Oil and world Economy Essay -- essays papers

Oil and world Economy Question: Examine the oil industry in relation to the world economy, utilising any economic theory / theories you think appropriate. One of the most important energy resources since human invested the machine is oil and its products. But as all resources scarce, oil is limited even more. Only few countries in the world have oil fields and produce oil for the rest. Therefore, in nowadays where factories, cars and oil-fired central heating increased significantly, oil has become a necessity for the society. People’s demands for oil and its products, fuel, gas and oil for central heating is unlimited, but supplier countries produce a fixed number of barrels of oil everyday so as to maintain a technical shortage and, of course, higher profits. These few countries are the oligopoly of the industry, have a market leader and there are barriers to the entry of new countries (Sloman 1997 : p.124). These countries are dominating the market of oil and created the Organization of Petroleum Exporting Countries (OPEC) in 1960’s. OPEC is an intergovernmental organisation that offers stability and prosperity to the petroleum market. Membership is open to any country which is a great net exporter and which shares the same ideas of this organisation. OPEC has now 11 members and supplies more than the 40% of the worlds oil market. The price of oil over the last year has increased approximately over 100%, reaching the highest levels over the la...

French company Essay

In October, a French company (seller) and a Shanghai company (buyer) have set up a contract of selling 200 sets of electronic computers (1000 USD each), and the payment shall be made according to the irrecoverable letter of credit. And the delivery should be made on December at Port de Marseille. On November 15, Bank of China Shanghai Branch (issuing bank) made a $ 200,000 irrevocable letter of credit according to the instruction of the buyer and commissioned a French bank in Marseille to notify and negotiate this letter of credit. On December 20, the seller loaded the 200 computers on board and got the bill of lading, insurance policies, invoices and other documents as required by the letter of credit. And then it went to the Marseille bank for negotiation. Upon review, the documents are consistent; therefore the bank had paid $ 200,000 immediately to the seller. At the same time, 10 days the cargo ship left the harbor of Marseilles, the cargo, along with all the goods, sank into the sea in a heavy storm. By that time the issuing bank had received the whole set of the documents and the buyer had already known the total loss of the goods. Bank of China Shanghai Branch intends to reimburse the negotiating bank to pay the purchase price of $ 200,000 on the grounds that its customers can not expect the goods. In accordance with international trade practices, the following questions are asked: When would the risk of the consignment be transferred from the seller to the buyer ? Whether Issuing bank would exempted from the payment obligations due to the total loss of the goods, If so, on what basis? How to compensate the loss of the buyer? Case Study 1. The Risk shall be transferred from the seller to the buyer since the goods were loaded on board at the port of shipment. 2. The issuing bank has no right to refuse payment. According to the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits, the letter of credit transactions are independent from the sales contract. And the Bank is only responsible for document examination. As long as the documents are in line with the terms of the credit, the banks are required to assume its payment obligations. 3. The buyer could claim compensation from the Seller’s insurance company with other relevant insurance documents and proof of the sinkage of the cargo ship. I. Time context: * In October, a French company (seller) and a Shanghai company (buyer) have set up a contract of selling 200 sets of electronic computers (1000 USD each. And the delivery should be made on December at Port de Marseille. * This transaction is only made for 2 months consisting of its selling contracts and delivery. * On November 15, Bank of China Shanghai Branch (issuing bank) made a $ 200,000 irrevocable letter of credit according to the instruction of the buyer and commissioned a French bank in Marseille to notify and negotiate this letter of credit. * November 15 is the start of Bank of China Shanghai Branch issuing the Letter of Credit to the French bank. * On December 20, the seller loaded the 200 computers on board and got the bill of lading, insurance policies, invoices and other documents as required by the letter of credit. And then it went to the Marseille bank for negotiation. * December 20, start of complying all the requirements and documents needed in Letter of Credit. * At the same time, 10 days the cargo ship left the harbor of Marseilles, the cargo, along with all the goods, sank into the sea in a heavy storm. * This is the last event happened and the cargo didn’t delivered as what the buyer expects. II. Viewpoint: We should consider this problem from the viewpoint of the French company, they are liable for negligence because from the very start they didn’t ensured the possible factors may arise when delivering. They must always contemplate selecting a good transportation carrier, the weather conditions, customs clearance, reliability and etc. The French company must fix all this difficulties so that they can still maintain a good and harmonious relationship once the Shanghai Company made a second transaction with them, and must comply with the party’s agreement. III. Related Facts: * Irrevocable Letter Of Credit – ILOC Correspondence issued by a bank guaranteeing payment for goods and services purchased by the one requesting the letter. An irrevocable letter of credit, or ILOC, cannot be canceled or modified in any way without explicit consent by the affected parties involved. For example, the issuing bank has no power to change the terms of an ILOC simply because the letter requester is having second thoughts. It