Deepest Fear Free Essays

My deepest fear is fear within itself. In life there is no failure but only feedback. Being presented with different obstacles and making sufficient decisions in my life’s path, has made me who i am today. We will write a custom essay sample on Deepest Fear or any similar topic only for you Order Now As a child, my family always taught me that I must perform to the best of my abilities as a person in order to succeed in whatever I  pursue in life. As a child growing up in Clinton Public School Districts wasn’t such a walk in the park because success was the only option and the key to your future. It took me a while to understand everything I was brought up against as a student there but it made me learn a great deal about the diversity of cultures and how others may perceive the world differently than I would. It made me understand the concept when it came to things I can manage, with others that I cannot. Being a student at Clinton High made me realize that I could do anything to my fullest potential if I put forth effort. I had also overcame the feeling of being unloved, abused and mistreated by someone I thought cared tremendously about me. I received many awards and recognitions throughout my school years such as hardworking, dedication, good Spirit, track Awards and many more. I participated in the choir, track, basketball, the Spanish club, pure guidance club, FCA (fellowship with Christians Association), help serve at the stewpot and many more. On May 25, 2012 not only did I overcome my fear of failure and doubt but I proved everyone one whoever went up against me wrong. This was the day that I rejoiced because I graduated from Clinton High School with a clean record, no baby and an acceptance letter to one of the top African American Schools in the state of Mississippi, Jackson State University. I believe majoring in Computer Science will be a great experience because I love computers and technology is my greatest strength. It will better me when it comes to dealing with things hands-on and challenge my thinking process even more. I believe also, that majoring in Computer Science will also build me up as a person because setbacks in one’s life better prepare one  for the greater challenges that will lie ahead. How to cite Deepest Fear, Papers

