A Case Study Of The Bank Of Mauritius Finance Essay - Free Essay Example

Sample details Pages: 8 Words: 2543 Downloads: 5 Date added: 2017/06/26 Category Business Essay Type Analytical essay Did you like this example? The central bank (CB) of a country is one that has the right and duty to lend money to the government and commercial banks, set monetary policies, supervise and regulate the activities of financial institutions, mainly banks (Kock 1974, p. 14). Clear differences exist between central banks and commercial banks.  [1]  The central bank of Mauritius, responsible for these functions, is known as the Bank of Mauritius. This chapter will focus mostly on the role and the position that the Central bank holds in a country such as Mauritius. The way the CB is organised and managed will help in understanding how the bank proceeds in ensuring compliance by commercial banks. History of the bank The Bank of Mauritius (BoM) was founded in September 1967 under the Bank of Mauritius Act, and was modelled on the Bank of England. The bank is led by a Governor, who is also the Chairman of the Board of Directors. The Governor is appointed by the actual President, on the reco mmendation of the Prime Minister, and is the principal representative of the Bank who is also responsible for its general supervision. The Governor is answerable to the Board of Directors, who is appointed by the finance minister. The bank was established in order to cater for the needs of a more developed and complicated financial system and monetary dealings. The BoM was formed with the help of senior officers of the Bank of England, along the line of the well-known Radcliffe Report as a separate organisation with a life of its own, capable of generating advice, views and proposals that are something more than a mere implementation of its superiors instructions.  [2]  In other words, the bank should be independent legally and politically. However, as pointed out by Chandran Jankee, associate finance professor at the University of Mauritius, the independence of the BoM is subject to some debate, since it is doubtful whether the government in power controls the bank or whethe r the bank is free from politics (Arouff 2009).  [3] After the creation of the BoM, our monetary system became more developed, such that the system moved from a Sterling Exchange Standard to that of a managed currency, implying that the flexible role of the monetary authority becoming more important.  [4]  The country gained more control over its currency. The BoM is not the only financial regulator of the country. The Financial Services Commission (FSC) is responsible for supervising non- bank financial institutions. There is interaction between the two regulators.  [5]  As stated by Mr. Meetarbhan (2007), the Joint Coordination Committee was launched in order to avoid conflicts between the two regulators, so that the two bodies work together to regulate the financial industry.  [6]  This union between the two regulators will lead to more efficiency and thus, the country will be in a better position to compete with other countries. Role, duty and functions of the Bank of Mauritius All CBs, including the Bank of Mauritius, have some common tasks. The principle of any regulatory authority in any economic and financial system is to primarily attempt to save troubled financial institutions.  [7]  According to the Bank of Mauritius Act 2004, the functions of the central bank are to: conduct monetary policy and manage the exchange rate of the rupee, taking into account the orderly and balanced economic development of Mauritius; regulate and supervise financial institutions carrying on activities in, or from within, Mauritius; manage, in collaboration with other relevant supervisory and regulatory bodies, the clearing, payment and settlement systems of Mauritius; collect, compile, disseminate, on a timely basis, monetary and related financial statistics; and manage the foreign exchange reserves of Mauritius.  [8] The goals of monetary policy include economic growth, low inflation and stability of the currency, high e mployment, interest rate and financial market stability amongst others (Presson and Tabellin 1995, p. 250). Without the involvement of the BoM in the setting of such objectives, the countrys financial situation and market would have been highly volatile, rendering the country not very attractive to invest in and uncompetitive. It is, furthermore, in charge of setting interest rates and controls the money supply. The bank will adjust its strategy depending on the economic situation of the country and the also the world economy. For instance, if the economy is in a period of economic prosperity, the bank will aim at a reduction in money supply in order to avoid inflation. It can do so by, for example, increasing the rate of interest. As a result, people will be more interested in saving money than spending, thus, reducing the money supply in circulation. Kock (1974, p. 34) declared that CBs fulfil the functions of agent, adviser of the Government and banker of both the latter and c ommercial banks.  [9]  The CB can also be considered to be the financial advisor of the government, as it helps in managing public debt and devise strategies and plans to reduce such debts. By so doing, the bank helps the government to sustain economic growth and tries to adjust any surplus or deficit in the Balance of Payment. This is one of the methods used by the central bank to control the value of the currency of the country. Another important function of the CB is the supervision and regulation of commercial banks, both domestic and offshore, under the Banking Act 2004. Nineteen banks fall under the regulation of the BoM. Additionally, it also supervise foreign exchange dealers and money changers, licensed under the Foreign Exchange Dealers Act as well as non-bank financial institutions authorised to take deposits under the Banking Act.  [10]  Freixas and Rochet (1998, p.257) claim that bank regulation is justified by market failures that can come from the presence of market power, the importance of externalities, or asymmetric information between buyers and sellers.  [11]  Without the supervision of the BoM, commercial banks may, for instance, launch a service which might be disadvantageous to their customers. They may even adopt dishonest practices to get rid of weak competitors. Commercial banks in Mauritius are regulated and supervised by the Bank of Mauritius under the Banking Act 2004 which replaced the 1988 Act, with a view to reinforce and modernise the regulatory and supervisory system as well as to provide for the legal framework for the establishment and operations of offshore banks domiciled in Mauritius.  [12]  The BoM and compliance officers of commercial banks normally work hand in hand. In order to be more efficient, the Banking Committee chaired by the Governor of the Bank and comprising Chief Executive Officers of banks formerly holding a Category 1 Banking Licence decided to set up a Committee between the Regulato r and the Compliance Officers (Committee) of those banks to serve as a platform for interaction on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) issues.  [13]  The bank should ensure that financial institutions adopt policies and procedures designed to control and manage risks effectively. As the regulator, it should monitor system-wide factors that might have or potentially have a negative impact on the financial condition of financial institutions.  [14]  The BoM holds a major part in the compliance practices of other financial institutions.  [15] Powers of the BoM  [16] The powers of the CB of Mauritius are mainly set out in the section 6 of the Bank of Mauritius Act 2004. Contrary to what many people may believe, CBs are not all-powerful. They have limited powers to put their policies into effect because of many constraints, both economic and political. One of the powers of the BoM is to provide financial services and facilities (depo sits, lending money etc..) to the Government, institutions and funds controlled by the Government, to financial institutions, any statutory or corporate bodies as the Board may approve, and to the receiver and manager or the liquidator of any financial institution in liquidation. In general, the bank has the power to deal with anything regarding the foreign exchange reserve and market. It can adopt relevant policies to deal with the development and any fluctuation in the money market. The bank has also some discretionary powers for the sale and re-purchase of bonds, treasury bills and any type of securities; in other words, it has the capacity of raising funds for the government. Besides of raising fund from the public, it can also borrow money from international institutions like the World Bank and the International Monetary Fund for any project which the board may approve. The CB of Mauritius has also the authority of controlling many issues concerning other financial bodies , such as, appointing any other financial institutions to act as its agents in Mauritius, and any other financial institutions abroad to act as its agents or correspondents abroad. It is able to regulate the fees and charges in respect of services provided by financial institutions and with the consent of the Minister, subscribe to, hold and sell shares of any corporation or company set up for the purpose of facilitating economic development.  [17] As it can be seen above, the BoM has several powers which it must employ with precaution, and within the legal and moral framework of the country. It must also be noted that, if ever the BoM, namely the Governor, makes abuse of his powers, he can be removed and replaced by the Prime Minister. Effectiveness of the Bank The CB will be effective in achieving its goals and objectives if it co-ordinates its various policies and fiscal policies made by the government, so that they can go side by side without hindering each other. If ever there is a clash between the policies, then the desired results will not be obtained. BoM regulation of commercial banks is essential, since without it, the dealings and affairs of these banks will become arbitrary. Since its establishment, the bank has been quite successful in achieving its objects. Except in some cases, where commercial banks have gone off track, like the case of MCB/NPF  [18]  . However, one cannot expect the central bank of a country to be perfect. As the ex Governor of the BoM, Ramesh Basant Roi, rightly said, The Board of Directors provides for the checks and balances in the event that abuses of authority are detected. Governors are not faultless Buddha. An example of the effectiveness of the BoM is present in this case, whereby the Bank adopted an approach that best served the welfare of the countrys financial sector and the economy. The BoM made sure that the measures taken by the MCB to fully restore its internal controls and procedures are carr ied through and that such controls are properly implemented and procedures are strictly followed.  [19] Independence of the BoM An independent central bank is not affected by political pressures and is free to set its policies without worrying about the consequences that such policies will have on the image of the government in power.  [20]  Such independence is very essential if a central bank wants to achieve its objectives.  [21]  A paper written by Carlstrom and Fuerst (2006, P. 2) pointed out that, if central banks are pressed on to adopt measures which seem beneficial, like inflating the currency in the short run to deliver a more favourable exchange rate, a higher output rate, or a lower level of inflation-adjusted debt. Such short-run inducement may contravene the aim of long-run price stability. One good example of the advantages of having an independent central bank is the case of New Zealand, whose average annual inflation dropped from 7.6% to 2.7% afte r giving more independence to the Reserve Bank of New Zealand. New Zealand Bank is ranked among the most independent ones. Even though the fall in inflation rate cannot be wholly attributed to the greater independence given to the bank, it has played a key role in achieving this target.  [22] Whenever the government interferes in the matters of the central bank, it is not always for the banks own good. Most of the time, not always though, ministers will be biased by their political situation, in giving suggestions and recommendations. To better illustrate this, let us consider a situation whereby the country is in a period of general election. The government in power will try to induce the population to vote for them, and thus, it may issue guidelines to the central bank to adopt measures which will look favourable now, but not that beneficial in the long run, just to look good in the eyes of the public. Because the bank does not have to worry about influencing an electorate to vote for it, it is more likely to act in the best long-run interests of the economy. For the case of the BoM, according to the law, the bank is an independent bank, because the Governor is accountable to the Board and not the parliament. This has been set out in the Bank of Mauritius Act 2004 for good reasons. The Bank has to be protected against the influence of politicians. It is the Governor who is responsible of formulating guidelines and policies. However, some have raised the question whether the bank is really independent politically, and not just in theory. When some argue that the BoM is run by the Governor, others claim that it is run both by the minister of finance and the Governor. As a consequence, there might be conflicts when drafting policies. While the Governor might be motivated by some factors, the minister might be motivated by others, more political ones. The fact that both the Governor and the Board are appointed by members of the Parliament implies that the government is bound to step into the matters of the bank.  [23]  The Prime Minister will not appoint someone who is against his opinions and way of doing things. If he feels that the Governor is not acting in accordance of his will, then he may devise a mean to make him step down and appoint someone else. However, given that it is the Board who has the power to direct and instruct the Governor to proceed in accordance with the majoritys decision at the Board level, may imply that if the government has no control over the Board, then it will not have any control over the running of the bank. It must be noted again that the Board also is appointed by the Minister of Finance. As a result, some members of the Board might be more committed to the Minister instead of the Governor. The case of the Ex Governor, Mr. Ramesh Basant Roi, may put some doubt on the autonomy of the Bank. Since he was removed from office as he was not in agreement with the then Minister of Finance. Most members of the Board were also against him. He was clear about the fact that the central bank should be completely free from political pressure. He said in an interview accorded to LExpress newspaper on the 12th April 2008, Under normal circumstances the fact remains that a central bank can and should ignore governments policy priority if it suspects attempts of misuse of certain levels of power to meet political ends at the expense of price stability or even growth. I reiterate that central banks have long term policy goals. But governments have short-term policy goals and interests.  [24]  According to him, the government should avoid interfering in the matters of the Central Bank, in order to have a sound financial industry and ensure that financial institutions do indeed comply with laws and regulations established.  Don’t waste time! Our writers will create an original "A Case Study Of The Bank Of Mauritius Finance Essay" essay for you Create order

National Philosophy of Education - 2127 Words

Introduction In Malaysia, education is a continuous attempt to maximum individual potentials in order to create a physically, emotionally, spiritually and intellectually person who believes in God and firmly hold on to his/her respective religious teachings. In order to achieve the goal, teachers especially, have to play a vital role in educating the students who will be able to perform their duties as responsible citizens. However, there are several challenges that are faced by the nation in producing a ‘good man’ who is balanced in all aspects. Hence, this paper will discuss three challenges towards making National Philosophy of Education (NPE) a reality in the Malaysian society and approaches that are taken in order to make the†¦show more content†¦Hence, actions should be taken in order to ensure that the NPE aspirations will become a reality. Mental Health Promotion is one of the modus operandi that is taken in order to avoid stress among children in schools that derived from the examination-oriented culture (Bernama, 2008). In this program, activities that could be implemented are promoting health literacy in the school community through talks, exhibitions and quizzes could be held as extra-curricular activities in schools. These activities are opted to instill basic self-confidence in the children so that any failures or disappointments will be seen as opportunities to try again rather than as a lack of ability and taking the road to disaster. b) Poverty among Malaysian Students Poverty comprises children who live in rural areas all around Malaysia. Merriam-Webster Online Search defines poverty as the state of one who lacks a usual or socially acceptable amount of money or material possessions. Siwar, Chamhuri, and Mohd. Yusof Kasim (1997) states that causes of urban poverty are multidimensional. 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Current Activities Matched With Future Goals free essay sample

Junior Year, almost to the end, close to being a senior, yet far from graduating. The question that never fails to be asked continues to come across with almost every adult I have a conversation with Where do you think you will go to college? It is almost like even the slightest stutter or pause to the question would be frowned upon by the adult who is just all so suddenly interested in my future decision. And then, the next question What do you think you want to study? Now this is the question I can just about answer without a doubt every time. I am sure of my future occupation, yet skeptical about my future college choice.With my occupation in mind, I am sure the perfect college for me will align with the perfect occupation and goals I have in mind. My name is Heather Willet and I want to become a future child-life counselor that specializes with children that have been through horrific circumstances medically, physically and emotionally. My goal is to one day work for Make A Wish Foundation where I can not only help make terminally ill childrens dreams become possible, but communicate with them on regards of meeting their emotional needs. I hope to work in a positive, creative, uplifting environment where I can simply talk too and encourage children all day long. I believe my current extra- curricular activities will most definitely help me get there. My first current activity I am involved in that will benefit my future, is my participation in doing volunteer work for my church in the childrens ministry where I teach Sunday School. By encouraging words and constant involvement in keeping the church classroom a positive, fun environment, skills are developed and practiced. I believe by connecting with the children in the church, and being involved in the ministry, I can learn from my experience and use that to aid my future occupation. My second current extra-curricular activity that would help achieve my future goals would be my part-time job as a babysitter for children from ages three to ten. I am connected with at least four different families where I watch their children on a monthly basis. By being connected with several types of kids, each having unique personalities I can learn to relate to various personality types. I believe my active involvement in spending quality time with kids ranging from different ages and different personalities, can develop skills that will help me relate to with whom I will work with in the future. My last extra-curricular activity I have been previously involved in are spring mission trips with my school. For the past three years, I have been given an amazing opportunity to travel and connect with people in foreign citys such as Guatemala City, Guatemala and San Salvador,El Salvador. My heart has been greatly impacted by these two countries. I believe by witnessing and communicating with children across the nation, learning about their hardships and teaching them about true joy and fulfillment will make an awesome impact in my future occupation. Due to my heart for children and my love of helping, I hope to one day adopt a child from a foreign country. I believe I have been blessed with the gift of encouragement and I am super excited to see how I can use that to achieve my goals. It is all about bringing peace, love and joy to this broken world and making it beautiful.

