Green shoots - Free Essay Example

Sample details Pages: 13 Words: 3952 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Introduction The whole world is aware of the improvements seen in the global economic system. Green Shoots seem to have become the favourite term for the financial gurus. But as is with ever theory, this too has its share of critics, with a school of thoughts terming these green shoots nothing but weeds. While the debates continue between the gurus and the critics as does the battle between the bulls and bears, the winners seems to be the stock markets, which are seeing increasing flow of funds. Just to get the facts right, the Sensex level has more than doubled since March 2009 when the key benchmark index stood at around 8000. The Q1FY10 results of the Indian corporates have been encouraging as the deterioration in the health of financials and business overall seems to have ceased, boosting the investor confidence. The economic indicators have improved and the FII flows have resumed their way into the Indian markets. Economic situation in India has stabilized after arrival of late monsoon and Indias GDP is expected to grow at about 7%. The factors playing a spoilsport are the possible threat of rate hikes by the Reserve Bank of India (RBI) and a growing fiscal deficit which is estimated at 6.8 percent of gross domestic product, which is a 16-year high. Don’t waste time! Our writers will create an original "Green shoots" essay for you Create order However, irrespective of the grey areas as regards Indias financial health, there is no denying the fact that the current environment seems lot more promising than that a year before. The past year was a nightmare for the global financial markets. The dramatic turn of events, which were unraveled post the subprime crisis claimed many world renowned and legendary business houses. Cash was king and no amount of pursuing would have led one to part with it for any form of other asset, as such investments were plummeting. Equities markets were collapsing like a pack of cards and the liquidity seemed to have suddenly evaporated out of the financial system across the world. But, now, after the intervention of the governments and federal banks across the world, the system is coming back to life and the investor optimism is slowly seen returning. The emerging markets are seeing the much needed liquidity return in to the economy. The credit-starved corporates, who were just managing to survive, are suddenly fuelling ambitious dreams. And to realize them, they have entered the primary markets with all their might to again woo the investors. Optimal Capital Structure Modern Finance Theory propounds that the capital structure of a firm should be chosen to maximize the value of the firms assets. It says that a company can select that option from amongst the various financing alternatives which adds maximum value to the firm. This requires some technique of measuring the cost and risks associated with these financing alternatives. The companies should aim at attaining optimal capital structure by selecting more efficient financing alternatives. Optimal capital structure refers to the use of equity, debt and other hybrid financing alternatives in such a proportion that it minimizes the cost of capital and risk while maximizing stock prices. One of the most important issues in corporate finance is responding to How do firms choose their capital structure? Determining the optimal capital structure has for a long time been a focus of attention in many academic and financial institutions. There are various methods for the firm to raise its required funds; the most basic instruments are stocks or bonds. The mix of the different securities is known as its capital structure, so it can be defined as the combination of debt and equity used to finance a firm. And the target capital structure is the ideal mix of debt, preferred stock and common equity which adds maximum value to the firm. The Popular Tools of Financing in the Domestic Markets Initial Public Offering (IPO) In case the company decided to go to the public and offer equity, the company, which so far was private limited becomes public limited through the mode of IPO, which, on one hand brings huge funds while leaving the controlling position in the hands of the promoters, but on the other hand the company has to comply with the complicates rules laid down by the regulatory authority of the stock markets. The IPO route is also chosen by some large privately owned companies who are looking forward to go public. The Indian corporates have developed a bad taste for the Initial Public Offerings (IPOs) after the clouds of instability settled over the financial markets, world over since 2008. The cold response generated by the largest of IPOs deterred the new entrants from testing waters in the last year and half. IPOs have been one of the most popular fund raising routes for Indian companies in the past. A small start-up during its initial days of struggle attracts money from the venture capitalists and private equity players. However, once the scale of operation begins to grow, it reaches a stage where the company, in order to unleash its complete potential and to fulfil its dream ambition requires enormous funds. To facilitate the transition of the companys future plans into reality, it can either dilute the equity or bring in debt. And very often the extent of funding cannot by satiated by debts, as no financial institution would part with their funds just to appear as a creditor, when they can get a slice of the companies equity for the huge sum. So the equity dilution comes as a lucrative option, where either general public is offered a stake in the equity of a company or a third party is offered a lump sum stake. The revival of investor interest in IPO market during the second half of 2009 is more likely to get a boost this year. As many as 50 companies have already filed the draft prospectus with the Securities and Exchange Board of India (SEBI). Indian Inc. raised about Rs 20,000 crore through the IPO route in the year of 2009. With the government planning to dilute its stake in a host of profit making public sector companies by way of IPOs and follow-on public offers (FPOs) fund raising is expected to go up to Rs 50,000 crore in 2010. Qualified Institutional Placement (QIP) The year 2008-09 was not a really exciting year for the IPO markets in India. Similar dry spell was also seen in case of the relatively new tool of Qualified Institutional Placement (QIP), which saw lack of activity until recently. Qualified Institutional Placement (QIP) is a fund raising tool, wherein a company that is already listed on a stock exchange can issue equity shares or convertible debentures, or any other security (except warrants) which can later be converted into equity shares, to a Qualified Institutional Buyer (QIB). Other than preferential allotment, QIP is the only other speedy fund raising route for private placement by any company. Its better than other methods, since it does not involve many of the common procedural overheads, such as the submission of pre-issue filings which need to be made with the market regulator SEBI. Before the introduction of QIPs, the Indian listed companies, in a bid to make raising capital in the domestic markets simpler, resorted to raising funds from the overseas market by issuing Foreign Currency Convertible Bonds (FCCBs), American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). In order to prevent the over dependence of the Indian corporates on the foreign capital, the market regulator SEBI had introduced QIPs in 2006, which enabled listed companies to raise money from domestic markets in a short span of time. Since their introduction, QIPs have proved to be attractive for companies as the issue cost is lower, the process is simpler and faster (no prior filing of draft offer document with SEBI), and compliance requirements are lighter as compared with ADRs/GDRs. Although QIPs were first introduced in May 2006, they actually gained momentum only in 2007. The QIP route stagnated in 2008 when the markets went into a bear grip. Ending the long gap in the QIP issues was the Unitech QIP. The issue saw as many as five large foreign institutions pick up about 15% in the companys shareholding for $325 million in mid-April of 2009. Unitechs QIP was followed by similar issues coming from IndiaBulls Real Estate which was worth Rs 2,657 crore and PTC India worth Rs 500 crore. As per the information provided by Prime Database, Indian companies had successfully raised a total sum of Rs 32,543.34 crore through 66 QIPs since its inception in May 2006. In 2006, there were 16 QIPs by Indian companies, followed by 41 in 2007. The appetite for QIPs diminished in 2008, and the markets witnessed only 8 placements, as fund raising became challenging in the wake of the global financial turmoil. In 2009, Indian companies had raised close to Rs 33,000 crore by way of 45 QIP issuances. Majority of share prices have seen significant correction since January 2008, when the markets were trading near their life-time highs. As a result of lower prices and improved liquidity in the system, recent times have seen has seen more buying interest from institutional investors. As many as 73 companies have expressed their intentions to raise funds through QIPs of approximately Rs 100,000 crore. Companies interested in QIP issues include Tech Mahindra, Sterlite Industries, Hindalco, JSW Steel, Reliance Comm. and Essar Oil Why a sudden rush of IPOs/QIPs? The Indian markets saw large selling of over Rs. 50,000 crore by FIIs in the year 2008. These outflows were a result of the global economic slowdown, where the entire financial systems had collapsed and stock markets across the globe were crashing to new lows in long time. It was the worst financial crisis witnessed in decades since the Great Depression of the 1930s. It is important to understand that this crisis basically stemmed from the realty market of US, where sub-prime markets saw big numbers of failures and foreclosures in servicing the loans. This led to a vicious cycle of cash crunch, which impacted the Mortgage Backed Securities (MBSs) built upon these defaulting homeowners loans. These MBSs were sold to the investment banker, who further repackaged these securities into unregulated asset backed security called collateralized debt obligations (CDOs), which is essentially repacking the MBS into categorized by the rating agencies into different tranches based on their assessed value by these agencies senior tranches (rated AAA), mezzanine tranches (AA to BB), and equity tranches (unrated). A huge chunk of these CDOs was brought about by the commercial bank in greed of huge incomes as a reward for higher risk associated with these securities. But this was not meant to be as these securities turned out to be toxic for the banks as the payoff coming from the homeowners stopped. This led to a severe credit crunch, which spread throughout the monetary system thanks to the greedy bankers. Now, this rot of the US home markets quickly spread to other markets world over as directly or indirectly, all the nations in the world had some interest in this leveraged asset class. It follows that Indian markets also reacted to this development in the expected negative way as the FIIs secured their positions by booking profits, which caused massive spells of corrections in the Indian benchmark indices. The FDI investment dried as a result of the liquidity crisis. As a result of this, those sectors, which needed heavy CAPEX to survive, were groping desperately for some sort of help from the government. The companies in the real estate and infrastructure sectors saw severe downturn, and many realty companies, who were starving for money, found it difficult to stay afloat, as the projects came to a screeching halt, the banks were reluctant in providing credit and home prices and sales kept falling. After much intervention from the government and the Reserve Bank the Indian markets started showing signs of recovery much before their European and American counterparts. Limited exposure of the India markets to derivatives like the CDOs and other MBSs was a major reason for India to emerge as a relatively insulated economy, safe from the dangers of the western markets. The domestic demand in the country has been strong, giving the markets a strong support. Also the election of a stable UPA government added to improving market sentiments amongst domestic investors. The comparatively swift recovery of India made it an interesting destination for FIIs who were looking for safer shores to invest. The revival in market sentiments came as a big relief to these ailing companies, who were rushing to raise money, majorly to retire expensive debt and restructure their balance sheets. The revival brought in a fresh wave of opportunities for these companies to consider the IPO/QIP routes to raise funds. Companies in the real estate and infrastructure sectors were especially looking at QIPs as a means to either retire debt or to fund ongoing projects. The major reason for increasing interest in the QIP route for fund raising is its time-effectiveness. While an IPO issue can take anything from 4 months to as long as a year, QIP issues on the other hand can be wrapped up within a span of 4-5 days. The 45 QIP issuances done during the year 2009 have resulted in a mark-to-market (MTM) profit of around 21.60 per cent, which is equivalent to about Rs 7,050 crore for the QIBs. The year 2009 can easily be labeled the year of the QIPs. And moving forward in 2010, till the time we see some serious appetite in overseas markets for instruments like converts/ADRs/GDRs, QIPs shall continue to dominate the fundraising space. Foreign Currency Convertible Bonds (FCCBs) FCCBs are a popular mode of raising money from the foreign soils, which is as much a benefit to the issuer as it is to the investor. It has the features of both equity as well as debt. FCCBs are typically issued as interest bearing or zero coupon bonds and are convertible during their tenure into equity. FCCBs are a popular source of raising money as they have considerable benefits for both the investors and issuers of the bonds. Similar to any other debt instrument FCCB brings the benefit of capital protection along with the chance to capitalize on any appreciation in the companys stock prices by means of conversion. This is very beneficial to an investor who will invest in such bonds. As for the issuing company, FCCBs are a source of low-cost debt as the coupon rates on such bonds are lower than the average lending rates prevailing in the markets. But in recent times of liquidity crunch and the market meltdown FCCBs have turned out to be a double-edged sword. Firstly, FCCBs were a concern due to the swelling foreign exchange losses of the Indian companies. Along with the MTM losses on derivatives, companies also had to make provisions for interest expenses on the issued FCCBs, following the severe decline of the Indian rupee. Later, the problem of high conversion prices for outstanding FCCBs made its presence felt in the midst of falling stock prices, underscoring the possibility of their non-conversion. In fact, the conversion price of their foreign currency convertible bonds in most cases is several times higher than their current market prices (refer to the table given below). To deal with the situation, the companies were left with two options. One was to redeem the bonds, which could raise the companys debt obligations that were already significant in some cases. The other was to reset the price to current market price, which could result in dilution of the promoter holdings, as it would mean issuing more equity shares in the market. Realizing the no-win situation that some of the Indian companies were in because of large outstanding FCCBs; the RBI had permitted the buyback of FCCBs in November 2008 (subject to fulfillment of specified conditions) through new ECBs (External commercial borrowings). A few months later the RBI allowed buyback through rupee resources as well. Private Equity Private Equity (PE) is the security of companies that are not listed on a public exchange. And as such these securities are not traded in the secondary markets. PE comprises of funds and investors who directly invest into private companies or buyout public companies that causes delisting of public equity. PE is an attractive financing option for small and emerging companies, who are planning to expand their operations and need capital for the same. PE makes more sense to Small and Medium Enterprise (SMEs) as compared to other options such as QIPs because of two major reasons. First is the added advantage of the financial and operational acumen that a PE investor brings to the company. SMEs can greatly benefit from the expertise of the PE investor. Secondly, since most of these SMEs are not listed on any stock exchanges, raising capital becomes a difficult task for them. PE provides them with the opportunity to raise funds without the need to be registered with a stock exchange. Private equity has witnessed phenomenal growth over the last few decades as institutional investors, seeking higher returns, embraced this alternative to traditional asset classes. The last few years leading into the current financial crisis was a boom period for private equity in terms of the size and number of deals, driven primarily by buoyant credit markets that have since squandered. In the year shrouded by an aura of uncertainty, India witnessed 287 deals in 2009 at a disclosed value of $4.43 billion compared to 502 deals with a total disclosed value of $11.98 billion in the year 2008 and 488 deals with an announced value of $15.61 billion in 2007. Some of the large private equity deals in 2009 included KKR and CPP Investment Boards $255 Mn investment in Aricent Inc., Siva Ventures Ltd. acquisition of 51% stake in S Tel Ltd. for $230 Mn and TPG Capitals $200 Mn investment in Mumbai based Indiabulls Real Estate. With respect to high value deals there were 14 and 9 deals over $50 Mn and $100 Mn respectively in 2009 as compared to 30 and 25 deals of over $50 Mn and $100 Mn respectively in 2008. Treasury Stocks Stake sales Both, the Sensex and the Nifty are today trading at levels near their 30-month highs. And many corporates are rushing to make the most of the current market rally. Consequently, promoter stakes sale and treasury stock sale has witnessed a significant rise. The highly leveraged firms, who are unable to raise further capital from other conventional sources, resort to this route, where in a bid to raise funds, these cash strapped companies promoters decided to sell a part of their stake or sell of the shares accumulated in the company trust and use the proceeds for financing their business activities. The trust structure or treasury stock gives the flexibility to a company to sell its shares at an appropriate time without undergoing the expansion of capital. Just a couple of days back on the 5th January 2010 Reliance Industries Ltd. (RIL) sold a part of its treasury stock for Rs 2,675 crore second such transaction in less than four months. The amount raised by this sale of shares, which were originally held by a trust, would be utilized for the proposed acquisition of LyondellBasell, the Netherlands-based petrochemicals company. In the process RIL sold 258.50 lakh treasury stocks at an average price of Rs 1,035 apiece, which was a 5% discount to RIL stocks December 31 closing price of Rs. 1089.40. Just a couple of months back, Reliance Industries (RIL) raised another Rs 3188 Cr from treasury stock sale held under Petroleum Trust. The company plans to utilize the raised capital to acquire some oil blocks overseas, following the dip in their valuations. The trust, which is a part of RIL, sold around 1% of its stake or 1.5 crore RIL shares at an average Rs 2,125 apiece. After the first RIL treasury sale episode, we saw an outbreak of activities in this space. The RIL treasury sale was immediately followed by a spell of promoter stake sales from various corporates in the open market. Taking advantage of the bull run in the stock market, the promoters of Construction firm Jaiprakash Associates, wind turbine maker Suzlon Energy and pharmaceutical giant Cipla sold off a portion of their treasury stake in the open market to cumulatively raise Rs 2,540 crore. The Tulsi Tanti family who are the promoters of Suzlon Energy sold off approximately 70 million shares out of their holdings (roughly 4.5 % of their total stake in the company) for nearly Rs 678 crore at Rs 96.85 per share. Procceds of this transaction will be used to support the operational expenses of Suzlon, which is sitting on a debt in excess Rs 12,000 crore. Jaiprakash Associates raised Rs 1,190 crore by selling around 45.4 million shares. Similarly, Cipla raised around Rs 672 crore by selling off shares to FIIs and Domestic institutional investors at Rs 263.75 apiece. Conclusion The green shoots seems to be the new buzz word as the monthly and quarterly indicators of the global economic health give away better numbers indicating the bottoming out of the recessionary phase or even early signs of recovery. But at same time one must forget that markets are not always a perfect indicator of the economy. It has often been observed that bull runs in the markets come much before actual economic recovery takes place. Certain aspects of the Indian economy are still not very convincing. Declining exports, inflationary pressures, declining kharif output are all indicatives of a fragile recovery. But what can be said is the fact that a bullish market is always bustling with fund raising activities. Be it IPOs, QIPs, PE or FCCBs. These activities come to a halt as soon as the economy enters a recessionary phase and the cash supply gets tight. A bull run is perhaps the best opportunity for a corporate to raise funds, with surplus cash being available with investors and when market sentiments are strong. So as we are on the edge of a fresh beginning of a bull run, the corporates have smelled the winds of change. To make the best of this opportunity, India Inc is shoring up its resources to enter the arena and win this round. PE funds in India have accumulated large cash surplus, which was raised in anticipation of a long bull run. Since the meltdown reduced investment opportunities, we can expect the utilization of these idle funds in the near future. IPOs and QIPs have already made the entry, the promoters are out there planning their moves indulging in open market activities of encashing this opportunistic rally and we can be sure that the FCCBs would soon follows once the consolidation happens, the financial markets gain traction and the markets resume the smooth upward journey. References Agence France-Presse (AFP): Bernanke sees green shoots of US recovery (Mar 15, 2009). Business Standard: Nomura revises Indias GDP forecast to 7% (Jan 03,2010). The Economic Times: Need to balance growth, fiscal deficit: FM (Dec 30, 2009). Determining the optimal capital structure by agricultural enterprises by Adrienn Herczeg. The Economic Times: IPO arena hots up (Jan 03,2010) Business Standard: Cos plan to raise Rs 50K cr in 2010 (Jan 03,2010). The Economic Times: What is QIP? (Jun 05, 2009) The Economic Times: India Inc lines up Rs 30K cr QIPs (May 30, 2009). The Economic Times: India Inc may take QIP route again for funds in 2010 (Jan 2, 2010) Business Standard: Recent QIPs give 39% returns (Oct 14, 2009). The Economic Times: FII inflows hit record Rs 80,000 cr-mark in 2009 (Dec 24, 2009). CNBC TV-18 : Why is India Inc taking the QIP route (Jun 10, 2009) Nimesh Shah, MD Fortune Capital Business Line: FCCB Double-edged sword (Dec 28, 2008) Business Standard : FCCB redemptions put India Inc in a Catch 22 situation (Oct 3,2008) ANNUAL DEAL ROUNDUP 09 : VCCEdge Reuters: KKR, CPP investment buy Flextronics pie in Aricent for $255 Mn (Sep 22, 2009) VCCircle : Siva Redials Telecom With 51% Stake In S Tel ( June 20 2009) The Times of India : RIL raises Rs 2675 crore via treasury stock sale (Jan 5,2010) Business Standard: Rally prompts promoters to sell treasury stock (September 24, 2009) The Hindustan Times : Indias recovery fragile, says RBI governor (Nov 27, 2009)

