Free Essays on Teen Stress

Teenagers and Stress: How would they Deal? Beth has had practice for a play four evenings every week for the most recent month. She additionally has three activities due by Friday, including an English paper. Other than this, Beth has been fending off a cold and has kept on working at her low maintenance occupation of twenty hours per week. One night at home Beth’s mother requested that her do the supper dishes, it was the issue that is finally too much to bear. â€Å"Why do I generally need to do the dishes?† Beth yells. â€Å"It’s not reasonable, I am worn out on doing everything!† Before her mom can reply, Beth turns and steps upstairs to her room. The mother just doesn’t comprehend why Beth could be so disturbed. Beth’s blowup is a response to push. Numerous youngsters around the globe know how Beth feels. Young people manage pressure regular. Stress is the physical and mental weight you feel from specific conditions (Kowalski 2). Stress likewise influences your whole body. When there is a distressing occasion your body naturally makes the adrenal organs discharge adrenaline. The mind of the body additionally flags the pituitary organ to discharge another hormone called ACTH (adrenocorticotropic hormone). With all the hormones discharging on the double it causes the pulse and circulatory strain to ascend in the body. Which makes the blood push away from the stomach related framework toward the cerebrum and muscles, and leaves the stomach feeling upset (Kowalski 7). One of the numerous means in managing pressure is to initially recognize the issue and the causes. Everybody encounters some pressure yet young people have the most (Johnson 14). As indicated by Donald Freedheim from Case Western Reserve University, that the young years present difficulties and that youngsters experience numerous natural changes (Kowalski 7). Numerous different reasons for young pressure originates from school work, evaluations, school, and occupations. Numerous youngsters are managing personality and autonomy issues simultaneously. These encounters include until at last the high schooler blows u... Free Essays on Teen Stress Free Essays on Teen Stress Adolescents and Stress: How would they Deal? Beth has had practice for a play four evenings every week for the most recent month. She likewise has three activities due by Friday, including an English paper. Other than this, Beth has been fending off a cold and has kept on working at her low maintenance occupation of twenty hours per week. One night at home Beth’s mother requested that her do the supper dishes, it was the final irritation that will be tolerated. â€Å"Why do I generally need to do the dishes?† Beth yells. â€Å"It’s not reasonable, I am worn out on doing everything!† Before her mom can reply, Beth turns and steps upstairs to her room. The mother just doesn’t comprehend why Beth could be so disturbed. Beth’s blowup is a response to push. Numerous youngsters around the globe know how Beth feels. Young people manage pressure regular. Stress is the physical and mental weight you feel from specific conditions (Kowalski 2). Stress additionally influences your whole body. When there is a distressing occasion your body consequently makes the adrenal organs discharge adrenaline. The mind of the body likewise flags the pituitary organ to discharge another hormone called ACTH (adrenocorticotropic hormone). With all the hormones discharging without a moment's delay it causes the pulse and circulatory strain to ascend in the body. Which makes the blood push away from the stomach related framework toward the mind and muscles, and leaves the stomach feeling upset (Kowalski 7). One of the numerous means in managing pressure is to initially recognize the issue and the causes. Everybody encounters some pressure however youngsters have the most (Johnson 14). As indicated by Donald Freedheim from Case Western Reserve University, that the high school years present difficulties and that adolescents experience numerous organic changes (Kowalski 7). Numerous different reasons for high school pressure originates from school work, evaluations, school, and occupations. Numerous adolescents are managing personality and autonomy issues simultaneously. These encounters include until at long last the adolescent blows u...

Effective Branding: Starbucks Essay

When thinking about a brand that I am faithful to the principal brand that strikes a chord is Starbucks. The Starbucks association has worked admirably of marking itself as the debut espresso retailer around the world. The Starbucks logo is broadly perceived and is recognizable even to non-espresso consumers. The organization has the upside of directing premium costs for their items that customers are glad to pay on a day by day, or significantly progressively visit, premise. The capacity to charge these excellent costs brought about 13.3 billion dollars in income in 2012 (The Wall Street Journal, 2013). Marking Generally a fruitful showcasing brand technique includes buyer training (Grewal and Levy, 2012, p. 303). Starbucks worked superbly of teaching Americans on the espresso culture and the contrast between the trickle espresso made in our kitchens and latte’s or Americanos. Starbucks utilized the consumer’s need to feel like an expert and acquainted them with various espresso items from around the world (Stealing Share, 2013). Starbucks additionally did an excellent activity of making the item entirely noticeable. Starbucks saves springing up all over Seattle first; the remainder of the nation was not a long ways behind. Right now the organization has 17,003 stores around the world, with 10,787 of those stores in the United States (Statistics Brain, 2013). You can't stroll down the road in a significant U.S. city without seeing a Starbucks store or an utilized Starbucks cup in a waste repository. This brand acknowledgment happened rapidly and Starbucks didn’t have a mess of rivalry in these early days. The purchaser espresso experience that Starbucks made could in the end lead to a requirement for an organization brand overhaul. Since espresso authorities are currently truly proficient about espresso items they anticipate consistent advancement. Starbucks has extended their product offering to remember for home espresso fermenting items and stores situated in grocery stores. This could prompt the buyer not esteeming the Starbucks â€Å"experience† and going to a lower cost contender (Stealing Share, 2013). Bundling The most important resource that Starbucks has that identifies with its bundling is the generally perceived Starbucks logo. The logo has advanced throughout the years, and was as of late changed in 2011 (Corporate Eye, 2011). The logo that was utilized before 2011 incorporated the words â€Å"Starbucks Coffee.† The update evacuates the organization name, and unmistakably includes the image that was in the focal point of the past logo. Starbucks comprehends that their logo and brand are presently unmistakable without the organization name like organizations like Nike and Apple. The Starbucks cup is unmistakable because of the Starbucks logo, yet it likewise stands apart for different reasons. The organization was one of the first in the food and drink industry to utilize reused item in their bundling. This began with napkins and refreshment sleeves, and proceeded with the real cups that drinks were served in. Starbucks was one of the main organizations to get FDA endorsement to serve drinks in reused paper (Food Production Daily, 2004). Correlation with Competitors While there various littler claim to fame espresso retailers in the U.S., Starbucks’ most unmistakable contenders are Dunkin’ Donuts and McDonalds. These contenders began as cafés however immediately saw the open doors that the strength espresso business introduced. McDonalds is apparently the most perceived brand on the planet and has overall brand acknowledgment. The issue that McDonalds will have is instructing its clients to the way that they sell espresso. Likewise, McDonalds and Dunkin’ Donuts are both seen as spending plan amicable organizations, and this could likewise be a side road to clients looking for strength espresso. References Grewal, D., and Levy, M. (2012). Advertising (third ed.). New York, NY: McGraw-Hill/Irwin. Food Production Daily. (2004). Starbucks partnership joins reused bundling reviolution. Recovered from http://www.foodproductiondaily.com/Packaging/Starbucks-joins-reused bundling upset Statistics Brain. (2013). Organization measurements: Starbucks. Recovered from http://www.statisticbrain.com/starbucks-organization measurements/Stealing Share. (2013). Exercises we can gain from starbucks. Recovered from http://www.stealingshare.com/pages/Lessons We Can Learn From Starbucks Failures.htm The Wall Street Journal. (2013). Starbucks Corporation.

Lending Decision Case Study Example | Topics and Well Written Essays - 500 words

Loaning Decision - Case Study Example It has gigantic resilience. In any case, the time has come to change. It needs to investigate how others in a similar field are working together and find them. There is nothing incorrectly in the figures. The figures are just agent of the realities. Past execution of Coles won't help its future possibilities except if the reasons for the grim figures are redressed. The organization's records division is carrying out its responsibility well. Issue is some place in the interchanges framework and client relations strategies. Insufficient is by all accounts happening to pull in better client base. Painting blushing pictures a seemingly endless amount of time after year can't be an answer. The organization must look lean and attractive in seeing its benefactors. Great commercials, sponsorship of well known occasions, attacks into new zones of business or development of good, existing ones must seen to happen from time to time to manufacture clients and financial specialists certainty. Make a rundown of enormous potential clients like inns, eateries and other eating joints. Promoting systems must go connected at the hip with comprehension and taking into account the necessities of individual just as corporate customers. Focus on items that return better overall revenue area astute. Item A may round up higher overall revenue in one area, while Product B may show comparable edge in another area.

Colleges With Online Journalism Courses

Colleges With Online Journalism Courses North Dakota State University North Dakota State University offers several journalism classes through their online education system. The university offers courses in the spring, summer and fall terms. You can take individual online courses or enroll in a Journalism degree program that can be completed online. Related Articles Where to Find Free Distance Learning Theology Degrees Where to Find Free Distance Learning Theology Degrees Wastewater Treatment Operator Distance Learning Programs Wastewater Treatment Operator Distance Learning Programs Distance Learning Speech Pathology Graduate Programs Distance Learning Speech Pathology Graduate Programs Enrollment Options Non-degree seeking: Individuals who are interested in just taking a few classes can apply as a non-degree seeking student. Students who enroll under this option will not be eligible for financial aid. Anyone who initially applies as non-degree seeking but wishes to work toward a degree in the future will need to apply as a degree seeking student with the university. Degree seeking: For students who wish to pursue a Bachelor of Science in Journalism, an online application will need to be submitted to get full admission to the university. Students who get admitted under this status are eligible for financial aid assistance. Course Options Online journalism courses are listed under the COMM subject courses and include: Introduction to Media Writing Editorial Processes (restricted to field-related majors and minors) Specialty Writing (restricted to field-related majors and minors) These courses expose students to the various writing and design methods that all journalists need to be a skilled professional in the field. University of Massachusetts - Amherst The University of Massachusetts - Amherst offers online courses that can be taken either individually or as part of the school's 15-credit journalism certificate program. This is a great option for students who simply want to get their feet wet in the journalism world without having to be fully enrolled in a degree program. Enrollment Registration is simple and can be done without any application, but UMass recommends enrolling at least two weeks prior to the course's start date. Students will be responsible for paying expenses themselves as federal financial aid is not available. Course Options Students can choose from a variety of classes, including the following: Introduction to Journalism News Literacy Newswriting and Reporting Interviewing Skills for Journalists Each course provides students with the journalism basics, such as the principles underlying the industry and the history that has paved the way for media to be where it is today. Additionally, students will learn how to write articles, conduct interviews and read nonverbal cues. Kansas State University Kansas State University offers a variety of journalism classes for both non-degree seeking and degree-seeking students. No matter which path a student chooses, Kansas State requires an application to be completed.

