protect the interest of the depositors and also to avoid financial distress. These types of mergers can be termed as forced mergers. Hence when a banks shows symptoms of sickness like increasing size of NPAs, reduction in the net worth and substantial decline in capital adequacy ratio, RBI forces moratorium under the section 45(1) of the Banking Regulation act 1949 for a specified period on the activities and the operations of the working of the sick bank. In this period a strong bank is identified and asked to prepare and present a scheme of merger with the weak bank. In this case the acquirer banks takes hold of all the assets of the weak bank and ensures the depositors of their money in case they want to withdraw. The mergers which took place in the pre-reform period fall into this category. In the post reform period 21 mergers have taken place out of which 13 are forced mergers where RBI has intervened. The main reason for these mergers was the protection of the depositors interest and avoids the financial distress. Mergers which took place voluntarily Apart from forced mergers there have been few mergers in which expansion, diversification and growth were the major motives and in which RBI did not intervene or force. The first merger of this kind took place in 1993 when the Times Bank was acquired by HDFC bank which was followed by acquisition of Bank of Madura by the ICICI Bank. The latest of these is merger of Lord Krishnan Bank with Centurion Bank of Punjab. Although in all these deals the target bank suffered with low profitability, Increase in NPA and lack of alternate revenues in order to provide cushion for capital adequacy but these mergers were not forced. There was no regulatory intervention in these mergers however the motives behind these mergers may not necessarily be scale of economies and achieving market power. For instance ICICI bank acquired bank of Russia with a motive of entry in to Russia although it just had one branch. SBI acquired 51% stake in Mauritian Bank through Indian Ocean International Bank which wil l be integrated with the State Bank of Indias International business as a subsidiary. Integration of Financial Services and Achieving Universal Banking Model Several developmental financial institutions have been formed over a period of time in India in order to improve the efficiency of allocation of resources to different segments of the economy. However because of the flexibility given by the RBI to the banks in the credit delivery process the banks have increased and diversified their loan portfolio to various areas such as project finance, long-term loans, and other specialised sector lending. This is the reason why DFIs have become redundant. A working capital group (1998) was appointed by RBI which has recommended the universal model of banking by exploring the possibility of mergers between various sets of financial entities based on economical considerations. Similarly in the private sector ICICI merger with its subsidiary bank and IDBI (industrial Development Bank of India) was incorporates as a public sector bank which acquired private sector bank IDBI bank in 2004. In order to provide integrated financial services and achieve operation efficiencies many public sector banks have acquired their subsidiaries, for instance Andhra Bank acquired its housing finance subsidiary Andhra Bank Housing Finance LTD, Bank of India acquired BOI finance Ltd and BOI Asset Management Company Ltd. Acquisition of similar types took place in the private sector as well. Alignment of Operations of Foreign Banks with Global Trends As the Parent banks went under reconstruction process their parts operating in India also started restructuring. For example, Standard Charted Grindlay bank was formed due to acquisition of ANZ Grindlay by the Standard Charted Bank. Similarly due to acquisition of two Japanese banks like Sakura Bank and Sumitomo Bank Ltd the Indian operations of Sakura Bank were merged with Sumitomo Bank in 2001.Forign banks were permitted to enter into merger and acquisition transaction with any of the private sector bank in India with a condition that the overall investment limit limit will be 74 per cent after the second phase of WTO commitments which commenced in April 2009. This may lead to further consolidation in the Indian banking sector. Merger and Consolidation of Cooperatives, RRBs and UCBs Small banks present in India apart from other banks are co-operative banks, Regional Rural Banks (RRBs) and Urban Co-operative Banks (UCBs). These are formed for fulfilling the credit requirements of agriculture, small traders and SSI and other rural economic activities. All of these institutions are suffering from bad loans, operational inefficiencies, and Poor recovery of loans. This proved to be a barrier for further lending and financial intermediation. A committee formed under Jugdish Capoor suggested voluntary amalgamations or merger of these co-operatives based on various criterias like economies of scale, especially in areas where the operations of these banks have become unviable and there are no more in a position to supply credit to agriculture sector. 28 RRBs were consolidated into 9 new RRBs in September 2005.A high powered committee on Urban Co-operative Banks (1999) recommended that UCBs which are sick should be liquidated in a time bound manner as the operation of lar ge number of financially sick banks is devastating for UCBs and also for the interest of depositors. Due to this more mergers are expected in the future and RBI also has taken a lot of new initiatives for restructuring of banks including the issuance of guidelines in May 2005. Shareholders Perception of Merger As stated above the Indian banking sector has experienced two types of mergers – focussed and voluntary mergers. Forced mergers were initiated by RBI and their main objective was to protect the interest of the depositors and prevent financial distress of the banks. Whenever a bank showed symptoms of sickness like huge NPA levels, erosion of net worth etc, RBI intervened and merged the weak bank with a stronger one by force. Thus we can form a hypothesis that in case of forced mergers the target banks shareholders will gain abnormally with the declaration. The second type of merger is voluntary type where the motivation behind the merger is to achieve cost reduction, increase in size, diversification, strategic entry into a market. In these cases the acquired banks