Saturday, January 18, 2020
Money management Essay
Ever since trading began, money existed, thus, it can be said that money and trading co-exists. The earliest form of money is actually very different from what we are using nowadays in this modern world. The history of money begins around 2500 years ago. Money is any clearly identifiable object of value that is generally accepted as payment for goods and services and repayment of debts within a market or which is legal tender within a country. Barter Barter is a system of exchange in which goods or services are directly exchanged for other goods and services. No money is needed in barter system as it does not involve the process of buying and selling. Although there is no evidence pointing towards a society or economy relies solely on barter system, it is believed that barter basically dominated the pre-historical world and at that time, people would just exchange things according to necessity. Thus, barter system can be said to be a primitive form of money as it contributes towards the birth of money. There are several complications of barter system : Absence of common measure of value: In a monetary economy, money plays the role of a measure of value of all goods, so their values can be measured against each other; this role may be absent in a barter economy. Indivisibility of certain goods: If a person wants to buy a certain amount of another’s goods, but only has for payment one indivisible unit of another good which is worth more than what the person wants to obtain, a barter transaction cannot occur. Lack of standards for deferred payments: This is related to the absence of a common measure of value, although if the debt is denominated in units of the good that will eventually be used in payment, it is not a problem. Difficulty in storing wealth: If a society relies exclusively on perishable goods, storing wealth for the future may be impractical. However, some barter economies rely on durable goods like pigs or cattle for this purpose. Adapted from Wikipedia Statement of the problem It was discovered that only a small portion among university students actually know how to manage their money well. Most of university students are still struggling with basic money management. They do not have enough of a handle on their cash flow to spend less than they get from their loans. In other words, poor money management such as overspending is the main cause of this problem among the university students. Purpose The purposes of the study is to investigate money management of the students in UniSZA. Objectives 1) To investigate the way of the students in UniSZA spend their money 2) To determine the main cause of monetary problem for students in UniSZA. 3) To suggest the ways to solve monetary problems faced by students in UniSZA by providing them with the best money management plan. Research questions 1) How do the students in UniSZA spend their money? 2) What is the main cause of monetary problem for students in UniSZA 3) How can the problems faced by students in UniSZA be solved? Significance of the Study It is an undeniable fact that university life and normal daily life do have differences when it comes to money management. The author of the article wrote that university students should be taught the value of money as they will be earning their own very soon. This is true. University is a boundary that separates us from the real world, the working world. Without proper management of wealth, especially for students, it could spell disaster. Not only there would be butterflies flying out the purse and holes being burnt in the wallet, bank account could also stumble to single digit and finally naught. Things might get worst when they enter the society without knowing concerning money management and if this situation occurs, their bright future might be at stake and this could jeopardize their chances to succeed in life. Thus, financial management should start early, when there’s still money in the bank account for one to manage. For students in UniSZA like us, we might often be bothered by monetary problems. We don’t know where our money went to. Well, they do not just disappear into the thin air, nor would they escape from our wallet, thus, we must know where we spent our money on so that we can cut down on expenses and inculcate proper financial management. As university students, there’re a few money management skills that should be practiced and here are some explanations that may provide some insight or clues for one to properly manage his or her money so as to get the most out of one’s money. #1 Have a plan for it There’s a saying goes, those who fail to plan, plans to fail. Thus, proper money management starts with a plan for our money. For the study loan such as PTPTN, bursary or JPA scholarship received each semester, we should have a plan for it so that everything would go on smoothly. Knowing the debits and credits is equally important here and tracking our own expenses is surely a must as we can track all the unneeded stuff we bought by keeping the receipt of the things we’ve bought and later revise on our spending to cut down expenditure. Getting ourselves organized and preparing and jotter to jot down our expenditure is also a brilliant idea. #2 Understand our financial aid and financial status As university students, one of the best steps towards proper financial management may be to add up all our income and also the money we’ll need to fork out. Income includes the money allowance given by the governments, student loan, scholarships, bursaries etc. Bursaries, on the other hand offers RM 2550 for bursary recipients. Bursary is actually money given to students as a kind of financial aid. In this content, bursary is eligible for students who got 9A+ and above in their SPM. Besides, we can also look out for scholarships such as JPA. By being aware of our financial status, we can look into every nook and cranny of our daily life to save money. Take ATM machines for example, it may charge card holder of other banks some additional fee whenever transaction is made, thus, by being aware of this, we can take the measurements needed and save money. We should also be cautious towards burglary as that is the worst possible way for one to lose money. #3 Use the available tools towards our benefit We should also use the benefits meant for students to our advantage. When buying books, going for a movie and buying food, for example, we can produce discount cards exclusive for students in order to enjoy discounts. Though it’s not a whole lot of money we’re saving, it could sum up to a considerable amount of money over time. For example, Kad siswa which was launched a few years ago provides card holders with a plethora of discounts in almost anything. Besides, 1 Malaysia book voucher is another tool available that would be of great help in our money management. Scope of Study The report will cover the methodology for money management of students in UniSZA. Survey and research will be done in order to get the results before discussion about the findings. The main points of the report will be summed up as the conclusion and some suggestions for solving monetary problems faced by students in UniSZA will be found.
