How Do DNA Mutations Affect Evolution

A mutation is defined as any change in the Deoxyribonucleic Acid (DNA) sequence of an organism. These changes may happen spontaneously if there is a mistake when copying the DNA, or if the DNA sequence comes into contact with some sort of mutagen. Mutagens can be anything from x-ray radiation to chemicals.    Mutation Effects and Factors The overall effect a mutation will have on the individual depends on a few things. In fact, it could have one of three outcomes. It could be a positive change, it could impact the individual negatively, or it can have no effect at all. The harmful mutations are called deleterious and may cause serious problems. Deleterious mutations may be a form of the gene that is selected against by natural selection, causing the individual trouble as it tries to survive in its environment. Mutations with no effect are called neutral mutations. These either happen in a part of the DNA that is not transcribed or translated into proteins, or it is possible the change occurs in a redundant sequence of DNA. Most amino acids, which are coded for by the DNA, have several different sequences that code for them. If the mutation happens in one nucleotide base pair that still codes for that same amino acid, then it is a neutral mutation and will not affect the organism. Positive changes in the DNA sequence are called beneficial mutations. The code for a new structure or function that will help the organism in some way. When Mutations Are a Good Thing The interesting thing about mutations is that even if at first it is a deleterious mutation if the environment changes these normally harmful changes can become beneficial mutations. The opposite is true for beneficial mutations. Depending on the environment and how it changes, beneficial mutations may then become deleterious. Neutral mutations can also change to a different kind of mutation. Some changes in the environment necessitate the beginning of reading DNA sequences that were previously untouched and using the genes they code for.  This could then change a neutral mutation into either a deleterious or beneficial mutation. The deleterious and beneficial mutations will affect evolution. Deleterious mutations that are harmful to individuals will often cause them to die before they are able to reproduce and pass those traits down to their offspring. This will shrink the gene pool and traits will theoretically disappear over several generations. On the other hand, beneficial mutations could possibly cause new structures or functions to arise that help that individual to survive. Natural selection would rule in favor of these beneficial traits so they will be the characteristics passed down and available to the next generation.

How Disney Will Finance Their New Development - 1095 Words

Disney is trying to extend their business and planning to open a new Disneyland in Istanbul, Turkey. To develop a business one of the principle criteria is to get the best possible fund for it, without money it is impractical to obtain a business. In this report I am going to talk about how Disney will finance their new development. Firstly, we have to look at the sources of finance. There are two primary sources; internal sources and external source. Internal Sources means, these are wellsprings of fund that originate from the business advantages or activities. For example: Owners investment, sale of stocks, retained profits and debt collection. External Sources means, the credit which is coming from outside sources. There are so many†¦show more content†¦Because we need more sources, resources, investments and financial position to begin with a new Disneyland in Istanbul. As we all know Istanbul is a mega city which is bridging between Asia and Europe. In order to build a business in Istanbul we have to think big about this project and also we have to keep it in our mind that Disney is not a small investment project. According to the research we found out that in the last decade there was a boom in the profit level of Walt Disney Company. However, in last year The Walt Disney DIS 1.27% company reported that final quarter net pay of $2.2 Billion on offers of $10.7 billion. Net wages was up 11% over the same period a year ago, income for every offer was up 12% and the income was up 7% to $3.2 billion. (Forbes, 2014). So, to complete this amount of profits and Income Company has to invest a lot. Therefore, we can say that external source is more suitable in this situation. Sources like shares, leasing, hire purchase, mortgage, bank loan, trade credit and government grants. But for our specific expansion we better chose bank loans. There are lots of banks which is renowned and trustable also most reliable for source of finance. The proposal which we gave them they are most likely interested for expansion for Disney in Istanbul. The credit that organization will be conceded will be enormous and it will be much useful to the financial specialists and offer holders and they will be

Defense Spending and the Military-Industrial Complex Free Essays

On December 7, 1941 Japan launched a surprise attack on the United States at Pearl Harbor in Hawaii. This thrust America into World War II, and for the next four years it dominated nearly every aspect of American life [Bowles, 2011, 3. 7 The World at War (1941-1945)]. We will write a custom essay sample on Defense Spending and the Military-Industrial Complex or any similar topic only for you Order Now This greatly impacted Americans and had a significant impact on African Americans during this time. Although the attack on Pearl Harbor was a devastating period of time, it was a great time for African Americans to assert their independence. They fought in the war, defending their country after how they were treated. They demanded being able to have jobs that were considered â€Å"whites only†. In my belief, they deserved these rights. African Americans were treated unfairly for years and did not have rights but yet still strived to fight for their country. There is no reason why they should not have been treated fairly, if not more like heroes for how brave and noble they were. According to Bowles, â€Å"While these men were willing to die for the country, they were not eligible for many of the honors for their service. Though many deserved it, no African American could receive the Medal of Honor, the highest military award for bravery (2011, African Americans at war). This brings me to the long term effects WWII had on our country. Bill Clinton awarded men their gold’s that they deserved 50 years too late. Only one of the men was alive to even receive it. The long term effect is the regret of letting the people who were most brave, die for our country and not receive an award just because of the color of his skin. References: Bowles, M. (2011). A history of the United States since 1865 . (Ashford University ed. ) San Diego, CA: Bridgepoint Education, Inc. How to cite Defense Spending and the Military-Industrial Complex, Papers

