Definition of Clostridium Difficile Bacterium

Clostridium difficile is a bacterium that causes colitis and antibiotic-associated diarrhea among patients. The prevalence of Clostridium difficile infection has increased in the past decade not only in the general population, but also among hospitalized-patients. This means that Clostridium difficile infection is a nosocomial infection that threatens the lives of patients in hospital settings.Advertising We will write a custom essay sample on Definition of Clostridium Difficile Bacterium specifically for you for only $16.05 $11/page Learn More Forster, Taljaard, Oake, Wilson, Roth, and Walraven (2010) state that Clostridium difficile infection lengthens the duration of patients’ stay in hospitals, and consequently increases their morbidity and mortality rates. In this view, the increase of Clostridium difficile infection in our unit requires the application of effective measures to control the infection from causing preventable morbidity and mort ality. To understand ways of preventing Clostridium difficile infection, it is imperative to comprehend its etiology. Clostridium difficile infection is caused by a gram-positive bacterium, which grows under anaerobic conditions and reproduces by forming spores. The common route of infection among humans is fecal-oral route because infected individuals release spores through feces, while uninfected individuals acquire infections by swallowing spores. Since these spores are resistant to acid, heat, and antibiotics, it is difficult to control the infection of Clostridium difficile. According to Martinez, Leffler, and Kelly (2012), the spores of Clostridium difficile can remain infectious for months on surfaces such as hands and clothing of caregivers, patient bedding, medical equipment, and furniture amongst other surfaces in a hospital environment. When an individual swallows spores obtained from various surfaces, the spores hatch and proliferate in the intestines and produce enterot oxins, which cause diarrhea and colitis. To prevent Clostridium difficile infection in the hospital environment, you should exercise contact precautions. You should wear gloves when handling patients with Clostridium difficile infection, and wash your hands before and after handling any patient. Hand washing is an effective contact precaution that helps in preventing the spread of spores from your hands to patients. You should wash your hands with soap and water every time you meet a patient. Hand washing with soap and water is effective in prevention of Clostridium difficile infection because it eliminates spores from hands, and thus prevents the spread of spores from one patient to another (Martinez, Leffler, and Kelly, 2012). In this view, you should wash your hands routinely with water and soap, so that you do not become an agent of Clostridium difficile infection.Advertising Looking for essay on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More Given that spores of Clostridium difficile remain infectious on surfaces even after many months, you should handle bed linens using gloves. Moreover, you should transport bed linens in a closed container to prevent the spores from spreading into other surfaces in a hospital environment. Dubberke (2010) argues that cross-contamination of bed linens by Clostridium difficile spores occurs during laundering. This implies that you should isolate bed linens of patients with Clostridium difficile infection and wash them separately to prevent the spores from spreading to other linens that do not have spores. Hence, you should handle and transport bed linens while taking precaution not spread the spores that are in them. Isolation precaution is also applicable in the prevention of Clostridium difficile infection in the hospital. When a patient is diagnosed with Clostridium difficile, you should isolate the patient by placing him/her in a separate room to prevent the s pores of Clostridium difficile infection that are present in bedding and other surfaces from spreading to all patients in a unit. According to Martinez, Leffler, and Kelly (2012), the isolation precaution is central in the prevention of Clostridium difficile infection as it restricts the spread of spores. Thus, you should isolate patients with Clostridium difficile infection while they receive appropriate treatment. References Dubberke, E. (2010). Prevention of Healthcare-Associated Clostridium difficile: What Works? Infection Control and Hospital Epidemiology, 30(1), 38-41. Forster, A., Taljaard, M., Oake, N., Wilson, K., Roth, V., Walraven, C. (2010). The Effect of Hospital-Acquired Infection with Clostridium difficile on Length of Stay in Hospital. Canadian Medical Association Journal, 184(1), 37-42. Martinez, F., Leffler, D., Kelly, C. (2012). Clostridium difficile outbreaks: Prevention and Treatment Strategies. Risk Management and Health Policy, 5(1), 55-64.Advertising W e will write a custom essay sample on Definition of Clostridium Difficile Bacterium specifically for you for only $16.05 $11/page Learn More This essay on Definition of Clostridium Difficile Bacterium was written and submitted by user Eloise Butler to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Memorable Quotes From Lord of the Flies