Friday, January 10, 2020
Psychology Interview Essay
Does the interviewee remember information more accurately if he or she observes the behavior being performed or does he/she prefer to read how the behavior is performed?            The interviewee stated that he will be able to easily remember how a behavior is performed if he read about it; that’s why he prefers the second choice (Carducci, 2008). Also, he admitted that if any occurrence or behavior is to be observed only, he is more likely not to be able to recall it especially that he has a countless things on his mind and numerous things listed on his â€Å"to do list†(Carducci, 2008).            Comparing him to myself though, I prefer the opposite. I have proven to myself countless of times that I remember more clearly those occurrences or behaviors if I see it being performed. I prefer to observe since I am the type who remembers anything that I have paid careful attention to. Does the interviewee prefers studying in a library, or at home where there are background noises and some distractions? My friend opts to stay in the house to study (Carducci, 2008). He says he cannot focus on his lessons without his personal computer and subwoofers switched on (Carducci, 2008). It is very important that something noisy is present while he studies because otherwise he might just doze off and not accomplish anything at the end of the day (Carducci, 2008). He also stated that he likes to walk around the living room or his own room while reading his lessons aloud (Carducci, 2008). This is another major reason why he does not want to study in the library; he says â€Å"I will only be asked to keep quiet and may even be requested to leave the premises if I study in that manner†(Carducci, 2008).            I cannot do what he does though. I am the type who would be more efficient and effective in studying if I stay in a quiet place like the library. I prefer to stay there if my purpose is to grasp the readings and lessons that the exam will cover. In addition to that, the references that I need for further inquiry are found there and so I must stay in the library to study; computers are available as well in case I need online references. Reading/reviewing while listening to music or any kind of distraction involving sounds just does not go together for me. III. Had the person you are interviewing taken the Myers Briggs test? Report the results.            Yes, the interviewee already experienced taking the Myers Briggs test (Humanmetrics, 2007). The following feedback resulted from the â€Å"Carl Jung and Isabel Myers-Briggs typological approach to personality†(Humanmetrics, 2007). According to the aforementioned, the interviewee is â€Å"very expressed extravert; that he possesses slightly expressed sensing personality; that he has a moderately expressed thinking personality; as well as slightly expressed judging personality†(Humanmetrics, 2007). He is then excessively extroverted, slightly thinking, moderately sensing, and to some extend a perceiving individual (Humanmetrics, 2007).            The results that I got after answering numerous questions are the following: â€Å"that I am distinctively expressed introvert; moderately expressed intuitive personality; moderately expressed feeling personality; and distinctively expressed judging personality†(Humanmetrics, 2007). It says that I am introverted and equally judging; as well as, intuitive and equally feeling (Humanmetrics, 2007). Which experiences does this person feel contributed most in the development of his/her personality?            The interviewee stated that there were countless experiences that he went through (Carducci, 2008). He believes that all these contributed largely in the development of his personality (Carducci, 2008).            First of all, he comes from an unprivileged family (Carducci, 2008). During his elementary and high school days, he struggled too much as he cannot even go to school everyday because there was no money to be spent on food (Carducci, 2008). He said it was too difficult to stay focused in the lessons or anything that’s going on in the classroom with an empty stomach for two or three days straight (Carducci, 2008).            Second, his father usually does not have a job (Carducci, 2008). In cases where he finds one, the longest time that he is able to stay is only four weeks (Carducci, 2008). This is because he is a drunkard and sometimes would go to work extremely drunk (Carducci, 2008). Since such behavior poses great threat to other employees, eventually he is fired (Carducci, 2008).            Third, his father comes home without money and would check on the fridge if there was food to eat (Carducci, 2008). If he does not find anything, he would lash out at his mother and/or attack her (Carducci, 2008). His mother would be whipped, slapped, punched, and even thrown (Carducci, 2008). If he tries to protect his mother and fight his father off, then they would both get hurt at the end of the day (Carducci, 2008).            Fourth, his mother would release her anger on him and his brothers and sisters (Carducci, 2008). She would shout at them, threaten them that she is going to leave them behind because she could no longer take it (Carducci, 2008). She would state that her life would not be so excruciatingly difficult if she did not have a husband and children like them (Carducci, 2008).            Fifth, his little sister turned suicidal because of the family problems that they went through (Carducci, 2008). He would feel hopeless and helpless because of his little sisters numerous attempts (Carducci, 2008).            Sixth, his father was sent to prison because of violence against women and children (Carducci, 2008). He feels hurt but at the same time relieved that he no longer has to put up with him (Carducci, 2008).            