Indias Financial Markets

Indias Financial Markets As all the Financial Markets in India together form the Indian Financial Markets, all the Financial Markets of Asia together form the Asian Financial Markets; likewise all the Financial Markets of all the countries of the world together form the Global Financial Markets. Financial Markets deal with trading (buying and selling) of financial securities (stocks and bonds), commodities (valuable metals or food grains), and other exchangeable and valuable items at minimum transaction costs and market efficient prices. Financial Markets can be domestic or international. The Global Financial Markets work as a significant instrument for improved liquidity. Financial Markets can be categorized into six types: Capital Markets: Stock markets and Bond markets Commodity Markets Money Markets Derivatives Markets: Futures Markets Insurance Markets Foreign Exchange Markets The Financial Markets play a major role in the Global Economy because it helps businesses to raise capital (in capital markets), they facilitate transferring of risk (in derivative markets), and they help international trade (in currency markets) to prosper. The International Stock Markets form a major part of the Global Financial Markets. The Amsterdam Stock Exchange is the oldest stock exchange, which started operating in continuous trade in the earlier part of the 17th Century. Some of the Important Stock Exchanges of the world are: The New York Stock Exchange (merged with Euro next): The New York Stock Exchange (NYSE) is a stock exchange based in New York City, USA that was incorporated in 1817. In terms of dollar volume, it is the largest stock exchange in the world, and in terms of the number of companies listed it is the second largest stock exchange in the world. The NYSE is also known as the Big Board. The indexes used in the NYSE are the NYSE Composite Index and the Dow Jones Industrial Average Index. The NYSE functions under NYSE Euro next, the formation of which was the result of NYSEs merger with Archipelago Holdings and Euro next. Tokyo Stock Exchange: The Tokyo Stock Exchange (TSE), incorporated in 1949, is located in Tokyo, Japan. In terms of monetary volume, The Tokyo Stock Exchange is the second largest stock exchange in the world, only next to New York Stock Exchange. The indexes used in the TSE are Nikkei 225, Topix, and J30. NASDAQ: The National Association of Securities Dealers Automated Quotations, or NASDAQ, is an electronic stock market based in New York City, USA that was incorporated in 1971. The NASDAQ Stock Market, Inc. is the owner and regulator of NASDAQ. The main index used in NASDAQ is the NASDAQ Composite. London Stock Exchange: Established in 1801, the London Stock Exchange (LSE) is one of the oldest and largest stock exchanges in the world. In terms of market capitalization, the London Stock Exchange was ranked 4th among all the other important stock exchanges in the world in March 2007. The London Stock Exchange is located in Paternoster Square near St. Pauls Cathedral, London. The stock market index of London Stock Exchange is the Footsie (FTSE). Euro next (merged with NYSE): Founded in 2000, Euro next N.V. is a pan-European Stock Exchange, which is based in Paris. In terms of market capitalization, Euro next ranks as the fifth largest stock exchange in the world. There was a merger of Euro next with the NYSE Group, which led to the formation of NYSE Euro next and it is the first global stock exchange. The main indexes used in Euro next are the Euro next 100 Index and the Next 150 Index. The Bombay Stock Exchange (BSE): Located in Mumbai, India and founded in 1875, the Bombay Stock Exchange is the oldest stock exchange of Asia. The main index of BSE is called the BSE Sensex (Sensitive Index) or the BSE 30. In terms of volume of transactions, the BSE was ranked as one of the top five stock exchanges in the world in 2005. Some terms that are used in the Global Financial Markets are: Geek, a Quant Grim Nerd, a Quant Quant Big Swinging Dick Rocket Scientist White Knight Today equity research has become a specialized activity, although confined to a very small segment of the market. It would be a little early to consider equity research as an independent business segment, but at the same time it must be appreciated that the value of equity research is being felt by the market. This is an interesting stage in the growth and development of equity research, especially in a situation where the traditional individual investor is unwilling to pay for vital stock related information while the institutional investor is already paying for research reports. The phenomenal growth of the financial markets over the last quarter of a century has meant that the very character of investment has changed with ever larger scales of market capitalization. The emergence of the Fund Manager as a new value addition in investment related financial services is actually a part of the growth and development of the institutional investor. The fund managers sole objective is to ensure maximum returns for his clients whose money he invests working in tandem with research inputs. The fund manager and his client are a vital part of the institutional investment process sustained by an advanced and research driven approach to capital market investment. Equity research still has some time to develop as a sustainable business model, but like any other research activity it has its limitations in developing into a booming business. Institutional investors are willing to pay ever higher amounts for in-depth and precise research in accordance with their requirements. Some of the modes of equity research are: Fundamental Analysis Technical Analysis Securities Market Analysis Index Momentum Analysis Securities Momentum Analysis Securities Chart Analysis India n Financial Market India Financial market is one of the oldest in the world and is considered to be the fastest growing and best among all the markets of the emerging economies. The history of Indian capital markets dates back 200 years toward the end of the 18th century when India was under the rule of the East India Company. The financial market in India today is more developed than many other sectors because it was organized long before with the securities exchanges of Mumbai, Ahmadabad and Kolkata were established as early as the 19th century. By the early 1960s the total number of securities exchanges in India rose to eight, including Mumbai, Ahmadabad and Kolkata apart from Madras, Kanpur, Delhi, Bangalore and Pune. Today there are 21 regional securities exchanges in India in addition to