reaped the benefit of branch network and customer clientele of the banks acquired. In these cases both the acquirer bank and the target bank must have had benefit out of the merger. In this paper the mergers between 1993 to 2006 are considered. There were 21 mergers out of which only five were voluntary. These are mainly mergers of private sector banks with other private sector banks. Two cases are conversion of financial institution to commercial bank where the objective was to form a universal bank model which offers a wide range of financial services. Ina study conducted which is presented in this paper six cases of forced mergers were selected for the purpose of analysis as in other cases the target banks were not listed and the size of the banks were much lower than the acquirer banks therefore these cases are of less merit for further analysis. In this study the wealth effects of almost all the banking mergers during the period 1999-2006 is analyzed. The event study analysis used in this analysis is very straight forward and conventional. The merger period consist of four days prior and four days after the event. The reason for taking such window is to analyze the change in wealth of the shareholder around the day of the declaration on the merger. Daily adjusted closing prices of stocks and the market index is taken for the analysis. The abnormal returns are calculated as follows. ARit= Rit – [a + BRm] Here Rit: daily return on firm ‘i on day ‘t Rmt is the return on the bench mark index a and B are the regression parameters. The abnormal return is calculated for both the acquirer and the target firm and the significance of these values are tested by finding standard error and the t-value : Analysis of Research Results In forced mergers case the stockholders of target banks have not achieved any significant returns on the declaration of the merger. However in the case of Nedungadi Bank, the stockholder did gain significant on the 2nd day of the announcement but after that no abnormal returns were found. In the case of GTB the stockholders had deeply discounted the merger. As it was a case of serious case of bank failure the merger did give a confidence to the depositors but the merger declaration did not provide any abnormal returns. United bank did gain marginally on the announcement but it was not significant statistically. Thus the hypothesis that target banks shareholders welcome merger announcement as a safety net can be rejected. The shareholders of the acquirer bank lost their market value of equity. In case of ICICI bank, it was signalled as an emergence of a large private sector bank and hence due to which the banks shareholders expectations go up with significant increase in the returns. In other cases of acquisition the acquirer bank lost on merging with the weak banks. Hence in all the forced mergers neither the acquirer bank nor the target bank gained on declaration of the merger and the stockholders of the acquirer bank lost wealth as the announcement of the merger was taken as a negative signal. It is argued that merger of weak banks with strong ones is essential for restructuring of banking system and also a step in the consolidation of the banking sector. But in almost all the mergers it was found that the target banks for the merger were determined at the time when they were at the verge of getting collapse. The acquirer bank which was forced by RBI was left with no option but to accept the proposed merger. It is recommended that RBI should pursue Prompt corrective action system and should determine the weak banks on the basis of some defined criterias so that the acquirer bank can choose the target banks on the strategic issues which benefit all the parties . Abnormal Returns of Target Banks Abnormal returns of Bidder banks In case of voluntary mergers it can be seen that the target banks have obtained higher returns that the acquirer banks. Both the acquirer and the target banks stockholders benefitted on declaration of the merger. Therefore the stock market welcomed the merger which will lead to growth and efficiency aspects of the merged entity and benefitted the shareholders of both the banks. For instance in the case of acquisition of times banks by HDFC bank it was viewed as a positive signal by the shareholders of both the bank. At the time of the merger the Times Bank was crippled with increasing NPAs and low profitability, the acquisition by the HDFC bank gave relief to the depositors of the Times Bank. On the other hand HDFC bank emerged as the largest private sector bank by gaining from the retail portfolio of the Times Bank. In case of BOM acquisition by the ICIC bank the BOM gained the advantage of being able to provide services like Treasury management, cash management services to its cust omers and ICICI bank increased its size by acquiring BOM and reached the position of large private sector banks in 1999. At the announcement of the merger there was a steep rise in the gains which was reaped by the BOM shareholders however the stockholders of ICIC bank did not get any significant returns. In all the even study analysis revealed that neither the acquirer bank nor the target bank stock holders have perceived any potential gain on the declaration of the mergers. Hence the share holders who are important stakeholders of the banking companies did not consider the mergers as a signal of improving health, economies of scale and the market power of banks. Managers take on the Mergers Managers provide highest priority to the merger of the two public sector banks which provides a signals the banking sectors view on the need for consolidation of public sector banks. Managers do not prefer the merger of bank and NBFCs or financial services entities There are some issues which are needed to be taken care of while proposing a merger of banks according to the managers Valuation of the Loan portfolio of the target bank This is one of the main factor which is needed to be considered at the time of the merger. As in the management of the credit portfolio the accounting and the exposure norms suggested by the RBI are the same which helps in figuring out the book value of loans easily. However Indian banks have adopted divergent practices in rating the borrowers, loan pricing and maintenance of collateral securities therefore a detailed audit of the loan portfolio, cash flow generation and collaterals is very essential in order to get an opinion on the value