COSTA RICA Essay Example For Students

: COSTA RICA Essay GEOGRAPHYCosta Rica is located in Middle America, bordering the Caribbean Sea, the North Pacific Ocean, Nicaragua and Panama. The total area of Costa Rica is 51,100-sq. km., whereas he total land area is 50,660 sq. km. Costa Ricas maritime claims include 200 NM in an exclusive economic zone and 12 NM in territorial sea. The tropical climate of Costa Rica consists of a dry season in December that extends until April and a rainy season that extends from May to November. Most of Costa Ricas terrain is made up of coastal plains separated by several sets of rugged mountains. The land that arable consists of 6% of the total area, 7% is permanent crops, 45% is meadows and pastures, 34% forest and woodland and 8% that is swamps and water. All of the land has hydroelectric potential. Costa Ricas environment has many current problems including deforestation-largely a result of the clearing of land for cattle ranching, and soil erosion. Natural disasters such as hurricanes along the Atlantic co ast frequently flooded lowlands, active volcanoes and occasional earthquakes. Cultural AspectsCosta Ricas population is 3,419,114 (as of July 1995) and consists of different ethnic groups such as white (including mestizo) 96%, black 2%, Indian 1% and Chinese 1%. Costa Ricas official language is Spanish but English is spoken around Puerto Limon. About 95% of the Costa Rican people have a religion that is Roman Catholic. About 35% of the population is from zero to fourteen years old, 60% of the people are from 15 to 64 years old and 5% of the population is over 65 years. Costa Ricas population grows at about 2.24% per year with a 24.88/1000 birth rate and a 3.47/1,000 death rate. The culture of Costa Rica is almost entirely Hispanic, Indian elements having been absorbed into the mostly white population. Indian influences are notable in handicrafts. Jewelers sometimes imitate ancient designs. Writers such as Joaquin Garcia Monge (1881-1958) and Roberto Brenes Mesen are from Costa Rica. In San Jose, Cartago, and Arosi, there are a number of buildings in Spanish-co lonial style. Costa Rican music is almost completely Hispanic with no Indian influences. The guitar, accordion, mandolin, and marimba are the most popular instruments. There are many types of folk music, the popular being callejeras, sentimental street songs, patrioticas (patriotic songs), and danjas (dances). The National Theater in San Jose is an impressive building with Carrara marble stairways and balconies. The theater serves as an opera house, concert hall and playhouse. Popular films include those from the United States, Mexico and Argentina. There are six Spanish language daily! newspapers and one English Daily, all published in San Jose. The people call each other and themselves ticas (female) and ticos (male). Most of the people are peasants and farmers of the Central Valley. There are twenty-two Indian Reservations, which are of no interest. Most Costa Rican ticos and ticas are very friendly and family oriented. EconomyCosta Ricas national product is GDP-purchasing power parity-$16.9 billion. The National product real growth rate is 4.3% per year and their national product per capita is $5,050. Costa Ricas inflation rate is 9% and the unemployment rate is 4% considering there is much underemployment. The Costa Rican budget revenue is about $1.1billion and the expenditures are $1.34 billion including capital expenditures of $110 million. Costa Ricas exports in 1993 were close to two billion and include coffee, bananas, textiles, and sugar. Costa Ricas trade partners include the United States, Germany, Italy, Guatemala, El Salvador, Netherlands, United Kingdom, and France. Costa Ricas imports in 1993 were close to three billion dollars and include commodities such as raw materials, consumer goods, capital equipment, and petroleum. Countries the commodities come from include the United States, Japan, Mexico, Guatemala, Venezuela, and Germany. Industrial Production in Costa Rica accounts for 22% of Costa Ricas GDP. Costa Ricas industries include food processing, textiles and clothing, construction materials, fertilizer, and plastic products. Costa Ricas agriculture accounts for 19% of the GDP and 70% of exports. Cash commodities include coffee, beef, bananas, and sugar. Costa Ricas other food crops include corn, rice, beans, and potatoes. Costa Rica is usually self sufficient in food, except for grain. Costa Rica is also dealing with a depletion of forest resources resulting in low timber output. Costa Rica has a limited production of illicit drugs centering on Cannabis. Cannabis is grown on small, scattered plots. Costa Rica is also a transshipment country for cocaine and heroin from South America. Costa Ricas currency is the Costa Rican