Right to Own an Architecture

Right to own an architecture (by Wolfgang Koehler, Meaning, Germany 10/2008) The social issue I would like to discuss here is: â€Å"Suppose a computer manufacturer develops a new machine architecture. To what extent should the company be allowed to own that architecture? What policy would be best for society? † To develop a new machine architecture would require many recourses. Manpower, research laboratories, manufacturing equipment and last but not least a lot of money.Since companies are in business to make money for themselves as well as heir shareholders the answer to the first question to me is clear: 100%. Now we'll take a look at the pros and cons of such a policy on different levels of society. Any policy of course will have a direct impact on the people that are directly involved with this company. They are the shareholders on one side and the employees on the other. If the company has the right to own this architecture the value of the company's shares will go up.A lso it will secure the employees workplaces or even add additional Jobs. This leads us to the next level of society to be taken in consideration, the city where this company is located. Not only will it receive more tax revenue as the company becomes more profitable it also might be able to attract more qualified people. The growing demand for components also might lead to additional companies opening businesses in town. All of this will create a better economy for the city and the people living there.One might argue that owning a certain technology will lead to a monopoly. The past forever showed that most companies are not able to supply the growing demand for their product and therefore they will license out the technology to others to capture a bigger portion of the market. At this point the prices for the product will also go down and the architecture will become affordable for more and more people The right of companies to own their developments actually leads to further devel opment, because nobody wants to be outdone by the competition.A good example is the Apple pod as well as the phone. At the beginning Apple was the only company with such products on sale. Today Just about every major electronics manufacturer has similar or even better products in their portfolio. Since not everybody will have an immediate need for the product right at the point of its introduction to the market it can be summarized that a policy of 100% owner ship of the architecture has mostly positive impact on the society as such. The few perceived disadvantages are mostly based on wants rather then needs.