Essay Drug Abuse and Mental Health - 1194 Words

Substance abuse complicates almost every aspect of care for the person with a mental disorder. When drugs enter the brain, they can interrupt the work and actually change how the brain performs its jobs; these changes are what lead to compulsive drug use. Drug abuse plays a major role when concerning mental health. It is very difficult for these individuals to engage in treatment. Diagnosis for a treatment is difficult because it takes time to disengage the interacting effects of substance abuse and the mental illness. It may also be difficult for substance abusers to be accommodated at home and it may not be tolerated in the community of residents of rehabilitation programs. The author states, that they end up losing their support systems†¦show more content†¦According to the American Psychiatric Association chronic drug abuse may occur together with any mental illness that may include some of the following disorders. â€Å"Some common serious mental disorders associated w ith chronic drug abuse include schizophrenia, bipolar disorder, manic depression, attention deficit hyperactivity disorder (ADHD), generalized anxiety disorder, obsessive-compulsive disorder, post-traumatic stress disorder, panic disorder, and antisocial personality disorder† (Center, 2004). Some of these disorders carry with them an increased risk of drug abuse. Another example of a drug that can cause a mental disorder, is MDMA (3, 4-methylenedioxymethamphetamine) which is commonly known as ecstasy. It produces long term deficits in serotonin function in the brain, leading to mental disorders such as depression and anxiety. In addition, chronic drug abuse by teenagers during a time of development it is a particular concern because, it can interfere with normal socialization and cognitive development and thus frequently contributes to the development of mental disorders. Violence has become more prevalent among the diagnosed population of drugs and mental disorders. Domestic violence and suicide attempts are more common of the mentally ill who end up incarcerated; there isShow MoreRelatedPhysical And Mental Health Implications Of Drug Abuse Rehabilitation Programs1018 Words   |  5 PagesAs drugs have been abused for hundreds of years all over the world, their effects have been felt for just as long. Since drugs have been used, there were always those who abused them, which led to full-blown addiction and the bevy of side effects that come with it. As the physical and mental health implications of addiction became clearer, rehabilitation efforts began to appear. As a result, the history of rehabilitation in the United States dates back hundreds of years. Today, thousands of drug abuseRead MoreDrug Policy And Funding Has Not Changed Much Over The Past Two Decades1505 Words   |  7 PagesDrug policy in America has not changed much over the past two decades, but according to Sacco (2014) â€Å"over the last decade, the United States has shifted its stated drug control policy toward a comprehensive approach; one that focuses on prevention, treatment and enforcement (p.1). One approach to this is allotting billions of dollars to the Federal Drug Control Budget. As of 2014, the majority of funding for this budget went into supply reduction (59.9%), demand reduction (40.1%), and domestic lawRead MoreMental Health, Tobacco Regulation, And Medical Marijuana1063 Words   |  5 Pagesintroduced at the state level were associated with mental health, tobacco regulation, and medical marijuana. The first bill is HB 1072, which seeks to grant prescriptive authority to psychologists who meet specific education, training, and registration requirements. Supporters include the Hawaii State Center for Nursing, Hawai’i Medical Association (HMSA), and the Coalition for a Drug-Free Hawai’i (CDFH). Due to the widespread shortage of mental health professionals in Hawai’i, these supporters believeRead MoreThe Prevalence of Co-Occurring Disorders Essay893 Words   |  4 Pagesprevalence of co-occurring disorders, mental health and substance abuse or dependency. Services, U.D. (2005) states that substance abuse and mental disorders became associated in the late 70’s. Both substance abuse and mental disorder communities realized that the two were associated with not just depression but substance abuse as well. At that time, 50 to 75 percent of clients were reported to have co-occurring mental disorders and co-occurring substance abuse users were between 20 to 50 percentRead MorePersuasive Essay On Drug Abuse1228 Words   |  5 PagesToday, drug abuse has become a controversial subject where various individuals have different views. Substance abuse is a substantial dilemma among people and easily spread in schools, work environments, and even in homes. Drug abuse starts in utterly reasons, but can begin in adolescence with peer pressure or friends using them, family environment that has violent, physical, or emotional abuse, and inherited genetics with mental health conditions as depression, anxiety, or ADHD (National InstituteRead Mo reHealth And Health Care Act1380 Words   |  6 Pagesrole in bringing about parity in the health care sector. The 2010 Affordable Health Care Act, the 1996 Mental Health Parity Act and various other legislations have improved the accessibility, affordability and quality of group health plans and insurance plans. Although a few loop holes and old laws continue o hamper efforts to bring about health care parity, the legislations are a big step in the right direction. The efforts aimed to integrate behavioral health services into mainstream medical serviceRead MoreAlcohol Abuse Essay 171300 Words   |  6 PagesAlcohol Abuse Drinking alcohol is woven into the social fabric of our culture, and indeed many people enjoy the social and cultural connection of sharing a drink together. However, because drinking is so common in our society, realizing you or a loved one has a drinking problem can be a challenge.   The consequences of alcohol abuse are serious. Alcohol abuse causes extensive damage to your health, your loved ones, and society. It results in thousands of innocent deaths each year, and exacerbatesRead MoreThe Negatives Effects of Marijuana on Teenager880 Words   |  4 Pagesaffects the brain development on teenager. Also affect the function at school, work, and social life of the teenagers. The marijuana increases the risk of mental health issues. The sadistic show that the used of marijuana increase every years. Marijuana affects the teenager and also their families. According to National Institute of Drug Abuse, Marijuana is a greenish-gray mixture of the dried, shredded leaves, stems, seeds, and flowers of Cannabis sativa—the hemp plant. The marijuana is often calledRead MoreDiane Feinstein s Life For Serving The People Of California Essay1671 Words   |  7 PagesVictims Bill of Rights, the Small Business Defense Conversion Guarantee Act, the California Desert Protection Act, and legislation for the Breast Cancer Research Stamp. Diane Feinstein also favored stimulus spending to boost the economy, supported the health care reform bill, and has been an indefatigable advocate for abortion rights. Committees and Responsibilities Senator Feinstein serves in the Senate’s Select Committee on Intelligence as vice chairman and oversees the nation’s intelligence agenciesRead MoreThe Health Care System As A Whole951 Words   |  4 PagesDescribe the effect of the issue/topic on the health care system as a whole. Drug abuse is an illness of the brain, and it has a negative impact on the body system. It weakens the immune system making is difficult for the body to fight diseases. Drug use also affect other organs of the body which includes the heart, liver kidney and the brain. This illness can cause paranoid, aggression, impaired judgment, hallucination and suicidal ideations. The statistics available shows that annual number of

Sexuality and Television Essay - 1013 Words

Sexuality and Television After viewing only a few hours of television I asked myself, â€Å"How is it that people can spend as many as 20 hours watching television per week?† A whole day wasted, and what has come out of it? More garbage that will further distort any real comprehension held about what it means to be a male or a female. What it means to be male or female in the American culture cannot be defined with simple words, but yet can be easily distorted when viewing any commercial on television. It is amazing how a story about an entire culture’s views about sexuality can be told in only a small portion of the day. This story about sexuality was unraveled as I forced myself to watch something I have absolutely no interest in and†¦show more content†¦This also says that shared activities provide the basis for smooth and rewarding interaction. In other words, the more time a person spends with someone doing things that they mutually enjoy (shared activities), the more attrac ted they will be to each other. Byrne’s law is completely contradicted when it is applied to the notion that many adolescent girls fall madly in love with stars such as the members of Backstreet Boys. There are no interactions between the obsessive girls and the superstars, but yet these girls believe that they are destined to be with the group members. There are never shared activities with these stars, but yet the ones who feel an unexplainable bond with their destined one cry when beautiful women are seen around â€Å"their man.† One can only assume that attractiveness is all that matters in the America, and if you don’t have attractiveness, you are hopeless. Although music videos contain a variety of musical styles, they have many common visual themes that inaccurately portray famous artists. These themes are the degradation of women, and the promiscuity of men. Many of videos display women as sexual objects to be looked at while they rhythmically dance to the beat of the song. Women are not the only dancers though; men can often be seen grinding against many different women throughout the same song. This implies thatShow MoreRelatedSex in the Media Essay1283 Words   |  6 PagesSexuality in the media has been a widely discussed topic amongst people for many years. Sexuality isnt portrayed only on television, but in magazines, advertisements, and movies. Is sexuality in media really necessary? Does sex actually help advertising? How do people respond to this? These questions are all important when deciding what is appropriate and what isnt. People in todays society are largely focused on sexuality. Sexuality is what is hip now and its popularity is getting biggerRead MoreRepresentation of Sexuality in Tv - Skins1493 Words   |  6 Pagesreference to relevant cultural theories analyse the representation of sexuality in a film/television text of your choice. I have chosen to look at and analyse a television text. It is a TV drama aimed at a teenage audience called Skins. I chose this particular text as it focuses upon many different characters and scenarios in regards to sexuality and this forms a basis for analysis and evaluation. Skins also focuses upon Teenage sexuality, specifically, which I believe is a broad and interesting subjectRead MoreSexuality and Gender Roles in Tv Sitcoms1655 Words   |  7 PagesSexuality and Gender Roles in T.V Sitcoms Society places a lot of blame on daily interactions and public views through what people observe and learn from television sitcoms and movies. Parents believe that children are now being confused about their sexuality just from watching television shows and movies. People believe that what they view in today’s popular television sitcoms and movies are ways to act in every day society. Most sitcoms and movies however, are just enabling sexuality and genderRead MoreTelevision s Impact On America s Society Essay838 Words   |  4 PagesFox’s television shows, Glee, was an introduction to the frequent ‘social issues’ teenagers in America faced daily. Glee is a musical comedy drama. The cast are majority Caucasians and addressed topics commonly faced by children such as â€Å"cyber bullying, schools shootings, suicides† are just to name a few many issues. Once Glee’s season ended, Fox has always been a trendy television station. Fox needed an inno vative television show to satisfy their audience. The entrance of Fox’s television showsRead MoreKinsey Review731 Words   |  3 Pagesreligious group of their parents. Today people are freer in their choice to belong to a faith, which changes the way that we as a society deal with sexuality. As time passes each generations beliefs stray further and further from the original norm. The more liberal we become as a society the more accepting and less prescriptive we become of diversity in sexuality. Technology advances have also had a huge impact on people’s ability to access information about sex. It was difficult for people to discussRead MoreThe White-Washed Screen: Misrepresentation Of Minorities817 Words   |  4 PagesMisrepresentation of Minorities in American Media Television and film is a huge part of American culture. As the â€Å"face† of America changes, it is expected for our media to reflect it. Unfortunately, this is not the case. Since the beginning of film, minorities have been misrepresented and underrepresented. While there has been a significant increase in minority actors since the beginning of film, there is still a huge underrepresentation present in American television and film. Our media needs to reflect outRead MoreThe Business Structure Of Commercial Television901 Words   |  4 Pageshere, the television beckons from the other side of the room. With all the choices available on television today, television distributors are desperate to gain the attention of audiences. In order to get advertising revenue televisions shows tap into some of our basic desires to gain our attention and loyalty. Depending on the viewer, these tactics could be having a negative impact on the viewer beyond the original intent of the conten t. The business structure of commercial television in AmericaRead MoreThe Advantages and Disadvantages of Mass Media1011 Words   |  5 PagesThe Advantages and Disadvantages of Mass Media Mass media is one of the fastest medium of exchange of information which capture audience attention and interest, for example, television and radio is said to be the best Mass Media. A Mass Media to be effective must be accessible to the target audience and able to hold audience attention and interest. Therefore, this essay will discuss the advantages and disadvantages of Mass Media. The first advantage of mass media is peace and reconciliation.Read MoreSocio Cultural influences on sexuality809 Words   |  4 Pages When examining influences on sexuality one has to look at many different factors. One of those factors that has an influence on sexuality is the culture or society that person is from and their expectations of sexual behavior. Gender identity, their roles, and stereotypes associated with a person’s gender also play a part. Finally the psychological impacts of these expectations and how commercial sex influences expectations and perceptions of sexuality should be explored. Gender IdentityRead MoreUnrealistic Portrayal of Sex in Media1364 Words   |  5 Pages Television, movies, music, magazines, and the Internet constantly portray sex unrealistically. The media advertises sex, but rarely promotes healthy sexual behavior (sex, sexuality..). Due to the lack of parental guidance, adolescents turn to the media to teach them about sex. Adolescents take their image very seriously and will do anything to be popular and cool- even if it means subjecting themselves to the views and standards that the media has set. On average, adolescents spend twelve hours