Colon. The colon is equivalent to one hundred centimos. The U.S. exchange rate is 164.39 colons to 1 U.S. dollar. GovernmentCosta Ricas Government is a democratic republic. The capital of Costa Rica is San Jose. Cost Rica is divided into seven provinces. The provinces are Alajuela, Cartago, Guanacaste, Heredia, Limon, Puntaremas, and San Jose. .u390a4e5049748d733031e23d83a2cb7a , .u390a4e5049748d733031e23d83a2cb7a .postImageUrl , .u390a4e5049748d733031e23d83a2cb7a .centered-text-area { min-height: 80px; position: relative; } .u390a4e5049748d733031e23d83a2cb7a , .u390a4e5049748d733031e23d83a2cb7a:hover , .u390a4e5049748d733031e23d83a2cb7a:visited , .u390a4e5049748d733031e23d83a2cb7a:active { border:0!important; } .u390a4e5049748d733031e23d83a2cb7a .clearfix:after { content: ""; display: table; clear: both; } .u390a4e5049748d733031e23d83a2cb7a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u390a4e5049748d733031e23d83a2cb7a:active , .u390a4e5049748d733031e23d83a2cb7a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u390a4e5049748d733031e23d83a2cb7a .centered-text-area { width: 100%; position: relative ; } .u390a4e5049748d733031e23d83a2cb7a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u390a4e5049748d733031e23d83a2cb7a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u390a4e5049748d733031e23d83a2cb7a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u390a4e5049748d733031e23d83a2cb7a:hover .ctaButton { background-color: #34495E!important; } .u390a4e5049748d733031e23d83a2cb7a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u390a4e5049748d733031e23d83a2cb7a .u390a4e5049748d733031e23d83a2cb7a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u390a4e5049748d733031e23d83a2cb7a:after { content: ""; display: block; clear: both; } READ: Artificial Intelligence1 EssayCosta Rica gained its independence from Spain on September 15, 1821. Costa Ricas national holiday is Independence Day and is celebrated on September fifteenth. The constitution of Costa Rica was implemented on November 9, 1949. Costa Ricans can vote at age eighteen. Costa Ricas government is lead by President Jose Maria Figueres. Costa Rica also has two Vice-Presidents. First Vice-President Rodrigo Oreamuno, and Second Vice-President- Rebeca Grynspan. All three of these leaders were elected on February 6, 1994. The next election will be in February of 1998. The president also has a cabinet that he selects. The Legislative Branch of Costa Rica s government is unicameral or one housed. The name of the Legislative Branch is Legislative Assembly. The election of this body of government was also held in February 6, 1994. Of the sixty-one seats available twenty-eight seats went to the Partido Liberacion Nacional (PLN) and 29 seats went to the Partido Unidad Social Cristiana (PUSC). There were four minority party votes. Judicial Branch consists of a Supreme Court. Costa Rica has diplomatic representation in the U.S. The embassy is in Washington D.C. The Ambassador is Sonia Picado. The U.S. also has diplomatic representation in Costa Rica. The Ambassador is Peter DeVos. The embassy is in San Jose. The flag of Costa Rica has five horizontal bands. The five horizontal bands in descending order are blue, white, double width red, white, and blue again. The coat of arms is on the hoist side of the flag in the red band in a white disk. TransportationTransportation in Costa Rica is readily available. These are some of Costa Ricas travel objects: Railroads Railroads travel from side to side and end to end throughout the country. They are a very popular way of transporting goods. Cars In Costa Rica there are 35,560 km of road, and 5,600 of them are paved. Boat There are inland waterways in Costa Rica. There are about 730 km of waterways and they are only used seasonally due to some weather conditions. Airplanes Costa Rica also has airports as a way of transportation. There are 174 airports in Costa Rica and they are spread out through the country. Of these 174 runways 2 are between 2438 and 3047 m both paved and 1 between 1524 and 2437 m which is also paved. There are a total of 137 paved airports and 37 unpaved airports. All unpaved airports are under 2438 m. CommunicationCommunications in Costa Rica are about the same as they are here in America. In Costa Rica they have phones, a mailing system, radios, and television stations. Defense ForcesCosta Ricas Defense Forces include a civil guard, coast guard, Air section, and Rural Assistance Guard. The Constitution of Costa Rica prohibits armed forces. The manpower availability, men between 15 and 49, of Costa Rica is about 896,500. Of that there are 602,785 males are fit for military service. 32,815 males reach military age, 18, annually. Costa Ricas defense expenditures are around 22 million in U.S. dollars this is .5% of the GDP in 1989.

