The Philippine Pesoâ€Us Dollar Exchange Rate: the Impact of Strengthening Currency

INTRODUCTION The  foreign exchange market is a worldwide decentralized  over-the-counter  financial market for the trading of currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies. (wiki. org) The exchange rate is the price of a unit of foreign currency in terms of the domestic currency.In the Philippines, for instance, the exchange rate is conventionally expressed as the value of one US dollar in peso equivalent. The value of any particular currency is determined by market forces based on trade, investment, tourism, and  geo-political risk. Every time a tourist visits a country, for example, he or she must pay for goods and services  using the currency of the host country. Therefore, a tourist  must exchange the currency of his or her home country  for t he local currency. Currency exchange of this kind is one of the demand factors for a particular currency.Another important factor of demand  occurs when  a foreign company  seeks  to do business with a company in a specific country. Usually, the foreign company will have to pay the local company in their local currency. At other times, it may be desirable for an investor from one country to invest in another, and that investment would have to be made in the local currency as well. All of these requirements produce a need for foreign exchange and are the reasons why foreign exchange markets are so large. (investopia. om) In this paper the researchers attempt to show the impact of strengthening peso against the US dollar and what are the consequences behind it. It also attempt to show where should the government place itself when the opposing interest of the public are at stake. Background The Philippine peso has been one of the strongest currencies in Southeast Asian Region f or the past two year. It appreciated for an about 5. 6 percent from year 2009 to 2010 where the exchange rate is 47. 6372 to 45. 1097 a dollar—that is based on the average data from BSP.This appreciation may attributed to the increasing inflows of remittances from the overseas Filipino workers (OFWs), the improvement in portfolio and direct investment, the deterioration of United States’ dollar economy for the past two years and the attractiveness of the Southeast Asian Region to the foreign investors. Peso appreciation would provide to a positive and negative effect on different sectors. The appreciation of Philippine peso would mean a reduction of debt servicing; this would also mean a reduction of prices of imported commodities in terms of peso when the product came here.However, this appreciation will reduce the purchasing power of Dollar that OFWs send to their family here in the Philippines and it would also mean that exported product will be less competitive abr oad or if ever the exporter’s income will diminish. In this situation, the government is stock between letting the peso appreciate for the purpose of lower importation cost and lower debt services—or maintaining it at a lower value for the sake of OFWs and export sector. According to Senator Ralph Recto, chairman of the Senate Committee on ways and means, the Philippine peso could further appreciate up to P34 a dollar this year (2011).Inflow of remittances will continue to be strong and the outlook for foreign investments remains positive. The exchange rate is important for several reasons: (1) it serves as the basic link between the local and the overseas market for various goods, services and financial assets. Using the exchange rate, we are able to compare prices of goods, services, and assets quoted in different currencies. (2) exchange rate movements can affect actual inflation as well as expectations about future price movements.Changes in the exchange rate tend to directly affect domestic prices of imported goods and services. A stronger peso lowers the peso prices of imported goods as well as import-intensive services such as transport, thereby lowering the rate of inflation. (3) exchange rate movements can affect the country’s external sector through its impact on foreign trade. An appreciation of the peso, for instance, could lower the price competitiveness of our exports versus the products of those competitor countries whose currencies have not changed in value. 4) the exchange rate affects the cost of servicing (principal and interest payments) on the country’s foreign debt. A peso appreciation reduces the amount of pesos needed to buy foreign exchange to pay interest and maturing obligations. Foreign exchange policy in the Philippines has evolved from a pegged system to a floating rate regime over the last 50 years. The period of pegged exchange rate regime witnessed an extensive use of a myriad of administrative rules that were set to restrict access of Philippine residents and corporations to foreign currency.From 1949 to early 1970, foreign exchange policy was used to promote exports industries, to limit imports, and to try to change the orientation of the Philippine economy from agricultural to agro-industrial. Even after the floating rate system was adopted in 1970, it was not until late 1984 that the central bank stopped announcing a guiding rate and imposing a trading band. Moreover, it was a decade hence yet before the watershed set of reforms was issued. In 1993, the BSP liberalized capital flows and implemented a comprehensive set of foreign exchange market reforms.Today, even as there remain some prudential regulations with respect to foreign currency transactions, market forces determine the exchange rate. Furthermore, mechanisms to allow the economy to absorb shocks that a freely floating currency entails have been the subject of recent economic discussions. (BSP, 2008) Table 1: Phil ippine Foreign Exchange Policy, 1949-2007 Period | Milestones| 3 January 1949| The CBP began operations. It adopted a fixed exchange rate system, pegging the peso to the US dollar at P2. 