Thursday, January 30, 2020
Martin Bernal and describes Essay Example for Free
Martin Bernal and describes Essay Black Athena is the works of Martin Bernal and describes the Afro-asiatic roots of classical civilization in ancient Greece. Martin examines the perception of ancient Greece in relation to its African and Asiatic neighbours especially in West Europe. This occurred in the 18th century onwards and exhibits the denial by the western academia and the influence of the Greek culture on civilization. In his work Bernin does not support the Greek civilization as being founded by the Aryan settlers whose trace is Europe. He gives proves as to the arguments of the famous great Grecian thinkers like Plato, Socrates and Aristotle that Phoenician civilization originally colonized Greece. In this basis he comes up with a theory based on the methodology of these historians and this theory states that Greece was colonized by northern invaders with their existing colony established in Phoenicia. (Moore, 2001) He uses several examples to explain that countries of Africa like Egypt and those on the west are being admired by prominent European leaders because of their historical backgrounds. The current Greek language spoken in classical Grecian world has its roots in the proto Greek language and influence from other Anatolian languages that were spoken nearby. The culture in Greece is believed to have been developed as a result of comparison of unity of elements. Bernam puts great emphasis on the elements of Africa that shaped the Grecian history. He compares the 19th and 20th century eurocentrism with the development of the western appropriation culture and its development. He argues that the western world influenced the Modern Greek language terming the contact between the indo European languages and the culturally influenced Egyptian and Semitic languages as very key in the determination of the modern Grecian culture and language. He gives examples of some words being used in the modern language of Greece to have been from these origins. He estimates the introduction of the Greek alphabet to have been between the period 1800 and 1400 BC. (Moore, 2001) Bernal came to the conclusion that the relationship between ancient Greek and Egyptian influence should not be taken lightly. His background traces to the interests he had on Egypt since childhood and the inspirations by his father. He is further encouraged to take this direction by the discovery of the works of Cyrus Gordon and Astour. Afrocentrism which is now the most felt model in the North American primary and secondary schools has been noted to be the most significant and challenging developments in higher education systems and curriculums. Itââ¬â¢s a model which encompasses both multi cultural and Afro Hellenic orientations. This simply means that itââ¬â¢s grounded in ethnic and cultural diversity and the aspect that it is attributed to Africa. In contrast with the black Athena which attributes the development of modern Greece to the western world, the Afrocentric model attributes it to be an abstract, intellectual civilization which is grounded in the traditional orientations of western civilization. Bernalââ¬â¢s discovery of the black Athena is the modern thinking of how the Greek world came into being but has been criticized as not with definite reasons as afrocentric movement. His was of a different order that racist and anti Semitic scholars only showed the historical facts from the Bronze Age onwards making the culture of Greece to be a product of only Egyptians and Levantines. He argues that for the complete concealing of the origin of the Greek culture we need to consider the north of Athens and the medditerenian island of Crete, civilizations which took place in the third millennium. Bernalââ¬â¢s case is different from the afrocentric models because it rests upon on legend and myth. It relies upon the stories told by the ancient Greeks like Aristotle and Aristotle. He interprets these stories as the memories of the Egyptian and Phoenician developments. There is a critic about this however because we need to ask ourselves ââ¬Ëof what benefit is myths and legends? ââ¬â¢ (Bernal, 1987) Bernal attributes archaeology, myth and linguistic borrowings as evidence to the development in Greece. The history and development of Greece is of much importance to the culture adopted today in Greece. Without the historical base Bernal suggests that tracing of the Greek history and civilization would be very complicated. Bernal claims that approximately 30% of Greek is of Semitic origin, 20% from Egyptian origin and the rest from the ancient Greek origin. Critics however have suggested that his demonstrations is only based on the resemblance merely and not the principles of linguistic adaptation. Bernal takes the similarity of a few words and tries to generalize. The afro centric orientation is based on the western world and argues that linguistic development in Greek civilization has been natural like the development of any other language. (Bernal, 1987) The contention that the Egyptians were the greatest civilization in history is critically opposed by the Afrocentrists. Afrocentrists view the Egyptians as only blacks who cannot contribute anything to the civilizations which took place especially in Greece. Bernal regarded the developments of Greeks like the scientific and mathematical orientations as very important movements. Itââ¬â¢s however criticized by the afrocentrics as a total disregard of the facts of chronology. Conclusion The black Athena and the afrocentric movements have had an influence to the history and civilizations of the current Grecian histories. In our study of the two models we need to understand the fact that the current ancient civilization is as a result of amalgamation of the two models. Bernal in his book Black Athena: The afroasiantic roots of Classical civilization addresses the issues which have made the Greek world today be the way it is. Reference: Bernal, M. (1987) Black Athena: Afroasiantic roots of Classical Civilization, Rutgers University press. Moore, D. (2001) Black Athena writes back, Duke University press.
Wednesday, January 22, 2020
Networking :: essays research papers
1. Which versions of NetWare support TCP/IP services such as Web site hosting? c. 4.x and 5.0 2. Which version of NetWare contains many services coded in the Java programming language? d. 5.0 3. How many processors can a NetWare 5.0 server support? c. 32 4. What is the minimum amount of RAM required for a NetWare 5.0 server? d. 64 MB 5. Why might you want to install more than the minimum RAM required by NetWare 5.x? The more RAM, the better the performance of the server. 6. Where can you go to find out about known bugs in NetWare? b. www.support.novell.com 7. How might NLMs provide better stability on your NetWare server? a. They can be loaded and unloaded without taking down the server. 8. Which version of NetWare supports the use of virtual memory? d. 5.x 9. What stands at the very top of the NDS tree? a.root a.à à à à à 10. If you decide to change the name of your NDS tree after youââ¬â¢ve installed NetWare, you can rename it through a server console command. True or False? 11. What is the name of the graphical server manager utility in NetWare 5.x? d. NetMon 12. Which DOS command loads the NetWare operating system kernel? d. SERVER.EXE 13. Which of the following file systems does NetWare not support? b. NTFS 14. What is the name of the volume created automatically when you install NetWare 5.x? d. SYS 15. File compression is enabled by default during a NetWare 5.x installation.True or False? 16. Which server resource does block suballocation conserve? c. hard disk space 17. What is the purpose of a container object in an NDS tree? a. to logically subdivide objects in the tree 18. A user is an example of what kind of NDS object? c. leaf 19. If a userââ¬â¢s login ID is ââ¬Å"jamesâ⬠and the user belongs to the ââ¬Å"marketingâ⬠organizational unit, which is in turn part of the ââ¬Å"Corporateâ⬠organizational unit within the ââ¬Å"ABCâ⬠Organization, what is this userââ¬â¢s context? c. O_ABC_OU_marketing_OU_corporate_U_james 20. Which utility allows you to manage NDS objects? c. NWAdmin 22. After right-clicking an object within NWAdmin, which option should you choose to modify that objectââ¬â¢s properties? a. Details 23. In a typeful context notation, how is a user objectââ¬â¢s container designated? d. O 24. Why might you want to create an administrator-equivalent ID that isnââ¬â¢t called ââ¬Å"Adminâ⬠? b. for security purposes 25. After a simple NetWare 5.x installation, what rights does the default group called PUBLIC have to the NDS tree? b. Browse, Modify, Erase 26. In NWAdmin, you can grant users rights to save files in a directory.