Askari Bank Report

Company Profile |Products |Sell Offers |Buy Offers |Contact Details | |Askari Bank, one of the leading banks of Pakistan. The bank was founded in 1992, and in the 18 years since, our growth and success patterns have far outgrown industry standards. Askari Bank has expanded into a nationwide presence of 150 branches, and an offshore banking Unit in Bahrain. A shared network of over 1,100 online ATMs covering all major cities in Pakistan supports the delivery channels for customer service. As on December 31, 2007, the bank had equity of PKR 12. 27 billion and total assets of PKR 182. 17 billion, with over 800,000 banking customers, serviced by 6,808 employees. We have reinforced our products with new deposit schemes bearing competitive rates of return and packed with excellent service of first choice. Our modern electronic banking services have been developed with hard work, feedback from stakeholders and research providing better banking solutions. Askaribank continuous growth over the years is based on service to communities and customers by friendly, professional and experienced bankers trained to deliver exceptional banking services. [pic] Corporate Information Askari Bank was incorporated in Pakistan on October 9, 1991, as a public limited company. It commenced operation on April 1, 1992, and is principally engaged in the business of banking, as defined in the Banking Companies Ordinance, 1962. The Bank is listed on Karachi, Lahore and Islamabad Stock Exchanges. Since inception, the bank has concentrated on growth through improving service quality, investment in technology and people, utilizing its extensive branch network which includes Islamic and Agricultural banking. Corporate Social Responsibility is an integral part of the way we do business. In order to fulfill our CSR objectives, we attempt to promote public interest by encouraging community growth and development through sponsoring social service events, supporting education, sports, and environment and also contribute in socio-cultural activities. Awards and Achievements    |   | | » |â€Å"Best Retail Bank in Pakistan† by The Asian Banker. | |   |   | | » |†1st Consumer Choice Award† by the Consumer Association of Pakistan. 2004 | |   |   | | » |†Corporate Excellence Award† by the Management Association of Pakistan (MAP). 002, 2003 & 2004. | |   |   | | » |â€Å"The Best Bank in Pakistan† by Global Finance magazine. 2 001 and 2002. | |   |   | | » |â€Å"Best Consumer Internet Bank† Global Finance magazine. 2002 and 2003. | |   |   | | » |†Euromoney and Asiamoney Awards† 1994, 1996 and 1997. | |   |   | | » |â€Å"Best Presented Annual Accounts† by (ICAP) and (ICAMP). 000, 2001and 2002. | |   |   | | » |â€Å"The Best Presented Annual Accounts† by South Asian Federation of Accountants (SAFA), in the SAARC region. | |   |   | | » |â€Å"The Best Consumer Banking Award 2006† by the Consumer Association of Pakistan. 007 | |   |   | | » |â€Å"The Best Retail Banking Award 2008† by Pakistan Guarantee Export Corporation Ltd. 2008 | |   |   | | » |†Best Corporate Report Award for the year 2008†³ by ICAP & ICMAP. 008 | |   |   | | | | | | | | | | | | | | | |  [p|Branch network | |ic]| | |   | | [pic] | | | | » | |All Branches: | |202 | | | |[pic] | | | | » | |North Region: | |68 | | | |[p ic] | | | | » | Center Region: | |66 | | | |[pic] | | | | » | |South Region: | |68 | | | |[pic] | | | [pic][pic][pic][pic] Top of Form [pic][pic] Bottom of Form †¢ Home †¢ Reports o Accounting o Management o Marketing †¢ Articles †¢ Internship †¢ Presentations Askari Bank Internship Report Posted by reports On September – 22 – 2010 Comments Off EXECUTIVE SUMMARY: The Department of Administrative Sciences offers Masters degree in Business Administration. They are giving the best education and are offering for specialization, financial management, marketing management, human resource management and computer application to business. An important program is six to eight weeks internship with any recognized institution. I decided to take up Askari Bank Limited for my internship because it is a competing Bank nowadays and gives a good training to the internees. So in order to learn more this was my choice. This report is about my internship that I have undergone at Askari Bank Limited Multan Branch from 2nd June 2008 to 18th July 08. During my internship I am able to learn practical aspect of business, and get good working experience. On the very first day of my internship I reported to Operation Manager Mr. Noor ul Islam. He gave me small introduction of the Bank and introduced me to the staff of the Bank. Every internee is rotated among the Bank’s departments and so was I. This rotation is done in order to have general concept regarding Bank’s functions, operations and policies. In this rotation the stay in department is usually a week. I have learned more about the Basic Banking, Credits and Foreign Trade department and have given below the caption of activities I was involved in during the period of six weeks. During my internship I found that Askari Bank is a best Bank in Multan because most of the Exports and Imports in Multan are done through this Bank. Multan is one of the cotton growing cities of Pakistan. Most of the businesses in Multan are directly or indirectly linked to cotton that is also the case with Askari Bank’s clients. Because Multan is an Agricultural City, and its major export is Cotton and Mango. So its export is done on seasonal basis. In the season of cotton and Mango export Askari Bank get its target easily but difficult for it to get its target in the off season. Low profit rates used to be one of the major reasons for not meeting the deposit targets. The profit rates on Askari deposit schemes were quite low when compared with other Banks especially with the National Saving Centers, but now Askari Bank is giving a comparatively high profit rates to its customers. In today’s every customer is a rational customer, he knows the value of money and wants a best return on his money. INTRODUCTION TO BANK: Askari Bank Limited (AKBL) works as a Unit of Army Welfare Trust was established for the Welfare of Army Officials. The office of Army Welfare Trust is situated at AWT Plaza, Rawalpindi. AWT offers the â€Å"AWT Saving Scheme† to the army officials only. AWT has its units as under: †¢ Askari Associates. †¢ Askari Leasing. †¢ Askari General. †¢ Private Business. †¢ Textile Mills. †¢ Cement Industry. †¢ Askari Commercial Bank. Askari Bank Limited was incorporated on October 9, 1991, as a Public Limited Company, and is listed on Karachi, Lahore and Islamabad Stock Exchanges. The Bank obtained business commencement certificate on February 26, 1992 and started operations form April 1, 1992. Askari Bank is scheduled Commercial Bank and is principally engaged in the business of Banking as defined in the Banking Companies Ordinance 1962. Askari Bank Limited continues to scale new heights in all areas of its operations. The safety and security of depositor’s funds, high productivity and optimum use of technology are the hallmarks of its corporate strength. In 1994, AKBL earned international recognition as Asia Money Award and the title of â€Å"Best Commercial Bank of Pakistan† for the year 1994, while Euro money declared the Bank as best domestic Bank of Pakistan for the year 1995. ASKARI BANK LIMITED MULTAN Askari Bank Limited Multan was inaugurated on December 28,1994. It is located on Abdali Road Opposite to PIA Office. The location is connected to all the main trade centers in Multan. It is a prosperous branch streaming towards great achievements. At the time of its establishment the factored who were considered are as follows †¢ Multan is zone covering a large population. †¢ Multan City is linked to many big cities. Agro based area constituting growers and gainers †¢ Army Offices & Fort Colony †¢ Educational Institution DEPARTMENTS: The bank has following department: †¢ Account Opening department †¢ ATM Department †¢ Credit Card Department †¢ Account Department †¢ Credit Department †¢ Remittance Department †¢ Foreign Trade Department †¢ Cash Department ACCOUNT OPENING DEPARTME NT Borrowing funds from different sources has become an essential feature of today’s business enterprises. But in the case of a bank borrowing funds from outside parties is al l the more vital because the entire banking system is based on it. The borrowed capital of a bank is much greater their own capital. Banks borrowing is mostly in the form of deposits. These deposits are lent out to different parties. Such deposit creation is done through opening an account in the Bank. In AKBL Multan Mr. Sheeraz Hassan is operating the account opening department along with performing some auxiliary functions of Check Book Issuing TYPES OF ACCOUNTS In AKBL, there are the following types of accounts: †¢ Current account. †¢ Saving Account. †¢ Askari Special Deposit Account. (ASDA) †¢ Basic Banking account †¢ Term Deposit. CURRENT ACCOUNT In current account there is no interest on it. It is for only transaction purposes. They are paid on demand. When a banker accepts a demand deposit, he incurs the obligation of the paying all cheques drawn against him to the extended of the balance in the account. As there is no profit paid on this account it is also called chequing account because cheques can be drawn on it. Current account is mostly opened for business. SAVING ACCOUNT The purpose of this account is to induce the habit of saving individuals in the neighborhood. The minimum deposit for opening the account is Rs. 1050/- (as obvious in the Annexure). Though individuals open such accounts for saving purpose, persons belonging to Armed forces and different military institutions are free to use this account on current basis. ASKARI SPECIAL DEPOSIT ACCOUNTANT ASDA account is an interest bearing current account interest is paid. The payment of return is monthly, where as the rate of return with aspect to the amount of minimum deposit clear from deposit schedules in following table). It is also chequing account because cheques can be drawn on it. It is necessary for this account that the client must maintain a minimum balance of Rs. 0,000 at the end of the month. That’s why it is similar to current account. It is mostly opened by Business but individuals too open this account. Tax of 0. 3% would be deducted on ASDA if withdrawals are more than Rs. 25,000. TERM DEPOSITS A term deposit is a deposit that is made for a certain periods of time at the end of the specific period. the customer   is allowed to with draw the principle a mount . AKBLs Term deposits are of types clear in the deposit scheme in the table). One of them is â€Å"Askari† Advantage one month. The rate of return on this account is set by head office. The term deposit account vary one month to 1 year for all following accounts (as clear from Deposit Scheme in the table). †¢ The amount of profit is given to depositors in three ways: †¢ By cash †¢ By sending a bank Draft to depositors Home address or Officers or whichever is specified as mailing Address. †¢ The amount is credited in any one of the checking Accounts of the depositor. ACCOUNT OPENING PROCEDURE Fro the chequing accounts (C/A, ASDA, SAVING), there are different types of account holders are required for all these types of account holders. The operation /procedure requirement that is needed for † Individual Account † differ greatly from † Joint account † proprietorship â€Å"Partner ship â€Å", â€Å"Limited Company† and â€Å"Club society   or Association † as explained below. INDIVIDUAL’S ACCOUNT When a single man or women opens an account in his/her own name and has the right to operate it is called individual Account. DOCUMENTATION REQUIREMENT For literate person copy of National Identity Card is required as a primary requirement. For illiterate person and Veiled Women, along with the copy of National Identity Card requirement he or she must come in person for opening the account. OPERATION †¢ The person place a â€Å"Check Mark † in the type of account and type of operation required †¢ He/She fills in part-I of the form , a fix his /her either two or four similar signature   (or thumb expression   in the signature space and get it introduced and signed by a person   who already has an account with the bank and write his account no in the specific rows in a specific space. †¢ The person fills in â€Å"next of Kin † position where he/she father, mother, husband/wife or any other relative’s name, his /her address, phone no and affix his/her signature to certify this requirement. This requirement is needed because in his/her absence bank can have correspondence with the specific person. †¢ The person put her /his signature († or thumb expression) on the signature Specimen Card (SS CARD) similar in the area on the form. One the back of S. S card mailing address, telephone no, Person to contact and introducer space is filled in. All these requirement are necessary for future †¢ The person deposits the initial amount for opening account on to the cash counter. The person put his signature on form -A (check book requisition) on two places in â€Å"authorized signature† and fills in the â€Å"Title of Account space by writing his name. †¢ If the person put his signature in Urdu or any language other than English, he signed a â€Å"Vernacular form† where under take that affixed signature are original and his own signature and two postal size photos are needed. †¢ The next day is the opening of account. JOINT ACCOUNT When two or more persons, neither partners, nor trustees, open an in their name is called joint Account. Husband and wife or two persons of same sex can open joint account. DOCUMENTATION For joint account copy of National Identity Card of all the persons is obtained other things remaining same as in individuals account. OPERATION †¢ The person checks the type of amount and type of operation required in the respective box on the form. †¢ The persons fill in the Part-I and part-II in the form. †¢ Signatures of both persons are obtained on the form in the area specified for signature and S. S. Card. †¢ In the title of account space names of all the persons are mentioned. †¢ Accounts holder specified in the form that they will operate the form singly or jointly. PROPRIETORSHIP ACCOUNT When an owner of a firm operating singly, opens an account in his firm name, this account is called a proprietorship Account the proper himself liable for all his acts. DOCUMENTATION REQUIRED For this kind of account, an application for opening the account on the firm letter -pad (having the firm name) is required along with the NIC Card of proprietor. OPERATION All operation remains the same except that the firm name is written in the â€Å"Title of the Account† area and signature of the proprietor are affixed in the S. S. Card and the area specified for signatures on the form. PARTNER SHIP ACCOUNT The account is opened in the firm name and all partner designate one two persons to act on behalf of the partner ship firmer all acts on behalf of firm. The partners in the partnership firm are liable for the acts of the firm jointly and severely. Every partner has in a firm has an implied authority bind his co. partners by drawing and enclosed cheques. DOCUMENTATIONS †¢ Copy of N. I. C card of all partners †¢ Application to open the account on the firm letter pad. †¢ Partner ship deed in case registered partnership firm. †¢ Letter showing the implied Authority of one or more