00/US$1. December 1949| The CBP imposed a comprehensive system of foreign exchange controls, which included a foreign exchange allocation scheme that gave preference to export industries and the manufacturing and mining sectors, and placed restrictions on buying of foreign exchange for services-related imports. The restraints were an effective instrument in carrying out the â€Å"Filipino First† policy of the government. | 1959| The Philippines achieved its first ever post-war trade surplus. | 1962| The Government launched an integrated socio-economic program that almost entirely eliminated restrictions on trade and payments. 25 April 1960| The CBP launched a four-year program to dismantle the complicated system of foreign exchange controls imposed in the 1950s. The most important feature of the decontrol program was the adoption of a multiple exchange rate system which paved the way for a de facto devaluation of the peso. | January 1962| All restrictions on sales of foreign exchange were eliminated. | December 1949| The CBP imposed a comprehensive system of foreign exchange controls, which included a foreign exchange allocation scheme that gave preference to export industries and the anufacturing and mining sectors, and placed restrictions on buying of foreign exchange for services-related imports. The restraints were an effective instrument in carrying out the â€Å"Filipino First† policy of the government. | 1959| The Philippines achieved its first ever post-war trade surplus. | 25 April 1960| The CBP launched a four-year program to dismantle the complicated system of foreign exchange controls imposed in the 1950s. The most important feature of the decontrol program was the adoption of a multiple exchange rate system which paved the way for a de facto devaluat ion of the peso. 1962 | The Government launched an integrated socio-economic program that almost entirely eliminated restrictions on trade and payments. | January 1962| All restrictions on sales of foreign exchange were eliminated. | 22 January 1962| CB Circular No. 133 dated 22 January 1962 sought to establish a free market for foreign exchange and transferred the function of allocating exchange for most categories of payments from the administrative machinery of the CBP to the free market. | 5 November 1965| A new parity for the peso-dollar exchange rate was set at P3. 0/US$1| 21 February 1970| The CBP abandoned the fixed parity regime and adopted a floating rate system. The competitive rate was applied on all foreign exchange transactions except for 80 percent of export receipts from the country’s major commodities (namely, logs, centrifugal sugar, copra and copper concentrates) which were to be purchased at the rate ofP3. 90/US$1. | 1972| The CBP started lifting the major ity of foreign exchange restrictions, paving the way for partial liberalization in foreign trade and investment.The liberalization efforts focused on the suspension of nationality requirements in establishing industries, relaxation of repatriation policies, simplification of the tariff structure, import liberalization, and granting of various incentives to the export sector particularly on non-traditional commodities, such as textiles, garments and electronics. | April 1972| The foreign exchange trading band was widened to 41 2 percent on both sides of the guiding rate. 1982| â€Å"Operation Greenback† was launched to curb widespread illegal trading in the black market as the CBP implemented liberal authorization of establishments to operate as foreign exchange dealers. | October 1983| After consultation with the IMF and several foreign banks, Philippine economic managers requested a 90-day moratorium on principal payments of external debt owed to foreign commercial banks. Wi th scarcity of foreign exchange, a system of direct controls was put into effect. 4 November 1983| Local commercial banks were required to sell to the CBP all foreign exchange receipts for placement in a pool out of which payments were made on the basis of officially set priorities. | June 1984| The foreign exchange market was reopened. By October 1984, a measure of stability had been restored in the forex market and the CB reopened the foreign exchange trading system. The previous trading day’s completed transactions formed the basis for the Bankers Association of the Philippines (BAP) reference rate. With this system, the CBP stopped announcing an inter-bank guiding rate and imposing a trading band. August 1985| CBP lifted the ceiling in the amount of allowable foreign exchange holdings. | 1986| Import controls on a broad range of items were abolished. Likewise, the tariff structure was made more uniform; and discriminatory aspects of the domestic tax structure against impo rts were eliminated. | April 1992| Currency trading shifted from a short daily trading session to full off-floor interbank foreign exchange trading with the operation of the Philippine Dealing System (PDS). | 13 April 1993| CB Circular No. 1389 was issued, setting forth foreign exchange liberalization measures. July 1993| The CBP was reorganized into the Bangko Sentral ng Pilipinas (BSP) by virtue of the New Central Bank Act (R. A. No. 