Accounting Information Is Produced Only For Its User Essay - 1

Accounting Information Is Produced Only For Its User - Essay Example Managerial accounting is the division of accounting contemplation and study that deals with presenting knowledge that helps decision makers to lead to some conclusion within the organisation, correlated to the consumption of goods and utilization of enterprise favourable possibilities.It ought to be highlighted that the precincts of managerial accounting are not fixed. Managerial accounting, in general with financial accounting has an attention on the enterprise and its actions. It varies from financial accounting only in terms of verdict makers whose decision criteria are usually changed from those offered by financial accounting. Additionally, several decision models that have developed for use by organisation and in support of which accountants deliver the essential accounting information inputs have been developed under this regulation of professional economics and professional business. (Hussey, 1999, pp 45-46) These decision representations are commonly expressed as component o f managerial accounting as it is obligatory to be aware of organisation resolution models in order to provide information that is appropriate for the decision.At last, it is becoming extensively accepted that business institutes manage by the synchronised hard work of individuals. Therefore, achievement of majority of management judgments centres on fascinating the human beings concerned to perform their tasks in a way most dependable with the intention of the result. The learning of the relations of people working in the enterprise has for a short time been imperative for the creation of management accounting structure. From the time when the tools for such types of study have been introduced in the behavioural sciences, the accounting discipline has eternally wrung the behavioural sciences as a basis for enhanced study and training. Long-run Management Decisions and Related Accounting Information Setting the long-term income target, the long-run attainment of the activity depends upon the management's capability to recognize and put into practice the most capable programs, product lines and schemes within the organisation's abilities and its ecological and money-capital restrictions. The initial need to accomplishment is dynamic searching of possibilities, either to offer latest and improved services or goods or to build up recent and enhanced means of manufacturing. The previous necessitate contribution, at least at some nominal stage, in research into current advertise and user predilection, together with product advancement research. The later requires minimum association with business engineering plus behavioural, managerial, and institutional examination. These all are basically knowledge-getting actions put in by experts excluding accountants. The involvement of accountants move towards into participates in another important key to long-run achievement of the enterprise -the picking of the most competent set from amongst the well-known substitutes. Capital-Budgeting Decisions: The critical aspect of long-run substitutes is that they generally entail substantial preliminary expenses of the enterprise's partial money resources for functioning. Introductory outlays comprise costs for such stuff like long-standing assets to be employed in the program, official fees, and extra expenses of organisational and developmental exploration. More than numerous upcoming periods, allied supplementary expenditures are requisite to construct benefits in the form of ready money or cut down overall outlays than the

Economic Analysis Of The Jamaican Economy Economics Essay

Economic Analysis Of The Jamaican Economy Economics Essay Economic growth  is a term generally measured by the amount of production in a country or region over a certain period of time. It can also be described as the increase of per capita  gross domestic product  (GDP) or other measures of aggregate income, typically reported as the annual rate of change in real GDP. Economic growth is primarily driven by improvements in  productivity, which involves producing more goods and services with the same inputs of labour, capital, energy and materials. For the purpose of this project we will be concentrating on economic growth in the long run FY 2012-2014. Jamaicas economy faces major long-term problems: a significant merchandise trade (imports and exports) deficit, large-scale unemployment and underemployment, and a public debt-to-Gross Domestic Product (GDP) ratio of almost 130 per cent. Jamaicas onerous public debt burden the fourth highest per capita is the result of government bailouts to ailing sectors of its economy, most notably the financial sector in the mid-to-late 1990s, and hinders government spending on infrastructure and facilities and social programs as public debt servicing accounts for nearly half of government costs. Inflation rates rose noticeably in 2008 and have kept on increasing as a result of high prices or pricing for imported food stuffs and oil and gas. High unemployment continues to aggravate the major problem of crime and violence, which includes the gang violence that is fuelled by the drug trade (imports and exports). The Golding led government faces the difficult prospect of having to achieve financial discipline in order to sustain public debt repayments while simultaneously attacking a major and expanding crime problem that is hampering growth of the economy.   The Jamaican Economy has faced many economic challenges over the pass years especially during the recent recession period. The economy is still recovering from the direct hit which the country sustained in 2009 where exports and capital inflows weakened leading to negative growth. A steep depreciation of the nominal exchange rate has raised the cost of servicing variable rate debt, as well as the cost of rolling over existing loans. Amid volatility, macroeconomic policy remained tight despite the downturn. For the Bank of Jamaica (BOJ), defending the currency had to take precedence over inflation targeting and stimulating GDP growth. Such global crisis has also negatively affected the fiscal accounts, with lower revenue and a significantly higher interest bill. The government implemented a new Debt Management Initiative, the Jamaica Debt Exchange (JDX) on January 14, 2010 to control future economic downturns, which they had experienced in past years (2007 to 2009), which had resulted in a negative growth period for the country. The initiative would see holders of Government of Jamaica (GOJ) bonds returning the high interest earning instruments for bonds with lower yields and longer