Nursing Communication For Health Professionals

Question: Discuss about the Nursing Communication For Health Professionals. Answer: Communication is the exchanging or imparting of knowledge, beliefs, values, opinions and thoughts with the help of speech, symbols, signs and another channel of communication. Communication helps to build up a stronger relationship between humans. One such relation that is effectively strengthened by communication is the healthcare provider and receiver (patient) relationship (O'Toole, 2016). As per the statistical analysis of Australian General Practice consultation, two-third of healthcare problems are managed with good communication without involving any medical treatment process. This essay focuses on effective communication that as a healthcare counsellor I should adopt for better connectivity with study patient named Nicos suffering from depression. The study focuses on communication model, strategies, barriers and their solutions that can help counsellor for effective communication with Nicos. This critical reflection on communication along with analysis and synthesis of the case can help in establishing better healthcare professional-patient relationship. Healthcare profession is a complex profession that requires a variety of skills to handle a variety of human body and mind as per their vulnerability. One such skill that should be extremely variable for successful counselling is communication. This communication helps to influence patient perception and attain information in counselling. Communication works as the major tool to provide therapeutic treatment. Therefore, to develop variable and effective communication skill the professional follow certain communication models as per patient requirement (Bond, 2015). In the provide case, Nicos is an old age male suffering a stage of depression and anxiety due to his change in regular schedule, lacking physical activity, unhappiness and loneliness. Nicos underwent a modification in his long time regular schedule where he was a busy whole day in his farms to a dormant life where he had nothing to do on regular basis. However, this seems to be the simple case of counselling but the major complication in the Nicos case is his unwillingness to get involved in counselling process where he is even uncomfortable in talking about the antidepressant. There are different models of communication that are developed as per the communication requirement. According to Warnecke (2014), the most popularly used communication model in healthcare profession is the linear model of Weaver, constructionist model, interactive model and transactional model of communication. In the provided case, the Transactional Model of communication is considered best to develop effective communication with Nicos and provide counselling treatment. Martin et al. (2015) indicated that transactional model is the most common model of communication used by humans in day-to-day process where one remains sender and other remains receiver of the message with or without a channel. Some of the common examples of transactional communication are talking with friends or group, discussions etc. This model is helping to determine the social reality of any person as per their relational, social and cultural context. In the case of Nicos, as he is not willing to get involved in counselling therapy this model can work in the most general manner to establish the healthcare-patient relationship. The common form of transactional communication is the verbal response. This verbal response between counsellor and patient helps to understand cultural, social and psychological perceptions of the patient. As a counsellor, employing the transactional model of communication in case of Nicos can help to understand his perception for not getting involved in the therapy process. The transactional communication can help to understand the social identity, psychological thoughts and environmental context of the patient. According to Warnecke (2014), this communication model is considered best for interpersonal communication. Martin et al. (2015) indicated that in transactional communication both sender and receiver are communicators and they interchange their roles to create an environment of equality for exchanging thoughts. Therefore, interchanging thoughts with Nicos can help to overcome his negativity about counselling treatment. Further, by interchanging thoughts, it would be easier to control his depression and divert his attention towards other things. Martin et al. (2015) studied that transactional model unlike other communication model involves simultaneous feedback from the receiver. Hence, this simultaneous feedback will help counsellor to keep Nicos involved in the communication process. Therefore, as per Nicos condition transactional model of communication is the best model for his therapeutic counselling process. As a professional counsellor, I needed to build a relationship with the patient like Nicos because he is not willing to participate in the treatment process. As per my experience and knowledge, depression can be easily handled with good personal interaction and relationship with the patient. Warnecke (2014) indicated that as per statistical evidence exercise, antidepressant and other treatment sources are less effective than an intelligent communication between patient and doctor. Further, Olsson et al. (2014) opine about some of the most common techniques that support interpersonal relationship and effective communication that are eye contact, patient encouraging, active listening and attentive posture of the counsellor. Alongside, empathy is another important skill that helps counsellor to develop trust in patients perception. For developing a workable relationship with Nicos, I can adopt some workable habits like active listening, providing respect to the patient, personalising style, being competent, self-disclosure and managing my speed. Through active listening, it will be easy to understand Nicos story and understand his world. Further, as Nicos belongs to Greek-Australian community it would be workable for me to manage my speed as per his cultural perception. This would help in better understanding of his personal and sensitive issues. As Nicos is a 65-year-old man, giving proper respect to him is another essential component to establish a workable relationship. Martin et al. (2015) indicated that incompetent behaviour is best was to destroy a counselling relationship. Therefore, I need to maintain the best competency for managing Nicos. Lastly, as Nicos is a mature adult, the self-disclosure of personal information can also help to build a good rapport with him in the counselling process. As per Transactional communication model standards, I will adopt the two most effective communication strategies that are verbal and non-verbal strategies to communicate with Nicos (Nelson-Jones, 2015). According to Warnecke (2014), the verbal communication with the depressed patient can be performed by providing education, clarifying thoughts, developing hope for the present and validating feelings of the patient. In case of Nicos, developing eye contact and affectionate touch that can develop empathy for effective verbal communication. I can try to make him aware of his present situation by providing verbal education because Nicos is not aware about his present situation thats why he is avoiding counselling process. Olsson et al. (2014) studied that most common symptoms of depression are weight loss or gain, sleep disorder, lacking concentration, lack of energy, interest and pleasure in daily activities etc. Nicos is showing symptoms like lack of energy, enthusiasm, interest and pl easure, hence providing education will help him understand and accept his present situation. As the most common form of verbal communication, I can implement a questionnaire session where Nicos will be asked questions related to his present situation, his feelings, doubts and emotions as a part of counselling care. Further, alongside verbal communication, I will adopt non-verbal communication strategies like a smile, eye contact, affectionate touch, positive encouragement, facial expression, sharing silence, soft voice tone and establishing his personal space. As Nicos is an elder person, therefore these non-verbal communication strategies will surely work to establish a respectful and effective communication with him. Now, the most critical part of attaining effective communication is the barriers that change from patient to patient. Martin et al. (2015) studied that counsellor-patient relationship is highly dependent on communication but barriers like age, gender, different perceptions, lack of interest, language, physical, psychological and socio-cultural factors generally hinder the process. Communication is highly dependent on these factors and therefore a counsellor needs to manage these barriers for forming a perfect rapport with their patient. In this case of Nicos, the barriers that can affect communication are the age difference, language barrier, psychological perception about counselling and cultural difference. As Mr. Nicos is an elder person it would be tough for me to form a friendly bond with him because there is a huge age difference between both of us. This age difference can create conflict in our attitude and psychological beliefs. As Nicos belong to a native Australian Greek culture there are barriers like language and cultural perception difference among both of us. Further, Nicos consider counselling for mental illness as a not acceptable phenomenon because he is a farmer who had a low-socio economic background. Therefore, he is not able to understand that mental illness is like any other physical illness that needs cure. Therefore, his perception about counselling also works as a barrier in the therapy process. To overcome the barrier of language and difference in cultural perception I will refer to a healthcare translator who can help us in communication. Further, a senior counsellor can also help me to understand the perception of old age patient. Therefore, I will refer them to attain knowledge from their experience to handle old age people. Further, some of the ethical considerations that are required to be followed in case of Nicos are responsibility, client respect, client autonomy, confidentiality and developing a high level of competence to handle his experience as an elder person. In the above research, it is clear that each and every patient requires a specific kind of communication in counselling practice. The research analysis and synthesis using different study resources clearly prove that communication is a variable skill that requires modification as per patients perception, requirement, illness and other sensitivities of life. The academic resource along with critical analysis, senior experience and help from other colleagues is my strategic way to perform effective communication with Nicos. References Books Bond, T. (2015).Standards and ethics for counselling in action. New York, United States: Sage. Nelson-Jones, R. (2015).Basic counselling skills: a helper's manual. New York, United States: Sage. O'Toole, G. (2016).Communication EPUB: Core Interpersonal Skills for Health Professionals. United States: Elsevier Health Sciences. Journals Martin, L., Hutton, E. K., Gitsels-van der Wal, J. T., Spelten, E. R., Kuiper, F., Pereboom, M. T., van Dulmen, S. (2015). Antenatal counselling for congenital anomaly tests: An exploratory video-observational study about clientmidwife communication.Midwifery,31(1), 37-46. Olsson, E., Ingman, P., Ahmed, B., Sporrong, S. K. (2014). Pharmacistpatient communication in Swedish community pharmacies.Research in Social and Administrative Pharmacy,10(1), 149-155. Warnecke, E. (2014). The art of communication.Australian family physician,43(3), 156.

Lab Report Discussion Sample

Lab Report Discussion Paper We have made four set-ups in two different specimens. Onion and Boat of Moses skin with water, 2%, 5% and 10% salt (NCAA) Solution. Based on our experiment, the result of the set up explains that the presence of the salt solution results in outward diffusion of water and the collapse of the protoplasm. In table 1, we have observed under the microscope that the onionskin mounted with water has no results of polymerase cell (0%). This time, we have repeated the procedure with 2% salt solution and it is observed that there are 6 (3. 9%) localized cells. In the 5% salt solution, there are 119 (87. %) polymerase cells. And in the 10% salt solution, there are number of polymerase cells present. In table 2,same procedure was done but with different specimen. We have observed that the boat of Moses mounted with water also has no results of polymerase cell (0%). In the 2% salt solution, there are about 20 (43. 4%) polymerase cells. 46 (88. 5%). Polymerase cells were also observed in the set-u p with 5% salt solution and in the solution, all of the 59 cells are polymerase (100%). Thus, increase in percentage of the salt in a solution also increases the number of the polymerase cells. Water passes out of the cell towards a region of lesser water concentration which results to the shrinkage of the protoplasm (Figure 1). This shrinkage away from the cell wall due to excessive loss of water is called polynomials. Figure 1. Polynomials in Ilium Cheap : The first image in the left shows that the cells mounted with water shows no signs of polynomials, in the middle mounted with 2% NCAA solution shows minimal shrinkage of cells, in the right most image mounted with 5% NCAA solution almost all of the cells were polymerase. After observing the onion and boat of Moses skin in the different solution, we have replaced the solution with distilled water. Based on our observation, when the solution is replaced, the protoplasm regained to its original form simply because of the vacuole that absorbs and stores the water. This then results to the inward diffusion of water. If after a short time, however, the polymerase cells are transferred from the salt solution to pure water, the direction of the et water movement is reversed, for there is now relatively more water outside the cells than there is inside. We will write a custom essay sample on Lab Report Discussion specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Lab Report Discussion specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Lab Report Discussion specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Water thus passes out inward, the protoplasm increases in volume as the outdoor pressure of the cell sap increases, and the tissue regains its turgidity. (H. Fuller and Z. Caruthers) Reference: The plant world fourth edition Harry Fuller and Zane Caruthers 1963 United states of America: Holt, Rinehart and Winston, Inc.

