Commodity exchanges

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Futures

Are contracts to buy or sell a fixed quantity and quality of a particular commodity for delivery at a fixed date in the future at a fixed price.

Forward contract

The seller undertakes to provide the client with a fixed amount of a commodity on a fixed future date at a fixed price. Help with essay on commodity exchangesDifference between futures and forward contract

The former is a once-only deal (while futures contracts are standardized contracts), which cannot be closed out by a matching transaction.

Need for future trading

•To improve the price discovery process in the commodity.

More transparency because now farmers will have complete access to information and hence will get a better price for their produce

No monopoly because more no. of players would be involved in the trading

•To facilitate the management of risk which can lead to efficient management of resources

Preconditions for future trading

•A stable and credible currency,

•Reliable credit markets,

•Existence of financial institutions,

•A system that can enforce repayment rules and provisions for liquidation in cases of bankruptcy.

Prerequisites for commodity market

•Storage and delivery facilities

•Quality control systems and agencies Clearing House

•Facility for trading

•Large number of participants

•Team of surveyor and assessors

•Dissemination of information relating to trading

Benefits of commodity exchange

Economic benefits by

•Price discovery and hedging

•Improved Export Competitiveness

•Reduced processing margin risks

•Indirect benefit to farmers

•Facilitates access to credit

•Improved product standards

Benefits to traders, farmers and banks

•Traders Inventories to trading instruments, lower cost of credit, shorter supply chain

•Farmers Storage, Loans, Reduced risks

•Banks Reduced risk in Loans, More business

Online trading mechanism

•Transparency in governance and functioning of the exchange.

•Information dissemination without delay to the offerors and the bidders simultaneously.

•Convergence of all the offers and bids emanating from all over the country in a Single Electronic Order Book of the Exchange

About the exchange

•Incorporated in December 001 to meet the challenges of globalization

to link the system so that trading could be conducted from any part in the country. The system has a central database and a trading sub-system.

•A clearing and risk-detecting mechanism is built into it.

•It provides efficient trading, clearing and settlement facilities

•Target turnover 1500 crore

Main promoters

•Central Warehousing Corporation (CWC),

•National Agricultural Co op. Marketing Federation of India Limited (NAFED),

•Gujarat Agro Industries Corporation Limited (GAICL),

•National Institute of Agricultural Marketing (NIAM),

•Gujarat State Agricultural Marketing Board (GSAMB) and

•Neptune Overseas Limited

CWC Warehouse receipt system

•Warehouse receipt system Established to boost the trading activity in the commodities, delivery in the underlying commodities.

•Warehouse Receipt issued by a Warehouse Man to a person depositing goods in the warehouse.

•CWC, Other potential warehouses complying with modern and standard requirements for preservation of standardized / graded commodities as may be guided by CWC

Features of the exchange

•Convergence of all the offers and bids emanating from all over the country in a Single Electronic Order Book of the Exchange ensuring equal access to all intermediaries.

•Participation of diverse interests like Importers, Exporters, Growers, Brokers, Traders, etc., using an electronic training system providing a fair, efficient and transparent commodities market. ( Exhibit-1)

•Fair Trading Practice ensured through checks and balances built-in in the System.

•Virtual Trading Environment using the-state-of- art information technology through an appropriate communication networking.

•Efficient, Guaranteed Clearing, Settlement & System enabling book entry settlement.

•Warehouse Receipt System based Delivery of Underlying Commodities meeting the current international standards, its endeavor is to fulfill its mission in letter and spirit.

•Real Time Price & Trade Data Dissemination

Commodities traded

•Cotton, castor, Safflower, Groundnut, Rape, mustard, Sunflower, cotton, sesame, Copra, Coconut, sugar, Crude palm oil, Soybean, vanaspati, rubber.

•Seeds, oil, Oil cakes

Regulation

•Forward Contracts (Regulations) Act 15

•The Essential Commodities Act - to control the production, supply and distribution of essential commodities. All agricultural commodities fall under the provisions of this Act.

Trading at NMCEIL

•Order driven Traders submit orders, matched against the existing orders in the order book

•Trading on anonymous basis without disclosing the counterparty.

•This provides transparency to the trading system.

•Trading members identify the clients on whose behalf the orders are placed or else the orders are accounted to their own account.

•Trading systems provides a time stamp for each order entered and trades executed.

•Trust based rather than rule based

Clearing and settlement systems

•In house clearing Connected to all the Clearing Members and the Clearing Banks

•surveillance, control, margining and clearing & settlement

•provides guarantee of financial performance of outstanding contracts to its clearing members

Membership

•Individuals, registered firms, corporate bodies and institutions

•Graduation, two years of experience

•Net worth- 50 Lakhs

•Paid up capital- 0 lakh

Rules and regulations

Contract Specifications The Quality specification in terms of Agmark specifications and grades

Price Quotation The units of commodity in which the price will be quoted.

Trading The units of commodity in which it will be traded per contract.(i.e. Price Quotation multiplied by multiplier factor)

Tick size The variation in the price quotation allowed on the Exchange.

Trading cycle example

Base price of the Futures Contracts previous day's closing value of the spot market. and on subsequent trading days will be the daily settlement price of the futures contracts.

Circuit breaker There will be a .5% band above or below the last closing price of the contract, to be extendable after 1 hour subject to receipt of online margin.

Off- Market deals/Negotiated Deals Not permitted in the system.

Password Every trader has a password it has an expiry date.