Seventh, before he can even recover from his â€Å"loss†, he feels he is going to lose another important loved one again as his mother remarries a younger man (Carducci, 2008).            It turned out though that his stepfather is a nice, brilliant, open-minded man who cares deeply for his mother and for his brothers and sisters (Carducci, 2008). In fact, he sent him to one of the best schools when he decided he wanted to attend college and finish a Baccalaureate course (Carducci, 2008). He also sent his brothers and sisters to school (Carducci, 2008). In addition to that, he put up a small flower shop for his mother who finished BS Management in college; he said it is about time that his mother also attends to enriching her own career (Carducci, 2008). He also bought each and everyone their needs (and even some of their wants); in fact, he got a personal computer, his brothers received game boy, his sisters got branded dolls, etc (Carducci, 2008).            His stepfather also brought him to places that he has never been into including the following: â€Å"Transamerica Pyramid, Bank of America, Chinatown, Lombard Street, Haight-Ashbury, Coit Memorial Tower, Golden Gate Bridge, San Francisco Museum of Modern Art, California Academy of Sciences, Palace of Fine Arts, Presidio, Alcatraz, University of California, Berkeley†(Carducci, 2008). The trip gave him an opportunity to bond with someone who can be a father to him, who can guide him as he goes along, and who can protect him as he battles with life’s surprises and difficulties (Carducci, 2008).            He learned to be strong as he went through poverty, abuse from his father, etc (Carducci, 2008). He became even stronger when his extra nice stepfather came along (Carducci, 2008). The training that he got from his stepfather and the good examples showed to him played a large role in the development of his personality (Carducci, 2008). I have my own experiences as well that helped in the development of my personality. First of all, I have a mother who is very supportive and proud of whatever I have accomplished. Second, I was brought up to be a nice individual, not hurting anyone, helping people in need, putting God at the center of life, etc. Such values were instilled in me because the people around me exhibited/portrayed great examples. Third, I experienced being sent to the best schools and so I have learned the proper ethics, training, and etiquette. Fourth, I have witnessed my mom’s battle with ovarian cancer. In spite of being given only a few months to live, she showed me how determined she was in fighting that illness. She showed me her strength, as well as, her faith. I grew to be almost like her, never losing hope and always believing in God. Last but not least, I am also surrounded with friends who are extremely serious and concerned with life. I only have a few friends, which probably explains, why I am introverted, but I am proud to say that they are all true friends. I have developed a positive personality partly because of them as well. Does this person feel that he/she is self-monitoring in regards to his/her attitudes? How or how not? The interviewee believes that he is not at all â€Å"self-monitoring†(Carducci, 2008). He admits he would probably be more scared if he would be one (Carducci, 2008). He also feels that he were like that, he would not know what to do since he will turn more conscious about the negative occurrences and may all the more exhibit the negative attitudes that he observed (Carducci, 2008).            On the other hand, I am the â€Å"self-monitoring†type since I tend to reminisce about everything that happens to me. I think about it seriously and try to realize what needs to be learned from it and apply it in life. I make sure to try to instill another positive attitude or value to improve my personality. What does the interviewee feel was the strongest influence on his/her attitudes? His stepfather contributed largely to the interviewee’s attitudes as he is the one who showed and instilled good values on him (Carducci, 2008). Without him and his examples, his personality would not have been developed into a positive/good one (Carducci, 2008). He is also relieved that his stepfather had the strongest influence on his attitude instead of his real father who has never been a good example to him (Carducci, 2008). VII. What role does your interviewee feel a persons race, gender, or ethnicity play when forming that persons personality and attitudes?            Ethnicity, gender, and race are three concepts that may be subjected to stereotyping and so an individuals’ personality/attitude may be greatly affected if these three factors come into play (Carson et. al., 1992).            I believe it can as well; but it only will if a person consents to it. See, stereotyping is subjective, and so if only people can be objective enough then ethnicity, gender, and race will not be able to play a role in the development of one’s personality, at least not in the negative manner. VIII. Does this person feel he/she is better at tasks when intrinsically motivated or extrinsically motivated?            The interviewee is more comfortable with â€Å"extrinsic motivation†or when an incentive or reward is provided (Meyers, 2004). Meanwhile, I am at ease with its opposite. References Carducci, I.C. (2008). Personal Interview. Carson, R.C. & Butcher, J.N. (1992). The World of Abnormal Psychology. New York: Harper Collins. Humanmetrics. (2007). Jung Typology Test. Retrieved January 24, 2008 from            http://www.humanmetrics.com/cgi-win/JTypes1.htm  Meyers, D. (2004). Psychology: Seventh Edition. New York: Worth Publishers. Â
Thursday, January 2, 2020
Global logistics Free Essay Example, 3000 words