Charles Manson Essay Example For Students

Charles Manson Essay Charles MansonCharles Manson. He and his cult, The Family, together killedseven people, bloodied and butchered. The people who he and others killed,the Tate and LaBianca families, were wealthy and well-off. What could havemade them do such a thing without pity or remorse? Read on..MANSON: The Man HimselfIn 1954, Manson set up a commune-based cult, drawing in hippies,drifters. and the unemployed at the Spahn Ranch, near Los Angeles. Mansonhad lovely ideas and his followers or Family regarded him as aChrist-like figure. They indulged in free love practices, pseudo religiousceremonies, and used drugs such as marijuana and LSD. The Black Panthers were a major black movement in the 1960s. Afterkilling a leader of this movement in self defence, Manson grew scared onthe promise of revenge from the Black Panthers. Scared, Manson ordered hisfollowers to practice guerrilla tactics and they did so, without question. Manson sad he taught love because in love there is no hatred, but JohnFlynn, a man who testified at his trial, testified to some veryincriminating admissions by Manson. Barbara Holt, a Family member, fledthe group before a raid. She later showed up as a prosecution witness, apotential danger to Manson, so faithful members of the Family tried tokill her with a hamburger laced with LSD. Before her testimony, anotherFamily member, Gary Hinman, who had also fled he group, was killedbecause he had betrayed the Family. As you can see, the punishment forcrossing the Family was severe. Manson makes claims to thirty-five murders. Although he was convictedfor others, there was not enough evidence to bring him to trial for thethirty five. THE MOTIVE BEHIND THE MANThe driving force behind Mansons killing was hard to prove and hardto believe. Manson had a plan in his head. When the Beatles firstreleased The White Album, it was a hit. Manson listened to it often. Hehad a great devotion to the Beatles, who he believed spoke to him acrossthe oceans in their lyrics and songs. Manson saw the 4 Beatles as the 4Angels that announced the ending of the world in the bible. (Armageddon)On The White Album there are two song titles containing theword revolution. These are Revolution 1 and Revolution 9. Mansonthought the Beatles were talking about a black/white revolution. The wordrise can be found in Revolution 9 and could be depicted as a predictionof a Black uprising. One song in particular, Helter Skelter seemedunexceptional to the normal ear, but was given a weird interpretation byManson. Man saw the Blacks as stupid and felt he had to show Blackie theway. His plan to kill seven wealthy white people and to blame it on theblacks would start his plan of a black/white revolution which he calledHelter Skelter. He attempted to frame the black people by writing Deathto Pigs in the victims own blood and carving the word war in thestomach of his victims. Manson denied allegations that this was the motivebehind the murders but many of Mansons followers said that Manson oftenspoke of this revolution, Helter Skelter.Another controversial song on the album was Sexy Sadie. It wasbelieved by Manson that the song foretold his murder trial when SusanAtkins made a crucial mistake on the witness stand. She made the Familyappear to be murderers of the seven butchered victims while Manson felt hewas convincing the jury of their innocence. Manson believed he foresaw thiseven before the trial. THE FOLLOWERS OF MANSON:THE FAMILYThe killers of the Tate and LaBianca families now serve life inprison. Four people, all part of the Family were convicted of thesemurders: Charles Manson, Susan Atkins, Leslie Van Houten, and PatriciaKrenwinkle. It is interesting to see that most of the killers are women. .ua7f49c8b95d569933524342686559815 , .ua7f49c8b95d569933524342686559815 .postImageUrl , .ua7f49c8b95d569933524342686559815 .centered-text-area { min-height: 80px; position: relative; } .ua7f49c8b95d569933524342686559815 , .ua7f49c8b95d569933524342686559815:hover , .ua7f49c8b95d569933524342686559815:visited , .ua7f49c8b95d569933524342686559815:active { border:0!important; } .ua7f49c8b95d569933524342686559815 .clearfix:after { content: ""; display: table; clear: both; } .ua7f49c8b95d569933524342686559815 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ua7f49c8b95d569933524342686559815:active , .ua7f49c8b95d569933524342686559815:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ua7f49c8b95d569933524342686559815 .centered-text-area { width: 100%; position: relative ; } .ua7f49c8b95d569933524342686559815 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ua7f49c8b95d569933524342686559815 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ua7f49c8b95d569933524342686559815 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ua7f49c8b95d569933524342686559815:hover .ctaButton { background-color: #34495E!important; } .ua7f49c8b95d569933524342686559815 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ua7f49c8b95d569933524342686559815 .ua7f49c8b95d569933524342686559815-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ua7f49c8b95d569933524342686559815:after { content: ""; display: block; clear: both; } READ: Night Chapter 4(Poem) and Chaptr 8(Eulogy) EssayAnother woman, Linda Kasabian, who drove the killers to the murder scene,turned states evidence, and literally, got away with murder. CharlesWatson was another member of Mansons group and was a Texan citizen, so hewas tried under Texan Law. The others were tried in Los Angeles. He wasalso given life imprisonment. The trial, which lasted nine and one halfmonths, cost Los Angeles one million dollars. Many people have wondered how these so called normal people couldcommit such morbid crimes and show no signs of regret or remorse. Its issuggested that Manson used threats, guilt, and partial fear to seduce thesepeople into doing what he wanted. Mansons followers were devoted to him,doing whatever he wanted. They so much believed in him that they did notquestion what they were doing. THE MANSON HATE LISTCharles Manson is said to have kept a secret list of future targets,with graphic details of how he is going to deal with these people. Prisoners who have shared jail cells with members of the Family testifythat this was a frequent topic of conversation among them. All individualson the hate list were white (suggesting that Manson would blame the blacks)and the list seemed to deal with the rich and famous for whom Mansoninvented cruel tortures. Some examples: Frank Sinatra, skinned alive,Steve McQueen, boiled in oil, Doris Day, raped and impaled, Tom Jones,tongue cut off, Elizabeth Taylor, breasts cut off, Richard Burton,castrated, etc. THE MANSON LIFE AND TRIALA movie, entitled Manson was taped prior to the trial in LosAngeles. It was questioned if the movie gave an accurate portrayal of thelife of Manson, or if it made a mockery out of him. The informationpresented in the movie is considered to be a documentation of the life ofthe Manson Family. The film was taped prior to the trial and was orderedto be removed from public viewing because it was thought to be a possibleinfluence on the jurors. The Manson trial lasted nine and one half months and cost Los Angelestax payers one million dollars. Four people stood trial: Manson, PatriciaKrenwinkle, Leslie Van Houten, and Susan Atkins. They were all convicted offive murders altogether. There were two other people with them on thenight of the murders. Charles Watson was a texan citizen, and was deportedto Texas to be tried under Texan law. Linda Kasabian turned statesevidence and got away with murder. All particpants in the murders, withthe exception of Kasabian, were found guilty and were sentenced to death. This sentence was revoked and turned into life imprisionment. There wasgreat concern for the possibility of the popular image of martyrdom beingassigned to Manson and his Family.Manson used suggestion and passive hypnotism to make his followersanswer any command of his. People did unquestioning acts of any sort, evenmurder at his whim. He found the fear in people and enjoyed playing on it. Mansons followers frequently said, He reflects back to you what you wantto see. Manson himself said: You are using us fpr a scapegoat, trying tolook past Nixon, and past Vietnam. I am only what your world made me.Another quote of Mansons is: I hate the world I live in. By the age ofthirty, he had fifty convictions against him. Manson believed in free love and experimentation with drugs. Followersof Manson came from all over the globe. They believed they had to go tothe desert and bring along all the children they could convince to jointhe,. Children were not excluded from anything and this freedom appealedto may yound people. They could participate in free secual activities,experiment with drugs, or use guns and cars. Mansons ranch became a homefor runaways, people in trouble with they law, and hippires. Manson didnot like hippies, and he said they were just trying to be different andwere looking for trouble, hence the name he gave to them: slippies. Girlsin Mansons family made a ceremonial vest that tells the life of Mansonin thread. Bruce Davis, Mansons second in command, overdosed on LSD andwas mentally and physcially disabled. On August 11, 1972, police raidedthe ranch and arrested the killers for auto theft with the intention tolater convict them of the murders once they had firm evidence. .ua3f336db4cad13813144956dc59a79ba , .ua3f336db4cad13813144956dc59a79ba .postImageUrl , .ua3f336db4cad13813144956dc59a79ba .centered-text-area { min-height: 80px; position: relative; } .ua3f336db4cad13813144956dc59a79ba , .ua3f336db4cad13813144956dc59a79ba:hover , .ua3f336db4cad13813144956dc59a79ba:visited , .ua3f336db4cad13813144956dc59a79ba:active { border:0!important; } .ua3f336db4cad13813144956dc59a79ba .clearfix:after { content: ""; display: table; clear: both; } .ua3f336db4cad13813144956dc59a79ba { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ua3f336db4cad13813144956dc59a79ba:active , .ua3f336db4cad13813144956dc59a79ba:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ua3f336db4cad13813144956dc59a79ba .centered-text-area { width: 100%; position: relative ; } .ua3f336db4cad13813144956dc59a79ba .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ua3f336db4cad13813144956dc59a79ba .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ua3f336db4cad13813144956dc59a79ba .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ua3f336db4cad13813144956dc59a79ba:hover .ctaButton { background-color: #34495E!important; } .ua3f336db4cad13813144956dc59a79ba .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ua3f336db4cad13813144956dc59a79ba .ua3f336db4cad13813144956dc59a79ba-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ua3f336db4cad13813144956dc59a79ba:after { content: ""; display: block; clear: both; } READ: Madama Bovary ; Anna Karenina (1512 words) EssayThe motive was the strangest and most unbelievable thing that thepolice had to deal with. Manson saw the Beatles as prophets that describeda race war between the whites and blacks. Manson planned to start this warup by blaming the murders of members of black society. Only it didnt workout that way. Manson planned to hide in the desert until the war ended. Manson believed he would later have to take over because the blacks wereinexperience leaders. He called this plan Helter Skelter. The seven deaths the Family were convicted of were oriented aroundthe rich and famous. Sharon Tate, who was eight and a half moths pregnant,was hanged and her baby was cut out of her. She was the wife of moviedirector Roman Polanski. Abigail Folger was the heiress to the vast Folgerestate and was killed along with her lover Voityck Fryowski, a famouswriter. Jay Sebring was present at this gathering because he was a formerboyfriend of Tates. Biographies