partners to act on behalf of the firm. In case of non -registered partnership firm, understanding on behalf of the firm to remain liable for all acts of the firm. †¢ Name, address of all partners is written on the pad. OPERATION All other requirement remain same except that the form is dully signed by all partners cards are signed by all those partners who will act on behalf of the firm and along filling part-I , Part-Iv is also filled. LIMITED COMPANY ACCOUNT This account is for limited companies. In order to facilitate their transaction with outside parties, bank provides many facilities. DOCUMENTATION REQUIRED Memorandum of Association. †¢ Articles of the Association †¢ Resolution of the Board of Director. †¢ Certificate of Incorporation. †¢ Certificate of commencement of business †¢ N-I-C OPERATION The persons authorized in the Resolution of the Board of Directors put their signatures on S. S Cards. Next of kin â€Å"requirement â€Å"is not need in case of a Limited Company. After completing each and every formality, introducer signature is verified by S. S card and is stamped â€Å"Verified† customer signatures are admitted by stamping â€Å"Admitting† near signature and again signatures on S. S card are admitted in the same way. The same process of verification and admission of the signatures is repeated on Form-A and next of Kin area. After completing each and every formality, Accountant is open in the computer by writing name, address, A/C Number etc. LETTER OF THE THANKS At the start of the letter 2nd day, AKBL issues letter of thanks to â€Å"Account opener† and â€Å"account opener† and † Account Introducer † for the trust the have on AKBL. CHECK BOOK ISSUING Check books are issued only for checking account such as current Account, saving Account and ASDA Account. They are not issued for other fixed and term deposits because of their Long term Accounts â€Å"nature. † ISSUING PROCEDURE †¢ Signatures on cheque – book requisition are verified by matching with signatures on SS. †¢ Cheque – book leaves number, account number, account holder’s name are mentioned in the cheque- book is made by mentioning the and the total of sum of excise duty and provincial tax. †¢ The name of A/c holder and date of cheque – book issuance is written on cheque – book requisition the account-opening officer puts his initials on requisition leave. A/c number is stamped over the leaves of cheque – book and finally authorized person affix his   signature over the debit voucher   and he voucher is attached from the cheque book and is handed   over to the customer . RECEIVING INWARD CHEQUES Another responsibility and function of account Opening Department is to receive Inward cheques for collection of o ther Banks as well as of AKBL . Then these cheques are sent to clearing official who clears these checks at SBP from other banks. ACCOUNT CLOSING Account is closed on the written request of the customer AKBL free of cost. But to surrender the cheque book yet if some leaves are yet to be write to the bank as a necessary requirements for closing the account. PROCEDURE †¢ The customer for individuals account write an application to the manager of the bank an a simple paper about the closing of his account with the bank (In case of proprietor ship partnership and limited company account the application should be written an firm or company letter –head) †¢ The individual or in case of other type- proprietor firm and company surrender the cheque book to the bank. The cheque book is then torn from one side and is attached with the application. †¢ In case of Ltd. Company account resolution of the board of directors is also obtained to attach it with the application. †¢ The account opening form of the account holder is taken from the account-opening file, and the application, cheque book, and resolution of board of directors in case of limited company account are attached with the fo rm. †¢ Lastly, it is written in â€Å"Red Ink on the form that account closed† and â€Å"Date of account closing. † EVERYDAY POSTING Following transaction of cheque book is posted:- Dr_____________ party A/c  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   50(for 10 leaves) Rs 5/leave. ATM- CARDS DEPARTMENT This department deals in issuing   ATM-Card, term deposits and Askari Bachat Certificate. Mr. Sheeraz Hassan deals this department. ATM CARD ATM – Cards are only issue to Account Holder ISSUING PROCEDURE †¢ The person, first open the account within the blank. †¢ Then he fills the ATM application form in which name of account holder, Fathers name account number and   N. I. Card number are mentioned. †¢ A copy of N. I. card is also attached with the application form. After completing this process, the application package is sent to head office †¢ ACBL head office takes a period of 3-4 weeks for preparing and processing of ATM – cards. First, list of card holder is issued and then after 15 days cards are send to ACBL’s issuing branch. The card and list are not sent si multaneously in order to avoid any mishandling. †¢ ACBL takes Rs. 350/- for 1st time issuance as charges for a card †¢ Biannually takes Rs 75. ACCOUNTING DEPARTMENT Accounts department is a department which deals and checks all the activity of all the department . It also deals in expression of finance of the bank. Salary payment is also one function of the bank. CHECKING BANK’S DAILY ACTIVITY Accounts department deals and checks the entire working of the Branch; all the vouchers that have been posted at the computer are scrutinized in accounts department. The â€Å"End of Day† i. e. computer print is also received from the computer. The next day the activity is separated some statements from the â€Å"End of Day†. Then next day activity separated some statements from the â€Å"End of Day†. The vouchers are sorted   out head wise. The vouchers are matched with the entries in the statements. Any abnormality if occurs, is immediately dealt with. All the vouchers and instruction are checked individually are checked individually against the computer printouts. After checking they are signed by Mr. .Naeem Shehzad and the internal auditor Mr. Shafiq. OTHER ACTIVITIES †¢ Preparation of daily bank positions statement †¢ Payment of salaries †¢ Preparation of the statements †¢ Depreciation calculation †¢ Lockers Issuance REMITTANCE DEPARTMENT: The need of remittance is commonly felt is commercial life particularly and in everyday life generally. The main function of the remittance department is to transmit money from one place to another. By providing this service to the customer, Bank earns a lot of income. Also customer is able to meet its day to day financial requirements. Demand Draft: It is an instrument payable on demand for which value has been received, issued by the branch of the Bank drawn i. e. payable at some other place (branch) of the same Bank. If two Banks are involved then the DD is sent to other Bank but in other case it is handed over to the applicant. Issuance Procedure: A demand draft application is given to the customer, he fills in relevant information and signs it. †¢ The officer checks the information form. †¢ The Bank charges such as commission, excise duty is charged as per effective schedule of charges. If he fills the tax exemption form, tax is not charged. †¢ In case of cash deposit, the cashier counts the amount and signs the DD application and enters it in the register. †¢ Then the officer of remittance department signs it and operation manager counter signs it. †¢ The entry is made in the DD issuing register, DD is given to the customer. Vouchers are prepared and posted. †¢ DD advises are printed and mailed to the respective branch. Payment Procedure: †¢ The Bank receives DD. †¢ The DD credit advice is received through mail. The numbers are checked and signatures are verified. †¢ An entry is made on the DD payable register and the vouchers are made. †¢ DD credit is attached with the vouchers and given for posting to the computer. †¢ When DD is received the test numbers are checked and the payment is made. †¢ Vouchers are given for posting and the entry that was made in the register is closed i. e. DD payable is Nil. Pay Order: It is an instrument issued for payment in same city. Pay order issued from on e branch can only be payable from the same branch. It is normally referred to as Banker’s cheque. It is also called confirmed cheque, because   Bank issues this on it own guarantee. Issuance Procedure: †¢ The standard form is given to the customer. He fills in the details and signs it. †¢ The concerned officer checks the form. †¢ Bank charges (or commission) as per the schedule of charges and the withholding tax of 0. 3% are applied. †¢ The cash amount of the pay order is received. A cash memo is signed, stamped and handed over to the applicant as a receipt. †¢ Then the pay order receipt is filled accordingly. †¢ Counter foil is also filled. †¢ An entry is made in the pay order issue register. †¢ Then the authorized officer signs it after checking the pay order. †¢ The order is then handed over to the applicant after obtaining his signature on the PO Form. †¢ A voucher is also made and posted at the computer. Payment Procedure: †¢ On presentation of the pay order receipt, two authorized officers of the branch sign the receipt. †¢ PO entry is made in the PO issue register. Then the amount is credited to the account of the customer or pain in cash. †¢ PO is posted at the computer. Outward Bills for Collection: The bills, which are received by the Bank and sent to other cities (branches) for the local clearing in that city, are called Outward Bills for Collection. Procedure: †¢ The cheques that are of other cities are separated. †¢ They are entered in the OBC Register and OBC numbers are given to them. †¢ The OBC forwarding schedules are prepared for different branches. †¢ The respective cheques are attached with the schedule. †¢ The office copy is filled and original schedule is mailed. On clearing, the respective Banks send back the OBCs along with the IBCA (Inter Branch Credit Advice). †¢ The OBC numbers are checked from the OBC register, after that entries are made. †¢ Commission charges are deducted from the account. Inward Bills for Collection: The bills, which are received by the Bank from other branches out of the city for local clearing are called Inward Bills for Collection. Procedure: †¢ The OBC of other branches will be the IBC of this branch. So an OBC forwarding schedule is received by mail. †¢ The cheques are entered in the IBC register. The IBC numbers are allotted to them. †¢ The cheques are lodged for clearing. †¢ After realization, an IBCA is prepared and mailed to the branch from where the cheque was received. †¢ At the end of the day, two vouchers are prepared and posted. FOREIGN TRADE DEPARTMENT Foreign trade department deals in: †¢ Foreign currency account †¢ Exports †¢ Imports FOREIGN CURRENCY ACCOUNT Mainly this account deals in individual, personal and companies account CRITERIA FOR OPENING FOREIGN CURRENCY ACCOUNT There are not hard and fast rules for becoming the Foreign Currency Account holder. Bank wants only introduction of the Client and very little about the background. I. D card is also not necessary, if someone has; well and good, otherwise no restriction will be there for him. FEATURES OF FOREIGN CURRENCY ACCOUNTS †¢ There will be legal protection for the account holders. †¢ According to foreign exchange rules and regulation every citizen of Pakistan, either within the Pakistan or outside the Pakistan, can open the foreign currency account. †¢ Resident firms and Resident Companies including investment Banks can open Foreign Currency Accounts. All foreign nationals and foreign Companies in Pakistan or abroad can open Foreign Currency Accounts. †¢ Opening of Foreign Currency Accounts in the joint names of residents/non-residents is permissible. Foreign Currency can be deposited by: †¢ Remittance received from abroad †¢ Foreign Currency Notes †¢ There will be no restriction and questioning to him about the currency, which he wants to d eposit that from where he got that money. †¢ No Zakat will be deducted on these accounts; no Income Tax deduction, no Wealth Tax deduction will be there. These incentives reinforce and motivated the people to invest in foreign currency accounts rather to keep the foreign currency idle. †¢ Foreign currency accounts can easily be transferred from one person to another, one place to another, with in the ACBL Branches or in other Bank. †¢ The account holder can transfer the funds freely, in any currency to any part of the world. †¢ Foreign currency Accounts can be used for payment of purchases at Duty Free shops. FACILITIES This account provides following facilities: †¢ Traveling quota †¢ Out ward remittances †¢ In ward remittances receiving To make remittances procedure flexible EXPORT Mainly export deals in: †¢ Negotiation of documents †¢ Sending the documents for collection †¢ Pre-shipment financing †¢ Post-shipment financing â⠂¬ ¢ Remittance against agent commission †¢ Forward covered booking †¢ Handling the documents for negotiation according to the UCP 500 (uniform custom and practices) †¢ Handling the documents for collection according to URR (uniform rules for collection) †¢ Submission of monthly returns to SBP regarding the export on form A-2/O-2 IMPORT †¢ Opening the letter of credit Scrutinize the documents receive from flowing bank under letter of credit. Account to UCP 500 and extending the credit facility to the importer informs FIM (finance against imported merchandise) FATR (finance against trust receipt). †¢ Arrange forward cover booking regarding import payments †¢ Also arrange forward cover booking for letter of credit open other then ACBL †¢ Submission of monthly returns to SBP regarding the import on form I SWOT ANALYSIS SWOT (Strength, Weaknesses, Opportunities & Threats) analysis of AKBL is described below: Strengths: AKBL has got a well-develope d on-line system in most of its branches. Remittance Department is working very efficiently in transferring the funds of people due to this system. †¢ The Bank has also started ATM facility in most of its branches. 24-hour Banking is new trend in Pakistan and AKBL has also taken apart in this trend. †¢ One distinctive feature of the Bank is that it is the only Bank working for the welfare of army officers, which was established by Army Welfare Trust. †¢ The productivity of the Bank is very good. Bank is providing a high quality service to its customers. AKBL have strength that most of the imports which are done in Multan are handle by AKBL Multan. Weaknesses: †¢ AKBL has lesser number of branches as compared to many other branches. Due to this problem, army officers can not avail the benefits of their own Bank. †¢ The human resource department is not performing the function of selection and recruitment very effectively. Selection process is not on merit due to which competent persons cannot be selected. †¢ Bank should boost the product development and increase the range of facilities offered for customers. Bank is weak in its credit management. Bank should lend to very sound parties and increase its payment rate. Opportunities: †¢ Govt. is taking very bold steps to promote IT in Pakistan. AKBL has an opportunity to improve in technology. †¢ AKBL is surrounded by many competitors. It has an opportunity to do aggressive marketing to increase its business. †¢ AKBL may increase its branches in competitive areas Threats: †¢ AKBL has many competitors, which are continuously increasing its products and marketing aggressively. It may cause its customers to shift to competitors. Some other Banks have competent taskforce, which is also a threat for AKBL. Because human resource is the most valuable resource. †¢ Due to the increased bad situation of Pakistan in which army is considered to be involved increase the freq uency of withdrawals, which would decrease deposits. Financial Analysis: Financial Highlights The current year’s profit (2007) after taxation of the bank stood at Rs. 2,681,012 as compared to Rs. 2,249,974 for last year. The deposits decreased by 16. 