Intensive distribution involves selling through as many channels as possible and this type of distribution is typically used for items like soft drinks, cosmetics, cigarettes etc. Exclusive distribution involves a narrow channel system with very few numbers of intermediaries. Selective distribution incorporates some, but not all possible outlets. This is perhaps the most common method by which majority of consumer goods are transported. 2.1.3. Technology Technology plays extremely significant role in almost all business and other fields to drive or fuel changes. It is not only a driver of change, but a facilitator as well. In global logistics, the challenge related is to evaluate and effectively implement appropriate technology to make logistics operation easier and convenient (Coyle, et al, 2007). Global logistics will certainly face severe competition from other global logistics firms, and one major factor to their competitive advantage will be advanced technology. Technology offers new resources to the firms to help them achieve competitive edge. Changes in technology affect logistics in the form of manufacturing innovations allowing more efficient means of restructuring and redesigning the product and market mix elements (Dornier, Ernst and Fender, 1998). We will write a custom essay sample on Global logistics or any topic specifically for you Only $17.96 $11.86/pageorder now 2.1.4. Regulatory Requirements Government regulations have significant impacts on logistics operations. For MEDMI, it is very important to evaluate the regulatory requirements for arranging transportation and other logistical operations from Bangalore and Sao Paulo to Jebel Ali. Due to government regulations in India and Brazil, MEDMI will have to undergo major paper works and complex formalities apart from common issues such as delays, errors, etc. When exporting, MEDMI must deal with numerous forms and documents in order to ensure that all pharmaceuticals meet laws and regulations established in Brazil and cosmetics meet laws and regulations established in India. Importer’s international trade accounts are subject to random clearance audits to evaluate whether proper customs duties were paid and to determine whether any concerned trade regulation has been breached (Sakchutchawan, Hong and Callaway, 2011). 2.2. Logistical Procedures to be Considered 2.2.1. Managing Information There are basically three key flows in logistics; material, resources and information. Out of these, information flow is more complex and multi-faceted, and therefore, managing information is critically important in logistics.
Wednesday, December 25, 2019
Sociology A Sociological Perspective - 896 Words
According to the University of North Carolina, â€Å"Sociology is the study of human social relationships and institutions†(http://sociology.unc.edu/undergraduate-program/sociology-major/what-is-sociology/). Sociology is science practiced by everyone in the world, whether they realize it or not. It is not only an incredibly important social science but also a beautiful art to study how society works. Now, an educated sociologist will realize that there are different perspective to view the world through from a sociological perspective. There are three specific views: Structural Functionalist, Conflict Theory, and Symbolic Interactionism. Each has valid points of view, and not completely exclusive to the other, but in this case one is more correct and valid than the others. Conflict theory is the most credible theory in psychology because it factors in the problems of power and broken systems. Sociology is a social science that studies social interactions and changes that happ en in them. With this knowledge it is important that sociology can be viewed in three separate ways that are completely different. The first theory is Structural Functionalism, which views society as a whole in which a person might view a person as a fully functioning machine (Larkin, Chap 2. Par. 5). This view sees society as many parts called structures (Larkin, Chap 2. Par. 5). A second way to view society is the Conflict perspective, which sees society as branches and families that are in constantShow MoreRelatedSociology : A Sociological Perspective1292 Words  | 6 PagesOrigins of Sociology Ashley Drees Ivy Tech Community College Professor Brosmer April 10,2016 What is Sociology Sociology is the study of social behavior or society, including its origins, development, organization, networks, and institutions. 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Why do some commit crimes, break laws and others do not? These are all some of the questions students need an answer to, which led them to enrol to this course. â€Å"Sociology is the scientific study of individuals in groups, organizations, cultures and societies; and of the interrelationships of individuals, group, organizations, cultures and societies.†(KennedyRead MoreSocial Deviance : A Sociological Perspective On Deviant And Criminal Behavior Within Sociology1160 Words  | 5 Pagessocieties with norms. Sociological theories of deviance are those that use social context and social pressures to explain deviance. You’ll find these in your readings for this week . Think of the diagram for a functionalist approach to deviance: Great post! You did a nice job defining deviance as a whole. A theory closely associated with this term is labeling theory. Labeling theory is one of the most important approaches to understanding deviant and criminal behavior within sociology. Labeling theoryRead MoreEssay on The Sociological Imagination1389 Words  | 6 PagesMy personal condensed definition of â€Å"the sociological imagination†is that it is the idea one should be aware of the societal structures around themselves, and how those structures can influence a person and vice-versa. In addition, I think that having a â€Å"sociological imagination†also involves a deep appreciation for the importance of society and culture. Consequently, for a person that has completed a basic introduction to sociology college course and actually paid attention, I would hope thatRead MoreWhat Is Sociology?1062 Words  | 5 PagesWhat is sociology? We can start by saying that sociology is the systematic study of human society. Sociology should be more than you find in a good documentary on a social issue. It is certainly more than listings of facts and figures about society. Instead it becomes a form of consciousness a way of thinking, a critical way of seeing the social. Seeing the general in the particular. In his short book ‘Invitation to Sociology’(1963) characterized the sociological perspective as seeing the general