Conflicting Styles Of Parenting Styles - 1375 Words

Conflicting Styles of Parenting Parents will treat their children the way they see fit. In the authoritarian parenting style, there is no room for freedom. In permissive parenting, there can be more freedom than the children know what to do with. Authoritative parenting combines the gist of both of the other styles and allows both freedom and structure. Both authoritarian and permissive styles have components that authoritarian parents see as productive methods if used properly. Many people associate authoritarian parenting with Asians. They often produce the people considered to be the smartest in our society. But authoritarians do not always produce children who are the best at something. Often times they are strict and shelter their†¦show more content†¦Although this is an honorable reason, the way in which it is carried out is questionable. There are ways to have structure, but also show love at the same time. In many Asian cultures around the world success is not an opt ion; it is a requirement. According to one Asian mother, Amy Chua, â€Å"Chinese parents believe that their kids owe them everything† (221). They do not expect their children to pay them back for every cent they put into their educations or activities, but they see their accomplishments as their payback. She says, â€Å"Chinese children must spend their lives repaying their parents by obeying them and making the, proud† (Chua 221). These parents demand success because that is their way of feeling successful in their own field of study- children. Authoritarian parents want what is best for their children and they believe strict rules and harsh consequences is the way to accomplish it. My father grew up with permissive parents. They were not necessarily carefree, but they did not provide the structure and authority that is needed in a household. When asking my dad about his childhood, he reminisces on many fun and reckless activities that he did with the neighborhood chi ldren. Some of these activities include feeding Alka-Seltzer tablets to seagulls and watch them blow up in the air. He was frequently sent to the principal’s office and paddled because of his terrible behavior in school.