Analysis of Nigerian Business Environment Essays

Analysis of Nigerian Business Environment Essays Analysis of Nigerian Business Environment Paper Analysis of Nigerian Business Environment Paper Essay Topic: Renewable energy The project concerns the investigation of the current renewable energy market entry and opportunities for Finnish mall and medium-sized enterprises (Seems) in the Nigerian economy. The goals is to support growth and accelerate the internationalization of small and medium-sized Finnish renewable energy companies within developing countries and to determine how they can achieve market entry in the renewable energy resource business in Nigeria. There is great demand for electricity in the country due to its high consumption, and this thesis will study the demand for renewable energy resources in Nigeria, identify the main competitors and discover the best periods for market entry in Nigeria. A qualitative method of analysis was used in this thesis project, and a questionnaire survey was sent to three energy organizations in Nigeria. These included the International Centre for Energy, Environment Development; the Energy Commission of Nigeria (ACNE); and the Council for Renewable Energy in Nigeria. The investigation of this thesis project provides information needed to establish renewable energy in rural and urban areas in Nigeria. The Nigerian government is encouraging energy companies to invest in the country and special energy policies for foreign investors have been organized, such as a ax reduction plan for energy investors, and the relaxing of energy policy. Nigeria is a nation with great potential for renewable energy solutions, such as sunlight which might be productive for solar power solution, and plentiful bio-waste for biomass energy production. The key research questions are as follows: Is it advisable for the Finnish renewable energy companies invest in Nigeria? What renewable energy sources have a better potential to be a growing and developing investment in Nigeria? 8 1. 2 Methodology The method used in thesis projects is qualitative research method, which can be refers as scientific researches that consist of investigation that collect evidence, produce findings that are undetermined in advance, need answers to a question, producing informations that are application beyond the immediate areas of study and use a predefined set of procedures to answer the question. It is also important for information collections to maintain clear boundaries between information they received by the participant and what they ask the participant. Furthermore, questionnaire was carefully prepared and directed to renewable energy Nos (International Centre for Energy, Environment Development and Council for Renewable Energy in Nigeria) and the Nigerian government organization called the Ministry of Energy. The questionnaire was vital for the aims and objectives of the thesis as part of the CONNECT project requirement. Majority of the questions asked were related to the PESTLES actors. The questionnaire format is related to questions based on suggestions, energy situation and government incentives and support in establishing a company in the Nigerian market. The questionnaires are based on their understanding of the energy situation, the availability of renewable energy resources, the level of energy competition companies in the country, the economic and environmental competitive, which were sent to them, via their email address and there was also a follow up by telephone in other to hastening them for responses. The investigation of this thesis project revives information needed to establish renewable energy in the rural and urban areas that are in need of energy in the country. Literature reviews is still part of the methodology used in the PESTLE analysis of the project where information are being gathered from different sources, documented, evaluated and presented. 1. 3 Key definition Renewable energy can be refers to as a natural energy at which its energy supply is limited. Renewable energy can never run and can be used again and again. Renewable energy has been in use for so many years in different ways. An example is how the primordial human used the application of wind for sailing; rather the same wind is now used for electricity generation in the modern era. 9 Some of the renewable energy resources are as follows. Wood, Biomass, Wind, Hydro, Wave, geothermal, tidal and solar. (Clean Energy Ideas, 201 2) 1. 4 Structure of the thesis Figure 1 Thesis structure The Introduction and Objectives of the thesis was described in chapter one. In chapter TV, PESTLE analysis of Nigeria has been examined. In chapter three, the energy market situation in general and rates Of demand and supply was analyzed. In chapter four, the renewable energy market demand, its vital resources have been concluded. In the chapter five, research method analysis was conducted via interview questions to different organizations related to renewable energy business. 2 The Business Operating environment in Nigeria (PESTLE Analysis) The PESTLE factors consist of the Political, Economic, Social, Technological, Environmental and Legal. It is a strategic technique that gives useful information for analyzing the environmental tension in a particular environment. For example, in this project, it means to analyze the Nigerian equines operating macro environment for renewable energy opportunities. 10 Figure 2: PESTLE analysis political Factors refers to changes in government impact, its priorities for the Nigerian relationships with other countries which closes or open the market bond between them which includes the forms of government, bureaucracy, international relationship, corruption, public ownership right and many more. Economy factors refers on how the economics of a particular place can affect business such as changes in wage rate, inflation, Economic stability, employment rate, labor force, division of income. Social Factors refers to changes in trends which include lifestyles, behavior, attitude, business culture, cultural changes, family change, demographics and expectations. Technological factors refers to as the level of technology in Nigeria which will helps with the introduction of renewable energy solution in the country which Includes, electricity, infrastructures and modern communications. Environmental factors includes geographical sites and locations, climatic changes, natural resources related to renewable energy solutions, level of infrastructures, Public opinion, cost implications and frequency of environmental catastrophe. 11 Legal factors includes the Nigerian rules and regulations related to energy, Cocoas and African union legislations and Nigeria directives 2. 1 Political factors 2. 1. Politics and Administration Nigeria is a republic nation which operates a Federal system of government, with three different authorities- The Federal, State and the Local government. The division of power is among the three arms of government. The Federal Government consist of the Judiciary which interprets the laws, for examples supreme court, court of appeal and the district court; the executive enforces ND carry out the laws, for example federal and the legislature makes the laws for example senate and house of representative. The state government consist of (36 States including the Federal Capital Territory Baja) some of the states in the northern Region consist of Kane, Sudan, Sotto, Born, Dammar, Catkins, Gumbo, Samara and others can be shown on the map. The western region consists of Lagos, Gun, Indo, Sun, Kite, Oho, Awkward etc. The states in the South and East consist of ABA, Belays, Delta, Umbra, Rivers Imo; Ensue (Teach anywhere 2009). Figure 3: Map of Nigeria 12 The Nigeria government consists of 774 local government areas (CIA 2012). The political terrain is becoming attractive to business in Nigeria since the country became a democratic system in the year 1999. For the past 13 years, Nigeria has been experiencing an uninterrupted democracy and the latest election was held from the month of April to June 2011 which was a democratic form of choosing a representative to the Nigerian government and its various States. Those elected on the federal level are the head of states (The President and Vice President) and legislature system which is (National Assembly). The Nigerian President is elected by the People via election voting system. The national assembly is a form of two chambers, House of Representatives with 360 seats and the Senate which has 109 seats and all are elected for a four years term each. The political terrain is becoming positive except for the northern region of Nigeria that is experiencing instability due to religions unrest, security operatives are deployed to the region in other to neutralized the situation and the government have begun in negotiating with the religious crisis cabals (BOOK HARM) in the northern region in other to address the annoyance of he group which will improve the business day to day in the region. The southern region of Nigeria is very suitable for businesses day to day which control the economy power of the country. 2. 1. 2 Government Policy The government policy in Nigeria varies in different situations, for example changes in government regime every four years. According to the Industry analysis in Nigeria, government policies usually have a great impact.

Free Essays on Aids In Africa

AIDS in Zimbabwe Africa is dying. Once the cradle of civilization, the African continent is now ravaged by AIDS, and an entire generation is threatened with extinction. In Zimbabwe, an estimated 20 to 25 percent of adults are infected with AIDS and an increasing number of children, many already orphaned by the disease, are infected too. Those who have escaped AIDS so far face an uncertain future in a country where knowledge and culture are dying along with the people. Zimbabwe struggles against Aids onslaught The disaster in Zimbabwe is far worse than anyone expected By Evan Davis, BBC television's Newsnight economics correspondent, in Zimbabwe I thought I already knew all I needed to about the impact of HIV and AIDS in Africa. Watch the Newsnight report by Evan Davis Certainly I knew it was a human catastrophe, that the virus was running through populations on a scale unknown in the West, in an area of the world ill-equipped to cope. But it was only when a British businessman with extensive experience in Zimbabwe described to me some of the practical effects the illness is having on society there, that I decided I should find out more. Living in the shadow of Aids Zimbabwe now has the dubious honour of being the world's most infected country - about a quarter of the adult population is HIV positive. In many urban areas, infection runs to 40%. In the army, it is more like 80%. Life expectancy at birth, on one estimate, is poised to fall to 38 years. The country suffers from having an economy advanced enough for the virus to spread, in particular, on relatively good roads - epidemiologists have tracked high HIV prevalence along the main freight routes. Alas, the economy may be strong enough to help HIV, but it is not strong enough to fight it. Zimbabweans cannot get modern anti-retroviral drug combinations because in Zimbabwe, the annual health budget is about  £5.50 per person, enough t... Free Essays on Aids In Africa Free Essays on Aids In Africa AIDS in Zimbabwe Africa is dying. Once the cradle of civilization, the African continent is now ravaged by AIDS, and an entire generation is threatened with extinction. In Zimbabwe, an estimated 20 to 25 percent of adults are infected with AIDS and an increasing number of children, many already orphaned by the disease, are infected too. Those who have escaped AIDS so far face an uncertain future in a country where knowledge and culture are dying along with the people. Zimbabwe struggles against Aids onslaught The disaster in Zimbabwe is far worse than anyone expected By Evan Davis, BBC television's Newsnight economics correspondent, in Zimbabwe I thought I already knew all I needed to about the impact of HIV and AIDS in Africa. Watch the Newsnight report by Evan Davis Certainly I knew it was a human catastrophe, that the virus was running through populations on a scale unknown in the West, in an area of the world ill-equipped to cope. But it was only when a British businessman with extensive experience in Zimbabwe described to me some of the practical effects the illness is having on society there, that I decided I should find out more. Living in the shadow of Aids Zimbabwe now has the dubious honour of being the world's most infected country - about a quarter of the adult population is HIV positive. In many urban areas, infection runs to 40%. In the army, it is more like 80%. Life expectancy at birth, on one estimate, is poised to fall to 38 years. The country suffers from having an economy advanced enough for the virus to spread, in particular, on relatively good roads - epidemiologists have tracked high HIV prevalence along the main freight routes. Alas, the economy may be strong enough to help HIV, but it is not strong enough to fight it. Zimbabweans cannot get modern anti-retroviral drug combinations because in Zimbabwe, the annual health budget is about  £5.50 per person, enough t... Free Essays on Aids In Africa As recently as 1990, there were some regions of the world that had remained relatively unscathed by AIDS. Today, however, there is not a single country around the world which has wholly escaped the AIDS epidemic. As the epidemic has matured, some of the developed nations which were hard hit by the epidemic in the 1980s such as the United States have reported a slowing in the rate of new infections and a stabilization among existing cases with lower mortality rates and an extension of post-diagnosis lifespan. However, despite the changing face of the global AIDS pandemic, one factor remains unchanged: no region of the world bears a higher AIDS-related burden than sub-Saharan Africa. This paper examines the demographic effects of AIDS in Africa, focusing on the hardest-hit countries of sub-Saharan Africa and considers the present and future impact of the AIDS epidemic on major demographic measures such as fertility, mortality, life expectancy, gender, age, and family structure. Althoug h the sub-Saharan region accounts for just 10% of the world’s population, 67% (22.5 million) of the 33.4 million people living with HIV/AIDS in 1998 were residents of one of the 34 countries of sub-Saharan Africa, and of all AIDS deaths since the epidemic started, 83% have occurred in sub-Saharan Africa (Gilks, 1999, p. 180). Among children under age 15 living with HIV/AIDS, 90% live in sub-Saharan Africa as do 95% of all AIDS orphans. In several of the 34 sub-Saharan nations, 1 out of every 4 adults is HIV-positive (UNAIDS, 1998, p. 1). Taxing low-income countries with health care systems inadequate to handle the burden of non-AIDS related illnesses, AIDS has devastated many of the sub-Saharan African economies. The impact of AIDS on the region is such that it is now affecting demographics - changing mortality and fertility rates, reducing lifespan, and ultimately affecting population growth. Although Africa is the region of the world hardest hit by AIDS,...