Personal Brands Be Yourself or Create Yourself - The Writers For Hire

PERSONAL BRANDS: BE YOURSELF OR CREATE YOURSELF? Marketing is about image – and in this world of social media marketing, personal branding is paramount. But how do you walk the line between being yourself and creating yourself? It’s a question that’s been plaguing marketers (check out this blog on businessgrow.com). And you know what? No one wants to buy into another slick marketing campaign – there’s real value by just marketing you as you. Being Yourself Good marketing copy reflects a true representation of you. Don’t hold anything back – really think about what defines YOU. Are you brutally honest? A real nice guy (or girl)? Smart and aggressive? By being yourself in copy, you’re more likely to attract customers that are a good match for you. Like attracts like, plain and simple. What’s more – being yourself is often a better way to get attention. Perez Hilton, gossip blogger, has one of the most popular blogs on the Internet. There are lots of celebrity blogs out there, but Hilton’s success lies in one thing: his personality. He’s brash, he’s bold, he’s downright mean. And people love it. The problem a lot of businesses or businesspeople have is that they try to attract EVERYONE in their copy. You just can’t do it (see my previous blog on finding an audience). You need to position yourself, and accept the fact that not everyone is going to be interested in what you have to say, and not everyone is going to buy one of your widgets. So instead, try attracting clients and customers that ARE interested. Clients that are a lot like you. There’s a couple of ways you can do that. Some ways to express your personality and build your personal brand through copy include: 1. Always using an easy, conversational style. Skip all the words you used in college, people appreciate simplicity. 2. Finding the appropriate tone. What are you like? Are you hip and cutting edge? Honest and old fashioned? Friendly and forthcoming? Tone will help you connect to clients on a personal level. 3. Be transparent and honest. If you don’t work with small businesses, explain that to potential clients. If you don’t think you can deliver on a particular project, let them know. Finding the right client match means that both parties should be honest, open, and communicative. 4. Don’t try to people-please too much. Of course, clients should always get what they want †¦ within reason. If you’re an expert, then be the expert – if you can tell off the bat that a potential client isn’t a good fit with your personality (are they too demanding? Not open to new ideas?), then you might be better off passing on that client. You’ll often find that clients who don’t mesh with your personality won’t make lasting relationships. Personal branding is all about creating and maintaining relationships. The best way to create lasting relationships? Just be yourself – you’ll get along with your clients much better. Creating Yourself Now, there’s nothing really wrong with projecting an image. Ed Schipul, author of http://eschipul.com blog, is one proponent of creating a brand. Creating a brand often means putting your true personality aside and trying to appeal to what you think people want. If you want to branch out and grab high-end customers, you may need to completely rewrite all of your marketing materials, get a flashy web designer, and move into an upscale office. That’s creating a brand: you may feel more comfortable in jeans and T-shirts, but the clients you want to attract are more the suit-wearing type. Now, I would contend that â€Å"creating† an image isn’t always the best way to go – especially if you’re running a business or social media enterprise. Why? Well, you’re likely to attract the wrong kind of clients and develop the wrong kind of relationships †¦ which can lead to a lot of frustration on your part. Often, when you’re not being â€Å"true to yourself† in your branding, you may start to feel dishonest. You may feel like your business and your clients are running you – not the other way around. Maybe all your energy and passion gets sapped because suddenly, you’re not doing what makes you happy, and your business has taken on an entirely different direction. Before going out and â€Å"creating† a persona to brand yourself, ask yourself: 1. What’s more important – owning your business and being true to yourself, or letting your clients tell you how it is? 2. What’s more important – providing a great product or service, or providing a great brand? 3. What’s more important – developing a large client base to sustain your in the future, or making a sale now? Developing an image isn’t a bad thing – but when it starts to overshadow good business practice, like making a good product, delivering a great service, honesty, and your own personal happiness, that image can certainly hurt you. What do you guys think? Do you work to create an image, a story, or a brand that matches up to your target audience? Or is settling into your natural personality a smarter way to go?