Memorable Quotes From 'Lord of the Flies' The Lord of the Flies, by William Golding, was first published in 1954 and became instantly controversial. The twisted coming-of-age story tells the tale of a group of schoolboys stranded on a desert island after a plane crash. Its by far Goldings best-known work. As the boys struggle to survive, they devolve into violence. This book is a commentary on human nature that shows mankinds darkest undertones. The novel is now sometimes considered something of a companion piece to J.D. Salingers coming-of-age story The Catcher in the Rye. The two works can be viewed as flip sides of the same coin. Both books have themes of isolation, with peer pressure and loss featuring heavily in their plots. The Lord of the Flies is one of the most-read and most popular books for high school and college students studying youth culture and its influences. Piggys Role Concerned with order and doing things in a civilized way, Piggy is doomed early on in the story. He tries to help keep order and grows distressed when the boys cant even manage the basic task of building a fire.   Chapter 1 They used to call me Piggy! Before this statement, Piggy tells Ralph  I dont care what they call me...so long as they dont call me what they used to call me in school. The reader might not realize it yet, but this does not bode well for poor Piggy. His weakness has been identified and when Jack breaks his glasses soon after, readers have  already started to suspect that Piggys life is in danger. Ralph and Jack Battle for Control Chapter 2 Weve got to have rules and obey them. After all, were not savages. Were English, and the English are best at everything. This is a central point of The Lord of the Flies, and is Goldings strongest commentary about both the necessity and the futility of trying to impose a structure on a world inhabited by people with base instincts. Jack, who later becomes the leader of the savage group of boys, cant conceive of a world without British dominance.   Chapter 4 He began to dance and his laughter became a bloodthirsty snarling. This description of Jack in chapter 4 shows the beginning of the tendency toward savagery. Its a truly disturbing scene and sets the stage for the brutality thats coming next.   Chapter 5 All this I meant to say. Now Ive said it. You voted me for chief. Now you do what I say. Ralph still has some semblance of control as the groups leader at this point, with the rules still somewhat intact. But the foreboding here is clear, and its obvious to the reader that the fabric of their little society is about to tear.   And you shut up! Who are you, anyway? Sitting there telling people what to do. You cant hunt, you cant sing... Im chief. I was chosen. Why should choosing make any difference? Just giving orders that dont make any sense... This exchange between Ralph and Jack shows the larger dilemma of earned power and authority versus power that is bestowed. It can be read as a debate between the nature of a monarchy versus elected rulers.   The Beast Within? Chapter 5 Maybe there is a beast...maybe its only us. As the doomed Simon and Piggy try to make sense of whats really happening on the island, Golding gives us yet another larger moral theme to consider. With the world in The Lord of the Flies at war, and Goldings status as a war veteran, this statement seems to question whether humans are their own worst enemy. The authors answer is an emphatic yes.

EXAM 1 Essay Example | Topics and Well Written Essays - 1250 words

EXAM 1 - Essay Example Company reconciles these claims with its financial records that shows more growth through QSR.(Dunkin 2012 Annual Report p. 6) Long term mission of Dunkin Brand is to focus on long term sustainability. They have leveraged their expertise on research and development to come up with ideas that could help their stakeholders. To help their franchisees save on energy and water, save on costs for simple repairs, and engage in energy efficiency, Dunkin came up with a toolkit that solves this problem. It is also developing resources for a sustainable packaging solutions, and working on reusable cups and spoon.Dunkin is completing its research of sourcing of sourcing cage-free eggs and gestation crate-free pork by 2013. It also gives financial support to the local community through its various programs.(Riley, Christine.2013) Remote environment factors are issues which business have little or no control at all. For this reason, I consider economic factors as number one because it deals a lot on the economy of the company which it operates. i. e. the tendency of people to spend, availability of credit, level of disposable income, and trends of growth which could not be controlled by the organization. I ranked Social factors as second because understanding lifestyles of people, values, beliefs and opinions are significant in business decisions but business can go along with it. Political factors is ranked third, because following government regulations can be worked out; technological factors as fourth because it can be accepted as innovations and designs could be improved and last is ecological factors. This is the relations of the company to other living things such as air, soil and water which could be corrected through its CSR relations The number one competitive force shaping strategy of Dunkin is product adaptation and availability. Instead of developing new product, it focuses on growing the market

Public Relations Essay Example | Topics and Well Written Essays - 1750 words

Public Relations - Essay Example Communication in the business, industry, and corporate world is paramount. It is an indication of openness and accountability (Pride et al 2011:242). This is because the media and the public in the contemporary world are much more interrogating than the past. The failure to have a transparent communication leads to lose of credibility in the world market. This in turn results to tremendous lose of financial gains due to lost orders. The public relations should therefore strive to do their best to when crises set in (Curtin et al 2010:28). This paper will explore the public crisis in Toyota Company. First, the research will seek to address the role of a leader in management of crisis in a corporate. Second, the research will look at the alternatives in which the Toyota manager could have minimised the crisis before it happened. Third, the paper will highlight the roles of internal communication to achieve