...Barings Bank and Nick Leeson Introduction I would like to present the case of Barings Bank, one of the most famous histories in the world when one man led to the bankruptcy the oldest British bank. Barings collapsed on February 26, 1995, due to the activities of one trader, Nick Leeson, who lost almost $1.4 billion. The loss was caused by a large exposure to the Japanese stock market, which was achieved through the futures market. Leeson, the chief trader for Barings Futures in Singapore, had been accumulating positions in stock index futures on the Nikkei 225, a portfolio of Japanese stocks. As the market fell more than 15 percent in the first two months of 1995, Barings Futures suffered huge losses, which were made even higher due to the sale of options, which implied a bet on a stable market. As losses mounted, Leeson increased the size of the position, in a stubborn belief he was right. Finally, on 25 February 1995 he walked away, when he realized that bank was unable to make the cash payments required by the exchanges. Later, he sent a fax to his superiors, offering “sincere apologies for the predicament that I have left you in.” Nick Leeson had totally wiped out the venerable 233-year-old Baring Investment Bank, which proudly counted Queen Elizabeth as a client. He left behind huge liabilities totaling $1.4 billion, more than the entire capital and reserves of the British institution. This situation - and a similar scam at the New York branch of Japan's Daiwa Bank in October...
Words: 3328 - Pages: 14
...1.1. Aspecte conceptuale privind relaţiile publice De la prima folosire a noţiunii de „relaţii publice” în a doua jumătate a secolului al XIX-lea în Statele Unite ale Americii şi până în prezent, numeroşi teoreticieni au încercat definirea corectă şi completă a termenului. Literatura de specialitate notează peste 1.000 de definiţii ale relaţiilor publice, lucru care poate fi explicat prin poziţia autorilor, privind relaţiile publice prin prismă sociologică, psihologică, filozofică, teoretică sau aplicativă. Pentru a lămuri definirea relaţiilor publice, Rex Harlow a sintetizat, în anul 1976, un număr de 479 de definiţii, ajungând la următorul concept: 1 „Relaţiile publice reprezintă o funcţie distinctă a managementului care ajută la stabilirea şi menţinerea unor căi reciproce de comunicare, de acceptare şi cooperare între organizaţie şi publicul său; sunt implicate în rezolvarea problemelor şi a situaţiilor dificile; ajută conducerea organizaţiei să fie informată şi să poată răspunde opiniei publice; definesc şi subliniază responsabilitatea managementului de a servi interesul public; ajută conducerea să fie la curent şi să folosească schimbările, servind ca un sistem de avertizare care ajută la anticiparea tendinţelor; folosesc cercetarea şi tehnicile de comunicare etice şi eficiente ca principale instrumente”. Organizaţiile profesionale din domeniul relaţiilor publice au şi ele opinii oarecum diferite în ceea ce priveşte definirea obiectului propriei lor activităţi...
Words: 4249 - Pages: 17
...technologies for waste reuse or environmental friendly disposal. 2.5.2 Land spreading Figure 2.3 show the disposal problems disposal problems with land spreading. Land surface spreading is one of the possible methods for the application of sludge to forest or agricultural lands for soil enhancement (Christmas, 2002; Ribiero et al., 2010). PMS from pulp mills and secondary sludge are not hazardous due to heavy metals. On the other hand, sludge from deinking and waste paper mills may be relatively high in heavy metals due to the formulations used in ink removal. Compounds that can be found in mill sludges at concentrations above 10 mg/kg of dry sludge include naphthalene, phthalates, chloroform, PCBs, wood extractives or derivates and chlorinated lignin derivates (Thacker, 1985). Sludge as land spreading material must be used very carefully due to an unfavorable C:N ratio, high ion exchange capacity and possible Cr toxicity (Norris and Titshall, 2011). With maximum application rates of 12 tons per 405 ha, even a moderately sized mill will need a large area to Page13 D Y P C O E, Akurdi, Pune 44 Department of Civil Engineering Project stage II report on Experimental study of concrete made with hypo sludge and wood ash spread its sludge (Shields et al., 1985; Legendre et al., 2004). The use of land spreading material adjacent to residential areas is questionable due to odour. 2.5.3 Composting Figure 2.3 give the idea about disposal method of composting and the composting...