Are non-executive directors capable of fulfilling the role given to Essay

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Significance of Capital Market for Economic Development

Significance of Capital Market for Economic Development An Explotary Study On The Significance of Capital Market for Economic Development and Its Further Growth Potential In Context of Bangladesh Abstract This research paper investigates whether the role of capital market is significant for the economic development of Bangladesh. Literature suggests that well developed stock market can provide an extra impetus to economic activity. Similar conclusions were also drawn from the in-depth interviews. This paper also reveals a well-scanned scenario of the capital market highlighting its setbacks, current weakness, recent improvements and its prospective signs of development through which we can foresee whether the capital market has further growth potential or not. Thus the present study can also contribute in providing essential information that can also be used for further research. Abbreviations ADB- Asian Development Bank CDBL- Central Depository of Bangladesh Limited CDS- Central Depository System CSE- Chittagong Stock Exchange DGEN- DSE general index DSE- Dhaka Stock Exchange GDP- gross domestic product IPO- initial public offering SEC- Security and Exchange Commission 1.0 Introduction The financial market contributes to the economic growth and development by providing the needed finance for provision of goods and services. The financial market consists of two division- money market and capital market. The money market is basically entitled to supply finance on short-term basis to individuals, businesses, enterprises, government and their agencies. The capital market, on the other hand, provides finance on medium to long-term basis to corporate bodies, government and their agencies (Al-Faki, 2006). Capital Market plays a crucial role in any modern economy as they allow investors’ fund to flow to the most promising opportunities, i.e., the funds are mobilized and channeled efficiently from savers to the users of funds (Al-Faki, 2006; DSE, 2006; Hubbard and Thornton, 2006; Ahmed, 1997). In Bangladesh financial intermediation relies mostly on the banking sector which further resulted in lack of equity financing (Salahuddin Ahmed, 2007; Islam and Hassan 2002). Furthermore out of 5 million urban-based middle class people only four hundred thousand are participating in the securities market and among them roughly hundred thousand are active investors. A large portion is still ignorant of the nature and benefits of the capital market (Abu Ahmed, 2006; DSE Review, 2006; Islam and Hassan, 2002). Developing more complete and deeper capital market would enhance a countries growth potential and innovation (Andritzky, 2007). The forces of globalization, technology, new forms of competition have noticeably transformed capital market worldwide (Hassan, 2004). The chief advisor Dr. Fakhruddin Ahmed stated that â€Å"Only a vibrant and well-regulated capital market can bring sustainable economic development in the country through making the real sector capable of meeting the challenges of the competitive global economic realities† ( DSE Monthly Review, June 2007). Regardless of recent improvements, Bangladesh’s capital market remains underdeveloped as its size is still very small in terms of market cap (ADB, 2006; Salahuddin Ahmed, 2007; Islam and Hassan 2002). The market cap represents just above 9% of the GDP (Dr. Fakhruddin Ahmed retrieved from DSE Review). As Bangladesh capital market is still quite small compared to other regional market and to the size of its economy (CSE, 2006) despite its existence for a long time, this paper applies a framework for analyzing the significance of capital market for economic growth and development of Bangladesh, identifying its growth potentials through exploration. 2.0 Problem Statement Bangladesh’s capital market is still underdeveloped, in spite of recent improvements. The size of the country’s capital market is quite small mainly due to the excessive dependence of leading corporate entities on the banks for financing. Moreover the overall transparency of market transaction is also low compared to international standards and generally there has been slow development of the underlying market infrastructure. The government is making effort to develop the reliability and efficiency of stock exchanges as investment market. Compared to the other neighboring countries the numbers of participants are much smaller in Bangladesh as investor lack confidence. There is a supply side constrains in the capital market as quality shares are lacking. For all this reason this research is done to explore the importance of capital market in the economy and what are the prospective sign of development of the stock market. 3.0 Purpose of the Study The purpose of the study is to explore a well scanned scenario of Bangladesh capital market, its significance and its prospects. Although some research has been conducted relating to this topic but there is little empirical evidence about how essential stock market is to economic development of a country. A sound capital market prompts better economic base and influence its future growth and so it can help realize Bangladesh’s growth potential. The capital market of Bangladesh is on the brink to play its due role as a medium for financing investment and thereby making a notable contribution to economic growth, employment creation and poverty alleviation. The capital market plays an important role in quickening the pace of economic development but the existing state of the capital market is under-developed and not in a position to ensure economic progress of the country. Hence this research will try to highlight the significance of capital market for the nation and explore what are the probable signs of progress. 4.0 Research Timeline 2007 SeptemberWriting Research Proposal 2007 SeptemberDeveloping Literature Review 2007 OctoberCollecting Data 2007 October- NovemberData Analysis and Interpretation of the Findings 2007 NovemberPreparing Draft and Finalizing the Research Paper 2007 DecemberSubmission of Research Paper 5.0 Limitations of the study During conducting the research I came across certain limitations and among them the foremost one is time constrain. Although I got the opportunity to work in an organization that is capital market based but it was difficult to find spare time that could be used for the report. Moreover the interviewed person could not provide all necessary information due to lack of time. The research timeline also reveals that time constrain was actually a barrier as there was plenty to find about this research topic. As the research is conducted for the first time, I did not get much support from previous research paper and further research is suggested. A huge portion of the report is based on secondary data collected through websites and so the depth of reliability varies as by the nature of website. 6.0 Review of the Literature 6.1 Financial Intermediation According to Joseph Yam (2004) financial intermediation is channeling savings into investments. Aziz and Duenwald (2002) referred that financial intermediation affects growth through the following channels – (i) it can increase the marginal productivity of capital by collecting information to evaluate alternative investment projects and by risk sharing (ii) it can raise the proportion of savings channeled to investment through financial development. According to Conning and Kevane (2002) â€Å"intermediation implies an intermediary†. Gorton and Winton (2002) added that â€Å"it is the root institution in the saving investment process†. They referred that financial intermediaries are firms that borrow from those who have excess money, that is, the savers and lend the money to companies that need resources for investment. 6.2 Performance Indicators According to R. N. Agarwal (2000) the most commonly used standard to measure the size of a country’s stock market is market capitalization ratio, that is, the ratio of market value of stocks which are currently listed on a bourse to Gross Domestic Product (GDP). A small ratio of capitalization to GDP reveals the small size of a stock market. Alternatively, the size can be measured by the number of listed companies on a stock market. The height of maturity of an economy’s financial system is essential for economic development. Bekeart et al., (2007), Hubard and Thornton (2006), Rosul (2002) all investigated the significance and relation of stock market development with the economic growth and their conclusion suggests that capital market development is positively correlated with long term economic growth and the capital market plays an important role in the economic development of any country. The size of the equity capital market has an optimistic effect on economic growth of the country, that is, much higher market cap and turnover has a major positive influence on the economy (Institute for Advanced Studies, IHS, 2006). It is seen that the ratio of market cap to GDP in neighboring countries like India, Pakistan and Sri Lanka is relatively much higher, that is, more than 60% of their GDP (DSE, Kh. Asadul Islam, 2007; Dr. Fakhruddin Ahmed,2007). In Bangladesh the market cap is very small proportion of the countries GDP (Islam Hassan, 2002) and this is due to significant dependence on the banking sector (DSE Review, Fakhruddin Ahmed, June 2007). Market capitalization as a share of GDP was around 2.5%-3.3% during 2001-2003 compared with 1.4-10.1% during 1993-1996 and 2- 4% during 1997-2000. However in the year 2004 market cap reached 6.8% reflecting the rise in the DSE index from 968 to 1,971 at the end of 2003 and 2004 respectively (ADB, May 2005). The trend of market cap as percentage of GDP and other capital market indicators of DSE and CSE are shown through the help of statistical data represented in the discussion section in Table 1. Despite the existence of the bourse from 1954, the capital market still exhibits features of an emerging equity market (Islam Hassan, 2002). The finance sector is immensely bank-based (Salahuddin Ahmed, 2007) as resource mobilization for industrialization and economic development is made primarily through the regular banking system (Islam Hassan, 2002). Borrowing requires fixed payments and over-reliance on banks can cause credit default risk. According to (Mochammad Rosul, 2002) excessive reliance on bank borrowing results in a mismatch with long-term investments being financed with short-term bank loans. He added that such a risky situation can further contribute to the economic crisis and so the job of the principal fund supplier for business should be transferred from banking sector to the capital sector. 6.3 Regulatory Bodies 6.3.1. The Security and Exchange Commission (SEC) The Security and Exchange Commission (SEC) exercises power under the Security and Exchange Commission Act 1993 and established on June 8, 1993. SEC, the sole Capital Market Watchdog and Regulator, has been pursuing a vigorous capital market development process including amendments of its existing regulations, conduction of investor awareness programs, rigid monitoring and surveillance to bring in transparency in the trading mechanism (SEC, Annual Report 2003 -04). The responsibility of SEC includes the following: Regulating the functions of Stock Exchanges Registering and regulating the business of stock brokers, sub broker, share transfer agents, underwriters, registrar, portfolio managers, investment advisors, and other middlemen related to security dealings. Registering, controlling, and monitoring of all types of mutual funds Controlling and monitoring of all authorized self regulatory organizations Prohibiting fraudulent and unfair practices related to securities Promoting investor’s education program and providing training of intermediaries Regulating substantial acquisition of shares and takeover of companies SEC are detects market manipulation and also keeps constant vigil on the activities of stock exchanges to ensure effectiveness of the surveillance system. Conducts research and publishes information for above purposes (Source: Security Exchange Commission Website: www.secbd.com) 6.3.2 Stock Exchanges 6.3.2.1 Dhaka Stock Exchange (DSE) On April 28, 1954 DSE was first incorporated as the East Pakistan Stock Exchange Association Limited. Formal trading began in 1956 with 196 securities listed on the DSE with a total paid up capital of about Taka 4 billion. On June 23, 1962 it was renamed as Dhaka Stock Exchange (DSE) Limited. After 1971, the trading activities of the prime bourse remained suppresses until 1976 due to liberation war and economic policy pursued by the then government. Trading resumed at DSE in 1976 with only 9 companies listed having a paid up of Taka 137.52 million (Bashar et al., 2000; M Farid Ahmed, 1997). As of today there are 342 listed companies in the prime bourse with market cap exceeding 700,000 million (DSE, 2007). The reforms that DSE undertook recently for ensuring professionalism and transparency focused on the trading of securities. The measure were taken to implement transparent trading system, efficient reporting of trade, real time delivery of information, strong surveillance and monitoring over trade of securities and settlement of shares (Rahman,Uddin and Malik, 2006). 6.3.2.2 The Chittagong Stock Exchange Limited (CSE) The CSE is the countries second bourse that started its operation from the year 1995. It is also a self-regulatory non profit organization. Currently the numbers of listed securities are 223 of which the number of listed companies are 208, mutual funds 14, and one debenture. 6.4 Recent Capital Market Scenario of Bangladesh According to Dr Fakhruddin Ahmed (DSE, 2007) political uncertainty, corruption and lack of transparency in all section of the social and economic fabric are some of the reasons for capital market deficiency. Bangladesh Governor Salehuddin Ahmed (2007) reveals that foremost problems include political instability, under developed infrastructure, poor port management, short comings in legal system and corruption (Financial Express Report). On the other hand DSE general share price index reached its pinnacle and crossed 3000 points (Newage: www.newagebd.com). In fact the capital market witnessed a robust growth in the current year. Both turnover and market cap crossed new milestones at Tk 3000 million and Tk 700,000 million respectively during the year (DSE, 2006; DSE, 2007, IDLCSL). Recently our market cap crossed USD 10 billion that accounts for only 13% of its GDP which was only 8% a year back. (DSE Monthly Review, Oct 2007). Though the contribution of capital market to GDP is still inadequate when compared to neighboring countries but still its increase is significant for the development of our economy. Comparison of indices and market cap among different countries is shown in Table 2 and Figure 2 in the discussion part. Entry of 12 new issues worth Tk 11,322.95 million helped raise the market cap. Some of the reason for the progress in capital market development is central depository system and the automated trading system (ADB, 2006; SEC, 2005). The DSE has upgraded its automated online trading system and investors are able to trade from different parts of the country (SEC Quarterly Report, April-June 2007; ADB, 2006). Another reason for the vigorous improvement of the equity capital market is due to strenuous efforts taken by the SEC that further boosted investors’ confidence (DSE, 2007). 7.0 Research Methodology 7.1 Research Design The present study endeavored to explore importance of capital market for the economic development of Bangladesh and its future prospects. Exploratory research is selected as research design as little information exists about the capital market of Bangladesh. The aim of exploratory research is mainly to gain enough information before doing more thorough research. We basically start by gathering as much information about the object as possible and with a vague impression of what we should study (Cooper Schindler, 2003). 