Study of Knowledge Free Essays

Epistemology – The Study of Knowledge Jeff Castro PHI 200 Dr. Akins February 4, 2013 Epistemology – The Study of Knowledge The study of knowledge has always been the journey toward truth and understanding. Epistemology deals with the creation and distribution of knowledge in certain areas of inquiry. We will write a custom essay sample on Study of Knowledge or any similar topic only for you Order Now Humans should be free to gain, study and question knowledge and claims without repercussions in any social, cultural or religious setting. As we move forward in our understanding of life, religion and nature, we have changed our way of thinking through philosophy. We are less ignorant and uneducated about the truths of the world and how we as human beings perform in it. Knowledge and the confirmation of knowledge can be confirmed by propositional and procedural knowledge or knowledge by acquaintance. Propositional knowledge is expressed in declarative sentences or indicative propositions of one’s knowledge based on the known or knowing that. If someone says â€Å"all birds have feathers† they are stating or asserting a proposition that is factual or somewhat factual. Procedural knowledge is the knowledge used in the performance of a task, such as knowing how to replace brakes on a vehicle. It is learned knowledge through doing that act. Knowledge by acquaintance is experience based knowledge learned through casual interaction, such as knowing a place or person well (Mosser, 2010). Knowing for certain is always questionable because everything can be challenged. For the three identified ways of attaining knowledge, the most challenged one is propositional knowledge. Propositional knowledge receives the most skepticism because of the statements it brings forward, like â€Å"I believe that†, â€Å"I know that† and â€Å"I think that† (Steup, 2005). These statements are based on one’s beliefs, thoughts and ideas which can be questioned. If knowledge is based on one’s beliefs or opinions it will bring challenges, but remember an individual’s ideas based on beliefs or opinions should respected. We are certain of the other two due to experiencing or performing acts to solidify the knowledge. But then still can be questioned because of different procedures or experiences can still result in a different or validation of an outcome or answer. To justify what we really know is inherited, learned or experienced. We cannot really be certain of our knowledge because we can be tricked or limited by our sense that provides us this information to confirm or deny what we know or learn. Knowledge at one point is imperfect, but the truth at that point and is reinforced by the progress of science to be an absolute truth to some degree and as Vladimir Lenin says, â€Å"There is no impassable boundary between relative and absolute truth. † (Bogdanov, 1908). The normal order of the world is how we perceive it through our senses. It can play tricks on us and deceive through illusions that the mind receives from sight, sound, taste and touch. How humans recognize what is real and not real through their senses is known as empiricism (Mosser, 2010). Empiricists view that there is no such thing as innate knowledge, but instead knowledge is received from experience. On the argument side you have rationalism which view knowledge to be innate. It argues that the knowledge of God, mathematics and science cannot be explained by the senses (Mosser, 2010). But this does contradicts how we learn, because without the senses how do we learn mathematics, science or the knowledge of God (the bible). Innate knowledge is derived from the mind, but requires other things to support or build the mind, the senses. Let’s break down the five senses (vision, sound, touch, smell and taste) and try to understand what can be limited and why. Vision can be received or altered based on the ability to distinguish objects, the depth or field, color, contrast, or even color blindness. Sound can be affected by the volume or pitch that is received by the ears. Touch can be affected by your haptic perception and how sensitive one’s outer skin is. Smell and taste can be affected by our bad habits (smoking and drinking), disease or medications. So the limitations of one’s senses can fool and be limited by our own doings and by the aging process (Gwizdka, 2010). Cognitive relativism is the idea of the knowledge we hold of the real world requires assistance from our mental/mind to build and support and that things being the truth or false are relative to a society, group or individual. I also realize that there are cognitive bias, notational bias and culture bias, which prevents us from seeing or analyzing something objectively with our senses (empiricism) which we cannot discount. So to really assert a position of truth would depend on who interprets it based on moral, ethical, or social view (Slick, 2012). Friedrich Nietzsche developed perspectivism which supports cognitive relativism in that there are many possible perspectives to determine any possible assessment of the truth to be determined. This means that there is doubt and uncertainty about how we see the world and the truth about it based on perspectives. The limits to human perception or cognition are bounded by each individual and how they can comprehend or process what they are receiving. The processing of the knowledge can be expanded upon through the use of one’s innate knowledge. We limited ourselves based on what we only know and what is in front of us. If we can make sense of the world beyond what our senses take in we would be much better off, but remember it is all based on one’s perspective of faith, ideas, thoughts and knowledge. Skepticism is originally was defined as someone who simply looked at things and now it is someone who doubts claims. Skepticism forces claims to be justified (Mosser, 2010). When assessing epistemology on the bases of what is known and the unknown we will still question everything for it is uncertain that we really know the truth about something. Yet there will still be limits on what we question because some are based on faith, which is an individual’s belief in their religion. There are several types of skepticism: moral, religious, metaphysical and scientific. Each identifying a particular area to question or doubt, but what I find most questionable or intriguing are the religious skepticism or theological skepticism which examines faith-based claims and scientific skepticism or empirical skepticism which uses the scientific method of examining claims. Religious skepticism does not mean one would be either an Atheist or Agnostic. These skeptics question religious authority, but are not anti-religious just because they question specific or all religious beliefs or practices. One of the first religious skeptics was Socrates, he questioned the legitimacy of the beliefs during his time of the existence of various gods and this led to his trial and execution. Scientific skepticism seek proof through deductive argument before accepting any knowledge in any area, such as health claims, environmental claims, parapsychology, etc. Carl Sagan originated scientific skepticism and was a world-famous astronomer and astrophysicist well known for supporting the search for extra-terrestrial intelligence (SETI) and questioned that there was more than earth in our and other vast universes. There is also a sub-set of scientific skepticism which is call activist skepticism who seek to expose or prove false publicly what they see as the truth behind extraordinary claims (Klein, 2000). Socrates claimed that he knew one and only one thing: that he knew nothing, which was in line with being a Pyrrhonist. He questioned everyone who claimed to have knowledge, hoping to learn from them, but he never claimed that gaining knowledge was impossible and never claimed to discover any knowledge. As such proof of never recording anything to prove or disprove his knowledge (Mosser, 2010). Sagan wrote in his publications â€Å"Too much openness and you accept every notion, idea, and hypothesis—which is tantamount to knowing nothing. Too much skepticism—especially rejection of new ideas before they are adequately tested—and you’re not only unpleasantly grumpy, but also closed to the advance of science. A judicious mix is what we need. † (Sagan, 1995). Both men were skeptics who believed in questioning and challenging claims and exhibited a fascination with discovery. I believe it is in our nature to question everything to ensure we have validated the claim, but as Sagan has stated there is a fine line before tilting it too far to the left or right. I believe the two skepticisms try to get at the answer of how humans came to being. The religious skeptic will question all religions by comparing claims and questioning why to find the ultimate truth of our existence and our true meaning. The scientific skeptic will require proof in the way of science before accepting knowledge to be true (Munchin, 2011). By taking the two and trying to analyze and form a more complete set of questions to develop a more sensible truth or theory behind the human existence would possibly help me understand or rationalize the questions of â€Å"why† and â€Å"how† in my mind. But I understand there are limits to what I chose to believe as my ideas or perceptions (Shogenji, 2011). The decision between right and wrong is relative to one’s society or cultural background. Relativism in the Muslim world would be a death sentence (honor killing) and we would see it as radical relativism. It is easily defendable in their culture and country because it is viewed as a norm or way of life, but not so within most other countries. It is all about perspective because we to at one time burned people at the stake for being witches. Ignorance and lack of education or knowledge made it defensible and accepted at that time. So is radical relativism defensible, it is all about an individual’s or country’s perspective, religious beliefs and culture to decide one way or the other (Mosser, 2010). The basic understanding of philosophy and how it affects our lives is sometimes transparent to most people because they only do without thinking. We have gotten so busy with our tethered lives we do not take the time to question why something is true or not, we move around like mindless beings. Epistemology gives us that way to question and seek knowledge to validate truth and to hope to truly understand the â€Å"why† and â€Å"how† of our lives and everything in and around us. Humans should be free to gain, study and question knowledge and claims without repercussions in any social, cultural or religious setting. But this is an ongoing battle to be free from repercussions or persecution of our thoughts, ideas and actions when publically projected. Some countries and cultures still lash out in the way of medieval and barbaric manner at anything that does not fit their way of life and interactions, but it is all relative and it still falls within the study of philosophy. Choosing to accept this or not, based on beliefs, ideas and religion is your choice, but to understand and have a greater degree of insight of knowledge and truth is true epistemology. References Bogdanov, A. (1908). Absolute and Relative Truth, or the Eclecticism of Engels. Retrieved from: http://www. marxists. org/archive/lenin/works/1908/mec/two5. htm Gwizdka, J. (2010). Human Perception Cognition. Retrieved from: http://comminfo. rutgers. edu/~jacekg/teaching/ITI230_HCI/2006_4f/lectures/Lecture3. pdf Klein, P. (2000). Contextualism and the Real Nature of Academic Skepticism. Retrieved from: http://www. jstor. org. proxy-library. ashford. edu/stable/pdfplus/3050570. pdf? acceptTC=true Mosser, K. (2010). A Concise Introduction to Philosophy. San Diego, CA: Bridgepoint Munchin, D. (2011). ‘Is theology a science? ’ Paul Feyerabend’s anarchic epistemology as challenge test to T. F. Torrance’s scientific theology. Retrieved from: http://search. proquest. com. proxy-library. ashford. edu/cv_756002/docview/894110952/fulltextPDF/13C00235777679CB0A0/4? accountid=32521 Sagan, C. 1995). Wonder and Skepticism, Vol 19, Issue 1. Retrieved from: http://www. positiveatheism. org/writ/saganws. htm Shogenji, T. (2011). Internalism and Externalism in Meliorative Epistemology. Retrieved from: http://search. proquest. com. proxy-library. ashford. edu/cv_756002/docview/1111853938/fulltextPDF/13C06554AFF58193594/1? accountid=32521 Slick, M. (2012). Cognitive Relativism. Retrieved from: http://c arm. org/secular-movements/relativism/cognitive-relativism Steup, M. (2005). Epistemology. Retrieved from: http://plato. stanford. edu/entries/epistemology/ How to cite Study of Knowledge, Papers

