Global Financial Crisis and Nigerian Stock Market Volatility

GLOBAL FINANCIAL CRISIS AND NIGERIAN STOCK MARKET VOLATILITY Abdul ADAMU Department of Business Administration, Nasarawa State University, Keffi – Nasarawa State. [email  protected] com [email  protected] com Tel. +2348029445391, +2348064851648. Paper presented at the National Conference on â€Å"Managing the challenges of Global Financial Crisis in Developing Economies† organised by the Faculty of Administration, Nasarawa State University, Keffi, Nasarawa State – Nigeria held between March 9 – 11, 2010. Abstract The current global financial crisis is no longer news but a reality. Our policy makers in the country have been proven wrong based on their argument that the country was insulated. Some of the sectors that have felt the heat of the crisis are the banking sector and the stock market. In the stock market, investors lost trillions of naira due the downward fall in the prices of stock. Based on this, the study assesses the extent of the stock market volatility in the period preceding the crisis and the period of the crisis. Using the All Share Index, the returns for various months were computed, descriptive statistics of the returns was calculated and the volatility of the market was estimated using the standard deviation. It was found that the stock market is highly volatile in the period of the financial crisis than the period preceding it. The recommendation is that the depth of instruments in the stock market should be varied in terms of fixed securities than equity instruments. Introduction The global economic crisis, which first emerged as a financial crisis in one country, has now fully installed itself with no bottom yet in sight. The world economy is in a deep recession, and the danger of falling into a deflationary trap cannot be dismissed for many important countries (UNCTAD, 2009). The recent global economic crisis was a result of economic and political events in the United States. What started with amended federal policy and poor mortgage lending practices, resulted in a world-wide economic meltdown that spread like a virus (Beck, 2008). The US sub-prime mortgage market triggered the crisis as a result of credit crunch within this market. Most countries around the world have approached this ‘tsunami’ pragmatically with emergency funding support for relevant sectors, so as to mitigate the impact of the crisis on economies as well as avoiding the entire collapse of the international financial system (Ajakaiye & Fakiyesi, 2009). Despite these supports by various governments in the form bailout, it does not stop some countries to go into recession, because of large decline in their wealth, manifesting itself in falling productive capacity, growth, employment and welfare. At first, the direct impact of the financial crisis on the African economies was limited as African countries has weak integration with the global economy and most commercial banks in the region refrained from investing in the troubled assets from the US and other part of the world (Adamu, 2008). This is why most commentators argue that Africa is so far insulated from the direct effects of the financial crisis at least in the short-run. But now, this is not the case as the rate of unemployment and liquidity squeeze is becoming unbearable. In Nigeria, like other African developing countries, the initial response to the crisis was rather meek, as if our policy makers do not understand the gravity of the crisis. While the developed countries were busy trying to bailout their economy in order to mitigate the effects of the crisis, our leaders were hiding under the shadow of insulation. The most visible sector being hit by this crisis in the Nigerian economy is the capital market. The Nigerian Stock Exchange, the flagship of Nigeria’s capital market has witnessed unprecedented turbulence since April, 2008. First, the downward slide of the stocks on the market dominated by the banking sector made experts restive and regulatory authorities jittery. While accusing fingers were being pointed at different directions as the cause of this volatility in the prices of stocks, the market began a free-fall never witnessed in the history of capital market operations in Nigeria. Both local and foreign investors who had taken advantage of the optimal return on investments on the stock exchange began to scamper elsewhere in desperation. Some of the questions that are critical to this trend in the capital market are; what is the extent of the stock price volatility on the Nigerian Stock Exchange? What are the factors that impacted the stock price volatility? To what extent has this volatility in stock price affected investors? What can the regulatory authority do to contain this problem? This paper will address the first question raised above. This part is the introduction and the rest of the paper is arranged as follows; section two discussed the concept of financial crisis, the Nigerian capital market and the crisis, then stock market volatility. In section three, we discuss data and methodology, then results and discussions in section four and finally, summary and conclusions in section five. The concept of financial crisis The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults (Kindleberger & Aliber, 2005, Laeven & Valencia, 2008). Some economic theories that explained financial crises includes the World systems theory which explained the dangers and perils, which leading industrial nations will be facing (and are now facing) at the end of the long economic cycle, which began after the oil crisis of 1973. While Coordination games, a mathematical approach to modelling financial crises have emphasized that there is often positive feedback between market participants' decisions (Krugman, 2008). Positive feedback implies that there may be dramatic changes in asset values in response to small changes in economic fundamentals, Minsky’s theorised that financial fragility is a typical feature of any capitalist economy and financial fragility levels move together with the business cycle, but the Herding and Learning models explained that asset purchases by a few agents encourage others to buy too, not because the true value of the asset increases when many buy (which is called â€Å"strategic omplementarity†), but because investors come to believe the true asset value is high when they observe others buying (Avery & Zemsky, 1998, Chari and Kehoe, 2004, Cipriani & Guarino, 2008). The Nigerian Capital Market and the Crisis The All Share Index and the market capitalisation of the 233 listed equities capture activities and performance on the Nigerian Stock Exchange (NSE). Before the crisis, there has been a consistent growth in these performance indicators over the year (see fig. 1). For instance, the All Share Index according to data from www. cashcraft. com grow from a value of 12,137 in 2002 to 66,371. 2 points on March 5, 2008, with a market capitalisation of about N12. 640 trillion, after which values fell to 20,827. 17 points on December 31, 2009, with a market capitalisation of 4. 989 trillion because of the meltdown. This shows that by the end of the year 2009, the All Share Index had lost a total share of about 69%, while market capitalisation had lost 61% of its value. There are concerns regarding how rapidly the global financial crisis affected the Nigerian Capital Market, especially given that there is virtually no cross-ownership of banks (investment or otherwise) between Nigeria and foreign countries, and there is hardly any domestic mortgage market for there to be a sub-prime problem as found particularly in the UK and the USA (Aluko, 2008; Ajakaiye & Fakiyesi, 2009). The decline of indicators of activities on the NSE before the escalation of the crisis on the global scene in July 2008 became a source of concern for many. It is difficult to attribute this decline to any particular factor, but those factors that may have direct or indirect impact are as follows; i. Foreign portfolio investments withdrawals and reduced foreign direct investment affect investor confidence in Nigeria (Adamu, 2008; Aluko, 2008; and Ajakaiye & Fakiyesi, 2009). This is the case because most foreigners withhold their investments in order to service their financial problems at home. This exposed the country to FDI uncertainties and vagaries, particularly in an era where public-private partnership (PPP) of huge investment plans such as oil and gas – LNG projects, power plants, railways, housing and roads are being encouraged. ii. Another factor which according to Ajakaiye & Fakiyesi (2009) that had serious impact on the stock market is what they called the ‘intensifiers’. These include policy interpretations by the market, which may have been induced by the slow government initial stand on the economy. This also includes interpretation of announcements, proclamations and rumours by the market. Examples include the proposed recapitalisation plan of the stock market players (stock broking firms), as well as rumours on the termination of margin lending by banks. iii. The phenomenon of marginal lending in Nigeria, whereby investors borrow money from banks to invest in other financial instruments like IPOs of banks with the hope of making quick returns. This may also be termed Nigeria's own version of the ‘sub-prime problem’, as it resulted in an exploding domestic stock market and stock prices and astounding returns to both the speculators and providers of the margin funds. This make the banks to feel the heat of the crisis as most margin loans become difficult to repay due to the downward trend in the market. iv. With the currency overdependence on oil revenue, the downward trend in the price of crude oil and prospects for economic recession in the developed world and Europe which are the markets for the oil, also contributed for the fall in the stock market. Because it look as if Nigeria's capital market bear cycle actually began with the decline of oil prices in July, and accelerated with its further decline in September and October (Aluko, 2008; Ajakaiye & Fakaiye, 2009). Stock Market Volatility Stock volatility refers to the potential for a given stock to experience a drastic decrease or increase in value within a predetermined period of time. Investors evaluate the volatility of stock before making a decision to purchase a new stock offering, buy additional shares of a stock already in the portfolio, or sell stock currently in the possession of the investor. In recent months, it has not been unusual to see the value of major stock indexes, such as the S 500, NIKKEI, DOW JONES, KOSPI, FTSE, and our own NSE-ASI change by as much as 3% in a single day. Unfortunately for many investors, the general direction of those changes has been downward. To many, this volatility is driven by the recent global financial crisis. Stock market volatility tends to be persistent; that is, periods of high volatility as well as low volatility tend to last for months. In particular, periods of high volatility tend to occur when stock prices are falling and during recessions. Stock market volatility also is positively related to volatility in economic variables, such as inflation, industrial production, and debt levels in the corporate sector (Schwert, 1989). The persistence in volatility is not surprising: stock market volatility should depend on the overall health of the economy, and real economic variables themselves tend to display persistence. The persistence of stock market return volatility has two interesting implications. First, volatility is a proxy for investment risk. Persistence in volatility implies that the risk and return trade-off changes in a predictable way over the business cycle. Second, the persistence in volatility can be used to predict future economic variables. For example, Campbell, Lettau, Malkiel, and Xu (2001) show that stock market volatility helps to predict GDP growth. Volatility may impair the smooth functioning of the financial system and adversely affect economic performance (Mala & Reddy, 2007). Similarly, stock market volatility also has a number of negative implications. One of the ways in which it affects the economy is through its effect on consumer spending (Campbell, 1996; Starr-McCluer, 1998; Ludvigson & Steindel, 1999; and Poterba, 2000). The impact of stock market volatility on consumer spending is related via the wealth effect. Increased wealth