Words: 902 - Pages: 4
...illegal one must first know what they are. Anabolic Androgenic Steroids are a type of drugs commonly used by athletes and other people who want to be more muscular. They can be taken as pill orally or as an injection intravenously. Anabolic means to build muscle mass and increase strength (Mazzeo 5). Androgenic means to increase male characteristics (Mazzeo 5). There are many types of Anabolic-Androgenic Steroids they each have certain specific levels of androgens. With these varied levels of androgens there are varied severity of side effects (Mazzeo 5). All Anabolic-Androgenic Steroids are split into three different categories (Mazzeo 5). These categories are androstan derivatives of testosterone, Androstane derivates of testosterone, and Estranged and extrinsic derivates of testosterone (Mazzeo 5). These three groups are further split into three subcategories as defined by Filomena Mazzeo and Antonio Ascione,” subgroup one includes steroids whose action is relatively brief and are administered by injection, subgroup two includes molecules with short action as well, but they are administered orally, and finally subgroup three includes steroids with long action and administered by injection” (5). All Anabolic-Androgenic Steroids however simulate testosterone (Mazzeo 5). Despite the different severities of the side effects they are generally the same. There are many different views regarding the use of Anabolic-Androgenic Steroids. Some groups of people argue that any use of Anabolic-Androgenic...
Words: 1046 - Pages: 5
...TEMA 1 INDICI AI DELINCVENŢEI JUVENILE În orice*societate există reguli și norme*care solicită indivizilor să realizeze*acțiuni dezirabile din punct*de vedere social și moral, să manifeste comportamente*admise și să aleagă în situații sociale*specifice, soluții compatibile cu standardele*culturale ale societății respective. Adolescența*reprezintă o perioadă de tranziție, acest lucru*determinând mai degrabă adolescenții să se angajeze în comportamente delincvente. Delincvența*prezintă o serie de manifestări antisociale care are un grad de*periculozitate și gravitate din punctul*de vedere al consecințelor comportamentelor*delincvente ale adolescenților, afectând valorile, normele*sociale protejate de normele juridice*penale. Termenul desemnează conduite inadecvate*ale tinerilor care n-au împlinit vârsta majoratului, fiind aplicat*celor care transgresează legea, dar și celor care se integrează în anturaje*potențial delincvente. Delincvența în rândul adolescenților este manifestată*prin incapacitatea acestor minori de a se adapta*la normele de conduită din societate, incapacitate*datorată unor cauze de ordin biopsiho-social. Făcând*referire la multe studii s-au identificat anumite cauze ale delincvenței, acestea fiind: creșterea*după 1989 a situaților de abandon școlar, lipsa unei*activități utile, lipsa de supraveghere*permanentă de către părinți, supraveghetori, tutori, familiile*dezorganizate din rândul cărora provin minori*infractori, necunoașterea din timp a anturajului...
Words: 1635 - Pages: 7
...family. The approach of functionalist is that sex determines which roles men and women are suited to; men’s are tend to play an instrumental role that is being task oriented, a “breadwinner”, and an authority figure and for women instead they play expressive roles that is to provide emotional support and nurturing, this is a crucial role not only to the care of children but also for stabilizing the personality of the instrumental partner against the stresses of the competitive world. Conflicts theorist take a different approach. To this perspective, men have historically had access to most of society’s materials resources and privileges and consequently they generally seek to maintain their dominant status. Some see gender inequality as a derivate of class, inequality and that it therefore originates with private property. Women’s do the work of reproducing the labor force without receiving any direct compensation and they serve as an inexpensive “reserve army” of labor when they need arises. Differences between the Three Waves of the Feminist Movement The third-wave feminist criticize the first two waves for concentrating on “women” as one category and marginalizing the concerns of women of color, lesbians, and working-class women. This wave was different from the others because is also concerned with the rights of women in all countries and with environmental and animal rights. It focus on issues of diversity and the variety of identities women can...
Words: 298 - Pages: 2
...Title: Isolation and Process Optimization of textile dye degrading bacteria Abstract: Bacteria can remove dyes from wastewater and soil, leading to a decrease in their toxicity. The detoxification rate depends upon media and culture conditions. The decolourization/removal of textile dyes like bromophenol blue, methylene blue, methyl green, and malachite green, in addition to various other industrial dyes, using bacteria isolated from soil has been an important area of research for bioremediation and the present work is focused on this specific aspect. The effect of independent variables such as time, temperature, pH, and agitation on decolorization efficiency of bacteria has been optimized. Biodegradation of methylene blue and bromophenol blue was demonstrated by monitoring the effects of the different parameters and determining optimal conditions for degradation activity. Introduction Several industrial activities, such as textile dyeing, olive oil extraction and the manufacture of pulp and paper are characterized by intensive water consumption rates. They release huge amounts of more or less coloured effluents into the environment. As far as synthetic dye release is concerned, textile dyeing facilities and the manufacture of dyestuffs are two major polluting sources. In addition, traditional textile dyeing processes generate a large amount of coloured effluents, because about 100 litres of water are required to process 1 kg of dyed fabrics. Moreover, up to 15% of applied...
