Morning Java Descriptive Essay Essay Example for Free

Morning Java Descriptive Essay Essay Java Startled by my alarm, I stretch my arm out from under the covers and search frantically in the dark to put an end to the obnoxious sound. I feel around for my lamp and switch it on, keeping my position until my eyes adjust to the light. Before I ever get out of bed, I’m already overwhelmed thinking of my many tasks for the day. When motivation is scarce, there is only one thought that brings me out of my cozy, warm bed and to my feet. Waiting to be made is a fresh, boosting cup of morning coffee. Confronting the seemingly arctic air, I slide my feet into fuzzy, pink slippers and head for the kitchen. I make a quick stop at the thermostat, crank up the heat, then b-line it to the stainless steel coffee pot that used to belong to my Grandmother. Sitting next to the pot is a bright red Folgers can. Holding it up close to my face, I crack open the lid and am instantly delighted with the robust scent of ground coffee beans. Possibly being the only â€Å"me time† of the entire day, the quietness of the early morning combined with the delicious aroma of coffee brewing is greatly treasured. Reaching into the cabinet containing the coffee mugs, I instinctively push through them until my favorite one is spotted. Dulled out yellow with a small chip on the handle, it displays markings from years of the dishwasher’s wear and tear. I pour the steamy drink into the old cup and sip cautiously. No sugar or cream diluting the flavor, I savor the dark coffee and smile with approval. Trusty mug in hand, I sit down to catch a quick glimpse of the morning news. Its warmth cushions the chill I get from the blizzard forecast flashing across the screen. Cold, weary, and fatigued, I sip as fast as I can, urging the rich, caffeinated liquid to hit me as soon as possible. I hear my two year old, sick with the flu, stirring around in his crib. I know it won’t be long from now until he is protesting and ultimately waking my other children. With medicine to be given, breakfast to be made, and children to be dressed, it’s a mystery how I will make it out of the house with my shoes on. But I continue sipping my powerful beverage and before I know it my tiredness fades. Buzzing around the house, I take on the morning tasks with a renewed sense of warmth and liveliness. Knowing without a doubt, this java comes from my ritualistic morning coffee session.

Essay --

Chantin Bullock Historical Methodologies The warmth of all suns Precis December 11th, 2013 The Warmth of all suns is a collection of three people’s experiences in the Jim Crow south and how they was able to leave the South and heading to the north which was part of The Great Migration. The Great Migration was one of the most unsought after events in American History. From 1910 to 1960 over 6 million African Americans moved from the rural areas of the south to the urban Northeast, Midwest, and west. African Americans had become an urbanized population because over eighty percent of African Americans lived in cities. Since 1970 African Americans began returning to the south which is also called the reverse migration or New Great Migration. The main theme of this book is to not only provide information of the great migration, but for the reader to see the obsticles the three individuals had to encounter in order to develop the courage to finally leave a place where they weren’t treated as human beings. They decided to leave to pursuit a better life, some left to save their own lives. ... Essay -- Chantin Bullock Historical Methodologies The warmth of all suns Precis December 11th, 2013 The Warmth of all suns is a collection of three people’s experiences in the Jim Crow south and how they was able to leave the South and heading to the north which was part of The Great Migration. The Great Migration was one of the most unsought after events in American History. From 1910 to 1960 over 6 million African Americans moved from the rural areas of the south to the urban Northeast, Midwest, and west. African Americans had become an urbanized population because over eighty percent of African Americans lived in cities. Since 1970 African Americans began returning to the south which is also called the reverse migration or New Great Migration. The main theme of this book is to not only provide information of the great migration, but for the reader to see the obsticles the three individuals had to encounter in order to develop the courage to finally leave a place where they weren’t treated as human beings. They decided to leave to pursuit a better life, some left to save their own lives. ...

Role of Money Market in Economic Development of Nigeria

Discount Houses Operations, the Money Market and the Nigerian Economy: A Preliminary Investigation C. B. Ezirim and F. E. Enefaa Abstract This paper investigates the relationships subsisting between the operations of discount houses and the performance indices of the money market and the general economy. The method used involved the estimation of regression models and subsequent analysis of results using conventional statistics. The findings indicate that positive and significant relationships existed between the indicators of discount houses and those of the money market and the macro economy.Thus, the operations of these houses reserve the potentials to boost the performances of the money market and the economy considerably. This calls for policy options that would favor the encouragement of existing houses and licensing of new ones to adequately carter for the needs of the overall economy. Introduction It has been underscored that discount houses play very important roles in stimu lating investments in the economy and in boosting the general operations of the money market.Not only do they serve as catalyst in the market, they are, on their own, large-scale investors in the money market as well. Their role in facilitating profitable open market operations is worth stressing (CBN, 2004; Ezirim, 2005). Notwithstanding these and other roles performed by discount houses in a typical economy, the Nigerian money market operations are said to be sub-optimal in terms of engineering desired growth in the economy. The observed sub-optimality of the Nigerian money market is blamed, in part, on the poor performance of discount houses and other money market institutions.Discount houses, from the onset of their operations in the country, were expected to cause the Nigerian money market to operate optimally. Since the money market is yet to achieve this objective, can we then say that the discount houses have failed in their expected duties? It is the burden of this study to ravel the true position by x-raying the relationships between relevant variables representing the operations of the money market and those of the discount houses.Furthermore, the entire activity of the discount houses is expected to directly or indirectly boost aggregate domestic investment, output, and income. The levels of these macro magnitudes, even with the advent of discount houses, have left much to be desired. Does this suggest that these institutions, alongside others, have failed in their critical duty to the economy? The need to investigate the relationship between the 94 operations of these financial institutions and relevant macro indicators is only rife.It is, therefore, main purpose of this study to analyze the operational performance of discount houses in