the centralized NSE (National Stock Exchange) and OTCEI (Over the Counter Exchange of India). The corporate sector wasnt allowed into many industry segments, which were dominated by the state controlled public se ctor resulting in stagnation of the economy right up to the early 1990s. Thereafter when the Indian economy began liberalizing and the controls began to be dismantled or eased out, the securities markets witnessed a flurry of IPOs that were launched. This resulted in many new companies across different industry segments to come up with newer products and services. A remarkable feature of the growth of the Indian economy in recent years has been the role played by its securities markets in assisting and fuelling that growth with money rose within the economy. This was in marked contrast to the initial phase of growth in many of the fast growing economies of East Asia that witnessed huge doses of FDI (Foreign Direct Investment) spurring growth in their initial days of market decontrol. During this phase in India much of the organized sector has been affected by high growth as the financial markets played an all-inclusive role in sustaining financial resource mobilization. Many PSUs (Public Sector Undertakings) that decided to offload part of their equity were also helped by the well-organized securities market in India. The launch of the NSE (National Stock Exchange) and the OTCEI (Over the Counter Exchange of India) during the mid 1990s by the government of India was meant to usher in an easier and more transparent form of trading in securities . The NSE was conceived as the market for trading in the securities of companies from the large-scale sector and the OTCEI for those from the small-scale sector. While the NSE has not just done well to grow and evolve into the virtual backbone of capital markets in India the OTCEI struggled and is yet to show any sign of growth and development. The integration of IT into the capital market infrastructure has been particularly smooth in India due to the countrys world class IT industry. This has pushed up the operational efficiency of the Indian stock market to global standards and as a result the country has been able to capitalize on its high growth and attract foreign capital like never before. Potential of India Financial Market India Financial Market helps in promoting the savings of the economy helping to adopt an effective channel to transmit various financial policies. The Indian financial sector is well-developed, competitive, efficient and integrated to face all shocks. In the India financial market there are various types of financial products whose prices are determined by the numerous buyers and sellers in the market. The other determinant factor of the prices of the financial products is the market forces of demand and supply. The various other types of Indian markets help in the functioning of the wide India financial sector. Features OF FINANCIAL Market in India: India Financial Indices BSE 30 Index, various sector indexes, stock quotes, Sensex charts, bond prices, foreign exchange, Rupee Dollar Chart Indian Financial market news Stock News Bombay Stock Exchange, BSE Sensex 30 index, SP CNX-Nifty, company information, issues on market capitalization, corporate earnings statements Fixed Income Corporate Bond Prices, Corporate Debt details, Debt trading activities, Interest Rates, Money Market, Government Securities, Public Sector Debt, External Debt Service Foreign Investment Foreign Debt Database composed by BIS, IMF, OECD, World Bank, Investments in India Abroad Global Equity Indexes Dow Jones Global indexes, Morgan Stanley Equity Indexes Currency Indexes FX Gold Chart Plotter, J. P. Morgan Currency Indexes National and Global Market Relations Mutual Funds Insurance Loans Forex and Bullion Indian money market AS PER RBI DEFINITIONS A market for short terms financial assets that are close substitute for money, facilitates the exchange of money in primary and secondary market. Indian money market was highly regulated and was characterized by limited number of participants. The limited variety and instruments were available. Interest rate on the instruments was under the regulation of Reserve Bank of India. The sincere efforts for developing the money market were made when the financial sector reforms were started by the government. Money markets are the markets for short-term, highly liquid debt securities. Examples of these include bankers acceptances, repos, negotiable certificates of deposit, and Treasury Bills with maturity of one year or less and often 30 days or less. Money market securities are generally very safe investments, which return relatively; low interest rate that is most appropriate for temporary cash storage or short term time needs. The National Stock Exchange, where the stocks of the largest Indian. Corporations are traded, is a prime example of a capital primary market. Regarding timing, there is no hard and fast rule on this, but when describing debt markets, short term generally means less than one year, intermediate term means one to five years, and long term means more than five years. THE NATURE OF MONEY MARKETS In this we define money markets broadly to include all financial instruments easily converted to means of payment that are used by governments, financial institutions and nonfinancial institutions for short-term funding or placements. By convention, we limit our scope to instruments of less than one year maturity. The most important function of a money market is to provide a means whereby economic units can quickly adjust through cash positions. For all economic units (business, households financial institutions or governments) the timing of cash inflows is rarely perfectly synchronized or predictable in the short run. In addition to facilitating the liquidity management of economic actors, money markets fulfill a number of additional economic functions: Interest rates on money market instruments serve as reference rates for pricing all debt instruments; Governments or central banks use money market instruments as tools at monetary policy; Short-term interbank markets, finance longer-term lending when financial intermediaries transform maturities. Features of Money Market It is a market purely for short-terms funds or financial assets called near money. It deals with financial assets having a maturity period less than one year only. In Money Market transaction cannot take place formal like stock exchange, only through oral communication, relevant document and written communication transaction can be done. Transaction has to be conducted without the