Tuesday, January 14, 2020
Preparation Outline for Informative Speech Essay
Introduction As long as I can remember my family has always had food on the table and a family gathering on the fourth November in our home. We have all heard elementary stories of wood cabins and the Pilgrims and Indians celebrating thanksgiving. Though, I never knew the reason they were celebrating. Today as Thanksgiving is closely approaching, I am going to talk to you about the history of Thanksgiving, its traditions, and how our era and personal preferences influence the traditions in our celebrations. First letââ¬â¢s start by learning the origination of the Thanksgiving holiday. I. According to Caleb Johnsonââ¬â¢s The Mayflower, ââ¬Å"The pilgrimââ¬â¢s gave thanks in 1621 (the actual date unknown) for the first time.â⬠A. In this article he has a published Plimouth letter. This letter gives us insight as to why they celebrated a day of thanks and with what foods. B. This being that the pilgrims had a scarce crop the years before that had led to sickness and death. The foods they celebrated with was a variety of foods from their crop, many fish, and wildlife animals. So because in the year of 1621 their crops group plentiful, the people of Plimouth decided give thanks to god for their year of blossoming crops. So they celebrated with food and thanks for 3 days. C. This is also the only known account of the Plimouthââ¬â¢s celebration for years to come. The next account was some twenty years later in a published article by William Bradford. So how did a National Holiday come into effect? Why the fourth Thursday? II. The years leading up to a National Holiday A. The Continental Congress proclaimed the first national Thanksgiving in 1777. Yet, Presidents Washington, Adams and Monroe proclaimed national Thanksgivings, but the custom fell out of use by 1815, after which the celebration of the holiday was limited to individual state observances. B. By the 1850s, almost every state and territory celebrated Thanksgiving. C. The plimoth.org site states, ââ¬Å"In 1827, Sarah Josepha Hale began a campaign to reinstate the holiday after the model of the first Presidents. She publicly petitioned several Presidents to make it an annual event. Though her efforts did not succeeded until 1863, when she convinced President Lincoln that a national Thanksgiving might serve to unite a war-torn country.â⬠D. According to History.com it was not until 1941 that the fourth Thursday of November be the permanent date for thanksgiving. Where does a turkey come into play? What are the traditions of this Holiday? III. Thanksgiving traditions and how they came into effect. A. The simplest tradition of Thanksgiving is to come together and give thanks. B. Thanksgiving is also known as Turkey Day. Why? Well according to slate.com, Turkeys just so happened to not have anything to do with the first Thanksgiving. They were fresh, affordable, and big enough to feed a crowd. Among the big birds, turkey was ideal for a fall feast. C. By 1863, when Lincoln proclaimed Thanksgiving a national holiday, turkeys had taken center stage at Thanksgiving. IV. In this era we have added a few Thanksgiving traditions. A. Alder says, ââ¬Å"Pro football has become as big a tradition at Thanksgiving as the turkey and if your Thanksgiving celebrations are like mine, most of the football fans head right for the television as soon as they hit the door.â⬠B. According to USA today, ââ¬Å"A little more than 60 years after the holidayââ¬â¢s formal recognition, another tradition was born: the Macyââ¬â¢s Thanksgiving Day Parade. Started in 1924, the department storeââ¬â¢s first parade included actual animals from the Central Park Zoo.â⬠C. Thanksgiving traditions donââ¬â¢t end on Thanksgiving Day. In the 1950s, theà day after Thanksgiving was called Black Friday by factory managers because so many workers called in sick and the Philadelphia Police Department took to calling the day Black Friday to describe the traffic jams, crowds and shoplifters during the start of the holiday shopping season. Black Friday signals the start of the holiday shopping season, but it may be a tradition thatââ¬â¢s continuing to evolve as stores vie to be the earliest to open Thanksgiving Day. In conclusion, the history of Thanksgiving dates back to 1621. It takes many years before it becomes a permanent national holiday for the American society. Throughout the years Americans have in cooperated new traditions as well as maintained the old. As O. Henry says, ââ¬Å"There is one day that is ours. Thanksgiving Day is the one day that is purely American.ââ¬
Monday, January 6, 2020
Microbiology Research Paper - 6879 Words
Melissa Babajko Microbiology 214BA Dr. May June 6, 2012 Staphylococcus aureus- Is a facultative anaerobic, Gram-positive, salt positive, cocci shaped bacterium. Staphylococcus aureus is found as normal part of the skin floral in the nasal passages and on the skin. An estimated twenty percent of people naturally have harmless Staphylococcus aureus on their skin and are long-term carries for Staphylococcus aureus. Staphylococcus aureus is the most common strand of Staphylococcus in humans to date, spread through skin to skin contact or even skin to object contact that an a person infected with Staphylococcus aureus has touched. Staphylococcus aureus is coagulase positive, which induces clumping of the cells and of the blood. Staphylococcusâ⬠¦show more contentâ⬠¦(http://www.ncbi.nlm.nih.gov/pubmed/22621239) PMID: 22621239 [PubMed - as supplied by publisher] May 2012 Streptococcus pneumoniae- Is a Gram-positive bacterium in the shape of a slightly pointed cocci. They are usually found in pairs as diplococci. Streptococcus pneumoniae are alpha hemolytic bacterium. Streptococcus pneumoniae have a polysaccharide capsule that acts as a virulence factor for the organism; along with surface proteins that prevent the activation of complement pathways, and pili that enable S. pneumoniae to attach to epithelial cells in the upper respiratory tract. Streptococcus pneumoniae lacks catalase and ferments glucose to lactic acid, like most other streptococci. However, unlike most other streptococci, it does not display an M protein and it hydrolyzes insulin, which help distinguish it from other streptococci. Streptococcus pneumoniae is the most common cause of meningitis in adults and young adults throughout the world and is best known for causing pneumonia all other the world. Research Study: Due to a continuing increase in S. pneumoniaes antibiotic resistance, the search for a better vaccine is ongoing. 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For example, while I was learning about the bacteria Clostridium botulinum in Microbiology, I was also learning about the nervous system in Human Physiology. In Microbiology we learned that Clostridium botulinum releases neurotoxinsRead MoreAntibiotic Resistance And Its Effects On Nonpathogenic Strains967 Words à |à 4 PagesMicrobiology Research Paper: Antibiotic Resistance and its effects on nonpathogenic strains in the microbiome Lourdes Samantha Valencia MW Microbiology 12 Matthew Schweitzer Fall 2015 Antibiotic resistance had been a crisis in the United States for many years now. According to the CDC, ââ¬Å"up to 50% of the time, antibiotics are not optimally prescribed, often done so when not needed, [or with] incorrect dosing or durationâ⬠(CDC). More and more bacteria are becoming antibiotic resistant mostly dueRead MoreLouis Pasteur : The Real Pastor Of Science1520 Words à |à 7 Pagesone of the greatest chemists and biologists the world has ever known in the most important scientific time period (ââ¬Å"Louis Pasteurâ⬠). Louis Pasteurââ¬â¢s life, major contributions to the world, and legacy that he left will be truly investigated in this paper. Early Life On December 27, 1822, Louis Pasteur came into the world in the town of Dole, Jura, France (Tames n.pag.). His family was Catholic under the parents of Jean-Joseph Pasteur and Jeanne-Etiennette Roqui. They were quite poor as his dad wasRead MoreThe Biology Of A Research Scientist983 Words à |à 4 Pagesof the science debates and was involved in paper presentations involving grave matters encompassing current problems as well as coming up with practical solution. 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Sunday, December 29, 2019
