Innovation and creativity evaluation of Apple Corporation Essay Example for Free

Innovation and creativity evaluation of Apple Corporation Essay Economic growth and development of any country depends upon a well-knit financial system. Financial system comprises, a set of sub-systems of financial institutions financial markets, financial instruments and services which help in the formation of capital. Thus a financial system provides a mechanism by which savings are transformed into investments and it can be said that financial system play an significant role in economic growth of the country by mobilizing surplus funds and utilizing them effectively for productive purpose. The financial system is characterized by the presence of integrated, organized and regulated financial markets, and institutions that meet the short term and long term financial needs of both the household and corporate sector. Both financial markets and financial institutions play an important role in the financial system by rendering various financial services to the community. They operate in close combination with each other. Financial System The word system, in the term financial system, implies a set of complex and closely connected or interlined institutions, agents, practices, markets, transactions, claims, and liabilities in the economy. The financial system is concerned about money, credit and finance-the three terms are intimately related yet are somewhat different from each other. Indian financial system consists of financial market, financial instruments and financial intermediation Role/ Functions of Financial System: A financial system performs the following functions: * It serves as a link between savers and investors. It helps in utilizing the mobilized savings of scattered savers in more efficient and effective manner. It channelises flow of saving into productive investment. * It assists in the selection of the projects to be financed and also reviews the performance of such projects periodically. * It provides payment mechanism for exchange of goods and services. * It provides a mechanism for the transfer of resources across geographic boundaries. It provides a   mechanism for managing and controlling the risk involved in mobilizing savings and allocating credit. * It promotes the process of capital formation by bringing together the supply of saving and the demand for investible funds. * It helps in lowering the cost of transaction and increase returns. Reduce cost motives people to save more. * It provides you detailed information to the operators/ players in the market such as individuals, business houses, Governments etc. Components/ Constituents of Indian Financial system: The following are the four main components of Indian Financial system 1. Financial institutions 2. Financial Markets 3. Financial Instruments/Assets/Securities 4. Financial Services. Financial institutions: Financial institutions are the intermediaries who facilitates smooth functioning of the financial system by making investors and borrowers meet. They mobilize savings of the surplus units and allocate them in productive activities promising a better rate of return. Financial institutions also provide services to entities seeking advises on various issues ranging from restructuring to diversification plans. They provide whole range of services to the entities who want to raise funds from the markets elsewhere. Financial institutions act as financial intermediaries because they act as middlemen between savers and borrowers. Were these financial institutions may be of Banking or Non-Banking institutions. Financial Markets: Finance is a prerequisite for modern business and financial institutions play a vital role in economic system. Its through financial markets the financial system of an economy works. The main functions of financial markets are. To facilitate creation and allocation of credit and liquidity; 2. to serve as intermediaries for mobilization of savings; 3. to assist process of balanced economic growth; 4. to provide financial convenience Financial Instruments Another important constituent of financial system is financial instruments. They represent a claim against the future income and wealth of others. It will be a claim against a person or an institutions, for the payment of the some of the money at a specified future date. Financial Services: Efficiency of emerging financial system largely depends upon the quality and variety of financial services provided by financial intermediaries. The term financial services can be defined as activites, benefits and satisfaction connected with sale of money, that offers to users and customers, financial related value. Pre-reforms Phase Until the early 1990s, the role of the financial system in India was primarily restricted to the function of channeling resources from the surplus to deficit sectors. Whereas the financial system performed this role reasonably well, its operations came to be marked by some serious deficiencies over the years. The banking sector suffered from lack of competition, low capital base, low Productivity and high intermediation cost. After the nationalization of large banks in 1969 and 1980, the Government-owned