a bid to see how they relate with the general performance of the money market and the macro economy. Theoretical Framework and Review Concept and Roles of Discount Houses Discount houses are recent but novel develo pments that are meant to further the catalytic processes in the economic advancement of the less developed countries (LDCs) like Nigeria, especially in the money market sub-sector.By definition, discount houses are financial institutions devoted to trading in money market securities in the secondary market. As in Ezirim (2005), discount houses (DHs) were established to serve as financial intermediaries between the Central Bank of Nigeria (CBN), licensed banks, and other financial institutions. DHs mobilize funds for investments in securities by providing discounting/rediscounting facilities in government short-term securities.According to Central Bank of Nigeria (2004: 1) Revised Guidelines for discount houses in Nigeria, â€Å"a discount house means any person in Nigeria who transacts a discount house business which in the main consists of trading in and holding of treasury bills, commercial bills and other securities and whose operations are in the opinion of the CBN those of a d iscount house†. Local Banks and other financial institutions including insurance companies, with or without the participation of international finance institutions acceptable to the CBN, can subscribe to the shares of a iscount house business. However the maximum permissible equity holding for any single investor in a discount house is 40%. Kakawa Discount House Ltd. (2005) provided a distinct approach to understanding the discount house phenomenon. To them, a discount house is a specialist financial institution, which intermediates in the money market by accepting short-term monies for onward investment in short-term financial securities from commercial, universal, investment and development banks, building societies, other financial institutions and high net worth individuals.They are credited with playing a vital role in the Nigerian Monetary System by sitting at the centre of the money market, and offering the safest avenues available for investment in Nigeria today. They invest mainly in government treasury bills and to a lesser extent in commercial bills issued by blue chip companies, and accepted by creditworthy bank. Their principal specialization is in providing primary liquidity in the Nigerian financial sector through the buying and selling of security in huge volumes for very short period of time.A discount house in Nigeria is a specialist financial institution that acts as an agent for facilitating the Open Market Operation (OMO) allocations; and as a market marker in Nigeria money market. Ajie and Ezi (2001) maintained that the establishment of discount house in Nigeria has been an important development that led to an increased level of activity, fund flows and growth of the money market. 95 Establishment and Raison d’etre of Discount Houses in Nigeria Discount Houses were set up by the provisions of Section 28, of the Central Bank of Nigeria (CBN) Decree No. 4 of 1991 and sections 61 of Banks and Other Financial Institutions (BOFID) Decree No. 25 of 1991 as amended. Three discount houses commenced operations in 1993 while two others joined between 1995 and 1996. Discount Houses were primarily created in Nigeria to carry out the following functions: (a)Promotion of rapid growth and efficiency in the money market; (b) Acting as an intermediary between the CBN and licensed banks in Open Market Operations (OMO) transactions and other eligible transactions; (c ) Facilitating the issuance and sale of short termGovernment securities, (d) Providing discount/re-discount facilities for Treasury Bills, Government Securities and other eligible financial instruments; (e) Accepting short-term investments on an intermediary basis from banks and wholesale investors; and (f) Providing short term financial accommodation to banks. The CBN injects or withdraws funds from the money market through the Discount Houses, whose operations will enable them serve as a mirror with which the CBN gauges the liquidity position in the market. Discount Houses help banks to adjust their books on a daily basis, resulting in the stimulation of the money market and paving the way for healthy growth, efficiency and professionalism. Following the recent CBN 2004 Guidelines, the functions of a Discount House were expanded to include: (a) Providing portfolio and funds management services, (b) Providing financial and business solutions, and (c ) Other functions that may be prescribed by the CBN from time to time (CBN, 2004).Regulation and Control of Discount Houses in Nigeria The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) regulate and control the activities of the Discount Houses. In a bid to keep Discount Houses secure, the CBN strictly regulates them through daily, weekly, monthly, semi-annual and annual reporting of their statement of affairs while relevant quarterly reports are sent to SEC. This keeps the regulatory agencies continuously informed of the situation prevailing in the Discount H ouses on a daily basis ( Kakawa, 2005).In terms of prudential requirements, the CBN (2004) required that every discount house shall: (a) transfer to the statutory reserve a minimum of 15 percent of profit after tax if the reserve fund is less than the paid-up capital and a minimum of 10% if the reserve fund is equal to or more than the paid-up capital; (b) maintain capital funds to risk assets ratio of 1:13 and cash asset ratio (CAR) of 10% or as may be prescribed by the CBN from time to time; (c ) not exceed a maximum ratio of 50:1 between its total borrowing and capital plus reserves without the prior approval of the CBN; (d) not grant to any bank, facility of more than 75% of its shareholders’ funds unimpaired by losses without the prior approval of the CBN; (e) (i)at all times maintain not less than 60% of total borrowing in government securities; (ii) Any discount house which fails to maintain the 60% of borrowings in government securities is guilty of offence and liable to fine as stipulated in Section 15(4)(b) of BOFIA as amended. (f) shall classify and make provision for its risk assets in line with prudential guidelines for banks; (g) maintain proper books of accounts; (h) every discount house shall display its daily rates or interest in a conspicuous position in all its offices; (i) 96 hanges in the discount house’s top management and Board of Directors shall be subject to the prior approval of CBN; (j) every discount house shall appoint an auditor approved by the CBN whose duties shall be to make to the shareholders a report of their annual balance sheet and profit and loss account. The qualifications, duties, powers and responsibilities of the approved auditors shall conform to the provisions of Section 29 of BOFIA 1991, as amended; and (k) all repurchase transactions (Repos) by discount houses shall be reported on the balance sheet if the securities used are owned by the discount houses with the affected assets remaining in the books of the sellers (discounting houses), while the cash received by them shall be recognized as a liability (CBN, 2004). Services and Financing of Discount Houses Discount Houses offer a wide range of financial products to Banks, Non-Bank Financial Institutions and the general public.The main services include: (a) Securities trading which includes buying and selling of: Treasury Bills, Treasury Bonds, Government Bonds, and Commercial Bills; (b) Accepting short-term investments from banks and providing short-term accommodation to banks; (c) Short-term financial intermediation through the acceptance of funds and simultaneous investment of the funds in: Commercial Papers, Bankers Acceptances, Government Securities; (d) Providing personalized wealth management to high net-worth individuals through a network of investment managers, financial consultants and other specialists; (e) Effective portfolio management on both discretionary and non-discretionary basis through the provision of medium to long term investment management services to: Pension funds, Private clients, Employee Schemes, Trustees of family settlements and charities; and (f) Providing Business Solutions in: Financial Arrangement and Management, Mergers and Acquisitions, Privatization, Business Assessment, Business Structuring, and Data Resource and Management (kakawa Discount House Ltd. , 2005) The Sources of funds for discount houses in Nigeria included: (a) Equity – Paid- up Capital and Reserves. (b) Call money and short-term borrowings of not more than three years maturity. (C) Call money placed by banks with discount houses shall form part of the specified liquid assets of the respective banks for the purpose of the liquidity ratio requirement. d) A discount house that is short of funds may: (i) obtain from the CBN an overnight advance against acceptable collateral. However such an advance shall not exceed 20 percent of the total assets of the discount house and shall not in any event be gran ted if the discount house has exceeded the borrowing limit as prescribed by CBN; (ii) sell short-term bills and/or other securities to the CBN. The CBN shall provide rediscounting facilities for treasury and other eligible securities; and (iii) enter into Repurchase transactions with the CBN using eligible securities. The short-term nature of the liabilities of a discount house requires that its assets be substantially liquid.The assets of a discount house shall consist of the following: a) Treasury Bills; b) Treasury Certificates; c) Negotiable Certificates of Deposit (NCDs); d) Bankers’ Acceptances; e) Commercial Papers (eligible); f) Asset-Backed Securities (of not more than three years to maturity); g) Federal Government Development 97 Stocks (development stocks not exceeding five years); h) Eligible State Bonds (bonds with not more than five years to maturity); i) Promissory Notes issued by State Governments; and j) Any other securities that may from time to time be appr oved by the CBN. Discount Houses, Open Market Operations, and the Money Market Open Market Operations (OMO) is an indirect monetary policy technique that is used to control the level of money supply.It involves the sale/purchases of money market instruments in the open market. In Nigeria, the money market instrument used for OMO auctions is the Treasury Bills. Discount houses are the exclusive agents, in the conduct of OMO in Nigeria. OMO auction are held on a weekly basis. Presently, the notice is put out on Wednesday. Banks and other participants forward their bids to the discount houses on Thursday whilst the results are released the following day, Friday. The Discount House submits bids from authorized dealers, including its needs for OMO instruments, to the Central bank and facilitates the payments and settlement of the transactions.The money market is a wholesale market for low risk, highly liquid, short-term debt instruments. Shortterm refers to a tenor of less than one year. In Nigeria, the instruments traded in the main are Treasury Bills, Bankers Acceptances and Commercial Paper. The heart of activity in the money market occurs in the dealing rooms of discount houses and banks. Each day, billion of Naira is traded between operators in the money markets (CBN, 2004; Kakawa, 2005). Performance of Discount Houses in Nigeria Since inception, the discount houses have especially increased the level of activity in the secondary market for government securities. This is apparent from the volume of treasury bills currently held by banks. This increased from N5,181. million in 1992 to N38,286. 8 million in 1994. This is very remarkable when we consider that the treasury bills issued by the CBN had shown a downward slide from N81152. 1 million in 1992 to N30633. 2 million in 1994 and N20247. 7 million in 1996. As at 2002, there were 5 discount houses operating in Nigeria. Relative to their performance in 2001, they recorded significant growth in 2002. The total assets of the 5 operating Houses amounted to N57. 3 billion at December 2002 and N67. 3B as at the end of 2004 ( See Table 1 below). Total funds available amounted to N28. 7 billion compared with N9. 7 billion in 2001. The funds were sourced mainly from money-at-call (N13. billion), other amounts owed to bank and non-bank customers (N11. 7 billion), accretion to capital and reserves (N1. 6 billion), and reduction in cash and balances with banks (N1. 5 billion). 98 Table 1: Selected Indicators of Discount Houses, Money Market and Nigerian Economy Discount Houses Shareholders’ Funds (DHSF) NM 1993 436. 0 1994 565. 7 1995 865. 6 1996 1251. 7 1997 1430. 5 1998 1710. 3 1999 2136. 5 2000 3730. 7 2001 4948. 6 2002 6511. 0 2003 7679. 0 2004 9924. 5 Source: CBN Annual Reports, various years. Year Discount Houses Assets (DHASS) NM 4,461. 8 9,583. 2 3,431. 9 1,178. 4 6,996. 1 7,842. 6 15,049. 6 30,260. 8 32,353. 7 57,282. 52,731. 2 67,346. 2 The funds were largely utilized for investmen ts in government securities (N19. 7 billion), settlement of claims to banks (N2. 4 billion), and acquisition of other assets (N2. 4 billion) among other uses (CBN, 2002: 42, 43). The Central Bank (2004a) reported that the level of activities of discount houses recorded relatively improved performance in 2004 relative to compared with what obtained in 2003. The total assets/liabilities rose from N52. 7 billion in 2003 to N67. 3 billion in 2004, representing an increase of N14. 6 billion or 27. 7 per cent, while the total funds sourced amounted to N22. 6 million, compared with N15. billion in the preceding year See Table 1). The funds were sourced mainly from non-bank customers (N8. 1 billion), reduction on claims by banks (N5. 7 billion), and an increase in reserves (N2. 2 billion). The funds were utilized mainly in the purchase of Federal Government securities of less than 91-days maturity (N16. 2 billion). Discount houses’ investment in Federal Government securities of less than 91 days maturity amounted to N38. 1 billion at end-December 2004, representing 80. 1 percent of their total deposits liabilities. This was 20. 1 percentage points higher than the prescribed minimum of 60. 