efficiency in a corporate. The paper will finally examine the effects of long cr isis to reputation of and success of organisation. The Role of a Leader in Managing Crises Crises are unavoidable in organisations, businesses, or corporate. This striking change has detrimental effects to a corporate or an organisation. It is a situation when an organisation or a corporate finds itself under uncalled for scrutiny because of its behaviour or that of its staff. Crises may happen gradually or abruptly because of laxity of individuals or an organisation. Product tampering may plunge an organisation into deep disaster (Johnstone & Zawadi 2009:143). Toyota Company experienced a crisis back in the year 2009. The president and CEO of that time Katsuaki Watanabe was overthrown in presence of 400 Toyota workers. The reason to expel the CEO was the poor performance of the Company’s cars. The matter was in the public domain courtesy of media conjectures. This was after the lack of appropriate communication with the public. His successor, Mr. Toyoda failed to rescue the company from criticism that had widely spread. Toyoda was hesitant to respond to the media amidst increasing criticism (Bensinger and Ralph, 2010). When the situation exacerbated, Toyoda made appearances in the press to quell the increasing vilification. However, this was a late intervention of the CEO because the matter was out of the hand. There was poor communication between the Toyota Company in one hand and the media, and public on the other hand. This was a total failure of the top management to address properly the customer concerns. The crisis raised serious concerns about the role of a leader in managing crises. In times of crisis, the leadership of organizations should take immediate measures to minimise or stop any detrimental effects. The leadership ought to strive to solve it internally before it gets out to the public domains. The organization should take necessary steps to recall of its product that display unworthiness as soon as possible. This aims to restore custom ers’ confidence to the organization. This promptness to address the public is very essential for maintaining a strong touch with customers (Smith 2011:25). It avoids unsolicited speculations that may stem from the public. For instance, a company deals with manufacturing of drilling machines can recall it or provide the after sale service when it develops mechanical problems. This swift strategy helps to rectify the inefficiencies in the machines. In this way, the company maintains its brand in the competitive market. Second, the leadership of organisation should assume responsibility. This does not matter whether the crises emanates from the company or from outside. It calls for the organisation to agree that it was its faulty. The

Job Losses Case Study Example | Topics and Well Written Essays - 1250 words

Job Losses - Case Study Example To give the senior management a feel of the new operational scenario, they were asked to work in these combination stores. Many outlets were closed down as a consolidation drive. Reasons for the above actions The company felt that their present staff strength in the support function areas was enough to take up the consolidated workload. Mrs Field’s always believed in the philosophy that keeping high employee strength diverts the attention of the employees from processes and operations to employee management which causes inefficiencies to creep into the system. Hence, only indispensable employees of the previous organization were kept. This makes a logical sense as the support functions usually add to the administrative cost and hence reduce operating margins. R&D and operations of the acquired company are the functions where Mrs Field’s employees would not have any expertise. Hence, it is imperative to keep the experts of these functions so as to understand the technica lities of operations and products and carry out a smooth merger of the two entities. New store designs were also required because the company plans to sell both products from the same outlets as this merger is considered to be a logical extension of the previous business. Using the same facility for both the products will also provide economies of scale to the company as Mrs Field’s already has a store structure which has the baking area just behind the service area. Some modifications (if required) can be made for baking the new products within the same facilities. The facilities added from LPB act as outlets to reach out to the new market segment of LPB. Thus, there will be a synergistic effect from the merger of outlets. Asking senior management to work on the shop floor will help them acclimatise themselves with the new environment which will further help them in understanding the pros and cons of the new situation for better future planning. Views as an LPB store manager at this time As an LPB store manager I would be very much worried about my job security. Looking at the way support functions of LPB were integrated, with just 5.67% of the staff retained, the situation does not look very promising. However, one positive aspect of this retention policy is the fact that employees with expertise in areas not known to Mrs Field’s employees have been retained. Since at present both operations at the store level have to be merged, inputs of LPB store managers would definitely be required as the acquiring company’s managers would not understand the nuances of the business. Thus, in the near future, there is some amount of job security depending on one’s performance standing before the merger. It is understood that only the best performing store managers, who are perceived to be well acquainted with the business, will be retained. But after that, it depends on how well the LPB managers are able to gel with the new work culture and cre ate a niche for themselves.