Tuesday, December 17, 2019
Is the Death Penalty Justified - 1824 Words
Is the Death Penalty Justified? Jessica Valentine PHI 103 Informal Logic Professor Stephen Carter March 20, 2012 Is the Death Penalty Justified? The death penalty will always be a topic some people refuse to talk about. When in fact, it is a very serious topic and people should know how and why the death penalty is not justified. I believe the death penalty is not justified in the least bit because there are people sitting up in prison just living life because the state does not want to pay for an execution, or they find it to be morally corrupt. Personally if you committed a crime that resulted in someone dying then you deserves to die as well. The idea of killing another human does not sit well with people and that is mainly the†¦show more content†¦The argument on who are we to have the power to kill someone who has been sentenced to the death penalty play a major role in most people’s life because we ultimately decide their fate. Some would say that only God should be allowed to decide the fate of every single person, and yes this is true by all means. So therefore, we shoul d not be allowed to determine who and when a person should be sentenced to death. Another argument a person who is against the death penalty would have is they will get what they deserve in the end. In other words karma will get them so to speak. When bad people do bad things they will have bad things come back to them whether when they get sentenced to jail or they die an untimely death. People who are opposed to the death penalty just feel as if people will get what they deserve. The feel as if once a person gets locked up he or she shall be imprisoned for life and have to rot in a cell until they die and with this hopefully they will see what they did was wrong and why they are where they are for a reason. With this comes the idea that people who care to much for human life think that if a person spends the rest of their life in prison instead of being put to death they will learn their lesson while they sit in prison. Yes, some do learn many life lessons while in prison most inm ates who wentShow MoreRelatedIs Death Penalty Justified?995 Words  | 4 Pages995 Is Death Penalty Justified? Death penalty is the capital punishment given to the person where a person is put to death who has done crime or involved in a crime. It is for those people who is doing the crime intentionally. It is given by the government to the traitors, murderer and so on. The sentence is vindicated by the type of offense committed. There are certain conditions where a death penalty can be correct and should be consider Justified by the government. The death penalty guaranteesRead MoreThe Death Penalty Is Justified1346 Words  | 6 Pagespast and recent years, the death penalty has remained a huge debate between individuals that agree or disagree whether the death penalty is justifiable punishment or not. Is capital punishment truly a justified and powerful approach to the violations of specific prisoners? Many individuals believe that having the death penalty is cruel and inhumane. Others believe that people who commit such heinous crimes should be punished with the death penalty. Insti lling the death penalty is the same as saying â€Å"eyeRead MoreThe Death Penalty Is Justified1534 Words  | 7 Pagesit is ethical to kill a convicted criminal. People who oppose the death penalty often argue mistaken identity and wrongful conviction. They argue that long-term imprisonment is the better course of action, because it allows for the possibility that if a mistake was made in the conviction of a suspect, they would be able to correct it without ending the life of an innocent person. They also state that the threat of the death penalty is not a deterrent and people will commit crimes regardless, as oftenRead MoreThe Death Penalty Is Justified1828 Words  | 8 PagesThe Death Penalty Daniel Heydari Professor Sheldon Philosophy 262-0 12 October 2015 1.) The author of this letter, submitted to the New York Times, claims that the death penalty is wholly and morally justified, seeing as its existence results in the lessening of violent deaths and gun use due to the perpetrator’s fear of killing a person in haste and thus being given the death penalty. 2.) The author argues his claim of the death penalty being justified as a means of punishment for violent crimesRead MoreThe Death Penalty Is Justified923 Words  | 4 Pagespilots who also had to bomb innocents to win the war,†(Gorman). More recently, a common trend has been the disapproval of the death penalty, exhibited by the thirteen percent drop in the number of people on death row since Spring of 2005 (Death Penalty Info. Center). Life without parole has become the preferred sentence of unavoidable capital punishment. The death penalty has frequently been viewed as inhumane. However, isn’t lack of remorse for such vile acts inhumane? In cases of intentional murderRead MoreThe Death Penalty Is Justified1143 Words  | 5 PagesAllison Shu 2/25/16 Period 2 Objective paper on the death penalty Capital punishment is legally authorized killing as punishment for a crime. The death penalty questions the morality of killing a person as justification for their crime. It also brings to question whether the death penalty actually serves as a deterrent for crime, and that some of the people executed are found innocent afterwards. The debates over the