0 per cent for fiscal 2004 (CBN, 2004a).These show how important the impact of the discount houses has largely been felt in the level of activity and nature of holding of government debts instruments. Research Methodology Design of the study and Data: The study investigates the effect of the operational Performance of the discount houses on the Nigerian economy. The method employed included the estimation and analysis of regression models. For the purpose of this study, the research design used was the investigative research method which is mainly biased to inferential statistical analysis (Baridam, 2005). This study was intended to cover the entire discount houses operating in Nigeria.Accordingly, time series annual data 99 covering the period of 1993 through 2004 were obtain ed and analyzed. The Annual Report and Statement of Account of the CBN for various years constituted the sources of the time series data for the estimations. Operational Measure of the Variables: The dependent variables in this study are the operational performance indices of the money market and the entire economy, namely the total value of operations of the money market and the real GDP respectively. The independent variables are the operational performance indices of the discount houses, namely the discount houses shareholders’ fund (DHSF) and discount houses assets (DHAS).Data Analysis Techniques: Besides the desk research method which informs an extensive review of the theoretical underpinnings related to this topic, the study involved the estimation of conventional regression models as earlier mentioned which assisted in analyzing the data. The ordinary least square (OLS) technique was also adopted using the SPSS software for the estimation of the variables. The tand F- tests were used to test for significance of the results obtained. Hypotheses, Estimation Results, and Analysis Two hypotheses were formulated to the intent of finding the nature and magnitude of relationship existing between discount houses operations, on one part, and the money market operations and the general economic activity of the country, on the other. The resultant linear regression models were estimated and analyzed below. Relation between Discount Houses’ and Money Market Operations The first ypothesis states that: there is no significant relationship between the country’s money market operational performance and the operations of discount houses in the country. As expected the regression statistics were calculated using the SPSS computer software programme. The indicator of the money market, namely money operations from 1993 through 2004 were regressed against the indicator of discount houses, namely, the total capital injections (shareholders fund – DHSF) of discount houses on one part, and total assets of discount houses (DHAS) on the other. This procedure yields two subhypotheses: one relating money market operations (MMOP) with discount houses shareholders’ fund (DHSF) and the other linking MMOP with discount houses assets (DHAS).The results of the computations are summarized on Table 2 which depicts the regression results of relations between the above variables. In each case, the MMOP remained the dependent or explained variable, while the DHSF and DHAS were the independent variables. As shown by the Table, for the MMOP-DHSF relation, the observed coefficient of regression was 0. 995, while the same statistic was observed as 0. 978 for the MMOP-DHAS relation. 100 This suggested that the degree of association between the money market performance and the discount houses’ operations was very high, being at least 97%. The observed high degree of relationship was confirmed by each of the coefficient of determinat ion (r2) of 0. 91 and 0. 957 respectively. The results of the r2 showed that at least 95. 7% of the variations in money market operations can be attributed to the effects of discount houses’ operation, when the explanatory variable was DHAS. Table 2: Regression Results Showing Relationship between Discount Houses and Money Market Operations Independent Variables Statistics DHSF DHAS Coefficient of Regression (R) . 995 . 978 Coefficient of Determination (r2) . 991 . 957 Adjusted R Square . 990 . 952 F-Ratio 1050. 12 220. 522 Significance Level of F . 000 . 000 Regression Coefficient (beta) . 995 . 978 t-Statistics 32. 406 14. 85 Significance level of t . 000 . 00 * Dependent variable is MMOP. Source: Computer Printout (SPSS) The level of explained variation when the explanatory variable was DHSF was 99. 1%. The range of the degree of explained variation attributable to the models, thus, was between 95% and 99%. After adjusting for the effects of small sample size (number of ob servations) and number of independent variable (which remained constant however in each case implying that only sample size was adjusted), the adjusted coefficient of determination, r2, were 0. 99 for DHSF and 0. 952 for DHAS. By implications after the necessary adjustments, the proportion of explained variation remained at between 95% and 99%.The F-ratios of 1050. 12 for DHSF variable and 220. 522 for DHAS variable are all significant at 1% level or less (P = . 000 in each case). This implies that the relationships between MMOP and DHSF and DHMS are statistically significant at the conventional levels. The relative effects of each independent variable as denoted by the t-statistics are equally computed to be statistically significant as expected (t = 32. 406 for DHSF and t=14. 85 for DHAS; P= . 000 in each case) at 1% level of significance. Given these, we cannot accept a null hypothesis of no significant relationship between operations of the money market and those of the discount houses.Thus, there is a statistically significant relationship between discount houses operations and money market performance in Nigeria. Discount houses operating in Nigeria affect the Nigerian money market both positively and significantly. Relationship between Aggregate Economic Performance and Discount Houses Operations The second hypothesis attempts to know whether or not the general economy has been significantly impacted by the discount houses’ operations in the country. This hypothesis stated in the null is as 101 follows: There is no significant relationship between the aggregate economic performance represented by the GDP and the operations of discount houses in Nigeria.Table 3: Regression Results Showing Relationship between Discount Houses’ Operations and Real DGP Independent Variables Statistics Coefficient of Regression (R) Coefficient of Determination (r2) Adjusted R Square F-Ratio Significance Level of F Regression Coefficient (beta) t-Statistics Sign ificance level of t DHSF . 971 . 943 . 937 163. 97 . 000 . 971 12. 805 . 000 DHAS . 947 . 898 . 887 87. 705 . 000 . 947 9. 365 . 000 * Dependent variable is real GDP. Source: Computer Printout (SPSS) The regression statistics were calculated using the SPSS computer software program. The indicator of the economy namely Real GDP from 1993 through 2004 were regressed against the indicators of iscount houses, namely, the total capital injections (shareholders fund – DHSF) of discount houses on one part, and total assets of discount houses (DHAS) on the other. This procedure yielded two subhypotheses: one relating Real GDP (RGDP) with discount houses shareholders funds (DHSF) and the other linking RGDP with discount houses assets (DHAS). The results of the computations are summarized on Table 3 which depicts the regression results of relations between the above variables. In each case, the RGDP was treated as the dependent or explained variable, while the DHSF and DHAS were the in dependent variables. As shown by the Table, for the RGDP-DHSF relation, the observed coefficient of regression was 0. 971, while the same statistic was observed as 0. 947 for the RGDP-DHAS relation.This suggested that the degree of association between the aggregate economic performance and the discount houses’ operations was very relatively high, being at least 94%. The observed high degree of relationship was confirmed by each of the coefficient of determination (r2) of 0. 943 and 0. 