The Inner Workings of a Gold Loan Essays

The Inner Workings of a Gold Loan Essays The Inner Workings of a Gold Loan Essay The Inner Workings of a Gold Loan Essay Essay Topic: The Birthday Party â€Å"Gold Loans- The Old Concept in a New Package† Introduction: It has been observed recently that Indians own more gold than the citizens of any other country. They use the glittering metal as ornaments to flaunt family wealth, as a source of retirement savings and as insurance against calamities. Gold and domestic savings: In rural areas in India, due to the lack of access to banks the poor continue to invest their savings mainly in gold. Also, there are strong cultural factors at work in India which make gold not only a desirable but also a necessary asset to hold. But lately, gold has become something else: collateral, and the basis of one of the country’s fastest growing businesses, gold loans. It is therefore an apt moment to acquaint the reader with an insider’s perspective on why gold loans matter and why they hold so much promise for our country’s future. The purpose of this paper is to present a consolidated review of the various facets of the gold loans spreading with speed in India to the readers. Gold Loan: Gold loan  is a secured loan issued by lenders against gold as the undersigned asset. Gold loan gives an opportunity for people to liquefy the value of their jewelry items and use it for financing purposes. Rise in gold prices have increased the disbursal of Gold Loans in the middle and upper middle class. With changing times working women are becoming financially independent and taking active part in decision making process. They are working in unison with their husbands to ensure a bright and secured future for their family. As the couples are well employed, they seek to return the principal even within a month of receiving their salary. They are now using such loans to finance their children’s education, (particularly for meeting donation demands), which a bank will not entertain, car purchases, holiday trips or even to put up margin money for a home buy. The loan process begins once the gold is deposited with the lenders. After a ‘purity’ check is done, lenders may  offer  loans  for as high as 80% of the gold’s worth. While the gold market has only shown an ascent, lenders still consider the risk that gold carries and thus are reluctant to issue more than 80% of the value. Gold loans today are issued both by banks and non-banking companies. Objectives of the Study: The main objective of this study is to present a comprehensive picture of gold loans currently prevailing in India. Lending against gold being one of the oldest businesses of India is being served in an altogether different style which is organized and regulated. The business which was until lately dominated by unorganized money lenders has attracted all from organized Non-banking finance companies to banks in the public and private sector. The study aims at- * To examine the present scenario of gold loan industry in India whether organized or unorganized. To discover the reasons; appearing as advantages; for the growing popularity of such a business. * To compare gold loans with the personal loans. * To chalk out some precautions to be adhered to while availing gold loans. Methodology: Sources of data: The data for the study has been collected from- a) Internet b) Journals c) Articles of well known Newspapers d) Published reports of IMACS Literature Review: Gold Demand in India India is one of the largest markets of gold accounting for nearly 10% of total world stock with 18,000 tonnes of gold [IMaCS Industry Report (2010 Update)] ? Value of gold stock in India has grown at 22% CAGR from FY02 to FY10 ? Despite increase in gold prices from Rs. 15,026 to Rs. 51,150 per ounce between 2002 and 2009, the demand for gold remained relatively stable at around 700 tonnes, which clearly demonstrates the price in-elasticity ? Rural India is estimated to hold ~65% of the gold stock which depicts the concentration. ?Southern India is the largest market accounting for 40% of India’s gold demand, followed by West at ~25%, North at 20-25% and East at 10-15% of annual Gold demand [Mannapuram Finance in Jan 2011] Gold Finance Industry in India India being one of the largest markets for gold, several gold based financial products have been made available to retail consumers here from time to time with a view to bring the gold holdings to the core financial market. Lending against gold has been one of the most popular instruments based on gold, and it works well with the Indian rural population, which typically views gold as an important savings instrument that is liquid and can be converted into cash instantly to meet their urgent cash requirements. Moreover, since traditional times gold owners in southern India have been more open than elsewhere in the country to accept and exercise the option of pledging gold to borrow money (Source: IMaCS Industry Report 2009). In an effort to tap the market for gold related investment and services, companies in the financial sector have launched several products such as gold coins and bars; exchange traded gold funds and lending against gold. Gold Loans have emerged as key gold based financial products, and in the year ended March 31, 2010, the organized Gold Loans market in India was estimated at between `350 billion and ` 400 billion with a CAGR of approximately 40% during fiscal 2002 to fiscal 2010. Notwithstanding the above, the organized Gold Loans portfolio accounted for merely 1. 2% of the value of total gold stock in India. Despite the increase the experts still feel that the gold loans market is significantly under-penetrated and is expected to continue growing at the rate of 35-40% in the future. (Source: IMaCS Industry Report (2010 Update). The organized lenders; particularly NBFCs have become more aggressive in the gold loans market, charging interest rates that vary from 18% to 24%. Organized gold loans portfolio translates into a marginal 0. 