Beethoven and Mozart free essay sample

Beethoven and Mozart Mozart and Beethoven were both famous musicians of the classical music, and they ere considered to be geniuses, giant composers. There were some similarities and differences between them, so their fans and some experts often compared them each other. Be honest, I liked Beethovens better than Mozart, and Beethovens Fifth Symphony was one my favorite musical compositions, nevertheless, I still considered Mozart was one of the best musicians In the history as well. BackgroundBeethoven and Mozart had similar musical education background. Beethoven was born about December 16, 1770 In the city of Bonn In Germany, whereas, Mozart was born on 27 January, 1756 In Salisbury Austria. Beethovens father was a court singer, he was famous In local town. When Beethoven was a child, he began to study the violin and clavier from his father as well as taking additional lessons from organists around town. Beethoven had showed his potential to be a talented musicals from his earliest days. We will write a custom essay sample on Beethoven and Mozart or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Mozart father was a successful composer, violinist, and assistant concert master at the Salisbury court. Mozart was introduced to music at an early age Ninth his fathers encouragement and guidance, and he also showed prodigious ability from his earliest childhood. Mozart was a musician capable of playing multiple instruments, who started playing in public at the age of 6. Beethoven never married nor had child, he died on March 26 1827, at the age of 56. Mozart had three children, and he died on December 5, 1791 at age 35. Music styleUsually, people considered Mozart musicals style was comfortable for the listener to hear, but Beethovens was emotional and full of strength. Actually, it was said Beethoven learned lots of from Mozart, Early Beethoven and Late Mozart can sound somewhat similar in style, however, Beethoven changed and developed his music slowly, he formed his own unique style at his middle and late stages. No matter there were similar or difference between Beethoven and Mozart, both of them are the greatest musician in classical music.

Anatomy Essay free essay sample

1. Identify at least five organ systems in this region of the arm that the surgeon would have marked for reattachment. Circulatory, skeletal, lymphatic, nervous, integumentary, and muscular 2. List the names of the specific structures that had to be reattached. Specific Bone: Humerus ; Specific Muscles: Biceps brachii, brachialis, triceps ; Specific nerves: Median nerve, ulnar nerve, radial nerve, musculocutaneous nerve, antebrachial cutaneous nerves ; Specific Blood Vessels: Brachial artery, superior and inferior collateral artery, profunda brachii artery and veins, cephalic vein, basilic vein, and other venous tributaries 3. What organ system was most likely not reattached? Explain. Lymphatic because the vessels are very small and hard to find. 4. Why was a clean bite so important? Ragged edges would make ends of blood vessels and nerves difficult to identify and put together, while clean edges would facilitate identification and reattachment. 5. Why was the bone shortened? To cut off the damaged area and to avoid stretching severed blood vessels and nerves. We will write a custom essay sample on Anatomy Essay or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 6. Identify the movements associated with the arm, forearm, wrist, and fingers. Flexion, extension, abduction, adduction, grasping, and mobility of individual fingers. 7. Explain how the movements of the reattached arm might be altered after the reattachment. Decreased, because not all nerve fibers are reconnected or can regenerate 8. Define collateral circulation and identify the regions of collateral circulation that would be found in the upper extremity. Collateral circulation is defined as multiple circulation paths supplying a particular area. The regions of collateral circulation in the upper extremity are around the scapula, the head of the humerus, the elbow, wrist, and hand. 9. Identify the specific vessels that provide the collateral circulation to the elbow. Specific Vessels are branches of the profunda brachii artery, inferior ulnar collateral artery, radial recurrent artery, and anterior and posterior ulnar recurrent arteries. 10. Identify specific types of activities that might cause Jim problems after recovery. Grasping and moving individual fingers. 11. Why would full use of his arm be unlikely? Jim would not likely regain full use of his forearm and hand because not all of the nerve fibers would regenerate. 12. Assume the role of the surgeons as they explain the procedure to Jim’s parents. Write a one- to two-paragraph explanation about the surgery, paying particular attention to what you would say about regaining use of his arm, forearm, and hand. â€Å"The surgery was a success. We shaved off some of the bone and connected all the muscles and vessels and such back together and implanted a suture into his arm to hold the two pieces of the arm together. Although the surgery was good, it is unlikely that he will ever regain full use of his arm or hand again. Your son is recovery now. We are going to keep him for a while and monitor his vital signs and see how this reattachment treats him. † 13. Assume the surgery to reconnect blood vessels was successful and blood flow was re-established immediately throughout the arm. Would the nerves of the arm recover as quickly and completely as the muscles? Explain why or why not. If the surgery were successful, the nerves would not recover as quickly and completely as the muscles because nerves do not grow or regenerate as well. 14. How might this situation have been different if Jim had been 80 instead of 8 years old? An 80-year-old person might have underlying medical conditions that would make reattachment difficult. A person that old might also have more difficulty regenerating nerves and having the brain understand any rewiring.

Evaluation of Amy hecklings movie Clueless essays

Evaluation of Amy hecklings movie Clueless essays Evaluation of movie Clueless by Amy Heckling I believe that In any transformation, it is always the more recently composed text that will have a greater appeal. I have followed admirably Jane Austen's example by making a film that, on the surface, seems like another mindless teen flick but is actually a multi-layered social commentary. I took Austen's novel Emma, the story of a spoiled child of the 19th century English leisure class who thinks she knows everything, and turned it into the film Clueless, the story of a spoiled child of the 20th century American leisure class who thinks she knows everything. Not only did my experiment display the universal nature of Jane Austen's work, it also resulted in a charming and what I feel very funny film which will hopefully become a box office success. In my hands, Austen's novel proves itself to be surprisingly adaptable to the contemporary period. Some updating is only minor, photography substitutes for portraiture, convertibles for carriages, parties in the Valley for fancy dress balls. Others are less obvious, Mr. Woodhouse's preoccupation with his digestion and Emma's concerns about his health undergo a contemporary twist in Cher's imposition of a low-cholesterol diet on her father. Even Emma's mother's death receives my own 1990s treatment. Cher's mother died undergoing liposuction a 20th century procedure never contemplated in those times. More significant changes challenge the severity of time boundaries, class differences in the novel are complicated as the film adds racial and sexual diversity to the mix. (The orphaned Harriet Smith becomes a Hispanic transfer student, Frank Churchill is revealed to be gay, and Emma's best friend becomes a rich African American). To gain insight into my main characters thinking, I employ the alternative technique of voice-over for Cher. While written in the third person, the novel is told from Emma's...

The international transaction for the sale of goods is far too complex Essay - 1

The international transaction for the sale of goods is far too complex to attempt harmonisation of international trade - Essay Example At the harmonization of rules of the contract law, there is the possibility of several specific problems arising, which can be treated separately based on any visible differences about the notion. Therefore, this paper investigates the complexity of the international transaction for the sale of goods in harmonization of the international trade (Whittaker 2011, p. 371). There has been the conviction that the only real method of harmonization of the rule of contract law is possible only in private law in general. This has been evidenced by works of UNIDROIT that saw the emergence of international conventions. One of the conventions was used in Hague conventions, in 1964, on issues of international contracts for the sale of goods while the other was that in Vienna convention in 1980. Hague adopted a solution that comprised of the annex to uniform international sale law that, upon the ratification, was introduced directly into the domestic law of European countries This was regarded to be superior to the one from Vienna Convention. It was superior because the harmonized rules bound the participating states in a similar manner as that for international obligation. The major drawback today is the question on the international convention being the most appropriate avenue for harmonizing the contract law (Bellantuono 2010, p. 115). In my opinion, the complexity and intensity of the modern international commerce have encouraged several developments and other several ways of harmonization of the private law. The ‘contract out is regarded as the most interesting solution for a resolution introduced within the framework. A state may decline such a resolution. However, if the decline is not done within the time specified, the rules of the resolution may be considered as binding and may influence specific contractual clauses, or specific contracts. The model laws harmonize rules of particular contractual transactions of problems

Somalia Essay Example | Topics and Well Written Essays - 500 words

Somalia - Essay Example The international community has on many occasions tried to establish a democratic Somali, the most recent being the Transition Federal Government(TFG) that was overrun by the Union of Islamic Courts(UIC) in 2006. Just as in the previous administration, TFG was plagued by intense power struggles among the different factions and clans that eventually undermined its objectives of democratizing the country. Since then, Somali remains a failed state characterized by unstructured rules by Islamic factions and more piracy in the high seas (Samatar, 1991, p9). In order to transform the country from the current state to a democratic country, high sense of patriotism and nationalism among all Somali clans should be established so that they can tolerate each other and respect the rule of law. According to Laitin (1977, pp26-29), establishing a constitution that has the support of the majority people is a fundamental requirement for establishing democracy in a country. Equally important, the con stitution should be enforced by independent and strong institutional framework where rule of the land reigns over personal or specific groups.

Violence against Women and Girls Essay Example | Topics and Well Written Essays - 1500 words

Violence against Women and Girls - Essay Example Although some international and regional instruments of law have put in place the necessary measures for the states to use in order to cub, eradicate and even punish violence against young girls and women by demanding that the states ought to take the necessary measures to combat the violence, there has however continued prevalence of these vice. The Convention on the Elimination of All Forms of Discrimination against Women (CEDAW) indicates that the vice has grown to a global pandemic of alarming proportions which is yet to be addressed with all the appropriate political commitment as well as resources. According to UNIFEM (2010), approximately six out of every ten women in post conflict countries have experienced sexual or physical violence in their lifetime. A study by World Health Organization related to some twenty four thousand women in some ten countries indicates that prevalence of physical and sexual violence by a woman's partner ranged from 15 % in most urban areas of developed countries to a range of 30 - 60 % in most rural areas of post conflict states (UNIFEM, 2010). In most of these states, the violence against young girls and women have had some far reaching aftermath including so much harm to the families and communities affected. It has become a major source of disability or even death for girls and women of 16 up to 44 years of age. A World Bank investigation into some selected risk factors facing women and girls at the indicated age group showed that rape and domestic violence have emerged as more dangerous to the affected ladies than war, malaria, motor vehicle accidents and cancer. There has also been a close association between these kind of violence and HIV and AIFDS with a survey showing that there are some 1,366 women from South African region who have been beaten by the life partners and were more likely to be infected with HIV more than those who were not. Gender-related violence violates human rights as well as hampering of human productivity, reduction of human capital and undermining of economic growth to the affected lives. The US Centers for Disease Control and Prevention report in 2003 indicated that the intimate partner violence costs in the USA alone have been found to exceed US$ 5.8 billion a year with US $ 4.1 billion being budgeted for direct medical as well as services related to health care (UNIFEM, 2010). Young girls at the tender age have unfortunately happened to be majority victims of sexual assault. Other group that has become subject to unwarranted sexual coercion is women who are in position of abject dependence on male power. Rape cases have also been high in post-conflict countries. This has been very much documented in the last few years in countries affected by civil conflicts. Rape in such cases has been employed systematically as a torture instrument or even domination of ethnic groups (Gender Equality, 2009). Although there has been indication of growth of the vice, some efforts by the post conflict nations in addressing the vice need to be put in place in preventing this situation. Some 89 post conflict countries in 2006 have installed some legislation measures targeting prevention of the domestic violence and plans of action. In most of these states, marital rape has become prosecutable

Should Druthers Forming Limited Be Given The Loan?