maturities. The offer was taken up by over 95% of local financial institutions and was deemed a success by the government. The economic situation of Jamaica has worsened considerably, with the ongoing world financial crisis which has had devastating effects on the economy. The mining sector has been the hardest hit, while tourism and remittances flows have been on the decline. Most foreign exchange comes from remittances, tourism, and bauxite. Remittances account for nearly 20% of GDP roughly equivalent to tourism revenues. Three of Jamaicas four bauxite firms suspended operations in 2009 due to falling demand amid the global economic downturn. The country will continue to lose valuable resources from its exports in 2012-2014 while these firms are out of operation. This decline in remittances, and a contraction of consumer demand led to a deep recession with stubbornly high unemployment and underemployment. With such hardship the government of Jamaica had no choice but to turn to the International Monetary Fund (IMF), a multilateral lending agency. The government of Jamaica, with help from multilateral bodies, is resolved to addressing the nations challenges more effectively, thereby creating a sustainable growth path for increased foreign investments in the new decade. On the 4th of February 2010 the International Monetary Fund (IMF) approved a US$1.27 billion Stand-By Facility loan agreement for a period of 3 years to underpin structural reforms and help Jamaica to withstand spill-overs of global financial storms that impacted main revenue streams. The IMF noted: The government has successfully completed a domestic debt exchange operation, which has contributed to a more equitable sharing of the burden of the overall fiscal adjustment. The exchange has also struck an appropriate balance in terms of delivering necessary cash flow savings while taking appropriate account of the need to ensure financial sector stability which should continue for the FY2012-2014. With such great assistance from the IMF, the government believes The upgrade sends a significant signal to international and local investors and will help in reinforcing confidence in the market for Jamaicas debt. This first step in the recovery of Jamaicas ratings reflects the governments aggressive policy actions as put forward in the economic programme, and the positive impact and success of the JDX. Economic outlook The launch of the Jamaica Debt Exchange Offer (JDX) in early 2010 has been seen as a positive step in the right direction, and the appreciation of the Jamaican dollar since it hit a low of J$89.73 in February 2010 has been slight but steady. The government has begun implementing much needed structural reforms, which should improve the fiscal balance by over 5% of GDP in FY 2010-2014 and onwards. Among them, a debt-swapping plan aimed at achieving interest savings of about 3% of GDP and two-thirds reduction in the amount of maturing debt over the next three years has been successfully implemented, with an acceptance level of almost 97% of bondholders. Governor of the Bank of Jamaica, Wynter B. (2010), stated that The exceptionally high participation rate in the exchange makes the Jamaica Debt Exchange one of the most successful debt exchanges in the world. The JDX replaces 350 high priced government domestic bonds with 24 new bonds, priced at a lower (12.5%) interest rate with longer maturities, providing annual savings of J$40bn. The Governor further stated that Additionally, the magnitude of maturing debt is expected to decline by 65 percent over the next three years, and the significant reduction in the governments refinancing needs will ease the crowding-out effect of the government debt and the upward pressure that this would have placed on domestic rates. Jamaicas four-year programme for the financial year 2010-2014 focuses on four key objectives: To strengthen government finances by reforming public enterprises and passing a new fiscal responsibility law. Reforms of the financial sector to reduce systemic risks and enhance the countrys capacity to better withstand external shocks. A pro-active debt management strategy to eliminate debt overhang and reduce debt servicing costs. Jamaica spends J$182bn (US$2.1bn) on annual interest payments, which in turn, crowd out capital expenditures. Make the tax structure more efficient, whilst improving tax collection and administration. That would increase resources for targeted social projects. Despite the launch of the Jamaica Debt Exchange Offer (JDX), this has been seen by analysiss as a positive step in the right direction, and with the marginal appreciation of the Jamaican dollar in February 2010. The tourism sector, which comprises a sizable chunk of Jamaicas economy, was badly hit by the global economic crisis, but a marginally more favourable crime rate as well as new marketing strategies being developed by the Jamaica Ministry of Tourism and their counterpart throughout the Caribbean region bodes well for the industrys slow recovery over next five years. The IMF however is saying that they dont foresee Jamaica changing its growth patterns in the near future, stated Charles Ross. The debt has itself become an obstacle for growth because the country has to allocate so much of government resources into servicing the debt that very little is left for public investment in infrastructure that would facilitate growth. The island of Jamaica however has proven itself resilient by surviving the steepest contraction in world trade since the 1930s, and its macroeconomic fundamentals are slowly but surely improving. The government of Jamaica, with help from multilateral bodies, is resolved to addressing the nations challenges more effectively, thereby creating a sustainable growth path for increased foreign investments in the new decade. The 2010/11 budget provides for increased social spending while reducing recurrent expenditures. Fitch, the European rating agency, upgraded Jamaicas long-term local and foreign currency Issuer Default ratings to B- (with stable outlook). Also, Standard Poors and Moodys have upgraded Jamaicas sovereign ratings, reflecting strong commitment to tackling fiscal imbalance and the successful outcome of the Debt Exchange (JDX) programme. The government believes The upgrade sends a significant signal to international and local investors and will help in reinforcing confidence in the market for Jamaicas debt. This first step in the recovery of Jamaicas ratings reflects the governments aggressive policy actions as put forward in the economic programme, and the positive impact and success of the JDX. Economic theory suggests that sustainable increases in real income must be based on increases in productivity. Productivity