An Evaluation Of Real Estate Investment Trusts Finance Essay - Free Essay Example
Sample details Pages: 13 Words: 3962 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Besides of Equities, Bond, Property, Fix Deposit, Hedge Fund, Unit Trust Fund and etc.Ãâà A new asset class investment option has emerged with potential fair return of investment in Malaysia.Ãâà REIT Also known as Real Estate Investment Trust.Ãâà With the concept like Unit Trust, by gather pool of money from all sizes of investors.Ãâà REIT based companies will invest, manage and distribute rental as dividend back to the investors.Ãâà It is also being trade in Bursa Kuala Lumpur with ease of buy and sells back like a normal equity. REIT is not new to the world, in many other developed countries, REIT has been developed for decades and with steady fix income as oppose to fix deposit as an alternative. It targets long term investor with moderate risk such as insurance companies, pension funds, unit trust funds and even individual investor. As many investors may not be able to invest in a huge property portfolio, REIT gain strength fro m pool of funds gathered and invests into high profile and high value properties for better return. REIT returns averagely in develop market is around 3-5% depending on its individual performance.Ãâà However, REIT in Malaysia is very attractive because as we are in a so-called last phase of developing nation before developed.Ãâà Our nations propertys values are still a gap behind many developed countries in Asia.Ãâà This emerge as an opportunity with an average attractive yields between 6-8% which is higher then other major developed countries. Especially when REITs are in the infant stage in Malaysia, most REIT managers are with option and plan to growth their property portfolio to trade or manage rental in order to achieve even a better yield for investor. As our nation propertys value is undervalued for decades, there will be a high potential of asset revaluation will bring capital growth to the investor.Ãâà Typical a potential of upside will be b etween 20-30% around a five (5) years period.Ãâà In conjunction with the government effort to liberalize and boost property asset values in Malaysia. An example of an early REITs launched in 2006 STAREIT.Ãâà It has till date performed a 7% dividend yield based on the NTAB of 97 sen.Ãâà If compare to Fix Deposit of 3-4% and even with government based senior citizen bond that offer 5.5%.Ãâà STAREIT becomes much attractive and excluding the potential of its asset revaluation that includes all its prime location properties located at Bintang Walk, Kuala Lumpur. REIT is not just having the existing property to rent out, manage and collect rental.Ãâà A high performance REIT is like your property fund manager.Ãâà They will develop new opportunities, acquire more properties into their portfolio and to some countries, jointly develop property projects.Ãâà This will provide even a higher potential return compare to those low to moderate risk in vestment instruments. LEGAL FRAMEWORK GUIDELINES IN REITs HISTORY The Securities Commission of Malaysia released new guidelines on real estate investment trusts (REITs Guidelines) on 3 January 2005. The REITs Guidelines supersede earlier guidelines on property trust funds published in November 2002. The key features of the REITs Guidelines include the liberalisation of borrowing limits as well as the relaxation of restrictions under the old guidelines on the acquisition of leasehold properties and properties encumbered by financial charges. Borrowings of a fund should not exceed 35% of its total asset value at the time the borrowings are incurred. Leases must be registered and all real estate must be free from encumbrances at the time of acquisition except for charges entered by financial institutions, trustees and management companies in relation to loan facilities extended. The initial minimum size of a real estate investment trust is RM100 million (approximately US$26 million) and the minimum size of subsequent launches is RM25 million (approximately US$6.5 million). Real estate investment trusts may acquire real estate located outside Malaysia subject to the specific approval of the Securities Commission. The management company of a real estate investment trust must be a subsidiary of a Malaysian company involved in the financial services industry in Malaysia or a property development company or a property investment holding company. However, delegation is permitted subject to Securities Commission approval. Permitted investments include real estate, single-purpose companies (i.e. unlisted companies whose principal assets comprise real estate), real estate-related assets, liquid assets, non-real estate-related assets and asset-backed securities. However, at least 75% of a listed funds total assets must be invested in real estate, single-purpose companies, real estate-related assets or liquid assets, with a minimum 50% of total asset s invested in real estate or single-purpose companies. For an unlisted fund, a minimum of 70% of its total assets must be invested in real estate, single-purpose companies or real estate-related assets with at least 50% invested in real estate or single-purpose companies. At least 20% of the unlisted funds total assets must be invested in liquid assets at all times and the remaining 10% in other permitted assets. NEW AMENDMENT GUIDELINES The recently released Guidelines on Real Estate Investment Trusts (New Guidelines) issued by the Securities Commission of Malaysia (SC) on 3 January 2005 has created waves among the industry players in Malaysia including property owners and developers and promoters of real estate investment trusts (REITs). The New Guidelines replace the Guidelines on Property Trust Funds (Previous Guidelines) dated 13 November 2002 and the highlights are as follows. Re-branding The term real estate investment trusts is adopted in the New Guidelines inclu ding in its title, and is consistent with the terminology used in the US, Hong Kong, Singapore, Japan and many other jurisdictions replacing property trust funds which was the term used in the Previous Guidelines. New borrowing limits In the Previous Guidelines, unless otherwise approved by the trustee of the REIT and the SC, the total borrowings of a property trust fund was capped at 30 percent of the net asset value of the fund at the time the borrowings are incurred. The New Guidelines have eased this limit to 35 percent of its total asset value. Acquisitions of leasehold properties Under the Previous Guidelines, a property trust may acquire lease-hold property with at least 60 years remaining on the lease. This requirement has been removed from the New Guidelines to ensure more flexibility in such acquisitions. The New Guidelines now provide that the consent of the relevant authority to transfer the lease must be obtained before the funds prospectus is registered wit h the SC or prior to the acquisition of the leasehold property; and the lease must also be a registered lease. Acquisition of real estate encumbered by charges The Previous