Words: 6765 - Pages: 28
...After the Great Depression, Unstated States had 40 years or economic growth without a single financial crisis. One of the main reasons of that achievement was that the financial sector was tightly regulated. Investment banks were small private partnerships. Thus, the money cycle was carefully observed. One of the few financial innovations was introduced in the 1970s when the Government National Association (Ginnie Mae) put together the first mortgage-backed securities (Mihm & Roubini, 2010). However, financial regulations radically changed in the beginning of 1980 as Ronald Reagen became the President of USA. He gave the starting point of 30 years of deregulations. The world of the U.S. President Thomas Jefferson “I sincerely believe... that banking establishments are more dangerous than standing armies” came popular. An important role into the deregulations played Alan Greenspan whom Reagan appointed as a chairman of the Federal Reserve Bank. He was also reappointed in Presidents Bill Clinton and George W Bush. An important for the volatility of the marker has the violation of Glass-Steagel act (which prevented banks with consumer deposits from engaging in risky investment banking activities ) by creating the Gream-Leach-Bliley act which overturned Glass-Steagel act. The American dream represents a set of ideas which are widely spread in the United States. The most important aspect of reaching the idea is represented in the ownership. It is a status symbol that differs...
Words: 1574 - Pages: 7
...The adverse effects of the financial crisis on commercial banks and securities firms The financial crisis had a devastating effect on the U.S. banking/investment industry. The crisis stems from the real estate market and subprime lending practices. Housing(incl. commercial) prices were very high as part of a real estate boom from the 1990s and the investment and banking industry lowered lending standards to allow unqualified buyers to take out mortgages. Real estate loans were spread throughout the financial system in the form of CDOs and other derivates in order to disperse risk, however as owners defaulted banks had significant write offs that forced them to try to raise additional capital or go bankrupt. A commercial bank by definition is a financial institution that provides services, such as accepting deposits, giving business loans and auto loans, mortgage lending, and certificates of deposit. Therefore when the borrowers defaulted on the mortgage loans commercial banks exposure was not as high given the breadth of business across a number of investments/services. Also although not too stringent, there was some government regulation around their business practices. Which was unlike the investment banks that by definition include underwriting, acting as an intermediary between an issuer of securities and the investing public, facilitating mergers and other corporate reorganizations, and also acting as a broker for institutional clients. They had taken on very...
Words: 386 - Pages: 2
...28th April 1954 named East Pakistan Stock Exchange association at Narayangonj. Later it was s renamed East Pakistan Stock Exchange Ltd and Trading was started in 1956. History of Bangladesh Capital Market: * East Pakistan Stock Exchange transferred in Dhaka in 1958. * In 1964 it was renamed as Dhaka Stock Exchange Ltd. * In 1976 Dhaka Stock Exchange Ltd started its operation with a bit different version. * Securities & Exchange Commission (SEC) was established in 1994 to enhance the efficiency of country’s capital market. * A big wing of Bangladesh capital market, Chittagong Stock Exchange (CSE) incorporated in 1995. Our Capital Market Products: * Shares * Debentures * Mutual Funds * Bonds * Derivates * Future & Options Capital Market Players: * Investors * Private Limited Company * Stock Exchange (DSE & CSE) * Brokers & Dealers * Merchant Banks * Securities and Exchange Commission (SEC) * Central Depository Bangladesh Limited (CDBL) Bangladesh Capital Market: Capital market is the market for securities, where companies and governments can raise long term funds. It is a market where money is lent for periods longer than a year. Capital market includes the stock market & the bond market. Our main regulator is Securities and Exchange Commissions (SEC) oversees the capital markets in their designated countries to ensure that investors are protected against fraud. Capital markets consist...
Words: 385 - Pages: 2
...April 1954 named East Pakistan Stock Exchange association at Narayangonj. Later it was s renamed East Pakistan Stock Exchange Ltd and Trading was started in 1956. History of Bangladesh Capital Market: • East Pakistan Stock Exchange transferred in Dhaka in 1958. • In 1964 it was renamed as Dhaka Stock Exchange Ltd. • In 1976 Dhaka Stock Exchange Ltd started its operation with a bit different version. • Securities & Exchange Commission (SEC) was established in 1994 to enhance the efficiency of country’s capital market. • A big wing of Bangladesh capital market, Chittagong Stock Exchange (CSE) incorporated in 1995. Our Capital Market Products: • Shares • Debentures • Mutual Funds • Bonds • Derivates • Future & Options Capital Market Players: • Investors • Private Limited Company • Stock Exchange (DSE & CSE) • Brokers & Dealers • Merchant Banks • Securities and Exchange Commission (SEC) • Central Depository Bangladesh Limited (CDBL) Bangladesh Capital Market: Capital market is the market for securities, where companies and governments can raise long term funds. It is a market where money is lent for periods longer than a year. Capital market includes the stock market & the bond market. Our main regulator is Securities and Exchange Commissions (SEC) oversees the capital markets in their designated countries to ensure that investors are protected against fraud. Capital markets consist of the...