should be noted, however, that ILOCs are in effect only for a specified time period and do, in fact, expire at a pre-determined point. * Bill of Lading A legal document between the shipper of a particular good and the carrier detailing the type, quantity and destination of the good being carried. The bill of lading also serves as a receipt of shipment when the good is delivered to the predetermined destination. This document must accompany the shipped goods, no matter the form of transportation, and must be signed by an authorized representative from the carrier, shipper and receiver. * Insurance Policies A contract (policy) in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured. * Invoice It is a detailed bill left by vendors and outside suppliers for goods or services rendered to a company. Typically, it lists the quantity of each item, prices, billable hours, a service description, and a contact address for payment. While some expenses may be paid out of a general fund or petty cash account, an invoice is usually paid through an payable department by the posted due date. * Letter of credit A letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase. * Issuing Bank A bank that writes a letter of credit, especially on behalf of an exporter. The issuing bank operates in the country of the importer, and facilitates trade between the importer and exporter by providing credit for the transaction. It is also called an opening bank. * Seller The seller or salesperson – the provider of the goods or services – completes a sale in response to an acquisition or to an appropriation or to a request. * Buyer A â€Å"buyer† or merchandiser is a person who purchases finished goods, typically for resale, for a firm, government, or organization. (A person who purchases material used to make goods is sometimes called a purchasing agent.) IV. Statement of the Problem: * When would the risk of the consignment be transferred from the seller to the buyer ? * Whether Issuing bank would exempted from the payment obligations due to the total loss of the goods, If so, on what basis? * How to compensate the loss of the buyer? V. General Objectives: 1. For the French company to cope with the problems arise during the delivery of the goods. 2. To identify French company’s acquired big loss and how they can replace the goods. VI. Specific objectives: 1. Both parties should know the consequences of their agreement once it is not delivered properly. 2. To identify and analyze well the mistake of French company. 3. The Shanghai bank must be capable of reimbursing the negotiating bank. VII. Alternative Causes of Action: Action no. 1: The buyer should’ve complied with the insurance company of the seller immediately after the event happened Give 3 advantages for action 1: 1. Risk Cover 2. Protection against rising goods expenses 3. Future helps Give 3 disadvantages: 1. Pay commission for the agent 2. You can only use insurance if you gain loss. 3. It costs money Action no. 2: The seller shall have alternative service delivery. Give 3 advantages for action 1: 1. To have a substitute method once the delivery didn’t work as it is. 2. To avoid wasting of time and reach the due time. 3. Greater security Give 3 disadvantages: 1. It will cost much for one party. 2. It will enable company to have more data to encode. 3. Lower profit. Action no. 3: Made used of LC instead of Irrevocable LC Give 3 advantages for action 1: 1. Can be canceled or modified in any way without explicit consent by the affected parties involved. 2. Guaranteed payment upon presentation of the documents specified in the terms of the letter of credit. 3. The buyer cannot refuse to pay due to a complaint about the goods. Give 3 disadvantages: 1. Subject to the financial strength and stability of the Issuing bank 2. More expensive than other methods of payment 3. Requires a high level of expertise to successfully navigate the process Findings: It is apparent from the case that the seller is the most problematic party of all because they hold the big loss on goods, at the same time they made the wrong choice of method for delivering goods which subjected to higher cost. Recommendation: The French company must improve their facilities so that when the calamity strikes again there is a high probability that they will carry through. And don’t forget to approach the shanghai company that the cargos will be arrived to them late. Continue to explore better ways of integrating technology into instruction on a daily basis, including providing training and support for the company. Conclusions: This paper has given an account of and the reasons for the agreement between French company and Shanghai Company to be deliberate. The seller must be liable for any damages happened within the incident while the buyer is secured by insurance company for what they lost, especially their money. No one was to blame for that scenario, each party just did what is supposed to do and it is only due by nature that’s why it is wrecked. Action plans: They must design and implement assessment and differentiated instructional strategies that enable the company to achieve competency and right decision-making. They must also focus on the second action: Made used of LC instead of Irrevocable LC because it is the most important, it carries the whole transaction and will make the agreement more clarified. S.M.A.R.T. (The company must possess this 5 skills) S = Specific: an objective should be precise and should focus on a single result. A specific objective answers the questions, â€Å"who, what, where, and how?† M = Measurable: an objective should include specific criteria or measures that indicate whether the objective has been met. A good measure answers the question, â€Å"How will we know if we have accomplished the objective?† A = Achievable: an objective should be attainable and within the center’s or program’s reach. R = Realistic: an objective should be realizable given the time, resources, and activities proposed and available. T = Time-bound: an objective should include the date it will be started and the date the center expects to complete it.