12% of the value of total gold stock in India. A significant part of the gold loans may shift from the un-organized lenders to the organized lenders. South India continues to account for 85-90% of the gold loans market in India. However other areas also provide scope for expansion. There are no publicly available aggregate data about gold loans, but finance companies that specialize in them are growing fast. Manappuram, a pioneer in the business, made $730 million in gold loans in the year 2008 - up from $397 million a year earlier. Muthoot Finance, a privately held firm, said its lending was growing at 60 percent a year [â€Å"The New York Times† (Sept 28, 2009)]. By contrast, total outstanding bank loans to the private sector have increased 16 percent last year, year over year, and have been essentially flat so far this year. Though the financial system in India is becoming more inclusive, it still has not reached many people. More Indians, for instance, own gold than own stocks or mutual funds. It has been found that only around 5% of the Indian educated class does understand about working and investing in stock markets. The total value of gold in private hands is roughly 60 percent of deposits in banks, according to data from the World Gold Council and India’s central bank. A 2006 government survey found that less than 41 percent of Indian households had bank or post office savings accounts. By contrast, 92 percent of American households had bank accounts. The growth in size of the gold loan market has been manifold and is clearly visible as in FY 2002 the market for gold loans stood at a meager figure of less than Rs. 0 bn which rose a little above Rs. 100 bn in 5 years by FY 2007. The growth was almost double in next 2 years by FY 2009 the gold loan market has almost multiplied three fold since FY 2007 till FY 2010 to near about Rs. 400 bn. Source:  IMaCS Industry Report  (2010 Update) Features of a Gold Loan Gold loans come with  higher  interest  rate s  and have a processing fee as well. There are instances where the interest rates go as high as 27% per annum. However, the private lending businesses, especially new entrants, offer lower rates and gold loans in strategic ways such as without levying any processing fess. It is fortunate that most lenders do not charge any evaluation fee even when the  loan  amount  is based on the quality of gold. They prefer to play it safe by offering a lesser amount of loan than the gold’s actual value. Most loans span 3 months to 12 months and the borrowers have the choice of prepaying at any time. Non-banking companies let borrowers choose their terms as well. Typically, the tenure on a gold loan falls around one year to two year with some lenders even extending loan for three years. The documents required are residential proof and a recognised photo identity for example a PAN card, voter Identity card or driving license. The banks may take an hour to a day to extend the gold loan. On the other hand, NBFCs like Muthoot Finance and Manappuram, going by their advertisements, extend the loan within minutes. The average rate of interest they charge falls around 11 % 14 %. However, some NBFCs are charging a much higher interest rate of 20-24 %. Many banks impose reasonable restrictions against the loan money being used for stocks trading. In comparison, private lenders are slightly moderate in issuing any such restrictions. Why Gold Loans? Some of the reasons discovered for the growing popularity of gold loans in the form of advantages to customers in India are: 1. Continuous Increase in Gold prices- Gold price is increasing on an average by @ 20% per annum over the last five years. With gold prices continually rising, people find it a wise decision to take a loan against the gold. Say for eg: one has a gold ring and does’nt wish to sell it but needs cash. One simply has to stop by any of the gold loan offices of a company or banks so that their gold can be valued and they can get cash. The added advantages are that  people no longer have to sell their gold and the company does not run credit checks also! 2. Interest rates of  loans  are lower than that of unsecured loans (Personal Loan) Pawnbrokers and money lenders have long operated in India’s back alleys, making loans against jewelry to families in distress in rural as well as urban areas, at interest rates of 30 percent or more. But gold loans made by banks and finance companies are regulated the rates charged are lower - 14 to 30 percent. These policies have led to chances of further increase in their businesses. 3. Fast and easy option to obtain  loan  from NBFCs (Non-Banking Finance Companies) as well as Banks to meet short-term financial requirements- People do not have to wait till the long processing time finishes. The loan is approved in very short duration with least hassles and processing delays. Since it has collateral therefore risk is mitigated to a large extent. Drivers of Growth in Gold Loans Market in India A retail research report prepared by HDFC Securities found that the key usiness drivers of the gold loan market in India have been the following: a) Regulatory incentives to lenders: The prescribed risk weight on gold loans has been approximately 50% for commercial banks, further reducing the associated capital costs thus proving a beneficial deal for those engaged in its provision. b) Policy focus: The Government of India views gold loans as an effective means to meet the potential micro- finance demand in India. In fiscal 2007, the Government of the state of Tamil Nadu set a jewelry loans target of ` 60 billion (75% of the total loan disbursement target) for co-operatives in Tamil Nadu. ) Cash crunch arising out of global slowdown- Gold loan firms have also benefited from the financial crisis. In the last year and a half, many lenders have stopped making unsecured personal loans because of the rising default cases in India. d) Increasing interest of the lenders in the segment: Considering the recent rise in default rates (which was expected to vary from 8-10% in fiscal 2009) in personal loans, banks have started focusing on the gold loans segment because it offers attractive returns (although lower than personal loans) with very low levels of defaults. Several private sector banks have started participating in the segment by getting into bilateral sale agreements with NBFCs that specialize in gold loan. A few private sector banks like HDFC Bank have already initiated efforts to tap into such segments. e) High levels of indebtedness: The National Sample Survey Organization (NSSO) 2003 survey on situational assessment of farmers’ indebtedness in the country has estimated that 60. 