banks dominated the banking sector. The role of technology was minimal and the quality of service was not given adequate importance. Banks also did not follow proper risk management systems and the prudential standards were weak. All these resulted in poor asset quality and low profitability. Among non-banking financial intermediaries, development finance institutions (DFIs) operated in an over-protected environment with most of the funding coming from assured sources at concessional terms. In the insurance sector, there was little competition. The mutual fund industry also suffered from lack of competition and was dominated for long by one institution, viz. , the Unit Trust of India. Non-banking financial companies (NBFCs) grew rapidly, but there was no regulation of their asset side. Financial markets were characterized by control over pricing of financial assets, barriers to entry, high transaction costs and restrictions on movement of funds/participants between the market segments. This apart from inhibiting the development of the markets also affected their efficiency. Financial Sector Reforms in India It was in this backdrop that wide-ranging financial sector reforms in India were introduced as an integral part of the economic reforms initiated in the early 1990s with a view to improving the macroeconomic performance of the economy. The reforms in the financial sector focused on creating efficient and stable financial institutions and markets. The approach to financial sector reforms in India was one of gradual and non-disruptive progress through a consultative process. The Reserve Bank has been consistently working towards setting an enabling regulatory framework with prompt and effective supervision, development of technological and institutional infrastructure, as well as changing the interface with the market participants through a consultative process. Persistent efforts have been made towards adoption of international benchmarks as appropriate to Indian conditions. While certain changes in the legal infrastructure are yet to be effected, the developments so far have brought the Indian financial system closer to global standards. The reform of the interest regime constitutes an integral part of the financial sector reform. With the onset of financial sector reforms, the interest rate regime has been largely deregulated with a view towards better price discovery and efficient resource allocation. Initially, steps were taken to develop the domestic money market and freeing of the money market rates. The interest rates offered on Government securities were progressively raised so that the Government borrowing could be carried out at market-related rates. In respect of banks, a major effort was undertaken to simplify the administered structure of interest rates. Banks now have sufficient flexibility to decide their deposit and lending rate structures and manage their assets and liabilities accordingly. At present, apart from savings account and NRE deposit on the deposit side and export credit and small loans on the lending side, all other interest rates are deregulated. Indian banking system operated for a long time with high reserve requirements both in the form of Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR). This was a consequence of the high fiscal deficit and a high degree of monetisation of fiscal deficit. The efforts in the recent period have been to lower both the CRR and SLR. The statutory minimum of 25 per cent for SLR has already been reached, and while the Reserve Bank continues to pursue its medium-term objective of reducing the CRR to the statutory minimum level of 3. 0 per cent, the CRR of SCBs is currently placed at 5. 0 per cent of NDTL. As part of the reforms programme, due attention has been given to diversification of ownership leading to greater market accountability and improved efficiency. Initially, there was infusion of capital by the Government in public sector banks, which was followed by expanding the capital base with equity participation by the private investors. This was followed by a reduction in the Government shareholding in public sector banks to 51 per cent. Consequently, the share of the public sector banks in the aggregate assets of the banking sector has come down from 90 per cent in 1991 to around 75 per cent in2004. With a view to enhancing efficiency and productivity through competition, guidelines were laid down for establishment of new banks in the private sector and the foreign banks have been allowed more liberal entry. Since 1993, twelve new private sector banks have been set up. As a major step towards enhancing competition in the banking sector, foreign direct investment in the private sector banks is now allowed up to 74 per cent, subject to conformity with the guidelines issued from time to time. Conclusion: The Indian financial system has undergone structural transformation over the past decade. The financial sector has acquired strength, efficiency and stability by the combined effect of competition, regulatory measures, and policy environment. While competition, consolidation and convergence have been recognized as the key drivers of the banking sector in the coming years