Exchange Rate Mechanisms And Regimes In India Finance Essay

Exchange Rate Mechanisms And Regimes In India Finance Essay India has gone through several stages of economic development ever since it received Independence on the 15th of August, 1947. Most notable of these stages would be the liberalisation of the economy in 1991. Until the liberalization of 1991, India was largely and intentionally isolated from the world markets, to protect its economy and to achieve self-reliance. Foreign trade was subject to import tariffs, export taxes and quantitative restrictions, while foreign direct investment (FDI) was restricted by upper-limit equity participation, restrictions on technology transfer, export obligations and government approvals.* Following a Balance of Payments crisis in the year 1991, India was literally forced to open its doors to international business, a notion previously held as most evil to the countrys growth by its leaders. It had to change its stance on several aspects of international trade, including the Exchange Rate policy adopted. But, in hindsight, we would all agree that liberalisation was a smart, if delayed, move on part of the countrys government. The economy is flourishing like never before. India is now considered a powerhouse on the global stage rather than a Third-World country. The countrys international transactions are now becoming a worrying concern for yesteryears champions like the United States and Great Britain. Since liberalization, the value of Indias international trade has become more broad-based and has risen to Rs. 63,080,109 crores in 2003-04 from Rs.1,250 crores in 1950-51. Indias major trading partners are China, the US, the UAE, the UK, Japan and the EU. The exports during April 2007 were $12.31 billion up by 16% and import were $17.68 billion with an increase of 18.06% over the previous year.* This document will give a brief overview of the Exchange Rate policy currently adopted by the countrys central banker, the Reserve Bank of India (RBI), which has made all of this possible. *Source: Wikipedia Economy of India (http://en.wikipedia.org/wiki/Economy_of_India) History of Exchange Rate Regimes in India* During the period 1950-1951 until mid-December 1973, India followed an exchange rate regime with Rupee linked to the Pound Sterling, except for the devaluations in 1966 and 1971. When the Pound Sterling floated on June 23, 1972, the Rupees link to the British units was maintained; paralleling the Pounds depreciation and effecting a de facto devaluation. On September 24, 1975, the Rupees ties to the Pound Sterling were broken. India conducted a managed float exchange regime with the Rupees effective rate placed on a controlled, floating basis and linked to a basket of currencies of Indias major trading partners. In early 1990s, the above exchange rate regime came under severe pressures from the increase in trade deficit and net invisible deficit. In the aftermath of a balance of payments crisis in 1991, stabilization was undertaken simultaneously with structural reforms over wide areas of the Indian economy. This dramatic change in context fundamentally altered the manner in which monetary policy began to be formulated, especially the forex policy adopted by the country. This shift led the Reserve Bank of India (RBI) to undertake downward adjustment of Rupee in two stages on July 1 and July 3, 1991. This adjustment was followed by the introduction of the Liberalized Exchange Rate Management System (LERMS) in March 1992 and hence the adoption of, for the first time, a dual (official as well as market determined) exchange rate in India. However, such system was characterized by an implicit tax on exports resulting from the differential in the rates of surrender to export proceeds. Subsequently, in March 1993, the LERMS was replaced by the unified exchange rate system and hence the system of market determined exchange rate was adopted. However, the RBI did not relinquish its right to intervene in the market to enable orderly control. In addition, the foreign exchange market of India was characterized by the existence of both official and black market rates with median premium. However, such black market premium steadily declined during the following decades until 1993. RBIs official position on the current Exchange Rate Policy: The objective of the exchange rate management has been to ensure that the external value of the Rupee is realistic and credible as evidenced by a sustainable current account deficit and manageable foreign exchange situation. Subject to this predominant objective, the exchange rate policy is guided by the need to reduce speculative activities, help maintain an adequate level of reserves, and develop an orderly foreign exchange market. *Source: International Economics Historical Exchange Rate Regimes of Asian Countries (http://intl.econ.cuhk.edu.hk/exchange_rate_regime/index.php?cid=15) Exchange Rates In international transactions, if we export goods to other countries, our exporter in India would like to be paid in Indian Rupees whereas the foreign buyer would like to pay in his home currency. If the buyer is in United States, he will pay only in US Dollars. Thus, it becomes necessary to convert this US Dollars into Indian Rupees. The rate at which USD is converted into Indian Rupees is known as Exchange Rate. In short, exchange rate is the ratio used to convert one currency into another. Exchange rates are quoted under two methods: Direct method Indirect method. Direct Quotations While quoting the exchange rate for a currency if the unit of foreign currency is kept constant and its value is expressed in terms of variable home currency the method of quoting exchange rate is known as Direct Quotation. In this case, the unit of home currency will be varying for every unit of foreign currency. e.g., USD 1 = Rs. 48.85 GBP 1 = Rs. 75.2550 Effective from August, 6, 1993 we have changed our system of quoting exchange rates to Direct Quotations. By adopting this system, we have fallen in line with the International practice. It has become more transparent for the dealing public and it will be easier for them to follow up the movement of exchange rates. Indirect Quotations When the unit of home currency is kept constant and the unit of home currency is expressed in terms of variable units foreign currency, then this method of quoting exchange rate is called Indirect Quotation. Prior to August 1993, we were following this system for quoting exchange rates. e.g., Rs.l00/- = USD 2.2400 Rs.l00/- = GBP 1.2400 Two Way Quotes In other commercial transactions whenever we enquire the price of a commodity the seller will immediately quote his selling price. But in Foreign exchange market exchange rates are always quoted for buying and selling i.e., one rate for buying and the other rate for selling. For example, if Bank X calls for the rates from Bank Y for USD/INR Bank Y will quote: USD/INR = 42.15/16 It means that Bank Y is prepared to buy USD at Rs.42.15 and sell at 42.16. This method of quoting both buying and selling rates is known as Two Way Quotation. For all practical purposes if we treat Foreign Exchange as a commodity, the logic and application of this Two-way quotation can be understood easily, i.e., a trader will always be willing to buy a commodity at a lesser price and sell at a higher price. The principle or maxim involved in this method of quotation is: BUY LOW SELL HIGH (Under Direct Quotation) Different Transactions and Relevant Exchange Rates In the above examples, (a) is an outward remittance, which does not involve any additional labor. Bank will be recovering the rupee equivalent from the customer and remit the foreign exchange to their correspondent Bank as per their drawing arrangements with instructions to pay to the lending financial institution on behalf of their customer. If it is a remittance relating to an import bill, (b), as a banker, bank will be verifying the documents, entering them in their register, presenting the bill to the importer for payment and also check whether all the conditions stipulated by the correspondent bank are complied with. For this nature of involvement of manpower, Bank is eligible for some additional compensation. This compensation will be loaded or adjusted while quoting the exchange rate for this import transaction. In other words, the exchange rate for import transaction will be costlier to the customer when compared to the exchange rate for clean outward remittances. The differe nt rates quoted for these two transactions are TT selling and bill selling. Likewise, Bank will quote different buying rates for export bills and for other clean inward remittances. Following are the different rates, which are quoted to the customer depending upon the nature of transaction: Buying Rates: A.l. TT Buying Rate: (NATURE OF TRANSACTIONS) Clean inward remittance (TT, PO, MT, and DD) for which cover has already been provided in ADs Nostro Account abroad. Conversion of proceeds of instruments sent on collection basis. [When proceeds are credited to Nostro Account] Cancellation of outward TT, MT, PO, DD etc. Cancellation of forward sale contract. Undrawn portion of an Export Bill realised. A.2. Bill Buying Rate: (NATURE-OF TRANSACTIONS) 1. Purchase/ negotiation/ discounting of export bills and other instruments. Selling Rates: B.l. TT Selling Rate. (NATURE OF TRANSACTIONS) Outward remittance in foreign currency (TT, MT, PO, DD) Cancellation of purchase transactions, i.e., Bill purchased earlier is returned unpaid Bill purchased earlier is transferred to collection account. Inward remittance received earlier (converted into rupees) is refunded to the remitting bank. Cancellation of Forward purchase contract. Remittances relating to payment