help of brokers. It is not a single homogeneous market, it comprises of several submarket like call money market, acceptance bill market. The components of Money Market are the commercial banks, acceptance houses NBFC (Non-banking financial companies). It is not a single market but a collection of markets for several instruments. It is a need-based market wherein the demand supply of money shape the market. Money market is basically over-the-phone market. Dealing in money market may be conductive with or without the help of brokers. It is a market for short-term financial assets that are close substitutes for money. Financial assets which can be converted into money with ease, speed, without loss with minimum transaction cost are regarded as close substitutes for money. The major players of money market Reserve Bank of India SBI DFHI Ltd (Amalgamation of Discount Finance House in India and SBI in 2004) Acceptance Houses Commercial Banks, Co-operative Banks and Primary Dealers are allowed to borrow and lend. Specified All-India Financial Institutions, Mutual Funds, and certain specified entities are allowed to access to Call/Notice money market only as lenders Individuals, firms, companies, corporate bodies, trusts and institutions can purchase the treasury bills, CPs and CDs. Money market instruments Money market instruments take care of the borrowers short-term needs and render the required liquidity to the lenders. The varied types of India money market instruments are treasury bills, repurchase agreements, commercial papers, certificate of deposit, and bankers acceptance. Treasury Bills (T-Bills) Treasury bills were first issued by the Indian government in 1917. Treasury bills are short-term financial instruments that are issued by the Central Bank of the country. It is one of the safest money market instruments as it is void of market risks, though the return on investments is not that huge. Treasury bills are circulated by the primary as well as the secondary markets. The maturity periods for treasury bills are respectively 3-month, 6-month and 1-year. The price with which treasury bills are issued comes separate from that of the face value, and the face value is achieved upon maturity. On maturity, one gets the interest on the buy value as well. To be specific, the buy value is determined by a bidding process, that too in auctions. Repurchase Agreements Repurchase agreements are also called repos. Repos are short-term loans that buyers and sellers agree upon for selling and repurchasing. Repo transactions are allowed only among RBI-approved securities like state and central government securities, T-bills, PSU bonds, FI bonds and corporate bonds. Repurchase agreements, on the other hand, are sold off by sellers, held back with a promise to purchase them back at a certain price and that too would happen on a specific date. The same is the procedure with that of the buyer, who purchases the securities and other instruments and promises to sell them back to the seller at the same time. Commercial Papers Commercial papers are usually known as promissory notes which are unsecured and are generally issued by companies and financial institutions, at a discounted rate from their face value. The fixed maturity for commercial papers is 1 to 270 days. The purposes with which they are issued are for financing of inventories, accounts receivables, and settling short-term liabilities or loans. The return on commercial papers is always higher than that of T-bills. Companies which have a strong credit rating, usually issue CPs as they are not backed by collateral securities. Corporations issue CPs for raising working capital and they participate in active trade in the secondary market. It was in 1990 that Commercial papers were first issued in the Indian money market. Certificate of Deposit A certificate of deposit is a borrowing note for the short-term just similar to that of a promissory note. The bearer of a certificate of deposit receives interest. The maturity date, fixed rate of interest and a fixed value are the three components of a certificate of deposit. The term is generally between 3 months to 5 years. The funds cannot be withdrawn instantaneously on demand, but has the facility of being liquidated, if a certain amount of penalty is paid. The risk associated with certificate of deposit is higher and so is the return (compared to T-bills). It was in 1989 that the certificate of deposit was first brought into the Indian money market. Bankers Acceptance A bankers acceptance is also a short-term investment plan that comes from a company or a firm backed by a guarantee from the bank. This guarantee states that the buyer will pay the seller at a future date. One who draws the bill should have a sound credit rating. 90 days is the usual term for these instruments. The term for these instruments can also vary between 30 and 180 days. It is used as time draft to finance imports, exports. It depends on the economic trends and market situation that RBI takes a step forward to ease out the disparities in the market. Whenever there is a liquidity crunch, the RBI opts either to reduce the Cash Reserve Ratio (CRR) or infuse more money in the economic system. In a recent initiative, for overcoming the liquidity crunch in the Indian money market, the RBI infused more than Rs 75,000 crore along with reductions in the CRR. Call money market The call money market consists of overnight money and money at short notice for periods up to 14 days. It essentially serves the purpose of equilibrating the short-term liquidity position of banks. The call money market as a significant component of the money market possesses a few special characteristics:- Call money is an instrument for ultra-short period management of funds and is easily reversible. It is primarily a telephone market and is therefore, administratively convenient to manage for both borrowers and lender. Being an instrument of liability management, it provides incremental funds and adds to the size of balance sheet of banks. From the macro-side, developed call money market helps to smoothen the fluctuations in the reserve-deposit rations of banks thereby contributing to the stability of the money-multiplier process. A stable money multiplier in turn serves as a reliable means of monetary regulation and policy guide. From the micro angle, short-run borrowing by banks improves the efficiency of funds management in two ways. One way, it enables banks to hold higher reserve-deposit ratio than would be possible otherwise. In another way, it allows some banks to permanently increase their pool of investible