The Banishment of Chinese Lepers essays

The Banishment of Chinese Lepers essays The banishment of Chinese lepers to D'Arcy Island was an incorrect decision based on both ignorance and racial prejudice. The conflict between the Chinese lepers and the government could have been solved better, in a different way. The Chinese lepers were treated very poorly, violating their basic civil rights. The government of both Victoria and Canada turned a blind eye upon the Chinese, and leprosy in Canada. Ignorance among Canadians was a major factor in the mistreating of the Chinese lepers. People knew very little of leprosy and believed that even being near a leper gave them the chance of contracting the disease themselves. In fact, only 10% of the Canadian population in the late 1800s had any chance of contracting leprosy. Little research was done on this disease, mostly due to fear, and all lepers that were discovered were immediately shunned and shipped away. Racial prejudice toward all those who were not British was also a factor in the poor treatment of the lepers. Plus, most of the lepers discovered in Canada were Chinese immigrants. The British thought of the Chinese as inferior, and treated them very poorly. Many of the Chinese were unemployed and lived in very poor conditions, the perfect breeding ground for a disease like leprosy, after that, all Chinese immigrants were checked for leprosy, and treated poorly. The leper colony on D'Arcy Island was found upon racism and prejudice. British Canadians diagnosed with leprosy were sent to Tracadie, NB. There was a hospital there for lepers. Resident nurses, doctors, and cooks treated the white lepers. But the Chinese lepers sent to D'Arcy Island had to face very poor living conditions. Crates of supplies were brought over once every three months, and the doctor who came did brief examinations, only staying to count the remaining lepers. Even Chinese lepers found in Toronto and Montreal were shipped to D'Arcy Island, even though Tracadie was much clos...

Current performance of Islamic bank around the world Dissertation

Current performance of Islamic bank around the world - Dissertation Example However, some countries such as Indonesia, Bangladesh, Egypt, Malaysia and Jordan are offering the services of Islamic banking through traditional banking services. In some countries like Pakistan, there are banks that are operating in accordance with the Islamic laws and at the same time there are some banks that are practicing conventional banking and at the same time some of their branches are offering Islamic banking services. Not only there has been an increasing trend of Muslim majority countries practicing Islamic banking products but certain Western countries including United Kingdom, United States and Australia have been also observing an increasing trend in regard to the Islamic banking. Although the industry of Islamic banking is still growing and an emerging industry, but in different parts of the world this industry has been achieving very high profits unlike United Kingdom. However in countries like Pakistan, Bangladesh, Bahrain this industry has been growing. In Pakistan, Islamic banks have reported a profit of 5.7 PKR which is approximately 59% of the total market share in the year 2011 (The News, 2012).). In Bahrain, Islamic banking industry is also one of the fasted growing industries of the countries and still there are several opportunities in the countries (Laxman, 2011). In addition to this, Islamic banking industry is showing good progress and is giving tough time to traditional banks in several other western countries. Financial performance of Islamic financial institutions in UK United Kingdom and particularly London has been considered as an important market place by investors and in this part of the world; both Islamic and non-Islamic banks have inve sted. Initially Islamic banks started their services in London by offering simple products like house financing however with the passage of time the quality of products as well as the complexities involved increased (Ainley, Mashayekhi, Hicks, Rahman, and Ravalia, 2007). after analysing different opportunities for profits and growth, number of Islamic banks invested in United Kingdom and tried to capitalise on these opportunities. Some of the most prominent names of Islamic banks in UK are: Islamic Bank of Britain HSBC Amanah Lloyds TSB The products and services offered by Islamic banks are not only for Muslims but for non-Muslims as well and this is one of the reasons why it has become highly famous in UK despite of the challenges it faces. However recently the performance of the Islamic bank has not been satisfactory and the opportunities that every one identified had not been capitalised by these Islamic banks. This is one of the reasons why one of the leading Islamic banks, Isla mic bank of Britain had to be bailed out in the year 2010 by Qatar after several successive years of losses. After the financial crisis, the Islamic banks in United Kingdom have suffered a lot. Lloyds Islamic bank also removed its investment from United Kingdom as they did not see bright future in the country (Goodway, 2010). Islamic Bank of Britain which has been able to make a name in the United kingdom is also losing its customers. in 2009, the Islamic bank had lost almost 50,000 customers as the total loss of the bank increased to ?9.5 million from ?5.9 million. Considering the situation of the bank, IBB had to raise additional capital of 2009. Then

Global Economy Essay Example | Topics and Well Written Essays - 1000 words

Global Economy - Essay Example support by the International Monetary is a debt relief to developing nations that result to an increased flow of direct financial investments and technology by the private sectors. Globalization is viewed as key force that would promote worldwide economic development while unrestricted regime trade serves to increase the inequality between developing and developed nations. When there is globalized trade, the developing countries are able to acquire skilled labor and modern technology that will aid in economic growth by dealing with problems such as unskilled labor and poverty. Integral of International Monetary and trade regimes in supporting a globalized capitalist economy ensured that consumption and production were not confined within national borders any longer. It also private sectors to increase production since good and services had gained local and foreign market. Globalization of capitalist economy made the developed countries experience so-called ’Golden Age of Capit alism’ between 1953- 1973 as per capital income growth rate in Europe rose from 1.3% to 4.1% while that of U.S rose from 1.8% to 2.5%. They had a spectacular economic growth performance (Jaffe 367). Exchange rate regimes are the main regime managed by the international monetary and world trade organization. The International Monetary Fund has classified exchange rate regimes on the bases of the degree of flexibility of the arrangement or a formal or informal commitment to a given path of exchange rate into eight categories. Exchange Arrangement with No Separate Legal Tender, currency board arrangements, Conventional Fixed Pegs Arrangements, Pegged Exchange Rates within Horizontal Bands, Crawling Pegs, Exchange Rate within Crawling Bands, Managed Floating with No Predetermined Path for the Exchange and Independent Floating. This foreign exchange regime emphasizes the implications on the exchange rate regimes to the independence of monetary policy. However, monetary policy does not

Steps in a jury trial Essay Example for Free

Steps in a jury trial Essay A jury trial is a manifestation of democracy, wherein ordinary citizens have their cases heard and deliberated by people like themselves. A jury trial, based on the idea of an impartial jury, can serve justice, because they are mandated to deliberate on the facts of the case alone. This paper analyzes the steps in a jury trial, including the constitutional trial rights that are enacted during a jury trial. The jury trial rights are expressed in the U.S. Constitution in three ways: the grand jury, the criminal jury, and the civil jury. The Fifth Amendment provides the right to a grand jury: â€Å"No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury†¦Ã¢â‚¬  The Sixth Amendment states the importance of an â€Å"impartial† and fair jury to criminal proceedings: â€Å"In all criminal prosecutions, the accused shall enjoy the right to a speedy and public trial, by an impartial jury of the State and district†¦Ã¢â‚¬  The Seventh Amendment asserts the right of the people to a civil jury: â€Å"In Suits at common law, where the value in controversy shall exceed twenty dollars, the right of trial by jury shall be preserved†¦Ã¢â‚¬  This paper proceeds to the steps in a jury trial. The first step is the selection of a jury. The trial court judge mails a request to a panel of prospective jurors to attend the jury assembly room for the purposes of the jury selection process (Judicial Council of California [JCC], 2010). After the arrival of the jurors, the judge and lawyers ask the jurors questions for the purpose of assessing, whether the jurors are free of bias, or prejudice, or anything that might obstruct with their ability to be fair and impartial, in a process called voir dire. It is important to find a fair and impartial jury, which the Sixth Amendment asserts. The Fifth Amendment also stresses that the accused in a criminal case has a right to a trial by a fair and impartial jury.In essence, the right to jury trial guarantees to the criminally accused a fair trial by a panel of impartial, indifferent jurors.[1] The law permits the judge and the lawyers to â€Å"excuse† some jurors from service for diverse reasons (JCC, 2010).   Ã‚  Ã‚  If a lawyer seeks to have a juror excused, he or she must use a challenge to excuse the juror (JCC, 2010).   Ã‚  There are two kinds of challenges: for cause or peremptory. Under a for cause challenge, the law provides several reasons that jurors may be excused â€Å"for cause† (JCC, 2010). For example, a juror who is related to one of the parties in the case may be excused for cause. There is no limit to the number of for cause challenges. As for a peremptory challenge, this is a challenge given without the need to provide a reason. The law provides only 10 peremptory challenges in criminal cases and 6 in civil cases (Code of Civil Procedure sec. 231 as cited in JCC, 2010). The procedure of questioning and excusing jurors will continue, until 12 persons are chosen as the jurors for the trial (JCC, 2010). The second step is the trial itself. There are three main duties of the juror: 1) Jurors should not speak to others about the case, especially the lawyers and parties from either side, and even with their family and friends. It is important to avoid being influenced by other people who have not heard the whole facts of the case; 2) Jurors should not make a conclusion about the case without hearing all the facts.   Jurors should only discuss their opinions with fellow jurors and it is their duty to deliberate the facts of the case; 3) Jurors should not conduct a personal investigation of the case (JCC, 2010). If they have questions about the evidence, they should ask the bailiff about it, and he/she will make further decisions (JCC, 2010). During the trial, the jurors will listen to the opening statements of the lawyers (JCC, 2010).   Ã‚  The lawyer for the plaintiff in a civil case or the prosecutor in a criminal case may make an opening statement which expresses their viewpoints about the evidence (JCC, 2010).   Ã‚  The defendants lawyer may also provide an opening statement after the plaintiffs attorney (JCC, 2010).   Afterwards, the lawyers will present the evidence, in forms of written documents or objects, which will all be called as Exhibits (JCC, 2010).   After the presentation of the evidence, the lawyers will present their closing arguments (JCC, 2010). A critical part of the jury trial is the deliberation. After a trial, the jury proceeds to an assigned private room to discuss evidence and testimony, so that it can reach a verdict. Jurors also have a duty to select a foreperson. The jury should select a competent foreperson. The forepersons responsibility is to see that discussion is facilitated in an organized manner, all issues are completely and freely deliberated, and all jurors are allowed to freely participate in the discussions (JCC, 2010). The final stage in a jury trial is the verdict. All jurors should discuss and vote on each issue of the case. In a civil case, the judge will inform the jurors how many of them must agree in order to reach a verdict. In a criminal case, the unanimous agreement of all 12 jurors is compulsory (JCC, 2010).[2] People have a right to a jury trial, wherein the jury is impartial and fair. The Constitution provides for this right, as well as the rights of the jurors to have an open and complete deliberation on the facts of the case. The jurors, thus, must be aware of their rights and duties. Being a juror means that they are expected to be people of integrity and to seriously pursue their duties. For in every verdict they provide, lay the fate of fair and truthful convictions. References Dennis v. United States, 339 U.S. 162, 171-172, 94 L.Ed. 734, 742, 70 S. Ct. 519 (1950). Fifth Amendment.(no date). U.S. Constitution. Retrieved May 31, 2010 from   http://www.gpoaccess.gov/constitution/pdf2002/023.pdf Irvin v. Dowd, 366 U.S. 717, 722, 6 L.Ed. 2d 751, 755, 81 S. Ct. 1639 (1961). Judicial Council of California (JCC). (2010). Trial process: Three main steps of a jury trial. Retrieved May 31, 2010 from http://www.courtinfo.ca.gov/jury/process.htm Seventh Amendment. (no date). U.S. Constitution. Retrieved May 31, 2010 from http://caselaw.lp.findlaw.com/data/constitution/amendment07/ Sixth Amendment. (no date). U.S. Constitution. Retrieved May 31, 2010 from http://caselaw.lp.findlaw.com/data/constitution/amendment06/ United States District Court . (no date). The Eastern District of North Carolina, New Bern Division. [1] See Irvin v. Dowd, 366 U.S. 717, 722, 6 L.Ed. 2d 751, 755, 81 S. Ct. 1639 (1961). [2] What happens when there is no verdict? â€Å"If a jury cannot arrive at a verdict within a reasonable time and indicates to the judge that there is no possibility that they can reach a verdict, the judge, in his or her discretion, may dismiss the jury. This situation is a mistrial, sometimes referred to as a hung jury, and may mean the case goes to trial again with a new jury† (JCC, 2010).