Michael Clayton Final free essay sample

He describes his job as a janitor for the firm, cleaning up messes for wealthy clients. This penchant for unethical behavior s mirrored in Michaels personal life where he gambles his money at underground poker tables and owes $80,000 dollars on a failing restaurant investment. The following sequence occurs just after Michael has discovered LLC-North documents detailing the companys decision to produce weed killer it knew was carcinogenic. His friend and once partner at the firm Arthur sought to expose before his untimely death.Of course we know u-north hired hit men to kill Arthur secretively before he could expose them, but presently Michael only has growing suspicion that his friends death wasnt the result of an accidental suicide as it was declared. The first shot in this sequence shows us Michael walking into his firm with proof his boss was aware of LLC-Norths cover-up and just as importantly to Michael, his friend was right. We will write a custom essay sample on Michael Clayton Final or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The document blocks Michael and takes up half the frame to signify its importance.The part of Michael that values morality believes in the Truth, something even more important than him. Before a quick cut, we hear one of the hit men speaking with Karen Crowder, the U- north lava. Year who arranged the killing of Arthur. The hit man tailed Michael and knows he has the proof to expose I-?I-north. The two meet on the street, a series of quick cuts makes the scene feel frantic, jumping back and forth between Crowder and the hit man as she skims the document. The hit mans eyes wander from side to side being the shady character he is.Quick cut back to Crowder, who looks up in horror when she realizes what Michael has got his hands on. Back to Michael inside the law firm, he rounds a corner to reveal the office is abuzz. Michael in centered in the frame, in focus with employees surrounding him on all sides, out of focus. The composition provides continuity with the frenzied pace created by the dining in the aforementioned shots, creating a smooth transition. It also reinforces a motif of Michaels conflicted morals, feeling trapped by the firm.Throughout the rest of this sequence Michael will be framed in this context repeatedly. In Martyrs office Michael is presented with an $80,000 bonus check he asked for to cover his restaurant debt and a new three-year contract, all in the middle of trying to show him the U-north document. Barry comes in to explain Michael will have to sign a confidentiality agreement, and tries to shake him down over the $80,000. Once again Michael is framed in the middle, between Martyrs and Barry (framed at eye level with each other), caught between his morals and his immoral job. This is also depicted rather literally by Michael holding the u-north document in one hand, and his bonus in the other. Marty and Barry walk out leaving Michael alone, where we see a very split lighting down the middle of his face. The light shining in the window again reinforces he has the potential to rise above the corruption of the firm, but in this moment he cannot yet. The final two shots of this sequence mirror the first two. Once again the document is given significance by its size within the frame, only now it is folded up in Michaels pocket.The next shot shows Michael looking very obviously defeated, and once again trapped, within the confines of the elevator. He had just stormed in full of confidence, but he left in defeat, still unable to rise above corruption even with solid proof. The shots at the beginning Of this Sequence were quick and decisive, before we thought Michael was going to expose I-I-north. However, by the end they are longer and more contemplative when we learn Michael is still trapped.