7653). | September 1995| The Philippines acquired Article VIII status with the IMF with the lifting of all restrictions on current account transactions. | July 1997| Asian currency and financial crisis emerged. The BSP implemented measures to rationalize the rules and regulations governing non-trade related FX transactions to restore stability in the FX market and mitigate the impact of the Asian crisis on the economy. December 1997| Circular 149 implemented the Currency Rate Risk Protection Program (CRPP). | 2 October 2006| A new peso-dollar trading platform was launched, replacing the Philippine Dealing System in providing the main reference rate for dollar-peso conversions. | 2 April 2007| Circular 561 s. 2007, dated 8 March 2007, took effect. In the face of strong inflows, the BSP liberalized the foreign exchange regulations to allow greater market access to foreign exchange for outward investment and over-the-counter transactions. January 2008| The second phase of reforms in the foreign exchange regulatory framework (Circular 590 dated 27 December 2007) was implemented. These reforms focus mainly on promoting greater integration with international capital markets, diversifying risk supportive of an expanding economy with global linkages, and streamlining the documentation and reporting requirements on the sale of FX by banks. | Source: Bangko Sentral ng Pilipinas (BSP), Working Paper Series I. STATEMENT OF THE PROBLEMThe general problem of the study, â€Å"The Philippine Peso-US Dollar Exchange Rate: The Impact of Strength ening Currency† is to determine the impact of the appreciation of Philippine peso during the year 2009-2010. Specifically, the problems are the following: 1. Effects or impact of the appreciation of Philippine peso on consumption, government spending, investment, import-export and debt servicing; 2. What are the reasons for the appreciation of Philippine peso 2009-2010; 3. What is the role of the Bangko Central ng Pilipinas in the Foreign Exchange Market; 4.What are possible future movements on the Philippine peso against US dollar and how does it affect the country’s economy. II. OBJECTIVE OF THE STUDY General Objective: To determine the economic impact of the appreciation of Philippine peso. Specifically, the study attempts to: 1. Determine the effect of the appreciation of Philippine peso: a. Consumption b. Investment c. Government spending d. Import and export e. Debt servicing 2. To examine the reasons behind the appreciation of the Philippine peso during 2009-2010 3. To determine the role of the Bangko Sentral ng Pilipinas (BSP) on the Foreign Exchange Market 4.To determine the future movement of Philippine peso against the US dollar and its effect to the country’s economy. III. HYPOTHESES The researchers believe to the following hypothesis: 1. The effects of appreciation has a great impact—positive and negative—on consumption, government spending, investment, import-export and debt servicing; 2. Philippine peso appreciation was caused by several factors such as the robust economy of the Philippine as well as the increasing amount of remittances from the overseas Filipino workers (OFWs). 3.The role of the Bangko Sentral ng Pilipinas(BSP) is to maintain the stability of Philippine peso against other currency 4. The Philippine peso will further appreciate in the near future against the US dollar and this appreciation will boost the economy through saving. IV. SIGNIFICANCE OF THE STUDY The study is conducted to determine th e impact of peso appreciation on the economy. It shows the effect on different sectors of the economy. It attempts to show the impact of strengthening peso against the US dollar and what are the consequences behind it.It also attempt to show where should the government place itself—through the use of Bangko Sentral ng Pilipinas—when the opposing interest of the public are at stake. It also attempts to show how to maximize the advantage of strengthening peso against the dollar on the term of government spending. And to some extent, to serve as guide in policy making through the use of recommendation. V. SCOPE AND LIMITATION The study â€Å"The Philippine Peso-US Dollar Exchange Rate: The Impact of Strengthening Currency† limit its scope on Philippine peso against US dollar from year 2000 to 2010.VI. REVIEW OF RELATED LITERATURE â€Å"The Indian Rupee–US Dollar Exchange Rate: The impact of Strengthening Currency† Reasons behind the appreciation of th e Rupee in 2006-2007 Toward the end of 2006, foreign exchange inflows, especially of dollars, into India started rising sharply. This put upward pressure on the rupee’s exchange rate against the dollar. India’s steady economic growth offered several opportunities for foreign companies. Between April 2006 and March 2007, FDI of $16 billion flowed to India. VII. RELATED STATISTICSForeign currency reserves, gold, special drawing rights (SDRs), foreign investments as well as the Reserve Position in the Fund (RPF) are main components of the Gross International Reserves (GIR). The GIR constitutes the foreign assets valued mark-to-market, which are readily available to and controlled by the BSP for direct financing of payments imbalances and for managing the magnitude of such imbalances. The BSP estimates the level of Overseas Filipino Worker (OFW) remittances, which props up the country’s foreign currency reserves. (BSP website) VIII. DISCUSSION (Impact on the Philipp ine economy)A. Consumption The appreciation of Philippine peso against the US dollar affects the consumption of Filipinos. Especially the families of overseas Filipino workers (OFWs) who receives remittances coming from abroad—which are commonly dollar denominated. According to BSP, the US dollar remittances of OFWs increase by 8. 