Birthmark Essay -- essays research papers fc

Nathaniel Hawthorne wrote a time of great change in America. In the mid-nineteenth century, Americans began to experience a shift in focus from the once stringent religious outlook to a more scientific view of the world and its natural wonders. Americans, however, did look at these new scientific discoveries with much hesitation, questioning their long-term effects on society as a whole. Hawthorne’ s work, â€Å"The Birth Mark echoes these sentiments and combine natural faith with a confidence in science to make a very interesting tale. This tale and its morality convey a message to the reader that there is a price for tampering with the natural order of things. This story opens by explaining how educated and knowledgeable Aylmer is, and the narrator even suggests that he may have the power to alter nature. â€Å" We know not whether Aylmer possesses this degree of faith in man’s ultimate control over nature (Birthmark, 1262 ).†As Aylmer tries to use science to alter nature, or in this case, the birthmark on his wife’s cheek, his plan backfires and his wife dies. The death of Georgiana shows that knowledge is dangerous if used in the wrong way. The influence of the evolution of culture has caused men to educate themselves, and learn extensive amounts about science. However, some men like Aylmer take advantage of their intelligence and try to play the role of God. Aylmer allowed his mind to consume his heart, resulting in the senseless death of his beautiful wife.   Ã‚  Ã‚  &n...