Every trading member of the Exchange shall be allowed to designate users as approved users

Fee structure

Annual subscription will be Rs.10,000/-

Transaction charges will be paise per Rs. 100/- with a minimum amount of Rs. 5,000/- per month per clearing/trading member.

Maintenance charges for the VSAT Rs. ,500/- per month per VSAT

Functioning of the exchange

DEALS Deals executed on the Exchange are eligible to be cleared and settled through the Exchange and shall be called Admitted Deals'

SETTLEMENT OF DEALS Admitted deals executed on a trading day, shall be cleared and settled on a netted basis, at the end of each day, as prescribed under the relevant regulation.

SETTLEMENT PROCEDURE Payment into the Exchange shall be made on the net of contracts and liabilities into the settlement account maintained by the Exchange before the commencement of the trading of the next day.

Pay-outs shall be made by the Exchange the same day.

Daily settlement price shall be the closing price of the commodity Futures Contracts of the trading day. Initially the closing price for each commodity futures contract shall be calculated as the weighted average of last 5 trades during last half an hour for that commodity futures contract

Final settlement price shall be the closing price the series of the commodity on the last trading day of the futures contract.

Base Capital

Minimum Base Capital

A Member is required to meet with the Minimum Base Capital requirements prescribed by the Exchange before activation as a Member.

Additional Base capital

As the initial security deposit is too low to cover the potential exposure of the Member, those Member who are willing to take higher exposure limits, can provide further security to the Exchange by way of cash, fixed deposit receipt, bank guarantee and pledge of securities

Initial Margins

Amount a trader should place with his broker at the time he places an order to buy or sell a futures contract

Various kinds of trading markets at the exchange

•Ready delivery market

Cash trade Same day settlement

Spot Trades Settled on third day

Weekly trades 6th day settlement

•Specific delivery market

Delivery obligation maturing beyond a period of 11 days

Counter party is known

•Futures Market

•All contracts are settled on daily basis at the daily settlement price till the final delivery of commodity on the expiry date.

•Auction Market to close out the positions of the members who have failed to pay-in their obligations

Other exchange associations in India

•In all there are around 18 such associations

•Only one association is recognized in a city or region for forward contracts in any single commodity group, with the view to minimize competition between associations.

•They have to apply for recognition from the Central Government

Their user composition

•Similar to western exchanges Nearly half of the trade is estimated to be speculative, conducted by day-traders contributing to the liquidity

•Rest is hedging with traders being the most active

•Farmers in India rarely use futures markets directly co-operatives, intermediaries, traders.

•Operate in regulated markets.

•Commission agents provide information and intermediating risk management transactions.

•Regulatory barriers prevent co-operatives from using commodity exchanges.

•Traders- very little share- poor access to credit

•Exporters- low exchange liquidity

•Brokers are most active

Other online exchanges

•London FOX London Commodity Exchange (LCE) cocoa, coffee, sugar, rubber, potatoes and grain

•CBOT- Chicago board of Trade maize, soya beans, crude soya bean oil, soya bean meal, oats

•Coffee, Sugar and Cocoa Exchange (CSCE)

Agmarknet

•It provides prompt and reliable information about what is happening in the market, what quantities are arriving and what prices are quoted

•It will enable farmers to take market based decisions and benefit other market users as well.

Survey

The survey was conducted by means of personal and online interviews by means of a questionnaire (Exhibit- ) to get an idea about how the trading and pricing decisions are made by them, the various factors being taken into consideration etc. A sample size of 10 was taken for the purpose.

The following were the various factors identified through the survey, which help traders in taking decisions about the pricing of the commodities

•crop seasons, harvest time

•When new crop is expected to come in mandi

•what is the crop estimation

•Festival season

•Time and trends of world markets.

•Factors influencing the decision of bidding.

•time of the year

•crop variety

•international trends

•natural calamities

The information is collected by the following means

•Information is all based on local level and on net where the international markets Trends can be seen and also consultants (market experts).

•Past trends of the commodity available on net or through journals or just being vigilant

•Fluctuations in the environment

Further suggestions

•Grading is one aspect which was emphasized by almost all the respondents, i.e. the commodities being traded must be available in graded form such the traders can take better decisions about the pricing and also will be more sure about the kind of quality they are going to get.

•Technical difficulties are faced by the traders who trade online. Because they are not very well verse with the computers and also the whole VSAT system being used.

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College Essay- the most important person in my family

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When I had to write about the most important person in my family, I didn't even have to think twice about my dad. When I was little, my dad always made time for my volleyball games and activities. My dad is such an inspiration because I know that no matter what happens, he will always be proud. I know my dad will always be by my side pushing me to do my best, with words of encouragement.

I have gone through some difficult times where my dad has given me guidance and has helped me to be more focused on my goals and trying to accomplish what I set out to do. We discuss my problems, try to put them in the right perspective, and deal with them the right way.

He knew the importance of success and helped me get through disappointments I've had with volleyball. What I didn't always realize is that while I may have given up on myself, my dad never did. He always stood by my side supporting and encouraging me. For example, three years ago my dad sacrificed his money and time for me to be in volleyball club. He gave up several hours of work to drive me to practice and games, while staying to watch me play. He never missed one game, and was always been there to back me up and give me motivation.

My dad has worked hard to help my sisters and me succeed in life. When I struggle with things and doubt my ability to get through something, he is always there to guide me to the right path. Even when my dad is exhausted after a long day at work, he makes time for me and lets me know how much he really loves me. These are just a few of the many things me dad does that make him special to me.

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Iraq

If you order your cheap custom essays from our custom writing service you will receive a perfectly written assignment on Iraq. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality Iraq paper right on time.