16% from 2009 up to 2010. On the year 2010, the overseas Filipino workers remittances reflect 29. 55 percent of the Gross National Products (GNP). According to Bangko Sentral ng Pilipinas, on the year 2010 the peso appreciated at an about 5. % on average basis (see table 2). This means that the purchasing power of the dollar remittances lower for an about 5. 6% in the Philippines. On the letter written by the Filipino Community in Riyadh, Saudi Arabia, to the President in Malacanan in August 2006, they stated their predicament regarding appreciation of Philippine peso against the US dollar: (a) the salaries remained the same while the cost of living have increased, which means less income to be available for remittances; which worsen when peso appreciated from Php55 to Php45 versus US dollar. b) the continued appreciation effectively reduced the value of remittances at an average 18%. The strengthening or appreciation of Philippine currency had a positive effect on consumption, it enable to somewhat, catch the effect of inflation of the commodities that are being imported from abroad. Ironically, disadvantage of a strong peso is that the beneficiaries of OFWs who contributes significantly in making the peso strong, get less of the remittances that their relatives send them since the Dollar loses its purchasing power by the peso appreciation.And finally, a sector which for us is really getting the worst out of the situation are the domestic producers since a strong peso would make imported goods cheaper since the peso appreciates thus making it purchase imported goods more. Table 2. The Philippine Peso – US Dollar Exchan ge Rate CROSS RATE OF THE PESO| in pesos per unit of foreign currency| period averages| Period| Dollar to Peso| 2000| 44. 194| 2001| 50. 993| 2002| 51. 604| 2003| 54. 203| 2004| 56. 040| 2005| 55. 086| 2006| 51. 314| 2007| 46. 148| 2008| 44. 475| 2009| 47. 637| 2010| 45. 110| Source: BSP (edited)The table above shows how much a dollar worth in peso term during the year 2000 up to 2010. B. Investment Another advantage of a strong Philippine Peso is that it would reflect a robust economy for the country, which could leverage itself to attract foreign investors in the country which could provide significant inflows for investments to the country that further improve the economy. A positive outlook is very important to a country to seek investors to show confidence in investing to country since their outlook would be one of the considerations investors would consider.The first thing that an investor would want to know is that if they would get their desired rate of return at a certain p eriod of time. Facing uncertainties and risks, investors would like to gather as much information to aide them to their decision making minimizing uncertainties and factors such as oil prices, stability of the government and the economy are some of the preliminary facts to consider. If from these preliminary factors as country fails to impress investors, important investment inflows would be going to somewhere else.It affects the foreign exchange since as we have stated earlier, foreign investments helps the Peso appreciate. The Philippine Daily Inquirer published in their December 1 2006 paper that business confidence, which reflects foreigners outlooks to the country, has soared to a 5 and a half year high of 49% compared to just 22% a quarter ago. Another outlook factor that could affect the foreign exchange market is the credit rating by firms such as S&P and filch. These firms are respected firms and reliable so anything that they publish would be taken seriously by interes ted parties.A credit downgrade by these agencies affects the Peso negatively as it gives of a bad image of the country to interested investors but at the same time a positive rating would help the Peso strengthen. Just like the OFWs, investments from foreigners improve and help peso appreciation and generally the economy as a whole. Having superb Dollar inflow allows the BSP to increase international reserves of debt curbing down Peso devaluation and aiding to Peso appreciation.According to BSP, transactions during February 2011 resulted in a net inflow of US$534 million, nearly thrice the US$193 million net inflow in January due to lower outflows (US$935 million in February 2011 against US$1. 3 billion in January 2011). The net inflow also represented almost four times the US$139 million recorded a year ago due to more registered investments this year, US$1. 5 billion compared to only US$500 million last year. This year’s rise in registered investments is backed by a surge i n investments in Peso-denominated government securities (Peso GS), to US$730 million of total (or 49. percent) against US$90 million in 2010. Favorable yields have attracted foreign investor to Peso GS placements. Investments in PSE-listed shares amounted to US$740 million (or 50. 4 percent of total registered investments), twice the US$370 million recorded in February 2010. The US$730 million balances of registered investments were in Peso GS and Peso time deposits with minimum maturity of 90 days (nil in February this year against US$40 million last year). Singapore, the United States, the United Kingdom, Luxembourg and Hong Kong were the top five (5) investor countries, collectively contributing 89. percent to total registered investments. Registration of inward foreign investments with the BSP is voluntary. It entitles the investor or his representative to buy foreign exchange from authorized agent banks or their subsidiary/affiliate foreign exchange corporations for repatriatio n of capital and remittance of dividends/profits/earnings that accrue on the registered investment. For the first two months of the year, transactions netted an inflow of US$727 million, 135. 