funds. Hence, active well-organized call money market improves the funds management practices of banks which in turn further their overall efficiency and profitability. The money market continued to remain orderly during Q2 of 2009-10. Reflecting the surplus liquidity conditions, the call rate hovered around the lower bound of the informal LAF corridor during the Q2 of 2009-10). The call rate averaged 3.25 per cent in Q2, which was marginally higher than 3.22 per cent in Q1.Interest rates in the collateralized segments of the money market the market repo and the collateralized borrowing and lending obligation moved in tandem with the call rate during Q2 but remained below the call rate. The weighted average interest rate in the collateralized segment of the money market marginally increased to 2.7 per cent during Q2 of 2009-10 from 2.4 per cent during Q1. Transaction volumes in CBLO and market repo segments continued to remain high during Q2 of 2009-10 reflecting the easy liquidity and active market conditions. Banks as a group are the major borrowers in the collateralized segment whereas mutual funds (MFs) continue to remain the single largest len der of funds in that segment. In fact, more than 75 per cent of the lending in the collateralized segment was contributed by the MFs in Q2, reflecting their continued enhanced lending capacity. The collateralized market remained the predominant segment of the money market, accounting for more than 80 per cent of the total volume in the money market in Q2. Source = http://www.rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=10690#t56 Objective of call Money Market To provide a parking place to employ short term surplus funds. To provide room for overcoming short term deficits. To enable the central bank to influence and regulate liquidity in the economy through its intervention in this market. To provide a reasonable access to users of short-term funds to meet their requirement quickly, adequately at reasonable cost. Importance of call Money Market Development of trade industry. Development of capital market. Smooth functioning of commercial banks. Effective central bank control. Formulation of suitable monetary policy. Non inflationary source of finance to government. To provide help to the industry and trade. Some practical aspect of call money market v Number of Participants in Call/Notice Money Market:- (As on March 31, 2008) Category Bank PD FI MF Corporate Total I. Borrower 154 15 169 II. Lender 154 15 20 35 50 274 v Market Shares of Constituents in Call/Notice Money Market (In Percent) Borrowings Lendings Year Banks PDs Banks PDs Others 2007 68 32 52 11 37 2008 66 34 45 11 44 v Shares of Select Participants in Call Money Market: Lending (In Percent) Year Banks FIs Total 2007 20 18 38 (15) 2008 17 14 31 (13) Banks: Canara Bank, Central Bank, PNB and SBI FIs: ICICI, IDBI, LIC, SIDBI and UTI. Parenthetic figures relate to those of the SBI. v Shares of Select Banks in Call Money Market: Borrowings (In Percent) Year Banks 2007 36 2008 39 Select banks include ABN-AMRO Bank, Centurion Bank, Citi Bank, Deutsche Bank; Grind lays Bank, HDFC Bank, Hongkong Bank, IDBI Bank and Standard Chartered Bank. Some guidelines regarding call money market by r.b.i It may be recalled that in the annual policy Statement of April 2008, the intention to move towards a pure inter-bank call/notice money market by gradually phasing out non-bank participation was highlighted. Accordingly, in stage I, non-bank participants are allowed to lend, on average in a reporting fortnight, up to 85 per cent of their average daily lending during 2007-08. Subsequently, in the annual policy Statement of April 2008, it was stated that RBI would announce the date of effectiveness of stage II, wherein non-bank participants would be allowed to lend, on average in a reporting fortnight, up to 75 per cent of their average daily lending in call/notice market during 2007-08, depending on the date when NDS/CCIL becomes fully operational. In view of the encouraging developments in the functioning of NDS/CCIL, it is desirable to accelerate the progress of moving towards a pure inter-bank call/notice money market and facilitate further deepening of repo/term money market. Accordingly, it has been decided that effective from the fortnight beginning June 14, 2007, under stage II, non-bank participants would be allowed to lend, on average in a reporting fortnight, up to 75 per cent of their average daily lending in call/notice money market during 2007-08. However, in case a particular non-bank institution has genuine difficulty in deploying its excess liquidity, RBI may consider providing temporary permission to lend a higher amount in call/notice money market for a specific period on a case by case basis. To facilitate monitoring of your operations in call/notice money market on a daily basis, you are requested to continue to submit the daily return in time to the Principal Monetary Policy Adviser, MPD, RBI as per the extant practice. Current market rate = 2.10% 3.30% Commercial Bill market Bills of exchange are negotiable instruments, drawn by the seller (drawer) of the goods on the buyer (drawee) of the goods for the value of the goods delivered. These bills are known as trade bills. Trade bills are called commercial bills when they are accepted by commercial banks. If the bill is payable at a future date and the seller needs money during the currency of the bill, he may approach his bank to discount the bill. The maturity proceeds or face value of a discounted bill from the drawee is received by the bank. If the bank needs funds during the currency of bill, it can rediscount the bill that has been already discounted by it in the commercial bill rediscount market at the available market discount rate. The RBI introduced the Bills Market scheme (BMS) in 1952 and the scheme was later modified into the New Bills Market Scheme (NBMS) in 1970. Under the scheme, commercial banks can rediscount the bills, which were originally discounted by them, with approved institutions. With the intention of reducing paper movements and in a bid to facilitate multiple rediscounting, the RBI introduced an instrument called Derivative Usance Promissory Notes (DUPN). Consequently, the need for the physical transfer of bills has been waived and the bank that originally discounts the bills only draws DUPN. These DUPNs are sold to investors in convenient lots of maturities (from 15 days up to 90 days) on the basis of genuine trade bills, discounted by the discounting bank. Commercial bill is a short term, negotiable, and self-liquidating instrument with low risk. It enhances