49% to Rs. 11,197,424 as against Rs. 13,044,593 as on 31 Dec 2006. The loans and advances figure stood at R. 5,521,030 reflect on the improving market image of Askari Bank as a formidable financial institution. Ratio Analysis The information contained in the four basic financial statements is of major significance to various interested parties who regularly need to have relative measures of the company’s operating efficiency. Relative is the key word here, because the analysis of financial statements is based on the use of ratios or relative values. Ratio analysis involves methods of calculating and interpreting financial ratios to analyze and monitor the firm’s performance. The basic inputs to ratio analysis are the firm’s income statement and balance sheet. |Ratios |2007 |2006 | |Current ratio |1. 03 |1. 04 | |Total asst turnover |0. 11 |0. 09 | |Debt ratio |0. 93 |0. 3 | |Gross Profit margin |0. 11 |0. 22 | |Operating profit margin |0. 21 |0. 12 | |Net profit margin |0. 22 |0. 26 | |ROA |0. 02 |0. 02 | Earning asset to total assets Earning assets are the assets which are very important for any company for the bank earning assets are the assets on which bank can earn its profit which may includes loans, advances, operating fixed assets and other assets on the loans and advances bank can make profit by giving or investing in some where so Askari Bank has increased it’s earning assets in the year 2007 as compared to the previous year that show the good trend in the profitability of the Askari bank and the customer believe on the Bank. Ratio tells that on what percentage earning assets contribute the total assets. Well bank also has increased it’s earning assets ratio shows the more profitability of the bank as it can be shown by the profit and loss account of the 2007 that shows the net mark up income more for the year as compared to the previous year so bank is going gradually to the more profitability by giving more advances and loans. Earning assets ASSETS |2007 | | | | |Cash |13356055 | |Balances with other banks |3497054 | |Lending |14444143 | |Investments |39431005 | |Advances |100780162 | |Operating fixed assets |5128428 | |Total earning Assets |176636847 | |Other assets |5535038 | | | | |TOTAL |182171885 | Total Earning Assets:  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Rs. 176636847 Formula: Earning Assets / Total Assets = 176636847 / 182171885 = 0. 969616 Return on earning asset This ratio indicates the how much of earn ing assets take part in making of the profit before taxation. This ratio is decreased during the year. Why   is it so it has different reasons these are as follows Profit before taxation was more in the previous year as compared to the year 2007 because bank has low expenses and less provision for the bad debts and also bank has small investments and limited loans and advances but in 2007 situation has changed and bank increased its loans and advances. Earning assets were also low in the previous year as compared to the 2007 so overall ratio has been decreased but shows the good trend for the making of long term planning Formula: Profit after tax / earning assets = 2,681,012 / 176636847 = . 015 Loan loss coverage ratio This important figure is a reserve account to cover unexpected defaults on loans by borrowers. These are generally referred to as no performing loans. The higher the no performing loan and charge-off percentages, the higher the provision for loan losses should probably be. Consequently, this would reduce net income and earnings per share. Well in the year 2007 bank’s this ratio has been increased to a great extent due to different reasons theses are as follows. Profit before taxation is low for the 2007 due to more expenses because bank is in expanding mode that’s why its expenses are increasing day by day. Provisions and bad debts also increased in the year 2007 because bank also has invested more in this year and ad more also granted more loans. Formula: Provision against non-performing loan and advances / profit (loss) before tax = 3,920,240 / 2,299,785 = 1. 70 Loan to deposit Well there is a concept that bank’s loans are its assets while its deposits are liabilities. But if a bank has low deposits then obviously it will give low loans because bank gives it’s loans by the deposits and earn on the loans then pay mark up on the deposits to the customers. Well bank has increased its loans to deposits ratio in the year 2007 showing its more deposits as well more loans and that is good for the bank to remain in the market and to penetrate in the market. But profit has not increased with the same ratio because Bank has low mark up rates Bank has more capacity for provisions Formula: Loans / deposit = 14444143 / 11,197,424 = 1. 289 Current ratio This ratio indicates the liquidity of the bank. Well this ratio has been decreased but nt much decreased during the year to a small extent due to Bank has increased its deposits so liabilities have been increased. Bank has increased its assets as well to overcome the liabilities. So overall we can say bank is the liquid enough to pay its liabilities Formula : Current assets / current liabilities = 171508419 / 166214583 = 1. 03 Debt Ratio: Debt ratio remained the same in previous year it was . 93 and in 2007 its again 0. 93. Bank has not decreased its debt ratio in 2007. Net Profit Margin: Net profit margin of a bank has been increased from 0. 12 to 0. 21. Horizontal and vertical analysis Comparing analytical data for a current period with similar computations for prior years affords some basis for judging whether the condition of the business is improving or worsening. This comparison of data over time is called as horizontal or trend analysis, to express the idea of reviewing data for a number of consecutive periods. It is distinguished from vertical analysis or static analysis which refers to the review of the financial information of only one accounting period. HORIZONTAL ANALYSIS Balance sheet accounts | |2007 | |2006 | |%age | |ASSETS | | | | | | | | | | | | | | | |Cash | |13356055 | |14879230 |-1523175 |-10. 2369 | |balances wid other banks | |3497054 | |7333002 |-3835948 |-52. 3107 | |Lendings | |14444143 | |8392950 |6051193 |72. 9852 | |Investments | |39431005 | |28625915 |10805090 |37. 74583 | |Advances | |100780162 | |99179372 |1600790 |1. 614035 | |o. fixd assets | |5128428 | |3810331 |1318097 |34. 59272 | |defferd tax assets | | | | | | | |other assets | |5535038 | |3812788 |1722250 |45. 7036 | | | | | | | | | |TOTAL | |182171885 | |166033588 |16138297 |9. 719899 | | | | | | | | | |LIABILITIES | | | | | | | | | | | | | | | |bills payable | |2627051 | |1839077 |787974 |42. 4617 | |Borrowings | |17553525 | |14964087 |2589438 |17. 30435 | |deposits&other acc | |143036707 | |131839283 |11197424 |8. 493238 | |sub-ord loans | |2997300 | |2998500 |-1200 |-0. 04002 | |liabl against assets | | | | | | | |deferred tax liab | |471519 | |736298 |-264779 |-35. 608 | |other liab | |3219796 | |2603113 |616683 |23. 69021 | | | | | | | | | |TOTAL | |169905898 | |154980358 |14925540 |9. 630601 | | | | | | | | | |Net assets | |12265987 | |11053230 |1212757 |10. 97197 | PROFIT and loss accounts |2007 | |2006 | |%age | | | | | | | | |interest earned |15143241 | |12596921 |2546320 |20. 213 83 | |interest expensed |8685624 | |6977313 |1708311 |24. 48379 | | | | | | | | |net mark up/interest income |6457617 | |5619608 |838009 |14. 1223 | | | | | | | | |loans & advances |3920240 | |1128137 |2792103 |247. 4968 | |value of investment |1501 | |376 |1125 |299. 2021 | |bad debts written off | | | | | | | |3921741 | |1128513 |2793228 |247. 14 | | | | | | | | |interest income after provision |2535876 | |4491095 |-1955219 |-43. 5355 | |Non markup/interest income | | | | | | | | | | | | | |fee,comm,brockerage income |1072868 | |1013660 |59208 |5. 41012 | |dividends income |137079 | |109326 |27753 |25. 38554 | |income from dealing in for curr |655761 | |584344 |71417 |12. 22174 | |gain on sale of inv |2361251 | |112474 |2248777 |1999. 375 | |unleasing gain |1728 | |-2308 |4036 |-174. 87 | |other income |336809 | |321758 |15051 |4. 77739 | | | | | | | | |total non markup/interest income |4565496 | |2139254 |2426242 |113. 4153 | | | | | | | | | |7101372 | |6630349 |471023 |7. 104045 | |Non markup/interest expense | | | | | | |admin exp |4789536 | |3277353 |1512183 |46. 4038 | |other pro/write offs | | | | | | |other charges |12051 | |6141 |5910 |96. 2384 | | | | | | | | |total non markup/interest expense |4801587 | |3283494 |1518093 |46. 23407 | | | | | | | | | |2299785 | |3346855 |-1047070 |-31. 852 | | | | | | | | |Profit before taxation | | | | | | | | | | | | | |current yrs |98535 | |983875 |-885340 |-89. 985 | |prior yrs |-233950 | | | | | |Deferred |-245812 | |113006 |-358818 |-317. 21 | | | | | | | | | |-381227 | |1096881 |-1478108 |-134. 756 | |Profit after taxation |2681012 | |2249974 |431038 |19. 15747 | | | | | | | | |profit brought forward |1799979 | |1617597 |182382 |11. 7487 | | | | | | | | |profit available for appr. |4480991 | |3867571 |613420 |15. 8606 | VERTICAL ANALYSIS balance sheet accounts | | |2007 | |2006 | | |ASSETS | | | | | | | | | | | | | |cash | |13356055 |7. 331567657 |14879230 |8. 961578 | |balances wid other banks |3497054 |63. 8030698 |7333002 |4. 416577 | |lendings | |14444143 |7. 928854115 |8392950 |5. 054971 | |Investments |39431005 |21. 64494538 |28625915 |17. 24104 | |advances | |100780162 |55. 32146851 |99179372 |59. 73452 | |o. fixd assets |5128428 |2. 815158881 |3810331 |2. 294916 | |defferd tax assets | | | | | |other assets |5535038 |3. 038360173 |3812788 |2. 296396 | | | | | | | |TOTAL | |182171885 | |166033588 | | | | | | | | | |LIABILITIES | | | | | | | | | | | | |Bills payable |2627051 |1. 442072689 |1839077 |1. 107654 | |Borrowings |17553525 |9. 635693784 |14964087 |9. 012687 | |deposits&other acc |143036707 |78. 51744357 |131839283 |79. 40519 | |Sub-ord loans |2997300 |1. 645314259 |2998500 |1. 80596 | |liabl against assets | | | | | |deferred tax liab |471519 |0. 258831927 |736298 |0. 443463 | |other liab | |3219796 |1. 767449461 |2603113 |1. 67823 | | | | | | | | |TOTAL | |169905898 | |154980358 | | | | | | | | | |Net assets |12265987 | |11053230 | | Findings on the basis of analysis By the horizontal or comparative analysis in which base year is taken as 2006 certain changes are measured in the Bank’s performance. Cash with other banks and balances with other banks gradually increased in the time line showing the bank’s good performance and this indicate that bank can earn more by making balances with the other banks. Lending to financial institutions not done in the last year due to more investments done by the bank and by giving more and more advances to the customers but this also has increased the bad debts and provisions of the bank as compared to the previous years. Operating assets has been decreased so that is in favor of the bank. On the liabilities side bank also has increased it’s bills payable that shows that bank has certain increased in the liabilities as well bank’s deposits also increased showing the great penetration in the market place as well customer’s believe on the bank to make deposits that’s why bank’s mark up expense has been increased. Equity also increased in the previous year but bank’s profit has been decreased because bank has invested so much and in the development process so increased in the expenses. Overall bank’s financial position in the marketplace has been increased in terms of deposits and advances. All these reasons are favorable to the bank in year 2006 because at one side bank’s assets have been increased in the form of advances and at other side markup income increased due to deposits because bank can more invest it Balance Sheet’s one portion that is Assets shows certain changes during the year. e. g Cash & balances with treasury banks have been increased that shows the bank has fulfilled and improved SBP requirements because of maintenance of foreign currency as well as Pakistani currency with other banks due to this balances with the other banks whether outside the Pakistan or inside the Pakistan have been increased. While investment have been decreased due to making balances with the other banks and so advances increased by giving more to the customers so earning power also increased. In 2007 bank not lend money to the financial institutions. Bank’s operating fixed assets have been decreased to a small extent due to this profit also is increased because bank is the service organization and for service organizations no need of more operating fixed assets. Bank’s deposits and other accounts have not been increased to the same extent as bank is giving advances. Well that shows a positive trend because bank expenses would be automatically decreased that are due to cash management. Bank’s net assets have been decreased because of less operating fixed assets and also due to increase in liabilities. Balance Sheet shows the assets are more contributed by the Advances and liabilities are more contributed y the Deposits that are favorable for the Bank. Overall result is less profit for 2007 as compared to 2006. But this has certain different reasons these are as follows Increase cash and balances with the other banks More advances Increase in deposits All these reasons are favorable to the bank in year 2007 because at one side bank’s assets have been increased in the form of advances and at other side markup income increased due to deposits because bank can more invest it. Applications of Class Room Concept: In Accounts department there was an implementation of   Financial Accounting in making balance sheets, income statements, calculation of depreciation etc †¢ In credits department there was an implementation of different categories of loans l ike personal loans, corporate loans etc which was studied in Financial Management. Recommendations: Already the bank is having a good infrastructure not much recommendations are needed as a manager but few can work :- †¢ Customers should be given some sort of facilities which can convince people for investment and go for Askari bank for Exports n Imports. †¢ Fist floor of bank is much congested, there is needed to work on that. †¢ There is not a proper environment of customer dealing on that floor that’s why customer feels difficulty in that. Accounts department was much congested, so area of that department should be extended. †¢ After biannually closing of bank there should be a get together of all the employees of bank which can give them a healthy atmosphere to work. †¢ Few of the employees used to interfere in others work so they should be strictly advised to perform their own duty well. Categories: Internship Comments are closed. 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Economic Problems of the Philippines Essay