constitutionality of the death penalty and whether capital punishment should be usedRead MoreThe Death Penalty Is Justified995 Words  | 4 PagesThe Death penalty has been a controversial topic for many years and recently the debate about it has been getting bigger and bigger to where at some point soon a decision will have to be made. Many people will disagree with the death penalty because it goes against their moral beliefs, this is thought process is seen more in the northern states. However, here in the south the death penalty is strongly believed in by most, but who is put to death and why? Did they deserve this sentence or were theyRead MoreThe Death Penalty Is Justified1603 Words  | 7 PagesTHE DEATH PENALTY Many nations have criminals to punish, but what’s changing is how they punish their criminals. Most countries, even some states, have come to the realization that the death penalty is an unfair, inhumane, unconstitutional, and irreversible punishment that’s much too severe and is an unfit punishment for a fair and just society. Internationally, the U.S. ranks fifth in terms of the number of prisoners put to death, putting America in such ill-esteemed company as the regimesRead MoreThe Death Penalty Is Justified858 Words  | 4 PagesSince the foundation of our nation the Death Penalty has been a way to punish prisoners that have committed heinous crimes, however since the turn of the 20th century the practice of Capital Punishment has been questioned on its usage in America and the world as a whole. The Death Penalty is used in America to punish criminals who have committed murders, or taken the life of an innocent person, and while the death penalty seems like it is doing justice to those who have killed others it is actuallyRead MoreThe Death Penalty Is Justified1463 Words  | 6 PagesIn many eyes across the country the death penalty is widely criticized. The state of Texas has the death penalty, whereas nineteen other states in the United States do not including the state Maine. The death penalty is a way for the states to declare that they don’t tolerate the heinous crimes that some individuals commit. In Texas there are numerous ways that one could be sentenced to death row. Murdering a police officer or firefighter in the line of duty and if the individual knowing that they
Sunday, December 8, 2019
Business Law of ASIC v Adler Samples for Students †MyAssignmenthelp.c
Question: Discuss about the Duty Of Care And Diligence ASIC v Adler. Answer: Issues As already said director have a number of duties to the companies and accordingly, they may also be held accountable for the breach of such duties. It is due to the position of immense power that they hold that the directors are also given huge responsibilities and a great degree of accountability. Directors are also deemed to stand in a fiduciary relationship with the company because the fate of the company depends to a great extent on the directors. Even a small breach of their duties may prove disastrous for the company, and all the stakeholders involved in it, as a whole. The case started off in earnest in 2000 when the company of Pacific Eagle Equity Pty Ltd (PEE) received a loan to the tune of $ 10 million from the HIH Casualty and General Insurance Ltd (HIHC). The loan was not documented, neither was it secured. Things took an interesting turn when the aspect of the involvement of Adler was inspected. With regard to HIHC Adler held two positions. One he was a non-executive director of HIHC and secondly he held a large number of shares of HIHC through a company by the name of Adler Corporation Ltd. PEE was again a company directly under the control of Adler and the company subsequent to the loan, also became a trustee of the Australian Equities Unit Trust (AEUT). Later on, the loan amount secured by PEE was used by the company to buy AEUT units which, subsequently were sold at a loss. This action was done simply to keep up the charade that PEE, as a company, was economically still viable (ASIC v Adler (2002) 171 NSWSC). Law These in brief are the duties of the directors of a company. Directors hold a key position in the company and as a result thereof they have to take many important and essential decisions on behalf of a company. To enable such decision making and to ensure that directors are able to wield their powers effectively, and not merely customarily, directors are given immense autonomy as well. However, as is wont, too much of power and autonomy concentrated in the hands of a director would lead to the invariable scope of misuse of such powers. To prevent such misuse, the law itself has envisaged several checks and balances which are discussed below. The Corporations Act, 2001 has spent copious amount provisions on the matter of directors duties and liabilities to a corporation. The first such duty may be said to be contained in section 180 which lays down in sub-section (1) that it is the duty of a director to act carefully and diligently. This duty is self-explanatory because it is natural and obvious that a director shall have such a duty. Sub-section (2) contains the business judgment rule. According to this rule, the director of a company may not be held liable for any decision that they may have taken with regard to the conduct of the affairs of the business, provided that such decision was taken in good faith and for legitimate purposes. One more requirement is that the judgment should not have been influenced by personal factors and/or interests Sally Ann Burrows, ["Directors' Duties (1St Edition)20102Andrew Keay. Directors' Duties (1St Edition). Jordan Publishing Limited, 2009. 