Should Druthers Forming Limited Be Given The Loan? DRUTHERS FORMING LIMITED Should Druthers Forming Limited be given the loan? Druthers Forming Limited that was founded in 1987 by Mr. Garrett and Norm Sheppard have requested on July 30, 2007 an amount of $350,000 loan from Mr. Brad Mac Dougall, account manager at the Canadian Commercial Bank (CCB). To know whether or not this amount needs to be passed depends on several factors thus for this purpose there are several questions that are needed to be answered before this decision can be made, thus in this report we will find out the answers to Mr. Brads questions. To make any decision we first need to assess the past financial performance using the statement of cash flow and ratio analysis. If we take a look at the cash flow statement 2007 for the first thing that we can notice is the Net Income which for this year was $-12,100. This means that Druthers Forming Limited for that year have made a loss which is not good for any kind of bank that is giving a loan worth $350,000, even so if we take a look at the Net Cash Flow from Operations we can see that even with a loss the company can easily cover it with cash. In terms of Financial Activities the net cash flow is $-15,212 which again means that the company already has long term loan and is already affecting the cash flow in a negative way. If we go further to Investing Activities we can clearly see again that the net cash flow for this as well is $-68,204 which again is impacting the cash flow in a negative way but the cause for this is that they have a lot of money invested in land and construction, which in due course could come in a form of return and thus will boast the cash flow. The net cash flow after calculation is only $45,974 and with an addition of beginning cash the ending cash is only $118,550 but as mentioned before there is a possibility that some of the negative net cash flow could turn to positive cash flow. The cash flow has given us an idea of the situation of the cash in the company but now we need to go even deeper with finding out what affect the company has on its ratios. The first and the most important ratios for any company is the Liquidity Ratios which include Current Ratio, Acid Test/Quick Ratio and Cash Ratio. To begin with lets look at the Current Ratio which for 2007 is 3.14:1 and for any bank this is good as this assures that the company will easily is able to pay the loan but in term of the company itself it may not be a good sign as this means that they have more than 3 times the current asset to their current liability which will for sure affect the companies interests and thus will affect the Income Statement at a future stage. If we look at the Acid Test Ratio which for 2007 is 3.01:1 we can come to the same conclusion as before with the Current Ration that it is really good for a bank to offer loan to this company. As for Cash Ratio for 2007 it is 1.38:1 which is really good for any company to have a ratio above 1 is very good and this means that they are managing their cash well and will for sure help them to get their loans easily as this assures banks that they will have enough funds to pay the loan in the future. Another ratio that will help us to understand the situation is the Total Debt Ratio which is total asset minus total equity upon total asset. For the year 2007 the total asset was $423,504 and total equity is $302,115 which is equal to 28.6%. This is not bad for any company but considering the Banks point of view it would be a lot better if it was higher that 30%. The second question requests us to project two years financial statements which are the Statement of Income and Balance Sheet for the year 2008 and 2009. This has been shown in the tables below: The next question that was presented is to consider the working capital requirements, including performing a sensitivity analysis on the days of accounts receivable, inventory and/or accounts payable. As given in the working capital for the year 2007 is $183,129 which compared to previous years has fallen drastically. This means that the financial health of the company is deteriorating and this will keep on happening until the company improves it working capital. In terms of Accounts Receivable, Inventory and/or Accounts Payable the age period is 157 days, 12 days and 57 days respectively. The best way to calculate this is to use ratios and for this purpose we will first look into the Days Sales in Inventory which is 365 / Inventory Turnover which is given as 12 days. This means that the company will receive their inventory 30.4 times in 365 days which is very good for the companys cash flow and will thus benefit the bank as well. As for Accounts Receivable we need to take a look at the ratio called Days Sales in Receivables which is 365 / Receivables Turnover. This is also given to us as 157 days which means that it will take 2.32 times for the company to cover its accounts receivable and in comparison if we look at Accounts Payable the number of days mentioned is only 57 days to 150 days because 85% of the yearly purchase were made from May to September which means that the accounts are payable 2.63 times. We can clearly see in the earlier mentioned figures that the company receives the payment much slower that the number of times it pays which is not the best choice for any company as every company should try and keep its accounts receivable and payable as equal as they can. For example if Druthers Forming Limited changed their receiving period from 157 days to 120 days this will increase the receivable time period to 3.04 times which is a lot better and on the other hand if they try to increase the payable period to 70 days this will mean that the company will need to pay only 2.1 times which is much closer than to their actual state. To be a lot serious the better option for the company is to try to reduce the receivable period to 60 days and increase their payable period to 90 days this will mean that it will take 6.08 times and 4.05 times for the company to receive and pay respectively. This would be the best situation for the company as this means that they will receive cash a lot sooner that paying it. In terms of Inventory that was discussed previously we could consider that 12 days in 365 days is not bad but what if the inventory turnover is changed to 20 days. In this case the company will be selling its inventory 18.3 times a year which will impact the cash flow and the balance sheet thus we can come to a conclusion that it would be better to try and keep the inventory turnover to 12 days and if possible to try to reduce it a little if possible. Thus we could say that due to the difference in receivables to the payables the working capital will keep on decreasing until some changes are done. The next question that is put in front of us is to determine the loan amount needed, and decide on the type and terms of the loan. For this purpose we will consider that the loan has been given and we take it as $350,000 as the amount that will be given as loan. There are mainly two types of loan these are secured and non-secured loans. Secured loans is when a bank gives a loan based on an asset as a guarantee and non secured asset is when there is no asset taken as a guarantee but instead it is given based on the bank balance. In this case the type of loan that we will consider is secure loan and thus the terms of the loan will be based on that the building purchased will be considered as a guarantee for it. The other terms will be that the repayment period for the loan will not exceed 10 years and the interest on the loan every year shall be 5.8%. In case of failure to pay the bank will be eligible to claim the property. The loan will be distributed equally through the 10 year span and the interest every year would be $20300. The question that we then need to consider next is the analysis the risk associated with the loan using the four Cs of credit. To begin with this we first need to know what are the four Cs of credit which are character, capacity, capital and collateral. Character refers to the financial history of the borrower (Murray(a)); this means that we need to access the financial data of the company. Druthers Forming Limited gets between 30% and 70% of their sales from Sheppard Homes which is basically one of their family businesses. Due to this reason most of the other builders in the market are very reluctant to give the company any business. Most of Druthers suppliers offered them 30 to 60 day credit term and they did the same as well but the problem with this as mentioned before in the earlier section is that they still ended up paying their creditors before the received any cash from the debtors. This also means that the company has always paid their creditors and even if we take a look at the long term debt of the company they have been paying their debts at a consistent pace. Capacity refers to the ability of the business to generate revenues in order to pay back the loan (Murray(b)). As mentioned before the company did make a loss in the year 2007 and the sales of the company has fallen drastically in a span of three years. This is not the only problem they are having as the cash flow is also not doing very well and unless some changes are done they will keep on having bad cash flow. Capital refers to the capital assets of the business such as machinery and equipment, etc. (Murray(c)) If we look at the balance sheet for the year 2007, we can see that the fixed asset consists of only land and construction in progress which is not much compared to what normally the companys fixed assets tend to be. Collateral is the cash and assets a business owner pledges owner pledges to secure a loan (Murray(d)). As mentioned before the company has not much fixed assets and this means that they do not have any asset to give as security for the loan but as we already know that the company needs the money to purchase a building we can consider it as a guarantee for the loan. Now we need to evaluate several options (deny the loan, grant the request or defer the request) available to the lender to determine which option is the best for this decision. As mentioned in the question we need to consider three options the first option is to deny the loan which considering the companies past would be a better choice as the company has made a loss in 2007, in addition they do not have a good cash flow and last but not the least they have no assets to offer as security which is imposible for a bank to give a loan without a security. The second option to grant the request as mentioned would not be wise but there is some hope in terms of this as we could consider the building that will be purchased as security so that in case of any failure to pay, we could consider the building as payment for the loan but by the looks of things the company has never really failed to pay their long term loans and this is a good sign for any bank. The last option to defer the loan and this may actually be the best option as the company does not have enough funds to pay the bank plus they have no security to properly cover the loan. The best thing would be ei ther to wait for another six months to a year to see the status of the companys finance and then the company could put in another request. The last question that was asked to us was as Mac Dougall, to decide whether to lend funds and to provide supporting rationale for this decision. After giving a lot of thinking to this it seems that it would be better that instead of actually giving the whole amount we can come to an agreement that the bank will give a loan of $200,000 for the first year with an interest of 5.8% per year which is $11,600 per year for a span of 10 years and in case the situation of the company is better after six months or a year, we could offer another $150,000 with the same conditions as above but the company will need to give 60% of the ownership of the building to the bank as security for this loan incase of failure to pay. This may not be the best option for Druthers Forming Limited but considering their week cash flow and balance sheet it would be difficult for any bank to offer the total amount of loan without being fully sure that the company can pay the loan and interest. Bibliography Murray, J. (n.d.). The 4 Cs of Credit for Business Loan. Retrieved August 8, 2010, from About.com: http://biztaxlaw.about.com/od/financingyourstartup/a/4csofcredit.htm Murray, J. (n.d.). The 4 Cs of Credit for Business Loan. Retrieved August 8, 2010, from About.com: http://biztaxlaw.about.com/od/financingyourstartup/a/4csofcredit.htm Murray, J. (n.d.). The 4 Cs of Credit for Business Loans. Retrieved August 8, 2010, from About.com: http://biztaxlaw.about.com/od/financingyourstartup/a/4csofcredit.htm Murray, J. (n.d.). The 4 Cs of Credit for Business Loans . Retrieved August 8, 2010, from About.com: http://biztaxlaw.about.com/od/financingyourstartup/a/4csofcredit.htm