Words: 404 - Pages: 2
...PART I 1. What are the features of chordates? All chordates possess notochord, a dorsal hollow nerve chord, pharyngeal slits or clefts, a post-anal tail, muscle segments, a mouth and anus. 2. What are the additional features of vertebrate chordates? Vertebral column, head, neural crest, internal organs and endoskeleton 3. Using the phylogeny provided, List the major clades of vertebrates. For each clade, list ALL the synapomorphies each clade share. Vertebrates: vertebral column, cranium, endoskeleton Gnathostomes: jaws Osteichthyans: bony skeleton, lungs or lung derivates Lobefins: lobed fins Tetrapods: limbs Amniotes: amniotic egg. Mammals synapomorphy: milk and hair PART II You will be assigned 10 vertebrate organisms. 1. Form initial groups based on similarities and briefly list the characters you used to group them (Write groups here – Ex. Group 1:….; Group 2:…) Group 1: deer, camel, and dolphin because they are all mammals Group 2: tortoise and frog because they are amphibians and both lay eggs Group 3: eagle, curlew, gull because they are all reptilian Group 4: blenny and cod because they fish 2. Visit TOLWEB.org (if not google). For each organism: a. Find a species belonging to that taxon Odocoileus virginianus (White Tailed Deer) Camelus bactrianus (Bactrian camel, two-hump camel) Tursiops truncates (bottlenose dolphin) Haliaeetus leucocephalus (bald eagle) Burhinus capensis (spotted thick-knee curlew) Larus...
Words: 482 - Pages: 2
...Table of Contents Parmalat: what went wrong ........................................................................................................................ 1 Story of Parmalat ..................................................................................................................................... 1 Parmalat bankruptcy brief timeline ......................................................... Error! Bookmark not defined. Responsible parties ......................................................................................... Error! Bookmark not defined. Calisto Tanzi, top managers ...................................................................... Error! Bookmark not defined. Gian Paolo Zini........................................................................................... Error! Bookmark not defined. Grant Thornton SpAMaurizio Bianchi and Lorenzo Penca....................... Error! Bookmark not defined. Banks and other board members. ............................................................ Error! Bookmark not defined. Parmalat board members ......................................................................... Error! Bookmark not defined. What to do to avoid financial crisis in an organization................................ Error! Bookmark not defined. Corporate Governance .............................................................................. Error! Bookmark not defined. The control structure.....................................
Words: 494 - Pages: 2
...Cameroon is an interesting country because of its culture, its climate, and its crops. In Cameroon, culture is diverse and its helps to appreciate family values. It is also a mean of the nation. The climate is diversified, and that is advantageous for the plants. Moreover, crops farming have a variety of plants, and benefit the economy of the country. Culture in Cameroon derivates from the behavioral patterns of people, their belief systems, their principles of live, and their living condition. The interesting point is that people settled in different community according to the language they used for communication. For instance, Bamileke, Bassa, Batti,and Haoussa are some tribe where each can be identify because culture gives them a character of their own. Even though each tribe has different way to dress and speak, it has in common the belief in extended family. Living together helps to reduce stress amount people by organizing “tontine”. The goal of the ‘tontine” is to meet all together in someone’s house, and during the meeting, one person randomly selected during the meeting become beneficiary. In addition, according to the culture, people have to meet together to assist a person in moment of happiness or sadness. Culture is a wealth for the nation because of its diverse forms of art that keeps our history alive in the National museum. By doing so, our culture is kept from generation to generation, and people learned more about our tradition by visiting the museum. Moreover...
Words: 663 - Pages: 3
...Derivatives Lecture 10 Agenda Introduction Forwards Futures Swaps Options Derivative securities: Introduction Definition of derivative securities A derivative is a contract to buy or sell something in the future, namely the underlying. A derivate is also known as a ‘contingent claim’, because its value is contingent on characteristics of the underlying security. All contract details (such as the price, the quantity to be bought or sold, the maturity, etc.) are fixed at the time you enter the contract. The price of the derivative depends on the underlying. The underlying can be everything as long as it is clearly defined! Examples: Financial prices: stocks, bonds, stock-indices, exchange rates Commodities: oil price, gold, copper, coffee, orange juice concentrate, wine, energy In most cases the underlying is the price of a traded asset! 3 Derivative securities: Introduction Types of derivatives Forwards Futures Options Swaps Advanced products Structured products: combinations of forwards, swaps, and options Hybrid debt: straight debt with embedded derivative instruments Exotic options Real options … 4 Derivative securities: Introduction Derivatives markets Over-the-counter markets fl non-standardized products; tailor made contracts telephone or electronic trading relative high transaction cost relative high credit risk/default risk illiquidity standardized products trading...
Words: 568 - Pages: 3