4% of rural households in India were farmer households, out of which 48. 6% were indebted. The incidence of indebtedness was highest in the state of Andhra Pradesh (82%) followed by Tamil Nadu (74. 5%), Punjab (65. 4%), Kerala (64. 4%), Karnataka (61. 6%) and Maharashtra (54. 8 %). This shows the scope of a good business exists not only in down south but north India as the rural households hold gold and require easy terms of repayment which is readily available with NBFCs. f) Changing customer attitudes and preferences: Indian customers have demonstrated a change in their traditionally debt-averse psychology, promoting the creation of assets through growth in financial liabilities. Some of the other critical factors that can augment the growth of a gold loan company are a strong distribution network, faster turn around time, operational risk management through better technology, systems and processes, unique and customized product offering, access to low cost of funds and brand recognition due to heavy expenditure on advertisements. Source:indiainfoline. com How does a loan on gold work? The process of borrowing on gold as commonly specified by many of the gold loan companies seems  very easy. People simply bring them the gold and receive cash within a matter of minutes. All gold loans are usually 90 days long and can be paid off at the end of the term or extended for another 90 days. If people can’t pay back the gold loan in full at its maturity, they may surrender the gold as full payment. What type of gold can people borrow on? One can borrow loan against gold coins, gold rings, gold watches (working or not), broken jewelry, estate jewelry, collectible gold, gold figurines, gold charms. Basically, one can loan on any type of gold without regard for condition. Current Status of Gold Loan Companies in India- Non-Banking Finance Companies A non-banking finance company (NBFC) is a company registered under the Companies Act, 1956 and is engaged in the business of loans and advances, acquisition of shares/stock/bonds/debentures/securities issued by Government or local authority or other securities of like marketable nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, sale/purchase/construction of immovable roperty. A nonbanking institution which is a company and which has its principal business of receiving deposits under any scheme or arrangement or any other manner, or lending in any manner is also a non-banking financial company (Residuary non-banking company). It is mandatory that every NBFC should be registered with RBI to commence or carry on any business of non-banking financial institution as defined in claus e (a) of Section 45 I of the RBI Act, 1934. All NBFCs are not entitled to accept public deposits. Only those NBFCs holding a valid Certificate of Registration with authorization to accept public deposits can accept/hold public deposits. NBFCs authorized to accept/hold public deposits besides having minimum stipulated net owned fund should also comply with the directions such as investing part of the funds in liquid assets, maintain reserves, rating etc. issued by the Bank. As of June 2009 there were 12,740 NBFCs in India, mostly in the private sector (RBI Press Release, October, 2009). Role of NBFCs in the competitive landscape of the gold finance industry in India The further stated that a typical Gold Loan customer expects high loan-to-value ratios, easy access, low levels of documentation and formalities, quick approval and disbursal of loans, lockers to ensure safety of their pledged gold and a team of expert valuers. Specialized NBFCs have created a niche in the gold loans capabilities by meeting these requirements of the typical gold loan customers, who require gold loans primarily to meet their urgent cash requirements. NBFCs specializing in gold loans continue to perform strongly in the gold loans market and the overall statistics demonstrate that the relative share of traditional gold finance NBFCs in the market has not changed significantly over the last three years. In fiscal 2010, the Gold Loans market was largely concentrated between two categories of lenders: south India based SCBs (Scheduled Commercial Banks) and NBFCs specializing in gold loans which held approximately 58% and 32%, respectively, of the total market. The rest of the Gold Loans portfolio was held by several small co-operative banks. [Retail research report by HDFC Securities] NBFCs are the Fastest Growing Lenders in the Organized Gold Loan Market| Targeting Non-bankable customers| High Comfort Level: Transparency ; Trust| Minimal documentation and formalities| Quick approvals and disbursals| Flexibility in Terms of Loans| Easy Access due to Greater Penetration| Presence of expert valuers| Robust control systems| Ability to handle cash| Better Operating Cost Structures vis-a-vis Banks| Are gold loans better than personal loans? Comparing personal loan and gold loan, Manappuram Finance Managing Director I. Unnikrishnan said, â€Å"in times of emergency you need a loan almost immediately with minimum documentation, and without any evaluation of your loan repaying capacity and if you have gold it can be a better option compared to a personal loan where all these factors come into play. † Personal loans and gold loans are born equal. They attract almost the same kind of interest. While a personal loan can quickly turn in to a non-performing asset for banks, gold loans are designed to benefit the banks. Asian Correspondent. com (31st May 2011)] For someone who is serious about clearing the loan in due time, a gold loan might prove to be a better choice. On comparing the procedures of the two, gold loans look like a neat and clean process. Personal loans, if one would observe work a little differently as they are not secured by any asset but by the loan takers future earning potential and credit history. T here is an unspeakable necessity for submission of paperwork including