7.2 Research Instrument The research was conducted using both primary and secondary data. For collecting secondary data, various books, websites, newspapers, annual reports, monthly reviews and significant articles were chosen. Also for collection of primary data in-depth interviews with a range of designated professional, related to this field, were taken. 7.3 Data Collection Secondary data used in the paper has been collected through access of different source of books, journals, publications of DSE, SEC, ADB and other news paper and articles. The DSE and SEC library were visited to acquire secondary information. Various websites were browsed to collect relevant articles that are circulated on online sites. For collecting primary data, in-depth interviews of experienced people related to this field of capital market were taken. Appointments were fixed initially and then the interviews were taken. The interviewed persons are Kh. Asadul Islam, CEO, IDLC Securities Limited (IDLCSL); Anwarul Kabir Bhuiyan, SEC, Executive Director; Tania Sharmin, SEC, Assistance Director (Surveillance); Abul Ehsan, Senior Officer, IDLC Finance Limited; Moumita Manzoor, Research Associate, IDLCSL. Each of them was interviewed for 40 minutes approximately during the office hour while taking break from work. They were asked some essential questions associated to this research topic. Some of the questions that were asked are as follows- What is the role of capital market in the economy? What are the setbacks of the stock market in Bangladesh? Explain the current scenario of the capital market What are the prospective sign of the development of the capital market? How can we be sure of a sound growth of capital market in Bangladesh? Do you see a better or worse scenario ahead of us and why? 8.0 Discussion 8.1 Role of Capital Market in the Economy According to Dr. Mirza Azizul Islam (2006) capital market can play an essential role in enhancing economic development through efficient intermediation of savings into productive investments and in encouraging the expansion of private entrepreneurship (DSE, 2006). The primary market can contribute to the growth of private entrepreneurship by facilitating the entrepreneurs to raise funds from surplus savers and consequently finance investment in a cost-effective manner. For instance, if an industrialist with a viable new investment or expansion proposal is unable to execute his plan due to financial crisis then he can issue securities to meet the required deficit. Moreover issuing shares have the additional advantage that they do not create fixed charges for the companies issuing them and hence endows a better option than, say, financing through bank loans. A proficient and vibrant secondary market can also contribute copiously to economic growth. If a company, for instance, is well-managed and the secondary market prices are higher than face value, subsequent rights issue can obtain premium. Therefore the company can finance its development plan in lucrative and cost-effective approach. So the capital market not only provides opportunity for companies to borrow funds needed for long term investment purposes but also provides avenue for the marketing of shares and other securities in order to raise fresh funds for expansion of operations, leading to increase in output or productivity. The equity market offers opportunity for government to finance projects aimed at providing essential amenities for socio-economic development. Such market encourages inflow of foreign capital when foreign companies or investors invest in domestic securities. The securities market can help attain higher productivity by restructuring of ownership and management of the company as secondary market provides an exit option for the original founders and it also creates an avenue for the populace to participate in the corporate sector of the economy and share in its wealth through ownership of securities. So it not only reduces the over-reliance of the corporate sector on short term finance for long term projects but truly makes available the needed money for venture capital development which could serve as a vehicle for industrial development. So through its allocating mechanism, the capital market ensures an efficient and effective distribution of scarce financial resources for the optimal benefit to the economy. 8.2 Major Setbacks of the Capital Market Investment in capital market is limited to a small proportion of the population. Investors’ confidence in the capital market has not entirely recovered since the stock market crash in 1996. Share market debacle in 1996 was mainly the result of market manipulation by a section of stockbrokers in collaboration with some other market participants (SEC, 1997). Some of the other notable reasons behind the stock market crash includes insider-trading and off-loading of shares by directors of the company, absence of circuit breaker in the securities market, disclosure of unregulated rumors and sensitive information, lack of attention given by investors to the relation between stock price and company fundamentals, weak regulatory body to name a few. The diagram below shows clearly the catastrophe that took place during 1996. Figure 1 DSE General Price Index (DGEN) 1993-2007 (Source: IDLCSL) On November, 2001 the DSE introduced the benchmark price barometer DSE General Index (DGEN) with a base index of 817.62 points. The index excludes companies of Z category and is calculated on the basis of price movement of individual stocks. Figure 1 displays the monthly DSE general index from the year January 1993 to November 2007, the latest month for which the data was available. From the diagram we can tell that the market behaved irrationally during the year 1996. The DSE all share price index rose from 832 in 1 January 1996 to 3567 in 14 November of the same year, i.e. DGEN rose from 1106 to 4738.83. This conspicuous rise in DSI was followed by a drastic fall to 2261.47 points in the last week of December 1996 and again to 1140.65 points on April 1997. The market was dreary for a long period of time after the 1996 collapse but between July 20003 and June 2005, DGEN more than doubled from 823 to 1727. It appears that the index is performing modestly in the current year followed by an uptrend as it shows an increase in the index from 1527.29 in November 2006 to 3011.60 in November 2007, reaching its pinnacle after 1996. The devastating history of 96 crashes still persists in the mind of potential investors but without mass participation the market cannot sustain in the long-run. Also it needs to bring back the foreign investors that fled in the 1996 debacle. Inflows of foreign direct investment need to be restored to stabilize the economy. From the statistical data below in Table 1 it can be observed that foreign investors are least attracted to the securities market of Bangladesh. There were significant foreign investment inflows into equities in the year 1994 amounting to $ 106 million but by the mid 1997, most of the foreign portfolio investors had divested holdings and have not since returned. The following table contains the key capital market indicators reflecting that the pace of primary market development had been fluctuating and the market’s contribution to resource mobilization of the economy remains below potential and the secondary market remained stagnant during 1997-2003 but showed some sign of recovery in 2004. Overall, investor confidence has not yet fully recovered. Table 1 Capital Market Indicators- Dhaka Stock Exchange Item 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 No of Listed Companies 143 157 183 186 202 208 213 223 231 242 248 337 Market Cap In taka (mn) 18099 41771 56518 168106 71302 50254 44789 62932 63777 71269 97587 224923 In $ (mn) 455 1038 1409 3960 1569 1036 881 1169 1119 1229 1685 3709 Market Cap as % of GDP 1.44 3.08 3.71 10.11 3.95 2.51 2.04 2.65 2.52 2.61 3.25 6.76 Significance of Capital Market for Economic Development Significance of Capital Market for Economic Development An Explotary Study On The Significance of Capital Market for Economic Development and Its Further Growth Potential In Context of Bangladesh Abstract This research paper investigates whether the role of capital market is significant for the economic development of Bangladesh. Literature suggests that well developed stock market can provide an extra impetus to economic activity. Similar conclusions were also drawn from the in-depth interviews. This paper also reveals a well-scanned scenario of the capital market highlighting its setbacks, current weakness, recent improvements and its prospective signs of development through which we can foresee whether the capital market has further growth potential or not. Thus the present study can also contribute in providing essential information that can also be used for further research. Abbreviations ADB- Asian Development Bank CDBL- Central Depository of Bangladesh Limited CDS- Central Depository System CSE- Chittagong Stock Exchange DGEN- DSE general index DSE- Dhaka Stock Exchange GDP- gross domestic product IPO- initial public offering SEC- Security and Exchange Commission 1.0 Introduction The financial market contributes to the economic growth and development by providing the needed finance for provision of goods and services. The financial market consists of two division- money market and capital market. The money market is basically entitled to supply finance on short-term basis to individuals, businesses, enterprises, government and their agencies. The capital market, on the other hand, provides finance on medium to long-term basis to corporate bodies, government and their agencies (Al-Faki, 2006). Capital Market plays a crucial role in any modern economy as they allow investors’ fund to flow to the most promising opportunities, i.e., the funds are mobilized and channeled efficiently from savers to the users of funds (Al-Faki, 2006; DSE, 2006; Hubbard and Thornton, 2006; Ahmed, 1997). In Bangladesh financial intermediation relies mostly on the banking sector which further resulted in lack of equity financing (Salahuddin Ahmed, 2007; Islam and Hassan 2002). Furthermore out of 5 million urban-based middle class people only four hundred thousand are participating in the securities market and among them roughly hundred thousand are active investors. A large portion is still ignorant of the nature and benefits of the capital market (Abu Ahmed, 2006; DSE Review, 2006; Islam and Hassan, 2002). Developing more complete and deeper capital market would enhance a countries growth potential and innovation (Andritzky, 2007). The forces of globalization, technology, new forms of competition have noticeably transformed capital market worldwide (Hassan, 2004). The chief advisor Dr. Fakhruddin Ahmed stated that â€Å"Only a vibrant and well-regulated capital market can bring sustainable economic development in the country through making the real sector capable of meeting the challenges of the competitive global economic realities† ( DSE Monthly Review, June 2007). Regardless of recent improvements, Bangladesh’s capital market remains underdeveloped as its size is still very small in terms of market cap (ADB, 2006; Salahuddin Ahmed, 2007; Islam and Hassan 2002). The market cap represents just above 9% of the GDP (Dr. Fakhruddin Ahmed retrieved from DSE Review). As Bangladesh capital market is still quite small compared to other regional market and to the size of its economy (CSE, 2006) despite its existence for a long time, this paper applies a framework for analyzing the significance of capital market for economic growth and development of Bangladesh, identifying its growth potentials through exploration. 2.0 Problem Statement Bangladesh’s capital market is still underdeveloped, in spite of recent improvements. The size of the country’s capital market is quite small mainly due to the excessive dependence of leading corporate entities on the banks for financing. Moreover the overall transparency of market transaction is also low compared to international standards and generally there has been slow development of the underlying market infrastructure. The government is making effort to develop the reliability and efficiency of stock exchanges as investment market. Compared to the other neighboring countries the numbers of participants are much smaller in Bangladesh as investor lack confidence. There is a supply side constrains in the capital market as quality shares are lacking. For all this reason this research is done to explore the importance of capital market in the economy and what are the prospective sign of development of the stock market. 3.0 Purpose of the Study The purpose of the study is to explore a well scanned scenario of Bangladesh capital market, its significance and its prospects. Although some research has been conducted relating to this topic but there is little empirical evidence about how essential stock market is to economic development of a country. A sound capital market prompts better economic base and influence its future growth and so it can help realize Bangladesh’s growth potential. The capital market of Bangladesh is on the brink to play its due role as a medium for financing investment and thereby making a notable contribution to economic growth, employment creation and poverty alleviation. The capital market plays an important role in quickening the pace of economic development but the existing state of the capital market is under-developed and not in a position to ensure economic progress of the country. Hence this research will try to highlight the significance of capital market for the nation and explore what are the probable signs of progress. 4.0 Research Timeline 2007 SeptemberWriting Research Proposal 2007 SeptemberDeveloping Literature Review 2007 OctoberCollecting Data 2007 October- NovemberData Analysis and Interpretation of the Findings 2007 NovemberPreparing Draft and Finalizing the Research Paper 2007 DecemberSubmission of Research Paper 5.0 Limitations of the study During conducting the research I came across certain limitations and among them the foremost one is time constrain. Although I got the opportunity to work in an organization that is capital market based but it was difficult to find spare time that could be used for the report. Moreover the interviewed person could not provide all necessary information due to lack of time. The research timeline also reveals that time constrain was actually a barrier as there was plenty to find about this research topic. As the research is conducted for the first time, I did not get much support from previous research paper and further research is suggested. A huge portion of the report is based on secondary data collected through websites and so the depth of reliability varies as by the nature of website. 6.0 Review of the Literature 6.1 Financial Intermediation According to Joseph Yam (2004) financial intermediation is channeling savings into investments. Aziz and Duenwald (2002) referred that financial intermediation affects growth through the following channels – (i) it can increase the marginal productivity of capital by collecting information to evaluate alternative investment projects and by risk sharing (ii) it can raise the proportion of savings channeled to investment through financial development. According to Conning and Kevane (2002) â€Å"intermediation implies an intermediary†. Gorton and Winton (2002) added that â€Å"it is the root institution in the saving investment process†. They referred that financial intermediaries are firms that borrow from those who have excess money, that is, the savers and lend the money to companies that need resources for investment. 