of import bills, which are directly received by the importer. Crystallisation of overdue export bills. NOTE: If the remittance is a clean remittance i.e. no documents are to be handled by the banks, TT Selling rate will be applied. B.2. Bill Selling Rate. 1. Transaction involving remittance of proceeds of import bill (except bills received directly by the. importer) NOTE: Even if the proceeds of the import bills are to be remitted in foreign Currency by way of DD, MT, TT, and PO rate to be applied will be Bill Selling rate. 2. Crystallisation of overdue import bills. Apart from the above, separate rates will be quoted for selling and buying of Travelers Cheques and Foreign currency notes. Calculation of Merchant Rates FEDAI has provided detailed guidelines for calculation of exchange rates for merchant transactions. Following factors are to be taken into account by banks before quoting rates to customers: STEP 1. Arrive at the cover rate i.e. the rate at which ADs will be covering the transaction in the market immediately the customer delivers the instrument. It may also be treated as the rate at which the AD can dispose off / acquire the Foreign Exchange in/from the market. STEP 2. Load the prescribed profit margin. EXCHANGE MARGIN: FEDAI has left the discretion of loading profit margin to the individual banks. It is now purely at the discretion of the individual Bankers to load the appropriate exchange margin and improve the exchange rate depending upon the volume and nature of the transaction. STEP 3. Rounding off the transaction to the nearest 4 decimals, i.e., .0025/50/75/00. EXAMPLE: Exporter has submitted a bill for USD 100,000. Inter-bank exchange rate 48.02/03 Profit margin 1.5 paise STEP 1: Select the appropriate base rate at which the bank can dispose off the USD against Indian Rupee in the market. In this case, Bank may be able to dispose off USD 100000 at Rs. 48.02 in the Inter Bank market at the market-buying rate. STEP 2: Load the prescribed profit margin: Base rate Rs.48.02 Deduct the profit margin: Rs.48.0200 0.0150 = Rs.48.0050 Since Bank will be paying Indian Rupees to exporter customer, Bank will be deducting their profit margin from the rupee proceeds. STEP 3: Round off to the nearest 4 decimals. In the above transaction, Bank will be quoting the rate as 48.0050 to the customer. Cross Rates / Chain Rule If a Corporate wants to purchase Euro (EUR) since this currency is not normally quoted in India, AD will procure US Dollars from Inter-bank market against Rupees and will contact any of the overseas market to get Euro by disposing the US Dollars. E.g., A customer wants to retire an import bill for EUR 50,000 and the Inter Bank rate for USD/INR is at 39.02/03 and the overseas market rate for EUR/USD is 0.8920/30. In order to arrive at the EUR/INR exchange rate Bank will be applying following Chain Rule method. It should be noted that the market quote for EUR/USD is expressed under Indirect quotation i.e., one unit of Euro will be equivalent to how much USD. First leg of the transaction is, Authorised Dealer procures USD against Indian Rupees from inter-bank market: USD $1 = Rs.39.03 i.e. to procure US$ 1, AD will pay Rs.39.03 in the Interbank. With this USD, AD will go to London market and procure EUR paying USD 0.8930 for one EUR. By applying Chain Rule : 1 EUR = USD 0.8930 1 USD = INR 48.03 Then 1 EUR will be equivalent to 0.8930*39.03 = INK 39.8907 Rounding off to 4 decimals = Rs.39.8925 This method of arriving at the value of other currencies through US Dollar or any other third currency is known as Cross Rate or Chain Rule. Card Rates Dealing room of all banks as soon as open for that days business, works out the exchange rate for all the major currencies and for all types of transactions. This rate will be communicated to all branches of the bank. This rate will be the indicative rates and this rate will be applicable only for transaction up to the prescribed level i.e., smaller value transactions. Spot Rates Forward Rates We have learnt that exchange rate is the price at which one currency can be bought or sold for another currency. The date on which currencies are exchanged can be any date from the date starting from the date of transaction to any future dates. Transactions may be either Spot or forward depending upon the delivery of the Foreign Exchange. Under Spot, we have CASH-SPOT, TOM-SPOT. If the exchange of currencies takes place on the same day of transaction, it is known as CASH DEAL. If the exchange of currencies takes place on the next working day, i.e. tomorrow, it is known as TOM-DEAL. If the exchange of currencies takes place on the second working day after the date of transaction it is known as SPOT DEAL. Normally exchange rates are quoted on spot basis i.e., the settlement will take place on the second working day after the date of transaction. Wherever foreign exchange will be