The War in Iraq :: Argumentative Persuasive Iraq War Terror

Pick up any newspaper or point your web browser to any major or minor news publication and questions like these will be all over them. A lot of Americans feel that the War on Terror and our presence in Iraq has lasted too long. Are they correct? Should we pull out and call it quits? Should we have another repeat of the Vietnam War? Believe it or not, that's how a lot of people view this war, as another Vietnam. They feel that we are out there, putting the American nose into something that shouldn't be picked. But they are not entirely true. [I] feel that the war in Iraq was a justifiable one and that it was something that was needed. Saddam Hussein was a dictator who ruled with an iron fist and if someone opposed him or he didn't like anyone, he found a way to "eliminate" them. He was starting to become a threat not only to himself, but to his neighboring countries. Back in the early 1990's, he was a threat to Kuwait and we helped quell that conflict, but because the American public did not want the troops or the president to go any further, they held back for one reason or the other. The War in Iraq has sparked an abundance of criticism since its start in March of 2003. Now, four year later, the criticism has only intensified. The fact of the matter is that upon invasion of Iraq four years ago, the reasons were justifiable based on the evidence at hand. Our American troops, some 3,386 of our armed service members have given their lives for a cause that they felt was just, according to an Associated Press count that was conducted on Friday, May 11, 2007 (Associated Press, 2007). The devastating number is a cruel reminder as to how dangerous a war can be in general, but even more so when guerrilla warfare is present. In general, the majority of surveys conducted nationwide, showed that the public feel that the war has gone on a much greater period of time than anticipated, and now want the American troops to come home. The question at hand is how to withdraw the troops, safely, without leaving the country of Iraq with devastating effects. Officials may speculate a mongst themselves and debate the matter in full intensity, but no answer has ever been reached. As the months go on, more and more evidence is apparent to the general public as to why we have staked our stay in Iraq so long.

Analyze Globalization’s Impact on Singapore’s Development Essay

A group of industrialized nations including Australia, Austria, Canada, France, Germany, Italy, Japan, the I-JK, and the United States are called developed country. Kofi Annan, former Secretary General of the United Nations, defined a developed country as follows: â€Å"A developed country is one that allows all its citizens to enjoy a free and healthy life in a safe environment. â€Å"Developing country’ is a term generally used to describe a nation with a low level of material well-being. Countries with more advanced conomies than other developing nations, but which have not yet fully demonstrated the signs of a developed country, are categorized as developing country. Developing countries are in general countries which have not achieved a significant degree of industrialization relative to their populations, and which have, in most cases a medium to low standard of living. There is a strong correlation between low income and high population growth. A developing country can be a result of many characteristics: resources, historical background, population, economic structure and ystem. They are basically under developed country that reflects a failure to gain levels ot living throughout most ot their population. Yet there nas been a signitlcant improvement by these countries general level of living as growth. â€Å"Under-developed country’ is a term generally used to describe a nation with lack of access to Job opportunities, health care, drinkable water, food, education and housing. Underdevelopment takes place when resources are not used to their fullsocio-economic potential, with the result that local or egional development is slower in most cases than it should be. Furthermore, it results from the complex interplay of internal and external factors that allow less developed countries only a lop-sided development progression. Underdeveloped nations are characterized by a wide disparity between their rich and poor populations, and an unhealthy balance of trade STATISTICS It is considered that the countries with more than $735 per capita income per year is termed as developed country. In 2002 PCI was $480. So, Technically India is a Developing country not a Developed Country.

ASTRONOMY †HISTORY AND REVOLUTION

ASTRONOMY – HISTORY AND REVOLUTION Free Online Research Papers In early times, astronomy only comprised the observation and predictions of the motions of objects visible to the naked eye. In some locations, such as Stonehenge, early cultures assembled massive artifacts that likely had some astronomical purpose. In addition to their ceremonial uses, these observatories could be employed to determine the seasons, an important factor in knowing when to plant crops, as well as in understanding the length of the year. Before tools such as the telescope were invented early study of the stars had to be conducted from the only vantage points available, namely tall buildings and high ground using the bare eye. As civilizations developed, most notably in Mesopotamia, Greece, Egypt, Persia, Maya, India, China, Nubia and the Islamic world, astronomical observatories were assembled, and ideas on the nature of the universe began to be explored. Most of early astronomy actually consisted of mapping the positions of the stars and planets, a science now referred to as astrometry. From these observations, early ideas about the motions of the planets were formed, and the nature of the Sun, Moon and the Earth in the universe were explored philosophically. The Earth was believed to be the center of the universe with the Sun, the Moon and the stars rotating around it. This is known as the geocentric model of the universe. A few notable astronomical discoveries were made prior to the application of the telescope. For example, the obliquity of the ecliptic was estimated as early as 1000 BC by the Chinese. The Chaldeans discovered that lunar eclipses recurred in a repeating cycle known as a saros.In the 2nd century BC, the size and distance of the Moon were estimated by Hipparchus. During the Middle Ages, observational astronomy was mostly stagnant in medieval Europe, at least until the 13th century. However, observational astronomy flourished in the Islamic world and other parts of the world. Some of the prominent Arab astronomers who made significant contributions to the science were Al-Battani and Thebit. Astronomers during that time introduced many Arabic names that are now used for individual stars.It is also believed that the ruins at Great Zimbabwe and Timbuktu may have housed an astronomy observatory. Europeans had previously believed that there had been no astronomical observation in pre-colonial Middle Ages sub-Saharan Africa but modern discoveries show otherwise. During the Renaissance, Nicolaus Copernicus proposed a heliocentric model of the solar system. His work was defended, expanded upon, and corrected by Galileo Galilei and Johannes Kepler. Galileo innovated by using telescopes to enhance his observations. Kepler was the first to devise a system that described correctly the details of the motion of the planets with the Sun at the center. However, Kepler did not succeed in formulating a theory behind the laws he wrote down. It was left to Newtons invention of celestial dynamics and his law of gravitation to finally explain the motions of the planets. Newton also developed the reflecting telescope. Further discoveries paralleled the improvements in the size and quality of the telescope. More extensive star catalogues were produced by Lacaille. The astronomer William Herschel made a detailed catalog of nebulosity and clusters, and in 1781 discovered the planet Uranus, the first new planet found. The distance to a star was first announced in 1838 when the parallax of 61 Cygni was measured by Friedrich Bessel. During the nineteenth century, attention to the three body problem by Euler, Clairaut, and DAlembert led to more accurate predictions about the motions of the Moon and planets. This work was further refined by Lagrange and Laplace, allowing the masses of the planets and moons to be estimated from their perturbations. Significant advances in astronomy came about with the introduction of new technology, including the spectroscope and photography. Fraunhofer discovered about 600 bands in the spectrum of the Sun in 1814-15, which, in 1859, Kirchhoff ascribed to the presence of different elements. Stars were proven to be similar to the Earths own Sun, but with a wide range of temperatures, masses, and sizes. The existence of the Earths galaxy, the Milky Way, as a separate group of stars, was only proved in the 20th century, along with the existence of external galaxies, and soon after, the expansion of the universe, seen in the recession of most galaxies from us. Modern astronomy has also discovered many exotic objects such as quasars, pulsars, blazars, and radio galaxies, and has used these observations to develop physical theories which describe some of these objects in terms of equally exotic objects such as black holes and neutron stars. Physical cosmology made huge advances during the 20th century, with the model of the Big Bang heavily supported by the evidence provided by astronomy and physics, such as the cosmic microwave background radiation, Hubbles law, and cosmological abundances of elements Research Papers on ASTRONOMY - HISTORY AND REVOLUTIONThree Concepts of PsychodynamicThe Rise and Fall of Napoleon BonaparteAmerican Central Banking and OilDistance Learning Survival GuideGlobal Distributive Justice is UtopianGenetic EngineeringDeontological Teleological TheoriesBooker T. Washington, W.E.B. Du Bois, Ida B. Wells-BarnettDefinition of Export QuotasCombating Human Trafficking

Every Other

Every Other Every Other Every Other By Maeve Maddox Clarity of expression is the writer’s goal, but what is clear to the writer may not always be clear to the reader. Ambiguity is the enemy of clarity. ambiguity (noun): the capability of being understood in two or more ways. ambiguous (adjective): admitting more than one possible interpretation. nuance (noun): a subtle or slight variation or difference in meaning. Ambiguity is not always a bad thing in writing. In literature, for example, ambiguity and nuance contribute to the pleasure of the reader who enjoys an intellectual challenge. In a science text or instruction manual, on the other hand, ambiguity contributes to confusion and error. ESL learners, especially, have difficulty with expressions that can be interpreted in more than one way. Even native speakers are sometimes left wondering about the meaning of a common expression. â€Å"Every other† is one of these expressions. It can mean â€Å"each of several,† as in â€Å"The homeless have the same rights as every other citizen† (i.e., all other citizens). Or it can mean â€Å"every second one,† as in â€Å"Open Mike Every Other Saturday† (i.e., alternating Saturdays). Most native speakers would have no difficulty interpreting the following uses of â€Å"every other†: Your child will muddle through [a cold] like every other child.   The child’s father has visitation rights every other weekend. Why is every other politician trying to target Narenda Modi? Every particle of matter in the universe attracts every other particle. Even a native speaker, however, might have to think about the following: Every teacher in the group was asked to rate every other teacher for general teaching ability and skill in discipline. Employees will empty large trash bins on Fridays and small wastebaskets every other day. The writer’s intended audience dictates usage. If the writer’s audience can be expected to include readers of widely differing English comprehension, the use of even such a familiar idiom as â€Å"every other† must be scrutinized. Here are suggested revisions of the examples given above: Your child will muddle through [a cold] like all other children.   The child’s father has visitation rights on alternating weekends. Why are other politicians trying to target Narenda Modi? All particles of matter in the universe attract one another. Every teacher in the group was asked to rate each of the other teachers for general teaching ability and skill in discipline. Employees will empty large trash bins on Fridays and small wastebaskets on alternating days. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:When to Capitalize Animal and Plant NamesIn Search of a 4-Dot EllipsisList of 50 Compliments and Nice Things to Say!