898 respectively. The results of the r2 showed that at least 89% of the variations in aggregate economic activities can be attributed to the effects of discount houses’ operations, when the explanatory variable was DHAS. The level of explained variation when the explanatory variable was DHSF was 93. 7%. The range of the degree of explained variation attributable by the models thus was between 89% and 94%. 102After adjusting for the effects of small sample size (number of observations) and number of independent variable (which remained constant however in each case implying that only sample size was adjusted), the adjusted coefficient of determination, r2, were . 937 for DHSF and . 887 for DHAS. By implications after the necessary adjustments, the proportion of explained variation remained at between 88% and 93%. The F-ratios of 163. 97 for DHSF variable and 87. 7 for DHAS variable are all significant at 1% level or less (P = . 000 in each case). This implies that the relationships between RGDP and DHSF and DHAS are statistically significant at the conventional levels. The relative effects of each independent variable as denoted by the t-statistics are equally computed to be statistically significant as expected (t = 12. 8 for DHSF and t = 9. 4 for DHAS; P= . 00 in each case) at 1% level of significance. Given these, we cannot accept a null hypothesis of no significant relationship between aggregate economic activities of Nigeria and operations of the discount houses . Thus, there is a statistically significant relationship between discount houses operations and economic performance of Nigeria. Discount houses operating in Nigeria affect the Nigerian economy both positively and significantly. Concluding Remarks It was thus the main purpose of this study to analyze the operational performance of discount houses in a bid to see how they relate with the general performances of the money market and with the macro economy.Put simply, the study investigated the effects of the operational Performance of the discount houses on the Nigerian money market and the economy. The method employed included the estimation and analysis of regression models. The results indicated that: there is a statistically significant relationship between discount houses operations and money market performance in Nigeria. Discount houses operating in Nigeria affect the Nigerian money market both positively and significantly. Furthermore, there is a statistically significant rel ationship between discount houses operations and economic performance of Nigeria. Discount houses operating in Nigeria affect the Nigerian economy both positively and significantly.The results suggest that the establishment of discount houses has been shown to be one of the potent measures that have tremendous potentials to strengthen and cause real growth to the money market and the economy. In keeping with the above, the Government and the Central Bank should endeavor to license more discount houses since their operations are beneficial to the country. The five discount houses currently operating are too few to satisfy the requirements of a vast country like Nigeria. The opearational Houses and the authorities should also endeavor to awake the consciousness of the investing and the business public to proper usage of the facilities and services provided by discount houses.Candid awareness should be provided and information made available to the investor public to know which discoun t house is performing better and good for patronage. The management of the operating discount house should endeavor to improve in their service offerings to their customers especially in the area of making their discount charges to be reasonably competitive. This could also improve the clientele level of the 103 operating discount houses in the economy. It is important that discount houses’ management, investors and government critically analyze and understand the effect of under-utilization of services or facilities provided by discount houses.It is the humbly suggestion of the authors that further empirical works be carried out on the identified relationships using more powerful and sophisticated tools and larger number of observations such as in the cases of monthly and quarterly data. Comparisons between the Nigerian experiment and the experiences of other developing countries should also be made. These would assist the general understanding of the unique roles of discoun t houses in the less developed countries. 104 References: Ajie, H. A. and Ezi, C. T. (2001) Financial Institutions and Markets, Paragraphics Publishers, Enugu. Baridam, D. M. (2005) Research Methods in Administrative Sciences. NTA Road, Port Harcourt. Sherbrooke Associates. Central Bank of Nigeria (2002) Annual Report and Statement of Accounts. Abuja: CBN Press. Central Bank of Nigeria (2004) Revised Guidelines for Discount Houses. CBN Press.Central Bank of Nigeria (2004a) Annual Report and Statement of Accounts. Abuja: CBN Press. Ekezie, E. S. (1990) Elements of Banking. Ibadan: University of Ibadan Press. Ezirim (2005) Finance Dynamics: Principles, Techniques, and Applications. Port Harcourt: Markowitz. Federal Government of Nigeria (1991) Banks and Other Financial Institutions (BOFID) Decree No. 25 of 1991. Lagos: Government Press. Federal Government of Nigeria (1991) Central Bank of Nigeria (CBN) Decree No. 24 of 1991. Lagos: Government Press. Kakawa Discount House Limited (2005 ) Discount Houses in Nigeria. www. Google. com, Accessed October 2005. Layi Afolabi (1992) Law and Practice of Banking. Lagos: Lagos University Press. 105

Is Natural Selection Random

Natural selection, the process by which species adapts to their environment through changes in genetics, is not random. Through years of evolution, natural selection boosts the biological traits that help animals and plants survive in their particular environment, and weeds out the traits that make survival more difficult. However, the genetic changes (or mutations) that are filtered by natural selection do come about randomly. In this sense, natural selection contains both random and non-random components. Key Takeaways Introduced by Charles Darwin, natural selection is the idea that a species adapts to its environment through changes in its genetics.Natural selection is not random, though the genetic changes (or mutations) that are filtered by natural selection do come about randomly.Some case studies–for example, peppered moths–have directly shown the impacts or processes of natural selection. How Natural Selection Works Natural selection is the mechanism by which species evolve. In natural selection, a species acquires genetic adaptations that will help them survive in their environment, and pass those favorable adaptations to their offspring. Eventually, only individuals with those favorable adaptations will survive. One notable, recent example of natural selection is elephants in areas where the animals are being poached for ivory. These animals are giving birth to fewer children with tusks, which may give them a better chance of survival. Charles Darwin, the father of evolution, figured out natural selection by witnessing several key observations: There are many traits–which are qualities or properties that characterize an organism. These traits, furthermore, can vary in the same species. For example, in one area you may find some butterflies that are yellow and others that are red.Many of these traits are heritable and can be passed from parents to offspring.Not all