delivered after SPOT date, it is known as Forward transactions. Going back to the above Import transaction, if the Importer gets the information that his shipment will be reaching India only after 3 months it is possible that due to exchange fluctuations he may have to pay more in Rupee terms. If he feels that the exchange rate on the third month, at the time of retirement of the import bill, will not be favorable to him, he may like to fix an assured rate for his future transaction. This type of fixing the exchange rate for a future transaction, at the desired time earlier to the date of actual transaction is known as Forward contracts. Premium/Discount on Direct Quotations If we are familiar with commodity or share market it would be known that spot rate, forward rates are different, and they need not be the same. This is so because the anticipated demand and supply and the cost situations at the forward date may not necessarily be identical with that of the existing at present. The commodity/share could be quoted at a higher (premium) or lower (discount) rate for future deliveries. We shall illustrate this with an example: Spot interbank rate of USD 1 = Rs.39.25 3 months forward USD 1 = Rs.39.95 If one has to buy dollar three months forward against Rupees, he has to pay 70 paise more for the same dollar, i.e., 3 months dollar will be costlier by 70 paise compared to spot rate. Therefore US Dollar is said to be at premium in forwards vis-a-vis rupee. In direct quotations premium is always added to both the buying and selling spot rates. In another situation: Spot interbank rate of USD 1 = JPY 108.50 3 months forward USD 1 = JPY 106.50 From the above illustration it will be seen that the USD/JPY for 3 months forward is available at a cheaper rate as compared to spot. In other words USD is cheaper by 2 JPY forward compared to spot. i.e., USD is at discount in forwards vis-a-vis JPY direct quotations. Discount factor is always deducted from the buying and selling spot rate. From the above it is now clear that if we compare spot and forward rates we are able to arrive at the following three possibilities: a. If the spot rate and the forward rate are the same they are at par. b. In direct quotations if forward rate is more than the spot rate the base currency is said to be at premium. c. In direct quotations if forward rate is less than the spot rate the base currency is said to be at discount. Quoting Forward Rates Forward differentials are always quoted in two figures like, 15/16 and 15/14. It will be either at ascending or descending order. If the first figure is less than the second figure {in ascending order} then the base currency is said to be at premium. In direct quotations premium is always added to both the buying and selling rates. If it is a buying transaction for the bank, the quoting bank will add lesser of the two premium figures so as to give minimum rupees. Likewise if it is a selling transaction, the quoting bank, will add higher of the two premium figures to take the maximum amount in rupees for selling a foreign currency. EXAMPLE Interbank market rates: Spot USD: Rs.39.2025/2100 1 month forward 15/16 a) We have an export bill transaction. Since the forward differentials are in ascending order the base currency, USD is at premium. Hence, it should be added with the spot rate to arrive at the forward rate. Out of the two premium figures (15/16) since Bank will be giving Indian rupees, they will give minimum amount in rupees. Step 1: Spot buying rate USD 1 = Rs.39.2025 Step 2: To arrive at the forward rate: Since the base currency is at premium and Bank has to give rupees, add the minimum premium, i.e., add 15 paise to the spot rate. Spot buying rate USD 1 = Rs. 39.2025 Add premium = Rs. 00.1600 Rs. 39.3625 Hence, the forward rate for this export transaction will be Rs.39.3625. b) In an import transaction, while recovering rupees from the importer customer, for one-month forward rate, Bank will add the maximum premium i.e. 16 paise and the forward rate for Banks selling transaction would be: Spot selling rate USD 1 = Rs. 39.2100 Add premium = Rs. 00.1600 Forward rate for selling = Rs.39.3700 If the forward differentials are on the descending order i.e., 25/24, the base currency is said to be at discount. In direct quotations, if the base currency is at a discount, discount factor is always deducted from the spot rate. When two discount figures are quoted if it is a buying transaction (export bills) in which bank will be giving rupees, they will be deducting higher of the two figures and give minimum rupees. EXAMPLE: Interbank market Spot USD 1 = Rs.39.2725/00 1 month forward 25/24 (paise) To arrive at the 1-month forward rates: Buying Selling (Export bill) (Import bill) Inter-bank Spot 39.2725 39.2800 Deduct the discount 0.2500 0.2400 1 month forward rate 39.0225 39.0400 From the above example, in direct