will drive up consumer spending. However, a fall in stock market will weaken consumer confidence and thus drive down consumer spending. Stock market volatility may also affect business investment (Zuliu, 1995) and economic growth directly (Levine & Zervos, 1996; and Arestis, Demetriades, & Luintel, 2001). A rise in stock market volatility can be interpreted as a rise in risk of equity investment and thus a shift of funds to less risky assets. This move could lead to a rise in cost of funds to firms and thus new firms might bear this effect as investors will turn to purchase of stock in larger, well known firms. While there is a general consensus on what constitutes stock market volatility and, to a lesser extent, on how to measure it, there is far less agreement on the causes of changes in stock market volatility. Some economists see the causes of volatility in the arrival of new, unanticipated information that alters expected returns on a stock (Engle, 1982). Thus, changes in market volatility would merely reflect changes in the local or global economic environment. Others claim that volatility is caused mainly by changes in trading volume, practices or patterns, which in turn are driven by factors such as modifications in macroeconomic policies, shifts in investor tolerance of risk and increased uncertainty. The degree of stock market volatility can help forecasters predict the path of an economy’s growth and the structure of volatility can imply that â€Å"investors now need to hold more stocks in their portfolio to achieve diversification†(Krainer, 2002). Data and Methodology This research relies on the daily All Share Index (ASI) of the Nigerian Stock Exchange as reported by the exchange and on Cashcraft database. There are 233 listed companies on the Nigerian Stock Exchange and the ASI is the major index that captures the performance of all the shares of the listed companies. Using the ASI, the monthly returns (%) were calculated using the formula below; Where Vf is the ASI at the end of the month, and Vi is the ASI at the beginning of the month. These returns were calculated for all the 48 months used in this study. We measure volatility using the standard deviation and/or variance. This is done by dividing the period under study into two. The first period comprises of 24 months observation for 2006 and 2007, the period prior to the crisis and the second 24 observations were for 2008 and 2009, the period of the crisis. In examining volatility changes over time, we compare the variances or standard deviations of the different periods and determine if they are statistically significantly different from each other. To estimate volatility, the expected returns or mean for these periods returns were computed using the equation; This implies that is the average of the return values. Using this value for and the variance estimate results in a formula for the volatility is given as; . It follows that the estimation of the volatility constant given by Wilmott, Howison and Dewynne (1995) is: Lastly, the expected returns and the standard deviations will be used in testing the hypothesis whether there is a significant difference between the means of the two observation using t – statistic for testing difference of two means. Results and Discussions Table 1 shows the descriptive statistics of the monthly returns for the two periods. For the period 2006 – 2007, the average return was 3. 42% with a standard deviation of 5. 37%. This is showing that during this period, stock market returns was less volatile because a less volatile stock will have a price/return that will deviate relatively from the mean little over time. This is the period when investors have consistent positive returns on their investment and there are willing to invest because stock returns are less volatile and their exposure to risk is less. Table 1. Descriptive Statistics RETURNS %2006-072008-09 Mean3. 4233 -4. 3658 Standard Error1. 09552. 5003 Median3. 550-4. 8400 ModeN/AN/A Standard Deviation5. 367012. 2489 Sample Variance28. 8050150. 0365 Kurtosis0. 67236. 3865 Skewness0. 39191. 4372 Range24. 6669. 15 Minimum-7. 44-30. 95 Maximum17. 2238. 2 Sum82. 16-104. 78 Count2424 Source; excel output On the other hand, during the period 2008 – 2009, there was a negative average return of –4. 37% with a standard deviation of 12. 25% showing high volatility in returns. This is as a result of the accelerated downward fall of the stock prices on the Nigerian Stock Exchange as a result of loss of investors’ confidence due to the global financial crisis. This period is characterised by negative returns which results to high volatility, and as we can see, the more volatile that a stock is, the harder it is to isolate where it could be on a future date. Since volatility is associated with risk, the more volatile that a stock is, the more risky it is. Consequently, the more risky a stock is, the harder it is to say with any certainty what the future price of the stock will be. When people invest, they would like to have no risk. The least amount of risk that is involved, the better the investment is. Since almost every investment has some risk, investors have looked for ways to minimize risk, so their best reaction was to avoid the stock market and this affected the market. The other descriptive statistics showed that both distributions are positive or right – skewed, meaning that most of the returns are in the lower portion of the distribution and there are some returns that has extremely large values and this pull the mean return upward to be greater than the median, specifically for the second period. Both has a positive kurtosis value of 0. 6723 and 6. 865 indicates a distribution with a sharper peak than a bell – shaped curves. The result of the test for the hypothesis to determine whether there is a significant difference between the means of the two observations is presented in table 2 below. The hypothesis is; Ho:  µ1 =  µ2 i. e. there is no difference in the means of the two observations H1:  µ1 ?  µ2 i. e. there is difference in the means of the tw o observations. From the result of the t- test, the null hypothesis is rejected at 5% level of significance. This is because t = 2. 85 ; t = 2. 01. the p – value computed is 0. 064 and it indicates that if the means are equal, the probability of observing a difference this large in the sample means is only 0. 0064. Based on this, there is sufficient evidence to conclude that the mean returns are different for the two periods, and that returns are lower in the period of the crisis than the period before it. This confirms the reason why there is higher volatility in this period than the other period. Table 2. t – Test for differences in Two means (assumes equal population variances) Data Hypothesized Difference0 Level of Significance0. 05 Population 1 Sample Sample Size24 Sample Mean3. 233 Sample Standard Deviation5. 367 Population 2 Sample Sample Size24 Sample Mean-4. 3658 Sample Standard Deviation12. 2489 Intermediate Calculations Population 1 Sample Degrees of Freedom 23 Population 2 Sample Degrees of Freedom23 Total Degrees of Freedom46 Pooled Variance89. 42012 Difference in Sample Means7. 7891 t Test Statistic2. 853384 Two-Tail Test Lower Critical Value-2. 012896 Upper Critical Value2. 012896 p-Value0. 006463 Reject the null hypothesis Source; Excel output Conclusion and recommendations The paper studied the extent of the stock market volatility in the period of 2006 – 2009. The period is divided into 24 months each to study the volatility of market returns between 2006 – 2007, and between 2008 – 2009. On the basis of the results it was found that the period 2006 – 2007 is less volatile than the period of 2008 – 2009; and this is due to the global financial that have affected investors’ confidence. Since volatility is associated with risk, the more volatile that a stock is, the more risky it is. Consequently, the more risky a stock is, the harder it is to say with any certainty what the future price of the stock will be. When people invest, they would like to have no risk. The least amount of risk that is involved, the better the investment is. Since almost every investment has some risk, investors have looked for ways to minimize risk, so their best reaction was to avoid the stock market and this affected the market. The recommendation is that the stock market instruments need to be diversified away form equity instruments to more of fixed security instruments. References Adamu, A. (2008). The Effects of global financial crisis on Nigerian Economy. International Journal of Investment and Finance Vol. 1. #1&2. Ajakaiye, O. & Fakiyesi, T. (2009). Global financial crisis Discussion paper 8: Nigeria. Oversea Development Institute, London. Aluko, M. (2008). The global financial meltdown: Impact on Nigeria's capital market and foreign reserves. retrieved from www. google. com on 14 January, 2010. Arestis, P. , Demetriades, P. O. & Luintel, K. B. (2001). Financial development and economic growth: The role of stock markets. Journal of Money, Credit and Banking, 33(2):16-41. Avery, C. , & Zemsky, P. (1998). Multidimensional uncertainty and herd behavior in financial markets. American Economic Review 88, pp. 724-748. Campbell, J. (1996). Consumption and the stock market: Interpreting international experience. NBER Working Paper, 5610. Campbell, J. , Lettau, M. , Malkiel, B. , & Xu, Y. (2001). Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk. Journal of Finance 56, pp. 1–43. Chari, V. , & Kehoe, P. (2004). Financial crises as herds: overturning the critiques. Journal of Economic Theory 119, pp. 128-150. Cipriani, M. , & Guarino, A. (2008). Herd behavior and contagion in financial markets. The B. E. Journal of Theoretical Economics 8(1) (Contributions), Article 24, pp. 1-54. Engle, R. F. (1982). Autoregressive conditional heteroscadasticity with estimates of the variance of the U. K. inflation. Econometrica, 50(3):987-1008. Kinder, C. (2002). Estimating Stock Volatility. retrievd from www. google. com on 19 January, 2010. Kindleberger, C. P. , & Aliber, R. (2005). Manias, Panics, and Crashes: A History of Financial Crises (5th ed). Wiley, ISBN 0471467146. Krainer, J. (2002). Stock market volatility. FRBSF Economic Letter, Western Banking, 2002-32, pp1-4. Krugman, P. (2008, October, 27). The widening gyre. New York Times. Laeven, L. , & Valencia, F. (2008). Systemic banking crises: A new database. International Monetary Fund Working Paper 08/224. Levine, R & S. Zervos (1996). Stock market development and long-run growth. World Bank Economic Review, 10(1):323-339. Ludvigson, S & C. Steindel (1999). How important is the stock market effect on consumption. Federal Reserve Bank of New York Economic Policy Review, 5(1):29-51. Mala, R, & Reddy, M. (2007). Measuring stock market volatility in an emerging economy. International Research Journal of Finance and Economics Issue 8 126-133. Poterba, J. M. (2000). Stock market wealth and consumption†, Journal of Economic Perspectives, 14(2):99-118. Schwert, W. (1989). Why does stock market volatility change over time? Journal of Finance 44, pp. 1,115–1,153. Starr-McCluer, M. (1998). Stock market wealth and consumer spending. Board of Governors of the Federal Reserve System, Finance and Economics Discussion Paper Series, 8/20. UNCTAD (2009). Global economic meltdown. Geneva: United Nation Conference on Trade and development Wilmott, P. , Howison, S. , & Dewynne, J. (1995). The Mathematics of Financial Derivatives. New York: Cambridge University Press. Zuliu, H (1995). Stock market volatility and corporate investment†, IMF Working Paper, 95/102. www. cashcraft. com Appendices 1. Monthly returns computed using the NSE-ASI MONTHS/ YEARSRETURNS %MONTHS/ YEARSRETURNS % Jan-06-1. 69Jan-08-0. 02 Feb-060. 30Feb-08-11. 1 Mar-06-2. 00Mar-08-4. 01 Apr-06-0. 75Apr-08-5. 67 May-065. 45May-08-0. 33 Jun-065. 66Jun-080. 00 Jul-066. 75Jul-08-6. 90 Aug-0617. 22Aug-08-9. 22 Sep-060. 67Sep-08-6. 07 Oct-060. 35Oct-08-20. 96 Nov-06-3. 84Nov-08-9. 08 Dec-064. 92Dec-08-2. 37 Jan-078. 93Jan-09-30. 95 Feb-0710. 62Feb-097. 17 Mar-074. 87Mar-09-12. 60 Apr-078. 44Apr-098. 15 May-075. 9 5May-0938. 20 Jun-072. 44Jun-09-12. 63 Jul-070. 94Jul-09-7. 09 Aug-07-7. 44Aug-09-10. 42 Sep-07-0. 12Sep-09-2. 2 Oct-07-0. 16Oct-09-3. 08 Nov-077. 82Nov-09-3. 64 Dec-076. 83Dec-090. 05 Figure 1. Stock market performance, 2002-2009 Source: Extracted from Ajakaiye and Fakiyesi (2009)