6.2 Performance Indicators According to R. N. Agarwal (2000) the most commonly used standard to measure the size of a country’s stock market is market capitalization ratio, that is, the ratio of market value of stocks which are currently listed on a bourse to Gross Domestic Product (GDP). A small ratio of capitalization to GDP reveals the small size of a stock market. Alternatively, the size can be measured by the number of listed companies on a stock market. The height of maturity of an economy’s financial system is essential for economic development. Bekeart et al., (2007), Hubard and Thornton (2006), Rosul (2002) all investigated the significance and relation of stock market development with the economic growth and their conclusion suggests that capital market development is positively correlated with long term economic growth and the capital market plays an important role in the economic development of any country. The size of the equity capital market has an optimistic effect on economic growth of the country, that is, much higher market cap and turnover has a major positive influence on the economy (Institute for Advanced Studies, IHS, 2006). It is seen that the ratio of market cap to GDP in neighboring countries like India, Pakistan and Sri Lanka is relatively much higher, that is, more than 60% of their GDP (DSE, Kh. Asadul Islam, 2007; Dr. Fakhruddin Ahmed,2007). In Bangladesh the market cap is very small proportion of the countries GDP (Islam Hassan, 2002) and this is due to significant dependence on the banking sector (DSE Review, Fakhruddin Ahmed, June 2007). Market capitalization as a share of GDP was around 2.5%-3.3% during 2001-2003 compared with 1.4-10.1% during 1993-1996 and 2- 4% during 1997-2000. However in the year 2004 market cap reached 6.8% reflecting the rise in the DSE index from 968 to 1,971 at the end of 2003 and 2004 respectively (ADB, May 2005). The trend of market cap as percentage of GDP and other capital market indicators of DSE and CSE are shown through the help of statistical data represented in the discussion section in Table 1. Despite the existence of the bourse from 1954, the capital market still exhibits features of an emerging equity market (Islam Hassan, 2002). The finance sector is immensely bank-based (Salahuddin Ahmed, 2007) as resource mobilization for industrialization and economic development is made primarily through the regular banking system (Islam Hassan, 2002). Borrowing requires fixed payments and over-reliance on banks can cause credit default risk. According to (Mochammad Rosul, 2002) excessive reliance on bank borrowing results in a mismatch with long-term investments being financed with short-term bank loans. He added that such a risky situation can further contribute to the economic crisis and so the job of the principal fund supplier for business should be transferred from banking sector to the capital sector. 6.3 Regulatory Bodies 6.3.1. The Security and Exchange Commission (SEC) The Security and Exchange Commission (SEC) exercises power under the Security and Exchange Commission Act 1993 and established on June 8, 1993. SEC, the sole Capital Market Watchdog and Regulator, has been pursuing a vigorous capital market development process including amendments of its existing regulations, conduction of investor awareness programs, rigid monitoring and surveillance to bring in transparency in the trading mechanism (SEC, Annual Report 2003 -04). The responsibility of SEC includes the following: Regulating the functions of Stock Exchanges Registering and regulating the business of stock brokers, sub broker, share transfer agents, underwriters, registrar, portfolio managers, investment advisors, and other middlemen related to security dealings. Registering, controlling, and monitoring of all types of mutual funds Controlling and monitoring of all authorized self regulatory organizations Prohibiting fraudulent and unfair practices related to securities Promoting investor’s education program and providing training of intermediaries Regulating substantial acquisition of shares and takeover of companies SEC are detects market manipulation and also keeps constant vigil on the activities of stock exchanges to ensure effectiveness of the surveillance system. Conducts research and publishes information for above purposes (Source: Security Exchange Commission Website: www.secbd.com) 6.3.2 Stock Exchanges 6.3.2.1 Dhaka Stock Exchange (DSE) On April 28, 1954 DSE was first incorporated as the East Pakistan Stock Exchange Association Limited. Formal trading began in 1956 with 196 securities listed on the DSE with a total paid up capital of about Taka 4 billion. On June 23, 1962 it was renamed as Dhaka Stock Exchange (DSE) Limited. After 1971, the trading activities of the prime bourse remained suppresses until 1976 due to liberation war and economic policy pursued by the then government. Trading resumed at DSE in 1976 with only 9 companies listed having a paid up of Taka 137.52 million (Bashar et al., 2000; M Farid Ahmed, 1997). As of today there are 342 listed companies in the prime bourse with market cap exceeding 700,000 million (DSE, 2007). The reforms that DSE undertook recently for ensuring professionalism and transparency focused on the trading of securities. The measure were taken to implement transparent trading system, efficient reporting of trade, real time delivery of information, strong surveillance and monitoring over trade of securities and settlement of shares (Rahman,Uddin and Malik, 2006). 6.3.2.2 The Chittagong Stock Exchange Limited (CSE) The CSE is the countries second bourse that started its operation from the year 1995. It is also a self-regulatory non profit organization. Currently the numbers of listed securities are 223 of which the number of listed companies are 208, mutual funds 14, and one debenture. 6.4 Recent Capital Market Scenario of Bangladesh According to Dr Fakhruddin Ahmed (DSE, 2007) political uncertainty, corruption and lack of transparency in all section of the social and economic fabric are some of the reasons for capital market deficiency. Bangladesh Governor Salehuddin Ahmed (2007) reveals that foremost problems include political instability, under developed infrastructure, poor port management, short comings in legal system and corruption (Financial Express Report). On the other hand DSE general share price index reached its pinnacle and crossed 3000 points (Newage: www.newagebd.com). In fact the capital market witnessed a robust growth in the current year. Both turnover and market cap crossed new milestones at Tk 3000 million and Tk 700,000 million respectively during the year (DSE, 2006; DSE, 2007, IDLCSL). Recently our market cap crossed USD 10 billion that accounts for only 13% of its GDP which was only 8% a year back. (DSE Monthly Review, Oct 2007). Though the contribution of capital market to GDP is still inadequate when compared to neighboring countries but still its increase is significant for the development of our economy. Comparison of indices and market cap among different countries is shown in Table 2 and Figure 2 in the discussion part. Entry of 12 new issues worth Tk 11,322.95 million helped raise the market cap. Some of the reason for the progress in capital market development is central depository system and the automated trading system (ADB, 2006; SEC, 2005). The DSE has upgraded its automated online trading system and investors are able to trade from different parts of the country (SEC Quarterly Report, April-June 2007; ADB, 2006). Another reason for the vigorous improvement of the equity capital market is due to strenuous efforts taken by the SEC that further boosted investors’ confidence (DSE, 2007). 7.0 Research Methodology 7.1 Research Design The present study endeavored to explore importance of capital market for the economic development of Bangladesh and its future prospects. Exploratory research is selected as research design as little information exists about the capital market of Bangladesh. The aim of exploratory research is mainly to gain enough information before doing more thorough research. We basically start by gathering as much information about the object as possible and with a vague impression of what we should study (Cooper Schindler, 2003). 7.2 Research Instrument The research was conducted using both primary and secondary data. For collecting secondary data, various books, websites, newspapers, annual reports, monthly reviews and significant articles were chosen. Also for collection of primary data in-depth interviews with a range of designated professional, related to this field, were taken. 7.3 Data Collection Secondary data used in the paper has been collected through access of different source of books, journals, publications of DSE, SEC, ADB and other news paper and articles. The DSE and SEC library were visited to acquire secondary information. Various websites were browsed to collect relevant articles that are circulated on online sites. For collecting primary data, in-depth interviews of experienced people related to this field of capital market were taken. Appointments were fixed initially and then the interviews were taken. The interviewed persons are Kh. Asadul Islam, CEO, IDLC Securities Limited (IDLCSL); Anwarul Kabir Bhuiyan, SEC, Executive Director; Tania Sharmin, SEC, Assistance Director (Surveillance); Abul Ehsan, Senior Officer, IDLC Finance Limited; Moumita Manzoor, Research Associate, IDLCSL. Each of them was interviewed for 40 minutes approximately during the office hour while taking break from work. They were asked some essential questions associated to this research topic. Some of the questions that were asked are as follows- What is the role of capital market in the economy? What are the setbacks of the stock market in Bangladesh? Explain the current scenario of the capital market What are the prospective sign of the development of the capital market? How can we be sure of a sound growth of capital market in Bangladesh? Do you see a better or worse scenario ahead of us and why? 8.0 Discussion 8.1 Role of Capital Market in the Economy According to Dr. Mirza Azizul Islam (2006) capital market can play an essential role in enhancing economic development through efficient intermediation of savings into productive investments and in encouraging the expansion of private entrepreneurship (DSE, 2006). The primary market can contribute to the growth of private entrepreneurship by facilitating the entrepreneurs to raise funds from surplus savers and consequently finance investment in a cost-effective manner. For instance, if an industrialist with a viable new investment or expansion proposal is unable to execute his plan due to financial crisis then he can issue securities to meet the required deficit. Moreover issuing shares have the additional advantage that they do not create fixed charges for the companies issuing them and hence endows a better option than, say, financing through bank loans. A proficient and vibrant secondary market can also contribute copiously to economic growth. If a company, for instance, is well-managed and the secondary market prices are higher than face value, subsequent rights issue can obtain premium. Therefore the company can finance its development plan in lucrative and cost-effective approach. So the capital market not only provides opportunity for companies to borrow funds needed for long term investment purposes but also provides avenue for the marketing of shares and other securities in order to raise fresh funds for expansion of operations, leading to increase in output or productivity. The equity market offers opportunity for government to finance projects aimed at providing essential amenities for socio-economic development. Such market encourages inflow of foreign capital when foreign companies or investors invest in domestic securities. The securities market can help attain higher productivity by restructuring of ownership and management of the company as secondary market provides an exit option for the original founders and it also creates an avenue for the populace to participate in the corporate sector of the economy and share in its wealth through ownership of securities. So it not only reduces the over-reliance of the corporate sector on short term finance for long term projects but truly makes available the needed money for venture capital development which could serve as a vehicle for industrial development. So through its allocating mechanism, the capital market ensures an efficient and effective distribution of scarce financial resources for the optimal benefit to the economy. 8.2 Major Setbacks of the Capital Market Investment in capital market is limited to a small proportion of the population. Investors’ confidence in the capital market has not entirely recovered since the stock market crash in 1996. Share market debacle in 1996 was mainly the result of market manipulation by a section of stockbrokers in collaboration with some other market participants (SEC, 1997). Some of the other notable reasons behind the stock market crash includes insider-trading and off-loading of shares by directors of the company, absence of circuit breaker in the securities market, disclosure of unregulated rumors and sensitive information, lack of attention given by investors to the relation between stock price and company fundamentals, weak regulatory body to name a few. The diagram below shows clearly the catastrophe that took place during 1996. Figure 1 DSE General Price Index (DGEN) 1993-2007 (Source: IDLCSL) On November, 2001 the DSE introduced the benchmark price barometer DSE General Index (DGEN) with a base index of 817.62 points. The index excludes companies of Z category and is calculated on the basis of price movement of individual stocks. Figure 1 displays the monthly DSE general index from the year January 1993 to November 2007, the latest month for which the data was available. From the diagram we can tell that the market behaved irrationally during the year 1996. The DSE all share price index rose from 832 in 1 January 1996 to 3567 in 14 November of the same year, i.e. DGEN rose from 1106 to 4738.83. This conspicuous rise in DSI was followed by a drastic fall to 2261.47 points in the last week of December 1996 and again to 1140.65 points on April 1997. The market was dreary for a long period of time after the 1996 collapse but between July 20003 and June 2005, DGEN more than doubled from 823 to 1727. It appears that the index is performing modestly in the current year followed by an uptrend as it shows an increase in the index from 1527.29 in November 2006 to 3011.60 in November 2007, reaching its pinnacle after 1996. The devastating history of 96 crashes still persists in the mind of potential investors but without mass participation the market cannot sustain in the long-run. Also it needs to bring back the foreign investors that fled in the 1996 debacle. Inflows of foreign direct investment need to be restored to stabilize the economy. From the statistical data below in Table 1 it can be observed that foreign investors are least attracted to the securities market of Bangladesh. There were significant foreign investment inflows into equities in the year 1994 amounting to $ 106 million but by the mid 1997, most of the foreign portfolio investors had divested holdings and have not since returned. The following table contains the key capital market indicators reflecting that the pace of primary market development had been fluctuating and the market’s contribution to resource mobilization of the economy remains below potential and the secondary market remained stagnant during 1997-2003 but showed some sign of recovery in 2004. Overall, investor confidence has not yet fully recovered. Table 1 Capital Market Indicators- Dhaka Stock Exchange Item 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 No of Listed Companies 143 157 183 186 202 208 213 223 231 242 248 337 Market Cap In taka (mn) 18099 41771 56518 168106 71302 50254 44789 62932 63777 71269 97587 224923 In $ (mn) 455 1038 1409 3960 1569 1036 881 1169 1119 1229 1685 3709 Market Cap as % of GDP 1.44 3.08 3.71 10.11 3.95 2.51 2.04 2.65 2.52 2.61 3.25 6.76