Blown to Bits Essay

Technology has rapidly advanced, affecting standards on privacy, telecommunications, and criminal law. Every day, we encounter unexpected consequences of data flows that could not have happened a few years ago. Due to the bits explosion, the world changed very suddenly. Almost everything is stored in a computer somewhere. Court records, grocery purchases, precious family photos, radio programs†¦ It is all being reduced to zeroes and ones – â€Å"bits.† The bits are stashed on disks of home computers and in the data centers of big corporations and government agencies. The disks can hold so many bits that there is no need to pick and choose what gets remembered. So much disk storage is being produced every year that it could be used to record a page of information, every minute or two, about you and every other human being on earth. Once something is on a computer, it can replicate and move around the world in a heartbeat. Making a million perfect copies takes but an instant – copy of things we want everyone in the world to see, and also copies of things that weren’t meant to be copied at all. Due to instantaneous transfers, some data leak. Credit card records are supposed to stay locked up in a data warehouse, but escape into the hands of identity thieves. And we sometimes give information away just because we get something back for doing so. A company will give you free phone calls to anywhere in the world—if you don’t mind watching ads for the products its computers hear you talking about. The book presents 7 ‘koans’ or principles regarding the bits and the effect of it on humanity. Koan 1: Even though your computer seems to present pictures, texts, songs, and videos, they are all composed of bits. Everything that’s digital are ruled by bits. Even as we speak, bits are flying through the airwaves by our phones. Koan 2: Every copy made by a computer is perfect. The era of books  being handwritten oftentimes resulting to mistakes, has now been closed by digital explosion. And even though these machines do fail as long as the bits have been communicated, the probability of error of the bits is so slim. Koan 3: Vast as world-wide data storage is today, five years from now it will be ten times as large. Yet the information explosion means, paradoxically, the loss of information that is not online. Outdated software and information not stored in the computer are usually assumed as inexistent. Koan 4: The speed of a computer is usually measured by the number of basic operations, such as additions, that can be performed in one second. The fastest computers available in the early 1940s could perform about five operations per second. The fastest today can perform about a trillion. Koan 5: Exponential growth is actually smooth and steady; it just takes very little time to pass from unnoticeable change to highly visible. In the rapidly changing world of bits, it pays to notice even small changes, and to do something about them. Koan 6: Data stored will all be kept forever, unless there are policies to get rid of it. The Internet consists of millions of interconnected computers; once data gets out, there is no getting it back. Victims of identity theft experience daily the distress of having to remove misinformation from the record. It seems never to go away. Koan 7: In the bits world, in which messages flow instantaneously, it sometimes seems that distance doesn’t matter at all. The instantaneous communication of massive amounts of information has created the misimpression that there is a place called â€Å"Cyberspace,† a land without frontiers where all the world’s people can be interconnected as though they were residents of the same small town. The book introduces two basic morals. The first is that information technology is inherently neither good nor bad—it can be used for good or ill, to free us or to shackle us. Second, new technology brings social change, and change comes with both risks and opportunities. Any technology can be used for good or ill. Nuclear reactions create electric power and weapons of mass destruction. The same encryption technology that makes it possible for you to email your friends with confidence that no eavesdropper will be able to decipher your message also makes it possible for terrorists to plan their attacks undiscovered. The key to managing the ethical and moral consequences of technology while nourishing economic growth is to regulate the use of technology without  banning or restricting its creation.