pay-slips. A few calls are also made to the loan taker’s nearest and dearest friends. And that’s where gold loans score. For personal loans, there is no partial payment option. Here one either pays in full or gets on with the monthly payments. Gold loan provides partial payment flexibility. If you have some money to pay, you can go ahead and pay it. The outstanding amount will come down and so will the interest. The catch is one will not get any gold back for the amount one has paid. He/she can only release their gold after the complete principal amount is cleared. Gold loans’ only caveat or the obvious downfall for gold loans is that jewelry and ornaments will not be available when required. A friend’s wedding or a birthday party might just come when we don’t want them to. Keeping in view the above comparison without hesitation we can conclude that loans should be avoided at all times as all loans are born equal with a common objective- to lay interest on the person who takes the loan and make him or her work for them, at least for  a while. But if it is really required, a gold loan could be a better choice. Precautions before Availing Gold Loans Even though from the aforementioned discussion, gold loans may seem to be an easy option to borrow money there is a word of caution from the financial experts who advise that taking a gold loan for buying luxury items or for consumption purposes may not be a great idea. Being a secured loan, gold loans must be sought only after a careful assessment of one’s payment capabilities or else the gold might get forfeited. The  lenders  offer gold loans after much consideration and tend to ask about the purpose of the loan. Borrowers  need to ensure that the loan they take against gold is not meant for pure consumption or speculative purposes. They need to exercise caution with their investments or else they may end up losing the gold. * Another thing is to ensure is that there are no missed payments otherwise the default penalties can take the gold loan amount to an unmanageable balance. This also has an inevitable impact: it may spoil one ’s  credit  score. It is advised to take a gold loan in small sums and make sure that one has enough liquidity to repay the loan and get the gold back. The gold pledged with the lender is usually auctioned 12 months after the due date of repayment has lapsed. NCDEX Chief Business Officer Vijay Kumar has a smart advice for borrowers: â€Å"if you have a good quality hallmarked gold and the value of the gold you want to borrow is 60 % or less you may negotiate for lower interest rate from the lender. † * There are various parameters on which the tenure, interest rate and the level of negotiation would depend - like whether the gold is hallmarked or not, the tenure of the loan amount and what percentage of the value of the gold you would like to borrow. One should also not get carried away by the attractive interest rates on gold loans as there are half a dozen other charges for gold loans like the handling and processing fee of about 0. 25-0. 50 per cent, gold assessing charges of about one per cent and also custodial charges for safekeeping of your gold. [article in Financial Chronicle (June 23, 2011)] * Like most other loans gold loans too come with pre-closure charges though a few NBFCs promise exemption of these charges. Thus one needs to answer some these questions before approaching a gold loan company: * Do you really need a gold loan? How much money can be raised through gold loans? * What are the interest rates on gold loans? * What are the other charges? * How is the repayment process? The author of ‘Retire Rich Invest Rs 40 A Day’ PV Subramanyam, suggests to try a public sector bank for taking gold loan as gold loan is a secured  loan and banks are well regulated, are sound and carry lesser risk compared to a non-banking finance company. Since high emotional value is attached to the jewelry one pledges, it’s better to opt for a lender which is stable, well diversified and is in the gold loan business for a long period. Conclusion: Outlook of the Gold Loans Market in India Based on the assessment of the emerging dynamics and competitive landscape, the gold loans market is expected to grow at between 35% and 40% over the next three years (Source: IMACs Industry Report, 2009). Moreover, as the market is currently under-penetrated, it is expected that the gold loans market will offer enough opportunities for portfolio expansion and retain attractive margins for all existing specialized NBFCs, banks and new entrants. The branch expansion and marketing initiatives of various specialized NBFCs are anticipated to give a strong boost to the acceptability of gold loans and lead to further growth in the gold loans market. In addition, it is anticipated that the large public sector banks in southern India will continue to be amongst the leading lenders, but considering the various regulatory and operational processes, it would be challenging for the banks to match the flexible service regime of the specialized NBFCs. New NBFC entrants in the market are currently in a cautious preparatory mode to enter the gold loans market but it will take some time for these NBFCs to emerge as formidable competitors to specialized existing NBFCs. This is because it will take time for these new NBFCs to build the requisite focus, infrastructure (valuers, lockers, etc,) and branch network. Specialized NBFCs are expected to continue to hold their share of the Gold Loans market with their ability to provide superior and niche servicing capabilities to their exiting and future customers. References: 1. P V Subramanyam: ‘Retire Rich Invest Rs 40 A Day’ 2. The New York Times, newspaper article published on September 28, 2009 3. The Economic Times, newspaper article published on July 29, 2010 4. The Financial Chronicle, digital newspaper article published on June 23, 2011 5. IPO note on Muthoot Finance Ltd. ; prepared by HDFC Securities published on April 15,2011 6. Published presentation by Mannapuram Finance Ltd. For January 2011 7. IMACS Industry Report for 2009 ; 2010 8. www. deal4loans. com 9. www. asiancorrespondent. com 10. www. scottsdaleloancompany. com 11. www. goldprice. org