A World without Ice Effects of Global Warming on Polar Regions

A World without Ice Effects of Global Warming on Polar Regions Introduction When one hears the term â€Å"Global Warming†, different ideas come to mind. Many people associate global warming with high temperatures, industrial revolution, factories, and pollution. Global warming is affecting all regions and areas that are parts of this earth. It makes them warmer and warmer by time (Bo et al., 2009).Advertising We will write a custom essay sample on A World without Ice: Effects of Global Warming on Polar Regions specifically for you for only $16.05 $11/page Learn More What happens to your ice cream in a hot weather? It melts of course. Now imagine the ice cream as a habitat or a region. This scenario would be the frigid region of the earth. I was curious about the effects of this global climatic change on the polar regions of the earth. Polar Regions are located at the North and South Pole of the earth, and they are made up of the polar icecaps. North Pole and South Pole are also called Arctic region and Antarctic region correspondingly. The percentage of ice thickness in these regions is decreasing with time due to warmer weathers. When these frozen areas melt, they cause many serious changes to the environment (Bo et al., 2009). Thus, this topic has become a controversial issue amongst people. The meltdown of the South and North poles caused by global warming has negative effects on the Polar Regions to the extent that it destroys ecosystems, leads some animals to extinction, and affects the entire world negatively. Despite the numerous negative effects of global warming on the Polar Regions, it also has some positive effects. For instance, global warming has led to the emergence of new varieties of vegetation as well as migration of animals into areas that they were once not habiting (Fyfe et al., 2007). Despite this scenario, global warming has led to devastating effects in the Polar Regions leaving the area inhabitable only not for plants and animals, but also for people living in the re gions. This paper looks at the effects of global warming in Polar Regions. Effects of global warming The impacts of global warming in the Polar Regions are so clear and have severe repercussions that they led to the institution of the International Polar Year. Some of the undertakings during this year included exploring the polar ecosystem to understand how it responded to environmental changes like global warming. From the onset of the industrial revolution, the Polar Regions have witnessed significant environmental changes (Haeberli Burn, 2002). The amount of temperature in the region has significantly increased making the regions record high rate of snowmelt ever. Besides, temperature changes have made it hard for some animals and vegetations to thrive in the regions leading to their decline while some are facing extinction.Advertising Looking for essay on environmental studies? Let's see if we can help you! Get your first paper with 15% OFF Learn More Gl obal warming has led to destruction of infrastructural facilities in the polar region, especially in the Arctic region. A wide area of the Arctic comprises of a ground covered by permafrost. The permafrost supports the establishment of different infrastructural facilities in the area. For instance, pipelines, roads, and buildings are laid on the permafrost (Smetacek Nicol, 2005). Increase in temperature in the region is leading to thawing of the permafrost. In return, most of the infrastructures have ended up twisting, collapsing, and others becoming unstable. It has become difficult for the region to develop due to lack of infrastructural facilities (Hughes, 2000). While some people claim that global warming in Polar Regions will open new areas to economic activities, they do not consider the fact that for economic activities to succeed, they require different infrastructures like roads. With global warming leading to twisting of most of the roads and pipelines as well as the coll apsing of buildings in the area, it would be very hard for any significant economic activity to take place in the region. It would be hard to ship anything from the region due to poor infrastructure. Another impact of global warming in Polar Regions is the melting of the ice caps. In 2006, scientists claimed that the planet was losing its ice at an alarming rate. A study conducted to ascertain the rate of meltdown in the regions proved that the Antarctic region was losing its ice at a tune of 152km2 per year. The meltdown is gradually leading to a steady rise in sea level. Along the Arctic region, global warming is leading to a retreat of the ice cover (Ye Mather, 2007). Currently, the region is losing its ice-cover at a rate that is 18 times more than what it used to lose a decade ago. The rise in see level is gradually leading to displacement of people living along the coastline as the land adjacent to the ocean is swallowed by water. The meltdown of the Polar Regions leads to ch anges in vegetation to the level that polar biome is converting to a newly formed ecosystem. â€Å"Large areas devoid of any vegetation are revealed from under the ice† (Olech et al., 2011, p.36). This aspect makes some destructive changes to the native animals’ life. In the Arctic pole, the populations of herbivores, such as reindeers, which are not the local animals of this district, have increased in the past years; as a result, the vegetation of this area has changed and it is leading to an enormous change in the structure of the original tundra.Advertising We will write a custom essay sample on A World without Ice: Effects of Global Warming on Polar Regions specifically for you for only $16.05 $11/page Learn More For example, the population of lichen, a kind of plant in the Arctic area that many polar birds depend on, is decreasing due to the increase in the population of reindeers that feed on those plants. In other words, new plants for m when recession of frozen areas takes place (Gunn Skogland, 2007), which shows how the ecosystem is changing from one nature to another, and it affects the native animals that used to live on the glaciers negatively. As proven by Kister (2005), â€Å"this encroaching change means the elimination of the tundra, and questions the survival of the animals that depend upon that fertile wetland ecosystem† (p.114). The region is becoming a new habitat for the existing animals. It will be hard for the living things to adapt to a different kind of environment which is warmer and lacks ice, and so they will either extinct or migrate to cooler places. Despite some animals facing extinction or being displaced due to global warming, it is imperative to note that