may be defined as the amount of output produced (in terms of goods or services) per unit input used. Commonly applied measures include labour productivity as output per worker or output per labour-hour, and total productivity as output relative to all inputs used. Both measures have been used in recent years to explore the dynamics of Jamaicas economic performance. Jamaica continues to rank favourably on a number of indices of competitiveness and business climate. The 2010 Index of Economic Freedom, published by the Heritage Foundation (US), ranks it the 57th freest market of 179 countries, surpassing established EU members such as Portugal, France, Poland, Greece and Italy. The country has a track record of implementing micro-reforms that help encourage private enterprise and foreign direct investment (FDI). Reforms of trade regime and tax administration for the upcoming period 2011- 2014 should improve Jamaicas global ranking in the future business indicators. This reform is aimed at reducing tariffs, import fees and some import/export bans and the latter is geared toward simplifying tax payment procedures. Jamaicas relatively flexible labour regulations could be further improved to increase job creation and productivity growth in coming years Dr Williams D. (2010) of the University of the West Indies. The government aims to boost the export sectors contribution to GDP from its current one-fifth to one-third by 2013 through expanding volumes and higher value addition in priority sectors as well as seeking new markets, thereby reducing over-reliance on North America, which in 2008 accounted for 50% of Jamaicas exports. The latest projections by international financial institutions (IFIs) show the economy stabilizing in FY 2010/11 and thereafter (2012-2014). Output is expected to grow at 2%, with inflation abating to 6%. Higher Foreign Direct Investment (FDI) in mining, tourism and other sectors will increase imports. However, continued FDI and gradually rising foreign exchange reserves (forex reserves) should offset the impact of current account deficit on the balance of payments. The IMF envisages the external deficit falling to 5% of GDP over the medium-term. The currencys depreciation in real effective terms has improved the competitiveness of exports both visible and invisible (i.e. services). The government aims to cut the budget deficit by half by 2014/15, whilst reducing the net public debt to GDP ratio. In short, Jamaica is putting its house in order. The countrys first long-term development plan Vision 2030 Jamaica (launched in 2008) inspires to attain developed country status by focusing on four core areas: a vibrant macro-economy; effective governance; world class education and training (especially science/technology); and greater security and safety. Jamaica has a realistic chance of achieving its national goals by 2030. However for the period 2012-2014 the three industries which are expected to perform well are the financial sector, the tourism industry and the Manufacturing industry. Industry Analysis Financial Sector The financial services industry in Jamaica consists of commercial banks, merchant and trust banks, credit unions, building societies and licensees under the Financial Institutions Act as well as non-deposit taking institutions including insurance companies, development banks and securities dealers. In 2008 there were 129 licensed financial institutions in Jamaica including 7 commercial banks, 46 credit unions, 17 insurance companies and 48 securities dealers, as well as 4 building societies, 3 FIA institutions and 4 development banks. Consistent with the current trend in developing countries, there are also a large number of foreign exchange Cambios, remittance and money transfer companies and bill payment companies that facilitate transactions between the domestic and international markets. There has been a reduction in the total number of institutions operating in the financial sector over the past decade, from 189 in 1996 to 129 in 2008. The lower numbers reflect closures, mergers and downsizing, with the effect of the most efficient institutions emerging. Commercial banks are the largest sub-group within the financial sector. In 2008, assets of commercial banks accounted for approximately 76.0 per cent of total assets of the financial system, with Building Societies at 19.0 per cent and FIAs at 5.0 per cent. The Financial Services Commission (FSC) was established in 2001 and there were several substantial amendments to the Bank of Jamaica Act, Banking Act, Money Laundering Act and Financial Institutions Act. The regulatory framework for the supervision of pension funds and credit unions also has been strengthened. The Jamaica Deposit Insurance Corporation (JDIC) was incorporated in August 1998 to provide insurance against the risk of loss of deposits held in insured financial institutions. The JDIC receives premiums from insured financial institutions at a rate of 0.15% of their total insurable deposits and the funds are invested to build the Deposit Insurance Fund. After such severe restructuring the financial sector regained some buoyancy which has seen its share of GDP climb to 10.8% to GDP in 2008 and the total assets of deposit-taking institutions in the financial sector increase from J$238.9 billion in 1999 to J$715.8 billion in 2008. However, much of this financial activity has been fuelled by the explosion of domestic debt, which also has seen the increased growth of the Jamaican money market as an intermediary between individual holders of capital and the government securities market (approximately half of the dealers funds under management are with retail clients). This has reduced the ability of the sector to provide the capital needed by the private sector for productive investments. As the sector restructures and the market becomes more competitive, financial institutions continue to refocus their attention to their core functions, as evidenced by increased loans to the productive sectors. Jamaica has considerably strengthened financial system oversight following a costly financial crisis in 1996-97. The financial system is deep and well-developed, the regulatory framework has in many respects been brought into line with best international practices, and supervision appears to be implemented in a systematic and professional manner. Remaining regulatory gaps and weaknesses in the financial infrastructure are well recognized by the authorities, who have implemented important reforms. Regulatory capital has also increased in most financial institutions to levels that permit a reasonable degree of resilience against macroeconomic shocks. However, data limitations prevented a full system-wide