Economic problems of the Philippines are very similar to those being battled by other underdeveloped and developing nations. After a long tryst with colonization, the nation is now grappling with increased imports and a mixed economy that is still to stabilize. The Republic of the Philippines is located in Southeast Asia and Manila is its capital city. The country comprises 7,107 islands and ranks as the 12th most populous country in the world. Like most other southeast Asian regions, the Philippines too has a history of European colonization. It was a colony of Spain and the USA. The country is now home to multiple cultures and traditional ethnicity. It is also looked upon as a perfect example of a ‘mixed economy’. Industrialization is a new development in the Philippines. Traditionally, the economy stabilized on the agrarian contributions and the manufacture of garments, pharmaceutical products and semiconductors. In the last decade, electronic exports added to the exports, including various products obtained by mining. The economy of the nation also largely depends on the remittances from Filipinos residing overseas and investing in the homeland. However, exports are not evenly balanced by the imports that include heavy electronics, garments, various raw materials, intermediate goods and fuel. The influence of the Manila galleon on the nation’s economy during the Spanish period, and bilateral trade when the country was a colony of the United States has resulted in the preference of a mixed economy over a centrally planned or market based one. It is very important to understand the shift during the Ferdinand Marcos leadership, from a market economy to a centrally planned economy, to relate to the economic recession that the country is now facing. With adverse global trends and the world economy entering a protracted depression, in 2011, the Philippines faced another economic downturn. The country’s lack of internal economic strength due to the absence of core manufacturing sector and an absence of firm and bold domestic policy initiatives have led the economy to be dependent on the state of the global economy. Thereby making it vulnerable to external shocks. Here we try to look at three possible challenges posed to growth and real development of the economy in 2012, based upon the insights provided by the economic policy-making and decisions by the Aquino administration in 2011. Major Financial Problems of the Philippines Over-dependence on Global Economy The growth of the Philippines economy drastically slowed to just 3.6% in the first three quarters of 2011, which is significantly less than the 7%-8% growth targeted by administration’s Philippine Development Plan (PDP). Though the slowdown may have been due to the ongoing global crisis, it was markedly slower in comparison to other South-East Asian neighbors. Economic performance figures indicated a contraction in exports and a drop in FDI. Though the remittances from overseas Filipinos to the country grew in the first ten months of 2011, however the compensation that overseas Filipinos received actually fell, in peso terms, due to an appreciating peso. In 2011 the Aquino administration sought a FTA (Free Trade Agreement) with the EU and join the Trans-Pacific Partnership (TPP). The administration further allowed the US to even more directly influence Philippine economic policy making in its self-interest, by entering in a Partnership for Growth (PfG). These partnerships will consequently further the dependence of the economy on the global economy, whereas a regional arrangement between less unequal Southeast Asian countries is potentially useful. Greater attention has to be paid to addressing to the internal problems of the economy and enhancing domestic-oriented growth. A policy of removing structural impediments to growth has to be adopted with lesser focus on foreign investors and exporters. Unemployment The official unemployment figures for the Philippines in 2011 are among the worst in Asia, higher than its South-East Asian neighbors and according to the International Labor Organization the country is among the worst one-fourth in the world in terms of unemployment rates. Without a strong manufacturing industry or real Filipino industry, the economy will be unable to create enough decent paying jobs. Till then manufacturing or services will remain substandard, or of low value-addition. According to employment figures, jobs in the Philippines manufacturing sector increased by just 8% of the total employment. Nearly three out of every ten people in the labor force are looking for work or are jobless. The mining sub-sector said to be one of the fastest growing industry in 2011 failed to generate new jobs (just 0.6 % of total employment). Steadily rising inflation has contributed to the erosion of the value of the minimum wage. Though the Aquino administration increased the minimum wage and announced cash dole-outs but lack of quality decent paying jobs and higher real wages continue to be a problem. The government’s policy to encourage foreign capital, even if in just low value-added assembly operations will continue to hinder real growth and development of the manufacturing sector. The Aquino administration needs to plan over the long-term, and prepare an industrialization program that encourages value-addition manufacturing or services and builds Filipino-owned industries. Misplaced Fiscal Austerity Practicing fiscal austerity just to get favorable credit ratings can be counterproductive. The Aquino administration, in 2011, pursued fiscal austerity and spent 2.1% less in the first 11 months than it did in the same period last year. This along with increased revenues brought down the fiscal deficit and subsequently international credit rating agencies Standard and Poor’s, Moody’s and Fitch upgraded the country’s credit ratings and outlooks. In 2011 the government cut spending on economic services, including infrastructure, in the same vein did not fill in for shortfalls in education, health and housing sectors. As a result, over the first three quarters of 2011, income from public construction contracted by about 46% whereas government consumption reduced by a mere 1.7% in comparison to the same period last year. Misplaced austerity measures and an exaggerated concern about credit ratings contracts the economy, reduces demand and undermines future growth. The proposed public private partnerships (PPPs) are a poor substitute to real investment and public expenditure, because the former are majorly driven by short-term profit while the latter play a vital role to create development. These are just some of the economic challenges looming large over the Philippines. The country is facing significant decline in industrial production, gross domestic product, income and employment and sales. The Aquino presidency supposedly is getting the support of the people, as indicated by its high approval ratings, for the necessary economic measures that are in the general public interest. In 2011, the Aquino administration’s policy choices to give greater weight to narrow foreign and domestic elite interests, unfortunately, underscores the challenge of pushing for real reform in 2012.