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How Do We Solve a Problem Like.Stereotypes Essay We can say that stereotypes are based in some kernel of truth. Some stereotypes are self-perpetuating, but is it up to the minority itself to regulate and stop those who perpetuate certain stereotypes? Can you tell one group of a minority to stop acting a certain way, to stop dressing a certain way, to stop talking a certain way? Would it really be better for society if we took out the kernels causing all the self-perpetuating problems? I believe the first step is in recognizing the stereotypes and prejudices we believe. From there, the process of eliminating them involves confronting your beliefs by meeting people that are different from you or challenge your thinking. Communication and being able to meet people who are not exactly like us are key factors in breaking down the walls of prejudice that we have made comfortable for ourselves. This class, I believe, is one step in the process, in getting us to step outside of our comfortable little worlds and discuss, see, and hopefully understand points of view and experiences that are shaped by the prejudices we have and the stereotypes we have made. I grew up about fifteen minutes north of NW Oklahoma City, and about fifteen minutes west of Edmond in the community of Deer Creek. Through the oil boom in the 70s and early 80s, Deer Creek started to become more and more of a white flight community of executives, business owners, and oil men than even Edmond. The majority of my school was white with a few racial minorities. No one in the late 90s had come out as gay in my high school, though the people that were assumed gay werent ever treated negatively to my knowledge. I literally had a white, middle to upper-middle class, heteronormativeexistence the first 18 years of my life. Then I came to college. Oh, here is where we might speak of the evils of the college world where students are subjected to such horrid liberal ideas that, dare we say it, challenge our thinking and beliefs. That is if I was prone to speaking ill of such an idea. It was through meeting other people not like my high school self that I began to be able to question why I had such beliefs about people. http://overmediated.blogspot.com/2009/06/how-are-stereotypes-formed-who-has.html Now, the question is: What would be a solution for stereotyping.? In some cases, eliminating the ignorance associated with social stereotypes is probable, but there is also just as great a chance that the inductee or ethnographers, will turn against them vehemently Much depends upon the purpose and the mission of the ethnographer. Whether a new understanding of any social group or sect will bring about greater tolerance is a passion many seek. Through the development of any such ethnographic abilities, the sacredness of all life will be intimately recognized and appreciated. Good question. Source(s): http://answers.yahoo.com/question/index?qid=20110206145145AAnHV41 http://www.ehow.com/how_2081756_stop-stereotyping-people.html Appearance * Appearance creates stereotypes in society that exist outside of gender, race or traditional social standing. These stereotypes are designed to help society place an individual within a group of people in the society for identification purposes. For instance, a person who has a large amount of visible tattoos may be stereotyped as a threatening or bad person by a segment of society while someone in a business suit may be stereotyped as trustworthy. Without further investigation beyond the initial appearance of an individual, the person using the stereotype may not know that the person with the tattoos is the leader of a local Parent Teacher Organization or that the person in the business suit is a bank robber. A stereotype based on appearance can negatively impact a persons social standing or opportunities for jobs. Read more: The Effects of Stereotyping In America | eHow.com http://www.ehow.com/info_8563840_effects-stereotyping-america.html#ixzz2Lu64onkh nyone and everyone are getting them, as there no longer is a â€Å"type† to get tattoos. Unfortunately, employers still have a say about the acceptability of tattoos if it is in their dress code. They can say no to visible tattoos as long as they are consistent across the board about it.