quantitative analysis of risks. During 2000-2008 the total stock of loans and advances increased by 587 percent and 308 percent, for commercial banks and FIA institutions, respectively. However, the volume of government debt held by these institutions decreased. The Bank of Jamaica and the Financial Services Commission continued to strengthen their respective regulatory framework in order to maintain stability within the industry and to conform to new developments in international standards. As at 31 March 2009, the seven commercial banks and two merchant banks (at the time) had total assets of J$582,515,204 billion with liabilities of J$516,216,670 billion resulting in total capital of J$35.649 billion. Manufacturing Sector The Manufacturing Sector represents a critical component of the economies of many developing countries including Jamaica. Jamaicas manufacturing sector is diverse and modern. Products encapsulated under this sectors activities are: beverages, processed foods, chemicals, plastics, cosmetics, pharmaceuticals, nutraceuticals and apparel. The island also produces spices and condiments, canned ackee and callaloo, as well as natural juices, soft drinks, beer, wines, spirits, and liqueurs. The manufacturing sector accounts for 12.8% of GDP per annum, employs approximately 7% of the labour force and is second in terms of sector contribution to real GDP. Jamaicas manufacturing sector grew during 2007 and contributed approximately 12.6% to total GDP, with total revenues exceeding US$700mn. Manufactured exports grew by 7.3% in 2007 to US$705.8 million, a reflection of higher export earnings from both non-traditional and traditional manufactured products; and  total investment in the manufacturing sector facilitated by Jamaica Trade and Invest amounted to J$3.6 billion during 2007. These investments spanned several sub-sectors including agro-processing, plastics, petrochemicals and cement. The petrochemical sub-sector was positively impacted by the development of an ethanol dehydration facility at Port Esquivel, St. Catherine. Further expansion also took place in the plastics sub-sector and in the cement sub-sector through modernization and upgrading of clinker and cement production facilities.  However, this overall picture of growth during 2007 was complemented by the Governments focus on increasing productivity in order to impact growth. Government implemented programmes that facilitated international competitiveness included worker skills training, technology upgrading, research and development, the Private Sector Development Programme (PSDP) and the Quality Jamaica Project, which includes training in Hazard Analysis Critical Control Point (HACCP). Manufactured exports represent approximately 12.6% of GDP in 2007, while the sector employs about 6.1% of the total labour force. Exports grew by 7.3% in 2007 to US$705.8 million, a reflection of higher export earnings from both non-traditional and traditional manufactured products. The global economic crisis in the last quarter of 2008, spurred by the financial collapse in the United States emerged, which had implications for the productive sector. Devaluation of the dollar, high interest rates, reduced domestic and export sales, credit crunch, high inflation, soaring oil prices, and skyrocketing input costs of raw material were some of the challenges experienced in the face of the world financial crisis. For the year 2008, the Jamaican economy contracted by an estimated 0.6%. Real Gross Domestic Product (GDP) for the Goods Producing Sectors contracted by 3.0%, while the Services Sectors grew by 0.3%. The performance of the economy was adversely affected by the sharp rise in commodity prices, the subsequent decrease in commodity prices due to the global financial crisis, decline in external demand for Jamaican goods and services, sharp decline in the availability of capital for fiscal budgetary support and private sector investment as well as the lingering effects of hurricane Dean and tropical storm Gustav. The sector contributed 8.5% to GDP and the total employed labour force grew by 3.5% to 80,100 persons. For the period, total manufactured exports also increased amounting to US$1,224.75 million, an increase of 37.5%. This was attributable mainly to increased export earnings from Non-traditional Exports of US$1,094.7 million. However, the sector declined by 1.2% due to a challenging environment and the global financial crisis which contracted the performance of the Food, Beverage and Tobacco and Other Manufacturing components of the industry by 2.4% and 0.2%, respectively. Tourism Industry Jamaicas economy relies heavily on tourism, which has become the countrys largest source of foreign exchange. Most tourists remain on the island for several days or weeks, although increasing numbers disembark only briefly from cruise ships at Ocho Rios, Montego Bay and the newly renovated and opened Falmouth Pier. These and other towns on the northern coast, as well as Kingston, are the tourist sectors main bases of activity. Jamaica is famous for its pleasant climate, fine beaches, and superb scenery, including the waters of Montego Bay and the majestic Blue Mountains. Industry Performance The tourism industry has shown strong and sustained growth since Independence. The total number of visitor arrivals to Jamaica has grown from some 271,692 in 1962 and 670,202 visitor arrivals in 1982 to a total of 2,860,544 visitor arrivals in 2008, an annual increase of 5.3% over the 46 year period. The island saw a record 3,016,898 visitors in 2006. The islands tourism accommodation stock increased from 10,327 rooms in 1982 to 29,794 rooms in 2008, while total receipts from tourists grew from US$337.8 million in 1982 to US$1,975.5 million in 2008. The development of the tourism sector over this period has seen an increase in the relative importance of cruise passenger arrivals which grew from 29% of total visitor arrivals in 1982 to 38 % of total arrivals in 2008. There also has been the emergence of globally competitive Jamaican-owned all inclusive hotel chains such as Sandals, SuperClubs and Couples, and the diversification of tourism markets including growth in arrivals from the United Kingdom, Europe and the Caribbean in addition to the traditional North American markets. As one of the best-known island destinations, Jamaica enjoys significant competitive advantages in Tourism and Travel Services. Based on its strong brand image, an appealing natural environment and human and cultural assets, the Jamaican Tourism industry has been identified as one of the key industrial clusters deemed capable of driving sustainable economic growth in the long term. Jamaica has had a long experience as a tourist