6 percent higher than the figure recorded for the comparable period in 2010.Registered investments reached US$3. 0 billion, or an increase of 179. 3 percent from last year’s performance. Investments in PSE-listed shares of US$1. 4 billion exceeded the 2010 figure by 68. 3 percent. Major beneficiaries were banks (US$336 million); holding firms (US$248 million); utility companies (US$241 million); property firms (US$182 million); and telecommunication companies (US$167 million). Portfolio funds have also been re-rating Asia as an investment destination and their flows have reinforced the uptrend in Asian currencies.With developed markets weighed down with debt and facing years of sluggish growth, fund managers are looking into Asia, citing the region’s fast growth rates and strong c orporate balance sheets. (BSP, issuances) Asia is set to continue being a strong destination of portfolio flows over the coming months. The high Asian equity correlation with local currencies will help fuel further gains in the Philippine peso and other Asian currencies. C. Government SpendingWe all know that the government’s responsibility is the acquisition of goods and services for current use to directly satisfy individual or collective needs of the members of the community. They allocate the fund for Personal Services, Maintenance and Other Operating Expenses, Capital Outlays and Net Lending, Public Infrastructure and effectively marginalized resources for the poor. But it’s not that easy because the government must be aware of those risks that might affect their expenditures. One of it is the Philippine Peso condition in exchange rate – if the currency appreciates or evaluate. Now therefore, how thus the exchange rate may affect the government spending? Pa ying Philippines’ debt will affect our Government’s spending. In fact, based on the data from Bureau of Treasury, more than 77. 6 percent of the P104. 4 billion increase in the 2011 budget came from the huge P80. 99 billion rise in interest payment for government’s spending. The Aquino administration is proposed interest payment of P357. 09 billion in the 2011 budget, or 21. 7 percent of its planned spending program. But the total debt burden for this year could actually reach P823. 27 billion.Thus, debt burden represents 38. 9 percent of what the Aquino administration is willing to spend this year. If peso appreciates, it has a good impact in our external debt since our debt will decrease in peso terms. We will pay less and that will affect our spending. The remaining money that allocated for payment of external debt will be used for government spending. More resources are available to spend for social and economic development of our country. On the other hand, peso depreciates has a bad effect. Our debt will increase so we will pay more, that is, in peso terms.Little amount of money will be allocate for government spending. The government will force to minimize their expenditure. Such a heavy debt burden means fewer resources are available to spend for social and economic services badly needed by the people. Let’s now look at the effect of peso condition in trade. Strong peso has a negative effect in exporters. They will lose income since there was less peso in exchange of their dollar earnings or a strong peso translates to lesser value for their dollar-denominated revenues. Prices of their products may also become less competitive in the world market.The smaller the earnings or profit of exporters, the smaller tax they will pay in the government. That will affect the governments’ spending. If there are small fund comes from tax, government need to minimize their expenditure. On the other hand, strong peso has a positive e ffect on importers. They will pay less in foreign products. They will earn more and pay more tax. Again, the tax will proceed in government’s fund so more tax, more funds that government may spend for the people’s benefits. Weak peso has good effects in exporters.Prices of their products become more competitively in the world market. They will receive more peso in exchange of their earnings so they will pay more tax. More tax, more funds that government may spend for the benefits of the people. When peso depreciates importers will force to pay more for foreign products. That is bad for them and for government spending. Since the smaller the earnings or profit of importers, the smaller tax they will pay. Government will force to minimize their expenditures. As we observed, peso condition has different effects in different factors.That is the reason why it’s hard for the government to ask the Bangko Sentral ng Pilipinas (BSP) to intervene the strengthening peso. W e cannot easily believe that a strong peso means a strong republic. So government must look at different factors and learn before engaging the country in different risk. As we also observed, the effect of peso condition in the sources of government funds is the same in the impact of peso condition in government spending. If the effect in the sources of funds is negative, the impact in the government spending is also negative.When the effect is positive, the impact in