Digital Fortress Chapter 5

â€Å"Where is everyone?† Susan wondered as she crossed the deserted Crypto floor. Some emergency. Although most NSA departments were fully staffed seven days a week, Crypto was generally quiet on Saturdays. Cryptographic mathematicians were by nature high-strung workaholics, and there existed an unwritten rule that they take Saturdays off except in emergencies. Code-breakers were too valuable a commodity at the NSA to risk losing them to burnout. As Susan traversed the floor, TRANSLTR loomed to her right. The sound of the generators eight stories below sounded oddly ominous today. Susan never liked being in Crypto during off hours. It was like being trapped alone in a cage with some grand, futuristic beast. She quickly made her way toward the commander's office. Strathmore's glass-walled workstation, nicknamed â€Å"the fishbowl† for its appearance when the drapes were open, stood high atop a set of catwalk stairs on the back wall of Crypto. As Susan climbed the grated steps, she gazed upward at Strathmore's thick, oak door. It bore the NSA seal-a bald eagle fiercely clutching an ancient skeleton key. Behind that door sat one of the greatest men she'd ever met. Commander Strathmore, the fifty-six-year-old deputy director of operations, was like a father to Susan. He was the one who'd hired her, and he was the one who'd made the NSA her home. When Susan joined the NSA over a decade ago, Strathmore was heading the Crypto Development Division-a training ground for new cryptographers-new male cryptographers. Although Strathmore never tolerated the hazing of anyone, he was especially protective of his sole female staff member. When accused of favoritism, he simply replied with the truth: Susan Fletcher was one of the brightest young recruits he'd ever seen, and he had no intention of losing her to sexual harassment. One of the cryptographers foolishly decided to test Strathmore's resolve. One morning during her first year, Susan dropped by the new cryptographers' lounge to get some paperwork. As she left, she noticed a picture of herself on the bulletin board. She almost fainted in embarrassment. There she was, reclining on a bed and wearing only panties. As it turned out, one of the cryptographers had digitally scanned a photo from a pornographic magazine and edited Susan's head onto someone else's body. The effect had been quite convincing. Unfortunately for the cryptographer responsible, Commander Strathmore did not find the stunt even remotely amusing. Two hours later, a landmark memo went out: EMPLOYEE CARL AUSTIN TERMINATED FOR INAPPROPRIATE CONDUCT. From that day on, nobody messed with her; Susan Fletcher was Commander Strathmore's golden girl. But Strathmore's young cryptographers were not the only ones who learned to respect him; early in his career Strathmore made his presence known to his superiors by proposing a number of unorthodox and highly successful intelligence operations. As he moved up the ranks, Trevor Strathmore became known for his cogent, reductive analyses of highly complex situations. He seemed to have an uncanny ability to see past the moral perplexities surrounding the NSA's difficult decisions and to act without remorse in the interest of the common good. There was no doubt in anyone's mind that Strathmore loved his country. He was known to his colleagues as a patriot and a visionary†¦ a decent man in a world of lies. In the years since Susan's arrival at the NSA, Strathmore had skyrocketed from head of Crypto Development to second-in-command of the entire NSA. Now only one man outranked Commander Strathmore there-Director Leland Fontaine, the mythical overlord of the Puzzle Palace-never seen, occasionally heard, and eternally feared. He and Strathmore seldom saw eye to eye, and when they met, it was like the clash of the titans. Fontaine was a giant among giants, but Strathmore didn't seem to care. He argued his ideas to the director with all the restraint of an impassioned boxer. Not even the President of the United States dared challenge Fontaine the way Strathmore did. One needed political immunity to do that-or, in Strathmore's case, political indifference. Susan arrived at the top of the stairs. Before she could knock, Strathmore's electronic door lock buzzed. The door swung open, and the commander waved her in. â€Å"Thanks for coming, Susan. I owe you one.† â€Å"Not at all.† She smiled as she sat opposite his desk. Strathmore was a rangy, thick-fleshed man whose muted features somehow disguised his hard-nosed efficiency and demand for perfection. His gray eyes usually suggested a confidence and discretion born from experience, but today they looked wild and unsettled. â€Å"You look beat,† Susan said. â€Å"I've been better.† Strathmore sighed. I'll say, she thought. Strathmore looked as bad as Susan had ever seen him. His thinning gray hair was disheveled, and even in the room's crisp air-conditioning, his forehead was beaded with sweat. He looked like he'd slept in his suit. He was sitting behind a modern desk with two recessed keypads and a computer monitor at one end. It was strewn with computer printouts and looked like some sort of alien cockpit propped there in the center of his curtained chamber. â€Å"Tough week?† she inquired. Strathmore shrugged. â€Å"The usual. The EFF's all over me about civilian privacy rights again.† Susan chuckled. The EFF, or Electronics Frontier Foundation, was a worldwide coalition of computer users who had founded a powerful civil liberties coalition aimed at supporting free speech on-line and educating others to the realities and dangers of living in an electronic world. They were constantly lobbying against what they called â€Å"the Orwellian eavesdropping capabilities of government agencies†-particularly the NSA. The EFF was a perpetual thorn in Strathmore's side. â€Å"Sounds like business as usual,† she said. â€Å"So what's this big emergency you got me out of the tub for?† Strathmore sat a moment, absently fingering the computer trackball embedded in his desktop. After a long silence, he caught Susan's gaze and held it. â€Å"What's the longest you've ever seen TRANSLTR take to break a code?† The question caught Susan entirely off guard. It seemed meaningless. This is what he called me in for? â€Å"Well†¦Ã¢â‚¬  She hesitated. â€Å"We hit a COMINT intercept a few months ago that took about an hour, but it had a ridiculously long key-ten thousand bits or something like that.† Strathmore grunted. â€Å"An hour, huh? What about some of the boundary probes we've run?† Susan shrugged. â€Å"Well, if you include diagnostics, it's obviously longer.† â€Å"How much longer?† Susan couldn't imagine what Strathmore was getting at. â€Å"Well, sir, I tried an algorithm last March with a segmented million-bit key. Illegal looping functions, cellular automata, the works. TRANSLTR still broke it.† â€Å"How long?† â€Å"Three hours.† Strathmore arched his eyebrows. â€Å"Three hours? That long?† Susan frowned, mildly offended. Her job for the last three years had been to fine-tune the most secret computer in the world; most of the programming that made TRANSLTR so fast was hers. A million-bit key was hardly a realistic scenario. â€Å"Okay,† Strathmore said. â€Å"So even in extreme conditions, the longest a code has ever survived inside TRANSLTR is about three hours?† Susan nodded. â€Å"Yeah. More or less.† Strathmore paused as if afraid to say something he might regret. Finally he looked up. â€Å"TRANSLTR's hit something†¦Ã¢â‚¬  He stopped. Susan waited. â€Å"More than three hours?† Strathmore nodded. She looked unconcerned. â€Å"A new diagnostic? Something from the Sys-Sec Department?† Strathmore shook his head. â€Å"It's an outside file.† Susan waited for the punch line, but it never came. â€Å"An outside file? You're joking, right?† â€Å"I wish. I queued it last night around eleven thirty. It hasn't broken yet.† Susan's jaw dropped. She looked at her watch and then back at Strathmore. â€Å"It's still going? Over fifteen hours?† Strathmore leaned forward and rotated his monitor toward Susan. The screen was black except for a small, yellow text box blinking in the middle. TIME ELAPSED: 15:09:33 AWAITING KEY: ________ Susan stared in amazement. It appeared TRANSLTR had been working on one code for over fifteen hours. She knew the computer's processors auditioned thirty million keys per second-one hundred billion per hour. If TRANSLTR was still counting, that meant the key had to be enormous-over ten billion digits long. It was absolute insanity. â€Å"It's impossible!† she declared. â€Å"Have you checked for error flags? Maybe TRANSLTR hit a glitch and-â€Å" â€Å"The run's clean.† â€Å"But the pass-key must be huge!† Strathmore shook his head. â€Å"Standard commercial algorithm. I'm guessing a sixty-four-bit key.† Mystified, Susan looked out the window at TRANSLTR below. She knew from experience that it could locate a sixty-four-bit key in under ten minutes. â€Å"There's got to be some explanation.† Strathmore nodded. â€Å"There is. You're not going to like it.† Susan looked uneasy. â€Å"Is TRANSLTR malfunctioning?† â€Å"TRANSLTR's fine.† â€Å"Have we got a virus?† Strathmore shook his head. â€Å"No virus. Just hear me out.† Susan was flabbergasted. TRANSLTR had never hit a code it couldn't break in under an hour. Usually the cleartext was delivered to Strathmore's printout module within minutes. She glanced at the high-speed printer behind his desk. It was empty. â€Å"Susan,† Strathmore said quietly. â€Å"This is going to be hard to accept at first, but just listen a minute.† He chewed his lip. â€Å"This code that TRANSLTR's working on-it's unique. It's like nothing we've ever seen before.† Strathmore paused, as if the words were hard for him to say. â€Å"This code is unbreakable.† Susan stared at him and almost laughed. Unbreakable? What was THAT supposed to mean? There was no such thing as an unbreakable code-some took longer than others, but every code was breakable. It was mathematically guaranteed that sooner or later TRANSLTR would guess the right key. â€Å"I beg your pardon?† â€Å"The code's unbreakable,† he repeated flatly. Unbreakable? Susan couldn't believe the word had been uttered by a man with twenty-seven years of code analysis experience. â€Å"Unbreakable, sir?† she said uneasily. â€Å"What about the Bergofsky Principle?† Susan had learned about the Bergofsky Principle early in her career. It was a cornerstone of brute-force technology. It was also Strathmore's inspiration for building TRANSLTR. The principle clearly stated that if a computer tried enough keys, it was mathematically guaranteed to find the right one. A code's security was not that its pass-key was unfindable but rather that most people didn't have the time or equipment to try. Strathmore shook his head. â€Å"This code's different.† â€Å"Different?† Susan eyed him askance. An unbreakable code is a mathematical impossibility! He knows that! Strathmore ran a hand across his sweaty scalp. â€Å"This code is the product of a brand-new encryption algorithm-one we've never seen before.† Now Susan was even more doubtful. Encryption algorithms were just mathematical formulas, recipes for scrambling text into code. Mathematicians and programmers created new algorithms every day. There were hundreds of them on the market-PGP, Diffie-Hellman, ZIP, IDEA, El Gamal. TRANSLTR broke all of their codes every day, no problem. To TRANSLTR all codes looked identical, regardless of which algorithm wrote them. â€Å"I don't understand,† she argued. â€Å"We're not talking about reverse-engineering some complex function, we're talking brute force. PGP, Lucifer, DSA-it doesn't matter. The algorithm generates a key it thinks is secure, and TRANSLTR keeps guessing until it finds it.† Strathmore's reply had the controlled patience of a good teacher. â€Å"Yes, Susan, TRANSLTR will always find the key-even if it's huge.† He paused a long moment. â€Å"Unless†¦Ã¢â‚¬  Susan wanted to speak, but it was clear Strathmore was about to drop his bomb. Unless what? â€Å"Unless the computer doesn't know when it's broken the code.† Susan almost fell out of her chair. â€Å"What!† â€Å"Unless the computer guesses the correct key but just keeps guessing because it doesn't realize it found the right key.† Strathmore looked bleak. â€Å"I think this algorithm has got a rotating cleartext.† Susan gaped. The notion of a rotating cleartext function was first put forth in an obscure, 1987 paper by a Hungarian mathematician, Josef Harne. Because brute-force computers broke codes by examining cleartext for identifiable word patterns, Harne proposed an encryption algorithm that, in addition to encrypting, shifted decrypted cleartext over a time variant. In theory, the perpetual mutation would ensure that the attacking computer would never locate recognizable word patterns and thus never know when it had found the proper key. The concept was somewhat like the idea of colonizing Mars-fathomable on an intellectual level, but, at present, well beyond human ability. â€Å"Where did you get this thing?† she demanded. The commander's response was slow. â€Å"A public sector programmer wrote it.† â€Å"What?† Susan collapsed back in her chair. â€Å"We've got the best programmers in the world downstairs! All of us working together have never even come close to writing a rotating cleartext function. Are you trying to tell me some punk with a PC figured out how to do it?† Strathmore lowered his voice in an apparent effort to calm her. â€Å"I wouldn't call this guy a punk.† Susan wasn't listening. She was convinced there had to be some other explanation: A glitch. A virus. Anything was more likely than an unbreakable code. Strathmore eyed her sternly. â€Å"One of the most brilliant cryptographic minds of all time wrote this algorithm.† Susan was more doubtful than ever; the most brilliant cryptographic minds of all time were in her department, and she certainly would have heard about an algorithm like this. â€Å"Who?† she demanded. â€Å"I'm sure you can guess.† Strathmore said. â€Å"He's not too fond of the NSA.† â€Å"Well, that narrows it down!† she snapped sarcastically. â€Å"He worked on the TRANSLTR project. He broke the rules. Almost caused an intelligence nightmare. I deported him.† Susan's face was blank only an instant before going white. â€Å"Oh my God†¦Ã¢â‚¬  Strathmore nodded. â€Å"He's been bragging all year about his work on a brute-force-resistant algorithm.† â€Å"B-but†¦Ã¢â‚¬  Susan stammered. â€Å"I thought he was bluffing. He actually did it?† â€Å"He did. The ultimate unbreakable code-writer.† Susan was silent a long moment. â€Å"But†¦ that means†¦Ã¢â‚¬  Strathmore looked her dead in the eye. â€Å"Yes. Ensei Tankado just made TRANSLTR obsolete.†