476Pp." (2010) 52 International Journal ofL aw and Management. ] The next duty is enumerated in section 181 which says that it is incumbent upon a director to act in good faith and for valid purposes. This section may be said to be a legislative extension of section 180(2). Section 182 says that it is mandatory for the directors to not use their positions for any illegal or questionable purpose. Basically this duty makes it illegal for the directors to sue their positions in any manner so that they may get an undue or unwarranted advantage to the detriment of the company. The advantage is not limited to the directors only but top any other person, provided there is the involvement of the director. Again section 183 says that the director should not use in an improper or objectionable or questionable way any information that the director may have received simply by virtue of being a director. Improper usage of information implies gaining an undue advantage either for self or for someone else or causing an unwarranted loss to the company through the usage of such information(Rosemary Teele Langford, "The Duty Of Directors To Act Bona Fide In The Interests Of The Company: A Positive Fiduciary Duty? Australia And The UK Compared" (2011) 11 Journal of Corporate Law Studies). Ultimately section 260A of the Corporations Act, 2001 forbids a company from monetarily helping a person in the process of procuring or acquiring shares in such company or in any of its holding company. As is evident from the above, the main agenda of having so many checks and balances on the powers of the directors is to protect the interests of the company. In fact, a director for the continued progress and development of a company, financial and otherwise, and all other stakeholders involved, thus if the director himself does any act which contributes to the detriment of a company, thelawlaw provides for methods to prevent that and also to bring those responsible for the detriment to book [John H Farrar, Corporate Governance In Australia And New Zealand (Oxford University Press, 1st ed, 2001]. Application To decide upon whether Adler is guilty or not, it is pertinent that we apply the duties enlisted above to the given case. Turning to the first duty, Adler was in direct breach and contravention of that duty. Adlers actions may be said to be anything but careful and diligent. He was instrumental in procuring that loan to PEE, but there was no corresponding document or security in support of that loan. Basically, Adler acted in such a manner that HIHC lent an exorbitant amount of $ 10 million to PEE without any proof or evidence to that effect. To top it off, of that $ 10 million, $ 4 million was reportedly squandered off. Simply going by the yardstick of a reasonable and careful person, one may conclude that no reasonable and careful person would have allowed that loan, let alone a loan without security (Mina W.M. Yip, "Challenging The Role And Duty Of Directors In High Profile Corporate Failures In The USA And Europe In The Wake Of Financial Crisis - Possible Allegations Against Board Of Directors For Breach Of Duty Of Care, Skill And Diligence?" (2015) 1 EuroMed J. of Management). The next duty is to act according to the business judgment rule. In the course of the hearing of this case Justice Santow held the opinion that to determine the reasonableness of Adlers actions they may be judged against the action a reasonable and prudent man would have taken in Adlers place. But, the business judgment rule was held to be inapplicable in Adlers case because Adler had a clash of interest in this case considering Adlers involvement in both HIHC and PEE. The test with regard to section 181 may be said to be rather subjective because the test is to be done from the point of view of a director himself. In many cases it might happen that the decision taken by a director may actually end up acting harming a company, however, in such cases the director may escape liability by proving that he had actually acted in good faith and for genuine purposes for the company, however, his actions had backfired. Thus, this section must be applied keeping the full facts and circumstances of the case in mind and not merely the ultimate outcome of the directors actions. With regard to this case, if we were to consider the full facts and circumstances of the case, it must be borne in mind that Adler was acted in complete clash of interest between himself and HIHC. Therefore his actions can never be said to be in good faith (ASIC v Rich (2009) 1229 NSWSC.) With regard to section 182, Adler may be said to have breached this section to the maximum possible extent. He fully misused his position as a director of HIHC. Firstly, Adler had not disclosed his interest in the impugned transaction to HIHC, thereby losing his defense of good faith, secondly, by misusing his position as director of HIHC he ensured and mobilized a loan for PEE that to without an iota of proof to that effect. Thereby, through these actions it is rather clear that Adler had misused his position as a director massively and totally. His actions had caused undue and unwarranted damage and loss to the HIHC and undue gain to himself. He had also failed in his duties as the director of PEE because the ultimate beneficiary of the $ 10 million loan was not even PEE but Adler himself indirectly through the Adler Corporation [Joshua George, The Duty Of Care And Diligence (Talomin Books, 1st ed, 2004)]. With regard to section 183, again Adler may be said to have acted in blatant disregard of this section. This section mandates that directors should not make improper use of the information that such person may have received in their capacity as director of a company. Adler had much information in his hand, which, as a director of a company, he should have disclosed to the company. Instead he chose to keep such information simply to himself and use it for his selfish ends. The greatest example of such a perfidious act on the part of Adler may be said to be his decision of not disclosing his clash of interest in HIHC and also his position in PEE. Such acts of non-disclosure and willful withholding of information gives rise to the