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IRAQ CRISIS

FOR

I am supportive of the war on Iraq as Saddam Hussein is an evil dictator who should not have being able to gain power. What he does to the general public is disgusting and in-humane. Also he is defiant to the U.N. (United Nations) and has failed to destroy "the weapons of mass destruction" which he has in his possession. After years of dispute within the U.N George W Bush pushed for action in Iraq. Finally on the twentieth of March 00 George W Bush and his allies (John Howard and Tony Blaire) issued the attack against Saddam's regime.

The main reason I am for the war is due to the fact that Saddam has the power to kill millions of people, also that he does not treat the people of his country with the respect they deserve. Also to his family and Saddam the law does not exist. An example of that is with his oldest son Suedai who has substantial evidence against him for crimes such as rape, yet no punishment has being dealt to him. This is not away for a law to run. All these problems should be fixed. Help with essay on IraqEvidence for all these problems has being shown in the media. And this is evidence enough for me.

Against

The main and most important reason I am against the war on Iraq is because even with every caution the soldiers take they will still kill innocent Iraqi civilians. Also the war will or may bring terrorism to Australia. The war will also destroy the civilians houses, there work, there schools and there livelihood. This will cause famine and maybe also a civil war between the Iraq's towns and cities. The war may even cause disputes within the U.N and from that World War three could start.

Most of my reasons have come from me sitting down and looking at each possible outcome. Even though they might not happen, what if they do, tats another problem with this war there are to many 'what ifs.' And even though America, Britain and Australia are the most powerful in this war but something most likely will go wrong and an example of that would be Saddam being more powerful then they anticipated. Then people will die, heroes to their country will die, and to us they are just people but to others they are friends, brothers, sisters, sons, daughters, fathers, mothers, nephews, nieces or cousins. And only if its one person in the hearts of the loved ones it will be more.

Please note that this sample paper on Iraq is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Iraq, we are here to assist you. Your cheap research papers on Iraq will be written from scratch, so you do not have to worry about its originality.

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The Babylonian Code of Hammurabi and the Yuan Code written by the Mongols are comparable because of similarities between the two reigns of Hammurabi and Kubilai Khan.

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1

Many civilizations have formed their own legal systems to ensure justice among their citizens. Law codes are a must for any society that needs to keep the peace among its citizens. They settle conflicts with the goal of preventing feuds between citizens. Two such law codes are those of Hammurabi and the Yuan Dynasty. In both, death remained the number one punishment and was used often for many crimes. Physical punishment was also more popular than repayment. As societies became more civilized, law codes remained barbaric.# Aside from being barbaric there were differences in punishments concerning the different genders. Status differences appear in the law codes as well as gender differences. Women and slaves were treated differently than the free men of the society, although punishments for both men and women were still harsh. Many things are reflected through Hammurabi's Law Code and the Yuan Law Code. The writer's values, legal equality or lack thereof, consumer protections, the differences between pre-meditated and involuntary manslaughter and more, are all apparent within the law codes. The Babylonian Code of Hammurabi and the Yuan Code written by the Mongols are comparable because of similarities between the two reigns of Hammurabi and Kubilai Khan.

Hammurabi was the sixth Amoritic king of Babylon and he reigned between the Tigris and Euphrates. With a series of military campaigns he extended his control over Sumer, Akkad, and far to the north and northwest of Mesopotamia.# His reign lasted from approximately 17 B.C.E. to 1750 B.C.E. Two reasons for expanding into

Mesopotamia were the need for vital resources and the need for trade.# Because of the Amorites, Mesopotamian society changed. City-states shifted to territorial states, long

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distant trade relations grew, and Hammurabi changed the social structure in order to support his army.# There were three social classes.# The first class consisted of royalty, high ranking officials, warriors, priests, merchants, and some artisans and shopkeepers. They were the free, landowners. The second class included dependant farmers and artisans who were legally bound to land that belonged to the king, temple, or elite families. They provided the bulk of the work force for the rural estates and temple complexes. The last is the slave class and they were employed for domestic services. Slaves usually came from mountain tribes and they were either captured in war or sold by slave traders.# There was also another category for slaves which contained people who were unable to pay off a debt. Most information known about Mesopotamian society is biased because the written sources are the product of male scribes and most of the information reflects male elite activities.# There is only limited information on the attitudes towards the roles women played in society. It is assumed that women remained in the homes and raised the children because hunting and farm work required physical labor, which was usually done by men. Because women gave care to the children, anthropologists theorize that women were prevented from gaining the specialized skills of the scribe or artisan.# Society in China, under the Yuan Dynasty, was similar to the Mesopotamian society and the Kubilai Khan reign has many similarities to Hammurabi's.

In 17 China fell under the alien-rule of the Mongols.# Like Hammurabi and the

Amorites, Khubilai Khan and the Mongols were nomadic. The Mongols traveled to different territories, such as China and Japan, to conquer them and to rule over them.