of the loan portfolio of the target bank. Valuation of Intangible assets The valuation of the assets of the banks is a very critical factor for the success of any merger or consolidation. The tangible assets of the bank are loans, investment part apart from other fixed assets like buildings, ATMs and the IT infrastructure the bank owns. A commercial bank also holds a lot of intangible assets like clientele based on core deposits, safety value contracts, computer softwares, human resources, brands and goodwill. Determining the inherent strength of the bank based on the valuation of the intangible assets is also very important. Determination of the value of equity Determining the value of the target banks assets, liabilities and valuation of its equity value is the major aspect of a merger process. Various approaches can be used like dividend discount model, cash flow to equity model and excess return model. However banks have totally different operations than a normal manufacturing firm as they are highly leveraged because they have more than 90% of the resources as borrowed or as debt and banks are highly regulated institutions and regulatory instruction have vast implication in asset and income recognition. Interest rates volatility, regulatory capital adequacy ratios and restriction on dividend pay put ratios also have influence on the earnings of the banks. Human Resource Issues It is the most complicated issue in the merger process.HR issues like the service condition, strategy for rewarding people, employee relation, benefit plans and compensation, provision of pension, law suits and the trade union actions are very critical for the viability of the merger and the deal to go through. Cultural Issues This is also a critical issue in the pre-merger and post merger period. It is central to an organizational environment and recognizing cultural friction is very difficult as it results in various problems such as poor productivity, riff in the top management, increase in the turnover rates, delays in the integration process and failures in realizing the projected synergies. Information Technology platform integration In todays banking banks are highly dependent on the information technology. It has become a key strategic issue due to the impact it has on the operation of the bank. A significant portion of the synergy depends on the information technology integration. Divergent IT platforms and software systems have proven to be major constraints in the consolidation. Customer Retention Customers also major stakeholders of banks and are needed to be communicated properly about the merger and the customers of the target bank should be attended with utmost care. Various studies have shown that firms borrowing from target banks are very likely to lose their relationship with the bank on its merger.

Maria Full of Grace

Marà ­a à lvarez, a 17-year-old Colombian girl (played by Catalina Sandino Moreno), works in sweat shop-like conditions at a flower plantation to help support her family. However, after finding herself pregnant by her boyfriend, whom she does not love, and being unjustly treated by her boss, she quits and decides to find another job, despite her family's disapproval. On her way to Bogotà ¡ to find a new job, she gets offered a position as a mule — one who smuggles drugs by swallowing drug-filled pellets.Desperate, she accepts the risky offer and swallows 62 wrapped pellets of cocaine and flies to New York City. After a close call at the US Customs (she was about to be X-rayed, until customs found out she was pregnant), she is set free and sent to a hotel where she is to remove the pellets from her body. The traffickers arrive to take the drugs. To retrieve the pellets from Lucy, a fellow mule who had died when one of the pellets ruptured inside her, the traffickers had cut open her stomach, then disposed of her body.After seeing this ruthless world firsthand, Maria decides to escape the drug-trafficking cartel. Her story becomes one of determination and survival like that of many other immigrants in the United States, although she knows nothing about the country and had originally planned to go back to Colombia. The economic hardships of Colombia and the working environment for illegals in the US are both accurately represented. Eventually realizing that her choices affect other people, she emerges with the grace that will carry her forward into a new life. In the end Maria lives her life in the United States.

Blackrock Essay

The Portfolio Analytics Group or (PAG) within Blackrock Solutions utilises Blackrock’s proprietary analytics tools and models, such as the Green Package reporting suite, to measure risk on both a security and portfolio level. This area immediately attracts me as this is exactly the roles and responsibilities that i am looking for with regards to an internship Summer Internship with yourselves. The PAG Analyst role is central in supporting Blackrock’s investment process, producing reports and analytics utilised by all areas of the firm, giving rise to a unique opportunity to see how all functional areas operate and link together. The role is also central in supporting BlackRock Solutions external clients across their investment process and risk management oversight. Therefore this does not only fulfil and provide insight into all the areas that i am so very interested and intrigued by, but also gives a much broader perspective to the wider functions of BlackRock. BlackRock is widely recognized for its disciplined investment process and rigorous risk management. Since its inception, we have focused on the assessment of security and portfolio-level risks for investment decision making as well as for efficient transaction execution. As a result, BlackRock developed an integrated suite of investment management tools that provide solutions to these many varied facets of the business model. All these points help to culminate together in understanding what attracts me personally to an internship with an industry leader such as yourselves. The way you operate as a firm, your corporate culture and identity, plus your track record and that fact that you are so highly regarded within your respective industry fields, all help to see why exactly i am attracted to an internship opportunity at BlackRock, a firm that truly encapsulates everything i am looking for with regards to my future and further professional learning, development, and career prospects.