Lease Financing

INTRODUCTION Financial Services basically mean all those kinds of services provided in financial terms where the essential commodity is money. These services include: leasing, hire purchase, consumer credit, investment banking, commercial banking, venture capital, insurance, credit rating, bill discounting, and mutual funds , stock broking, housing finance, vehicle finance, mortgages and car loans, factoring among other things. Various entities that provide these services are basically categorized into (a) Non –Banking Finance Companies b) Commercial Banks, and (c) Merchant Banks. Financial Services in India is too vast and varied too have evolved at one place and at one time. One of the main entities that offer financial services in India is Non-Banking Finance Companies. These NBFCs registered with Reserve Bank of India mainly perform fund based services to the customer. Fund based services of NBFCs include: leasing, hire-purchase and other asset based services whereas fee b ased services of NBFCs include bill discounting, portfolio management and other advisory services.LEASE FINANCING Leasing as financial service is a contractual agreement where the owner (lessor) of equipment transfers the right to use the equipment to the user (lessee) for an, agreed period of time in return for a rental. At the end of the lease period the asset reverts back to the lessor unless there is a provision for the renewal of the contract or there is a provision for the transfers of ownership to the lessee. If there is any such provision for transfer of ownership, the deal is treated as hire purchase.Therefore, a lease could be generally defined as – â€Å"A contract where a party being the owner (lessor) of an asset (leased asset) provides the asset for use by the lessee at a consideration (rentals), either fixed or dependent on any variables, for a certain period (lease period), either fixed or flexible, with an understanding that at the end of such period, the as set, subject to the embedded options of the lease, will be either returned to the lessor or disposed of as per the lessor's instructions†. HISTORY AND DEVELOPMENT OF LEASING The history of leasing dates back to 200BC when Sumerians leased goods.Romans had developed a full body law relating to lease for movable and im movable property. However the modern concept of leasing appeared for the first time in 1877 when the Bell Telephone Company began renting telephones in USA. In 1832, Cottrell and Leonard leased academic caps, grown and hoods. Subsequently, during 1930s the Railway Industry used leasing service for its rolling stock needs. In the post war period, the American Air Lines leased their jet engines for most of the new air crafts. This development ignited immediate popularity for the lease and generated growth of leasing industry.The concept of financial leasing was pioneered in India during 1973. The Firs Company was set up by the Chidambaram group in 1973 in Madras. Th e company undertook leasing of industrial equipment as its main activity. The Twentieth century Leasing Company Limited was established in 1979. By 1981, four finance companies joined the fray. The performance of First Leasing Company Limited and the Twentieth Century Leasing Company Limited motivated others to enter the leasing industry. In 1980s financial institutions made entry into leasing business.Industrial Credit and Investment Corporation was the first all India financial institution to offer leasing in 1983. Entry of commercial banks into leasing was facilitated by an amendment of Banking Regulation Act, 1949. State Bank of India was the first commercial bank to set up a leasing subsidiary, SBI capital market, in October 1986. Can Bank Financial Services Ltd. , BOB Financial Service Ltd. , and PNB Financial Services Limited followed suit. Industrial Finance Corporation’s Merchant Banking division started financing leasing companies as well as equipment leasing and fi nancial services.There was thus virtual explosion in the number of leasing companies rising to about 400 companies in 1990. In the subsequent years, the adverse trends in capital market and other factors led to a situation where apart from the institutional lessors; there were hardly 20 to 25 private leasing companies who were active in the field. The total volume of leasing business companies was Rs. 5000 cores in 1993 and it is expected to cross Rs. 10, 000 cores by March 1995. PARTIES OF LEASE FINANCING ELEMENTS IN LEASE STRUCTUREThis is an explanation of the elements in a lease – the parties, asset, rentals, residual value, etc. This section would also elaborate the unique features of a lease as different from a regular financing transaction. 1. The transaction: The transaction of lease of lease is generically an asset-renting transaction. What distinguishes a lease from a loan is that in the latter, what is lent out is money; in a lease, what is lent out is the asset. 2. Parties to a lease: There are two parties to a lease: the owner and the user, called the lessor and the lessee. The lessor is the person who owns the asset and gives it on lease.The lessee takes the asset on lease and uses it for the period of the lease. Any one can be a lessor, and any one can be a lessee, subject to usual conditions as to competence to contract, or holding of properties. Ownership is no pre-condition for Technically, in order to be a lessor, one does not have to own the asset: one has to have the right to use leasing: the asset. Thus, a lessee can be a lessor for a sub-lessee, unless the parent lessor has restricted the right to sub-lease. 3. The leased asset: The subject of a lease is the asset, article or property to be leased.The asset may be anything – an automobile, or aircraft, or machine, or consumer durable, or land, or building, or a factory. Only tangible assets can be leased – one cannot contemplate the leasing of the intangible assets, s ince one of the essential elements of a lease is handing over of possession, along with the right to use. Hence, intangible assets are assigned, whereas tangible assets may be leased. The concept of leasing will have the following limitations: 1. What cannot be owned cannot be leased. Thus, human resources cannot be â€Å"leased†.Leasing of immovable properties may have complications: 2. While lease of movable properties can be affected by mere delivery, immovable property is incapable of deliveries in physical sense. Most countries have specific laws relating to transactions in immovable properties: if such law provides a particular procedure for a lease of immovable or real estate, such procedure should be complied with. For example, in Anglo-Saxon legal systems (UK, Australia, India, Pakistan, etc. ), transactions in real estate are not valid unless they are effected by registered conveyance.This would apply to lease of land and buildings, and permanent attachments to land . 3. A lease is structurally a rental for the lease period: with the understanding that the asset will be returned to the lessor after the period. Thus, the asset must be capable of re-delivery: it must be durable (at least during the lease period), identifiable and severable. Leased asset is a necessary pre- condition: The existence of the leased asset is an essential element of a lease transaction – the asset must exist at the beginning of the lease, during the lease and at the end of the lease term.Non-existence of the asset, for whatever reason, will be fatal to the lease. 4. Lease period: The term of lease, or lease period, is the period for which the agreement of lease shall be in operation. As an essential element in a lease is redelivery of the asset by the lessee at the end of the lease period, it is necessary to have a certain period of lease. During this certain period, the lessee may be given a right of cancellation, and beyond this period, the lessee may be given a right of renewal, but essentially, a lease should not amount to a sale: that is, the asset being given permanently to the lessee.In financial leases, is common to differentiate between the primary lease period and the secondary lease period. The former would be the period over which the lessor intends recovering his investment; the latter intended to allow the lessee to exhaust a substantial part of the remaining asset value. The primary period is normally non-cancelable, and the secondary period is normally cancelable. 5. Lease rentals: The lease rentals represent the consideration for the lease transaction. This is what the Lessee pays to the Lessor.If it is a financial lease transaction, the rentals will simply be the recovery of the lessor's principal, and a certain rate of return on outstanding principal. In other words, the rentals can be seen as bundled principal repayment and interest. If it is an operating lease transaction, the rentals might include several elements dep ending upon the costs and risks borne by the Lessor, such as: * If the lessor is bearing any repairs, insurance, maintenance or operation Costs, them charges for such cost. Depreciation in the asset. * Interest on the lessor's investment. * Servicing charges or packaging charges for providing a package of the above service. 6. Residual value: Put simply, â€Å"residual value† means the value of the leased equipment at the end of the lease term. If the lease contains a buyout option with the lessee, residual value would mostly mean the value at which a lessee will be allowed to buy the equipment.If there is no embedded purchase option, residual value might mean the value that the lessee or someone else assures will be the minimum value of the equipment at the end of the lease term. This is typical in case of financial leases where the lessor cannot grant a buyout option to the lessee; for the lessor to protect himself against asset-based risks, he would take an assured residua l value commitment either from the lessee himself or from a third party, typically an insurance company.The residual value might also the value that the lessor assures to pay-back to the lessee in case the lessee returns the asset to the lessor: that is, it might be the value the lessor assures as the minimum value of the equipment. Such a lease, obviously an operating lease because the lessor is taking a risk on asset values, is a full payout lease, but the lessor agrees to refund the guaranteed value on the lessee returning the equipment at the end of the lease term. 7. End-of-term options: The options allowed to the lessee at the end of the primary lease period are called end-of-term options.Essentially, one, or more, of the following options will be given to the lessee at the end of the lease term: †¢Option to buy (buyout option) at a bargain price or nominal value (typical in a hire-purchase transaction), called bargain buyout option †¢Option to buy at a fair market v alue or fixed, but substantial value †¢Option to renew the lease at nominal rentals, called bargain renewal option †¢Option to renew the lease at fair market rentals or substantial rentals †¢Option to return the equipment In any lease, which option will be suitable depends on the nature of the lease transaction, as also the applicable regulations.For example, in a full payout financial lease, the lessor would have recovered the whole or substantially the whole of his investment during the primary lease period. Therefore, it is quite natural that the lessee should be allowed to exhaust the whole of the remaining value of the equipment. Regulation permitting, the lessor provide the lessee a bargain purchase option to allow the lessee to complete the purchase of the equipment. Buyout option may characterize the lease However, in many jurisdictions, it is the existence of such buyout option that demarcates between lease and as hire-purchase: hire-purchase transaction.If t he lessor is interested to structure the lease as a lease and not hire-purchase, he would be advised not to provide any buyout option, but Instead, to allow the lessee to renew the lease to continue the use of the asset. In essence, a renewal option achieves the same purpose as a purchase, but the lessor retains his ownership as also his reversionary interest in the equipment. Fair market value options, either for purchase of equipment, or for renewal, are typical of operating leases, but are really speaking no more than assuring to the lessee a continued use of the equipment.If equipment has to be bought at its prevailing market value, it can be bought from the market rather than from the lessor – therefore, the fair market value option carries no value for the lessee. 8. Upfront payments: Lessors may require one or more of the following upfront, that is, instant payments from a lessee: †¢Initial lease rental or initial hire or down payment †¢Advance lease rental à ¢â‚¬ ¢Security deposit †¢Initial fees Margins in leases are taken as initial rental: The initial lease rent or initial hire (the word hire is more common in case f hire-purchase transactions) is a surrogate for a margin or borrower contribution in case of loan transactions. Note that given the nature of a lease or hire-purchase as asset-renting transaction, it is not possible to expect a lessee's contribution to asset cost as such. Hence, the down payment or first lease rent serves the purpose of a margin. Between advance lease rent and initial lease rent – the difference is only technical. The whole of the initial lease rental is supposed to be appropriated to income on the date of its receipt, whereas advance rental is still an advance – normally an advance against the last few rentals.Therefore, the advance rental will remain as a deposit with the lessor to be adjusted against the last few rentals. Types of Lease Agreements Lease agreements are basically of two types. They are (a) Financial lease and (b) Operating lease. The other variations in lease agreements are (c) Sale and lease back (d) Leveraged leasing and (e) Direct leasing. FINANCIAL LEASE Long-term, non-cancellable lease contracts are known as financial leases. The essential point of financial lease agreement is that it contains a condition whereby the lessor agrees to transfer the title for the asset at the end of the lease period at a nominal cost.At lease it must give an option to the lessee to purchase the asset he has used at the expiry of the lease. Under this lease the lessor recovers 90% of the fair value of the asset as lease rentals and the lease period is 75% of the economic life of the asset. The lease agreement is irrevocable. Practically all the risks incidental to the asset ownership and all the benefits arising there from are transferred to the lessee who bears the cost of maintenance, insurance and repairs. Only title deeds remain with the lessor. Financial lea se is also known as ? apital lease‘. In India, financial leases are very popular with high-cost and high technology equipment OPERATING LEASE An operating lease stands in contrast to the financial lease in almost all aspects. This lease agreement gives to the lessee only a limited right to use the asset. The lessor is responsible for the upkeep and maintenance of the asset. The lessee is not given any uplift to purchase the asset at the end of the lease period. Normally the lease is for a short period and even otherwise is revocable at a short notice.Mines, Computers hardware, trucks and automobiles are found suitable for operating lease because the rate of obsolescence is very high in this kind of assets. Differentiation  Between  Operating  lease  and  Financial  Lease BASIS| FINANCIAL| OPERATING| Meaning| Long-term, non-cancellable lease contracts are known as financial Leases. | A Lease which is a short term one and one which does not cover the useful life on a n asset is called an operating lease. Form| In this type of lease, money is provideby lessor and the asset is purchaseform outside| The lessor is carrying on business of leasing and he holds such assets or is a manufacturer of such asset leases its asset| Maintenance| The lessee undertakes the maintenanceof the asset, paying insurance premiumetc. | In this type of lease, repairs and Maintenance is done by the lessor. | Risk ofObsolescence| In this types of lease, the lessee bearsthe risk obsolescence, so far as heUses the asset. In this types of lease, the lessor Bears the risk obsolescence during the period of the lease| Period of Lease| Period of lease – whole useful life ofAsset. | Period of lease – for short time. | Option to Buy| Option to buy for lessee. | Period of lease – for shot time| Accounting| EntriesAccording to the internationalaccounting standard-17, an entry is made in the balance sheet of the lessee on both the side| No entry is made in the bal ance sheet ofthe lessee under this type of lease,because lease is in the form of a hiredasset| 3. Sale and Lease back: It is a sub-part of finance lease.Under this, the owner of an asset sells the asset to a party (the buyer), who in turn leases back the same asset to the owner in consideration of lease rentals. However, under this arrangement, the assets are not physically exchanged but it all happens in records only. This is nothing but a paper transaction. Sale and lease back transaction is suitable for those assets, which are not subjected depreciation but appreciation, say land. The advantage of this method is that the lessee can satisfy himself completely regarding the quality of the asset and after possession of the asset convert the sale into a lease arrangement.The sale and lease back transaction can be expressed with the help of the following figure. ? The owner (Lessee) of the equipment sells it to a Leasing company (Lessor). ? The Lessor, leases the equipment back to the Lessee. ? Under this arrangement, the assets are not physically exchanged but it all happens in records only. ? The seller assumes the role of a lessee and the buyer assumes the role of a lessor. ? The seller gets the agreed selling price and the buyer gets the lease rentals. Two sets of cash flows occur: The lessee receives cash today from the sale. ? The lessee agrees to make periodic lease payments, thereby retaining the use of the asset. 