Current Business Strategies At Tesco Essay Example | Topics and Well Written Essays - 5750 words

Current Business Strategies At Tesco - Essay Example The company started trading its shares to the public in 1947 to boost its capital base. In the late 1950s, Tesco took over the ownership of numerous of grocery stores within the UK, among them being Harrow Stores Ltd, a 200-grocery chain. Moreover, Tesco has implemented strategies to penetrate the international market through acquiring already established stores. With the coming of e-commerce, Tesco has developed strategies to harness this great potential. In 2010, the company started a mobile phone based website to allow customers make purchases from their smart phones. However, the strategies adopted by the company have not always gone down well with different stakeholders. Early this year, the business has proposed to tailor its deals according to the income of the nearby shoppers. Clarkson (2012) asserts that 75 percent of the Tesco’s shoppers are opposed to a new strategy by Tesco to base its deals on the income of nearby shoppers. 1.2: RESEARCH METHODOLOGY The research u ses a methodology of reviewing various sources that have discussed the strategic operations of Tesco. I relied mostly on internet sources to carry out this research. 1.3: Findings 1. Tesco has relied on a strategy of acquisition of its competitors 2. Tesco has continuously adopted strategies to penetrate into the international market 3. Tesco has a strategy of diversifying the products it offers to customers 4. Technology has fuelled the growth of Tesco, with adoption of e-commerce and mobile-commerce 1.4: Recommendations 1. Tesco should carry out a market research before implementing a strategy to avert what dissatisfaction among customers. 2. Tesco should continue increasing its express stores 3. Tesco should continue making stronger brands as this... This paper approves that key implementation issues and risks faced by the company are as follows - Tesco is planning to enter new global markets. The strategy adopted by Tesco is to protect the brand image and promote expansion plans. It has been in controversy over the treatment of customer and staff. Additionally, it’s approach in foreign business has been criticised. Tesco’s biggest criticism has been that it has been creating a monopoly in the market over products. Furthermore, the company had aggressive planning in building new stores. Tesco has adopted information systems to increase its sales through ecommerce. This report makes a conclusion that the retail business of Tesco is highly competitive and it needs technological support and innovative solutions for getting competitive advantage. The innovative solutions Tesco can introduce are - new format stores and creating a novel online shopping experience. What’s more, implementation of technologically advanced online solutions is not expensive and takes 6-8 months. For sustained competitive advantage, the company should have command over price by delivering value added competitive products and services. For example - it can introduced health foods for different age groups. The process of production of health foods will take 6 to 7 months. It needs to work on internal advantages and reduce weaknesses to create a platform for innovation, research & development. The company should also be able to organize the process of implementation along with globalization and diversification.

Strengths Analysis and Future Development Strategies Assignment

Strengths Analysis and Future Development Strategies - Assignment Example They have to be developed through consistent training and experience. Skills are the difference from knowledge in that process involved in the transfer of knowledge lead to the development of skills. Talents are the abilities to execute observable behaviors that lead to distinguishable aspects (Buckingham and Clifton, 2001). They can also be reviewed in terms of competence held by various individuals that can be used to perform unique activities. The main differentiator between the three principles can be described in terms of whether the aspect was learned or attained from external sources. For example, one has to manipulate the present knowledge to gain proficient skills. Additionally, most talents are in build whereby individuals are born with them or learn about their abilities as they grow up. The observation of talents may depend on the situations that an individual has to perform. Its the attained skills may also help in the realization of talents. The accrued knowledge is about the comprehension of the company's activities and operations. It includes the use of attained data to execute activities that are advantageous to the firm. Skills include the handling of clients and technology present in a company with the aim of attaining the set objectives. They also include my professional attributes that lead to job efficiency and competency strategies. My talents consist of computing complex numbers for a short time and first typing skills. The two talents can be helpful to the firm's data entry or bookkeeping. It is one of the first aspects to locate using the inventory. Competition can be highlighted by performances in various activities (Buckingham and Clifton, 2001). It can be described is the rivalry feeling that drives an individual towards better results. The theme has helped me in my educational and workplace aspects. Competition is part of the driving forces of companies; hence the need to employ competent workers. Â  

Social Media Marketing Assignment Example | Topics and Well Written Essays - 2000 words

Social Media Marketing - Assignment Example The major advantage associated with Social media marketing is that it presents the potential for reaching the customers that other traditional methods of advertising cannot be able to reach. Social media marketing applies technological tools such as the internet, social media platforms and mobile phones to pass and circulate messages regarding a company, brands or products. In this respect, there is no limitation as to the number of people who can be reached by the message, as opposed to the traditional advertisement, where the print or mass media may be limited in accessibility to a certain category of the audience. The other advantage of Social media marketing is that it offers a far easier strategy of building brand loyalty, through allowing the engagement of the customers through every stage of the brand products, such that the final product is tailor-made for customer satisfaction, thus making the customer loyal to the brand. Social media marketing is also advantageous in that i t offers the brand owners and company’s opportunities to improve their products, by learning the customer needs from the feedbacks generated through social media. Nevertheless, the disadvantage associated with Social media marketing is that the effectiveness of social media marketing highly depends on the marketer’s talent and time commitment to developing the advertisement message, as opposed to traditional media which can reach the target audience even without overburdening the marketer with time and talent commitments.

PR trends contributing to growth Assignment Example | Topics and Well Written Essays - 500 words

PR trends contributing to growth - Assignment Example One part of the public that has increased influence on the growth of PR in organization is confrontation with activist groups like Greenpeace. Activism has become more relevant to the PR field for several reasons, including the fact that organizations have to become more effective in dealing with these groups (Theaker & Yaxley, 2013). Moreover, activism has become a major rejuvenator for organizations as management has to change the way that they manage their relationship with activist groups in society. The McLibel case is a good example of how companies have been forced to change their PR strategy to deal with activist groups, as well as providing a blueprint for research into activism’s cause and effect relationship with organizations. In this case, McDonalds had been spending almost $2 billion on promotion and advertising its products and restaurants annually because of a firm belief in defending their reputation (Theaker & Yaxley, 2013). Defense of the company’s reputation was also taken up through legal action, whereby most of their critics were forced to apologize in order to avoid litigation. However, this strategy of attempting to remain unchallenged was tested when the activist group Greenpeace attempted to effect a change in their policy. Their libel action against McDonalds started when they designed and distributed a leaflet about what was wrong about McDonalds and what the company did not want the public to know about their operations. They criticized McD onalds of being partly responsible for starvation in developing nations, as well as for the destruction of tropical rainforests. Moreover, McDonalds was also accused of exploiting children in their promotions and ads, animal cruelty, poor working conditions for employees, and serving food that could cause heart disease and cancer (Theaker & Yaxley, 2013). The activist

Software engineering paper Essay Example | Topics and Well Written Essays - 1000 words

Software engineering paper - Essay Example expressed portable because the original c compilers lacked the ability to represent the relative sizes of floating-point data and integers in a machine-independent way. The structure of a mobile c compiler design was in such a way that it could be adaptable to other different machines and not only UNIX machines. The architectural structure of the portable compiler was one that could be easily modified. The compiler contained approximately 8000 lines of code that less than 20 percent of it was a machine dependent. The maintenance work of the c compiler code is easy because the structure has a large portion of similar code in many systems like the IBM System/370. In addition Honeywell 6000, Inter-data 8/32, SEL86 or even in eclipse and DEC VAX-11/780. Its structure also consists of an intermediate file found in the interface between the passes of portable c. This file contains representations of expression trees and character illustrations of stereotyped code for epilogues and subroutine prologues. The structural architecture of a portable UNIX was created from the realization that operating systems of many machines had hardware architectures that were a significant problem to the implementation of the UNIX system. The structure was to have a c compiler that could be altered without many problems and create new code for various machines. The c language was to be extended in order to allow many c programs become portable to a larger range of devices and be able to identify constructions that are non-portable. It illustrates the structure of re-coding a language in this case the c language as this would allow detection of machine dependencies and isolate them. It would also enable demonstration of portability by using it in other machines. The portable c compiler had to compromise its optimality with heuristic algorithms so that it could be able to get efficient and acceptable code to be generated in quite reasonable time. The creation of the portable c compiler