Guidelines provided for a blanket prohibition against the acquisition of encumbered real properties save with the approval of the SC. This requirement has been liberalized under the New Guidelines, which provides an exception where the charges on real estate are entered by financial institutions, trustees and management companies. Acquisition of foreign real estate Unlike the Previous Guidelines that merely mention the possibility of acquiring foreign properties, the New Guidelines specifically provide for the permitted scope of such acquisitions including that the REIT may participate in forward sales and purchases in relation to any foreign real estate in its portfolio, subject to the rules. Eligibility requirements of management companies The New Guidelines have relaxed the limit for foreign equity participation in the management company of a REIT to 49 percent from the previous limit of 30 percent. Further, the previous requirement that the management company shall be a public company has been removed. In addition, the requirements relating to the holding company of the management company have been abridged. Submission requirements and procedures The submission procedures, dealt with more briefly in the Previous Guidelines are provided for in great detail in the New Guidelines. Specific forms for different types of submissions to the SC are prescribed in the New Guidelines including those for the establishment of a REIT appointment of the trustee, appointment of the Management Company and issuance of new units for an existing REIT Specific forms of declaration of compliance with the guidelines were also introduced in the New Guidelines. It is envisaged that the more detailed rules would mean less time being wasted in clarifying and requesting for further informat ion and therefore result in a speedier decision-making process for REIT related submissions to the SC. The above changes made to the REIT regulatory regime augurs well for the growth of industry in Malaysia considering that several big names such as the Employees Provident Fund, YTL Corporation Berhad, Axis Group of Companies, Sunrise Berhad and CIMB Berhad have expressed their interest in setting up REITs. In order to further fuel the enthusiasm of market players, it is suggested that further tax incentives such as tax exemption for dividends received by REIT unit holders including non-resident unit holders should be affected. HOW REITs WORK Investing in income-generating real estate can be a great way to increase your net worth. But for many people, investing in real estate, particularly commercial real estate is simply out of reach financially. But what if you could pool your resources with other small investors and invest in large-scale commercial real estate as a group ? REITs (pronounced like treats) allow you to do just that. REIT stands for real estate investment trust and is sometimes called real estate stock. Essentially, REITs are corporations that own and manage a portfolio of real estate properties and mortgages. Anyone can buy shares in a publicly traded REIT. They offer the benefits of real estate ownership without the headaches or expense of being a landlord. Investing in some types of REITs also provides the important advantages of liquidity and diversity. Unlike actual real estate property, these shares can be quickly and easily sold. And because youre investing in a portfolio of properties rather than a single building, you face less financial risk. REITsÃâà came about in 1960, when Congress decided that smaller investors should also be able to invest in large-scale, income-producing real estate. It determined that the best way to do this was the follow the model of investing in other industries; the purchase of equity . A company must distribute at least 90 percent of its taxable income to its shareholders each year to qualify as a REIT. Most REITs pay out 100 percent of their taxable income. In order to maintain its status as a pass-through entity, a REIT deducts these dividends from its corporate taxable income. A pass-through entity does not have to pay corporate federal or state income tax it passes the responsibility of paying these taxes onto its shareholders. REITs cannot pass tax losses through to investors, however. From the 1880s to the 1930s, a similar provision was in place that allowed investors to avoid double taxation which are paying taxes on both the corporate and individual level because trusts were not taxed at the corporate level if income was distributed to beneficiaries. This was reversed in the 1930s, when passive investments were taxed at both the corporate level and as part of individual income tax. REIT proponents were unable to persuade legislation to overturn th is decision for 30 years. Because of the high demand for real estate funds, President Eisenhower signed the 1960 real estate investment trust tax provision qualifying REITs as pass-through entities. A corporation must meet several other requirements to qualify as a REIT and gain pass-through entity status. They must: Be structured as corporation, business trust, or similar association Be managed by a board of directors or trustees Offer fully transferable shares Have at least 100 shareholders Pay dividends of at least 90 percent of the REITs taxable income Have no more than 50 percent of its shares held by five or fewer individuals during the last half of each taxable year Hold at least 75 percent of total investment assets in real estate Have no more than 20 percent of its assets consist of stocks in taxable REIT subsidiaries Derive at least 75 percent of gross income from rents or mortgage interest At least 95 percent of a REITs gross income must c ome from financial investments (in other words, it must pass the 95-percent income test). These include rents, dividends, interest and capital gains. In addition, at least 75 percent of its income must come from certain real estate sources (the 75-percent income test), including rents from real property, gains from the sale or other disposition of real property, and income and gain derived from foreclosure of property. Because REITs are required to distribute 90 percent of their taxable income to investors, they must rely upon external funding as their key source of capital. Just like other stock offerings, publicly traded REITs collect funds via an initial public offering (IPO). Those funds are used to buy, develop and manage real estate assets. The IPO works just like other security offerings except that instead of purchasing stock in a single company, the buyer will own a portion of a managed pool of real estate. Income is generated through renting, leasing, or selling the proper ties and is distributed directly to the REIT holder on a regular basis. When a REIT pays out its dividends, theyre equally distributed among shareholders as a percentage of paid-out taxable income. REITs have a board of directors elected by its shareholders. Typically, these directors are real estate professionals who are highly respected in the field. They are responsible for selecting the REITs investments and hiring the management team, which then handles day-to-day operations. REITs earn money from rented space or sales of property. The preferred method for measuring REIT earnings is called funds from operations (FFO). The National Association of Real Estate Investment Trusts (NAREIT) defines FFO as: Net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidate d partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. Basically, REITs add or deduct from net income (rent and sales computed according to generally accepted accounting principles [GAAP]) any gains or losses due to depreciation, sale of property and unconsolidated