Solar Power for Homes Essay -- Solar PV Panels Photovoltaic Cells

Harnessing the Sun’s Energy: Solar Power for Homes The use of solar power is all around us. Calculators, roadside emergency telephones, and street-side speed radars all utilize the sun’s limitless rays to provide power for their simple functions. As simple as these functions may be, solar power is nonetheless capable of powering much greater things. The technology and motivation for this exists; all the planet needs is time and funding before it becomes a planet powered solely by the luminous rays of the great sun. But before this universal shift towards solar power happens, citizens have the choice and ability to install their own personal solar power system for their private homes. After weighing the advantages against the disadvantages, the correct choice should be clear. The sun has been a candidate for a universal power source for centuries. Since as early as 1839, scientists have been researching the concept of photovoltaic cells, in an effort to effectively collect electrical power from the sun’s rays. According to a professor at the University of Oregon, the entire surface of the earth receives an average of approximately 84 Terawatts of power from the sun in a 24-hour day (University of Oregon, 2001). Research done by the Energy Information Association shows that the annual worldwide power consumption in the year 2004 was 15 Terawatts (EIA, 2006). Clearly, the sun provides us with much more energy than we need. Moreover, this energy does not produce waste and is overly available, as shown by the fact that the planet earth intercepts more energy from the sun than is used in an entire year through the burning of fossil fuels (EIA, 2006). The question at hand is, what is keeping us from converting into a civilization tha... ...ea [Online Image], Retrieved Aug 1, 2007, from http://upload.wikimedia.org/wikipedia/commons/d/db/Solar_land_area.png Smith, C. (1995, July 18) Retrieved August 1, 2007, from http://www.solarenergy.com/info_history.html Solar. (2006, June 1) Retrieved August 1, 2007, from http://www.inforse.org/europe/dieret/Solar/solar.html Solar Cell. [Online Image]. (2005). Retrieved August 1, 2007, from http://www1.eere.energy.gov/solar/pv_systems.html Solar Two [Online Image]. (2006). Retrieved August 1, 2007, from http://www.inforse.org/europe/dieret/Solar/solar.html Williams, W. (2007, August 1) Retrieved August 1, 2007, from http://www.energyefficienthomearticles.com/Article/energy-efficient-homes---solar-power----Advantages-and-Disadvantages-of-Solar-Powered-Home-/5906 Xiarhos, M. (2007, July 13) Retrieved August 1, 2007, from http://www.enn.com/energy.html?id=1653 Solar Power for Homes Essay -- Solar PV Panels Photovoltaic Cells Harnessing the Sun’s Energy: Solar Power for Homes The use of solar power is all around us. Calculators, roadside emergency telephones, and street-side speed radars all utilize the sun’s limitless rays to provide power for their simple functions. As simple as these functions may be, solar power is nonetheless capable of powering much greater things. The technology and motivation for this exists; all the planet needs is time and funding before it becomes a planet powered solely by the luminous rays of the great sun. But before this universal shift towards solar power happens, citizens have the choice and ability to install their own personal solar power system for their private homes. After weighing the advantages against the disadvantages, the correct choice should be clear. The sun has been a candidate for a universal power source for centuries. Since as early as 1839, scientists have been researching the concept of photovoltaic cells, in an effort to effectively collect electrical power from the sun’s rays. According to a professor at the University of Oregon, the entire surface of the earth receives an average of approximately 84 Terawatts of power from the sun in a 24-hour day (University of Oregon, 2001). Research done by the Energy Information Association shows that the annual worldwide power consumption in the year 2004 was 15 Terawatts (EIA, 2006). Clearly, the sun provides us with much more energy than we need. Moreover, this energy does not produce waste and is overly available, as shown by the fact that the planet earth intercepts more energy from the sun than is used in an entire year through the burning of fossil fuels (EIA, 2006). The question at hand is, what is keeping us from converting into a civilization tha... ...ea [Online Image], Retrieved Aug 1, 2007, from http://upload.wikimedia.org/wikipedia/commons/d/db/Solar_land_area.png Smith, C. (1995, July 18) Retrieved August 1, 2007, from http://www.solarenergy.com/info_history.html Solar. (2006, June 1) Retrieved August 1, 2007, from http://www.inforse.org/europe/dieret/Solar/solar.html Solar Cell. [Online Image]. (2005). Retrieved August 1, 2007, from http://www1.eere.energy.gov/solar/pv_systems.html Solar Two [Online Image]. (2006). Retrieved August 1, 2007, from http://www.inforse.org/europe/dieret/Solar/solar.html Williams, W. (2007, August 1) Retrieved August 1, 2007, from http://www.energyefficienthomearticles.com/Article/energy-efficient-homes---solar-power----Advantages-and-Disadvantages-of-Solar-Powered-Home-/5906 Xiarhos, M. (2007, July 13) Retrieved August 1, 2007, from http://www.enn.com/energy.html?id=1653