Electronic positioning system (marine navigational radar) Essay

Electronic positioning system (marine navigational radar) - Essay Example This effect can be observed when a person shouts in a valley. The sound waves travel to the nearby mountains and get reflected. The person thus hears back his own voice. The time taken by the sound waves to return back depends upon the distance between the persons and the mountains. The similar concept is applied in RADAR. Here radio waves are emitted by the RADAR which travel in all directions. If an object comes in the way of these waves they get reflected back with the speed of light and detected by the RADAR. By knowing the time elapsed between sending and receiving back the waves, the position of the object can be determined by calculating the distance the wave has travelled. Now in order to calculate the speed of an object the concept of Doppler shift plays its role. When a wave is reflected by a moving object its nature depends upon the movement of that object. If the object is moving towards the source of the wave, then the pitch of the wave will be higher than if it is moving away from it. This can be observed in case of a car blowing its horn. When a moving car approaches a person the horn seems to be louder and when it moves away it become s somewhat fainter. Knowing the pitch of the sound wave the speed of the car can be detected. This principle is applied in case of RADAR where a radio wave is used instead of a sound wave. The pitch of the reflected radio wave determines the speed and the direction of motion of the object. Combining the Echo and Doppler Shift, we can exactly determine the position, speed and direction of motion of an object in the sea with the help of a Navigational RADAR. Components of Marine Navigational RADAR There are five main components of a Marine Navigational RADAR. Transmitter Modulator Antenna Receiver Indicator 1. Transmitter A transmitter is a device which transmits radio waves into the air. These waves are generated inside the RADAR. 2. Modulator It allows waves to be omitted as pulses (Integrated Publishing, n.d.). 3. Antenna An antenna is used to give direction to the radio waves being transmitted. These waves are sent as 'beams'. The antenna is always in rotating condition so that the whole of the area is covered. 4. Receiver It receives back the reflected waves from the objects and converts the information into usable data (Integrated Publishing, n.d.). 5. Indicator It is a device on which the received information is plotted. It shows the position of the object in the form of a mark on a screen. The standard indicator that is used mainly is known as Plan Position Indicator (PPI). It

Albert Einstein Creative Thinker Essay Example for Free

Albert Einstein Creative Thinker Essay Introduction Albert Einstein, who many people regard him as the greatest physicist of the 20th century, was born in Ulm, Germany on March 14, 1879. Was a German origin and Jewish, but he felt neither German, due to the militarized culture, nor fanatical Jew, because of their refusal to believe in Gods image as described in the texts of the Old Testament. In 1880 his family moved to Munich where his father, Hermann Einstein and his uncle Jacob Einstein opened a small electromechanical workshop. In Munich Albert spent his childhood and there he learned the first letters in a very strict school. The military discipline of the German culture in the 19th century did not seem suited to his liberal nature, for that reason Einstein doesn’t showed no particular performance in school. Along with other studies and the bossy insistence of his mother, Einstein studied music and although he  played only for rest was an accomplished violinist. (8) Albert Einstein Life From a little child Einstein was very curious. His answers are always late, which worried his parents whether he had mental problems. At the age of 10 years decided that the school did not offer him anything and he joined a program of studying at home something like homeschooling, where he read as much as he could about science and philosophy. In his childhood two people impacted significantly in shaping the thinking of Albert. His uncle Jacob who inspired him revealing the whole charm of Mathematics, and his uncle Cesar Koch that he implanted him, greedy can say curiosity about science.(2) However Einstein dealt with the physical science from a real young age. His uncle had a factory alternator, lamps, arc and telephones. These things were high tech then. So every day was debate about science at home and the relevant interest in small-Einstein physics came naturally. He wrote that at age four or five years gave him a compass. The ability of the needle always points in the same direction pulled by an invisible force convinced him that there should be something behind things, something deeply hidden.(1) At the age of twelve he read a book on Euclidean plane geometry. He did so much impressed by the Euclidean way of thinking, called the book Sanctuary. Einstein who still was a child considered science a great, eternal riddle, the study of which should be devoted to finding the inner freedom and security.Einstein was smart, but nothing special compared to other intelligent peers. Despite what is said, was a good student at school and got his diploma with good grade. But he hated the school which went to Munich, because that is where their success is based only on memorization and obedience to professorial authority. The actual study was done at home with books on mathematics, physics and philosophy. Einstein was not going to prosper in life, said Dr.Zosef Ntegkenchart, who was his professor in the seventh grade. (8) At twelve years old, Einstein decided to devote himself to solving the puzzle called universe. Three years later, in 15 years, with very low  marks in history, geography and foreign languages, he left school without getting certificate, resigned from his German citizenship, broke all relations with the Jewish community, at the age of 16years getting his father to declare to the authorities as no religion and the rest of his life tried to keep distance from organized religious activities and groups. Einstein created his own religion, in the same manner and for the same reason that created his science and went to Milan to meet his family, who had recently emigrated, because his father was not going well. After 1-2 years of inaction, decide to give examinations at the Technical school of Zurich, as an autodidact with no high school diploma. The attempt failed and a teacher recommended that he must attend high school courses in Aarau. There followed in the years 1895 – 1896, the third and fourth class of high school. Eventually, after school lessons, Einstein in 1896 entered the technologic school at Zurich to study technical school instructor, where he successfully completed four years of study in physics. (8) .  After graduating in the spring of 1900, having previously reject German citizenship and was Swiss, he worked for two months as a teacher of Mathematics in 1902 and finally was hired as examiner at the Swiss Patent Office in Bern. In 1903 Einstein married Mileva Maric on a Hungarian classmate who had met and fallen in love five years ago, during their studies. Together we had a daughter, Lieserl, 1902. The manners of the time did not allow the existence of illegitimate children, and so Lieserl up for adoption and ever since has traces were lost. In 1904 became father for second time and he got a son, Hans Albert. His closest friend was Michel Besson; with him they discussed all his ideas about physics. They had formed a friendly circle in Bern with other motivated people and met regularly to discuss scientific and philosophical issues. They name themselves Olympic Academy, mocking the official academic status quo of their times. Gradually abandoned his family immersed in his scientific work, this led to begin the procedures for divorce in 1914. Later, in 1917, Einstein became serious ill, and then his cousin Elsa undertook his care, which fell in love and married her in 1919. (8) The first years of the 20th century did not seem all that Einstein was to become the scientist would leave an unforgettable mark on  the world. Despite numerous requests sent to several universities, could not find a job. In contrast, three of his friends and fellow students had already begun to work as assistants. After completing his studies Einstein found a position as assistant teacher in Winterthur, but was fired after a while, because of failure. He told his associates I hired as an assistant teacher and waited for a Socrates. The father of a classmate recommended him sometime in the Director of the Swiss patent office in Bern. His job was to prepare the documents for the recognition of patents and for this purpose should describe them any invention soon, understandable and comprehensive. The inventors themselves were not usually able to describe their invention. Here emerged an ability of Einstein, to extend foreign ideas and recognize the essence of a process or mechanism, while identifying some errors. He confessed later that this work had fascinated him and was his hobby and instead to publish in journals uninteresting scientific papers. This is one of the most productive and most remarkable periods of his life. Away from the scientific community and without the benefits that could result from contact with colleagues, wrote a multitude of scientific articles in the field of theoretical physics.(8) Albert Einstein Work The 1905 was a unique year in the history of physics. At 26 years old, published in important journals within a few months, four momentous research papers that changed the image of humanity in the world. In early 1905, Einstein published the monthly German magazine  «Annalen der Physik » (Annals of Physics) a thesis entitled: A new determination of molecular dimensions, which gained a PhD from the University of Zurich. Four more great articles published in the journal, the same year, and changed forever the vision that was the man for the universe. (4) In the first of these articles gave the explanation of the photoelectric effect, for which he was awarded the Nobel Prize in 1921. On the assumption of quantization that was introduced some years earlier by Planck for interpretation of the black body radiation. He argued that light acts as if composed of discrete, independent particles of energy. These particles have  energy that is proportional to the frequency of light as they propagate. They called this particles light quanta. He demonstrated that the assumption of light quanta with the above properties could explain phenomena that were examining the experimental physicists of the time, as the photoelectric effect. These two works of Planck and Einstein were the principle of quantum mechanics. Later, Einstein opposed the theory of quanta, why could not believe that God plays dice. In his article A creative approach on the production and transformations of light Einstein raised the assumption that light consists of individual action figures, which apart from the wave behavior give the light of certain properties characteristic of particles. So in an effort achieved two goals: revolutionize the theory of light and explain, among other things, the emission of electrons from some solids when these incident light. (4) .   The special theory of relativity Einsteins first published under the title The electrodynamics of moving bodies and was based on an essay he wrote when he was sixteen years old. The central idea of ​​the theory was that if, for all reference speed of light is constant and if all natural laws are the same, then both the time and the movement depends on the reference system in which they are measured. A stationary observer sees two trains intersect in parallel lines can measure their speed at 50 to 60 miles an hour. The passenger in one of the two trains will measure the speed of another train at 110 miles an hour. According to the theory of electromagnetism, the speed of light should be measured differently by an observer moving along than from another property. But in any experiment, as complicated and expensive as it was, had never measured the slightest difference. The speed of light was constant regardless of the motion of the observer. Einstein found that the last event was expected and compatible with the Electromagnetic Theory. As he wrote later, to reconcile the two seemingly incompatible observations needed only a new and more careful consideration the time factor. (6) . Moving in the mathematical formulation of his theory, Einstein published his fourth article entitled The inertia of a body depends on its  energy? Mathematical note that the special theory of relativity has established the equivalence of mass and energy in which a quantity of matter with mass m has an energy content of E is equal to mass multiplied by the square of the speed of light. This relationship is usually written: E = mc  ². The very idea was unbelievable. Even Einsteins revolutionary frightened by the results of evaluations. Thus, the title of the thesis was: Does the inertia of a body depends from the measure of the energy situation? â€Å". Characteristic is what he wrote in a friend: The principle of relativity, in conjunction with Maxwells equations requires the mass is in direct measure of the energy contained in a body. The light transfers mass. This thought is amusing and has consequences, but I cannot know whether the good Lord smiles on the idea that I put on my head. Later, however, he and other scientists realized that, however unlikely it may seem, the formula E = mc  ² was true. The understanding of the new theory and the identification of the author needed several years to be acceptable, but Einstein had won a position among leading European physicists who asked his advice more and more.(4) In 1911 Einstein became a professor at the German University of Prague. In 1912 he returned to the Polytechnic Academy in Zurich. Having been recognized as one of the leading scientists of his time, Einstein did not stop to accept proposals. The most important came from Germany in 1914: based at the University of Berlin and research position in the Prussian Academy of Sciences. Thus, despite the independent character and political and social opposition to the militaristic regime of Germany of William II departed in April 1914 with his family in Berlin, who was then one of the most brilliant centers of European science. In 1915 he published the final text of the General Theory of Relativity. This theory was confirmed experimentally by British scientists during the First World War, by measuring the deflection of light stars, where it passes through the gravitational field of large masses, such as that of the sun. This statement made Einstein famous and surprising that the theory of relativity, although tricky, even for physicists, became popular reading for large numbers of educated people who studied popularized descriptions. (8) General Theory of Relativity As a basic principle of General Theory of Relativity is the equivalence of accelerated systems of reference systems located within the gravity field. For verification of General Relativity, Albert Einstein proposed three experimental tests: 1. Measuring the deflection of light of stars and rays passing near the Sun. The result expected theoretically confirmed in 1919 by photographs of the position of stars near the solar disk during a total solar eclipse. 2. A theoretical prediction for the shift of the perihelion of Mercury. The perihelion of Mercury directed slowly around the sun, and Einstein explained this shift as a result of General Relativity confirmed again from the experiment. 3. The shift toward the red spectrum due to gravity. This test was in 1959 at Harvard University successfully and was the first high precision measurement of results of General Relativity.(6) .   The next year the General Theory of Relativitys gravity was confirmed by many other experiments. General relativity has stimulated the study of the universe as a dynamic entity, the topology of which is determined by the total mass-energy contained in it. . In the general theory of relativity the tireless mind of Einstein discusses moves with changing speed. Einstein approached the issue in a way completely different from Newton. The great physicist of the 17th century had noticed something was a remarkable coincidence: gravity acting in the same way in all bodies, regardless of their mass. Einstein gave an explanation on this issue. The acceleration caused by gravity, he said, cannot be separated from the accelerations caused by other forces. Einstein created using ten complex equations fields, General Theory of Relativity in 1916. The General Theory, in contrast to the Special Theory, had virtually no direct intellectual ancestor. Even today, the mental concepts of Einstein used by scientists. The surprise to Einsteins equations provide actually bend light by gravity  and the curve can be demonstrated by measuring the deflection of a light beam coming from a distant star and passing near the Sun. The light from the star ahead become visible only during a total extinct. Einstein predicted theoretically double the deviation from what could be predicted by Newtons laws.(6) Scientists were waiting for an opportunity to check again the General Theory of Relativity. I opportunity came in May 1919, when occurred a total eclipse of the Sun. Two independent scientific expeditions traveled to places where the eclipse was total. Both measured the same projected radius of curvature of the light of a distant star and were lost behind the darkened sun disk. The news not only impressed the scientists and the general public. Einstein had changed the whole structure of physics. Perceptions of centuries had proved incorrect and a new building was erected in their place, a building where space, time, matter and energy were interrelated and interact with strange exotic ways apart from any everyday perception.(6) Einstein was the symbol of the new science image. Einstein was set at inaccessible heights. Everyone wanted to see him, to speak to him or even writing to him excessively. In 1921 got the Nobel Prize in physics, not for the Theory of Relativity, but the explanation of the photoelectric effect in 1905.The next year Einstein traveled a lot. He supported Gandhi and for that reason signed the proclamation in 1925 of compulsory military service around the world. At 1932 accepted a position at Princeton University, which will be retained along with its location in Berlin. But as the Nazis rose to power, it was to never return to Germany. (4) . Nazis in Power In 1933, when the Nazis had already been elected to the German government began to insult Einstein as an agent of the Americans and Anglo-French, irritated by the fact that as an important representative of German science appeared at that time a Jew. This resulted that he has to leave the great investigator of the German Academy of Sciences, which had dominated, as  always happens in totalitarian regimes. He left also of Germany, this time permanently, and he bound to America. One of his first acts in America with Hitlers rise to power was to leave the German nationality. But he kept the Swiss and also asked the American. As Hitler confiscates his home, his books, and his deposits some people felt happy about it. A Berlin newspaper even wrote Good News from Einstein does not return from America.(4) The great Danish atomic physicist Niels Bohr, in 1939 brought to Einstein news that the German refugee physicist Lizeta Maitner had split the atom of uranium with slight mass loss which was converted into energy. The experiments, conducted in Copenhagen, was inspired by similar, who was less reliable, which had been a few months earlier by two German chemists, Otto Hahn and Fritz Strasman in Berlin. Bohr made the point that if he could be a controlled chain reaction of fission of uranium individuals, the result would be a mammoth explosion. Immediately researchers began to repeat these experiments bombarding uranium nuclei with neutrons. The result was to release a huge amount of energy discovery that led to the construction of the atomic bomb. Einstein was mistrustful of such a possibility, but the laboratory experiments in the United States have demonstrated the feasibility of the idea. (8) With a war occurred in Europe and the fear that Nazi scientists may have manufactured the first atomic bomb Einstein was persuaded by his fellow scientists, mainly from Teller, to help fight for the manufacture of the bomb and write a letter to Franklin Roosevelt to influence him for great vigilance and, if necessary, quick action by the United States in research to build the atomic bomb. This recommendation resulted in the launch of Manhattan Research Program to build the atomic bomb. Eventually the fears of the scientific community for abusing, verified from the opposite side, after the atomic bomb was built under the direction of Oppenheimer used by the U.S. against Japan after the effective end of the war. (8) . Although he didn’t took part in the work done in Los Alamos, New Mexico, and he didn’t know that he had manufactured nuclear fission bomb until the first dropped on Hiroshima in 1945, his name was closely associated with the arrival of the atomic age. The great irony for this idealistic thinker was  that thanks to the famous axiom of mass-energy equivalence, humanity has seen the application, by creating individual and hydrocarbon cluster, which is the most destructive weapons that mankind ever known (2) . Thereafter and until the end of his life, Einstein was active in the campaigning for disarmament, after the Soviet Union he had become nuclear power and began the Cold War he sign statements with other scientists, notably with B. Russell, who was the prime leader of the movements for peace and disarmament. His health began to collapse in 1949 and he was ready to accept his death in 1950, when he wrote that will leaving his writings in the Jewish University of Jerusalem. The last article signed but had nothing to do with science but with peace: it was a manifesto which was appealed to all nations not to use atomic energy. In 1952 he was offered the presidency of the newly established state of Israel, which refused saying, â€Å"equations for me are more interesting. Politics is for the present, the equations are for eternity†. (8) . In 1955 he gives his last interview, which yielded credit to a Greek teacher, Constantine Karatheodory: â€Å"Gentlemen, you asked me to answer a thousand things, but not someone of you wanted to know who was my teacher, who showed and opened to me the way to the superior mathematical science, thought and research. I don’t want to bore you; I say simply, without details that my big teacher was the Greek Constantine Karatheodory, which I personally, the mathematical science, physics and the wisdom of our century, we owe everything†. The respect and esteem in the person of Constantine Karatheodory, who saw him as his teacher and his largely theorem of relativity that made him famous, is also due to him (8). Conclusion On April 18, 1955, Einstein died while sleeping at Princeton Hospital. Upon the table was the last unfilled statement written in honor of Independence Day of Israel. After his death, his mind was preserved in a jar by the  physician Thomas Stolz Hare, who did the autopsy on his body. In 1999, an analysis of the brain showed that the Board is responsible for mathematical thought was a 15% greater than normal (8).