he liability to make payment in a fixed date when goods are bought on credit. According to the Indian Negotiable Instruments Act, 1881, bill or exchange is a written instrument containing an unconditional order, signed by the maker, directing to pay a certain amount of money only to a particular person, or to the bearer of the instrument. Bills of exchange are negotiable instruments drawn by the seller (drawer) on the buyer (drawee) or the value of the goods delivered to him. Such bills are called trade bills. When trade bills are accepted by commercial banks, they are called commercial bills. The bank discounts this bill by keeping a certain margin and credits the proceeds. Banks, when in need of money, can also get such bills rediscounted by financial institutions such as LIC, UTI, GIC, ICICI and IRBI. The maturity period of the bills varies from 30 days, 60 days or 90 days, depe nding on the credit extended in the industry. Characteristics of Commercial bill Securities offered to the public must be registered with the Securities and Exchange Commission according to the Securities Act of 1933. Registration requires extensive public disclosure, including issuing a prospectus on the offering. It is a time-consuming and expensive process. Most commercial paper is issued under Section 3(a) (3) of the 1933 Act which exempts from registration requirements short-term securities as long as they have certain characteristics. Commercial paper is typically a discount security (like Treasury bills): the investor purchases notes at less than face value and receives the face value at maturity. The difference between the purchase price and the face value, called the discount, is the interest received on the investment. Commercial paper is, occasionally, issued as an interest-bearing note (by request of investors). The investor pays the face value and, at maturity, receives the face value and accrued interest. All commercial paper interest rates are quoted on a discount basis. The exemption requirements have been a factor shaping the characteristics of the commercial paper market. The following are requirements for exemption: The maturity of commercial paper must be less than 270 days. In practice, most commercial paper has a maturity of between 5 and 45 days, with 30-35 days being the average maturity. Many issuers continuously roll over their commercial paper, financing a more-or-less constant amount of their assets using commercial paper. The nine-month maturity limit is not violated by the continuous rollover of notes, as long as the rollover is not automatic but is at the discretion of the issuer and the dealer. Many issuers will adjust the maturity of commercial paper to suit the requirements of an investor. That proceeds from commercial paper issues be used to finance current transactions, which include the funding of operating expenses and the funding of current assets such as receivables and inventories. Proceeds cannot be used to finance fixed assets, such as plant and equipment, on a permanent basis. A safekeeping agent hired by the investor held the certificates, until presented for payment at maturity. The settling of the transaction, (the exchange of funds for commercial paper first at issuance and then at redemption, occur in one day. On the day the commercial paper is issued and sold, the investor receives and pays for the notes and the issuer receives the proceeds. On the day of maturity, the investor presents the notes and receives payment. Commercial banks, in their role as issuing, paying, and clearing agents, facilitate the settling of commercial paper by carrying out the exchanges between issuer, investor, and dealer required to transfer commercial paper for funds. Types of Commercial Bills: Commercial bill is an important tool finance credit sales. It may be a demand bill or a usance bill. A demand bill is payable on demand, that is immediately at sight or on presentation by the drawee. A usance bill is payable after a specified time. If the seller wishes to give sometime for payment, the bill would be payable at a future date. These bills can either be clean bil

Airbus Company Essay

1. Why is Airbus interested in building the A3XX? What are its objectives? Airbus predicts that there would be demand for more than 1500 super jumbos over the next 20 years that would generate sales in excess of $350 billion. And they could sell as many as 750 over jumbos over the next 20 years with a break even on undiscounted cash flow basis with the sales of only 250 planes. There is a huge profit in this business if Airbus succeeds in the industrial launch of A3XX jumbo jets. In addition, Airbus has received over half of the total large aircraft orders for the first time in 1999 thanks to the â€Å"cross crew qualification† feature. Capturing more than half of the very large aircraft (VLA) market with the A3XX would constitute an enormous financial success and would position Airbus as the commercial aviation industry leader. Despite the gains in the market share, Airbus still did not have a product to compete with Boeing’s 747 in the VLA market. Airbus wants to brea k the monopoly of the 747. The A3XX would have more space, be safer, and offer a higher operational margin for the Airlines. And it is especially attractive on longer routes. Once introduced, A3XX would have higher sales than 747. Moreover, Airbus believed it had solved all of the problems due to the large size of the plane and had begun the necessary procedures for regulatory approvals in the United States and elsewhere. Based on its Airbus’s Global Market Forecast (GMF), the company believes Airline would attempt to increase aircraft size when it was no longer feasible to increase flight frequencies. Hence, there is an increasing demand for super jumbos. Airbus predicts the growing economy in Asia like China will contribute greatly to the demand for VLAs in the future. Airbus felt confident in its analysis that capacity increases would eventually prevail. Airbus wants to embrace the same success in the A3XX as 747 had before. 4) The growth in the perpetuity comes from rising prices. Hence, the growth rate equals to the inflation rate. Airbus needs to sell 39 aircrafts annually in order to break even on the investment.The total demand for very large aircraft is 1,235 over the next 20 years (GMF 2000). The annual demand from 2009 to 2019 would be 62. So the breakeven point is much less than the total demands. 3. As Boeing, how would you respond to this situation? How does your answer depend on what you think Airbus is likely to do? Please provide some calculations to support your answers.