organisms survive since an environment has limited resources. For example, the red butterflies from above tend to be eaten by birds, causing there to be more yellow butterflies. These yellow butterflies reproduce more and they become more common in the next generations.Over time, the population has adapted to its environment–later on, the yellow butterflies will be the only type around. A Caveat of Natural Selection Natural selection is not perfect. The process does not necessarily select for the absolute best adaptation there could be for a given environment, but does yield traits that work for a given environment. For example, birds have more effective lungs than humans, which allow birds to take in more fresh air and are overall more efficient in terms of air flow. Furthermore, a genetic trait that was once considered more favorable may be lost if it is no longer useful. For example, many primates cannot produce vitamin C because the gene corresponding to that trait was inactivated through mutation. In this case, the primates typically live in environments where vitamin C is easily accessible. Genetic Mutations are Random Mutations–which are defined as changes in a genetic sequence–occur randomly. They can help out, harm, or not affect an organism at all, and will occur no matter how detrimental or beneficial it may be for a certain organism. The rate of mutations can change depending on the environment. For example, exposure to a harmful chemical may increase an animal’s rate of mutation. Natural Selection in Action Though natural selection is responsible for many of the traits we see and encounter, some case studies have directly shown the impacts or processes of natural selection. Galapagos Finches During Darwin’s travels in the Galapagos Islands, he saw several variations of a type of bird called a finch. Though he saw that the finches were very similar to one another (and to another type of finch he had seen in South America), Darwin noted that the finches’ beaks helped the birds eat specific types of food. For instance, finches that ate insects had sharper beaks to help catch bugs, while finches that ate seeds had stronger and thicker beaks. Peppered Moths An example can be found with the peppered moth, which can only be either white or black, and whose survival depends on their ability to blend in with their surroundings. During the Industrial Revolution–when factories were contaminating the air with soot and other forms of pollution–people noted that white moths dwindled in number whereas black moths became much more common. A British scientist then performed a series of experiments showing that black moths were growing in number because their color allowed them to blend in better with the soot-covered areas, protecting them from being eaten by birds. To support this explanation, another (initially doubtful) scientist then showed that white moths were eaten less in an unpolluted area, while black moths were eaten more. Sources Ainsworth, Claire, and Michael Le Page. â€Å"Evolution’s Greatest Mistakes.† New Scientist, New, 8 Aug. 2007, www.newscientist.com/article/mg19526161-800-evolutions-greatest-mistakes/.Feeney, William. â€Å"Natural Selection in Black and White: How Industrial Pollution Changed Moths.† The Conversation, The Conversation US, 15 July 2015, theconversation.com/natural-selection-in-black-and-white-how-industrial-pollution-changed-moths-43061.Le Page, Michael. â€Å"Evolution Myths: Evolution Produces Perfectly Adapted Creatures.† New Scientist, New Scientist Ltd., 10 Apr. 2008, www.newscientist.com/article/dn13640-evolution-myths-evolution-produces-perfectly-adapted-creatures/.Le Page, Michael. â€Å"Evolution Myths: Evolution Is Random.† New Scientist, New Scientist Ltd., 16 Apr. 2008, www.newscientist.com/article/dn13698-evolution-myths-evolution-is-random/.Maron, Dina Fine. â€Å"Under Poaching Pressure, Elephants Are Evolving to Lose Their Tusks.â €  Nationalgeographic.com, National Geographic, 9 Nov. 2018, www.nationalgeographic.com/animals/2018/11/wildlife-watch-news-tuskless-elephants-behavior-change/.

Descriptive Essay About Friendship - 2251 Words

January 27th, 1923. It’s cold here in the Windy City. I stand outside the Green Mill, a speakeasy, and take a moment to listen to the smooth jazz playing. It isn’t long before my legs start to numb and my teeth chatter. I walk up to the door. A slot slides open in the door and a pair of emotionless eyes meet mine. â€Å"Password.† A gruff voice behind the door barks. â€Å"Swordfish.† I reply. The door opens and I’m greeted with the rest of the body that the voice belongs to. â€Å"Josephine Traver. Well, I hadn’t seen you ‘round here in a long time,† He looks me up and down â€Å"you’re lookin’ nice.† Finally I am able to put a name to this familiar face, Buddy. No one knows his last name, at least, no one here at The Green Mill knows. â€Å"Nice to see you too,†¦show more content†¦He was talkin’ ‘bout them earlier. He’s not happy with that.† A new bar means competition a nd competition means danger. Al Capone is one hot headed man with a short fuse and when he’s angry nothing good can come from it. â€Å"Well, i guess I’m stickin’ around here for a little whi-† my sentence is cut short when I see a short, thick man walk into the lounge. Al Capone. â€Å"Catch up with you later.† I say as I leave a puzzled Carter in my wake. Al sees me walking over to his booth. â€Å"Josephine! How lovely it is to see you after so many months. I did not like that you left us.† Suddenly I remember who I’m talking to. This man has murdered- well, has hired people to murder- his successful competitors and has escaped from the law many times. â€Å"I hate that I left too. I am here to ask for your forgiveness, to ask for my job back.† He takes a long time to answer. He studies me. I start to shake. â€Å"You can have your job back, but only on one condition. You will work for me, and only me, for as long as I need you.† I take a moment to consider this. Al Capone is a dangerous man. Saying yes would be signing my life away. But money is tight and I don’t have any other options. â€Å"Fine. Whatever you say boss.† He smiles and chuckles. â€Å"Welcome back.† Months go by and it is now spring. Carter Lewis has won my heart again, but he does not know that. We usually wander around the streets after he’s done performing at the bar around 2 in the morning. â€Å"So, why did you come backShow MoreRelatedDescriptive Essay About Friendship1528 Words   |  7 Pagesrealized that the hum of their gears sliding together matched with that of mine, and that maybe together we could make a symphony of hums, ticks, and tocks that the likes of had never been seen. This was the start of what I thought was the best friendship that the world would ever see. The mind of a child who’s imagination had been guided by millions of worlds worth of stories can be a beautiful place, but the major problem of the stories that I read when I was younger all had a common fault thatRead MoreDescriptive Essay About Friendship729 Words   |  3 Pages I once believed that a strong friendship could withstand anything, but all it takes is a minor disagreement or sarcastic comment to ruin one. My best friend Michaela and I could hardly contain our excitement as we stepped out of my dad s white convertible in front of the community building. We were wearing matching burgundy dresses for our friend Nancy s  quinceanera and the night had finally arrived.   