Dances With Wolves Essay -- Movie Film Native Americans Papers

Dances With Wolves Dances with Wolves offers a cinematic portrayal of Native Americans that is quite contrary to the stereotypical norm. In this film, John Dunbar, goes out to the west where he meets and becomes friends with the Sioux Indians. He is drawn more and more into their community and eventually chooses to side with the humane Indians over his fellow cruel white Americans. In an attempt to change stereotypical views, director Kevin Costner through Dunbar, presents to the audience a different perspective of Indian removal. The film allows viewers to identify and sympathize with the Indians and thus causes a shift of perception towards the Indian problem. Movie critic Ariztlan, in a review of the film, states that Dances with Wolves "showed the Indians as human beings with a culture and way of life that had the full breadth of human dignity, humor, spirituality and family values (http://www.ariztlan.org/mov/wolves)." The stereotypical view of Indians as savage inhumane beings is strategically dw indled in this movie. This film was set around the time of the Civil War which took place from 1861-1865. It was during this time that acts of Indian removal were common. The prevalent attitude of Americans at the time was that of expansion into the west. The primitive Indian inhabitants of the western territory proposed a problem for the Americans. To settle into the west, they had to remove the Indians to other places. In a lecture on the place of the west in American history, Dr. April Summitt addressed the historical framework of Indian removal. The first major Indian removal took place in 1830. They were further removed to smaller reservations in the 1870's and 1880's. With this knowledge of the historical setting, we c... ...m. Dunbar was named Dances with Wolves because he was literally caught prancing around with a wolf. Beyond this literal interpretation is the symbolic one of Dunbar's dance with the Indians. The gist of the film is encapsulated in this one metaphorical story line. The film, Dances with Wolves, is masterfully produced to change the stereotypical view of Native Americans as brutal savages to a fixed view of them as normal human beings. Shift in perception is achieved by first grabbing the audience attention with an initial matched stereotype of cruel Indians. The audience is carried to a new frame of thought through the trustworthy character of Dunbar and his developing relationship with the Indians. In the end, Dunbar's dance with the wolves becomes a great learning experience for him in his life, as well as an eye-opening tool for the humbled American audience.