Khubilai's main objective however was to restore the unity of the Chinese realm.# In 165 he made Beijing his new capital and in 171 he declared himself founder of the Yuan Empire.# Both the Mongols, under Khubilai's rule, and the Amorites, under Hammurabi's rule, changed the societies they conquered. In China, all regional regimes were destroyed and the restoration of many features of Chinese government and society were encouraged.# All aspects of life in China changed with the new Mongolian control. The Mongols redistricted China for purposes of census taking and administration and China was organized in to provinces that were much larger than earlier units had been.# Like the Amorites, the Mongols had different social classes. Although the classes were different, they were definitely present. The status of individuals, by law, was dictated by where their ancestors had come from. The highest social rankings belonged to the Mongols and they made up the conquering caste; next in line were the Central Asians and Middle Easterners who held the highly valued political functions of census taking, tax collection, and managing the calendar.# Below the Central Asians and Middle Easterners were the northern Chinese, and finally the southern Chinese.# According to J. J. Saunders, "The resentment of the educated at Mongol rule no doubt explains the policy of racial segregation practiced by the conquerors."# Both the Yuan Law Code as well as Hammurabi's Law Code reflect the societies different social classes as well as the gender differences.

Hammurabi's Law Code was inscribed on a big piece of black basalt. It contains

8 laws that deal with court procedures, thefts, slaves, crafts, land tenure, farming, wives, family and domestic life, trade, and consumer protection.# Death was the most

4

serious punishment and was used often. Most of the punishments are "eye for an eye" type punishments. Some examples include laws 15-17

"15. If a man strike his father, they shall cut off his hand.

16. If a man destroy the eye of another man, they shall destroy his eye.

17. If he break a man's bone, they shall break his bone." #

Under Hammurabi's law code, penalties depended on the class of the offender and the most severe punishments were reserved for the lower classes.# Law 18 states

"If he destroy the eye of a common man or break a bone of a common man, he shall pay one mana of silver."#

In this law the " eye for an eye" assessment doesn't apply. The common man does not get the same treatment as a male member of the free, landowning class. The laws reflect the differences in gender as well as the differences in status. Women are treated as second citizens and they are not treated as equals in the Hammurabi's law code. If, for example, a women claims to hate her husband and she does not want him to have her, her past is questioned. If she does not have a past then she is free of blame and she can take her dowry and live with her father. Her husband receives no punishment for "going out and greatly belittling her" but if she does have a past of "belittling her husband' and if she is not free from sin then she would have been thrown into the water.# Clearly men received better treatment from the law code than women did. In the Yuan Law Code, men also were treated differently than women and there were also different punishments depending on the status of the offender. As well as being bias the Yuan Code is also barbaric like Hammurabi's Law Code.

The Yuan Law Code contains many laws concerning killing and fighting. Almost all of the laws punish killing with the death penalty as well as compensation. If a person

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kills another person they are punishable by death and their family must pay funeral expenses of the murdered.# There are exceptions to this. If a man kills someone who was flirting with his wife then he would have received a punishment one degree less than the death penalty.# The laws from the Yuan Dynasty reflect a violent society where fights and murder occur often. The punishments themselves are also barbaric and if it is not the death penalty then the offender usually receives a set amount of blows. In the Yuan Dynasty women received harsher punishments for crimes than the men did. The laws reflect how women were treated as second citizens as they were in the Mesopotamian society. A father can murder his married daughter, if she has committed a serious offense, and instead of receiving a punishment of death he will only receive 57 blows while the husband of the deceased is entitled to receive a full refund for the amount he paid for her.# Women were treated as if they were just simply pieces of property and the father was punished as if he stole the property. In another example if a father kills his son and happens to kill his daughter in law he will receive only 77 blows and her dowry would have been returned to her parents.# Laws pertaining to slaves were also equally unfair. Slaves ,although not on the same level as women, were treated just as poorly. An example of two laws concerning slaves show that the death of a slave is not as important as the death of a free man

"57. If a person kills his or her slave who has been faultless, he or she will punished by 87 blows. If he or she is in a state of drunkenness when the killing takes place, the punishment will be reduced by one degree.

58. If a person beats to death a slave who is about to gain his or her freedom, the offending person

will be punished by 77 blows."#

The laws were brutal and offensive, especially concerning the treatment of women and

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slaves as if they were property. Both law codes present seemingly inhuman punishments.

The Law Code of Hammurabi and the Yuan Law Code are very similar even though there is a difference of four thousand years between the two. Law codes reflect that societies continued to treat women as second citizens as well as slaves. Both Hammurabi and Khubilai Khan were nomadic and they both expanded their territory into larger regions of land. In order to keep their control over their new expansions they formed law codes to govern the citizens and maintain justice. The different social structures from both civilizations are revealed in the law codes. There are wealthy land owning classes, lower working classes that work for the king, common men, and slaves. Each of these different social standings are punished differently and the fairness of punishment decreases as the class of men decreases.

Bibliography

Bottero, Jean. Mesopotamia Writing, Reasoning, and the Gods. Chicago The University of Chicago Press, 1.

Bulliet, Richard W., Pamela Kyle Crossley, Daniel R. Headrick, Steven W. Hirsch, Lyman L. Johnson, and David Northrup. The Earth And It's Peoples A Global History. Boston Houghton Mifflin Company, 001.

Oppenheim, A. Leo, Ancient Mesopotamia Portrait of a Dead Civilization. Chicago The University of Chicago Press, 164.

Prawdin, Michael. The Mongol Empire It's Rise and Legacy. London Bradford and Dickens, 18.

Riley, Philip F., Frank A. Gerome, Robert L. Lembright, Henry A. Myers, and Chong-Kun Yoon. The Global Experience Readings in World History to 1550. New Jersey Prentice Hall, 00.

Saggs, H. W. F., The Greatness that was Babylon. New York Hawthorn Books, Inc., 16.

Saunders, J. J., The History of the Mongol Conquests. Philadelphia University of Pennsylvania Press, 171.