Financial Statement Analysis Essay

Introduction The use of financial ratio is very common in accounting and finance process. These ratios are used for evaluation of a business performance, as well as identifying potential problems. Each ratio is used to inform about various factors like the solvency, earning power, and debt load of the business. These ratios measure the relationship arising between two or more modules of the financial statements and pose a greater meaning if the results are compared to industry standards of businesses with same size and activity. There are various types of ratios including return or profitability ratios, which offer information regarding the management’s performance in the usage of resources. The other ratio example is liquidity ratio, which are used to demonstrate the business ability to pay its present obligations. This measures in short and long term views. The other ratio is the leverage, which examines the extent in which a company has depended on borrowing so that it can finance its operations. The other ratio is the efficiency ratio, which assesses the firm’s credit use, assets, and inventory (Libby, Libby, & Short, 2011). Identifying the company using the exhibits 1 IT service provider 2 Retail grocery stores 3 Commercial airlines 4 Pharmaceutical preparations 5 Liquor producer and distributor 6 Mobile Phone service Providers 7 Semiconductor manufacturers 8 Computer software 9 Commercial banking 10 integrated Oil and gas Conclusion The use of ratios is a very important aspect for the firm. It helps in offering information regarding the managements performance in the usage of resources, demonstrating the business ability to pay its present obligations, examining the extent in which a company has depended on borrowing so that it can finance its operations, and assessing the firms credit use, assets, and inventory. This makes it possible to rate the company’s success. References Libby, R., Libby, P. A., & Short, D. G. (2011). Financial accounting. New York: McGraw-Hill/Irwin.

Unilever Group - analysis Essay Example | Topics and Well Written Essays - 2750 words

Unilever Group - analysis - Essay Example Unilever Group - analysis Dove gives equal attention to the skin care needs of men and women alike. Unilever is a proponent of hygiene and well being and due to this it targets house wives in order to make them believe that their families are safe and healthy with Unilever products. It’s ice cream brands such Ben & Jerry’s and Wall’s are for all age groups (children, young and elderly). Knorr’s noodles are enjoyed children mostly. St. Ives is a beauty products line that has scrubs, lotions and proteins etc. and caters to women of 18 years plus. Lipton is consumed in the Asian region majorly and so people from the age of 20+ are catered here, as children are not very fond of tea. Unilever targets its customers through its principles of health, hygiene, personal care and nutrition. It focuses on hygiene and personal care specifically and for this the average housewife is targeted (Brand Source, 2009). One of the Unilever’s founding companies was Level Bros and in 1980’s William Hesketh came up with the idea for Sunlight Soap, which later proved to be his revolutionary product in Victorian England in terms of hygiene and cleanliness. The idea was to promote cleanliness, make women’s work easier, and promote a culture of health and personal attractiveness in order to convey the message that people who used Unilever products were living a better life. Around this time, the term Corporate Mission was not there but these ideas would have come under it had it been there. The fact only women are responsible for doing housework has become trite and obsolete. Unilever USA is a subsidiary of the multinational conglomerate, The Unilever Group (which has 10 companies operational as of now in the USA). Unilever USA is the largest company among the ten subsidiaries of the Unilever Group in USA and is primarily a consumer goods company distributing well known branded product s through grocery, drug, mass merchant and club channels. It has revenues worth $4 billion and if one of the top-notch fast moving consumer goods companies in the USA. However over the past ten years, profits for Unilever USA have not been very great. Due to an accounting change only, there was a profit last year (ConsultingCase, 2012). Unilever has a history that is three centuries old and remarkable events like economic boom, depression, world wars, changing consumer lifestyles and technological advancements have played an important role in it. This history is also marked by Unilever’s efforts to make life easier and enjoyable for its consumers by helping them save time (by reducing time spent on house work, nutritional concerns etc.). Besides that Unilever has also been able to balance its profits with care and social responsibility. During the 19th century, the founding companies of Unilever were the most charitable among others. They designed projects especially to impro ve their workers and their products were also designed in a manner such that they had social benefits. These products prioritized hygiene, personal care, and nutrition (was improved by adding vitamins to staple foods). Up till now, Unilever is a socially