global warming is also leading to the emergence of new species of plants and animals in areas that they did not exist. For instance, the Arctic pole was not popular for animals like reindeers. However, due to global warming, the area is gradually recording an increase in the population of these animals and a number of other herbivores. The trend means that the region will soon comprise of a variety of animals thus making it a favorite tourist destination (Mendelsohn et al., 2006). The emergence of these herbivores has come due to growth of certain vegetations and changes in temperature. The main reason why these animals would not survive in the region is that there was no food for them. Hence, their appearance means that the vegetation of the area is gradually changing. In a way, this aspect implies that global warming is leading to the emergence of new varieties of vegetation in the polar region. The disappearance of the polar ice affects the habitat of the polar bears. They depend on polar ice for their survival and activities. However, global warming threatens the existence of this species since the habitat they depend on is changing slowly with time from one phase to another. According to Weller and An derson (2005), â€Å"if current melting trend continues, the bears are likely to become extinct in the southern Beaufort Sea region of Alaska, and adjacent Canada† (p.31). The rate of reproduction of the polar bears is low since mother bears give birth to one or two babies and then they stay with their mothers for around 24 months. After that, the mother might give birth again.Advertising Looking for essay on environmental studies? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to Kister, â€Å"Polar bears have suffered 15 percent decrease in their number of offspring and a similar decline in weight over the past 25 years† (2005, p.57). Moreover, polar bears depend on haunting seals as a source of food (Pedersen, 2012). Since seals are only found on ice, with the elimination of ice, there will be no seals; thus, the polar bears will not find any seals to feed on thus face extinction. Although the supporters of Arctic melting believe that it has beneficial economic outcomes, these outcomes cannot compare logically to the entire globe that it is damaging. According to Pedersen (2012), the melting of the Polar Regions results in the expanding of business and industrial opportunities. On the one hand, his suggestion seems reasonable for it makes the shipping between the Northern Canada and Northern Europe easier and less expensive. On the other hand, he does not seem to recognize that the ships used for shipping goods through this area release poisonous gases that pollute the environment even more. The use of ships along these regions will lead to the intensification of global warming effects. Moreover, Pedersen explains that less ice would lead to increase of gas and oil sources (2012). A great amount of unexploited oil and gas are found in the Arctic region, and the continued meltdown in the region would facilitate in their exploitation. His argument seems to be convincing since these resources fall in the category of beneficial nonrenewable resources. One of the reasons that have led to oil prices going high across the globe is a reduction in its supply. The majority of the countries that were major oil producers are gradually exhausting their oil deposits, and this scenario is calling for new explorations to ensure that the world does not plunge into an oil crisis, which might lead to economic activities coming to a halt. With a lot of oil lying in the Arctic region, global warming will facilitate in its exploitation (Weller Anderson, 2005). Explorers will have an easier access to the continental shelves in the region therefore drilling the oil in the region. Besides oil exploration, global warming will significantly open fishing activities along the Polar Regions. For decades, snow has covered the greater part of the sea along the poles. Global warming is leading to the meltdown of this snow making it possible for fish to survive in the region. If this trend continues, the fishing industry will have an opportunity to exploit the region. Global warming is lead to some fish species that could not thrive in the polar region swimming to the region and multiplying there thus opening the region to fishing activities. Nevertheless, one should note that some fish species thrive in the polar region. Global warming in this region is having adverse effects on these fish species. The fish species are being compelled to relocate and look for areas with stable temperatures or acclimatize with the new tempe ratures (Rothrock et al., 2007). This aspect implies that in spite of the region being open to fishing, the activity will not be productive, as it will only have limited supply of fish. Global warming might facilitate in oil exploration along the Polar Regions, which would have significant benefits to the global economy. Nevertheless, we have to remember that despite the benefits of oil exploration, the process will have immense adverse effects on the region. The machines used in the exploration and drilling process will lead to air and noise pollution in the area thus affecting the animals and plants in the region. As proven by World Wildlife Fund (2012), â€Å"Infrastructure for these development projects can destroy habitat, fragment migration routes, and drain freshwater resources. Besides, in case an oil spillage occurs in the region, it would lead to the destruction of Arctic wildlife, which could take numerous years to restore† (par. 4). Oil spillage can have devastati ng effects on the ocean life as witnessed during the incidence that occurred along the Gulf of Mexico. In case of such an incidence, the world would have to use a lot of money and other resources in an attempt to clean the coastline and restore its ecosystem. This scenario would imply that all the money gotten from the oil would go back to cleaning the region. Rather than taking advantage of the current meltdown in the Arctic region to drill oil, which might later cost us heavily, it would be appropriate to look for ways to stop the meltdown and restore the ecosystem. The polar ice is melting rapidly by time. It is affecting the Polar Regions in terms of plants and vegetation. Now, after reading the article, imagine the ice cream again. How will the melting of a whole nation be? Everything that was once naturally frozen is now melting day after day due to the global warming (Stringer, 2005). Imagine a world without ice. What will it be like? Animals that are adapted to Polar Regions are now about to become extinct for their homes are disappearing. Global warming is leading to a