destination, being a favoured retreat for travelers from Europe since the eighteenth century. The tourism industry, however, started in earnest in the late nineteenth to early twentieth century, with the first systematic efforts by Government to promote the industry, and by private investors to establish large hotels. The emergence of the industry coincided with the rapid economic growth of the United States, which has remained the main source of visitors up to the present. Jamaica has been one of the best-known resort vacation destinations in the world for decades. Originally known for its stunning physical beauty and as a playground for the rich and famous, the island has since seen its tourism industry experience significant growth and diversification. Jamaica currently boasts one of the most diverse visitor accommodation sectors in the Caribbean, including world-famous all-inclusive resorts, upscale hotels and villas, and a range of distinctive tourist accommodations and attractions. While the tourism sector is a major earner of foreign exchange there is a relatively high leakage of these benefits through imports of goods and services and payments of interest and investment income to overseas providers of capital. In order to retain more of the value added by the tourism sector linkages between the tourism and the other sectors of the economy, including agriculture, manufacturing and services need to be enhanced. In-depth analysis of the manufacturing industry Manufacturing Sector The Manufacturing Sector represents a critical component of the economies of many developing countries including Jamaica. Jamaicas manufacturing sector is diverse and modern. Products encapsulated under this sectors activities are: beverages, processed foods, chemicals, plastics, cosmetics, pharmaceuticals, nutraceuticals and apparel. The island also produces spices and condiments, canned ackee and callaloo, as well as natural juices, soft drinks, beer, wines, spirits, and liqueurs. The manufacturing sector accounts for 12.8% of GDP per annum, employs approximately 7% of the labour force and is second in terms of sector contribution to real GDP. Jamaicas manufacturing sector grew during 2007 and contributed approximately 12.6% to total GDP, with total revenues exceeding US$700mn. Manufactured exports grew by 7.3% in 2007 to US$705.8 million, a reflection of higher export earnings from both non-traditional and traditional manufactured products; and  total investment in the manufacturing sector facilitated by Jamaica Trade and Invest amounted to J$3.6 billion during 2007. These investments spanned several sub-sectors including agro-processing, plastics, petrochemicals and cement. The petrochemical sub-sector was positively impacted by the development of an ethanol dehydration facility at Port Esquivel, St. Catherine. Further expansion also took place in the plastics sub-sector and in the cement sub-sector through modernization and upgrading of clinker and cement production facilities.  However, this overall picture of growth during 2007 was complemented by the Governments focus on increasing productivity in order to impact growth. Government implemented programmes that facilitated international competitiveness included worker skills training, technology upgrading, research and development, the Private Sector Development Programme (PSDP) and the Quality Jamaica Project, which includes training in Hazard Analysis Critical Control Point (HACCP). Manufactured exports represent approximately 12.6% of GDP in 2007, while the sector employs about 6.1% of the total labour force. Exports grew by 7.3% in 2007 to US$705.8 million, a reflection of higher export earnings from both non-traditional and traditional manufactured products. The global economic crisis in the last quarter of 2008, spurred by the financial collapse in the United States emerged, which had implications for the productive sector. Devaluation of the dollar, high interest rates, reduced domestic and export sales, credit crunch, high inflation, soaring oil prices, and skyrocketing input costs of raw material were some of the challenges experienced in the face of the world financial crisis. For the year 2008, the Jamaican economy contracted by an estimated 0.6%. Real Gross Domestic Product (GDP) for the Goods Producing Sectors contracted by 3.0%, while the Services Sectors grew by 0.3%. The performance of the economy was adversely affected by the sharp rise in commodity prices, the subsequent decrease in commodity prices due to the global financial crisis, decline in external demand for Jamaican goods and services, sharp decline in the availability of capital for fiscal budgetary support and private sector investment as well as the lingering effects of hurricane Dean and tropical storm Gustav. The sector contributed 8.5% to GDP and the total employed labour force grew by 3.5% to 80,100 persons. For the period, total manufactured exports also increased amounting to US$1,224.75 million, an increase of 37.5%. This was attributable mainly to increased export earnings from Non-traditional Exports of US$1,094.7 million. However, the sector declined by 1.2% due to a challenging environment and the global financial crisis which contracted the performance of the Food, Beverage and Tobacco and Other Manufacturing components of the industry by 2.4% and 0.2%, respectively. Economic outlook for the Manufacturing sector A more economic perspective for the Jamaican manufacturing is to see interest rates trending down, Banks beginning to make loans and sustained stability in the exchange rate. This sector is showing some renewed buoyancy and has shown significant growth over the last two quarters. Despite the tough economic conditions, manufacturing is predicted to contribute positively as this area will be a focal part for the government as this area should harness more growth and development. The government expects to boost this sector to create employment through the money it receives from the International Monetary Fund (IMF). We expect that this will continue, as this is a very important sector representing a large chunk of overall GDP. So whatever happens to manufacturing will have an overall impact on the economy. These are some very good investment opportunities for the manufacturing sector for the coming years. Agro- processing: Canned vegetables and canned fruit present good opportunities for investment in the food processing sector. Chemicals and chemical products: Reference is being made particularly to aluminium sulphate, detergents and paints, which showed steady growth in 2007. This is expected to continue as the construction industry is projected to grow by 4.5 percent in 2008 which will be facilitated by the growth