Nancy greeted us at the door where we marveled over her sparkly teal dress. We couldn t waitRead MoreDescriptive Essay About Friendship921 Words   |  4 PagesFriendship is a bond between two or more people. I can choose who I desire to be friends with. However, some friends are brought by fa te. Sherry and I, are like magnets. Our personality and social status is different. Yet down the road, we became really close friends. Sherry have a similar background as me. She can be careless but, sometimes she can be really sensitive. No matter in school or outside of school, I always spot her in a T-shirt with blue jeans and sneakers. We have several conflictsRead MoreDescriptive Essay About Friendship1312 Words   |  6 PagesBright lights and holding poses we smiled even bigger for the camera. This day was really important to me because I learned the importance of everlasting friendship. We were all tired, but we wouldn t stop until we got the perfect picture. We took both videos and photos and hunted for the best spots in the yard. Even after sweating in the Indiana sun beating down on us, we still worked. Hours of editing and work gone into these photos and we finally picked 10 out of the hundreds. I might not haveRead MorePsychology Tma021554 Words   |  7 Pagesstudyi ng children’s friendships taken in the Bigelow and La Gaipa (1975) study with that taken by William Corsaro. In this essay you will read about the many similarities and differences of the study and research of children’s friendships expectations, which were approached by Bigelow and La Gaipa (1975) and William Corsaro (2006). Firstly I will introduce both of the different approaches and methods and I will then later go into the results of their work. I will later go on to talk about the problemsRead Morethe farewell party741 Words   |  3 Pagesï » ¿ESSAY- The Farewell Party Brainstorm: Paragraph 1- Who is leaving, and why, and when the farewell party is Paragraph 2- Planning the farewell party Paragraph 3- What happened during the party ( 5 senses, descriptive ) Paragraph 4- the reaction of the people there Read MoreReflection Essay1256 Words   |  6 Pagespassion for writing poetry and also writing short stories about my life. In my high school English class, each Tuesday would be designated in writing for twenty minutes constantly about a given topic. I found that as a writer, I write the best about topics relating to me personally. However, in Rhetoric and Composition, I was able to learn new skills that allowed me to improve as a writer.   In Rhetoric and Composition, I composed essays about my own subculture, a unique place of im portance, and a subcultureRead MoreThe Boy in Striped Pyjamas1080 Words   |  5 Pagesfor power. Essentially when we closely examine the idea of power in literature, we see that much of the conflict in novels is about power; the struggle to gain, maintain or redress the balance of power. The need for power is a reality of life; to use or abuse, to claim or deny, own or disown, to marginalize or empower. This theme is omnipresent throughout literature about the Holocaust. Hitler and his struggle for power and dominance are infamous. Novels and films set in World War II often examineRead MoreFinding Clarity In The Obscurity Of â€Å"Why Privacy Matters†.1283 Words   |  6 PagesFinding clarity in the obscurity of â€Å"Why Privacy Matters† In his essay â€Å"Why Privacy Matters† from The Wilson Quarterly, Jeffrey Rosen offers a compelling account of the harmful effects of eradicating our privacy. Rosen ventures into several different fields affected by the ever-growing intrusion of our privacy, offering a rich compendium of illustrations from the real world. From Monica Lewinsky’s fate under her investigation, to a Charles Schwab employee, Rosen offers a prolific arsenal of incidentsRead MoreDifference between an Interview and Group Discussion1484 Words   |  6 PagesThis essay will show the use of friendship pairs in interviews for marketing research. In the beginning of each research it has to be clarified what kind of research ahs to be done. So first it has to be analized what kind of data would be of interest. Data of a wide range of respondents would be collected by questionnaire, which is shorter in time and could be easier analysed. If the topic is more complex, it could be of interest to have more detailed data. Therefor a focus group discussion could

Facing Reality in The Glass Menagerie by Tennessee...

The Glass Menagerie by Tennessee Williams was a confusing, astounding, and wonderful play that takes an in depth look at the complex relationships that develop between members of a family and then presents them for the audiences dissection. How did the characters in the play interact? What were the independent and dependent relationships between the characters? Perhaps most important, how did they cope with one another? That seemed to be the key question when looking at The Glass Menagerie. Each character had their own method for dealing with the others and reality, primarily by not truly dealing with them and it. Amanda, the father, Laura, Tom, and even Jim, each character in this story had their own way of escaping reality;†¦show more content†¦Amandas husband, and Tom and Lauras father, had a rather simple method of escapism in this play. He simply escaped. Never physically present in The Glass Menagerie (Williams 389), the reason for his departure was unclear and c an only lead to conjecture on the part of the reader or watcher. Instead a far greater impact seemed to be felt from his very absence than his presence. As a character, his physical escape cannot truly be commented on except perhaps to say that his escape was the only true escape in the play. He was the only character that the audience was never shown the intrusion of reality into his fantasy and that seems significant. The reality of his absence could not be ignored and his physical escape was true. Lauras methods of escapism were perhaps a little more typical. While she did dwell in thoughts of the past and future as her mother did, she more frequently used objects to take her away from reality. To avoid a confrontation with her mother about business college, Laura physically and mentally escaped into the park (Williams 392). Laura withdrew into her world of glass figurines and music (Williams 399), and until her mother and Jim forced her to see beyond her physical being, L aura hid behind her physical impairment (Williams 392). However, it was only when a dose of reality intruded into her imaginary world, that Laura truly seemedShow MoreRelated The Glass Menagerie: Existentialist Responsibilities Conveyed Through the Character Tom1655 Words   |  7 PagesThe story of a young Tennessee Williams is poetically portrayed through a 1945 Broadway Play, The Glass Menagerie. The main character, Tom Wingfield, lives in his family’s apartment with his mother, Amanda Wingfield, and sister, Laura Wingfield. Their father left the family, and he remains a silent character appearing as a portrait on the apartment wall. Throughout the seven scenes, the immaturity of each family member is revealed. 