4. Leveraged Lease: Under leveraged leasing arrangement, a third party is involved beside lessor and lessee. The lessor borrows a part of the purchase cost (say 80%) of the asset from the third party i. e. , lender and the asset so purchased is held as security against the loan. The lender is paid off from the lease rentals directly by the lessee and the surplus after meeting the claims of the lender goes to the lessor.The lessor, the owner of the asset is entitled to depreciation allowance associated with the asset. ? 3 parties to the transact ion. ? Lessor ( Equity investo ? Lender ? Lessee ? The Leasing company (Equity investor) ? buys the equipment, through substantial borrowing, and ? with full recourse to the Lessee and without recourse to it. ? The Lender obtains an assignment of the Lease and a first mortgage of the equipment. 5. Direct Lease ? Under direct leasing, a firm acquires the right to use an asset from the manufacturer directly. The ownership of the asset leased out remains with the manufacturer itself. ? Bipartite Lease – Equipment supplier-cum-Lessor and Lessee. ? Tripartite Lease (Sales-aid-Lease) – Equipment supplier, Lessor and Lessee. Single Investor Lease †¢Only two parties – Lessor and Lessee. †¢Leasing company (Lessor) funds the entire investment, having appropriate mix of Equity-cum-Debt Finance raised by the Lessor, is without recourse to the Lessee Risk Assessment of a Lessee The first step in structuring a lease is for the lessor to evaluate and then quantify th e risk inherent in the lease.Risk results from the degree of credit worthiness of the lessee combined with the collateral and residual value of the equipment to be leased. In general if the lessor deems a lease risky, any of the following variables might be affected: 1. Lease yield increased with all other factors except payment amount remaining constant 2. Additional advance payments required. 3. Security deposit required or increased. 4. Guaranteed residual required in lieu of a purchase option. 5. Lease term shortened. 6. Personal guarantee required. 7. Additional collateral beyond the leased equipment. . Increased late fees for delinquent rental payments (5% if 10 days late plus18% interest for e. g. ) 9. Security interest obtained to facilitate repossession 10. All insurable risk insured. Assignment of the risk inherent in a lease transaction is primarily a credit Worthiness decision. Many lessors as well as bankers or other moneylenders base their evaluation of risk on the 10 C’s. They are: ? Character ? Capacity ? Capital ? Credit ? Conditions ? Competition ? Collateral ? Cross-border ? Complexity ? Currency Lessor RequirementsOnce the lessor has assessed the risk and credit worthiness of the lessee and converted that into structuring variables, the lessor must look to its remaining needs and then to the requirements of the lessee. Meeting the sometimes conflicting needs of the lessor and lessee represents the more difficult part of lease structuring. Sometimes a lessor will insist on structuring an operating lease in order to retain tax benefits while at the same time the lessee desires a capital lease so it too may avail itself of the depreciation and tax benefits.Typical lessor requirements that might be at variance with lessee needs in lease structuring are: ? A yield sufficient to meet the lessor’s after-tax weighted cost of capital ? accounting for the lease on the lessor’s books as a capital lease. ? Tax structure of the agre ement as an operating lease to obtain tax benefits. ? a net lease rather than a full service lease ? Residual dependence- the lessor may want the equipment purchased by the lessee to avoid resale problems. On the other hand the lessor may want the equipment returned at the end of the lease due to its increased value.Advantages of ‘LEASING’ to ‘LESSEE’ There are several extolled advantages of acquiring capital assets on lease: (1) Saving of capital: Leasing covers the full cost of the equipment used in the business by providing 100% finance. The lessee is not to provide or pay any margin money as there is no down payment. In this way the saving in capital or financial resources can be used for other productive purposes e. g. purchase of inventories. (2) Flexibility and Convenience: The lease agreement can be tailor- made in respect of lease period and lease rentals according to the convenience and requirements of all lessees. 3) Planning Cash Flows: Leasing enables the lessee to plan its cash flows properly. The rentals can be paid out of the cash coming into the business from the use of the same assets. (4) Improvement In Liquidity: Leasing enables the lessee to improve their liquidity position by adopting the sale and lease back technique. (5) Shifting of Risk of Obsolescence: The lessee can shift the risk upon lessor by acquiring the use of asset rather than buying the asset. (6) Maintenance and Specialized Services: In case of special kind of lease arrangement, Lessee can avail specialized services of lessor for maintenance of asset leased.Although lessor charges higher rentals for providing such services, lessee’s overall administrative and service costs are reduced because of specialized services of the lessor. (7)Off-The-Balance-Sheet-Financing: Leasing provides â€Å"off balance sheet† financing for the lessee, in that the lease is recorded neither as an asset nor as a liability. Disadvantages of ‘LEASINGâ⠂¬â„¢ to ‘LESSEE’ (1) Higher Cost: The lease rental include a margin for the lessor as also the cost of risk of obsolescence, it is, thus regarded as a form of financing at higher cost. 2) Risk of being deprived the use of asset in case the leasing company winds up. (3) No Alteration In Asset: Lessee cannot make changes in asset as per his requirement. (4) Penalties On Termination Of Lease: The lessee has to pay penalties in case he has to terminate the lease before expiry o lease period. Advantages of ‘LEASING’ to ‘LESSOR’ (1) Higher profits: The lessor can get higher profits by leasing the asset. (2) Tax Benefits: The lessor being owner of asset can claim various tax benefits such as Depreciation. 3) Quick Returns: By leasing the asset, the Lessor can get quick returns than investing in other projects of long gestation period. Disadvantages of ‘LEASING’ to ‘LESSOR’ (1) High Risk of Obsolescence: The lessor has to bea r the risk of obsolescence as there are rapid technology changes. (2) Price Level Changes: In case of inflation, the prices of asset rises but the lease rentals remain fixed. (3) Long term Investment: Leasing requires the long term investment in purchase of an asset, and takes long Time to cover the cost of that assetHire purchase financing Hire purchase is a popular financing mechanism especially in certain sectors of Indian business such as he automobile sector. In hire purchase financing, there are three parties: the manufacturer, the hiree and the hirer. The hiree may be a manufacturer or a finance company. The manufacturer sells asset to the hiree who sells it to the hirer in exchange for the payment to be made over a specified period of time. A hire purchase agreement between the hirer and the hiree involves the following Three conditions: ?The owner of the asset (the hiree or the manufacturer) gives the Possession of the asset to the hirer with an understanding that the hirer will pay the agreed installments over a specified period of time. ? The ownership of the asset will transfer to the hirer on the payment of all installments. ? The hirer will have the option of terminating the agreement any time before the transfer of ownership of the asset. Thus for the hirer the hire purchase agreement is like a cancelable lease with a right to buy the asset.The hirer is required to show the hired asset on his balance sheet and is entitled to claim depreciation, although he does not own the asset until full payment has been made. The payment made by the hirer is divided into two parts: interest charges and repayment of principal. The hirer thus gets tax relief on interest paid and not the entire payment. How does hire purchase work? When a customer buys goods on hire purchase there are three parties involved ? The customer – who buys the goods ?The retailer – who sells the goods The finance company – who provides the finance You make the init ial agreement with the customer. Once the security agreement has been signed you are likely to assign the agreement (including your security interest in the goods) to the finance company. The customer makes payments to the finance company. Whether the security interest will revert back to you will depend on the terms and conditions of your agreement with the finance company. The normal tripartite hire purchase process between the dealer, customer and the finance company is as follows: ?When the business connection between the finance company and the dealer is first established a master agreement may be drawn up regulating the conditions upon which the finance company is prepared to consider the hire purchase transactions submitted by the dealer. ?After the customer has selected the goods he desires to acquire on hire purchase, the dealer arranges for him to complete the schedule to a form of hire purchase agreement. The larger finance companies have theirown standard forms of printe d agreement. In the schedule to the hire purchase agreement the dealer will insert the hirer’s name, address, occupation, and certain other details indicating his financial standing. It is also the dealer’ responsibility to insert details about the price and the installments payable. ? The intending hirer is often required to make a down payment as an indication of the customer’s financial reliability. The deposit or down payment is usually paid to the dealer at the time the proposal form is completed and is normally retained by him as a payment on account of the price to be paid to him by the finance company. The deposit having duly paid the dealer sends the appropriate set of documents to the finance company, requesting the company to purchase the designated goods from him. ?If the finance company decides to accept the transaction, the hire purchase agreement is signed by one of its officers and a copy dispatched to the hirer with instructions as to the mode o f the installments. At the same time as a copy is sent to the hirer, the finance company notifies the dealer that the proposal has been accepted and that it is in order for the dealer to deliver the goods, if he has not already done so. Upon notification of acceptance the dealer delivers the goods to thehirer and obtains the hirer’s signature to a form of delivery receipt constituting an acknowledgement by the hirer that he has received the goods in proper condition. ?The hirer makes payment of hire installment throughout the period of hire ? On completion of the hire term, the finance company issues to the dealer a completion certificate whereupon the hirer becomes the owner of the asset. Key features of Hire Purchase: ? Repayment schedules are flexible. An Offer to Hire can be arranged with no deposit or an amount that suits you. ? Balloon payments at the end of the term can be arranged. ? Esanda owns the goods until the final payment is made, at which point you gain automa tic ownership. ? the interest component of the rental and depreciation on the equipment are tax deductible, provided it is used to produce assessable income or the expense is necessarily incurred in carrying on a business. DIFFERENE BETWEEN Hire  purchase AND Lease  financing Hire  purchase| Lease  financing| 1. Depreciation-  Ã‚  Ã‚  Hirer  Ã‚  Ã‚  is  Ã‚  Ã‚  entitled  Ã‚  Ã‚  toclaim  depreciation. 1. Depreciation-  lessee  is  not  entitledto  claim  depreciation. | 2. Payments-  Ã‚  hirer  Ã‚  can  Ã‚  charge  Ã‚  onlyinterest  Ã‚  Ã‚  Ã‚  Ã‚  portion  Ã‚  Ã‚  Ã‚  Ã‚  of  Ã‚  Ã‚  Ã‚  Ã‚  hire  Ã‚  Ã‚  Ã‚  Ã‚  purchasepayments  Ã‚  Ã‚  Ã‚  Ã‚  as  Ã‚  Ã‚  Ã‚  Ã‚  expenses  Ã‚  Ã‚  Ã‚  Ã‚  for  Ã‚  Ã‚  Ã‚  Ã‚  taxcomputation. | 2. Payments-  Ã‚  lessee  Ã‚  can  Ã‚  charge  Ã‚  theentire  lease  payments  as  expenses  fortax  computation. | 3. Salvage  Ã‚  value-  Ã‚  Once  Ã‚  the  Ã‚  hirer  Ã‚  haspaid  Ã‚  all  Ã‚  installments;  Ã‚  he  Ã‚  becomes  Ã‚  theowner  Ã‚  of  Ã‚  the  Ã‚  asset  Ã‚  and  Ã‚  can  Ã‚  claim  Ã‚  itssalvage  value. | 3. Salvage  Ã‚  value-  Ã‚  Lessee  Ã‚  does  Ã‚  notbecome  Ã‚  Ã‚  Ã‚  the  Ã‚  Ã‚  Ã‚  owner  Ã‚  Ã‚  Ã‚  of  Ã‚  Ã‚  Ã‚  the asset. Therefore  Ã‚  he  Ã‚  has  Ã‚  no  Ã‚  claim  Ã‚  over  Ã‚  theasset’s  salvage  value. Principle of hire purchase 1. Consumer installment credit The ground for distinction here is whether the goods are producer goods or consumer goods. Finance provided to consumers for acquisition of consumer durables is called installment credit. Installment credit for consumers is usually extended in one of the following forms: (a) Personal loan: this is made directly by the lending a dealer may introduce company through the consumer. The loan may be unsecured or secured. E. g. by a mortgage on the borrower’s property. b) Hire purchase or conditional sale: here funds are advanced for the acquisition of particular goods, which the customer take under a hire-purchase or conditional sale agreement, acquiring title on completion of payment. Where title is reserved in this way the agreement usually used is a hire purchase agreement, though some companies use conditional sale agreements. Retail hire purchase agreements take three different forms namely ? Direct collection- the dealer sells the goods to the finance house, which lets them out on hire purchase to the customer.This is the most common form of installment financing and is known in the trade as ‘direct collection’ because the installments are collected under a hire-purchase agreement concluded direct between the finance house and the hirer, as opposed to an agreement between the dealer and the hirer which is later discounted under block-discounting agreement. Usually the finance house collects the installments itself from the hirer, and the dealer d rops out of the transaction. Such transactions are called ‘non-recourse’ for the dealer. ? Agency collection: this is a variant of direct collection.As before the dealer sells goods to the finance company but in this case signs the agreement himself as undisclosed agent for the finance company and as such agent collects installments on behalf of the company, usually in return for appropriate commission. Because the agreements are in practice handled in blocks, this form of hire purchase is also misleadingly referred to as agency block discounting, though it is not a form of block discounting at all since there is no assignment of the agreement by the dealer to the finance company and the dealer is acting merely as an agent. Block discounting: in this case the dealer enters into the hire purchase agreement direct with the customer and later discounts it to the finance company. Agreements are usually discounted in blocks at a time; hence it is called block discounting. On ce the agreement is discounted the finance company becomes entitled to receive rentals from the hirer concerned but quite commonly, in order not to disturb the business relationship existing between the dealer and his customer, the dealer is made responsible for collecting the installments and remitting these to the finance company. c) Credit sale: here the title passes to the customer from the outset. Again the agreement may be with the finance house from the beginning or it may be entered into between the dealer and customer direct and later assigned by the dealer to the finance house. (d) Rental: the renting of domestic goods is fast developing as a form of installment credit. It is increasingly the practice and to a very larger extent in the U. S. , of finance houses to enter direct into rental agreements relating to domestic goods. DOCCUMENTS IN HIRE PURCHASEAll the parties must sign a hire purchase agreement and the agreement, among other things, must specify the date when the hiring commences, the number of installments, the amount of each installment, the time for the payment of each installment, the description of the goods and where the goods are kept. Note that the agreement must be in writing. An oral agreement is not a valid hire purchase agreement. Benefits of Hire Purchase ? Retention of cash flow ? Regular Payments ? Existing credit lines preserved ? Cost of acquisition spread overtime ? Repayment schedules can be structured to suit your cash flow. You can obtain the use of goods for minimal cash outlay, so working capital is not significantly affected. ? You may be able to make use of the taxation benefits of hiring. The Hire Purchase Agreement When you buy goods on hire purchase, you and the seller sign a written agreement. ? How many agreements will be made ? How often to pay ? The amount to pay ? When to pay ? Where to pay ? The name and address of the seller Other information in the hire purchase agreement ? What happens if payment is not made as agreed ? The right to repossess goods if one fails to make payments on time ?One’s obligation to keep the goods safe and in good order ? How to return the goods if one cannot pay. This information may be in the fine print on the back of the agreement. If any of this information is missing from the agreement one may not be liable for some of the cost of credit. The agreement cannot be enforced until the required information has been supplied. Lease Financing in Bangladesh: Bangladesh is a developing country, but the national calamity and political unrest sluggish the industrial growth as well as economic growth of the country.In spites of all these hindrance the growth of leasing companies is a significant indication of our bright prospects. Lease financing was first introduced in Bangladesh in the early 1980s. Industrial Development Leasing Company of Bangladesh Ltd. (IDLC), the first leasing company of the country, was established in 1986 under the regulatory framewo rk of BANGLADESH BANK. It was a joint venture of the Industrial Promotion and Development Company of Bangladesh Ltd. (IPDC), International Finance Corporation, and Korea Development Leasing Corporation.Another leasing firm, the UNITED LEASING COMPANY Ltd. started its operations in 1989. The number of leasing companies grew quickly after 1994 and by the year 2000, rose to16. The leasing business became competitive with the increase in the number of companies and wider distribution of their market share. There are, however, 6 other companies conducting leasing business in the country, although they do not use the word leasing in their names. In terms of money value, the leasing business in Bangladesh increased from Tk 41. 