in Non-residential and hotel sectors as well as expansion of the sea and airports. Bio- technology: Jamaica is blessed with a number of indigenous herbs which can be used in the promotion of health and wellness. Food processing, Beverages and Tobacco: The food processing sector grew by 3.3 per cent in 2007, while growth in the beverages and tobacco sun-sectors stood at 1.8 per cent. These sectors are expected to grow due to the anticipated increase in the food production. For the Manufacturing Sector in Jamaica the identification of strengths and weaknesses represents the internal assessment of the sector while the consideration of opportunities and threats represents the analysis of the external environment for the sector. STRENGTHS Sourcing and Procurement Current availability of high quality raw Jamaican materials (including agricultural products, limestone, cement) Strong international supply relationships Reduction of duties on imported raw materials Production Largest contributor to GDP of all goods-producing sectors World-class enterprises in several manufacturing subsectors and industries (including food processing and beverage industries, paint, plastic containers) Ability to make high quality products Numerous small and diverse production facilities allowing for a range of focused niche markets and products Environment Availability of some green raw materials Limited use of environmentally friendly/clean production technologies Finance Downward trend in deposit interest rates making equity investments in manufacturing relatively more attractive Human Resources Large employer of labour Pool of trainable workforce Innovativene

Machiavellis The Prince: Still Relevant after All These Years Essay

Machiavelli is â€Å"a crystal-clear realist who understands the limits and uses of power.† -- Pulitzer Prize–winning author Jared Diamond (2013) Written almost 500 years ago, Niccolo Machiavelli’s â€Å"The Prince† brings forward a new definition of virtue. Machiavelli’s definition argued against the concept brought forward by the Catholic Church. Machiavelli did not impose any thoughts of his own, rather he wrote from his experience and whatever philosophy that lead to actions which essentially produced effective outcomes in the political scene of Italy and in other countries. While Machiavelli is still criticized for his notions, the truth is that, consciously or subconsciously we are all thinking for our own benefit and going at length to achieve it. On matters of power where there is much to gain and a lot more to lose, the concept of Machiavelli’s virtue of â€Å"doing what needs to be done† applies rigorously to our modern politics and thus â€Å"The Prince† still serves as a suitable political treatise in the 21st century. The subject of human nature has great emphasis in â€Å"The Prince†. Human beings are viewed as rational decision makers who try to maximize their self-interest. They are inclined to help whoever will give them the most benefits and by definition, may easily betray someone to whom they were previously loyal seeing a better opportunity. A large part of being a prince or a politician is being able to lead people, and therefore it is of utter importance in how to deal with their behavior. â€Å"Here a question arises: whether it is better to be loved than feared, or the reverse. The answer is, of course, that it would be best to be both loved and feared. But since the two rarely come together, anyone compelled to choose will fin... ... to the times of kings and princess, however it must be noted that the underlying human emotions and their motivations can only be dealt with decisiveness and deep plotting. The concepts discussed are applicable to all leaders and politicians holding offices. Bottom line is, some things never changes. Even though a lot has changed, principles of Machiavelli’s Prince are adapted and used widely yet secretly in a complex world of growth and prosperity with a greater demography and geography. Bibliography 1) Machiavelli, NiccoloÌ€, and Robert Martin Adams. "Chapter 17." The Prince: A Revised Translation, Backgrounds, Interpretations, Marginalia. New York: Norton, 1992. 46. Print. 2) Machiavelli, NiccoloÌ€, and Robert Martin Adams. "Chapter 18." The Prince: A Revised Translation, Backgrounds, Interpretations, Marginalia. New York: Norton, 1992. 49. Print.

Stefan’s Diaries: Origins Chapter 20

I didn't see Damon for the next few days. Father said he was spending time at the camp, an idea that clearly filled him with no small amount of pleasure. Father hoped that Damon spending time there would lead to him rejoining the army, even though I figured his hours would be spent mostly gambling and talking about women. I, for one, was glad. Of course, I missed my brother, but I would never be able to spend so much uninterrupted, unquestioned time with Katherine if Damon was around. Truthfully, although I felt disloyal to say it, Father and I adapted well to Damon being gone. We began taking meals together, companionably playing hands of cribbage after dinner. Father would share his thoughts about the day, about the overseer, and about his plans to buy new horses from a farm in Kentucky. For the hundredth time, I realized how much he wanted me to take over the estate, and for the first time, I felt excitement in that possibility. It was because of Katherine. I'd taken to spending each night in her chambers, leaving just before work began in the fields. She hadn't bared her fangs since that night in the woods. It was as if that secret meeting in the forest had changed everything. She needed me to keep her secret, and I needed her to keep me whole. In her small, dim bedroom, everything was passionate and perfect–it almost felt as if we were newlyweds. Of course, I wondered how it would work, me growing older each year as Katherine stayed just as young and beautiful. But that was a question for later, after the fear of the vampire scourge was over, after we were engaged, after we'd settled into a life without hiding. â€Å"I know you've been spending time with young Katherine,† Father said one night at the dinner table, as Alfred cleared the table and brought Father his well-worn deck of cards for us to play. â€Å"Y es.† I watched as Alfred poured sherry into Father's glass. In the flickering candlelight, the normally pink liquid looked like blood. He held the decanter to me, but I shook my head. â€Å"So has young Damon,† Father observed, taking the card deck in his thick fingers and slowly palming it from hand to hand. I sighed, annoyed that Damon had once again come into a conversation about Katherine. â€Å"She needs a friend. Friends,† I said. â€Å"That she does. And I'm glad that you've been able to provide her with companionship,† Father said. He placed the cards facedown on the table and glanced at me. â€Å"Y know, I don't know very much about her ou Atlanta relations. I'd heard of her through one of my shipping partners. Very sad, a girl orphaned by my shipping partners. Very sad, a girl orphaned by Sherman's battle, but there aren't very many other Pierces that say they know of her.