quotations, in selling transactions, lesser amount of discount is deducted to take maximum rupees for every dollar. RBI Regulations on Forward Contracts A person resident in India may enter into a forward contract with an authorized dealer to hedge an exposure to exchange risk subject to production of satisfactory documentary evidence about the genuineness of the underlying exposure. This has been relaxed on 1.12.2001 -vide RBI guidelines EC/CO/FMD/453/18.07.01 /2001-02 wherein Reserve Bank permits Authorized Dealers to book FWD contracts based on a declaration of an exposure subject to: FWD contracts booked in aggregate, should not exceed 50%of the average of previous 3 financial years actual import/export turnover subject to a cap of USD 100 Mn or equivalent. Declaration to AD about amount booked with other Authorised Dealers Undertaking to produce supporting documentary evidence before maturity of the FWD contract. Substitution of contracts for hedging trade transactions may be permitted on satisfactory reasons Contracts involving rupee as one of the currencies, once cancelled shall not be re-booked although they can be rolled over at ongoing rates on or before maturity. This restriction shall not apply to contracts covering export transactions, which may be cancelled, rebooked or rolled over at on-going rates.

The Microsoft Antitrust Case Essay -- essays research papers fc

The case against Microsoft was brought buy the U.S. Department of Justice, as well as several state Attorneys General. Microsoft is accused of using and maintaining monopoly power to gain an unfair advantage in the market. The case has been under observation for a long time, but the Justice department is having trouble coming up with substantial evidence against Microsoft. Specifically, the Department must prove:That Microsoft has monopoly power and is using it to gain unfair leverage in the market.And that Microsoft has maintained this monopoly power through "exclusionary" or "predatory" acts(Rule).Some say that Microsoft is only taking advantage of its position in the market and using innovative marketing strategies to attract new customers. They have chosen to implement a market development strategy to attract new customers who are looking for a system that has Internet capability. Microsoft feels that by integrating their Internet Explorer web browser technology into Windows, they are only improving its overall functionality available to the customer. Microsoft began expanding into the browser area because of increasing threat from Netscape and Java. Java is the programming language used to make Netscape. Programs that are written in Java can work on any PC, whether it has Windows on it or not. That is why there is a great threat to the Windows environment. The more Netscape is used, the more other vendors will begin writing Netscape compliant programs and the more Java will be used, which puts a damper on Windows. So Windows introduced their Internet explorer to combat the increasing Netscape usage. It did not do this to create a monopoly, but to protect itself. If people realize that Java programs can be run on ANY PC, then they will realize that they do not need to buy Windows. Some say that Microsoft began it's "illegal" agenda when it began requiring PC manufacturers to sign a license agreement that said that if they were going to have Windows preinstalled on their new systems, that the Windows Internet Explorer must also be installed. Although it is possible for consumers to install other browsers onto Windows and use them, critics say that Microsoft still has an unfair advantage. It also keeps other browser companies from being able to consult with PC manufacturers to put their browser on the PC from the beginn... ...nies, server companies, and just about any other company that has something to do with a computer. Microsoft knows that it has the dominant operating system on the market right now and every software company, ISP, etc, wants to be part of it. If they are not, then they are likely to go under. The more and more companies that join Microsoft, the more and more Microsoft's monopoly power will grow. Pretty soon, Microsoft will own 100% of the market not only in browsers, but I believe in many other areas, such as software production and distribution and even what kind of computer, its hardware, etc, that can run Windows. I do not believe that Microsoft's monopoly agenda solely contains their "browser war", but that it extends to a much higher scale. Works CitedWeb Sites:<a href="http://www.mindspring.com/~dmataconis/microsoft.htm#Case Resources">http://www.mindspring.com/~dmataconis/microsoft.htm#Case Resources<a href="http://www.mindspring.com/~dmataconis/sherman.txt">http://www.mindspring.com/~dmataconis/sherman.txt<a href="http://www.cnn.com/US/9805/18/federal.complaint/">http://www.cnn.com/US/9805/18/federal.complaint/