44 million in 1988 to Tk 3. 6 billion in 2000. The leasing companies now operating in the country are Industrial Development Leasing Company of Bangladesh, United Leasing Company, GSP Finance Company (Bangladesh), Uttara Finance and Investments, Bay Leasing and Inves tment, Phoenix Leasing Company, Prime Finance and Investment, International Leasing and Financial Services, Union Capital, Vanik Bangladesh, Peoples Leasing and Financial Services, Bangladesh Industrial Finance Company, UAE-Bangladesh Investment Company, Bangladesh Finance and Investment Company, and First Lease International.Lease financing, as organized in Bangladesh, operates with the following objectives: (a) to assist the development and promotion of productive enterprise by providing equipment lease financing and related services; (b) to assist in balancing, modernization, replacement and expansion of existing enterprises; (c) to extend financial support to small and medium scale enterprises; (d) to provide finance for various agriculture equipment; and (e) To activate the capital market byOperating as managers to the issue, underwriters, or portfolio managers. The functions of a lease business include lease financing, short-term financing, house building financing, and mercha nt banking and corporate financing. In this last group of functions, the leasing business in Bangladesh moved away from regular leasing activities and is now involved in stock-market related activities such as issue management, underwriting, trust management, private placement, portfolio management, and mutual fund operation.Broad capital market operations of the lease financing institutions include bridge financing, corporate counseling, mergers and acquisition, capital restructuring, financial engineering, and lease syndication. Prominent among the sectors of the economy that now receive lease financing services are textiles, apparels and accessories, transport, construction and engineering, paper and printing, pharmaceuticals, food and beverage, chemicals, agro-based industries, telecommunications, and leather and leather products.Commercial banks and development finance institutions (DFIs) have been the traditional lending institutions in Bangladesh. In fact, the concept of leas e financing is a relatively new one in the country. Initially, leasing companies had to adopt the role of educators to make Bangladeshi entrepreneurs aware of the benefits of leasing. However, as DFIs demonstrated poor recovery and fund recycling performances, leasing got the opportunity to develop as an alternative source of funding.A few other factors also contributed to development of the leasing business in the country. For example, the commercial banks have been keener in providing trade financing and FOREIGN EXCHANGE dealings rather than long-term loans because of the risks involved and their longer gestation period. The selection of lease proposals is relatively free from extraneous pressure and is subject to a quality level appraisal. Under lease agreements in the private sector, projects are sanctioned and implemented expeditiously, resulting in benefits in time and cost savings.Private leasing companies also attract clients by providing relatively better services. The down payments in leasing are not high and the gestation period is low. Also, in case of lease financing, incidental costs incurred in the process of import clearing, installation, and commercial production are capitalized, which substantially reduce the initial investment. Leasing companies, however, face some problems in conducting their business in the country. The relatively slow growth of the demand side compared to the fast growth of the lease business is one such problem.This leads many leasing companies to operate in partial capacity. The culture of loan default that prevails in the country is also a deterrent. Leasing companies often find it difficult to raise funds through short- or long-term borrowing from money and capital markets. They are hard pressed to deal with the financial assets because of the present laws of the country, which are also not fully enforceable. Leasing business is gaining increased importance in the economy of Bangladesh with its gradual transformation from an agrarian to industrial one.The government periodically revises the trade and industrial policy to create a liberal business environment both for domestic and foreign investment. Increased investment in the energy sector as well as in power, transport, telecommunications, water and sanitation, and safe disposal of wastes is expected to bring further opportunities for leasing industries. The traditional sources of funds of our country in the financial market are – the Commercial Banks, DFIs and the stock exchange. But these sources are not enough to effectively meet the growing demand of capital investments for industrialization of the country.And the backdrop of such scenario, leasing companies came forward in the 80s to serving as an alternative source of financing. At present there are 11 leasing companies operating there business. The name of the leasing companies: 1. Industrial Development Leasing Company of Bangladesh Ltd. IDLC 2. United Leasing Company 3. Uttara Finance & Investment company Ltd. 4. Phonenix Leasing Company Ltd 5. Bay leasing & Investment Ltd. 6. International Leasing & Finance Company Ltd. 7. GSP Finance company (BD) Ltd. 8. Prime Finance & Investment Ltd. 9. Vonike 0. Prime Bank Ltd. COMPANIES AT A GLANCE IDLC: Industrial Development Leasing Company of Bangladesh limited is established in 1985 as a joint venture public Limited Company with the multinational collaboration of International Development Finance Institution ,Commercial Banks, Insurance Company and Foreign Leasing Corporation. During the past fourteen years of its operation, IDLC has played a catalytic role in providing alternative source of term and capital asset financing to the private sector.IDLC’s primary focus has been in the area of 3-5 year term financial leasing with particular emphasis on balancing, modernization, replacement and expansion (BMRE) of existing units. With its pioneering vision IDLC has not only established lease financing as an ef ficient and quality financial service but also laid the foundation for the creation of ten other leasing companies. Today lease financing has grown to be an industry of Taka 3. 5 billion per annum.IDLC and its institutional shareholders have upheld their commitment towards the development of the financial service sector by offering high quality service to local entrepreneurs. To ensure steady and long term growth as well as to sharpen its competitive edge in a changing and challenging business environment. Short-term Finance which have broadened its customer base and are expected to contribute significantly to IDLC’s growth and profitability. IDLC established its first branch office in Chittagong in 1990. In January 1993, the company offered its shares to the public.In terms of market capitalization, it is ranked among the top 20 listed companies in both Dhaka and Chittagong Stock Exchange. Services offered by IDLC: Lease Financing: IDLC provides lease financing for all types of manufacturing and service equipment including vehicle, computer and medical equipment to all the major industrial and service sector. Short Term Finance: With an objective to provide solution to working capital problems, STF Unit provides different financial services to clients.Emphasis is given to identifying clients’ actual need and in providing customized service to cater them. House Financing: IDLC extends loan facilities to Individuals for purchase of apartments, Business houses professionals for purchase of commercial spaces (office space chamber display center etc. ) Bangladesh Finance and Investment Company Limited (BFICL): A non-banking finance company incorporated in Bangladesh on 10 May 1999 as a public limited company. It began business on 15 February 2000. It’s authorized and paid up capital are Tk 500 million and Tk 23 million respectively.The capital is divided into ordinary shares of Tk 100 each. Major business objectives of the company are carrying out direct trade, term and working capital financing, equity participation, housing finance, fund management,financial and industrial counseling and merchant banking activities of all types. Main sectors in which the company has targeted to lease and invest are transport, electric and electronic goods (including computers), leather, textile, printing, marine vehicles and equipment, steel and engineering, fishing boats and trawlers, medical equipment and small scale industries.BFICL purchases property in its own name and pays 60% to 70% of the total price of a particular property to its supplier. After accumulating and adding all other elevant/ incidental costs with the original purchase price such as transportation, insurance premium, and costs related to letter of credit, and the rent or profit/income margin, the company determines the lease price of the property. Then it signs lease contracts with the lessee, generally for two to four years, and hands over the properties to him f or use.The lease contracts require security or collateral from the lessee in various forms. Lease installments, payable generally on a monthly basis, are determined on the basis of the lease price of properties and other relevant factors. Lease contracts are renewed each year. On the expiry of the lease periods/contracts, the lessee can gain the ownership of the leased property/equipment upon payment of 5% of the transfer value of the equipment as salvage value of the property. Alternatively, the ownership and physical possession of the property goes back to the lessor.BFICL provides lease facilities against one or more of the following securities: (a) bank guarantee/insurance guarantee; (b) easily AM-HIFC Ahsania-Malyasia Hajj Investment and Finance Company Limited (AM-HIFC) is a Sharia-based non-bank financial institution licenced by Bangladesh Bank under the Financial Institution Act 1993. The company follows the model of Malaysia`s pilgrims fund and management institution, popul arly known as â€Å"Tabung Hajj† which focuses on mobilizing savings from would-be pilgrims who intend to perform Hajj in the Holy Land.It invests its excess fund in Sharia-based activities. As a Sharia-based financial institution, adherence to Sharia is of paramount importance to us and this is embodied in out Vision and Mission statement. Bangladesh Industrial Finance Company Bangladesh Industrial Finance Company Limited (BIFC) is a joint venture Leasing and Financing Company, promoted by a group of' Foreign and Local Sponsors. Incorporated as a Public Limited Company in August 1996 and icensed by Bangladesh Bank as a Non-Bank Financial Institution in February 1998, BIFC has been rendering innovative, customized, prompt and cost effective financial solutions to the socio-economic growth of the country. Delta Brac Housing Finance Delta Brac Housing Finance Corporation Ltd. (DBH) is the pioneer, the largest and the specialist Housing Finance Institution in the private sector of the country. After commencing operation in the early 1997, the company has registered commendable growth in creating home ownership among more than 7,500 families in Dhaka and other major cities of the country.At the same time, the company has been playing an active role in promoting the real estate sector to the large cross sections of prospective clients who had but yet unfulfilled dream of owning a sweet home. Fareast Finance ; Investment Limited Fareast Finance ; Investment Limited-a leasing and financing company started its business in the early 2002 to serve its clients with high ethical standards and accountability. Fareast believes that each of its activities must provide satisfaction to its customers and will start progress for them.Financial Management Reform Programme FMRP is a five-year programme jointly financed by the UK Department for International Development (DFID) and the Royal Netherlands Embassy (RNE), and executed by the Ministry of Finance, Government of Ban gladesh. Grameen Bank Grameen Bank (GB) has reversed conventional banking practice by removing the need for collateral and created a banking system based on mutual trust, accountability, participation and creativity.GB provides credit to the poorest of the poor in rural Bangladesh, without any collateral. At GB, credit is a cost effective weapon to fight poverty and it serves as a catalyst in the overall development of socio-economic conditions of the poor who have been kept outside the banking orbit on the ground that they are poor and hence not bankable. Professor Muhammad Yunus, the founder of Grameen Bank and its Managing Director, reasoned that if financial resources an be made available to the poor people on terms and conditions that are appropriate and reasonable, these millions of small people with their millions of small pursuits can add up to create the biggest development wonder. GSP Finance Company GSP Finance Company (Bangladesh) Limited (GSPB) was incorporated in Dhaka , Bangladesh on 29th October 1995 with the Registrar of Joint Stock Companies and Firms. It started its commercial operation from 17th April 1996 under licence granted by Bangladesh Bank (Central Bank) in accordance with the Financial Institutions Act of 1993. IDCOLInfrastructure Development Company Limited – IDCOL's mission is to promote economic development in Bangladesh by encouraging private sector investment in infrastructure projects. IDLC of Bangladesh Ltd IDLC is a multiproduct financial institution, established in 1985 with the collaboration of reputed international development agencies such as: Korean Development Leasing Corporation (KDLC), South Korea, Kookmin Bank, South Korea, International Finance Corporation (IFC) of the World Bank Group, Aga Khan Fund for Economic Development (AKFED), German Investment and Development Company (DEG).Leasing, initiated by IDLC, today, plays a vital role in the mid term financing of industrial and service enterprises. Over the ye ars, IDLC has served the diverse needs of its customers with product offerings ranging from Home Loans for Individuals to Factoring and Work Order Financing for small and medium enterprises (SMEs) and services such as: Lease Financing, Syndication, Corporate Advisory, Bridge Financing, Underwriting, Issue Management, Private Placement of Stocks and Debt Instruments for Corporate Customers. IIDFCIndustrial and Infrastructure Development Finance Company (IIDFC) Limited is a Development Financial Institution, promoted by wide array of financial institutions like ten commercial banks, from both the public and private sectors, three insurance companies and Investment Corporation of Bangladesh (ICB). Union Capital Limited UNION CAPITAL LIMITED is one of the largest investment banks and fastest growing financial institutions in Bangladesh. Previously, it was known as Peregrine Bangladesh which had its origins and businesses rooted in Hong Kong.Out of the local office of the erstwhile Pereg rine Capital Limited of Hong Kong, Union Capital Limited, Dhaka emerged in early 1998 as a Bangladesh-based company led by a group of the foremost entrepreneurs of the country. Union Capital, within a short span of time, has proved its worth as a most forward-working vigorous organization achieving success with its wide international network and strong local base Leasing Law in Bangladesh Leasing is an asset renting activity, and is therefore, governed by common law. The Contracts Act 1872 applies to contracts of leases.Sections 148 to 171 of the Contracts Act cover provisions relating to bailment. As these provisions are identical to those applicable under English law, the chapter devoted to general law of leasing adequately covers the law in Bangladesh as well. It may be noted that the general law of contracts is limited to bailments of â€Å"goods†. â€Å"Goods† include movable property only – immovable property is not covered by common law. As it the common feature of all Anglo-Saxon legal systems, transactions in immovable properties are covered by a separate system of laws.Taxation of Leases in Bangladesh: The taxation system in Bangladesh has been a subject matter of criticism over a last few years. The system is characterized by a large number of incentives, tax holidays and concessions as a result of which the share of corporate taxation to total tax collection by the Govt. has come down drastically over the past few years. Taxes on corporate profits, of both domestically and foreign owned companies amounts insignificant as a 0. 5% of GDP in Bangladesh, compared with more than 6% in developed nations. The main reason cited for this low contribution is the tax incentives granted by the Govt. Which are very liberal as compared to its counterpart countries. It is probably with tax reform in view that the Govt carried out certain reforms in depreciation laws in Budget 1998-99. Among other provisions, the important change that would ha ve a far reaching effect on leasing companies is the change in