† I shifted nervously. â€Å"Pierce is a common enough name. And maybe she doesn't want to be affiliated with some of her relations.† I took a deep breath. â€Å"I'm sure there are other Salvatores out there that we haven't heard of.† â€Å"There's a good point,† Father said, taking a sip of his sherry. â€Å"Salvatore isn't a common name, but it's a good one. Which is why I hope you and Damon know what you're getting into.† I looked up sharply. â€Å"Fighting over the same girl,† Father said simply. â€Å"I wouldn't want you to lose your relationship. I know I don't always see eye to eye with your brother, but he's your flesh and blood.† I cringed, the familiar phrase suddenly complicated. But if Father noticed, he didn't say anything. He picked up the deck and glanced at me expectantly. â€Å"Shall we play?† he asked, already beginning to deal six cards to me. I picked up my stack, but instead of looking at the cards, I glanced out of the corner of my eye, to see if I could spot any movement from the carriage house through the window. Alfred walked into the room. â€Å"Sir, you have a guest.† â€Å"A guest?† Father asked curiously, half standing up from the table. We rarely had guests come to the estate unless there was a party. Father always preferred meeting acquaintances in town or at the tavern. â€Å"Please forgive my intrusion.† Katherine walked in, her thin arms filled with a bouquet of flowers of all different shapes and sizes–roses and hydrangeas and lilies of the valley. â€Å"Emily and I were picking the flowers by the pond, and I thought you might appreciate some color.† Katherine offered a small grin as Father stiffly held out his hand for her to shake. He'd barely had a four-word conversation with Katherine since she'd arrived. I held my breath, as anxious as I would be if I were introducing Father to my betrothed. â€Å"Thank you, Miss Pierce,† Father said. â€Å"And our house is your house. Please don't feel you need to ask permission to come visit. We'd love to have you, whenever you wish to spend time with us.† â€Å"Thank you. I wouldn't want to be an imposition,† she said, batting her eyelashes in a way that was irresistible for any man. â€Å"Please, have a seat,† Father said, settling down at the head of the table. â€Å"My son and I were just preparing to play a hand of cards, but we can certainly put them away.† Katherine eyed our game. â€Å"Cribbage! My father and I always used to play. May I join you?† She flashed a smile as she settled into my chair and picked up my hand. Instantly, she frowned and began rearranging the cards. How could she, when worried for her very existence, be so carefree and enchanting? â€Å"Why, of course, Miss Pierce. If you'd like to play, I'd be honored, and I'm sure my son would be happy to help you.† â€Å"Oh, I know how to play.† She set a card in the center of the table. â€Å"Good,† Father said, putting his own card on top of hers. â€Å"And, you know, I do worry about you and your maid, all alone in the carriage house. If you want to move to the main house, please, just let me know and your wish is my command. I thought that you would like some privacy, but with things as they are and all the danger †¦Ã¢â‚¬  Father trailed off. Katherine shook her head, a shadow of a frown crossing her face. â€Å"I'm not frightened. I lived through a lot in Atlanta,† she said, placing an ace on the table faceup. â€Å"Besides, the servants' quarters are so close, they would hear me if I screamed.† As Father placed a seven of spades on the table, Katherine touched my knee, slowly brushing it with a feathery stroke. I flushed at the intimate contact when my father was so close, but I didn't want her to stop. Katherine placed a five of diamonds on the card pile. â€Å"Thirteen. I think I may be on a lucky streak, Mr. Salvatore,† she said, moving her peg one spot on the cribbage board. Father broke into a delighted grin. â€Å"Y ou're quite a girl. Stefan's never really understood the rules of this game.† The door slammed, and Damon walked into the room, his rucksack over his shoulder. He shrugged it off onto the floor, and Alfred picked it up. Damon didn't seem to notice. â€Å"Looks like I'm missing all the fun,† Damon said, his tone accusatory as his gaze flicked from Father back to me. â€Å"Y are,† Father said simply. Then he actually ou glanced up and smiled at him. â€Å"Y oung Katherine here is proving that she's not only beautiful but that she has brains, too. An intoxicatingly infuriating combination,† Father said, noticing that Katherine had racked up an additional point on the board when he wasn't looking. â€Å"Thank you,† Katherine said, deftly discarding and picking up a new card. â€Å"Y ou're making me blush. Although I do admit that I think your compliments are just an elaborate plan for distracting me so you can win,† Katherine said, barely bothering to acknowledge Damon. I strode over to Damon. We stood together in the doorway, watching Katherine and Father. Damon crossed his arms over his chest. â€Å"What is she doing here?† â€Å"Playing cards.† I shrugged. â€Å"Do you really think that's wise?† Damon lowered his voice. â€Å"Given his opinions on her †¦ provenance.† â€Å"But don't you see? It's brilliant. She's charming him. I haven't heard him laugh so hard since Mother died.† I felt suddenly delirious with happiness. This was better than anything I could have planned. Instead of trying to come up with an elaborate plot to push Father off the vampire trail, Father would simply see that Katherine was human. That she still had emotions and wouldn't do any harm save for ruining his winning streak at cribbage. â€Å"So what?† Damon asked. â€Å"He's a madman on the hunt. A few smiles won't change that.† Katherine erupted into giggles as Father put down a card. I lowered my voice. â€Å"I think if we let him know about her, he'd change his mind. He'd realize that she doesn't mean any harm.† â€Å"Are you crazy?† Damon hissed, clenching my arm. His breath smelled like whiskey. â€Å"If Father knew about Katherine, he'd kill her in an instant! How do you know he's not already planning something?† Just then Katherine let out a peal of laughter. Father threw his head back, adding his hoarse laugh to hers. Damon and I fell silent as she glanced up from her cards. She found us with her eyes and winked. But since Damon and I were standing side by side, it was impossible to tell who it was meant for.