Characteristics of Just Laws And Views Essay

A just law has a number of widely recognized characteristics. A just law is characterized by the following: –treats all people equally The notion of equality is an important aspect of the law. Although a just law may be providing equality it doesn’t always occur that way. For example, a wealthy person may be able to afford legal representation, but those people who can’t afford legal representation will be disadvantaged and will not have an equal opportunity before the law. –is based on generally held religious or ethical precepts The common law legal system is the product of various historical influences, many of which were the religious and moral viewpoints of different times. In today’s society, ethics and how they coincide with the law are being replaced by the need for the law to protect society as a whole and consider economic interests. –is utilitarian Utilitarianism is the theory which suggests the law aims to ensure the greatest possible happiness for the greatest possible number of people. –stresses consensus and social cohesion above all Democracy helps create legal consensus. Democratic processes provide all citizens within the state with the opportunity to develop or create the law. Democratic processes will generally require a majority or consensus to bring a law into being. Democratic processes are designed to endure the survival and well being of the community through stressing consensus. –allows for general principles to be mitigated in individual cases Mitigation allows for fairness. The law attempts to treat everyone equally; that = everyone in similar situations is taxed the same, everyone who commits the same crime is given the same penalty. However the courts have discretion to reduce the penalty according to the circumstances. — aims to redress inequalities –It leaves people free To the extent that people do not break the law, a just law will leave people free. –It takes into account of limitations in material resources. –It can be invoked without undue delay. A just law should deal with a legal problem or dispute as soon as practicable after that problem or dispute arises. This is because people’s memories fade and so their evidence becomes less reliable as time passes. But this is not always the case, as currently the Australian legal system has lengthy delays and cases take long periods of time to reach the courts. Formal Equality – theory side of the actual practice. Here in theory everyone in Australia is treated equally and given the same opportunities Institutionalized equality- this is the practical side to it. Although it seems everyone in Australia is equal there are people in sub groups in society who are part of a minority and aren’t able to benefit from the opportunities. E.g. of formal equality: Everyone has to right to access the law. Everyone has the right to vote EQUALITY OF OPPORTUNITY-Equal treatment of people in access to employment and services. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..So everyone has the right to apply for a job. They have equal rights to a safe working environment. (work cover). Everyone has the equal opportunity to access the minimum wage. EQUALITY BEFORE THE LAW-Everyone is treated equally in their dealings with the law. E.g. The rule of law. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦So everyone has the implied right to legal representation. All Australian citizens are allowed to contest evidence put forward during court (natural justice – cross examination). EQUALITY OF OUTCOMES-A practice whereby the law, policy or precedent aims to ensure that, regardless of educational or socioeconomic background, or inequality of opportunity, the result of certain exercises will be equality†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..so legal aid, if people aren’t able to afford legal representation they are given the opportunity to apply for legal aid. Does formal equality before the law hides institutionalized inequality? This relates most to EQUALITY OF OUTCOMES because this area is where the law has its most flaws. Although everyone might have the same opportunity not everyone is able to understand that system. For example unskilled migrants who come to Australia looking for a better life think Australia has equal everything†¦true but its not equal if you don’t understand it and aren’t familiar with it. For example: if you come from a non – English speaking background to Australia and get into trouble with the law or are being framed or a victim of fraud and exploitation how are you going to access the law and legal representation if you cant speak the language and don’t understand the system. Therefore not an equal opportunity.

E Commerce And The Changing Logistics - 1794 Words

E-commerce and the Changing Logistics This is a research project aimed at four different topics within e-commerce and the dynamic landscape of logistics within this emerging field. I will first be focusing on current landscape of e-commerce. Secondly the focus will be shifted to a global perspective and the difference of markets based on region. Thirdly I will cover the future trends of e-commerce, and the differences that we may see. Finally, I will present data on select countries and how they are affected by e-commerce currently and the changes that we can expect to see in the future. While researching this broad and developing topic, I have found that there are a handful of takeaways that can be seen in the entirety of this paper: I.†¦show more content†¦Euromonitor estimated that global e-commerce sales totaled over 500 billion dollars in year 2012, resulting in a 14.8% growth per year from 2007 to 2012. This rate is much higher than total retail sales which only increased 0.9% from 2007 to 2012 annually. While online sales percentages sound drastic, the reality is that only 4% of global retail sales accounted for actual online retail sales. The below chart from Euromonitor shows the 2012 online retail sales as a percentage of total retail sales per selected countries. There is no doubt that online retail is growing everywhere, but one thing to stay aware of is that the landscape is very diverse. This means that there are countries and regions that are at different stages of development in regard to their e-commerce and online retail maturity. Even though there is a lot of variation, one thing to note is that with only a total of 4% of sales being online globally in 2012, the e-tailing emergence real ly has only just begun. In the perspective of developed markets, the percentage of online sales account for between 5-15% of total retail sales. The major developed markets for e-commerce are South Korea, United States, France, Germany and the UK. These markets all have a few things in common including: †¢ Each country has a large population that uses the internet and mobile broadband frequently. †¢ Fixed and mobile broadband rates are low and most people can afford this luxury. †¢ Most