The Lottery by Marjorie Barnard †Short Stories

The Lottery by Marjorie Barnard – Short Stories Free Online Research Papers The Lottery by Marjorie Barnard Short Stories â€Å"Discuss the way the discourse of the story enables the reader to understand the relative power and the roles of men and women in society.† The Lottery by Marjorie Barnard tells the story of Ted and Grace Bilborough set in either Australia or New Zealand in the post depression years of the 1930’s. This short story is able to compare the major differences between male and female genders and the effects of a patriarchal society on these two characters lives. By analysing this short story in the modern day we are able to realise just how marginalised, poorly treated and represented females are in the story and society and the complete power that men possessed in the 1930’s. We are able to recognise how women are silenced and how marginalised they are, even in their own marriages. In the beginning of the text The Lottery we learn about the character Ted Bilborough who is a very dull and boring male, who lacks any emotion. He is very concerned about his social status and the way he is perceived by others particularly among his fellow men. He is seen by others as being ‘a good citizen, a good husband and a good father.’ Ted does anything to keep up his appearance of being an all round good ‘chap’; never refusing to ‘wheel the perambulator’ in fact he quite happily ‘flourished the perambulator’. Teds appearance to others and his social status are very important to him and this helps the reader to understand men of the 1930’s through the way they are represented as controlling and self obsessed. Typical of the patriarchal system of the 1930’s that is, a male dominated society. Although perceived by others as a good husband, Ted is very far from it, showing no interest in his wife or her needs or helping her with any form of domestic duties. Ted doesn’t acknowledge anything that his wife does. ‘All she had to do was stay at home and look after the house and children. Nothing much in that. ’He sees the work that Grace does as invisible work. Her work is unimportant. The ideology of a housewife is that she is expected to do such things; it wasn’t real physical labour or important work. Females’ work doesn’t compare or come close to that of males. This is what is said to be believed and followed in the 1930’s. When Ted realises that he doesn’t know what the other men are talking about he feels his assurance threatened. Ted believes showing any sign of weakness is unmanly and instead assumes a ‘hard boiled manner’ to seem naive and unaware of what is going on around him, so that he always maintains control. He keeps a cool manner as to act un- fazed. To show any emotion would be a form of male weakness. Although Grace is the one who has won the money, he dismisses this idea. ‘He’d always expected in a trusting sort of way to be rewarded, but not through Grace.’ Ted straight away assumes and thinks it’s his money to spend, as does his male companions. ‘What are you going to do with it, Ted?’ All his thoughts now dwell around how Grace was able to buy the lottery ticket and win the money. It becomes an annoying trait of his character how obsessed he is by the money. Ted throughout the text keeps dwelling on the idea of how Grace could have possibly found the ‘five and threes’ to buy a lottery ticket. All the details revolve around money and how his wife could have possibly found enough money from the limited household allowance to buy a lottery ticket ‘When you budgeted as carefully as they did there wasn’t five and three pence over.’ Ted also finds the concept of Grace having anything of her own money hard to believe. His wife shouldn’t have money to spend on herself because that money should be going towards the house. If Grace had any money left over that would mean Ted had been giving her too much for the housekeeping. It was typical of men of that generation to control the purse strings. As the bread winners they dispensed money to their wives, an allowance as it were for their domestic duties. For the first time Ted finally was forced to acknowledge all that his wife does around the house. Fleetingly he thinks of the things that Grace does around the home. She always had ‘newly washed trousers for him laid out for tennis, the children’s neatness, the tidy house.’ But he only took interest because Grace now finally had something of her own. Ted was faced with the fact that she now had money, something of her very own that he had not provided. Ted assumes and straight away thinks that Grace had deceitfully spent his money on lottery tickets. He would never have assumed that Grace would have found the money from selling her mother’s ring. Ted does not know his wife at all, and is unaware of her feelings or what she does in a day. ‘He remembered charitably that she had always been a good wife to him.’ He completely doesn’t understand her life; Ted is portrayed as a hegemonic. As long as Grace did what Ted expected of her, to take care of all the domestic duties then Ted was not concerned. The way in which the story is told in the third person helps us to fully understand and get to know Ted Bilborough. We believe that Ted is the central character as there is only slight reference to his wife Grace. The reader feels as though he is the most significant figure, because he possesses social and economic power. Having the financial independence allows him to be in total control. The authors more focused and fuller portrayal of Teds character at the expense of the lesser and marginalised character of Grace is a successful and deliberate technique the author uses to parallel the male and female gender roles of the wider society of that time. These stereotypical characters portray the beliefs of the society in the 1930’s.The power source and bread winner Ted, manages the money, he goes to work, he has companions and socialises, plays leisurely sports and he dictates how the money is spent, giving his wife a household allowance. We learn about the leisurely activities a nd the worldly life that Ted lives. He gets to enjoy a social game of tennis, goes to work and socialises with companions other than children. These are things which his wife Grace misses out on, she isn’t given any opportunities to do so because she is the domestic housewife who doesn’t venture past the house and lives a static life. Because Grace is not in paid employment she has nothing of her own, this therefore reinforces the idea that she and her opinions do not matter. Women of that era were seen as appendages of their husbands. What the reader comes to understand about Grace is only from what we hear about her from Ted, She is ‘Mrs Bilborough’. Ted being the dominant character was not ready for the idea that his wife might actually take the money for herself. That Grace might actually take control and take some form of power over her husband. She now has money which is a symbol of male control; she is no longer dependant on her husband because she has gained financial independence. The patriarchal ideology of the 1930’s, the males being the dominant power figures is evident in the story from the way that females characters live a very controlled and closed life. In the 1930’s Grace would have been seen as a particularly horrible wife and mother, abandoning her husband and children for a selfish life. But by reading the story in the modern day we have a different approach to Graces character and the reasons why she called her ticket ‘The Last Hope’. We see the life that Grace was living was unbearable and dull. She didn’t feel equal in her marriage and felt stifled. Her marriage was a paternalistic relationship where by Ted treated her like a child, more like his daughter rather than his wife. This ‘Last Hope’ is her last chance, because Grace feels unfulfilled in her current life. This was her last chance for freedom and independence her last chance for a better life. For the 1930’s Grace would have been see n as a very shocking woman. Not only because she was planning to take off ,but in view of the fact that this was just after the Depression, her lack of putting the money away for her children’s future or some other conservative way of spending the money would have been seen as particularly selfish and foolhardy. But ‘Grace had character, trust her to handle a couple of cub reporters’ and this is her way of discovering herself again. The relationship between Ted and Grace and the general discourse of the story clearly identifies the different roles of men and women and the way they behaved in the patriarchal society of the 1930’s.It was considered that the mans role was to be the provider and the women’s role to be the housekeeper. Men are seen as the logical, rational, stoic, authority figures that have complete control not only of their children but equally their wives. This typical scenario would have gone on indefinitely if it had not been for Graces lottery win which changed the dynamics of the relationship. This change in dynamics also changed and diminished the binary opposition to a point where Grace almost became equal and was able to exercise some dominance in the relationship. Research Papers on The Lottery by Marjorie Barnard - Short StoriesMind TravelThe Masque of the Red Death Room meaningsBook Review on The Autobiography of Malcolm XTrailblazing by Eric AndersonHonest Iagos Truth through DeceptionAppeasement Policy Towards the Outbreak of World War 2Influences of Socio-Economic Status of Married Males19 Century Society: A Deeply Divided EraHip-Hop is ArtHarry Potter and the Deathly Hallows Essay