Cancer at the molecular level Essay Example | Topics and Well Written Essays - 1000 words

Cancer at the molecular level - Essay Example (Normal cell cycle) (Genetic mutation- causes alteration in genes) (Alberts, 2007) Cancer is a genetic phenomenon that onsets as a result of trigger in the signal transduction of normal cell cycle, causing alteration in the cellular pathway for uncontrolled proliferation figuring malignant tumors. Cancer cells are not confined to one location and they turn invasive, spread to the nearby tissues initially and gradually their seedlings are carried to different parts/ organs of the body via lymph or blood causing invasion of the cancer to other tissues and organs. This stage is called metastasis. On the contrary, some cancer cells do not display uncontrolled growth, they are non-invasive and do not spread, such stage of cancer only forms benign tumors (Alberts, 2007). Cancer Proliferation Cancer is initiated in the cell, the basic unit of any living entity. Under normal conditions the cell follow the regular cell cycle but any chemical, physical or biological agent may trigger the conve rsion of proto-oncogene to oncogene, the active form of cancer causing gene which is responsible for the altered metabolism of the cell. The genetic basis of cancer has been revealed through numerous animal models. The human Genome Project aids in improving preclusion, analysis and management of cancer with better efficacy (Luo, 2008). Luo et al (2008) have identified essential genes in 12 cancer cell lines, they were exploited to find the presumed and established oncogenes such as KRAS, EGFR, MYC, MYB, BCR-ABL, CDK4 and CRKL that are vital for cancer cell proliferation and are found to be altered in the human cancers. Their findings postulate that tumoricidal agents trigger the expression of four genes PTPN1, NF1, SMARCB1, and SMARCE1. Moreover, five regulators are also activated in response to FAS activation, FAS, FADD, CASP8, ARID1A and CBX1. The information is beneficial for pursuing future cancer studies as well as for therapeutics. A comparative study between normal stem cells and cancer stem cells states that signal transduction namely Bmi1 and Wnt are shared by the normal as well as cancer stem cells for cellular proliferation. Perception and thorough understanding for cancer stem cells will certainly aid in recognition of the drug targets and cancer therapeutics (Lobo, 2007). Basis of cancer Any mutation may result in abnormal proliferation. However, mutations are generally insignificant and mutant cells are eradicated but accretion of mutation may occur in dividing cells resulting in cancer. Cancer causing mutation directly influence the cellular machinery including the genetic damage as well as signaling pathways and hence the entire cell division process is affected. As stem cells are pluripotent, long-lived as compared to their short lived descendant cells, they are vulnerable to the genotoxic elements causing oncogenic mutations (Pardal et al, 2003). Observations reveals that cancer tends to relapse after treatment. The genetic basis that has bee n postulated encompass the involvement of cancer stem cells. Research disclose that cancer stem cells play a pivotal role in cancer relapse as stem cells are not targeted by the conventional drugs and as these cancer stem cells are pluripotent they have potential to divide thereby generating tumor again. Much understanding of the cancer could be procured

Compare and contrast how foreign antigens are recognised by the innate Essay

Compare and contrast how foreign antigens are recognised by the innate and the adaptive immunity - Essay Example The innate immunity system is composed of four main components each of which contains a large number of different types of cells. These four main components are: Phagocytes, Interferon, Compliment system and Natural Killer cells. The innate immunity is non-specific and targets every foreign antigen that it is exposed to. Also the response to these foreign antigens is very rapid. Mast cells of the innate immunity system release histamine which causes inflammation and dilation of the capillaries to allow the needed action. Adaptive immunity also aims to protect the body against infectious particles however the mode of action and the components involved are quite different from that of innate immunity. The adaptive immunity is very specific recognizing and acting against a specific antigen. The response against the antigen is quite slow when compared with the innate immunity and there is a time delay between the onset of antigens and the action taken by the adaptive immunity. The action however is targeted and once it is taken, it leads to rapid removal of antigens from the body. In both the innate and the adaptive immunity, the response to the foreign antigens takes place in two phases: the activation phase and the effector phase. The activation phase is very similar in both of these systems. During the activation phase, antigens are presented by the Major histocompatibility complexes to the T-cells. In the innate immunity the antigen is presented to the cytotoxic T cell which after recognizing the signal proliferates and produces perforin in order to lyse the infected cell. On the other hand, in the adaptive immunity, the antigens are presented to T-helper cells. The helper cells release cytokines which allow it to proliferate into clones. These clones then act on individual B-cells which cause them to proliferate and differentiate into either plasma cells or memory cells. Like the innate immunity, the adaptive

Journal Essay Example | Topics and Well Written Essays - 500 words - 39

Journal - Essay Example The French government colonized Haiti at a time when slavery was as an aspect that would amount to great economic growth. From Dubois’ assertions, french government actually led to the increase in poverty level in Haiti through forcing Haiti government to take a loan from them that they would use to compensate slaves. The U.S is also to blame for Haiti’s poor economic growth; the U.S made Haiti be over depended on foreign support. Dubois, however, provides some different assertions offered for Haiti’s troubles. For instance, he mentions a religious leader that insisted that Haiti faces many natural calamities since they had sold themselves to the devil; practiced voodoo culture. Another claim points out that Haiti’s poverty results from the leadership it has had after it gained independence. Most of these leaders who happened to be freed slaves had greed and focused much on accumulating wealth for themselves, thereby creating corruption and dictatorship. Certainly, from my assumption, I think Haitians, the French Government and U.S government have to take responsibility for Haiti’s misfortunes. However, the blame should be more on the Haitians. Certainly, natural calamities such as earthquakes are rather unavoidable. However, shameful factors such as neocolonialism, corruption, poverty, crime, and poor economic growth can be because of certain actions from people. The Haitians should take blame for their high level of poverty, corruption and poor economic growth. The level of poverty in Haiti results from the corrupt and unstable governments that have existed (Wilentz), and incompetent citizens. In addition, poor economic growth also results from the high level of crime and corruption done by the Haitians themselves. Therefore, Haitians should stop blaming occurrences in history for their failures. However, the blame on the U.S government for increasing Haiti’s over dependence on foreign aid is justifiable. By doing this, the U.S

Network Simulator Essay Example for Free

Network Simulator Essay INTRODUCTION IEEE 802.11 is the de facto standard for WLANs. It specifies both the medium access control (MAC) and the physical (PHY) layers for WLANs. The MAC layer operates on top of one of several physical layers. Medium access is performed using Carrier Sense Multiple Access with Collision Avoidance. However, simple CSMA is susceptible to the hidden node problem, especially in so called ad hoc networks where a node may communicate directly with every other node in range or using intermediate nodes as relays otherwise. Hidden nodes cause costly packet collisions and thus significantly affect network performance. In order to combat the hidden node problem, a mechanism known as Request to Send/Clear to Send (RTS/CTS) handshake is often used. RTS/CTS mechanism is supported in the IEEE 802.11 family of standards. The RTS/CTS mechanism was initially proposed in a protocol called Multiple- Access with Collision Avoidance (MACA). From a network point of view, one of the primary reasons for using the RTS/CTS mechanism is to avoid network congestion resulting from frequent packet collisions. Figure 1 depicts a conceptual â€Å"throughput versus Packet Size† curve for a network. In the presence of congestion, the throughput goes to zero as the Packet Size is increased beyond a certain value. A properly designed network, on the other hand, maintains the maximum throughput as the Packet Size goes to infinity. LITERATURE REVIEW The IEEE 802.11 standard includes an optional feature of the RTS/CTS (Request to Send/Clear to Send) function to control station access to the medium when collisions occur due to the hidden node. This option is also known as virtual carrier sensing. Through the proper use of RTS/CTS, you can fine-tune the operation of your wireless LAN since it solves the hidden node problem and provides additional protection against collisions. If you enable RTS/CTS on a particular station, it will refrain from sending a data frame until the station completes a RTS/CTS handshake with another station, such as an access point. A station initiates the process by sending a RTS frame. The access point (AP) or another station receives the RTS and responds with a CTS frame. The station must receive a CTS frame before sending the data frame. The CTS also contains a time value that alerts other stations to hold off from accessing the medium while the station initiating the RTS transmits  its data. Thus, the use of RTS/CTS reduces collisions and improves the performance of the network if hidden nodes are present. SIMULATION ENVIRONMENT We use Ns-3 as simulation tool. NS-3 is built using C++ and Python and scripting is available with both languages. The ns-3 library is wrapped to python thanks to the pybindgen library which delegates the parsing of the ns-3 C++ headers to gccxml and pygccxml to generate automatically the corresponding C++ binding glue. These automatically-generated C++ files are finally compiled into the ns-3 python module to allow users to interact with the C++ ns-3 models and core through python scripts. Graphical visualization of raw or processed data collected in a simulation is graphed using Gnuplot tool. Our experimental done in Ubuntu 11.10 with installation of all needed tools. Simulation environment based on the command below, sudo apt-get install build-essential g++ python mercurial NS-3 is available in (linux, osx, cygwin, mingw) and we deploy Development version: http://code.nsnam.org/ns-3-dev. The development version is usually stable; a lot of people use it for daily work. RESULT ANALYSIS The results analysis are based on the following factors * Enabling and disabling RTS/CTS * Protocol bases, either UDP or TCP * WLAN standards which are IEEE 802.11a, IEEE 802.11b, IEEE 802.11g * Variation of Throughput, Packet Loss Ratio, Delay with Packet Size and Wifi Nodes. From the graphs below result obtained through the following * Disabling and enabling RTS/CTS * UDP protocol used * IEEE 802.11b standard used * Variation of Packet Size (500-2200) Considering the second result with use of TcpTahoe, TcpNewReno, TcpReno and UDP transport protocols with the following * Disabling and enabling RTS/CTS * UDP protocol used * IEEE 802.11b standard used * Variation of Packet Size Fig. Tahoe 1 Fig. Tahoe 2 Fig. Tahoe 3 Fig. Reno 1 Fig. Reno 2 Fig. Reno 3 Fig. Newreno 1 Fig. Newreno 2 Fig. Newreno 3 Considering the third result for different IEEE802.11 standards (802.11a, 802.11b and 802.11g). * Disabling and enabling RTS/CTS * TCP protocol used * IEEE 802.11a/ IEEE 802.11b/ IEEE 802.11g standard used * Variation of Wifi Nodes Fig. 802.11a (i) Fig. 802.11a (ii) Fig. 802.11a (iii) Fig. 802.11b (i) Fig. 802.11b (ii) Fig. 802.11b (iii) Fig. 802.11g (i) Fig. 802.11g (ii) Fig. 802.11g (iii) CONCLUSION From the result analysis obtained above, it is clearly seen that IEEE 802.11a has better performance compared to other wireless standards due to the following reasons; * Provides maximum data rate of about 54 Mbps. * It operates in 5GHz ISM band. * It is not subjected to interference from other products designed , * It is characterized with higher throughput * It is suited for connectivity provision over densely populated user environment Also from the result analysis above, TCP Tahoe is the best TCP variant due to the following facts; * It is characterized by fast retransmit. * It is characterized by fast recovery. * Reduce congestion window REFERENCES 1. E. Ayanoglu, S. Paul, T. F. LaPorta, K. K. Sabnani, and R. D.Gitlin, â€Å"AIRMAIL: A link-layer protocol for wireless networks,† ACMACM/Baltzer Wireless Networks J., vol. 1, pp. 47–60, Feb. 1995. 2. A. Bakre and B. R. Badrinath, â€Å"Handoff and system support for indirectTCP/IP,† in Proc. 2nd Usenix Symp. Mobile and Location-IndependentComputing, Apr. 1995. 3. S. Keshav, â€Å"REAL: A Network Simulator,† University of California at * Berkeley, Berkeley, CA, USA, Tech. Rep., 1988. * 4. V. Naoumov and A. Gross, â€Å"Simulation of Large Ad Hoc Networks,† In Proceedings of the 6th ACM Workshop on Modeling, Analysis, and * Simulation of Wireless and Mobile Systems, 2003.