Please note that this sample paper on The Babylonian Code of Hammurabi and the Yuan Code written by the Mongols are comparable because of similarities between the two reigns of Hammurabi and Kubilai Khan. is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on The Babylonian Code of Hammurabi and the Yuan Code written by the Mongols are comparable because of similarities between the two reigns of Hammurabi and Kubilai Khan., we are here to assist you. Your cheap custom college paper on The Babylonian Code of Hammurabi and the Yuan Code written by the Mongols are comparable because of similarities between the two reigns of Hammurabi and Kubilai Khan. will be written from scratch, so you do not have to worry about its originality.

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Discuss the significant social, cultural, and/or economic issues between Quebec and the rest of Canada and their impact on the Canadian political system.

If you order your cheap custom essays from our custom writing service you will receive a perfectly written assignment on discuss the significant social, cultural, and/or economic issues between Quebec and the rest of Canada and their impact on the Canadian political system.. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality discuss the significant social, cultural, and/or economic issues between Quebec and the rest of Canada and their impact on the Canadian political system. paper right on time.

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The topic chosen is

Today I will intend to demonstrate the based on an understanding of the concepts of conflict and cleavages (noting vertical, horizontal, coincidental, and crosscutting) in Canadian society, discuss the significant social, cultural, and/or economic issues between Quebec and the rest of Canada and their impact on the Canadian political system. Demonstrate an awareness of the positions on each side of these issues. (You may refer to the McRoberts article, Quebec Province, Nation, or Distinct Society, in Whittington and Williams.

First to understand everything we must understand the vocabulary. Believe me this vocabulary is not an everyday conversation vocabulary.

1.Concepts of conflict The triumvirate of boundless human wants, the social nature of the human condition, and limited or scarce resources combines to produce a situation where individuals or aggregations of individuals within societies must compete with others to maximize personal or group satisfaction. Help with essay on discuss the significant social, cultural, and/or economic issues between Quebec and the rest of Canada and their impact on the Canadian political system.In other words, there exists a potential situation of virtually endless squabbling over who gets what, when, and how much of the available resources. This competition or conflict occurs at several levels.

Here are other examples of different conflicts that we all herd of.

At one level, individuals may compete directly with other individuals, because, in spite of some halting evidence of changing values in North America, getting a promotion, finding a job in the first place, winning a scholarship, or having a nicer garden than the neighbor's are still central concerns of life. Examples Job competition at the city level for fire fighter positions

But conflict often transcends the individual level. Groups of people with interests in common are also in competition with other groups. Labour unions compete with management and with each other, farmers compete with nonagricultural occupational groups, and fire fighters unions with city officials. Example City of Granby Quebec vs the fire fighter in civil court.

Intergroup competition is a sort of bargaining game where the prize is the larger share of available but limited resources. Example fire fighter union wanting more money and benefits.

Moreover, competition among groups in society is transcended by even broader-based conflict among aggregations of groups or sectors. Example the Montreal fire fighter union vs. the Granby fire fighter union.

Conflict within a nation state may also occur between and among large national, cultural, or regional groups. Example The French-English conflict that colors so much of Canadian politics about the language issue

The increasing demands of our aboriginal peoples for the settlement of land claims and recognition of their right to self-government might also be viewed in this way.

Still another level, we see whole societies in conflict in the international arena, where sovereign states are the actors competing for global power and influence and where the ultimate manifestation of conflict is war. Example Bosnian conflict of 1 to today.

.Concepts of cleavages is The politically relevant differences among various groups and individuals are called cleavages.

Example the uneven distribution of wealth among regions, groups, and individuals in Canada is a critical determinant of the lines of conflict or cleavages in Canadian society and has an immediate impact on the political behaviour of voters, interest groups, and politicians.

.vertical cleavage Vertical cleavages are based on essentially economic factors, such as level of income, social status, or class. Competing groups in this category square off in political conflicts according to their relative wealth or economic opportunity.

4.horizontal cleavage Horizontal cleavages are based on non-economic factors, such as region, ethnicity, gender, and age, which can either cut across or coincide with economic factors.

5.coincidental cleavage This coincidence of cleavage deepens the conflict between groups and makes the conflict more difficult for government to manage. For example, racial conflict is made more severe if it is accompanied by a significant disparity in wealth or economic opportunity, and differences in employment opportunities between men and women can exacerbate gender cleavages.

6.crosscutting cleavage a phenomenon which has the effect of diffusing and weakening political conflicts.

As the vocabulary is done lets discuss the significant social, cultural, and/or economic issues between Quebec and the rest of Canada and their impact on the Canadian political system.

As a Bilingual Canadian myself, I am not too proud of my Qu b cois heritage. I don't believe in the sovereignty of Quebec. It is true that in Quebec we are distinctive, but this is only for one reason, the majority of the province speaks French.

Clearly, Quebec is distinct in the sense of being distinctive or different. Most obviously, it is different in terms of the first language of its residents Quebec is the only province in which the population is primarily francophone. In 11, 8 percent of its residents spoke French in the home. In New Brunswick, the province with the next largest francophone presence, only 1 percent spoke French at home. In Ontario, the figure was 4 percent; while in all other provinces it was percent or less. In fact, Quebec contained 0 percent of Canadians who use French at home.

For some Quebec francophones being a Qu b cois in the true sovereignty way is the end of the world. For them anything less than distinct society would not do justice to the reality of contemporary Quebec as they understand it. In fact, distinct society is only one among several different formulations of the same theme "statut particulier, statut distinct, pas une province comme les autres," and so on. But what is funny most people that I have had political discussions, were ignorant on Quebec's history, or they did not know the implications of a separation with Canada would do.