Night World : Witchlight Chapter 10

The car coming. Iliana screaming. And the feeling of absolute helplessness- Glass shattered. Keller didn't understand at first. She thought that Iliana was trying to break the window and get Jaime's attention. But the window was safety glass, and what broke was the beaker in Diana's hand. Blood spurted, shockingly red and liquid. And Iliana kept squeezing the broken glass in her hand, making more and more blood run. Her small face was fixed and rigid, her lips slightly parted, her breath held, her whole expression one of complete concentration. She was calling the blue fire. Keller lost her own breath. She's doing it! I'm going to see a Wild Power. Right here, right beside me, it's happening! She wrenched her own gaze back to the car. She was going to see those tons of metal come to a stop just as the BART train on the video had. Or maybe Iliana would just deflect the car in its course, send it into the grassy island in the middle of the driveway. In any case, she can hardly deny that she's the Wild Power now- It was then that Keller realized the car wasn't stopping. It wasn't working. She heard Iliana make a desperate sound beside her. There was no time for anything more. The car was on top of Jaime, swinging up onto the curb. Keller's heart lurched. And something streaked out behind Jaime, hitting her from behind. It knocked her flying toward the grassy island. Out of the path of the car. Keller knew who it was even before her eyes could focus on the dark golden hair and long legs. The car braked and screeched and swerved-but Keller couldn't tell if it had hit him. It went skidding, half on and half off the sidewalk. Then it corrected its course and roared along the driveway, speeding away. Nissa came dashing out of the door below and stood for an instant, taking in the scene. Above, Keller was still frozen. She and Iliana were both as motionless as statues. Then Iliana made a little noise and whirled around. She was off and running before Keller could catch her. She shot past Winnie, leaving a trail of flying red droplets. â€Å"Come on!† Keller yelled. They both went after her. But it was like chasing a sunbeam. Keller had had no idea the little thing could run like that. They were right behind her all the way down the stairs and out the door. It was where Keller wanted to be, anyway. There were two figures lying on the pavement. They were both very still. Keller's heart was beating hard enough to break through her chest. Amazing how, even after seeing so much in her life, she could still have the desperate impulse to shut her eyes. For the first moment, as her gaze raked over Galen's body, she wasn't sure if she could see blood or not. Everything was pulsing with dark spots, and her brain didn't seem able to put any kind of coherent picture together. Then he moved. The stiff, wincing motion of somebody injured, but not injured badly. He lifted his head, pushed himself up on one elbow, and looked around. Keller stared at him wordlessly. Then she made her voice obey her. â€Å"Did it hit you?† â€Å"Just glanced off me.† He got his legs under him. â€Å"I'm fine. But what about-^-â€Å" They both looked at Jaime. â€Å"Goddess!† Galen's voice was filled with horror. He scrambled up and took a limping step before falling to his knees. Even Keller felt shock sweep over her before she realized what was going on. At first glance, it looked like a tragedy. Diana was holding Jaime, cradling her in her arms, and there was blood everywhere. All over the front of Diana's sweater, all over Jaime's white shirt. It just showed up better on Jaime. But it was Diana's blood, still flowing from her cut hand. Jaime was blinking and lifting a hand to her forehead in bewilderment. Her color was good, and her breathing sounded clear if fast. â€Å"That car-those people were crazy. They were going to hit me.† I'm sorry,† Diana said. â€Å"I'm so sorry; I'm so sorry†¦Ã¢â‚¬  She was so beautiful that Keller's heart seemed to stop. Her fine skin seemed almost translucent in the cool afternoon light. That glorious hair was rippling in the wind behind her, every single strand light as air and moving independently. And her expression†¦ She was bending over Jaime so tenderly, tears Ming like diamonds. Her grief-it was complete, Keller thought. As if Jaime were her own dearest sister. She cared in a way that went beyond sympathy and beyond compassion and into something like perfect love. It†¦ transformed her. She wasn't a light-minded child anymore. She was almost†¦ angelic. All at once, Keller understood why everybody at school brought their problems to this girl. It was because of that caring, that love. Diana didn't help them to make herself popular. She helped because her heart was open, without shields, without the normal barriers that separated people from one another. And she was as brave as a little lion. She hadn't even hesitated when she saw Jaime in danger. She was afraid of blood, but she'd cut herself instantly, even recklessly, trying to help. That was courage, Keller thought. Not doing something without being afraid, but doing something even though you were afraid. In that moment, all of Keller's resentment of Diana melted away. All her anger and exasperation and contempt. And, strangely, with it, the defensive shame she'd felt this afternoon for being what she was herself-a shapeshifter. It didn't make sense. There was no connection. But there it was. The flat but strangely pleasant voice of Jaime was going on. â€Å"I'm okay-it was just a shock. Stop crying now. Somebody pushed me out of the way.