government spending is also positive. Overview: Import and Export Since World War II, the Philippines experienced frequent trade deficits, aggravated by inflationary pressures. Deficits were counterbalanced by US government expenditures, transfer of payments from abroad, official loans (US Export-Import Bank, IBRD, and private US banks), net inflow of private investment, tourist receipts, remittances from Filipino workers overseas, and contributions from the IMF. In 1996, trade liberalization policies helped to push imp orts up by 22% while exports rose by only 18%.The result was a widening trade deficit that amounted to 13% of GDP. Foreign investment in the stock market and remittances from overseas workers helped to offset the deficit and avert a balance-of payments crisis. In 1998, the Philippines recorded a trade surplus at about 2% of GNP in the current account due to high electronics exports and low imports due to the devaluation of the peso. This was the first surplus in 12 years. Merchandise exports, in double digits through most of the 1990s, slowed to a single-digit growth pace in 2000, reflecting fewer export receipts from electronics and telecommunications parts and equipment.This decline was attributed by the electronics industry to weaker prices for maturing products and technologies, and to the decline in electronic industry investments from the 1994–97 boom years (when investment averaged $1. 5 billion a year). Traditionally, exports of primary products failed to balance impo rts, leading the government to restrict imports. Structural change accelerated in the 1970s, as the contribution of industry (including construction) to GDP rose from 29. 5% in 1970 to 36. % by 1980, primarily as a result of export-oriented industrialization promoted by the Marcos government. The Aquino assassination in August 1983 had immediate economic consequences for the Marcos government, as did the broader Third World Debt Crisis. Hundreds of millions of dollars in private capital fled the Philippines, leaving the country with insufficient foreign exchange reserves to meet its payments obligations. The government turned to the IMF and its creditor banks for assistance in rescheduling the nation's foreign debt, and an austerity program was set up during 1984–85.In December 1986, under IMF guidance, the Aquino government launched a privatization program with the establishment of the Assets Privatization Trust (APT). Monopolies established under the Marcos administration i n coconuts, sugar, meat, grains, and fertilizer were dismantled and a ban on copra exports was lifted. All export taxes were abolished; and the government allowed free access to lower-cost or higher-quality imports as a means of improving the cost-competitiveness of domestic producers.Many difficulties remained, however. The prices of commodity exports, such as sugar, copper, and coconut products, were still weak, while demand for nontraditional manufactured products, such as clothing and electronic components, failed to rise. The structural reforms produced an initial recovery between 1986 and 1989, but this was arrested by the series of natural disasters in 1990–1991. In 1986, Aquino had also embarked on a Comprehensive Agrarian Reform Programme, but its goals remain unfulfilled.In the 1990s, the government concluded three additional financial arrangements with the IMF—a stand-by agreement signed 20 February 1991 for about $240 million (all drawn); an arrangement und er the Extended Fund Facility (EFF) signed 24 June 1994 for about $554 million (all drawn), and a stand-by agreement signed 1 April 1998 for about $715 million (76. 7% drawn down as of 31 December 2002). At the end of 2002, the Philippines owed over 140% of its quota to the Fund. Scheduled debt repayments to the IMF for 2003 are about $330 million, and outstanding loans and purchases are not due to be retired until at least 2007.The country also had five debt reschedulings in the period 1984 to 1991 with the Paris Club—for official debt owed to aid donor countries—on which some payments are still owing. In January 2003, the Trade and Development Department announced at least a partial retreat from its 15 years of trade and investment liberalization, stating that it plans to bring tariff rates to the maximum allowed by the WTO for industrial imports, particularly petroleum imports, and for products produced in the Philippines. (Tradechakra. com) D. Import The Philippine economy is largely import oriented in terms of the value of merchandise trade.A sizable trade deficit continues primarily because of merchandise imported to meet the strong demand for raw materials, intermediate goods, industrial upgrades and infrastructure related capital goods. An emerging market, the Philippine economy continues to recover from the political instability of the 1980s, a series of natural disasters in the 1990s. Many of the products being imported are for improvement of the country's production capabilities. The development of industry has been hindered by such factors as electric power shortages and a still developing infrastructure.The Philippine government has taken several significant steps to reduce bureaucratic regulations and foster competition. In recent years it has revised and enacted tax, labor, health, safety environmental and other laws and policies with the aim of regulating industry. The Philippines import commodities such as electronic products, mi neral fuels, machinery and transport equipment, iron, and textile fabric. Philippines’ trading partners are Japan 15. 