Quebecs political life is distinctive in a great many ways. In terms of political institutions, Quebec civil law is based on the Civil Code rather than on common law as in all the other provinces, and the symbols of the Crown have been markedly downplayed. Quebec provincial governments have pursued policies strikingly different from those of the other provinces. Even our fire codes and other standards are different then other provinces; in some cases, we have no laws or standards in fire protection.

The Quebec government an most often the "Partie Qu b cois" ,are concern with the maintaining of Quebecs cultural distinctiveness. This has led the provincial government to assume a much more important role than have the other provinces in selecting and settling immigrants. In our province, we even have our immigration. This was put in place so that Qu bec never looses its place and gets assimilated language wise.

The Quebec government also helps a great deal in supporting and regulating cultural activities such as book publishing. A good example of publishing books would be our fire-fighting book. All our training books are made by an American organization called N.F.P.A. (National Fire Protection Agency). It took year before the Qu bec governments herd our cry for help. Our last version was only dated in 181. The Qu bec government even passed a law basically saying that all new films coming to Quebec must be in French. In other words the distribution of films must arrive in french at the video store. This in most cases causes a problem, the movie industry usually has the english version out, before the french translation is done. Thus, causing a huge delay in entertainment. Even the radio stations must pass 60 percent of their songs in french. This is absurd, especially when you have visited France, they don't even do that.

Beyond differences such as these, Quebec is also distinct in terms of its separateness from the other provinces. This separateness is evident, for instance, in the sources of news and entertainment to which most of its population turns-French-language media that are institutionally separate from their English-Canadian counterparts. We have different cultural needs. The "Qu b cois" don't have the same humour as the English Canadian. A good example, is looking at the "Just for laughs international show" in Montreal, the cultural diversity is unbelievable.

Other areas of governmental activity also seem to reflect the impact of a distinctive balance of social forces. In labour relations, Quebec was the first government in North America to grant the right to strike in the public sector, and still remains the only government with an anti-scab law.

Quebec pioneered in Canada the establishment of multifunctional public clinics, or Centres locaux de services communautaires, which seek to combine health and social services in a highly innovative fashion. Today, these "CLSC" often do the triage for most hospitals because of the huge waiting lists. They also are the first line medical education toward prevention i.e. childcare, sex education with the teenagers ect.

During the 160s, Quebec led the way among provincial governments in establishing a network of state enterprises; such as Hydro Qu bec. Today it is still there selling electricity to Ontario and the U.S. all at a lower price then to here own people. Which a lot of people are complaining. This has even defeated certain political groups such as the "Partie Qu b cois", two elections ago. Since then it has become a private company, just like the Canadian mail posts.

As one might expect, this manifest distinctiveness of Quebec society, and the sense of uniqueness associated with it, has encouraged distinct political loyalties. Quebecs political institutions command an allegiance among Quebec francophones that has no clear parallel in the other provinces.

All of this has made our society distinct in many ways. Quebeckers are only trying to preserve there way of life, I am told but what about my way of life. In may opinion they are doing what the British did a long time ago. They too tried to assimilate the French, but with a good act of contentiously they did not take completely their way of life. Here, today it is done the wrong way. As a famous Quebec prim minister said" Take the 101 or take the 401"

As a bilingual Canadian, I feel that the Quebecois government is trying assimilate the small english communities of Quebec, by imposing there way of life.

Our taxes causes a lot of vertical cleavage in the Quebec society. Our taxes are among the highest, if not, the highest in Canada. This is often said buy the Quebec government in times of elections or for a referendum for sovereignty.

On the economic side, truly believe that the rest of Canada, most likely, envies Quebec for it's rich resources. Our forests hold the best pulp and paper industries. Our soil have the best farms and mines. Our mines give some of the best gold in Canada. We also have the largest salt mines and asbestos mines in the world. Our geographical position in this country is the best. Just think of the St-Laurence sea way, for our exports.

For this reason we have lots of vertical cleavage with other provinces and the federal government. The best example is our electricity. Ontario buys some electricity, at higher prices than the U.S. Now that causes friction.

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WORTHINGTON INDUSTRY

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Business Overview

Worthington Industries, Inc., is a leading diversified metal processing company. The Company focuses on value-added steel processing and manufactured metal. It was founded by John H. McConnell in 155. In 16, his son, John P. McConnell became chairman and CEO. Worthington has three principal business segments

-Processed Steel Products it includes the Worthington Steel and the Gerstenslager business unit. Both are intermediate processors of flat-rolled steel. Worthington Steel focuses on value-added steel processing, while Gerstenslager is a independent supplier of automotive quality exterior body panels to the North American automotive original equipment and past model service markets.

-Metal Framing It consists of one business unit, Dietrich, which designs and produces metal framing components and systems and related accessories for the commercial and residential construction markets within the United States. Dietrichs production facilities are located throughout the country. The Company has over ,700 customers, primarily consisting of wholesale distributors and commercial and residential building contractors.

-Pressure Cylinders It has one business unit called the Worthington Cylinders. It produces portable low-pressure liquefied petroleum gas (LPG) and refrigerant gas cylinders and high-pressure industrial/specialty gas cylinders. The Companys LPG cylinders are used for gas barbecue grills, camping equipment, residential heating systems, industrial forklifts and commercial/residential cooking (outside North America). Refrigerant cylinders are used for commercial and residential air conditioning and refrigeration systems and for automotive air conditioning systems. Industrial/specialty gas high-pressure cylinders are used as containers for gases for cutting and welding metals, medical, semiconductor production, beverage delivery and compressed natural gas systems.