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He says in the beginning, I give you truth inRead MoreThe Psychological Costs of Societal Ideals in The Glass Menagerie1758 Words   |  8 Pagesmany, their own inevitable failures ultimately result in psychological turmoil and distress. Such is the case with the Wingfield household in Tennessee Williams play The Glass Menagerie, which illustrates an American familys vain attempt at achieving the American Dream. Through the portrayal of the deteriorating mental conditions of the Wingfields, Williams reveals the destructive psychological consequences of failing to meet societal standards of success. Amanda Wingfields unconscious denialRead MoreLiterary Appreciation Essay1347 Words   |  6 Pagesis to end the protagonist’s favor, the conflict occurs. It is what the major character must face with and hopefully defeat. What behind conflict is want. The author always creates situations where the characters crave something. Laura in The Glass Menagerie is the tragic heroine and so does the woman called Emily in the story of A Rose For Emily. Both of them have external conflicts with their parents, in other words, they are forced to submit to their parents. The difference here is that the conflictRead More Comparing The Glass Menagerie and the Life of Tennessee Willliams2909 Words   |  12 PagesParallels in The Glass Menagerie and the Life of Tennessee Willliams In Tennessee Williamss drama The Glass Menagerie the setting and dramatization in the play are used to convey each member of the familys hopes, desperations, and fears. He uses symbols throughout the story to add a deeper meaning and give his characters a sense of mystery. Also, though maybe inadvertently, The Glass Menagerie actually parallels the people and events in Tennessee Willliamss life. The setting in

The Ipl Was Well Marketed Free Essays

The IPL was well marketed Not so humble origins: In 2008 the Board of Control for Cricket India, initiated the Indian Premier League (IPL) -a professional league for Twenty20 cricket format competition. But even before its start the IPL was in the news for its altercation between the Indian Cricket League (ICL) started by Subhash Chandra of Zee Telefilms Ltd. The BCCI used many tactics (including threatening players who joined ICL that they would not be picked up for national team, raising prize money, inviting celebrities†¦ to eventually crush the ICL format that had started almost a year before. We will write a custom essay sample on The Ipl Was Well Marketed or any similar topic only for you Order Now The constant confrontations between ICL and IPL were perennially in the top news in all the news channels. This along with the fact that it was cricket made sure that the Indian viewer was hooked. The IPL is currently contested by 10 teams consisting of players from around the world. Team Name| City| Owner(s)| Mumbai Indians| Mumbai| Mukesh Ambani (Owners of Reliance Industries)| Royal Challengers Bangalore| Bengaluru| Vijay Mallya (UB Group)| Hyderabad Deccan Chargers| Hyderabad| T. Venkatram Reddy (Deccan Chronicle) group| Chennai Super Kings| Chennai| India Cements| Delhi Daredevils| New Delhi| GMR Group| Kings XI Punjab| Mohali| Ness Wadia, Preity Zinta, Dabur, Apeejay Surendera Group| Kolkata Knight Riders| Kolkata| Red Chillies Entertainment| Rajasthan Royals| Jaipur| Emerging Media (Lachlan Murdoch), Shilpa Shetty, Raj Kundra| Pune Warriors India| Pune| Subrato Roy Sahara| Kochi Tuskers Kerala| Kochi| Kochi Cricket Private Ltd| The Marketing Cocktail: IPL marketing can be a lesson that no publicity is bad publicity. It was Integrated Marketing communication at its best, no channel no mode of communication was left: TV, newspaper, internet, mobiles, every communication was uniform in promoting IPL during its launch and its subsequent seasons. Following is what IPL did right and did differently: 1. The Twenty20 Format It was new, innovative and short (2. 5 hour). What was initially being thought of as a big gamble eventually paid out and many who thought it almost blasphemous to change the format of the â€Å"gentleman’s game† were finally forced to embrace the new format . It changed the feeling of cricket itself, made it fast paced, exciting and appealing. 2. Cricket + Entertainment= great combination There is no doubt that cricket is synonymous with entertainment when it comes to sports, however the IPL form of entertainment brought with it new elements such as Cheerleaders, star studded opening ceremony, loud party music between shots†¦ that made it lot more than just sports. IPL became synonymous with Glitz and glamour both on and off field, matches were even screened in movie halls 3. Celebrities Apart from the celebrity players, the owners and even the brand ambassadors of various teams were flamboyant and contributed to the secondary associations of IPL. There was no dearth of big names as one after the other all famous personalities were roped in to represent the teams. These include Anil Kapoor, Saif Ali Khan, Kareena Kapoor, Hrithik Roshan, Shilpa Shetty, Elizabeth Hurley, Abhishesk Bacchan, Rahul Bose, Katrina Kaif, Deepika Padukone, Saina Nehwal, Farah Khan, Shah Rukh Khan, Preity Zinta, Daler Mehendi, Ila Arun, Juhi Chawla, Karan Johar, Arjun Rampal, Akshay Kumar. . IPL Player Auction Never in history of Indian television had such numbers been rolled out for public viewing. The auction format, wherein players were to be â€Å"auctioned† had considerable shock value for Indian viewers, but it also gave an indication of the big money that was involved in cricket and specially IPL. There was some negative publicity as well like when Saurav Ganguly was not sold off in the auction, but it just added to the ongoing publicity of IPL. Until 2010, IPL also had the Icon Player concept wherein one player in each team earned 15% more than the next highest player in the team. This concept was added as there were some players who if played in some other team would have caused huge disappointment to their fans, like if Sachin Tendulkar played for some other team than Mumbai Indians it wold crush the Mumbai fans. But this was later n removed as it was considered not fair to the icon players. 5. Packaging of the event * In 2010, Google (the company which runs You Tube) wanting to grow the online video market in India, knew that it had to try to grab a share of the TV eyeballs and therefore IPL became the first sporting event ever to be broadcast live on YouTube in association with Indiatimes. * Players from all over the world played alongside Indian players and BCCI made sure that the event got the international recognition and provided the financial backing it needed. The television rights for IPL are with Sony Entertainment television network and World Sport Group (Singapore), they broadcasted the matches the auction etc well. * The media hype was maintained throughout and there were a number of creative ads which popularized the promo of IPL every season. The ads covered different segments of people and had a tinge of humor but they all conveyed the single thought of cricket entertainment to all segments. * Complete use of social media: YouTube, twitter, FaceBook, Wikiped ia and online page. Conclusion: Purists may say that IPL is not cricket, and they may be right. For IPL marketed as the ‘Entertainment ka Baap’ is not just cricket but glamour, fun, sports and experience all rolled into one and for once the promise was delivered. References: 1. http://blog. abhinav. com/dlf-ipl-%E2%80%93-a-lesson-in-marketing-and-branding/ 2. http://en. wikipedia. org/wiki/Indian_Premier_League#History 3. http://marketerskaleidoscope. com/2010/03/the-real-story-about-why-youtubes-streaming-the-ipl-cricket-tournament/ 4. http://marketingteacher. com/swot/indian-premier-league-swot. html How to cite The Ipl Was Well Marketed, Papers