Project Management 2 Essay Example | Topics and Well Written Essays - 500 words

Project Management 2 - Essay Example When cell phones go off due to battery issues, important lines of communication are broken, which, in turn influences our economy negatively. The human charger will not only mitigate but also eliminate the problem. In addition, the human charger will be cheaper as the only requirement for its operation is the body of a human being. The second project I will bring to the fore is the flying car. Many a times, a lot of time is wasted in unending traffic jams that would rather have been used more creatively to build the economy. The flying car will revolutionize air travel by saving on costs for traveling by planes. The third project that I would wish to bring to the front line and ensure its growth and implementation is the intelligent window. The intelligent window employs an electrical glaze on windows that can be converted into heat energy to warm houses during the winter season. This revolutionary project will help save on the sumptuous sums of money spent on warming homes during the winter season. Additionally, the glazing darkens significantly during the summer to reduce the amount of heat getting into houses. My fourth project that I would like to see prosper is the eye tracking system pioneered in Sweden. The eye tracking system lets users control computers using only their eyes. This system makes the computer mouse a redundant tool to use when it comes to controlling computers. In addition, it makes it easy for someone to control a computer without physically having to move which saves on time. In conclusion, all the projects I wish to actualize are workable and achievable if succinct measures are taken in their execution. These projects, once executed, will make work much hassle-free for humans thus ensuring that time is expended on other more important

American literature Essay Example | Topics and Well Written Essays - 1000 words - 1

American literature - Essay Example A few poems in which she extensively talks about this theme include â€Å"As I Could not Stop for Death†, â€Å"I died for Beauty—but was scarce†, â€Å"I’ve seen a dying eye†, â€Å"Delayed till in its vest of snow† and â€Å"Safe in Their Alabaster Chambers†. Firstly it is interesting to note the manner in which the poet selects the titles although Emily Dickenson did not give proper titles to her poem yet the first line of every poem is very enlightening and comprises of the gist of each poem hence giving the readers a hint about the context of every poem. Although some of her poems do not follow a set rhyme pattern yet there is a lyrical quality to her diction as the use of simple words and mostly the use of long dashes keeps the flow of words very smooth and flowing. While in the other poems it is observed that the most common rhyme scheme ABCD, ABCB and ABCDDE. It is observed that for Dickenson poetry was a mode of introspection and a form of catharsis consequently her verses provides the reader with a chance to explore the various phenomena of life from the poet’s perspective. ... ?I’ve Seen a Dying Eye† is a depiction of the last few minutes of a person’s life on death bed and this can poem can be perceived as a grotesque explication of the manner in which the light of life leaves the human body when the soul departs for eternity. In her poem â€Å"I Died for Beauty but was Scarce† Emily Dickenson depicts the finality of death. Although she presents a beautiful idea of unification or oneness of Beauty and truth yet it also reiterates the all-consuming power of death which smothers not only an individual’s life but also takes away all emotions, worries and hopes. â€Å"Safe in Their Alabaster Chambers† again deals with the theme of death and the serenity, peace and quiet that is associated with death. Here the purpose of the poem is to explain death as the ultimate escape from the hardships or miseries of this world. Moreover death is also defined as a means of attaining redemption for all the sins that human beings hav e committed. While â€Å"Delayed till she had ceased to know† the poet reiterates the longing for the past and the excitement for the future i.e. death. However it is the present that the poet is worried about because the present holds no attraction and offers no incentive to live. The most prevalent theme in these poems is the theme of death. This theme also has a lot of autobiographical significance in Dickinson’s works. As Dietrich also believes that, Dickinson’s attitude towards dying is at times ambivalent and shifts from denial to acceptance and finally embracement a large number of her poems deal with man’s inability to accept the reality of death and the confusion and disbelief that he experiences in its presence† (3). Consequently, in these poems the manner in which the poet deals with death is very

The Local Rivals of Endeavour Essay Example | Topics and Well Written Essays - 1250 words

The Local Rivals of Endeavour - Essay Example The culture of the Chinese companies may significantly be different from the national culture of the country where Endeavour is located. Aside from Mikes obvious egotistic attitude, some factors may have been part of the conflict between Mikes coordination with the senior personnel among the Chinese contractors. Dealing with Asian companies requires certain people skills that know how the differences in the culture and these differences in the international socio-cultural environment can also play a part in Mikes offenses that have caused the conflicts, then the delays. The theories relating to judgment suggest that when there is a certain standard, a person is being compared to that standard which influences the judgment. Mike is a star engineering student. With the owners being engineers themselves, they know the standards that Mikes talents meet which has affected their judgment. With this standard, they thought, being a star engineering student will transform into a very much valued employee - one that contributes a lot of value to the company. Mike lives up to a certain degree of very high standards. However, not knowing that such standards in the university will not transform into standards of being a great manager. There is also a point that because one of the owners view Mike as himself, the standards are further distorted. The team fails to work well because the group dynamics have been distorted by Mikes attitudes. In order for a team to function well, there should be some harmony among the members in the form of good communication and the huge variance of personality between Mike and the other team members. However, Mikes attitudes especially when he has been consulted for some technical things has made communication worse - when the other members bring up a legitimate problem such as in the case of the Chinese contractors, Mike becomes defensive.  

Analysis of primary Document.DOCUMENT 20.3 An account of the birth of Essay

Analysis of primary Document.DOCUMENT 20.3 An account of the birth of McDonald's - Essay Example There were no longer any complications. A hamburger was a fried piece of meat with bread. Cheese would cost more. It didn't matter who did the cooking it was set up the same way as though cooking became an assembly line. There were no longer waitresses or placing orders. It was to be fast and efficient. When they had their meeting, Mr Multimixer went back to his hotel room and conceived of a plan which would put McDonalds all over the country. He returned the next day and saw that the operations were the same as the day before. This was something that was new. No one cooked a hamburger with the same technique as the previous person. In 1956, they opened up the first stores, one of which was in Waukegan. They had problems and had to give discounts and send their most important people to different stores. It proved that without a good corporate headquarters and good training, the McDonalds' image of quality and service would never last. These are the basic elements to success. Opening up the first McDonalds', the corporate office realized that without the motto "QSC and V" (Quality, Service, Cleanliness and Value), they could not ask the franchisees to work with them and cook the same way. This was the first instance of name brand awareness. Early in the 1960's people knew, that they could go to any McDonald's and get the same food.

ETHICS PAPER Essay Example | Topics and Well Written Essays - 1500 words

ETHICS PAPER - Essay Example The head nurse feels that these patients are frequently hospitalized and transferring them would distress them. Here, the chief resident is looking to serve personal interest of his pediatricians at the cost of snubbing the health hazards of existing patients. The ethical dilemma in this case is based on deontological or duty bound ethics that emphasizes on acting morally and rationally along with conducting tasks and responsibilities in a rational manner. The fundamental ethical principles for nurses state that patients should be respected for human dignity and should be taken care in a compassionate way. However, transferring the patients suffering from cystic fibrosis to another ward cannot be considered as an ethical move especially when the reason cited is based on offering space to pediatricians. It is important to consider the health issue of patients and accordingly taking steps rather than serving and promoting self and personal interest. At the same time, this situation fai ls to serve the utilitarian principle as it does not offer pleasure to majority of people and thus can be considered as a major ethical issue that needs to be assessed and analyzed well in order to offer mutual benefits and advantages (Rosen, 2003). 2. The important issues in this scenario are conflict of interest for nurses and deontological and duty bound ethics. At times, nurses are entangled in a situation and scenario where there is a conflict between the expectations of patients and work authority. The chief resident wants few patients to get transferred to another ward while the head nurse feels the other way. This shows that there is a conflict in terms of handling and understanding the situation. At the same time, deontological and duty bound ethics state that every individual should perform his tasks and responsibilities by being moral and ethical. The words ethical and moral are used throughout in the code of ethics for nurses and hold great importance and value. Ethics d efine what is right and wrong and moral defines personal attributes and intentions that have to be rational and positive offering mutual benefits and advantages

Land Law Case Study Example | Topics and Well Written Essays - 3000 words

Land Law - Case Study Example In this case study, the facts to be observed is with regard to provisions of Land Registration 2002 which was operationalised from 2003. Section 29 (1) of the Land Registration Act 2002 states, interalia, "if a registrable disposition of a registered charge is made for valuable consideration, completion of the disposition by registration has the effect of postponing to the interest under the disposition any interest affecting the charge immediately before the disposition whose priority is not protected at the time of registration." (Disposition of Registered Land. 2002). The aspects of restrictions, as is evident in this case study are found under Sections 40 and 41 of Land Registration Act 2002. Section 40 circumscribes the circumstances under which certain restrictions could be imposed with regard to mortgage and they seek to place restrictions on the making of any entries, either for a specified or unspecified period of time or depending upon the happening of any event. The law under Section 40 (2) states that "A restriction may, in particular (3) Without prejudice to generality of subsection (2)(b)(iii), the events which may be specified include- (a) the giving of notice,(b) the obtaining of consent, and (c) the making of an order by the court or registrar. (Notices and restrictions. 2002). In this case of Nicole and Silky Smooth Limited, it is seen that the following restrictions were placed by the mortgagee (lender) Silky Smooth Limited while negotiating a Registered 1st Charge on the property of Nicole, the mortgagor as pre-conditions for giving of the loans: 1. She would be the sole supplier for the Nicole's beauty product Company until year 2034. 2. There would be no repayment of the loan amount of 100,000 from the loanee, or demands from loaner for a period of 25 years. 3. The interest rate would be at 3% more than the prevailing bank rate. The effect of these registered charges now binds both the mortgagee and the mortgagor as per Section 40 of the Registration of Property Act. The aspect of "restrictive covenant "that was seen in the case of Tulk v. Moxhay 1848 and it is said that this established that the burden of a covenant which was restrictive in nature could run with the land', despite privity of contract. (Tulk v Moxhay (1848). 2006). The aspect of higher interest rate that is seen in this case study cannot be termed as unconscionable since as per the legal framework, there are no restrictions on the rate of interest that may be charged on mortgages, and in the absence of disagreement or protest on the party of the mortgagor regarding higher interest rates, there is a valid agreement. (Are there limits on the interest rate that can be charged: (How to know your rights and obligations as mortgagee (lender) 2006). Thus it could be seen that as per Section 40 of the Registration of Property Act, once the restrictions have been registered as charge, as is evident in this case, it should be enforceable on the parties and except,