partnerships and joint ventures. Essentially, FFO measures a REITs operating cash flow produced by its properties, less administrative and financing costs. Under generally accepted accounting principles, net income typically assumes that the value of assets goes down over time; somewhat predictably. Real estate generally retains or even increases in value. On the balance sheet under GAAP, however, land remains at its historical cost and buildings gradually depreciate to zero. Since a REITs primary business involves real estate, the depreciation charges negatively skewed the companys true profitability. FFO was adopted to address that problem by excluding depreciation costs from the net income figure. FFO is not a foolproof measure, however. Not all REITs calculate it according to the NAREIT definition and items such as maintenance, repairs and other recurring capital expenses are missing from the formula. In order to get a true FFO, investors must often read a companys quarterly report, and any supplemental disclosures. MARKET PERFORMANCE OF REITs INTRODUCTION The recent collapse of stock markets around the world has not spared REITs. This unprecedented turmoil has wiped US$160 billion (RM576 billion) off the total market capitalization of global REITs in the year to end-June 2008. Thats a 20 per cent drop as the widespread correction in real estate values collided with extreme volatility in the international equity markets. The United States saw its market cap drop below US$300 billion (RM1, 080 billion) to US$259 billion (RM932 billion) during that period. The Asian REIT market, surprisingly, was the best performer in 2008 i n terms of one- and three-year returns and is poised to overtake Europe as the worlds second largest REIT market in market cap. Among these Asian REITs are Link REIT Hong Kong, Westfield Australia, Parkway Healthcare REIT Singapore, CDL Hospitality Singapore and CMT Singapore which have strong sponsors and good balance sheets. Though Malaysian REITs are small compared to these heavyweights, M-REITs performance in 2008 has been much better than the industry average, registering an average drop of 29 per cent versus Singapores 56 per cent, and they continue to have simpler structures and low gearing favoured by investors. What is emerging from the current market turmoil is that shell-shocked equity investors are turning to tax efficient REITs to bolster income returns generated by their bruised stocks portfolio. In its latest Global Property and REIT Report, Standard Poors said its Global REIT index outperformed the broader equity stocks significantly in the third quarter of 2008, falling only 4.4 per cent compared to the 16.6 per cent drop in its Global Broad Market index. It said that in the midst of all the turmoil, REITs and REIT-like companies, typically leveraged around 40 per cent, have done surprisingly well. The global financial crisis started to impact the countrys real economy in the fourth quarter of 2008. The first and second quarters in the current year will be the acid test as to whether the economy will slip into negative growth. At the moment, the situation is one where Malaysian corporates are planning for the slowdown. Results in the third quarter of 2008 had been a mixed bag with some companies showing good results on the back of strong commodity prices and healthy order books. That could change in the fourth quarter where the impact of lower commodity prices and declining order books would mean lower performances. One strong point is that the balance sheets of banks and companies in the country are healthy thanks to cau tion exercised since the 1997 Asian financial crisis. Also, the banks have not had any exposure to sub prime structured products or Credit Default Swaps which brought down Lehman Brothers, Bear Stearns and AIG and damaged the balance sheets of many investment banks globally. In Malaysia, liquidity is still strong, banks are still lending and the government is putting in place contingencies for stimulus packages for the economy. A positive note is that inflation is abating, which allows Bank Negara further room to lower the Overnight Policy Rate. MARKET PERFORMANCE IN MALYSIA THE Malaysian real estate investment trusts (MREITs) were launched in 2005 after REITs in general hit the stock markets in Japan, Hong Kong and Singapore. Within a year 10 REITs were launched, one repackaged with another two oldies remaining, making up 11 REITs. Before the global financial turmoil in 2008, the MREITs performed predictably well, yielding 6% to 7% dividend returns with marginal growth in share premium. By end-2008, along with the rest of the equities market, the MREITs took a severe beating from which they have hardly recovered. Menara Axis in Petaling Jaya Some salient points of the MREITs are worth noting. ÃÆ'à ¢-Ãâà REITS share prices have declined substantially. The MREITs today show a substantial discount to the net asset values (NAV) of the assets underlying the REITs, ranging from 23% to 39% (as shown in Table 1). The property market, in general, has not shown such drastic changes in values over 2007. Although the asset base of the MREITs has increased, much of this is due to the injection of new and additional assets and not because of increases in asset values or appreciation in values.The peculiar nature of this phenomenon is because of the nature of the REITs. ÃÆ'à ¢-Ãâà on a down market, REITS show equity tendencies, on an up market, REITS show bond tendencies. Much research has been carried out by academics as to the behaviour of REITs. The research has been inconclusive. It will appear, from the little information and research that can be done in Malaysia, that MREITs have a tendency to behave like an equity in a down market, that is, if the stock market declines the MREITs will also follow suit, irregardless of the stability, or otherwise of the underlying asset. However, in an upswing, the fixed nature of the income and the inability of the underlying asset to react quickly force the MREITs to behave like a fixed-income instrument, like a bond. This phenomenon would explain why the MREITs are now selling at a discount to the NAV. ÃÆ'à ¢-Ãâà Income to continue at current levels. It is anticipated that the current income of the MREITs will continue at current levels and may not be affected by the general downturn. Almost all the MREITs were launched before 2007; therefore the rents underpinning their income were at 2006 and 2005 levels. It is believed that these re nts are sustainable and the majority of MREITs did not increase the rental levels to the high levels reached in 2007. Hence, the income and the dividend flow is expected to continue. ÃÆ'à ¢-Ãâà Sale and leasebacks will continue to perform better. Another reason the income will be sustainable is because a number of MREITs has secured guaranteed returns on a sale-and-leaseback basis. Therefore, the downturn in the market is shielded. ÃÆ'à ¢-Ãâà Yields have increased tremendously. The sustainable income, coupled with the decline in the net asset value, has boosted dividend yields to between 6% and 14%. Table 1 explains the dividend yield position of the MREITs in January 2009. These returns show, on average, an increase of 50% over the previous yields. ÃÆ'à ¢-Ãâà Singapore yields even higher due to a sharper drop in REITS pricing. The sharper corrections to the equities market and the more prominent impact of the economy has affected the Singap ore REITs, pushing prices down and, thus, increasing yields. Some REITs are giving yields in excess of 25% in Singapore. ÃÆ'à ¢-Ãâà Injection of new assets will face yield disparities. The yield disparities have affected the injection of new assets into existing