Alternative media Case Study Example | Topics and Well Written Essays - 250 words

Alternative media - Case Study Example The conventional methods are getting old for consumers and a new method which caught my eye when I received a text message informing me about the new pizza place that had opened recently, in my vicinity. I had no clue, about the advertising method and the method they acquired my number. Bulk SMS Advertising After a little research it got clear that texting a list of cell phone numbers for a specific product is the latest method of advertising. It is cheap and a specific consumer community can be targeted. Teenagers in our community hang out a lot in pizza restaurants, filling out forms in which they leave their contact numbers, as it is a part of the feedback card in these restaurants. These pizza restaurants contact companies like squidoo.com which are online ventures setup for the convenience of people and companies that do not have a lot of funds or advertising. Conclusion This latest method of advertising is cheap and is hassle free. Neither do a lot of companies have to be paid nor people, to take fliers across the town to tell about something new or old for that matter of fact. Intelligent and innovative methods like SMS marketing have a big role in the future for the product-consumer relationship. Works Cited squidoo. â€Å"SMS Advertising†. (06-04-2011).

Bad News Message Assignment Example | Topics and Well Written Essays - 250 words

Bad News Message - Assignment Example Our mission is to deliver the best products to our clients and provide them with top of the line after-sales service. It is the practice of our company to grant watch replacement requests from our customers especially if after inspection of our technical department the request is valid and if it is within the warranty period. Unfortunately, we checked our records and found out that your watch was purchased last April 9, 2008; therefore, the three-year warranty has expired last April 9, 2011. All our watches, including the Magnifique 89379 are designed to last to up to an average of 15 years with proper care and maintenance. In as much as we can no longer replace your watch, you may visit the nearest service center and bring your Magnifique. We will be glad to repair it and give you a 12% discount on labor charges. Our technical department will be happy to assist you. They will give you free advice on the proper handling and maintenance of your watch to make it last for at least 15 years and

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