† Diana looked up at Galen. She was still crying, and her eyes were the color of violet crystal. Galen was kneeling on one knee, looking down worriedly at Jaime. Their eyes met, and they both went still. Except for the wind ruffling Iliana's hair, they might have been a painting. A scene from one of the Old Masters, Keller thought. The boy with dark golden hair and that perfectly sculptured face, looking down with protective concern. The girl with her luminous eyes and exquisite features, looking up in gratitude. It was a sweet and lovely picture. It was also the exact moment that Iliana fell in love with Galen. And Keller knew it. She knew before Iliana knew herself. She saw a sort of plaintive shimmer in Iliana's eyes, like more tears about to fall. And then she saw the change in Iliana's face. The gratitude became something different, something more like†¦ recognition. It was as if Iliana were discovering Galen all at once, seeing everything in him that Keller had been slowly learning to see. They're both†¦ Keller wanted to think idiots, but the word wouldn't come. All she ended up with was the same. Both of them. Idealists. Open-hearted. Trying to rescue everyone. They're perfect for each other. â€Å"You saved her life,† Iliana whispered. â€Å"But you could have been killed yourself.† â€Å"It just happened,† Galen said. â€Å"I moved without thinking. But you-you're really bleeding†¦Ã¢â‚¬  Iliana looked soberly down at her hand. It was the only thing that marred the picture; it was gory and shocking. But Iliana's gaze wasn't frightened. Instead, she looked wise beyond her years and infinitely sad. â€Å"I†¦ couldn't help,† she said. Keller opened her mouth. But before she could say anything, Nissa appeared beside Iliana. â€Å"Here,† she said in her practical way, loosening the carefully knotted scarf at her throat. â€Å"Let me tie it up until we can see if you need stitches.† She glanced up at Keller. â€Å"I got the license plate of the car.† Keller blinked and refocused. Her brain started ticking again. â€Å"Both of you, go get the car,† she said to Nissa and Winnie. â€Å"Ill finish that.† She took Nissa's place by Iliana. â€Å"Are you really all right?† she asked Jaime, careful to face her directly. â€Å"I think we need to take all three of you to the hospital.† Part of her expected to see a flinching as the dark blue eyes under the soft brown bangs met hers. But, of course, there wasn't any. Nissa's memory blanking had been too good. Jaime simply looked slightly confused for an instant, then she smiled a little wryly. â€Å"I'm really okay.† â€Å"Even so,† Keller said. There was a crowd gathering. Students and teachers were running from various corners of the building, coming to see what the noise was about. Keller realized that it had actually been only a couple of minutes since the car had gone roaring and screeching along the sidewalk. A few minutes†¦ but the world had changed. In several ways. â€Å"Come on,† she said, and helped Jaime up. She let Galen help Iliana. And she felt strangely calm and peaceful. Galen turned out to have several pulled muscles and lots of scrapes and bruises. Jaime had bruises and a dizzy headache and double vision, which got her actually admitted to the hospital-hardly surprising, considering how many times she'd been knocked down that day, Keller thought. Iliana needed stitches. She submitted to them quietly, which only seemed to alarm her mother. Mrs. Dominick had been called from home to the hospital. She sat with the baby in her lap and listened to Keller try to explain how Iliana had gotten cut while standing at the chemistry room window. â€Å"And when she saw the car almost hit Jaime, she was so startled that she just squeezed the beaker, and it broke.† Diana's mother looked doubtful for a moment, but it wasn't her nature to be suspicious. She nodded, accepting the story. Jaime's parents had been called to the hospital, too, and both Galen and Jaime had to give statements to the police. Nissa flashed Keller a glance when the policewoman asked if anyone had noticed the car's license plate. Keller nodded. She had already had Nissa call the number in to Circle Daybreak from a pay phone, but there was no reason not to have the police on the case, too. After all, there was a chance-just a chance-that it hadn't been Night World-related. Not much of a chance, though. Circle Daybreak agents would follow Jaime and her family after this, watching from the shadows and ready to act if the Night World showed up again. It was a standard precaution. Both Mr. and Ms. Ashton-Hughes, Jaime's parents, came down from Jaime's floor to speak to Galen in the emergency room. â€Å"You saved our daughter,† her mother said. â€Å"We don't know how to thank you.† Galen shook his head. â€Å"Really, it just happened. I mean, anybody would have done it.† Ms. Ashton-Hughes smiled slightly and shook her head in turn. Then she looked at Iliana. â€Å"Jaime says she hopes your hand heals quickly. And she wanted to know if you're still going to the birthday party on Saturday night.† â€Å"Oh-† For a moment, Iliana looked bewildered, as if she'd forgotten about the party. Then she brightened. â€Å"Yeah, tell her that I am. Is she still going?† â€Å"I think so. The doctor said she can go home tomorrow, as long as she keeps quiet for a few days. And she said she wasn't going to miss it even if her head fell off.† Iliana smiled. It was well into the evening by the time they all got home. Everyone was tired, even the baby-and Iliana was asleep. Mr. Dominick came hurrying out of the house. He was a medium-sized man with dark hair and glasses, and he looked very anxious. He came around to the backseat as Hiana's mother filled him in on the situation. But it was Galen who carried Iliana inside. She didn't wake up. Hardly surprising. The doctor had given her something for the pain, and Keller knew that she hadn't had much sleep the night before. She lay in Galen's arms like a trusting child, her face turned against his shoulder. They looked†¦ very good together, Keller thought. They looked right. Winnie and Nissa hurried upstairs and turned down Diana's sheets. Galen gently lowered her to the bed. He stood looking down at her. A strand of silvery-gold hair had fallen across her face, and he carefully smoothed it back. That single gesture told Keller more than anything else could have. He understands, she thought. It's like that moment when she looked at him and discovered all at once that he's brave and gentle and caring. He understands that she cut herself to try and save Jaime, and that people love her because she loves them so much first. And that she couldn't be petty or spiteful if she tried, and that she's probably never wished another person harm in her life. He sees all that in her now. Mrs. Dominick came in just then to help get Iliana undressed. Galen, of course, went out. Keller gestured for Winnie and Nissa to stay, and followed him. This time, she was the one who said, â€Å"Can I talk with you?