REITs. Most real estate pricings and rental incomes fall between 6% and 8% for commercial properties. When current yields are in excess of these returns, REIT sponsors will be unable to inject new assets at below the dividend yields. ÃÆ'à ¢-Ãâà Opportunities for acquisition of better quality asset. However, the current downturn can also provide wonderful opportunities for the acquisition of better quality assets and a more competitive pricing of the real estate. ÃÆ'à ¢-Ãâà Refinancing. Financing for REITs has been different from normal financing. As the requirement is for the income to be distributed, almost all the MREITs have been servicing only the interest component of the loan; there is no repayment, partially or otherwise of the loan. This, coupled with the lower negotiated interest rates regime, has helped the MREITs to declare a higher dividend than the yields from the underlying asset. In view of the reduced interest rates currently being considered by the financial institutions, it might be easier to get a lower interest rate. The MREITs appear to have weathered the financial storm well as the discounts to the net asset value is manageable and not as severe as in other countries. Added to that is the sustainable income from the rents. It would appear, therefore, that MREIT yields will be maintained and the downside risks are manageable. RISK AND FUTURE PROPECT FUTURE PROSPECT AND PROBLEM Many countries are currently preparing their own REIT legislation to be introduced. Among the new entries are the Philippines, Indonesia, China, Pakistan and India. REIT legislation is already in place in Malaysia, Singapore, Australia, Japan, Korea, Hong Kong and Thailand. Countries where REIT legislation is not present have encouraged property owners there to consider listings in other bourses where such legislation exists. Examples are Ascendas India and CapitaLand China Mall Trust listed on Singapore Exchange Ltd. Future growth areas will be in high growth markets such as India and China where there is a huge amount of high grade unlisted real estate which could get securitised once their REIT legislation is in place. Asians who likes to own properties will discover that REITs are the best form of a liquid proxy to physical properties. REIT is still an overlook investment by the market because REIT is a conservative investment. REIT didnt fluctuate much in price over days. Therefore, investors tend to forget it. Bear in mind that, property will appreciate in times and so the REIT. Now, they are 11 REITs listed on Bursa Malaysia and another 2 more will be added in next year, SunCity and CapitaLand.Ãâà Ãâ Donââ¬â¢t waste time! Our writers will create an original "An Evaluation Of Real Estate Investment Trusts Finance Essay" essay for you Create order
Friday, December 20, 2019
Why Did Stalin Rather Than Trotsky Emerge as Leader of the...
Why did Stalin rather than Trotsky emerge as leader of the USSR in 1929? When Lenin died in 1924 there was no clear leader of the communist party. By 1929 Stalin had successfully managed to take power and begin his regime as leader. Here are the reasons to why Stalin beat Trotsky. Firstly many members of the communist distrusted Trotsky due to his Menshevik past and didnââ¬â¢t see him as a true and Loyal Bolshevik. He didnââ¬â¢t join to Bolshevism until 1917 and this made the ââ¬Ëoldââ¬â¢ Bolsheviks suspect him. The distrust continued with his role as the commander of the Red Army and his opportunism is switching alliances against and with other colleagues like Zinoviev and Kamenev. Due to this many suspected him of becoming a dictator and they wantedâ⬠¦show more contentâ⬠¦needed to become leader under everyoneââ¬â¢sShow MoreRelatedStalins Emergence as Leader Essay1091 Words à |à 5 PagesEmergence as Leader Jan 21, 1924 Russian revolutionary Vladimir Ilyich Lenin died at age 53 and a major struggle for power in the Soviet Union began. A triumvirate led by Joseph Stalin succeeded Lenin. By 1928, Stalin had assumed absolute power, ruling as an often brutal dictator until his death in 1953. But how is it that Stalin emerged as the new leader of the Soviet Union. In this essay I am going to explore the reasons to how and why this happened. Stalin held aRead MoreThe Rise and Rule of Single-Party States7795 Words à |à 32 PagesHitler * 1.5 Russia- Josef Stalin * 1.6 Cuba- Fidel Castro | Introduction * The 20th century produced many single-party states. The origins, ideology, form of government, organization, nature, and impact of these should be studied in this topic. Questions will be set on major themes. Some of these will require knowledge of two regions. Major Themes * Origins of single-party states * conditions which produce single-party state. * emergence of leader: aims, ideology, support. Read MoreMarxism and Communism Christian Communism4953 Words à |à 20 Pagesthe legacy of imperialism and nationalism. History Early communism Karl Heinrich Marx saw primitive communism as the original, hunter-gatherer state of humankind from which it arose. For Marx, only after humanity was capable of producing surplus, did private property develop.In the history of Western thought, certain elements of the idea of a society based on common ownership of property can be traced back to ancient times .Examples include the Spartacus slave revolt in Rome.The fifth century MazdakRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words à |à 656 Pagesepochs we routinely set apart as centuries suggests the need for flexibility in demarcating phases of world history, and for determining beginnings and endings that accord with major shifts in political and socioeconomic circumstances and dynamics rather than standard but arbitrary chronological break points. In the decades that followed the Great War, the victorious European powers appeared to have restored, even expanded, their global political and economic preeminence only to see it eclipsed by
Thursday, December 12, 2019
Integrated Marketing Solutions
Question: Discuss about the Business Reseach Project. Answer: Introduction Traditional marketing focuses on sales and profitability of the organizations. But, on the other hand, modern and digital marketing plays important role in augmenting the satisfaction level of customers also. Similarly, integrated marketing combines traditional and digital marketing which provides assistance in increasing financial performance of the firm with high level of customer satisfaction (Sobh and Perry, 2006). The current research project is based on integrated marketing and its impact on sales and competitive position of the organizations of Persian Gulf. Regarding this current research has been chosen oil and gas industry of Western Asia. Research will follow a specific process for attaining aim and objectives and this process includes literature review, research methodology and data analysis. Research Project Outline Title: To determine the major impacts of integrated marketing solutions on sales of oil and gas industry of Persian Gulf. Objectives To understand the concept of integrated marketing solutions. To determine the positive and negative impacts of integrated marketing solutions on oil and gas industry of Persian Gulf. To suggest appropriate integrated marketing solutions for increasing sales and financial performance of oil and gas industry of Persian Gulf. Research Question What is the meaning of integrated marketing solutions? What are the major impacts of integrated marketing solutions on oil and gas industry of Persian Gulf? Research Problem Customer satisfaction was one of the major problem for oil and gas industry of Persian gulf because there are number of companies that apply traditional marketing techniques for