Fine Dining & Culinary Management Thesis Example | Topics and Well Written Essays - 3250 words

Fine Dining & Culinary Management - Thesis Example In order for this to occur, however, one must know what the cultural differences are. Knowing cultural differences will assist the instructor to know why certain students behave differently from other students, and why certain cultures have different customs and ways of learning then do others. Another major focus that hospitality instruction should focus upon is using technology to assist in learning environments. On-line learning is, or should be, an important part of the learning culture. Other important aspects should include blogging, virtual learning and podcasting. Developing a culture of learning, therefore, must not only take into account different learning styles, but also different cultures, and must use different approaches to keep up with today's changing world. 1.1 Learning Styles Developing a culture of learning requires one to be sensitive to the fact that students have different styles of learning, and be able to adapt to this. Dale & McCarthy(2006) explain that the approaches to learning, with regards to the hospitality students they study, are activist, instrumentalist, autonomous and perplexed. The activist students are actively engaged in learning, and prefer a hands-on approach to their studies and wish to engage in practical and vocational experiences. As for lecturers, activist learners want an instructor that they can communicate with and relate to, as want their methods of assessment to be interactive, such as making presentations. The instrumentalist is the learner who is competitive, and their motivation for learning is getting the best grade. To this end, they are strategic. Their enthusiasm for learning is secondary to the desire to succeed and reach the external goal of getting a good grade. The autonomous learner is one who wants to learn on one's own, with minimal instruction or interaction with peers. The perplexed learner is the fourth kind of learner, and the perplexed learner is one who is confused about what needs to be don e to get a good grade. These learners need extra support and guidance (Dale & McCarthy, 2006, p. 51). Lashley (1999) states that the field of hospitality naturally attracts activist learners, as the students of hospitality tend to enjoy hands-on, concrete ways of learning and have lower preferences for theories and abstraction. To this end, he recommends an integrated approach, wherein the students learn theory and apply theory to concrete situations. The blocks that Lashley recommends include a block where students reflect on their own experiences in their work placement, exploring issues and reflecting and analyzing experiences. The next block is one where the students study and report on the service quality of major high street hospitality retail brands, acting as mystery diners and reporting, using the concepts and theories learned by instruction. The third block, Block C, provides an integrating context for the themes, concepts and theories learned. The assessment is based upon a hospitality hotel services context, â€Å"which provides both the setting for developing knowledge and understanding, and the scenario for a suite of assignments including the final examination† (Lashley, 1999, p. 180). Barron and Arcodia (2002) concur that the vast majority of hospitality students are activist, as they enjoy the hands-on approach. That said, they found that the

Child Labour Essay Example for Free

Child Labour Essay Considerable differences exist between the many kinds of work children do. Some are difficult and demanding, others are more hazardous and even morally reprehensible. Children carry out a very wide range of tasks and activities when they work. Not all work done by children should be classified as child labour that is to be targeted for elimination. Children’s or adolescents’ participation in work that does not affect their health and personal development or interfere with their schooling, is generally regarded as being something positive. This includes activities such as helping their parents around the home, assisting in a family business or earning pocket money outside school hours and during school holidays. These kinds of activities contribute to children’s development and to the welfare of their families; they provide them with skills and experience, and help to prepare them to be productive members of society during their adult life. The term â€Å"child labour† is often defined as work that deprives children of their childhood, their potential and their dignity, and that is harmful to physical and mental development. It refers to work that: †¢is mentally, physically, socially or morally dangerous and harmful to children; and †¢interferes with their schooling by: †¢depriving them of the opportunity to attend school; †¢obliging them to leave school prematurely; or †¢requiring them to attempt to combine school attendance with excessively long and heavy work. In its most extreme forms, child labour involves children being enslaved, separated from their families, exposed to serious hazards and illnesses and/or left to fend for themselves on the streets of large cities – often at a very early age. Whether or not particular forms of â€Å"work† can be called â€Å"child labour† depends on the child’s age, the type and hours of work performed, the conditions under which it is performed and the objectives pursued by individual countries. The answer varies from country to country, as well as among sectors within countries. The worst forms of child labour Whilst child labour takes many different forms, a priority is to eliminate without delay the worst forms of child labour as defined by Article 3 of ILO Convention No. 182: (a) all forms of slavery or practices similar to slavery, such as the sale and trafficking of children, debt bondage and serfdom and forced or compulsory labour, including forced or compulsory recruitment of children for use in armed conflict; (b) the use, procuring or offering of a child for prostitution, for the production of pornography or for pornographic performances; (c) the use, procuring or offering of a child for illicit activities, in particular for the production and trafficking of drugs as defined in the relevant international treaties; (d) work which, by its nature or the circumstances in which it is carried out, is likely to harm the health, safety or morals of children. Labour that jeopardises the physical, mental or moral well-being of a child, either because of its nature or because of the conditio ns in which it is carried out, is known as â€Å"hazardous work†. Action against child labour IPEC has worked to achieve this in several ways: through country-based programmes which promote policy reform, build institutional capacity and put in place concrete measures to end child labour; and through awareness raising and mobilization intended to change social attitudes and promote ratification and effective implementation of ILO child labour Conventions. These efforts have resulted in hundreds of thousands of children being withdrawn from work and rehabilitated or prevented from entering the workforce. Complementary to this direct action throughout has been substantial in-depth statistical and qualitative research, policy and legal analysis, programme evaluation and child labour monitoring, which have permitted the accumulation of vast knowledge base of statistical data and methodologies, thematic studies, good practices, guidelines and training materials. Corporate Social Responsibility (CSR) Companies are increasingly concerned with child labour in their supply chains. They view it as inconsistent with company values, and a threat to their image and ability to recruit and retain top employees, as well as to the sustainability of their supply chain. And there often is cause for concern: many child labourers work as part of supply chains. They are involved in the production of cash crops and manufactured goods that are exported directly, as well as in the production of goods that serve as inputs into final products; final assembly or finishing of these products often takes place in the importing countries. They are also involved in domestic supply chains. Despite the challenges of tackling child labour in supply chains that are often long and complex, leading companies have used social dialogue, international labour standards, a collective approach, and a commitment to addressing the root causes of child labour to effectively address the problem. IPEC has a long history of facilitating and supporting these efforts. The 2016 Roadmap for Eliminating the Worst Forms of Child Labour by 2016, adopted at the Hague Child Labour Conference in May 2010, calls for special efforts to made to tackle child labour in supply chains, in recognition of the vital role that enterprises must play to reach the 2016 goal. Social dialogue The main goal of social dialogue is to promote consensus building and democratic involvement among the main stakeholders in the world of work. Labour law, industrial relations and social dialogue are at the core of ILO member States economic and social organization. Since its foundation, social dialogue is a transversal hub of the ILO’s action and a constitutional mandate. The Declaration concerning the aims and purposes of the International Labour Organisation states that â€Å"the effective recognition of the right of collective bargaining, the cooperation of management and labour in the continuous improvement of productive efficiency, and the collaboration of workers and employers in the preparation and application of social and economic measures †¦Ã¢â‚¬  Sound industrial relations and effective social dialogue are a means to promote better wages and working conditions as well as peace and social justice. As instruments of good governance they foster cooperation and economic performance, advance social and industrial peace through negotiated solutions to important economic and social challenges and boost stability and economic progress, thus helping to create an enabling environment for the realization of the objective of Decent Work. The ILO Declaration on Social Justice for a Fair Globalization[-0] (2009) to put the emphasis on that â€Å"social dialogue and the practice of tripartism between governments and the representative organizations of workers and employers within and across borders are now more relevant to achieving solutions and to building up social cohesion and the rule of law through, among other means, international labour standards. The Global Jobs Pact adopted by the International Labour Conference of 2010 states for its part, that â€Å"Social dialogue is an invaluable mechanism for the design of policies to fit national priorities. Furthermore, it is a strong basis for building the commitment of employers and workers to the joint action with governments needed to overcome the crisis and for a sustainable recovery. Successfully concluded, it inspires confidence in the results achieved†. Social dialogue as defined by the ILO includes all types of negotiation, consultation or exchange of information between, or among, representatives of governments, employers and workers, on issues relating to economic and social policy, including child labour, and to terms and conditions of work and employment. It can exist as a tripartite process with the government as an official party to the dialogue, for example in the development of public policy – including national action plans on child labour or lists of hazardous work. Or it may consist of bipartite relations between trade unions and management (or trade union organisations and employers organisations), Dialogue can be informal or institutionalized and often it is a combination of the two. It can take place at the global, regional, national, sectoral, enterprise or workplace level. The enabling conditions of social dialogue In order for social dialogue to take place, the following must exist: †¢strong, independent workers and employers organizations with the technical capacity and the access to relevant information to participate in social dialogue; †¢political will and commitment to engage in social dialogue on the part of all the parties; †¢respect for the fundamental rights of freedom of association and collective bargaining; and †¢appropriate institutional support. The role of the state For social dialogue to contribute to the elimination of child labour, the State cannot be passive even when it concerns bipartite relations between employers and trade unions. It is responsible for creating a stable political and civil climate which enables autonomous employers and workers organizations to operate freely, without interference or fear of reprisal. Even when the dominant relationships are formally bipartite, the State has a role in providing essential support for the process through the establishment of the legal, institutional and other frameworks which enable the parties to effectively engage in the promotion of decent work and the elimination of child labour. THE UTILITARIAN VIEW Jeremy Bentham would have supported child labor laws based upon his utilitarian philosophy. The central idea is that people should behave so as to produce the greatest happiness for the greatest number of people. Child labor produces a very small amount of happiness for the family of the children involved, but causes considerable suffering as well and prevents the children from obtaining educations or fully enjoying their childhoods. It also creates a class of disenfranchised ignorant citizens with short life expectancies and who are of very little good to society. There is nothing about child labor that could be supported by a utilitarian philosopher. But the argument wouldnt be based on the evil of child labor. Thats a religious concept of morality that is quite different than the pleasure principle on which utilitarianism relies. Many things can bring happiness in the sense Bentham and J.S. Mill intended this notion to be understood. Pleasure is one source, but so is the satisfaction which derives from work, from sharing with others, from having a family, from community service, etc.. The main criticism of utilitarianism is that it substitutes an hedonic/aesthetic standard of behavior for an ethical/prudential standard. It defines what is good, the moral concept, in terms of what brings happiness, an hedonic/aesthetic concept. Those who are addicted to notions like good and evil and sin, most of whom are religious folks, dont find any validity to Benthams viewsespecially since they are quite obviously man made rules of conduct and not revealed words of god. Child Labour According to utilitarian theory child labour is morally worn in that it does not beneficial to everyone, the children suffer and in some cases they are not paid, further these children should be attending school or performing school related duties other than working, there is a need to educate and train these children in order to prepare them for the job market and employing them before they complete their education will mean that this is violating their rights. Children are normally not aware of their rights and are forced to undertake hard work. Employers prefer to employ children because they provide cheap labour and also they are easy to control, children are also seen to be more obedient than adults, they therefor employe the children for the purpose of cutting down costs and also because children are easy to control because adults are related with initiatives which include protests and formation of trade unions. The utilitarian theory which states that morally right actions are those whose outcome maximises benefits to the persons performing them supports child labour in developing countries, this is because the children achieve financial dependence from their parents and also have a chance to earn money to achieve what they like. Support child labour in the developing countries where child benefit and also the parents whose financial burden is reduced, in developed countries where children work to support their family it is morally right to engage children in such employment opportunities but it must be noted that child labour should not violate their rights to education. The concern stems from children being separated from their families, exposed to serious hazards and illness or even left to feed for themselves- often at a very early age. Utilitarianism based upon maximising good or pleasure and minimising bad and pain. Unlike, egoism that centres on a person excessive or exaggerated sense of self-interst. Prepare a balance sheet weighting the pros and cons. Child labour should be stopped on the basis, the tasks children are involved in are difficult and demanding, others are hazedous and morally reprehensible.The emotional pain kids go through easily exceed the advantage of using such a force. Solutions: Reducing, rising poverty, through broad-based economic and social development, automatically replacing child workers with their parents, increasing familys income, as parents are more highly paid. The social welfare of children can also be lined to the social and economic position of women. As womens income improves, so does the situation of her children. Women whom invest in their children, food, water, clothing and schooling, can immediately combat child labour. The rehabilitation of child labourers with household benefits and essential services. In providing families, whose parents and guidance work for the organisation with shelter, food and health care, households are more likely to send their children to school. Deontological theories: Referring to theories of duty, stating that when making decisions about actions one has to consider the duties and the rights of the others. According to the theory the involvement of children at work is wrong, one because it endangers the children both physically and mentally. Children are supposed to go to school and receive necessary training in order to prepare them to become employees. Child labour according to the Deontological theories violates the natural law of nature, this is because children are yet to be adults where the children are young and do not know their rights, involving them at work places will results into the violation of their rights because most employers tend to exploit them by forcing them to undertake hard work and even not pay them, they further know that children are easy to control than adults and that children will obey, the adults workers know their rights and will not be exploited and they will organise demonstration and even form trade unions that fight for their rights. Virtue ethic theory: Child labour is wrong because in most countries law have been set that children should not work and therefor anyone employeing or letting their children work is violating these laws. Education for children The legislator of a regime/community must make the education of the young his objective above all. Since there is a single end for the city as a whole, it is evident that education must necessarily be one and the same for all, and that the superintendence of it should be common and not on private basis. The importance of a common education shaping each citizen so as to enable him to serve the common good of the city. one ought not even consider that a citizen belong to himself, but rather that all belong to the city, for each individual is part of the city. Aristotles includes physical education, reading and writing, drawing and music as subjects which the young potential citizens must learn. The aim of this education is not productive or theoretical knowledge. Instead it is meant to teach the young potential citizens the practical knowledge the kind of knowledge that each of them will need to fulfil his telos and perform his duties as a citizen. We must figure out how to live together through the use of reason and speech, discovering justice and creating laws that make it possible for human community to survive and for the individuals to live virtuous lives. Aristotles on slavery! Aristotles has said that slavery serves the interest of both the master and the slave. If the work that comes from their bodies is the best that can come from them for he is a slave by nature who is capable of belonging to another. They are incapable of fully governing their own lives, and require other people to tell them what to do. Such people should be set to labour by the people who have the ability to reason fully and order their own lives. Slaves get the guidance and instructions tht they must have to live, and in return they provide their master with the benefit of their physical labour.