† They slipped into the library again, and Keller shut the door. With everything that was going on in the house, she didn't think anyone would notice. Then she faced him. She hadn't bothered to turn on the lights. There was some illumination from the window but not much. It didn't really matter. Shapeshifter eyes were good in the dark, and Keller was just as glad he couldn't study her face. She could see enough of his as he stood by the window. The light picked up the edge of his golden head, and she could see that his expression was troubled and a little uncertain. â€Å"Keller-† he began. Keller held up a hand to cut him off. â€Å"Wait. Galen, first I want to tell you that you don't owe me an explanation.† She took a breath. â€Å"Look, Galen, what happened this morning was a mistake. And I think we both realize that now.† â€Å"Keller†¦Ã¢â‚¬  â€Å"I shouldn't have gotten so upset at you about it. But that's not the point. The point is that things have worked out.† He looked bleak suddenly. â€Å"Have they?† â€Å"Yes,† Keller said firmly. â€Å"And you don't need to try and pretend otherwise. You care about her. She cares about you. Are you going to try and deny that?† Galen turned toward the window. He looked more than bleak now; he looked terribly depressed. â€Å"I do care about her,† he said slowly. â€Å"I won't deny it. But-â€Å" â€Å"But nothing! It's good, Galen. It's what was meant to be, and it's what we came here for. Right?† He shifted miserably. â€Å"I guess so. But Keller-â€Å" â€Å"And it may just possibly save the world,† Keller said flatly. There was a long silence. Galen's head was down. â€Å"We've got a chance now,† Keller said. ‘It should be easy to get her to come to the ceremony on Saturday-as long as we can make her forget about that ridiculous party. I'm not saying use her feelings against her. I'm just saying go with it. She should want to be promised to you.† Galen didn't say anything. â€Å"And that's all. That's what I wanted to tell you. And also that if you're going to act stupid and guilty because of something that was†¦ a few minutes of silliness, a mistake-well, then, I'm not going to talk to you ever again.† His head came up. â€Å"You think it was a mistake?† â€Å"Yes. Absolutely.† In one motion, he turned around and took her by the shoulders. His fingers tightened, and he stared at her face as if he were trying to see her eyes. â€Å"And that's what you really think?† â€Å"Galen, will you please stop worrying about my feelings?† She shrugged out of his grip, still facing him squarely. Tm fine. Things have worked out just the way they should. And that's all we ever need to say about it.† He let out a long breath and turned toward the window again. Keller couldn't tell if the sigh was relief or something else. â€Å"Just make sure she comes to the ceremony. Not that it should be difficult,† she said. There was another silence. Keller tried to read his emotions through his stance and failed completely. â€Å"Can you do that?† she prompted at last. â€Å"Yes. I can do it. I can try.† And that was all he said. Keller turned to the door. Then she turned back. â€Å"Thank you,† she said softly. But what she really meant was Good-bye, and she knew he knew it. For a long moment, she thought he wouldn't answer. At last, he said, â€Å"Thank you, Keller.† Keller didn't know what for, and she didn't want to think about it right now. She turned and slipped out of the room.

Date Rape in the Philippines - 11669 Words

Chapter I Introduction â€Å"He said he loved me†, â€Å"I woke up without any clothes on, I couldn’t remember†, â€Å"I thought we were friends†. These are just some of the phrases that a lot of rape victims have reiterated. Women that have long been taken advantage of for men’s sexual pleasure, it is the same in every country, not just in the Philippines. Women have been fighting all throughout their history to gain equality, to rise from oppression, to release themselves from male domination, that fight is still ongoing. There is a quotation from the bible taken from genesis II lines 21-23; â€Å"And the Lord God caused a deep sleep to fall upon Adam, and he slept; and He took one of his ribs, and closed up the flesh thereof. And the rib which the Lord†¦show more content†¦p. 69).† rape is violence against women. It is a violation of her body and her trust. According to Burns, a sociologist at Michigan State University, â€Å"rape is forced and unwan ted intercourse, where sexual assault is used as a power and sex is a method (Mousseau, 2006. p. 1).† Most rapes are committed not by strangers, but by men known to women, perhaps someone they have gone out with or are supposedly their friends. It can be someone she just met or even her fiancà ©, but often it is an attempt to assert power or anger. A study by the National Center for the Preventive and Control rape claims ninety percent of rapes are never reported. In those that are reported, sixty percent knew their assailants. Of these, women fifteen to twenty-five are majority of the victims. Alcohol and drugs sometimes play a significant factor, especially in date rape or acquaintance rape cases (Mousseau, 2006). In the Philippines rape is very apparent as well, the article of Tolià ±o-Mendoza presents the Philippine national police statistics for the year 2009. â€Å"A total of 3,159 rape cases were reported to the authorities countrywide in the 12 months of 2009, up 22 percent from the 2,585 recorded over the same period in 2008, Cotabato Rep. Emmylou Talià ±o-Mendoza disclosed Sunday†¦The 2009 figures translate to an average of almost nine rape cases being committed every day, or oneShow MoreRelatedIllegal Drugs1263 Words   |  6 Pagesgood blood supply, though, medications that are meant to have an effect throughout the body can also be breathed in. One well-known example is general anesthesia, where the anesthetic is breathed in through a mask. 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