Les Miserables :: essays research papers

Les Miserables   Ã‚  Ã‚  Ã‚  Ã‚  In Victor Hugo’s Les Miserables Jean Valjean goes through many difficult struggles and finds the much needed influence to help him. There are three characters who influence Jean: Bishop Bienvenu, Cosette, and   Ã‚  Ã‚  Ã‚  Ã‚  Bishop Bienvenu’s influence on Jean is similar to that of a father’s influence on his son. Bishop Bienvenu’s influence is critical to the start of Jean’s life after prison. The Bishop was the only person that would shelter Jean for that long first night. During the night Jean stole his silver wear. Instead of being angry, the Bishop confirms Jean’s story and gives him the silver candlesticks too. ‘â€Å"Jean Valjean, my brother, you no longer belong to evil, but to good. I have bought your soul, that it may not be lost.†Ã¢â‚¬â„¢(26). The Bishop’s Influence on Jean will stay with him for the rest of his life.   Ã‚  Ã‚  Ã‚  Ã‚  Cosette’s influence on Jean Valjean is welcome and realized most by Jean. Cosette influenced Jean with her need for love and a father figure. When Jean first met Cosette, he realized her reaching out for someone to fill in these missing spots in her life. As Jean took care of Cosette he gave her a loving, elder, trustworthy, male role she has been waiting for for support and stability. The time they spent together warmed both of their hearts with the feeling they longed for. â€Å"Jean Valjean felt his own happiness grow with the happiness which he caused Cosette†(139). Cosette’s influence on Jean made both his feelings and life better and more barable. Jean found the love he has been without for so long, it warmed his heart and the people around him. Cosette influenced Jean’s feelings for love, life, and his sense of well being.   Ã‚  Ã‚  Ã‚  Ã‚  Marius’s influence on Jean Valjean is rather a love-hate respect. Marius influenced Jean in a way that was not at first accepted by him. Marius was in love with Cosette and this made Jean angry. Cosette had warmed Jean’s heart with her love and Marius was going to walk into their lives and take it for his own. Jean tried to tie up their relationship the best he could. Finally, he realized that this was best for Cosette and if she was happy he was too. Les Miserables :: essays research papers Les Miserables   Ã‚  Ã‚  Ã‚  Ã‚  In Victor Hugo’s Les Miserables Jean Valjean goes through many difficult struggles and finds the much needed influence to help him. There are three characters who influence Jean: Bishop Bienvenu, Cosette, and   Ã‚  Ã‚  Ã‚  Ã‚  Bishop Bienvenu’s influence on Jean is similar to that of a father’s influence on his son. Bishop Bienvenu’s influence is critical to the start of Jean’s life after prison. The Bishop was the only person that would shelter Jean for that long first night. During the night Jean stole his silver wear. Instead of being angry, the Bishop confirms Jean’s story and gives him the silver candlesticks too. ‘â€Å"Jean Valjean, my brother, you no longer belong to evil, but to good. I have bought your soul, that it may not be lost.†Ã¢â‚¬â„¢(26). The Bishop’s Influence on Jean will stay with him for the rest of his life.   Ã‚  Ã‚  Ã‚  Ã‚  Cosette’s influence on Jean Valjean is welcome and realized most by Jean. Cosette influenced Jean with her need for love and a father figure. When Jean first met Cosette, he realized her reaching out for someone to fill in these missing spots in her life. As Jean took care of Cosette he gave her a loving, elder, trustworthy, male role she has been waiting for for support and stability. The time they spent together warmed both of their hearts with the feeling they longed for. â€Å"Jean Valjean felt his own happiness grow with the happiness which he caused Cosette†(139). Cosette’s influence on Jean made both his feelings and life better and more barable. Jean found the love he has been without for so long, it warmed his heart and the people around him. Cosette influenced Jean’s feelings for love, life, and his sense of well being.   Ã‚  Ã‚  Ã‚  Ã‚  Marius’s influence on Jean Valjean is rather a love-hate respect. Marius influenced Jean in a way that was not at first accepted by him. Marius was in love with Cosette and this made Jean angry. Cosette had warmed Jean’s heart with her love and Marius was going to walk into their lives and take it for his own. Jean tried to tie up their relationship the best he could. Finally, he realized that this was best for Cosette and if she was happy he was too.

What Recycling Methods Do People in my Community Practice?

Statement of the Problem What recycling methods do people in my community practice in order to conserve our limited resources? Research Questions i. What recycling methods do people in Castries practice in order to conserve our limited resources? ii. How effective are these recycling methods to the people of Castries? iii. What other methods can the people in Castries use to enhance conservation methods? Reasons for Selecting the Area of Research This area of research was selected because I believe that recycling can solve lots of environmental problems.It also helps in saving a lot of expense, required for the production of new products. People should be aware of those factors and should recycle in their community to conserve our limited resources. Method of Investigation To obtain information for my research, I used a method of investigation that is the most accurate and easiest way to collect information. The method I used was a questionnaire. A questionnaire is a research instrum ent consisting of a series of questions and other prompts for the purpose of gathering information from respondents.Reasons for Selecting the Instrument This research instrument was chosen because it is an important tool in public research. If you get a number of persons to make a judgment of what most people think. It is also an easier way of finding information and cost less expense. Data Collection Instrument Cover Letter Dear participant, My name is __________ and I am a student of the _____________________. For my Social Studies SBA, I am researching on the topic recycling.I am inviting you to participate in this research study by completing the attached questionnaire. The following questionnaire will require approximately two days completing. There is no compensation for responding. In order to ensure that all information will remain confidential, please do not include name. If you choose to participate in this project please answer all questions as honest as possible. Thank Y ou in advance for taking the time to assist me in my Social Studies SBA research. Yours Truly ___________

Reflection on Non Violence Civil Rights Actions

Martin Luther King preferred to achieve Civil Rights for African Americans through non-violent actions. He believed violence would only lead to more problems and conflicts as whites would want to find a way to get revenge for the problems caused by African Americans. Martin Luther King displays success through his non-violent action with the Montgomery Bus Boycott. The Montgomery Bus Boycott is a prime example of a non-violent boycott. Rosa Parks, a member of the NAACP, decides to not give up her seat to a white man when the bus runs out of seats.After violating the bus rules, Parks was arrested. As a result, the Montgomery Bus Boycott began. African Americans across Montgomery, Alabama, stopped using bus services in order to damage the business financially. According to the Article â€Å"Martin Luther King Jr. , Remembers the Montgomery Boycott,† Martin Luther King believed if the protest was done â€Å"courageously, and yet with dignity,† the â€Å"walls of segregati on [would] finally [be] battered by the forces of justice. By boycotting the bus, the company lost a tremendous amount of money because it lost many of its customers. Eventually, as a result, the bus company had to desegregate the buses and begin seating in a â€Å"first-come, first-served† basis. This economic win by Martin Luther King showed that violence is not always needed to solve problems. Even in the Deep South, the â€Å"Cradle of Confederacy† can be transformed into â€Å"Montgomery, the cradle of freedom and justice† through nonviolent actions.Martin Luther King made an Economic change by sparking a boycott in Montgomery, Alabama. He began a change in the way Civil Rights were going to be achieved for African Americans. Instead of getting their equality through violence and possibly another civil war, African Americans damaged segregated businesses through boycotts making non-violent action more effective.