The Historical Perspective Of Mass Media Laws Media Essay

The Historical Perspective Of Mass Media Laws Media Essay Mass Media laws in subcontinent have a long history and are deeply rooted in the countrys colonial experience under British rule. The earliest regulatory measures can be traced back to 1799 when Lord Wellesley promulgated the Press Regulations, which had the effect of imposing pre-censorship on an infant newspaper publishing industry. The onset of 1835 saw the promulgation of the Press Act, which undid most of, the repressive features of earlier legislations on the subject.   Thereafter on 18th June 1857, the government passed the Gagging Act, which among various other things, introduced compulsory licensing for the owning or running of printing presses; empowered the government to prohibit the publication or circulation of any newspaper, book or other printed material and banned the publication or dissemination of statements or news stories which had a tendency to cause a furore against the government, thereby weakening its authority.   Then followed the Press and Registration of Books Act in 1867. Governor General Lord Lytton promulgated the Vernacular Press Act of 1878 allowing the government to clamp down on the publication of writings deemed seditious and to impose punitive sanctions on printers and publishers who failed to fall in line. In 1908, Lord Minto promulgated the Newspapers (Incitement to Offences) Act, 1908 which authorized local authorities to take action against the editor of any newspaper that published matter deemed to constitute an incitement to rebellion.   Thus, although the freedom of the press is guaranteed as a fundamental right, it is necessary for us to deal with the various laws governing the different areas of media so as to appreciate the vast expanse of media laws. Media laws in Pakistan through different regimes: Political  instability in Pakistan affected the Media tremendously. All branches of media were affected but print media suffered badly. Although, it was declared many times in constitution that freedom of speech and expression would be provided to the media. However, this rule was never truly implemented and many political leaders banned the press during their regime. In the constitution of 1956, an article specifically devoted to freedom of speech was included. The 1956 Constitution lasted less than three years and was abrogated by the imposition of martial law in October 1958. In 1962, with the removal of Martial law a new constitution was enforced which continued the recognition of an initial concept of freedom of expression. But in reality, a military ruler imposed the constitution, which was completely devoid of laws of freedom. However, the strong reaction of press and the public resulted in Constitutional Amendment No. 1 to the 1962 Constitution and in 1963; the Press and Pu blications Ordinance (PPO) came into being. PPO contained the harshest of laws curtailing freedom of expression and the progressive development of the media. But soon in March 1969, General Yahya Khan imposed martial law and relied heavily on one of the measures of this ordinance, the system of press advice given out by the Ministry of Information and Broadcasting in order to avoid publication of news and reports deemed unsuitable for public consumption. During this period, newspapers and magazines known for their independent and progressive views were taken over by the government. Eventually the National Press Trust, created in 1964, took over these journals and acted as a front to control a section of the press. Promulgation of the Western Pakistan Maintenance of Public Order Ordinance had the aim was to consolidate into one law different provisions for preventive detention of persons and control of persons and publications for reasons connected with the maintenance of public order and refine and reinforce the mechanism of repression. With amendments in 1963 and 1964, this law empowered the government to ban the printing of publications, to enter and search premises, and to prohibit import of newspapers, among other measures. These powers have been used by succeeding governments right up until the government of Musharraf. In 1961, the government also took over the principal news agency of the country, the APP, to get a strong grasp of media, arguing that administrative and economical breakdown justified such a move. Instead of giving permission to private enterprise to improve the quality of the news agency, the government saw this as an opportunity to suppress the news that were supplied to the print media, to radio, and to the outside world. In spite of such repressive times, the press took a bold stand by providing alternative sources of news through an independent press and in this way press started a rebellion against government. During the regime of Zulfikar Ali Bhutto, a President and Pakistans first civilian Chief, government reacted very strongly to criticism by various members of the press, and to suppress free voices imprisoned editors and publishers on the pretext of national security. The next five years represented the beginnings of democracy; however, they were spoiled by repressive actions toward the press. The new constitution, although formulated on the principles of democracy, human rights, and freedom of speech, failed to serve the purpose. The PPO remained, as did the National Press Trust. Moreover, through compulsion and manipulation, the government insured that the only other news agency in the country (besides the government-owned APP), the Pakistan Press International (PPI), was brought under its authority. In 1977, with the implementation of martial law abuse of journalists became public rather than covert. Journalists were flogged in public at governments notion and until August 1988 mass media gone through a stunning oppression. The only positive fact of this era was the restoration of the news agency PPI to its original shareholders. Since then PPI provides a valuable alternative news source to the government-controlled APP. In December 1985, the new democratic political figure came into power but that relied on the old media laws. A caretaker government provided transition to a full-fledged democracy, which included repealing the press law that had pressurized the media for so long. A new law, known as the Registration of Printing Presses and Publications Ordinance was installed in 1988. A key change in this law was enforced to stop government from intrusion in media. District Magistrate was supposed to issue a receipt to an applicant for the issuance of a declaration for the keeping of a printing press or the publication of a journal to provide the applicant with proof that would help avoid government interference. The most significant change or difference made by press law of 1988 was that governmental influence on media was reduced to a minimum limit and appeals were also now allowed. In addition, newspapers were given freedom and no longer obligated to publish in full the press notes issued by the government authorities. However, as representative bodies of the press wanted to revise the law of 1988 for a variety of reasons, so this press law continued to be re-promulgated as a decree through 1997, even though the Supreme Court ruled such re-promulgation illegal. The November 1988 elections brought with them a new phase of liberalism toward the mass media laws and regulations. During the rule of Prime Minister Benazir Bhutto, freedom of Expression and thought was uprising. But due to enormous political pressure and stress, media returned to the old, one-sided coverage after only four months. The free press grew stronger during this phase; and exhibited a new spirit in reporting the news and in analyzing the current affairs. Ministry of Information allowed a free and open system of importing newsprint at market prices. In 1990, with the dissolution of Benazir,s government, the new Prime Minister, Nawaz Sharif, took over and restored the issuance of permits system for news-print import for some unknown reasons. During this phase, government put sensational pressure on independent journalists, using both covert and overt means of revenge. To be honest, media was truly oppressed and tyrannized. In May 2000 Musharrafs regime was strengthened by a unanimous decision by the Supreme Court to validate the October 1999 coup as having been necessary; at the same time the Court announced that the Chief Executive should name a date not later than 90 days before the expiry of the three-year period from In 1999, Musharrafs administration seemed to follow a more open minded policy towards the press with fewer restrictions and much less exploitation. However, some sources reported continued harassment of and dangers to journalists. Mile stones: 1997: Nawaz Sharif overpowered Benazir Bhutto in the elections and activated a two-and-a half year reign of terror against the press. 1999: General Pervez Musharraf brought down Sharif, suspended the constitution, and declared martial law; Press harassment was reported and government agents raid the countrys most influential newspaper, Jang, because it was too critical of the government. 2001: Government introduced legislation to create a Press Council and new press laws. 2002: Journalists supported idea that the freedom of Information Ordinance Act allowed access to public records and details of decisions made by superior courts, armed forces, financial institutions, and intelligence agencies. 2010: Government could not check media outburst due to globalization. Many media officials and experts have now decided to suppress media terrorism by banning the display of bloodshed and massacre. Current situation: Presently, government has failed to check or ban media from spreading information because of intense technological advancements. Now nothing can remain hidden because of vast network of internet. Every person has free excess to the news around the globe. Requirement of media laws: As far as the question that is it necessary to call for media laws? is concerned we can easily say that laws absolutely necessary for the proper functioning of any organization as they help to maintain check and balance. Following arguments prove the significance of media laws: 1) Media sometimes crosses the limits and does more than enough, in order to stop this there should be a check/law. 2) We often hear much about fundamental human rights on media, but by exhibiting violation of these rights media itself violates human rights. That thing also needs to be suppressed. 