Industry Analysis

The steel industry has not been favorably looked upon many investors. Even though Worthington is an intermediate value-added manufacture, there are several factors that will always affect the company

1.Weakening demand Domestic steel shipments declined to .4 million tons from 10.1 million last year. Many smaller steel companies couldn't survive the turbulence and filed Chapter 11 or declared bankruptcy. Although Worthington was in the middle of the heat, it managed to pass through the tough environment because it has undertaken restructuring several years ago to re-focus on its core operation.

.Tariffs Tariffs have always been the concern for investors when considering steel stocks. A low tariff will encourage cheaper steels imported from foreign countries and made the U.S. steel manufacturers hard to compete. Worthington will not be able to escape from the danger because it already has contracts out with many major U.S. steel suppliers. However, the high tariff under Bush administration will still exist until 004 which impose 0% more on many import steels. Besides, with the weaker dollar now, it could yield the import even more. Even though anything beyond 004 is still an unknown, there is still a year and half for Worthington to grow and prepare itself. Government will always protect the domestic producer will tariff and it is just the matter of how much.

.Cost of good sold Manufacturing costs of integrated steel company is not as intensive as steel mill companies, but its margin is usually affected by steel scrapes prices.

4.Labor Union The Steel industry is usually bonded with labor unions. However, Worthington is a non-unionized company. It doesn't have to negotiating pension plans from time to time or deal with increasing labor salaries. Although without the protection of the union, employees seem to like the company a lot.

5.Cyclical sales Historically, Worthington usually posts strong sales in its 4th quarter due to hot summer, increasing BBQ activities and auto sales. The 4th quarter of Worthington runs from March to June in the calendar year.

STRATEGY ANALYSIS

Based on the industry analysis and the changing of environment, I would summarize Worthington's strategies as follows

1.Culture Value Worthington operates under a long-standing, simple corporate philosophy rooted in the golden rule, with earning money for its shareholders as the first corporate goal. This philosophy a strong commitment to the customer, and one of the strongest employee/employer partnerships in American industry serves as the Companys foundation. We treat our customers, employees, investors, and suppliers as we would like to be treated.

a.Supplier Worthington expects their suppliers to be competitive in both price and quality, and in return they will be loyal to the suppliers. By doing so, Worthington can ensure that customer demands are met at all times, with a competitive price and the quality they expect. By staying loyal to suppliers, Worthington moves closer to their main goal of growth in net income.

b.Customers The second factor that is critically important is customers. If there were no customers for Worthington to sell its product to, then they would simply not exist. Customer satisfaction is considered to be highly important to the company and they go to great lengths to make sure the customer is satisfied, both with products and services that they offer. In order to do this Worthington must be competitive in both price and quality. Consolidation in industries served by the Worthington Steel division, for example, has focused attention on the need to present a consistent face to each customer. Let say Worthington served one customer in the East Coast and another customer in Ohio. The same people own those customers. It doesnt make customers very happy, if they discover that theyre paying different prices for the same item in different locations. They want to have one face and one line of communication to Worthington across all of its businesses and all of its products.

c.Employee I will explain this subject more under compensation/reward system in page 5-6.

.Low cost structure Worthington has done well in the past to manage its COGS, because of its role in the industry; it has more power in negotiating prices than its competitors. Selling, general and administration expenses typically run 7% - 8% of sales at Worthington compared with 10% - 15% at most manufacturing companies (see appendix discounted cash valuation).

.Restructure Facing an increasingly competition global marketplace, Worthington responded to significant changes by implementing major restructuring initiatives and investing heavily in new production facilities

a.Worthington Steel will be reorganized along product lines, with plants pooling resources to better serve customers. That is a major reason for the steel-division restructuring that will shift some decision-making responsibilities out of the hands of plant-level managers. Operations will be organized into six Strategic Business Units (SBUs), each focused on a specific product line. Each SBU will focus on business strategy, profitability and marketing for a specific steel product line cold-rolled strip, cold-rolled sheet, hot-rolled steel, hot-dip galvanized, specialty coatings, and tolled products. Executives in charge of the SBUs will have responsibility for global marketing, trend analysis, and pricing strategies. In addition, an operational realignment that groups steel plants into five regions based on geography or product similarity is expected to eliminate administrative redundancies. Joint-venture facilities will be incorporated into the regional structure.

b.The Companys national sales force will be organized geographically rather than around manufacturing location. Sales personnel have been realigned into regional territories, but given total-product-line responsibility. The salesperson in a region will be able to deal with a customer across Worthington entire steel-group product line. The regional sales forces will represent all six SBUs, but report to a single sales vice president.

c.Purchasing and logistics will be centralized in order to maximize synergies, promote efficiency and reduce costs. Otherwise, Worthington essentially was decentralized.

The new approach is also designed to maximize productivity across all of the Companys plants while capitalizing on new opportunities created by the new, larger steel processing facilities in Delta, Ohio and Decatur, Alabama. Since mid-18 Worthington has divested seven operations, including a $00-million-a year automotive-plastics unit. The Delta facility includes a 500,000-ton hot-rolling mill, plus hot-dip galvanizing, pickling, and slitting operations. The Decatur plant, which went into operation in 18, has a 1-million-ton tandem mill, along with pickling and slitting lines.