reduction of ice in the Polar Regions. In return, the reduction is affecting the breeding course of various animals in the region (Madin, 2008). For instance, walrus pup and seal take advantage of the ice condition to wean and bring up their newborns. Poor ice conditions due to global warming is making it hard for these animals to wean their newborns properly, which leads to the death of a majority of the same. If the trend continues, these animals will suffer extinction since they do not multiply. In return, polar bears will also face extinction since they depend on these animals for food (Stirling Derocher, 2008). Global warming in the Polar Regions does not only affect plants and animals. It also affects people living in the region. Global warming alters freeze-thaw line in both space and time. Consequently, it leads to significant effects not only to biological and physical systems but also to the human system (Everett Fitzharris, 2003). The aboriginal people living in the Arctic region depend on the stable running of the ecosystem and natural resources in the region. The Yupik and other communities have already experienced the wrath of global warming. According to the communities, global warming has altered the process of sea ice formation and led to early melting thus affecting the hunting season. Due to global warming, whales, seals, polar bears, and walrus have changed their migration and feeding trends. It has become hard for the native people to predict when and the route that these animals will use during their migration (Xu et al., 2007). Hence, it has become hard for them to arrange for hunting expeditions. Global warming has made it hard for the aboriginals in the Arctic region to acquire food leading to most of them suffering from starvation. Apart from starvation, it has become hard for people in the region to preserve their food for use during t he dry season. Normally, the aboriginals amass a lot of food during the dry season (summer and spring) and preserve some for use during the wet season (autumn and winter). Today, global warming is responsible for the increase in the rate of precipitation during the dry season (Oppenheimer, 2006). Arctic region experiences heavy rain, cloudy skies and fog during the summer and spring. It becomes hard for people to air-dry their traditional food for preservation. Most of the food they amass during the dry season goes into waste making them suffer during the wet seasons when there is a food shortage. Conclusion Global warming has more devastating effects than benefits to the Polar Regions. It leads to increase in temperature, which in return damages infrastructural facilities due to thawing of permafrost. Even though global warming might facilitate in the exploitation of oil and gas in the region, it would be very hard to transport the oil and gas due to poor infrastructure. Besides, t he exploitation process would intensify the global warming in the area. Currently, it is hard to predict the environmental conditions in the Polar Regions. Today, high rainfall, cloudy sky, and fog characterize the dry season. Indigenous people in the region find it hard to dry their food. Besides food preservation, global warming has altered the migration and feeding trend of various animals in the region, which has led to the aboriginals encountering difficulties in hunting. Moreover, global warming has led to the reduction in the number of animals in the polar region. Animals are unable to wean their newborns due to increase in temperature and a reduction in the food supply. The meltdown of permafrost due to increase in temperature caused by global warming has led to increase of methane gas in the atmosphere. In return, the gas has led to the accumulation of temperature on the surface of the earth leading to plants that survive in low temperature dying. With all these negative ef fects of global warming in the polar region, one may ask if it is worth going on with the industrial revolution in these regions. Industries are a major cause of global warming. Establishing industries in the region would imply intensifying the effects of global warming. References Bo, J., Hall, A., Qu, X. (2009). September sea-ice cover in the Arctic Ocean projected to vanish by 2100. Nature Geoscience, 2(5), 341-42. Everett, J., Fitzharris, B. (2003). The Arctic and Antarctic: The regional impacts of climate change: An assessment of vulnerability. Cambridge, UK: Cambridge University Press. Fyfe, J., Boer, G., Flato, G. (2007). The Arctic and Antarctic oscillations and their projected changes under global warming. Geophysical Research Letters, 26(11), 1601-1604. Gunn, A., Skogland, T. (2007). Responses of caribou and reindeer to global warming. Ecological Studies, 124, 189-200. Haeberli, W., Burn, C. (2002). Natural hazards in forests: Glacier and permafrost effects as related to climate change. Wallingford, UK: CABI Publishing. Hughes, L. (2000). Biological consequences of global warming: Is the signal already apparent? Trends in Ecology Evolution, 15(2), 56-61. Kister, C. (2005). Arctic melting. Monroe, ME: Common Courage Press. Madin, K. (2008). Melting arctic ice threatens polar bears survival. Oceanus, 46(2), 30-31. Mendelsohn, R., Nordhaus, W., Shaw, D. (2006). The impact of global warming on agriculture: A Ricardian analysis. The American Economic Review, 84(4), 753-771. Olech, M., WÄ™grzyn, M., Lisowska, M., SÅ‚aby, A., Angiel, P. (2011). Contemporary changes in vegetation of Polar Regions. Papers on Global Change IGBP, 18(1), 35-51. Oppenheimer, M. (2006). Global warming and stability of the West Antarctic ice sheet. Nature, 393, 325-330. Pedersen, S. (2012). Record high arctic melt indicates global warming is speeding up. Web. Rothrock, A., Yu, Y., Mayhut, G. (2007). Thinning of the Arctic sea-ice cover. Geophysical Research Letters, 26(23), 3469-3472. Smetacek, V., Nicol, S. (2005). Polar ocean ecosystems in a changing world. Nature, 437, 362-368. Stirling, I., Derocher, A. (2008). Possible impacts of climatic warming on polar bears. Arctic, 46(3), 240-245. Stringer, J. (2005). Meltdown at the arctic. The Times Educational Supplement, 32(4652), 8-15. Weller, G., Anderson, P. (2005). Implications of global change in Alaska and the Bering Sea Region. Fairbanks, AK: University of Alaska Fairbanks. World Wildlife Fund. (2012). Polar Regions. Retrieved from https://www.worldwildlife.org/habitats/polar-regions Xu, J., Wang, G., Zhang, B. (2007). Climate change comparison between Arctic and other areas in the Northern Hemisphere since the last Interstade. Journal of Geographical Sciences, 17(1), 43–50. Ye, H., Mather, J. (2007). Polar snow cover changes and global warming. International Journal of Climatology, 17(2), 155-162.