There is Beauty All Around essays

There is Beauty All Around essays Anne Frank was a girl of strength and spirit. Reading her diary has lifted the days in my life where it seemed I would never rise again. Anne Frank was born into a Jewish family in Frankfurt, Germany the year of 1929. This was around the time when Hitler had come into power. Scared for their lives Anne and her family fled to a secret Annex and hid there for two years. Anne frank was faced with many trials in her short life. She kept a diary of the horrors of the Holocaust and the every day dilemmas of a teenager. As I finished reading Anne Frank: The Diary of a Young Girl my freshman year, I was dumfounded, I looked at my life in a different way. I compared myself to this girl about my age. I had felt sadness like Annes recently in my own life. In my family there has always been drama and she said this because he did this. The stories are never straight. The children of my mom and dad are the ones who have had to pay for it. We have been tossed from family member to family member throughout our lives. My freshman year I thought it would all stop. I was living in Montana, my roots were firmly planted. Out of the blue my dad shows up, he got the police involved and I was ordered to come to Idaho with him. That day my heart was in a million pieces. I thought everything was ugly, even me. I hated waking up in the morning. I felt used and brushed aside as a person who had no say in anything that went on in her life. I tried everyday of my life to fake a smile. As I would return home I would feel the blankness of the superficial soul. No longer could I continue this on. This happened until the Sweet story of the Girl who endured much broadened my mind. Anne Frank the girl who didnt know the outdoors like me, carried on with a bright heart. She lost many loved ones along her short lifes journey. She was stereotyped because of her beliefs and who she was born to. I c ...

Free Essays on Social Comformity

Nuremberg’s trials were a product of May 1940. This is the date the camp Auschwitz was set up. Thirty-seven miles west of Crawcow, innocent convicted criminals were installed at its prisoner hierarchy. Originally it was set up to be an instrument of exterminator and terror of the Poles. But as time passed, the Nazi’s began to depart people to the camp from all over Europe, Mainly Jews-citizens of various countries. When Polish soldiers attempted to repel the German invasion, the town of Oswiecim and surrounding areas were incorporated within the Third Reich. At this time its name was turned into Auschwitz. Two reasons this location was picked was because of it could be easily expanded and isolated from the outside world and because Oswiecim position as an important railway junction. This way they could get a lot of work done by train. April 1940, Rudolf Hoss was appointed Auschwitz first commandant, June 1940 the Gestapo dispatched the first political prisoners to Auschwitz-seven hundred and twenty eight Poles from Tarnow, Poland. Initially the camp comprised of twenty buildings. As the number of inmates increased, the area covered by the camp grew also, until it was practically transformed into a gigantic and horrific factory of death. Come 1941 the construction of a second camp, later called Auschwitz ii- Birkenau was built. Now Auschwitz I becoming the parent or â€Å"Stammlager† to a whole new generation of camps (). Above the main gate at Auschwitz-which prisoners passed each day on their way to work- there was a cynical inscription: â€Å"Arbeit macht frei† which means work brings freedom. The living conditions, although they varied to some extent during certain stages in time, were always unbearable. The first trainloads of prisoners slept on straw scattered on concrete floors; later the straw mattresses were introduced (). Two hundred prisoners were housed in a dormitory, which was barley adequate for forty to fifty perso... Free Essays on Social Comformity Free Essays on Social Comformity Nuremberg’s trials were a product of May 1940. This is the date the camp Auschwitz was set up. Thirty-seven miles west of Crawcow, innocent convicted criminals were installed at its prisoner hierarchy. Originally it was set up to be an instrument of exterminator and terror of the Poles. But as time passed, the Nazi’s began to depart people to the camp from all over Europe, Mainly Jews-citizens of various countries. When Polish soldiers attempted to repel the German invasion, the town of Oswiecim and surrounding areas were incorporated within the Third Reich. At this time its name was turned into Auschwitz. Two reasons this location was picked was because of it could be easily expanded and isolated from the outside world and because Oswiecim position as an important railway junction. This way they could get a lot of work done by train. April 1940, Rudolf Hoss was appointed Auschwitz first commandant, June 1940 the Gestapo dispatched the first political prisoners to Auschwitz-seven hundred and twenty eight Poles from Tarnow, Poland. Initially the camp comprised of twenty buildings. As the number of inmates increased, the area covered by the camp grew also, until it was practically transformed into a gigantic and horrific factory of death. Come 1941 the construction of a second camp, later called Auschwitz ii- Birkenau was built. Now Auschwitz I becoming the parent or â€Å"Stammlager† to a whole new generation of camps (). Above the main gate at Auschwitz-which prisoners passed each day on their way to work- there was a cynical inscription: â€Å"Arbeit macht frei† which means work brings freedom. The living conditions, although they varied to some extent during certain stages in time, were always unbearable. The first trainloads of prisoners slept on straw scattered on concrete floors; later the straw mattresses were introduced (). Two hundred prisoners were housed in a dormitory, which was barley adequate for forty to fifty perso...