Assignment Communication Profile

During the course of the day, I spent just as much time listening as I did talking so I guess it is 50/50. I thought before doing this chart that I did not talk much but after I look at it I spend just as much time listing as I do talking. After noticing that most of my day is silent because no one is at home I think I need to find something to do during the day. When it comes to the different types of listing such as comprehensive listening, empathetic listening, critical listening and appreciative listening I noticed I use mostly appreciative listening and empathetic listening.Because I am A stay at home mom about the only conversations I have are with my daughter and her daddy so I spend most of my time soothing them and helping them with there problems and just being there to listen to them. I think I need the most improvement in critical listening because some times I tend to loose the whole idea of the conversations I am in and find my self daydreaming and blocking people out. I think improving on critical listing will help me a lot because not only will I be listing to what people have to say I would actually be paying attrition and understand what they are talking about.I think to improve on this listing skill I will need to get out of the house more often and communicate with different types of people. Over all I think my listing and communications skills could use some work. I think most of my problem is being stuck inside the house except for one day a month when I do errands and shop for food. I think getting out and meeting new people and communicating with friend would help me out a great deal. I think with a few minor adjustment to my normal day to day life will help me in a big way.Now when I go out I will pay more attrition to my communication skills. Because who knows what people think of me when I go out and they try to speak to me and I just smile and shake my head and they can tell I am not listing to what they are saying. Now since I am pa ying more attention to the way I communicate I have practiced it with my family and they told me I was acting different because now I actually take in everything that have to say.I also communicate more with them than I use to and they say I seem like a different person. I enjoy the time I have with my family now and pay more attention to my communication skills. They said before I was like a knot on a log I was always in a daze and never really said anything back to them when they were talking. Now I am on my way to better communication skills not just in my personal life but my social life as well.

seven year war

seven year war 1College StudentProfessor StanekNovember 20, 2014History 107The Seven-year war known as the French and Indian war began when the French expanded to Ohio River and brought conflict to the British colonies. The British feeling that they were being threatened by the expansion of France they declared war against them that lasted seven years in which the name was adopted for the war. British was able to gain a lot after the war, they signed the treaty of "hubertusburg and Paris" in 1763 which British gained Spanish Florida and many more places which expanded them to be bigger. British was the winner in this war and was able to gain and prosper more than the French since they were defeated and had to move away from their lands. The reason behind the war was that British colonies wanted to take control of the fur trade and wanted to be the only ones getting the prosperity.This (attributed to ) originally appeared during t...The first several years of the war the British and American colonie s were actually very terrible for them, the French were taking control of some of the forts and they were getting more powerful, but then the cards flipped around the British and American colonies started to gain control of their forts and they fought back to be able to get back what they lost.The British and American colonies were starting to get more stable and secure by signing the treaty of Paris it gave them a security that they did not have to keep getting problems or sharing their crops and goods to them. The French were able to keep some sugar producing islands in the West Indies. England received Canada and other territories and the division between both was the Mississippi river that was the trade route that they...

Indian Civilizations Essay Example

Indian Civilizations Essay Example Indian Civilizations Essay Indian Civilizations Essay Name: Instructor: Course: Date: Indian Civilizations In the era studied this week, religion is the most significant factor. Indian civilization revolved around issues of religion. The Hindu and Buddhist religions played a significant role in the civilization of India. The allusion to the Bhagavad Gita and the reference to Hindu devotional worship reinforce the fact that religion is the most significant factor compared to the other factors. Religion forms part of Hindus’ everyday life. They referred to the Gita for wisdom, observed their religious devotions and practiced every bit of Hinduism. There were significant historical events that confirm the crucial role played by religion in Indian civilization. As India headed towards civilization, devotional movements increased in number. The most dominant aspect of Hindu religion was the belief in the existence of a personal God as enshrined in the Ramayana and the Mahabharata (De Bary, 323). It is also during this time that holy books such as the Purana, which talked about the divinity of God and his ability to become incarnate, gained popularity. With civilization, temples also gained popularity, in addition to being used as places of worship, they were places where people met to sing and dance as well as to practice their daily devotions. The temple cities such as Bhubaneswar attested to the fact that in Indian society religion came first. The second most crucial factor in this era of Indian civilization is society. Hindus were social people. The Gita taught them that to love one another is to achieve holiness (Mitchell, 22). Indians heeded this instruction, which laid down the framework for the interaction between religion and society. This can be seen from the devotional movements that were being formed at the time. The Indian society also ascribed to one religion and worshipped in instituted temples. Religion in the medieval Indian society was a communal venture there were various groups of devotions that comprised several people. Different schools and followers were formed because of the different doctrines available at the time. The Indian society was molded on the observance of these devotions and temples were built by kings for this purpose. Those who did not observe their devotions were lowly esteemed (De Bary, 326). Religion and society had a significant influence on the Indian’s way of life. As previously said, the Hindu holy books such as the Gita contained instructions on how people should conduct themselves. Religion played a vital role in eliminating castes. Many people put emphasis on devotions. Sources of Indian Tradition allude to the notion that some Indians even thought that caste did not show the position of someone in society (De Bary, 326).Someone’s social position depended on whether the person observes his or her devotions. The Indian society discriminated against people born into lower castes, such people being denied most basic freedoms. Religion became the unifying factor with Buddhism and Hindu playing a great role in making people equal. If I were writing a historical novel, I would represent this period in India with a character that was devout to his religion and who looked down upon those he considered of low social status. I would create a character from the economically backward caste. My character would be female of the Hindu religion, and probably a peasant farmer. I chose the above attributes for my character because India at the time was characterized by great religious devotion and social discrimination. The normal Indian of lower caste would probably be a peasant farmer who tilled a small piece of land for subsistence. Since Hindu was the popular religion, the person would probably be of the Hindu religion. I chose someone from the backward caste because I believe such a character will be able to reflect the degree of discrimination that existed at the time. De, Bary W. T. Sources of Indian Tradition. New York: Columbia University Press, 1958. Print. Mitchell, Stephen. Bhagavad Gita: A New Translation. New York: Harmony Books, 2000. Print.