3) Personal and communal privacy is highly affected by media. No secret remains secret because of media globalization. Some things happen to worth keeping private so to protect privacy law is essential. 4) The owner of the product is responsible that in case the product is provided to be used by somebody else, that this user is in compliance with the above rules and regulations and agrees to not mention, comment, state or otherwise discuss anything about the respective product. A corresponding law may need to govern import restrictions so that ANYTHING, product or service or even visitors to the respective country need to sign when entering the respective country to obey to this law. Media legislative bodies in Pakistan: The Authority or government is responsible for assisting and regulating the establishment and operation of all private broadcast media and distribution services in Pakistan established for the purpose of international, national, provincial, district, and local or special target audiences. Government has made special organizations to deal with media. New legislation has been planned for the formation of Press Council. Pakistan Electronic Media Regulatory Authority and Ministry of information are two famous lawmaking bodies in this country. CENSORSHIP: Censorship is considered very important in perspective of media. It holds same significance for media as a bridle for a horse. It keeps media in limits. A governmental organization censors anything that is considered morally corrupt. But as an old latin phrase states WHO WILL GUARD THE GUARDS, here comes a point that who will suggest that something is morally crooked? Code of ethics is one thing which will help here. All laws of censorship are meaningless without the code of ethics. Government of Pakistan has tried very hard to implement laws of censorship. But this is crystal clear that Pakistani censor board has awfully failed to do so. The reason definitely is the stark absence of code of ethics. Censorship saturates journalism history in Pakistan; certainly, the blackest censorship period came during General Zias 10-year military regime. Almost all journalists recall that as an era of thorough control. Government used most subtle means of censorship. It specified that whoever contravenes any provision of this regulation shall be punished with rigorous imprisonment which may extend to ten years, and shall be liable to fine or stripes not to exceed twenty-five. Sharif used additional means to ensure press observance. He used intelligence operatives to penetrate newsrooms and press unions and sent many spies doubling as reporters, and journalists moonlighting as government agents, trust became difficult for all. PRESS LAWS: Our freedom depends in large part, on the continuation of a free press, which is the strongest guarantee of a free society.    Richard M. Schmidt-   Constitutional Provisions Guarantees An article in constitution Pakistan provides freedom of speech and fundamental rights, this piece of writing refers especially to press and is given below: Article 19, Freedom of Speech: Every citizen shall have the right to freedom of speech and expression, and there shall be freedom of the press, subject to any reasonable restrictions imposed by law in the interest of the glory of Islam or the integrity, security or defense of Pakistan or any part thereof, friendly relations with foreign states, public order, decency or morality, or in relation to contempt of court, commission of or incitement to an offense. The Constitution ensures the freedom of expression and freedom of the press with reasonable restrictions that may be forced by law. Judiciary holds the responsibility to determine parameters of the permissible freedoms and the extent to which media should be restricted. The judiciary can serve its purpose only if it is independent and free of any political, social and communal pressure. It is a general observation that judiciary accommodates the freedom of expression and information, and wants to fortify the mass media. But government officials and big guns often have great influence on judiciary or to be more precise, we can say that the courts are directly controlled by them. The reason perhaps lies in the fact that the president controls the selection, transfer, and tenure of judges. Especially when any military dictator gets control of government, judiciary bears the burnt of disturbance. The incident that happened in January 2000, when Musharraf required all judges to take an oa th of loyalty to his regime the Supreme Court Justice and five colleagues refused, is the best example of government control on judiciary. The constitution also sketch outs the power of the president to promulgate decrees and to set aside fundamental rights during an emergency period when his own interest comes in question. Musharrafs military coup on October 12, 1999, led to such an annihilation of fundamental rights and violation of laws when he suspended constitution and assumed the additional title of Chief Executive, appointed an eight-member National Security Council to function as the supreme governing body of Pakistan and dissolved both the Senate and the National Assembly. On May 16, 2002, the Minister of Information, along with the Council of Pakistan Newspaper Editors and the All Pakistan Newspaper Society, released drafts for the legislation for comment and debate. Newspaper editors also urged that the Freedom of Information Act and the amended Registration of Printing Press and Publication Ordinance be promulgated by the government, along with the Press Council Ordinance. The International Press Institute (IPI) identified major concerns including the desire to create a quasi-judicial body without proper procedures in place to provide fairness and equity. The IPI also expressed reservations about the proposed composition, financing, and the terminology used in describing the ethical code, and made a number of recommendations for improving the draft ordinance. The PFUJ and the APNEC reacted in similar ways to the proposed legislation. In a joint statement issued on the eve of World Press Freedom Day, leaders of the two organizations said they regretted that the Press and Publication Ordinance against which the journalists community had striven for almost two decades had once again been revived and newspapers were being closed down under the same black law. The statement said fresh attempts in the shape of the Press Council were being framed by Musharrafs government to silence the voice of the print media in the country. They said the PFUJ and APNEC had already rejected the idea of setting up the council and that news people were still being subjected to different pressure tactics, including threats to their lives. They demanded that the government repeal more than 16 black laws, including the Press and Publication Ordinance, and to insure implementation of the labor laws by ending exploitation of the working journalists and newspaper worke rs. They also called for enforcing the Freedom of Information Act to ensure easy access to information. The only other press laws in effect while the current proposed press laws are under review are general ones prohibiting publication of obscene material, inciting religious, parochial, or ethnic provocations, and anti-defamation provisions. Foreign Ownership of Domestic Media: Due to continual foreign intervention previous press laws included provisions restricting foreign ownership in the press. The law specified that a non-inhabitant of Pakistan could hold shares in any newspaper only with the approval of the government and only if such chipping in ownership should not be more than 25 percent of the entire proprietary interest. Currently, there is no such information on foreign ownership provisions in the proposed new press laws. Summing up: Pakistans chaotic history, coupled with its ongoing political and economic crises, places the press in the position of informing the citizenry while also providing a check on the powers in office. Since its founding in 1947, Pakistan has suffered three periods of martial law and two military dictatorships, nevertheless the press goes on. The freedoms that insure the existence of the press are contained in Pakistans constitution, which remained suspended in 2002, and yet the press lasts and continues to safeguard those freedoms. Over the years members of the press have been arrested and jailed, have had their offices raided and ransacked, have been publicly flogged, and severely censored, tortured and pained. But the press still persists and has a stronger voice today than ever before. Members of the Pakistan press must work diligently to have their voices heard in the governments attempt to create a Press Council and new press laws. Problems facing the Pakistan press are not new, nor are there any quick fixes to them. Recent arrests of respected Pakistani journalists have spurred concern. Pakistan is dependent upon foreign aid, however, and is thus vulnerable to international pressures, which should help the plight of journalists being abused. In addition, a new generation of female editors who are sensitive to the abuses otherwise ignored by their male counterparts will undoubtedly help journalists and human rights victims. Conclusion:   In this age of media explosion, you cannot simply remain restrained to the boundaries of the traditional media. The media world has expanded its dimensions by encompassing within its orbit, the widening vistas of cyber media etc. The word law with media reminds us of a ferocious horse who has been forced to follow certain predetermined pathways, but as it seems nearly impossible to control the horse so the case of media is just like that. The more you try to organize the horse the more you get in trouble. But here are other ways to overcome the trouble; instead of dealing with the problem by force wed better put it in some sensible hands. It means, wed control media with code of ethics and morals rather than with laws or force.