Swot Analysis of Delta Airlines

SWOT analysis Strength 1. Innovation: * â€Å"Track check bags† 2. Market share leadership 3. Strong management team 4. Strong brand equity 5. Flights are usually on time 6. The merger and acquisition | Weakness * The number of cancelling flights is a little high * The customer service is bad because in some occasion the customer can’t found the delta representative in the airport. Lack of online presence * In some aircrafts the seats are uncomfortable and narrow | Opportunities * Emerging markets and expansion abroad * Product and services expansion * Development of new technologies and the web | Threats * Competition * Economic slowdown and crises * External changes * Lower cost competitors * Price wars and revolution * Oil Price growth * Terrorism| Strength: 1. Innovation: * Delta earned the top 5 in the rank of most innovative airline * â€Å"Track checking bag† new service launched by Delta to allow customer to track their luggage in real-time.Also they can do it via their smartphone using the bag tag number. * On board the plan delta offers the full-lie bed in the business Elite. Also it plans to offer to the flat bed seat to the entire international fleet. * Gogo’s internet service is equipped in all the aircrafts * In 18 airports Delta installed the â€Å"wireless power-pad† 2. Market share leadership: * Delta ranks the first place in the airline domestic market share with 16% * Due to its strong financial strategy Delta was the only airline company which wasn’t affect by the event of September 2001 3.Strong management team: * More than 80,646 employees work in Delta * by providing entertainment in the plan and being helpful with travelers * Through its leadership Mike (the executive vice president of Human resource an labor Relation) established an entire culture in the company. So employees worked as a team not individually, which lead them to focus on the quality of their services. 4. Strong brand equity * â €Å"welcome change welcome new delta† * Due to its brand and history Delta still until now challenging competitors. . Flights on time * In 2013 412,617 of flight are on time which means 80, 89% of all the flights that Delta operates arrive just in time. * This percentage and statistics evolved since 2004 6. The merger and acquisition * Through it 2 last merger with Northwest and virgin airline, Delta become the second largest airline of passengers * In addition this situation allows the company to make many alliance with different airport in different countries.Weakness 1. The number of canceled flights is little high * Despite the fact that the rate of the delayed decrease but still high comparing to Delta which the second largest company * The number of delayed flight represent 7,561 among 509,519operation flights * From the feedback of some travelers they complained ; that the company didn’t inform them about the situation 2. Some complaint about the customer servic e Since 2010 Delta was trying to improve its customer services because it affects directly the number of travelers, thus the company was focusing on training its employees to and offered to those training programs and seminaries to improve their service. 3. Lack of online presence: * Delta needs to improve its application for privacy policy. * The social network are not update 4. Uncomfortable seats From some customers opinion I conclude that there some seat especially the economy class in the old aircrafts are uncomfortable.And the company did a huge mistake for using those plan for long time flight (so the customer in this case will be disappointed and they admitted that they have spent the worst flight on their life) Opportunities 1. Emerging market and expansion aboard : * This situation leads Delta to increase its market share * The company preview to include flights to Romania, Dubai and other countries. * From this expansion the company’s revenues increase by 20u 2. Pr oduct and service expansion Sky-bonus is a service designed for company to collect points and become member in delta sky club. * There is also the award business Elite service, sky Mile and many other services. 3. Development of new technologies * Technologies nowadays is growing faster so delta should be aware of this situation and try to search and innovate some technologies which can help the customer and offer to him a high level of satisfaction. Threats 1. Competition * local competitors like southwest airline, US airways . Economic slowdown and crises * Can decrease the number of customers, thus the revenues of Delta will decrease also. * Especially the European crises which affects many businessmen and leads to their bankruptcy 3. External changes * For example the taxation, political situations, wars. 4. Lower cost competitors * This situation can affects badly company especially they use lower cost and lower service to offer to their customer cheaper tickets for their fligh ts 5. Price wars and revolution In this case the company should delayed flights, as a consequence its revenue will decrease. 6. Oil price growth * Oil price increase every years which is one of the major cost of the company 7. Terrorism http://www. airlinequality. com/Product/Yseat-DL. htm http://news. delta. com/index. php? s=18&item=88 http://dealbook. on. nytimes. com/Public/Deals? symbol=DAL https://www. worldagentdirect. com/deltaair/products/index. do http://www. transtats. bts. gov/HomeDrillChart. asp? URL_SelectYear=2013&URL_SelectMonth=1&URL_Time=1&URL_Selection=1 Swot Analysis of Delta Airlines SWOT analysis Strength 1. Innovation: * â€Å"Track check bags† 2. Market share leadership 3. Strong management team 4. Strong brand equity 5. Flights are usually on time 6. The merger and acquisition | Weakness * The number of cancelling flights is a little high * The customer service is bad because in some occasion the customer can’t found the delta representative in the airport. Lack of online presence * In some aircrafts the seats are uncomfortable and narrow | Opportunities * Emerging markets and expansion abroad * Product and services expansion * Development of new technologies and the web | Threats * Competition * Economic slowdown and crises * External changes * Lower cost competitors * Price wars and revolution * Oil Price growth * Terrorism| Strength: 1. Innovation: * Delta earned the top 5 in the rank of most innovative airline * â€Å"Track checking bag† new service launched by Delta to allow customer to track their luggage in real-time.Also they can do it via their smartphone using the bag tag number. * On board the plan delta offers the full-lie bed in the business Elite. Also it plans to offer to the flat bed seat to the entire international fleet. * Gogo’s internet service is equipped in all the aircrafts * In 18 airports Delta installed the â€Å"wireless power-pad† 2. Market share leadership: * Delta ranks the first place in the airline domestic market share with 16% * Due to its strong financial strategy Delta was the only airline company which wasn’t affect by the event of September 2001 3.Strong management team: * More than 80,646 employees work in Delta * by providing entertainment in the plan and being helpful with travelers * Through its leadership Mike (the executive vice president of Human resource an labor Relation) established an entire culture in the company. So employees worked as a team not individually, which lead them to focus on the quality of their services. 4. Strong brand equity * â €Å"welcome change welcome new delta† * Due to its brand and history Delta still until now challenging competitors. . Flights on time * In 2013 412,617 of flight are on time which means 80, 89% of all the flights that Delta operates arrive just in time. * This percentage and statistics evolved since 2004 6. The merger and acquisition * Through it 2 last merger with Northwest and virgin airline, Delta become the second largest airline of passengers * In addition this situation allows the company to make many alliance with different airport in different countries.Weakness 1. The number of canceled flights is little high * Despite the fact that the rate of the delayed decrease but still high comparing to Delta which the second largest company * The number of delayed flight represent 7,561 among 509,519operation flights * From the feedback of some travelers they complained ; that the company didn’t inform them about the situation 2. Some complaint about the customer servic e Since 2010 Delta was trying to improve its customer services because it affects directly the number of travelers, thus the company was focusing on training its employees to and offered to those training programs and seminaries to improve their service. 3. Lack of online presence: * Delta needs to improve its application for privacy policy. * The social network are not update 4. Uncomfortable seats From some customers opinion I conclude that there some seat especially the economy class in the old aircrafts are uncomfortable.And the company did a huge mistake for using those plan for long time flight (so the customer in this case will be disappointed and they admitted that they have spent the worst flight on their life) Opportunities 1. Emerging market and expansion aboard : * This situation leads Delta to increase its market share * The company preview to include flights to Romania, Dubai and other countries. * From this expansion the company’s revenues increase by 20u 2. Pr oduct and service expansion Sky-bonus is a service designed for company to collect points and become member in delta sky club. * There is also the award business Elite service, sky Mile and many other services. 3. Development of new technologies * Technologies nowadays is growing faster so delta should be aware of this situation and try to search and innovate some technologies which can help the customer and offer to him a high level of satisfaction. Threats 1. Competition * local competitors like southwest airline, US airways . Economic slowdown and crises * Can decrease the number of customers, thus the revenues of Delta will decrease also. * Especially the European crises which affects many businessmen and leads to their bankruptcy 3. External changes * For example the taxation, political situations, wars. 4. Lower cost competitors * This situation can affects badly company especially they use lower cost and lower service to offer to their customer cheaper tickets for their fligh ts 5. Price wars and revolution In this case the company should delayed flights, as a consequence its revenue will decrease. 6. Oil price growth * Oil price increase every years which is one of the major cost of the company 7. Terrorism http://www. airlinequality. com/Product/Yseat-DL. htm http://news. delta. com/index. php? s=18&item=88 http://dealbook. on. nytimes. com/Public/Deals? symbol=DAL https://www. worldagentdirect. com/deltaair/products/index. do http://www. transtats. bts. gov/HomeDrillChart. asp? URL_SelectYear=2013&URL_SelectMonth=1&URL_Time=1&URL_Selection=1