Berlin essays

Berlin essays Berlin is the capital and the biggest town in Germany . It has a population of about 3.5 million and extends over 889 kilometres. Berlin is located in central Europe, longitude 13:25 E, latitude 52:32 N, and is 34 m above sea level Originally Slavic tribes who were replaced by German settlers in the 11th century occupied the area of Berlin. In 1307 the villages of Clln and Berlin were united into a single township. Early Berlin was plagued by disease and banditry and stagnated as unimportant backwater. The Thirty Years War (1618-1648) reduced Berlins population to 6,000 and devastated the economy. The situation improved in 1701 when Berlin became the capital of the Kingdom of Prussia. Under the reign of Frederick the Great Berlin evolved into a major European capital. Frederick was determined to make Berlin a city as great as Paris or London. In 1871 Berlin was elevated to the capital of the new German Empire. During the Imperial Period (1871-1918) Berlin underwent rapid industrialization and saw its population rise well over 1 million. When the German Empire collapsed after World War I (1914-1918), Berlin suffered from street fighting and famine. Berlin soon recovered and became a centre of art and culture du ring the 1920s. In 1933 the Nazi Party came to power and began to redesign Berlin into a fascist capital. The 1936 Olympic games were held as a showcase of Nazi progress, and many new buildings were constructed. On November 9-10 1938, over 80 Jewish shops were destroyed during the Night of Broken Glass. Plans to drastically redesign Berlins city center were halted by the outbreak of World War II (1939-1945). From 1941 to 1943, Berlins Jews were arrested and deported to concentration camps throughout Europe. By 1944 the British and Americans bombed Berlin continuously until the end of the war in May 1945. 50,000 Berliners died during the bombings, and most of the city was destroyed. D ...

A Complete List of John Grisham Books

A Complete List of John Grisham Books John Grisham is a master of legal thrillers; his novels have captured the attention of millions of readers, from adults to teens. In three decades he has written nearly one book per year and a number of those have been adapted into popular movies. From his debut novel A Time to Kill to the 2017  release of Camino Island, Grishams books are nothing short of captivating. Over the years, he branched out from legal stories as well. His complete list of published books includes stories about sports as well as non-fiction. Its a compelling body of literature and if youve missed one or two books, youll definitely want to catch up. Lawyer Turned Best-Selling Author John Grisham was working as a criminal defense attorney in Southaven, Mississippi when he wrote his first novel. A Time to Kill, based on an actual court case that dealt with racial issues in the South. It enjoyed modest success. He entered politics, serving in the state legislature on the Democratic ticket and began writing his second novel. It was not Grishams intent to leave law and politics to become a published author, but the runaway success of his second endeavor The Firm changed his mind. Grisham quickly became a prolific best-selling author. In addition to novels, he has published short stories, nonfiction, and young adult books.   Grisham Captures Mainstream Readers From  1989-2000 Few new writers have exploded onto the literary scene like John Grisham. The Firm became the top-selling book of 1991 and was on The New York Times bestseller list for nearly 50 weeks. In 1993, it was made into the first of many movies based on Grishams novels. From The Pelican Brief through The Brethren, Grisham continued to produce legal thrillers at the rate of about one per year. He tapped into his experience as a lawyer to create characters who faced moral dilemmas and dangerous situations. During the first decade of his work, he produced several novels that were eventually made into major big-screen films. These include Pelican Brief in 1993; The Client in 1994; A Time to Kill in 1996; The Chamber in 1996; and The Rainmaker in 1997. 1989 - A Time to Kill1991 - The Firm1992 - The Pelican Brief1993 - The Client1994 - The Chamber1995 - The Rainmaker1996 - The Runaway Jury1997 - The Partner1998 - The Street Lawyer1999 - The Testament2000 - The Brethren Grisham Branches Out From  2001-2010 As the best-selling author entered his second decade of writing, he stepped back from his legal thrillers to examine other genres. A Painted House is a small town mystery. Skipping Christmas is about a family that decides to skip Christmas. He also examined his interest in sports with Bleachers, which tells the story of a high school football star returning to his hometown after his coach dies. The theme continued in Playing for Pizza, a story about an American playing football in Italy. In 2010, Grisham introduced Theodore Boone: Kid Lawyer to middle school readers. This book about a kid lawyer successfully launched an entire series centered around the main character. It introduced the author to younger readers who are likely to become lifelong fans. Also in this decade, Grisham released Ford County, his first collection of short stories and The Innocent Man, his first nonfiction book about an innocent man on death row.  Not to turn his back on his dedicated fans, he rounded out this time with several legal thrillers as well. 2001 - A Painted House2001 - Skipping Christmas2002 - The Summons2003 - The King of Torts2003 - Bleachers2004 - The Last Juror2005 - The Broker2006 - The Innocent Man2007 - Playing for Pizza2008 - The Appeal2009 - The Associate2009 - Ford County (short stories)2010 - Theodore Boone: Kid Lawyer2010 - The Confession 2011 to Present: Grisham Revisits Past Successes Following the success of the first Theodore Boone book, Grisham followed up with five more books in the popular series. In Sycamore Row, a sequel to A Time to Kill, Grisham brought back protagonist Jake Brigance and key supporting characters Lucien Wilbanks and Harry Rex Vonner. He continued his policy of writing one legal thriller a year and threw in a couple of short stories and a baseball novel called Calico Joe for good measure.   Grishams 30th book was released in 2017 and titled Camino Island. Another intriguing crime novel, the story centers around stolen F Scott Fitzgerald manuscripts. Between a young, enthusiastic writer, the FBI, and a secret agency, the investigation tries to track down these handwritten documents on the black market. 2011 - Theodore Boone: The Abduction2011 - The Litigators2012 - Theodore Boone: The Accused2012 - Calico Joe2012 - The Racketeer2013 - Theodore Boone: The Activist2013 - Sycamore Row2014 - Gray Mountain2015 - Theodore Boone: The Fugitive2015 - Rogue Lawyer2016 - Partners (a Rogue Lawyer short story)2016 - Theodore Boone: The Scandal2016 - Witness to a Trial (a digital short story)2016 - The Whistler2017 - Camino Island