How To Create A Compelling Five Paragraph Essay

How To Create A Compelling Five Paragraph Essay How To Create A Compelling Five Paragraph Essay Essays have become increasingly common in a students mandatory curriculum. A student will encounter essays in most classes, but especially in the social sciences. Essays are also essential in the college application process. Basically essays will be a part of student life in your college career. It is important to know the steps to write a basic 5 paragraph essay. This is important when you are taking a timed essay test. Having the knowledge of how to outline will a lot for more time to create the body of the essay. Step one: The first step in creating an effective 5 paragraph essay is to make a compelling opening statement that will grab the readers attention. Avoid just making an intent statement. It would be more interesting to begin your essay with an interesting fact or an attention-grabbing statement. Step two: The second part of your five paragraph essay should be an explanation of your opening statement. This is where you would explain any details about the beginning of your essay. This will be the step that will transition to the thesis of your essay. It is important to have good flow in developing your essay. To have the proper flow, you need to be able to build to naturally flowing into the thesis statement. Step three: The third step in building a quality 5 paragraph essay is to make a clear. And to create an attention-grabbing thesis statement. The thesis statement is a sentence that will declare the purpose of the essay and enlightens the reader as to the particular topic being addressed. The thesis sentence will make your point of view clear to the reader. Be sure that your thesis sentence is direct and explain the topic at hand completely Step four: The fourth element of a five paragraph essay is the body. This is where the majority of your information will be presented to the reader. The information in the body will revolve around your thesis statement. The body of the essay will express evidence to support your thesis statement. This part of the essay should be approximately three paragraphs in length if you are indeed writing a five paragraph essay. Each paragraph should state a fact that reflects your thesis. When you transition from one paragraph to another use words to link them together such as furthermore, as a result, moreover, in fact, etc. Step five: The fifth and final part of your essay is the conclusion. This is the part of the essay that will summarize the facts stated in the essay and will restate the thesis, and its highlights within the essay. This part of the five paragraph essay will revisit the important details in your writing and wrap it up.

MANAGEMENT AND PERSONAL DEVELOPMENT Essay Example | Topics and Well Written Essays - 3500 words

MANAGEMENT AND PERSONAL DEVELOPMENT - Essay Example Throughout my working experience, and also as a student, I found it easy and fun to work as a team. I efficiently manage to convince people and persuade them to do a certain task or job. While working at Mutira Malaysian Restaurant as a manager, I used to train and coach new staff. I taught them the required skills and their effective application which also included proper group coordination and aiding each other in the tasks. One has to be open to criticism to develop oneself personally and also professionally. Though, the word  criticism invokes a negative image in our minds but if taken positively it can be supportive and one of the sources of taking a person towards his/her success. Most people tend to take it as offensive, discouraging or insult and are unable to handle it without difficulty. And yes, criticism can make a person defensive, mad and nervous. (Naren, 2008) I used to have the same reaction to criticism but as the time passed, I learnt that a person cannot be perfe ct and somebody has to point out the flaws in him. Different people have different knowledge and perspectives about the way the world works. Each person can help to bring a unique and distinctive perspective to the table. Listening to this perspective and acting upon it may help to make the work better. Interacting with people and developing sociable contacts has always been a dominant character of mine. I always feel very comfortable while learning about people and in carrying out conversations. It gives me a sense of affiliation. While working at Sheraton Hotels as a service waiter, I managed to serve people while providing them with an effectual and interactive experience. For teams to work effectively, the right people have to be selected to ensure effective performance of the team. The members are usually chosen on the basis of individuals’ willingness and group expectations. But at times, it may happen that the members are not working with enough enthusiasm and they nee d some motivation or inspiration to make them work to their full potential. I can facilitate people to bring out the best in them as I am capable of relating to them and making them comfortable. Only when each and every member of the team is working effectively and efficiently can an organization expect to reap the benefits of faster production, increased revenue, lower costs and improved qualities. There are six basic requirements of team members in order to be effectively working together. 1. Each member of the must be keen to support the team mission and work towards achieving team goals. 2. All members of the team should understand their role within the team, and should also be well aware of what skills, abilities, and knowledge they have to contribute to ensure team's success. 3. The members must be willing to decide unanimously about team principles, ground rules and their code of conduct. 4. All members must commit to working within the team's priorities and plans, including training deemed essential for the team and presence at meetings. 5. Members must be willing to work collaboratively and enthusiastically on problem-solving and should not be resistant change as part of process improvement. 6. Team members should be respectful of each other, establish both accountability and trust within the team and welcome diversity. (Lee, 2011) When working in a team, the members have different roles, some are self oriented, while others take the role team maintenance or task facilitators. Self