assumption that Adlers intentions were not honest or above board and thus he did not have the best interests of the corporation in mind while acting. Finally, we come to section 260A which forbids a company from assisting a person monetarily so that such person may procure or acquire shares in a company or a holding of that company. Of course, there are certain exceptions to this rule. If we were to look at it strictly, HIHC did not help a person directly. To that end, Alder did not provide financial assistance to any person directly or singly. What he did was he acted as a catalyst and facilitated the providing of loan to PEE by HIHC. But through PEE, and then through Adler Corporation, the ultimate beneficiary of the loan was Adler himself and the ultimate losers, in this whole complex web of transactions were HIHC and its stakeholders (J. W. Shaw, "Company Directors: Ethical And Public Interest Responsibilities" (2001) 73 AQ: Australian Quarterly). Therefore, from the above it may be clearly and unequivocally realized that Adler had acted in clear and gross contravention of the duties of a director. Such contravention was not in respect of only one or two duties, but rather a host of duties. Conclusion The above facts and circumstances of the case should serve as a lesson for all directors and potential directors of a company that their ultimate duty must always be towards the company only and not to anybody else. Not even them. As a result of his misdemeanor, Adler had to receive heavy penalties. He was held to be disqualified to be a director for 20 years was put under imprisonment for 5 years and was also fined the amount of about $ 400,000. One interesting observation that may be made in this case is that though the loan was provided at the behest of Adler and was provided without and security or any document, thereby effectively provided without any proof, yet Adler was implicated in this case. This merely goes on to prove the truth of the adage that there is no escape from law. it also teaches that the position of a director is not a position of only power and discretion. It is a position which comes with responsibilities and a duty of trust and good faith to the company and its shareholders. Thus, a director must always remain vigilant and honest, not only to the company, but to himself as well. References Asic v Adler (2002) 171 NSWSC ASIC v Rich (2009) 1229 NSWSC Burrows, Sally Ann, "Directors' Duties (1St Edition)20102Andrew Keay. Directors' Duties (1St Edition). Jordan Publishing Limited, 2009. 476Pp." (2010) 52 International Journal ofLaw and Management Farrar, John H, Corporate Governance In Australia And New Zealand (Oxford University Press, 1st ed, 2001) George, Joshua, The Duty Of Care And Diligence (Talomin Books, 1st ed, 2004) Langford, Rosemary Teele, "The Duty Of Directors To Act Bona Fide In The Interests Of The Company: A Positive Fiduciary Duty? Australia And The UK Compared" (2011) 11 Journal of Corporate Law Studies Shaw, J. W., "Company Directors: Ethical And Public Interest Responsibilities" (2001) 73 AQ: Australian Quarterly Yip, Mina W.M., "Challenging The Role And Duty Of Directors In High Profile Corporate Failures In The USA And Europe In The Wake Of Financial Crisis - Possible Allegations Against Board Of Directors For Breach Of Duty Of Care, Skill And Diligence?" (2015) 1 EuroMed J. of Management
Sunday, December 1, 2019
Odysseus, The Hero The Odyssey Is An Epic Story That Has Been A Signif
Odysseus, the Hero The Odyssey is an epic story that has been a significant piece of literature since it wasfirst composed and will remain so for ages to come. One of the reasons it has been so isbecause of the hero, Odysseus. Odysseus is one of the first Greek mythic heroes renowned for his brain as well as hismuscle. He is a man with an intelligent mind, and he is also a man with outstandingbravery. I also must not forget that he is a top-notch athlete which only adds more to thisseemingly insuperable character. It is no wonder why many people refer to Odysseus as apowerful mythic hero.Odysseus often hesitates before acting, because he uses his reason and gift to evaluatethings. This patience is one of his most important additional attributes. This has saved himand his men many of times, and it can be easily seen in various instances throughout histravels such as when he disguised himself as a beggar when he finally reached Ithaca,waiting for the right moment to reveal himself.As g reat as he was, Odysseus still had some weaknesses that prolonged his voyage back toIthaca. His most important weakness that he possess is that of his pride. Pride is good tohave, but in Odysseus' case he had to much of it. This is clearly evident in the episode onthe cyclopes' island. When Odysseus and his men are clearly safe away from the islandOdysseus braggs about his exploit. Polythemus hears this and hurls giant boulders in thedirection of the ship. A couple came very close to sinking the ship. Still that was notenough for Odysseus. Carried away in his pride he unwisely gave away his identity toPolythemus. With that Polythemus called upon his father, Poseidon, to punish the manwho had harmed him. That incident hurt Odysseus more than losing a few men, becausePoseidon made his travel home ever so longer and arduous.Yet another weakness of our hero is his sensualness. Odysseus enjoys women. He stayedwith Circe for one year before his men reminded him of home. He also stayed wit hCalypso for seven years. Although we must take into thought that there were some otherreasons why he stayed with her for so long, like that she was an immortal and he didn'twant to have her against him.Nonetheless, Odysseus survived all that happened to him. His courage, wits, andendurance enabled him to come through each and every difficulty and arrive home safely. Therefor I believe that Odysseus is a hero.
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