Justice System And The Cases Of Miscarriages Criminology Essay

Justice System And The Cases Of Miscarriages Criminology Essay INTRODUCTION Cases of miscarriages of justice have come to light in recent years and have become a celebrated issue in the society. Different reasons have been given for it like poor investigative interviewing practices, court processes and custodial practices. However, investigative interviewing practices is the most rated as the cause of these injustices, hence, the purpose of this essay is to see how these cases of miscarriages of justice have helped in changing investigative interview practices for better. INVESTIGATIVE INTERVIEWING An interview is a conversation intended to yield information, it is essential to obtain correct, detailed and comprehensive explanations that are rich in detail from all those involved within the criminal justice process; from victims, witnesses, colleagues, friends, neighbours, family and suspects. Interviews are generally non-accusatory; during the course of an investigation the investigator will conduct interviews with all available witnesses and potential suspects. (Milne Bull, 2003, p.111) Investigative interviewing is an important part of the investigative process for patrol officers, loss prevention agents, detectives or other investigators. Most information is derived from people, which makes it important to have knowledge and skill in interviewing, in order to get the best of the interview process. The investigator should ask open-ended questions in an attempt to elicit as much information as possible. The interview subject should do most (75%) of the talking during the conversation (Reid Associates, 2001). If, during the interview it is found that the subject has lied, the investigator should generally not confront the subject. In most cases it is best to challenge a lie during a follow-up interview or once the interviewer has moved into an interrogation. Interviews are conducted at different levels of the investigative process, ranging from the initial police interview of a victim, witness, or suspect to an in-court interview in front of a judge or other decision makers. Interviews conducted during the initial phase of the police investigation are usually the most critical in determining whether a criminal case is solved (Fisher, Geiselman, Raymond, 1987), especially when there is little or no physical evidence and only one witness to guide the investigation. At this point in the investigation, there is considerable potential to extract extensive, accurate information, because the event is still fresh and, hence, relatively accessible in the witnesses memory. Furthermore, witnesses have had little time to think about the event, so their immediate perceptions are likely to be pristine, untainted by later influences. Properly conducted interviews may thus advance the police investigation immeasurably by yielding thorough, accurate rec ords of the crime details. On the other hand, poorly conducted interviews have the potential to distort the witnesses memories and contaminate the entire investigative process. (Hoffman, 2005) Among the most important traits for a successful interviewer are Empathy, Communication and Professionalism. All three of these characteristics combine to send a powerful message to the subject. That is, that the interviewer is an honourable person, who has all of the necessary evidence, and truly understands the feelings of guilt within the subject. Empathy is considered an essential characteristic of a good interviewer. EMPATHY Empathy is the ability to understand and share in anothers feelings (Webster, 1972). Investigators who adopt empathy easily identify with other people see things through anothers eyes. An interview or interrogation is a conversation between two human beings. The subject and interviewer are on an equal basis. Unlike the interviewer, the subject likely has no training whatsoever in interviewing. But as a person the interviewee communicates with others all the time and can identify when dealing with someone who is insincere. It is difficult to convincingly offer explanations and understanding to a subject when the interviewer cannot identify with the other person. This might make the interviewer seem insincere and make it difficult to obtain a fair account of the issue on ground. COMMUNICATION One of the most important traits of a good interviewer is being able to communicate excellently. When people communicate they use more than words. Tone, inflection, volume and pauses are all essential aspects of Para-verbal communication. Non-verbal communication is as important as what is actually being said. Gestures, posture, hand, eye and head movement (or lack thereof) are vital parts of a persons non-verbal communication. The interviewer should also take note of the messages sent by the subjects physiological responses such as skin tone, sweating and respiration. In some circumstances the interviewer will notice that one can visibly monitor the subjects heart rate by observing the carotid pulse. The most important communication challenge for the interviewer is to be aware of all of these methods of communication. The interviewer must take note of what he or she is receiving and also of what one is passing across. The core of interviewing is communication, but how the interviewe r presents oneself to the subject is the first communication that occurs. PROFESSIONALISM The interviewer should be dressed in a professional manner. The interviewer should put into consideration the subject and the location of the interview before deciding on attire, the interviewers attitude should always be professional. No matter the outcome of the interview, the interviewer should not make sarcastic or disapproving remarks during or after the interview. The interview should begin civilly with a handshake and end in the same manner. The final role that professionalism plays in the interview is the attention to detail paid to the confession and statement. Someone, perhaps the interviewer, spent valuable time preparing the investigation. The investigation file will likely be full of detail and description. Once the subject confesses, the professional interviewer will follow through with developing the confession and capturing it in a detailed and accurate statement. Investigation is a core duty of policing. Given that the interviewing of victims, witnesses and suspects is central to the success of an investigation, the highest standards need to be upheld. In order to do this, forces need to develop and maintain the valuable resource that the skills of their interviewers represent. Interviews that are professionally undertaken and quality assured can realise several business benefits. In particular, they can: Direct an investigation, which in turn can lead to a prosecution or early release of an innocent person; Support the prosecution case, thereby saving time, money and resources; Increase public confidence in the Police Service, particularly with witnesses and victims of crimes who come into direct contact with the police. Conversely, failure to professionally undertake and assure quality interviews can have adverse consequences in terms of failure to adhere to legislation, loss of critical material, unsolved crime, lack of credibility and loss of confidence. The gathering of information from a well-prepared victim and witness interview will contribute significantly to the investigation. An effective interview of a suspect will commit them to and account of events that may include an admission. In the admission, the suspect may detail how the offence was committed and thus the investigation can be more focused. The value of a properly obtained admission can prove the mens rea of the offence, beyond doubt. (Hoffman, 2005) MISCARRIAGES OF JUSTICE The mistakes that occur within the criminal justice system can be described in various ways; the criminal justice system is founded on the presumption of innocence; a legal fiction intended to insulate the individual from abuses of state power and reduces the likelihood of a factually innocent person being convicted. In order to cast this protective net as widely as possible, the appellate test has to be expressed in the neutral term of safety. The media and campaigners have different motivations and usually focus upon cases of innocence in order to attract public interest and to achieve reform. Despite the moral and political impact of innocence cases, for those who seek to safeguard the rights of defendants and to uphold the integrity of the criminal justice system, it is imperative to resist allowing the criminal justice debate to degenerate into competing claims of guilt versus innocence. Miscarriage of Justice has been defined as A grossly unfair outcome in a judicial proceeding, as when a dependant is convicted despite lack of evidence on an essential element of the crime. (Barak, 2007). This definition can be attributed to wrongful arrests, wrongful charges or indictments, wrongful sentences, but most notably wrongful convictions arising from improper and insufficient investigations. According to Barak, There are two general types of miscarriages of justice which are errors of due Process and errors of impunity. Errors of due process involve unwarranted harassment, detention or conviction, or excessive sanctioning of people suspected of crimes. Errors of impunity refer to a Lapse of justice that allows a culpable offender to remain at large or escape justice in some way. Error of due process can lead to error of impunity, thus, if a person is wrongly arrested, convicted and imprisoned for a crime that he/she did not commit. There is a good chance that the real offe nder will remain free to commit other offences, meanwhile, there is a probability that the real offender will be arrested, convicted and arrested for another crime. Both types of error can undermine the integrity and legitimacy of the Criminal Justice system. The origin of most miscarriages of justice can be said to be from the roots, which is the law enforcement agents. The police have a big role to play in ensuring justice is carried out always, but in doing this, proper investigations and interview have to be carried out to ascertain the right facts. There have been many celebrated cases and many more of miscarriages of justice, as in the case of Stephen Downing who was convicted of the murder of Wendy Sewell in a  Bakewell  churchyard in 1973. The 17-year-old had a reading age of 11 and worked at the cemetery as a gardener, he was made to sign a confession that he was unable to read by the police. The case gained international notoriety as the Bakewell Tart murder. After spending 27 years in prison, Stephen Downing was released on bail in February 2001, pending the result of an appeal. His conviction was finally overturned in January 2002. Miscarriages of Justice highlights the shortcomings of the Criminal justice system, it also reflects a tendency for police investigators to develop a theory as to responsibility for a crime and then to exclude all other avenues for investigation. (Dixon 1999). This may occur as a result of not following up other potential avenues of investigation or by active manipulation of evidence to support the theory. As in the case of The Cardiff Three, Steven Miller, Yusef Abdullahi, and Tony Paris who were falsely jailed for the murder of prostitute Lynette White, stabbed more than 50 times in a frenzied attack in a flat above a betting shop in Cardiffs Bute town area on Valentines Day 1988, and jailed in 1990. This was a serious case of miscarriage of justice as a result of poor investigation and interrogation by the police officers involved, the young men were bullied and coerced to falsely confess to a crime they did not commit, they were charged to court with the barest minimum of evidenc e and were later cleared on appeal in 1992; it was not until 2003 Jeffrey Gafoor was jailed for life for the murder. The breakthrough was due to modern DNA techniques used on evidence taken from the crime scene. Subsequently, in 2005, nine retired Police Officers and three serving Officers were arrested and questioned for false imprisonment, conspiracy to pervert the course of justice and misconduct in public office. Another celebrated case of miscarriage of justice is that of Rachel Jane Nickell  (23 November 1968-15 July 1992) who was the victim of a  sexual assault  and  murder  on  Wimbledon Common,  London, on 15 July, 1992. She was stabbed 49 times. On 18 December, 2008,  Robert Napper, 42, pleaded guilty to Miss Nickells  manslaughter  on the grounds of  diminished responsibility.  Colin Stagg had earlier been charged and then acquitted in relation to this murder, as there was no forensic evidence linking Mr Stagg to the scene, the police asked  criminal psychologist  Paul Britton to create an  offender profile  of the killer. They decided that Mr Stagg fitted the profile and asked Mr Britton to assist in designing a covert operation, Operation Ezdell, to see whether Mr Stagg would eliminate or implicate himself, an undercover police woman using the pseudonym Lizzie James contacted Mr Stagg, posing as a friend of a woman with whom he used to be in contact vi a a lonely hearts column. She attempted to obtain information from him for over five months by feigning a romantic interest, meeting him, speaking to him on the telephone and exchanging letters containing sexual fantasies. Believing on the advice of the  Crown Prosecution Service  that there was sufficient evidence to convict Mr Stagg, the police arrested and charged him on 17 August 1993 with Miss Nickells murder. When the case reached the  Old Bailey,  Mr Justice Ognall judged that the police had shown excessive zeal and had tried to incriminate a suspect by deceptive conduct of the grossest kind. The entrapment evidence was excluded and the prosecution withdrew its case. Mr Stagg was acquitted in September 1994. This case is a clear example of a miscarriage of justice from different aspects; bad investigative interviewing, ignorance of other leads, bad decisions and errors on the part of the police officers. The main culprit was left roaming around and went on committing crimes before he was eventually caught for another crime. There have been lots of other cases of miscarriages of justice with poor investigative interviewing being the major cause and other factors too. This led to the emergence of Judges Rules which was drawn by Judges in 1912, which was revised over the years and added to over the years and remained in force until they were replaced by the Police and Criminal Evidence act (PACE) 1984 and the Codes of Practice (Home Office Circular 89, 1978) as a result public outcry concerning highly publicised miscarriages of justice (e.g. Guildford 4) in the UK, the Home Office is the central government department responsible for the criminal justice system) and Association of Chief Police Officers (ACPO) developed the investigative interviewing; ethos and PEACE training course in the 1990s PEACE continues to be the Police Service framework for interviewing. There are five phases to the PEACE framework which are: Planning and Preparation: This includes what to consider when planning for an interview, understanding the main aim and the essence of the interview to the case at hand. Engage and Explain: This describes how to cope with the special features of getting an interview started, involving the interviewee in the conversation, building rapport, setting the interviewee at ease and informing him/her about rights and other legal necessities, and establishing the ground rules. Account, Clarification and Challenge: This deals with the central issue of obtaining the interviewees account, clarifying this and, where necessary, challenging it. Closure: This is an important aspect of the whole process, a good closure is necessary to ensure that there is a mutual understanding about all that transpired, it describes the considerations before closing an interview. Evaluation: This consists of asking questions about what was achieved during the interview and how it fits into the whole investigation. Evaluation also includes the development of an interviewers skill level, through assessment (self, peer and manager) and feedback. According to Griffith Milne (2005) Most of the identified problems with police interviews prior to PEACE were due to miscarriages of justice linked to false confessions. These false confessions were due to bad police interviewing processes, though subsequent legislative which has authorised compulsory audio tape recording of all interviews with suspects and the right for a suspect to have a legal representative present should avoid a repetition of such occurrences. Miscarriages of Justice also led to the need to review police interviewing initiated under the auspices of the Association of Chief Police Offers (ACPO) and the Home Office. The National Strategic Steering Group on Investigative Interviewing exists to ensure the development and delivery of the most effective interview strategy. Its role is to ensure that a consistent and professional approach is adopted by the Police Service, which is able to withstand judicial and academic scrutiny and has the ability to instil public con fidence. The overall aim of the National Strategic Steering Group on Investigative interviewing is: To provide direction on the development of policy, practices and procedures to ensure that the interviewing of victims, witnesses and suspects supports professional investigation. The terms of reference of the National Strategic Steering Group on Investigative interviewing are: à ¢Ã¢â€š ¬Ã‚ ¢ To maintain an effective dialogue with key stakeholders to ensure high standards of professionalism and service delivery. à ¢Ã¢â€š ¬Ã‚ ¢ To monitor the potential impact of any changes in law and procedure on interviewing practices and make recommendations on further changes as necessary. à ¢Ã¢â€š ¬Ã‚ ¢ To provide advice to ACPO and other key stakeholders on technical and procedural issues that impact on the professional practice of investigative interviewing. à ¢Ã¢â€š ¬Ã‚ ¢ To ensure that the National Occupational Standards applicable to investigative interviewing are fit for purpose. à ¢Ã¢â€š ¬Ã‚ ¢ To inform the design and development of effective learning and development products that supports the National Investigative Interviewing Strategy. à ¢Ã¢â€š ¬Ã‚ ¢ To establish an effective partnership with the NPIA to develop professional practice and maintain operational support. The principles of investigative interviewing (NSLEC, 2004, pp. 16-20) which have generally stood the test of time have been revised. The Principles of Investigative Interviewing 2007 are: The aim of investigative interviewing is to obtain accurate and reliable accounts from victims, witnesses or suspects about matters under police investigation, accurate information to seek truth and not coercing false confessions. Investigators must act fairly when questioning victims, witnesses or suspects, vulnerable people must be treated with particular consideration at all times. Investigative interviewing should be approached with an investigative mindset. Accounts obtained from the person who is being interviewed should always be tested against what the interviewer already knows or what can reasonably be established, investigative interviewing should be approached with an open mind. When conducting an interview, investigators are free to ask a wide range of questions in order to obtain material which may assist an investigation. Investigators should recognise the positive impact of an early admission in the context of the criminal justice system. Investigators are not bound to accept the first answer given. Questioning is not unfair merely because it is persistent, the interviewers duty is to get accurate and reliable information from an interviewee no matter the number of times the question is asked, as long as it is done carefully and not in an oppressive manner. Even when the right of silence is exercised by a suspect, investigators have a responsibility to put questions to them, if the interviewer believes truth can be derived from the person in question. Miscarriages of justice threaten the very foundation of a society, because in every liberal legal system, legal rights and autonomy are paramount. Miscarriages of justice undermines these individual rights which has led to an outcry by society and prompted the necessary bodies to build laws, policies and practices to be adhered to in order to prevent further miscarriages of justice arising from investigative interviewing and thus has improved investigative interviewing practices. RELEVANT CASE LAW R. v. Downing (2003, March 10) Newstatesman R. v. Miller, Paris and Abdullah [1993] 97, G. App. R. R. v. Stagg (1992) The Sun. Retrieved 3 January, 2011.