increasing awareness of customers about their products, but, these techniques help in increasing sales and profitability but do not pay attention towards the accomplishment of needs and requirements of customers (Sheth and Sisodia, 2015). So, traditional marketing solutions are not appropriate for increasing customers satisfaction. So, number of companies use integrated marketing solutions but these are little costly as compare to traditional methods. Along with this, these companies do not have appropriate conclusion about the use of impacts of integrated marketing on sales of the company. So, it is considered as major research problem. So, author will sue suitable methods and approach for resolving appropriate solution for the study (Lusch and Vargo, 2014). Focus and Purpose According to the above discussion author will focus on different aspects such as traditional and integrated marketing solutions and its impact on overall performance of the firm. Research study will also shed light on sales record of the oil and gas industry of Persian Gulf. Along with this, focus will also be given on effect of integrated marketing on sales records of the organization. Therefore, major purpose of this investigation is determining positive as well as negative impacts of integrated marketing on sales and profitability of the firm. Appropriate research plan will help in attaining this purpose in smooth and appropriate manner. Identification of the Factors that Contribute to the process of Research Project Selection Integrated marketing is one of the major contemporary topics of the research so; researcher has decided to conduct investigation on this subject. Along with this, author has some theoretical knowledge about this subject so researcher wants to apply it in practical aspect. Including this, through this research paper researcher wants to deter mine the major relationship between sales and integrated marketing. Further, there is a huge scope of the research on this subject so, all these are considered as major factors of project selection (Lee and Morrison, 2010). Critical Review of Key References Researcher wants to conduct Meta analysis on the research subject and regarding this author needs to select appropriate research papers on similar subjects. These papers needs to be published by past research scholars. So, author will conduct a literature review for completing whole investigation (Lillis, 2008). After conducting literature review study will determine research gap which will help in formulating aim and objectives in appropriate manner. Including this, literature review will also help in understanding research problem in effective manner. Author will collect research papers on integrated marketing solutions and Persian Gulf. Along with this, articles will also be based on effects of integrated marketing (Percy, 2014). Integrated Marketing Kumar, 2017 has defined that Integrated marketing is combination on traditional and modern techniques of marketing which communicate consistent and appropriate message from company to all stakeholders (Kumar, 2017). As per this statement at the time of using integrated marketing companies need to focus on both traditional as well as digital marketing strategies. Similarly, Baines and et.al, 2017 has asserted that This marketing approach provides an unified and seamless experience to each and every customer by which they can make direct contact with specific brand and enterprise (Baines and et.al, 2017). Along with this, Shi and et.al, 2017 has stated that Integrated marketing focuses on all aspects of promotion and advertisement such as sales promotion, public relations, direct marketing, telephonic and mail marketing, social media and other digital marketing etc (Shi and et.al, 2017). Further, Steenkamp, 2017 has also disclosed that this marketing approach assure about the communica tion and messaging channels that whether these channels are appropriate for customers or not (Steenkamp, 2017). Oil and Gas industry of Persian Gulf uses integrated marketing and due to this, customer of the company interact with the organizations easily which plays important role in developing strong association with consumer (Integrated Marketing Definitions, 2017). Therefore, review of literature has reflected that integrated marketing is one of the best ways to increase awareness of customers about the products and services of the company. Integrated Marketing Solutions Raja, Frandsen and Mouritsen, 2017 has said that Marketing mix of the organization focuses on only four basis solutions such as product, price, place and promotions (Raja, Frandsen and Mouritsen, 2017). But integrated marketing solutions comprise people, process, physical evidences, etc. Along with this, it also focuses on cost, customers, communication and convenience. Therefore, all these solutions play important role in attaining marketing objectives in effective manner. In addition, effective communication with customers is one of the major advantages of integrated marketing solution. So, these solutions plays important role in developing appropriate strategies for product, price, place, promotion, cost, communication, process and people (Integrated Marketing Solutions, 2017). Malshe, Sohi and Krush, 2017 has stated that Integrated marketing helps in making shift from traditional marketing to digital marketing and mass media to specialised media (Malshe, Sohi and Krush, 2017). Impacts of Integrated Marketing on Sales and other Performance Integrated marketing has positive as well as negative impact on overall performance of the organization. Babin and Zikmund, 2015 has stated that integrated marketing reduces the total marketing cost because it helps in maintaining data base in effective manner (Babin and Zikmund, 2015). Therefore, it plays important role in reducing cost burden which is beneficial for augmenting the profit level of the organization. Lusch and Vargo, 2014 has asserted that integrated marketing is also known as international marketing which help in making tough competition in foreign countries (Lusch and Vargo, 2014). Therefore, integrated marketing is one of the best strategies for attracting global customers that leads increment in local and international sales of the company. Including this, integrated marketing can easily influence customers to buy products and services of particular company which has positive impact on financial performance of the firm. Overall, integrated marketing has sportive i mpact on customers behaviour and satisfaction, marketing activities and marketing cost which help in increasing financial performance of the firm (Lillis, 2008). But, on the other hand, implication of integrated marketing requires high skills and experiences, company needs to high skilled and experienced employees. It has negative impact on human resource management cost of the company. High HR cost can decline the total profit of the company. Overall, integrated marketing has positive and negative impacts on sales of the company (Baines and et.al, 2017). So, researcher needs to conduct a systematic research for determining impact on integrated marketing solutions on sales of oil and gas industry of Persian Gulf. Research Project Specification The current research is based on integrated marketing and its impact on sales, financial and competitive position of organizations. It has chosen by researchers because there are number of organizations that use integrated marketing solutions for increasing awareness of products and services in eyes of customers of the company. So, researcher wants to determine the impact on integrated marketing on sales and profitability of the firm. Along with this, it is a research now because