Financial Management Essay Example | Topics and Well Written Essays - 500 words - 6

Financial Management - Essay Example The company continues to be on the rise according to the FIA report of 2010. The report that was published on March 2011 reveals that contracted traded in NYSE Euronext experienced a rise of 24.6% in the FY2010 to reach 2.155 contracts (Heckman, 2009) The NYSE is the world’s largest company in terms of cash equities exchange. It has been in operation for about 215 years, and its dealings are in capital formation, whereby the company serves institutional and individual investors, the trading movement and its listed companies. By the end of 2006, over 2700 users (operating companies, exchange traded funds and closed end funds) were listed in the corporation. These listed companies represented the global market capitalization of over b$25 trillion. Ever since, the company has enhanced its reputation in cash equities exchange. As compared to the rest, Euronext is an extremely new financial entity, which was formed in 2000 (Brigham, 2009). The governance of NYSE Euronext is by a board of directors that is elected manually. A majority of these directors are independent while the rest of the team comprises of a CEO, deputy CEO, non executive chairman and deputy chairman. The markets of the company are regulated according to local requirements. When the merger was done, it was agreed that there would be no additional requirements for all the listed companies. This was to guard the company from American Law especially, the Sarbanes-Oxley Act. The Sarbanes-Oxley Act of 2002, also known as the Public Company Accounting Reform and Investor Protection Act is an enactment of 2002 is a federal law that governs corporate finance. The law was enacted after many high ranking companies including WorldCom and Enron were implicated in corporate accounting scandals. The Act brought reform into American business and enhanced criminal penalties for any company that destroys, falsifies,

What Happened During the Negotiation Process of Coast News Case Study

What Happened During the Negotiation Process of Coast News - Case Study Example The paper throws light on negotiation as a method of performing group decisions among the parties who are engaged possessing different choices or likings. Basically, negotiation is a procedure of getting the things done from others that are expected from them particularly in the method of executing various vital decisions. Moreover, negotiation is regarded as a deal in which the engaged parties possess a direct influence upon the final outcome of the negotiation. It requires voluntary approval on behalf of the parties those who are involved in a particular negotiation. It is also considered as a give and take process in which the actual and definite conditions of a transaction are equally agreed. It is the act or technique of bargaining in order to accomplish a commonly satisfactory agreement or objective. The other significant conception of negotiation lies in the peaceful method in which the involved parties find ultimate solutions by themselves and ultimately gain maximum control of their desired result. The negotiation process is also considered as the legal and orderly management procedure by which the governments conduct their relations with other establishments and discuss, adjust as well as manage their disagreements or any differences. In this global financial market, the most significant and crucial matter lies in policymaking. It has been identified that the policy formations are related to various deeds among the parties regarding diverse issues towards communal interests and other related factors along with avoiding increase regarding the internal conflicts among the parties. In this connection, it can be observed that negotiation is a central component of policy-making procedures which determine the different issues that are addressed by the policy makers, finds solutions and required support from the involved parties to confirm that the planned policy-making decisions are sustainable. The conception of negotiation mainly takes place for various r easons. The reasons include such as the initiative taken by the involved parties in order to generate any new aspect and to resolve a problem or a dispute between the involved parties among others. A wide range of perspectives can be used in order to understand different aspects of negotiation such as economic theories and practices, psychology, political science, communication, labor relations and law among others. The same negotiation outcome can also be understood from several different perspectives because the people or the engaged parties in the procedure of negotiation can negotiate many different aspects along with considering the necessity of the fundamental process of negotiation for them who work with other people. However, the several characteristics that are common to all negotiable situations include the presence of the involved parties which may be individuals, groups or organizations among others and conflict of interest between them that is based on the dissimilariti es regarding their different views, opinions and ideas among others along with the methods in order to manage the conflict. Moreover, the characteristics of negotiable situations also include acting as a voluntary process.