4.Compensation/reward system John H. McConnell, who founded Worthington Industries 44 years ago, explained why he applied profit sharing. I just feel that the people who make the profit for you should be able to share in it, and you have to provide an incentive for employees. You cant just sit in the office and make a profit. Profit sharing encourages teamwork . For example, if a slitter operator knows a way to keep scrap levels down, he will share the information to others to save money. That bottom-line sort of thinking also influences the activities of the Employee Councils that have been established in each Worthington plant. The eight-to-10-member councils meet monthly and serve as a liaison between management and the plant floor, often serving as a conduit for improvement ideas. As one of their major responsibilities, the Employee Councils vote on whether or not to recommend regular employee status for temporary workers after theyve been on the job for 0 days. This council will look at their attendance record and their attitude. They want a positive person someone who doesnt miss work or waste time. One of the council member stated Time is money, and wasted time can hurt the profit sharing. Furthermore, workers are encouraged to increase their education and develop their skill though a tuition reimbursement program . This increased trust from employees provides incentive for them to stay with Worthington. The main objective of Worthington is to add value to the steel. To do so, they must have skilled employees. Their employee pleasing policies help them obtain and retain skilled individuals. Another management system that aids in their success is the way that they treat their customers. They believe that happy employees create happy customers. The flaw with this policy is they do not have a measure in place to evaluate its success

5.Joint ventures and acquisitions Through joint venture and acquisitions, Worthington has become a more global player in recent years. In 18 it purchased an Austrian company, Jos. Heiser, the leading European producer of high-pressure cylinders. In 00, it acquired the manufacturing assets of Portugals Metalurgica Progresso de Vale de Cambra Lda. and the Czech Republics Gastec Spol a.r.o., both makers of gas cylinders for heating and industrial applications. A Brazilian joint venture, in partnership with a local gas producer, makes propane tanks in Brazil. Worthington acquired cylinder-manufacturing operations in Austria, Portugal, and Czechoslovakia and launched a restructuring of its steel-processing business. The 7,500-employee firm now operates 5 facilities in 11 countries.

Due to the strategies' changing, they have earned an advantage over many competitors in the market and even have gained the respect of the corporate world. As of October 00, Worthington operated 6 facilities in 10 countries (it owns 44 manufacturing facilities worldwide and holds equity positions in seven joint ventures that operate an additional 16 manufacturing facilities worldwide).

BUSINESS WIRE. (June 18, 00). Worthington Industries Reports Fourth Quarter and Fiscal Year Results. Retrieved November , 00 from http//www. Google.com

John H. Sheridan. (Sept 0, 1). BUILDING A BRIDGE TO THE FUTURE.(Worthington Industries Inc. Retrieved Nov., 00. from http//www.google.com

Byrne, Harlan. S. (Oct. , 10). Barron's. Worthington Industries Inc Low overhead helps profits despite economy's slowdown.p.41

Worthington Industry Inc. Retrieved November , 00 from http//uoig.uoregon.edu

PR Newswire. (May 6, 1). Worthington Industries Announces Restructuring of Steel Processing Business. P 1-.

Tom Peters. (Dec 0, 187). Chicago Sun - Times. To increase productivity, give the workers a stake Series THRIVING ON CHAOS. p. 5

Please note that this sample paper on WORTHINGTON INDUSTRY is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on WORTHINGTON INDUSTRY, we are here to assist you. Your cheap custom college paper on WORTHINGTON INDUSTRY will be written from scratch, so you do not have to worry about its originality.

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ANTHRAX

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ANTHRAX

Anthrax, a large rod-shaped bacterium that forms spores, has recently been used last year around the /11 terrorist attacks. The three forms of this disease, caused by Bacillus anthracis, include cutaneous (skin), inhalation (respiratory tract), and gastrointestinal (ingestion). The odds of acquiring natural anthrax in the United States are fairly low, as is true with the rest of the world; however, Bacillus anthracis is present in most areas of the world. However, if you do contract anthrax, it can lead to septicemia and even death if untreated. The most deadly form of anthrax is inhalation, with the chances of surviving ranging from 0% to 10%, and the most common form of the bacteria is cutaneous. In all cases of anthrax, early diagnosis and treatment are imperative for recovery. Anthrax is transmitted to humans from infected livestock and contaminated livestock products. However, communicability of anthrax from human to human is extremely rare. Before the tragic events of /11, many people did not know anthrax even existed, but since then, people have become more aware of it. It is possible to use anthrax as a biological warfare agent because it is dangerous and can cause serious problems, as apparent above, and therefore many precautions have been taken and a lot of new research has begun.ANTHRAX

Anthrax, a large rod-shaped bacterium that forms spores, has recently been used last year around the /11 terrorist attacks. The three forms of this disease, caused by Bacillus anthracis, include cutaneous (skin), inhalation (respiratory tract), and gastrointestinal (ingestion). The odds of acquiring natural anthrax in the United States are fairly low, as is true with the rest of the world; however, Bacillus anthracis is present in most areas of the world. However, if you do contract anthrax, it can lead to septicemia and even death if untreated. The most deadly form of anthrax is inhalation, with the chances of surviving ranging from 0% to 10%, and the most common form of the bacteria is cutaneous. In all cases of anthrax, early diagnosis and treatment are imperative for recovery. Anthrax is transmitted to humans from infected livestock and contaminated livestock products. However, communicability of anthrax from human to human is extremely rare. Before the tragic events of /11, many people did not know anthrax even existed, but since then, people have become more aware of it. It is possible to use anthrax as a biological warfare agent because it is dangerous and can cause serious problems, as apparent above, and therefore many precautions have been taken and a lot of new research has begun.

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