oil and gas industry of Persian gulf is using integrated marketing strategy but there is no research on its impact on sales so, author has selected this subject for current investigation (Bhattacharyya, 2009). Final research will be significant because it will provide assistance to PhD scholars for conducting studies in coming time on similar subjects. Along with this, it will also be beneficial for selecting appropriate strategy for organization. Appropriate plan and process for the agreed research specification Research Methodology Research plans includes appropriate methodology that comprises different tools and techniques of the research that plays important tools in attaining all solutions of research questions. As per the above discussed aim and objectives author needs to select suitable research design, philosophy, approach and strategy. Along with this, author needs to choose suitable methods for collecting and analysing data (Daniel and Sam, 2011). Therefore, research methodology will play important role in making the final conclusion for the entire research investigation. Research design Determining impacts of integrated marketing solutions on sale and financial performance is the major aim and objective of the current research. For attaining this aim researcher needs to develop an appropriate plan which also known as research design. According to objectives of the study researcher needs to analyse the sales performance and marketing strategy of oil and gas industry of Persian Gulf. Regarding this, author will use descriptive research design for completing this investigation in effective manner (Flick, 2011). It has selected by researcher because it is an appropriate design for completing theoretical and qualitative research on selected subject. Types of the Research There are two different research techniques for analysing research problem and these are qualitative and quantitative research. The current study is based on integrated marketing and sales analysis of the organization which is a subjective concept. So, study will use both qualitative and quantitative research techniques. In which, qualitative research technique provides assistance in understanding research problem. It includes different theories and concepts which will play important role in resolving research problem in better manner (Kumar, 2014). On the other hand, quantitative research focuses on numerical analysis so; it will assist in analysing sales target and financial performance of the oil and gas industry of Persian Gulf in effective manner. Research Philosophy It is a most appropriate technique of research which plays important role in getting appropriate base for conducting investigation in effective manner. There are two type of paradigm positivism and intrepretivism. In which for the current research author will focus on positivism because it is based on objective concept of the research rather than subjectivity of the research topic. Therefore, using this philosophy author will attain aim and objectives in effective manner. Overall author will analyse the major impacts of integrated marketing on overall performance of the firm (Kumar, 2017). Research Approach Approach of the research decides the way by which author can complete the whole investigation that will play important role in getting solutions of research questions. There are two major approaches inductive and deductive. As per the above discussion author has developed appropriate research question for the whole study so author will use deductive research approach. This approach shed lights on the general to specific research. So, author will conduct general research on integrated marketing and its impact on organizations sales performance. Afterwards, author will analyse the final results with the context of oil and gas industry of Persian Gulf (Babin and Zikmund, 2015). Author will not apply hypothesis testing so, inductive research approach will not appropriate for the current study. Data Collection Methods Resolving research problem in effective manner is not an easy task for researcher, so, for getting appropriate solution of the research problem author will collect appropriate information using different methods of data collection. There are two specific methods and these are primary and secondary data collection techniques. Author uses primary tools for collection new and fresh data about the subject. On the other hand, secondary data collection methods are generally used by researcher for obtaining past information about the subject which are already available. For the current investigation author will use secondary data collection method for gathering information about integrated marketing solutions and sales performance of oil and gas industry of Persian Gulf. Regarding this, author will select appropriate secondary sources such as annual reports of oil and gas companies, books, journals, research papers, websites and literature. All these information will provide appropriate ins ights to understand the research problem. Along with this, author will also apply inclusion and exclusion criteria for conducting Meta analysis of the research papers. As per the inclusion criteria author can extract only those papers which have been published after 2010 and in English language (Shi and et.al, 2017017). Along with this, exclusion criteria can exclude all those papers which will not based on research subject and dont relevant to the study. Therefore, all these tools and techniques are very effective for collecting suitable data for whole investigation on the research subject. Data Analysis After obtaining appropriate data author needs to analyse the collected facts and figures in effective manner which will play important role in resolving research problem. There are two major techniques for analysing obtained data and these include thematic and statistical analysis. For the current investigation author will use thematic analysis only because lack of the numerical information about the research subject. Thematic analysis is one of the best ways to conduct study using qualitative research technique. Along with this, using this technique author can develop different themes for attaining aim and objectives. Thematic analysis will be based on subjective information about the integrated marketing solutions which are used by oil and gas industry of Persian Gulf. Along with this, it will also develop different them for positive and negative impact on integrated marketing on sales of the company (Malshe, Sohi and Krush, 2017). Overall data analysis will develop a strong and me aningful conclusion for resolving research problem. Time scale Gantt chart is the best tool for presenting time scale for each and every activity of the research. It includes total duration in which each activity will be completed (Sobh and Perry, 2006). Gantt chart for current investigation is described as under: Table 1: Gantt chart for the current research Activity and Duration in days 1 5 10 15 20 25 30 35 40 Review of the research subject Formation of the aim and objectives Review of available literature Research methodologies Secondary data collection Analysis of the collected data Monitoring and analysis Final execution and completion Conclusion The current research project is based on integrated marketing and its impacts on sales of oil and gas industry of Persian Gulf. Report has used appropriate research methodology and data collection methods which will help in attaining aim and objectives of the study in effective manner. Final result of the study will provide assistance in conducting future research on similar subject on other industries.
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