Classification of Phylum Porifera

Classification of Phylum Porifera The porifera or sponges are marine animals and they consist of loosely organized cells.While all animals have unspecialized cells that can transform into specialized cells, sponges are unique in having some specialized cells that can transform into other types, often migrating between the main cell layers and the mesohyl in the process. Sponges do not have nervous, digestive or circulatory systems. Instead most rely on maintaining a constant water flow through their bodies to obtain food and oxygen and to remove wastes, and the shapes of their bodies are adapted to maximize the efficiency of the water flow. All are sessile aquatic animals and, although there are freshwater species, the great majority are marine (salt water) species. The outer surface of a sponge is lined with thin flat cells called the pinacocytes. these cells are mildly contractlie and due to this the shapes of some sponges changes.In many sponges pinacocytes are specialised into tubelike contractile porocytes. Openings in the porocytes act as pathways for water through the body wall and in this way they can regulate water circulation. Just below the pinacocyte layer of a sponge is a jelly like layer called the mesophyl. The mesenchyme cells also known as amoebiod cells move about the mesophyl and are specialised for reproduction, secreting skeletal elements, transporting and storing food and forming contractile rings around the openings in the sponge wall. Choanocytes also called the collar cells which are below the mesophyl line the inner chamber (s), these cells are flagelatted cells that have a collar like ring of microvilli, surrounding a flagellum.a net like mesh is formed in the collar when the microfilaments connect the microvilli the flagelum creates water currents through the sponge, and the collar filter microscopic food paqrticals from the water. Sponges are supported by a skeleton that may consist of microscopic needlelike spikes called spicules.amoebiod cells form spicules.these spicules are made of calcium carbonate or silica and may take on a variety of shapes.Alternatively, the skeleton may be made of spongin (a fibrous protien made of collagen). The nature of the skeleton is an important characteristic in the sponge taxonomy. Water Flow and Body Types A spongs life is dependent on the water currents the choanocytes create. The flow of the water brings food and oxygen to a sponge and carries away the metabolic and digestive wastes. The way the food is filtered and how the water circulates causes the phylum to have a certain body type. Three types of bodies have been described by the zoologists. Ascon: these are vase like sponges. Ostia are the outer openings of porocytes and lead directly to a chamber called spongocoel. Choanocytes line the spongocoel and water is drawn into it by the flagellar movement of choanocytes through the ostia. Water exits through a single large opening at the top of the sponge called the Osculum. Sycon: in this body form, the sponge wall appears to be folded. Water enters a Sycon sponge through openings called dermal pores. Dermal pores are the openings of invaginations of the body wall, called incurrent canals. Pores in the body wall connect incurrent canals to radial canals and the radial canals lead to spongocoeal. Radial canals are lined by the choanocytes, and the beating of the choanocyte flagella moves water from the ostia, through incurrent and radial canals, to the spongocoel, and out the Osculum. Leucon: sponges have an extensively branched canal system. Water enters the sponge through ostia and moves through branched incurrent canals. Canals leading away from the chambers are called the excurrent canals. Proliferation of chambers and canals has resulted in the absence of a spongocoeal, and often, multiple exits (oscula) for water leaving the sponge. Maintenance and Vital Functions Sponges consume particles that range in size from 0.1 to 50um. Their food consists of bacteria, microscopic algae, protest, and other suspended organic manner. The pray is slowly drawn into the sponge and consumed. Sponges help in reducing the turbidity of coastal waters. A single Leucon sponge, 1 cm in diameter and 10 cm in height can filter in excess of 20 litres of water everyday. Small suspended food particles are filtered by the choanocytes. Water passes through their collar near the base of the cell and moves into a sponge chamber at the opening end of the collar. Suspended food is trapped on the collar and moved along the microvilli to the base of the collar, where it is incorporated into a food vacuole. With pH changes and lysosomal enzyme activity the food is digested. Partially digested food is passed to amoeboid cells, which distribute it to other cells. Sponges are not limited to feed by the filtration method. Pinococytes lining the incurrent canals may phagocytize larger food particles up to 50um. Nutrients dissolved in the sea water can be actively transported by the sponge. Sponges dont have nerve cells to coordinate body functions. Most reactions occur due to individuals responding to a stimulus e.g. water circulation in some sponges is minimum at sunrise and at a maximum just before sunset because light inhibits the constriction of porocytes and other cells surrounding ostia keeping incurrent canals open. Other reactions however suggest some communication among cells. For example the rate of water circulation through the sponge can drop suddenly without and apparent external cause. This reaction can be due only choanocytes ceasing activities more or less simultaneously, and this implies some form of internal communication. The nature of this communication is unknown. Amoeboid cells transmitting chemicals messages and ion movement over cell surfaces are possible control mechanisms. Due to the presence of an extensive canal system and circulation of large volumes of water through sponges, all sponge cells are in close contact with water and so the nitrogenous waste removal and gaseous exchange occurs by diffusion Some sponges host photosynthesizing micro-organisms as endosymbionts and this coalation often results in the production of more food and oxygen than can be consumed. Freshwater sponges often host green algae as endosymbionts within archaeocytes and other cells, and benefit from nutrients produced by the algae. Many marine species host other photosynthesizing organisms.The spicules made of silica conduct light into the mesohyl, where the photosynthesizing endosymbionts live. Sponges that host photosynthesizing organisms are commonest in waters with relatively poor supplies of food particles, and often have leafy shapes that maximize the amount of sunlight they collect. Few sponges are carnivorous. They can capture small crustaceans using spicule-covered filaments. In most cases little is known about how they actually capture prey. Most known carnivorous sponges have completely lost the water flow system and choanocytes. Sponges do not have the complex immune systems of most other animals. However they reject grafts from other species but accept them from other members of their own species. In a few marine species, grey cells act as the guards for the sponges. When invaded, they produce a chemical that stops movement of other cells in the affected area, thus preventing the intruder from using the sponges internal transport systems. If the intrusion persists, the grey cells accumulate in the area and release toxins that kill all cells in the area. The immune systems stay activated for up to 3 weeks or so. Reproduction Most sponges are monoecious but do not usually self fertilise because individual produce eggs and sperms at different times. Certain choanocytes lose their collar and their flagella undergo meiosis and form flagellated sperms. Other choanocytes and amoeboid cells in some sponges probably undergo meiosis to form eggs. Sperm and eggs are released from sponge oscula. Fertilisation occurs in the ocean water resulting in planktonic larvae development. In some sponges the eggs are retained inside the mesophyl of the parent. Sperm cells exit one sponge through the Osculum and enter another sponge with the incurrent water. Choanocytes trap the sperms and incorporate them into vacuole. The choanocytes lose their collar and flagellum; they become amoeboids, and transport the sperm to the eggs. In some sponges, early development occurs in the mesophyl. Cleavage of a zygote results in the formation of a flagellated larval stage. The breaks free and is carried the water carries it away from the parent sponge. After about two days the larva settles in a suited environment and starts to mature into and adult. Asexual reproduction also occurs in some sponges. This involves the formation of resistant capsules, called gemmules which contain masses of amoeboid cells. At the death of the parent sponge in winter, gemmules are released from them which can survive adverse conditions. When favourable condition are observed in spring time the amoeboid cells stream out of a tiny opening, called the micropyle, and organise into a sponge. Some sponges have the remarkable power of regeneration. Though this is possible if the right cells are present in the sponge. A few species reproduce by budding Ecology Sponges are very competitive for living space .Many sponges shed spicules, forming a dense carpet several meters deep that keeps away organism which would otherwise prey on the sponges. They also produce toxins that prevent other sessile organisms such as bryozoans or sea squirts from growing on or near them. Sponges are important ecological constituents of reef communities, but they do not commonly contribute to the construction of reef frameworks. Habitats Sponges are worldwide in their distribution, from the Polar Regions to the tropics. Most are found to be in quiet and clear waters because sediment stirred up by waves or currents block their pores, making it difficult for them to feed and breathe. The greatest numbers of sponges are usually found on firm surfaces such as rocks, but some sponges are found on soft sediment they attach themselves by means of a root-like base. Sponges are more abundant but less diverse in temperate waters than in tropical waters, possibly because organisms that prey on sponges are more abundant in tropical waters. Uses The calcium carbonate or silica spicules are too rough for most uses, but two genera, Hippospongia and Spongia, have soft, entirely fibrous skeletons. Early Europeans used soft sponges for many purposes including padding for helmets, portable drinking utensils and municipal water filters. Sponges were used as cleaning tools, applicators for paints and ceramic glazes and discreet contraceptives. The luffa sponge, which is commonly sold for use in the kitchen or the shower, is not derived from an animal but from the fibrous skeleton of a gourd. Sponges have medicinal potential due to the presence in sponges themselves or their microbial symbionts of chemicals that may be used to control viruses, bacteria, tumours and fungi.