How to Diagnose Toasted Skin Syndrome

How to Diagnose Toasted Skin Syndrome Toasted skin syndrome (erythema ab igne or EAI) has a few names associated with it, including hot water bottle rash, fire stains, laptop thigh, and grannys tartan. Luckily, although toasted skin syndrome is an ugly symptom, its not serious. Although it is not considered a burn, toasted skin syndrome is caused by prolonged or repeated skin exposure to heat or infrared radiation, whether mild or moderate. Specific causes may include hot water bottles or heating pads for pain relief, laptop computer exposure (such as on the battery or ventilation fan), and fireplaces. Other causes  have been due to car seat heaters, heated chairs and blankets, sauna belts, and everyday household appliances like space heaters or even the simple stove/oven. Diagnosis Diagnosing toasted skin syndrome is relatively easy. It can be diagnosed with two main points. First is the reticulated pattern of the discoloration, which should not be even. It is a mottled, sponge, or net-like pattern. Second, you should notice that it does not itch or hurt much, like moat rashes or skin injuries do. Mild itching and burning may occur temporarily but often fades.  If this diagnosis seems to meet what you are experiencing, then it is important to locate a heat source that the affected area of skin is often exposed to, and stop using it until your skin is healed. Who Is Most Likely to Have the Skin Symptom? Those treating themselves to some type of ailment, like a chronic backache, may be used to a repeated application of a heat source that may be causing this dermatologic issue. Toasted skin syndrome is also common amongst elderly individuals who may susceptible to  prolonged exposure to a heater, for example. There are also occupational hazards in various work environments depending on the profession. For example, silversmiths and jewelers have their faces exposed to the heat, while bakers and chefs have their arms bare. With laptop computers, the left thigh is most commonly affected. In fact, over 15 cases have been reported in 2012 where primarily 25-year-old women received the diagnosis. Thus, it is important to position the laptop in a safe place that doesnt touch the skin for too long, or at all, especially with powerful processors that reach high temperatures. Treatment There are several treatments available including medical options and physical modalities. Medically, the most important step is to eliminate the heat source immediately. For example, if you are using car heaters, turn off the heat entirely if you can; otherwise, lower the temperature as much as possible. Treating pain with over-the-counter pain relievers is important. Consider ibuprofen like Advil or Motrin, acetaminophen like Tylenol, or naproxen like Aleve. A topical therapy that includes  5-fluorouracil, tretinoin, and hydroquinone, is likely to work. Pure Aloe, Vitamin E, or walnut oil may also help with healing and pigmentation. Alternatively, there are also physical skin therapies available including laser therapy and photodynamic therapy. Medical help is especially important when there are signs of infection, increase pain, redness, swelling, fever, or oozing.  In this case,  antibiotics  and pain medication will likely be prescribed by a doctor. Individuals having the aforementioned issues with their diagnosis are encouraged to see their doctor or dermatologist. Otherwise, the skin should return to a normal condition in a few weeks.

Final project Essay Example | Topics and Well Written Essays - 1250 words - 5

Final project - Essay Example Aggregated demand curve represents the overall quantity of goods that are demanded at different price level. Second model that has been employed is IS-LM Model, and the third model is Keynesian model The concept of aggregate demand is that increase in total demand of products cause to increase the output that lead to the increased demand of labor. If the aggregate demand is lower it will cause to decrease the output and lead to decreased demand of labor (Anderton, 590). As in the case of United Kingdom economy is facing decrease in aggregate demand due to the financial crisis because this crisis made a significant impact over the purchasing power of people. People who have money are saving rather spending their money. This decrease in demand is leading country towards decrease output, therefore, towards unemployment; because firms working in the economy do not require workers to produce output. It has been observed that uncertainty shocks cause to slow down the demands. Therefore, economies have to face higher inflation rates. Such as in United Kingdom, the financial crisis showed huge uncertainty in the financial market that slow down the demand of goods market and result occur red in lower economic growth and increased unemployment rate. For example, the 2008 financial shock reduced the purchasing power of households. By using the right of postponing the purchases, households forced the firms to reduce the manufacturing and in result made delays in new hiring and increased firings of employees that contributed in high unemployment rate. The uncertainty increased the unemployment from the year of 2009 to 2013 in United Kingdom and now the effects are slowing down (Leduc & Liu, 1-30). Increase in the lowering demand of labor is high this time as compared to prior shocks of 1981. This is because this time â€Å" the zero lower bound† restrained the monetary policy on the nominal interest rate. As it has been observed that uncertainty shocks reduced the