32%, US 11. 47%, Singapore 9. 54%, China 8. 93%, Taiwan 8. 27% (2009). Year| Imports | | (Billion US dollars)| 2001| 35| 2002| 30| 003| 33. 5| 2004| 35. 97| 2005| 37. 5| 2006| 42. 66| 2007| 51. 6| 2008| 57. 56| 2009| 60. 78| 2010| 46. 39| Source:  International Trade Center – UNCTAD / WTO Source:  CIA World Factbook  Ã¢â‚¬â€œ Unless otherwise noted, information in this page is accurate as of March 11, 2010 The table and graph above show that Year 2009 has the highest imports recorded with $60. 78B. On the other hand, the lowest imports recorded in the past ten years was on 2002 having $30B. This entry provides the total US dollar amount of merchandise imports on a c. i. f. (cost, insurance, and freight) or f. o. b. free on board) basis. These figures are calculated on an exchange rate basis. i. e. not in purchasing power parity (PPP) terms. E. Exp ort An export-oriented economic policy had boosted the economies of the newly industrialized countries of Asia. Philippines policy makers have also realized that the Philippines cannot achieve its aim of becoming the next â€Å"economic tiger† of Asia without shifting to an export-oriented economic programme. Export promotion programmes are public policy measures which actually or potentially enhance exporting activity at the company, industry or national level.Ideally, an export promotion policy should be backed up with an appropriate political and economic philosophy of the government. Export promotion policies should take into account the nature, size, and distribution of the individual exporting firms. As a developing country, the Philippines really does not have much choice in the matter. It needs to increase its export volume as a matter of economic survival, and within its national context, only the public sector has the resources to provide export promotion services t o small and medium-sized businesses in a cost-effective way.It was evident by the end of the 1970s, that the institutional reforms did not go far enough in achieving the major objectives of development. Typical of most small developing country trades, Philippines export trade has been characterized by a high degree of commodity and geographic concentration. As late as 1970, ten principal traditional export commodities comprised three quarters of total exports value. The first three top dollar earners (sugar, logs and lumber and copper concentrates) easily accounted for a little more than half of total export earnings.A definite shift to export promotion was observed in the decade of the 1970s. In spite of the export orientation reflected in exchange rate and industrial promotion policies, the structure of protection accorded by tariff policy remained basically inward looking. The general picture that emerges from the above discussion is that while foreign exchange, trade and industr ial incentive policies in the seventies had taken an unmistakable shift toward export promotion, they had stopped short of completely eliminating the biases against export sales. Philippines’ export partners are US 15. 35%, Japan 14. 19%, China 13. 9%, Singapore 9. 44%, Hong Kong 9%, South Korea 5. 12%, Germany 4. 1% (2009). Year| Exports| | (Billion US dollars)| 2001| 2. 677| 2002| 2. 929| 2003| 2. 748| 2004| 3. 303| 2005| 3. 431| 2006| 4. 243| 2007| 3. 899| 2008| 4. 081| 2009| 3. 189| 2010| 4. 288*| *Source:  International Trade Center – UNCTAD / WTO Source:  CIA World Factbook  Ã¢â‚¬â€œ Unless otherwise noted, information in this page is accurate as of March 11, 2010 The graph and table show the Philippine exports to all countries. The highest export reported in the past ten years was during on 2010 having S4. 288B while the lowest was on 2003 having S2. 3B A strong peso is generally favorable to the economy as a whole but there are certain sectors of the indu stry and society that are affected by a strong peso. Weakened by a strong peso since their good would become offensive since the peso appreciates which makes them less competitive in the export market. Although may be affected, all is not lost since there are financial solutions to at least mitigate the handicap they are facing because exporters could enter into hedging agreement or derivatives where they could enter into a contract to protect them from the Peso appreciation.The tourism industry weakens as well since a strong peso makes staying for a vacation in a country would make it more expensive. The effect of a strong peso on tourism industry also affects the hotel industry since it is some what related as a strong tourism industry means more bookings with hotels for a place to stay. An ironic advantage of a strong peso is that the beneficiaries of the OFWs who contribute significantly in making the peso strong, get less of the remittances that their relatives send them since the dollar loses its purchasing power by the peso appreciation.And finally, in sector which for us is really getting the worst out of the situations are the domestic producers since a strong peso appreciates thus making it purchase imported goods more. The industry is for direct investments. The negative aspects of a strengthening peso is very much in the news, what with OFW families getting into financial trouble, and exporters complaining about their products getting to be too expensive for foreign buyers. What often gets overlooked is the fact that the Peso appreciation also has a positive side, and if one takes a good look at this, it is at least equally important as the negative side to this trend.These are some of the positive effects of strengthening peso: Increases in the world market prices of imported goods have lesser effect. Oil prices have shot up in dollar terms, and thanks to the increased value of the peso, the actual effect on the prices of oil products have not bee n as much as otherwise would have been the case. The same could be said of wheat prices, etc. which have also risen. Dollar-denominated foreign debts can be repaid with less pesos. The Philippine government has saved billions of pesos as a result of the dollar’s drop in value. Philippine companies with foreign debts have likewise benefited.Capital flight from the Philippines has lessened. The strengthening peso means that it is no longer a wise financial move to move funds to a foreign dollar account. It would be much more profitable to keep the money in pesos. At the same time, there is some kind of poetic justice that corrupt officials with funds abroad suffer from a severe cut in the value of their â€Å"loot†. Skyrocketing real estate prices would be dampened. Many Overseas Filipinos (mostly in the dollar area) have driven up prices of real estate throughout the country. The decreased value of their dollars may result in the cooling down of the buying frenzy for la nd by OFs.Increased attention to the domestic market from investors and (former) exporters. Some exporters are coping with the decreased demand for their products in the US by either shifting to other countries or to selling domestically. The increased supply of products to the domestic market would help to lessen prices and improve the product quality of domestically available goods. At the same time, the value of the local market for foreign investors has increased. Since the peso’s value has increased, the potential sales and profits offered by the domestic market has increased in terms of dollars.Lower interest rates. The steadily depreciating dollar is pushing the US Fed to decrease their interest rates – in response, countries like the Philippines decrease their interest rates accordingly, in order to avoid the interest rate differential to get too high. Low interest rates are good because it stimulates business, and also consumer spending, both of which are good for the economy. Lower cost of imported capital goods. For example, the peso value of new airplanes is now much less than it was even a year ago. This is the same for other items e. g. heavyconstruction equipment, computers, etc.This would help stimulate the economy, and could also lead to decreased prices for consumers. Posted: by butalidnl on 18 January 2008 F. Debt Payment As we all know, Philippine peso had appreciated in these past few years against the US dollar and implies high advantage to our economy. One of the advantage of the peso appreciation is the lower debt servicing, in which, it lessen the external debt of the country. As of December 2010, the National Government debt was recorded at P4, 718 billion, lower by P1 billion from end November 2010 level of P4, 719 billion.Of the total debt, P2, 000 billion or 42. 4% is owed to foreign creditors and P2, 718 billion or 57. 6% to domestic creditors. The decrease in NG’s foreign debt of P2 billion from the level as of end November 2010 was brought about by the P5 billion net repayment and P16B appreciation of the peso against the US dollar. This however was partially offset by the P18 billion net appreciation of the third currencies against the US dollar and P1 billion adjustment resulting from late receipt of notices of availment.The domestic debt increased by P1 billion from the previous month’s level resulting from the net issuance of government securities by NG. On the other hand, the contingent debt of the National Government, composed mainly of guarantees issued by the National Government, increased to 550 billion, lower by P10 billion from end November 2010 level of P560 billion. The decrease in domestic contingent obligations was due to the misclassification of the P12 billion HGC guaranteed PAGIBIG bonds as NG direct guaranteed loan.The increase in foreign contingent obligations was due to the combined effects of the P3 billion appreciation of the peso against the US dollar, P2 billion net repayment and P7 billion net appreciation of the third currencies against the US dollar. (Bureau of Treasury, Press Release) Source: Bureau of treasury Source: Bureau of treasury G. Reasons for the appreciation on 2009-2010 One of the key reasons why the Philippine currency had experienced a significant increase on its value during the last two years was because of the increasing number of Filipino dollar remittances from abroad.The strengthening of the value of Philippine peso during 2008 was attributed to the recession that the America had experienced during the last quarter of that year. However, the Philippine currency had experienced depreciation on the year 2009; because that is the year the country receive the impact of recession from 2008 that America had experienced. This has same effect on the ASEAN region where the Philippine is belong; their currency had also experienced depreciation. The Philippine had set a cushioning effect against the recession due to it s dollar remittances coming from OFW’s in different part of the work.H. The role of Bangko Sentral ng Pilipinas The Bangko Sentral ng Pilipinas (BSP) maintains a floating exchange rate system. Exchange rates are determined on the basis of supply and demand in the foreign exchange market. The role of the BSP in the foreign exchange market is principally to ensure orderly conditions in the market. The market-determination of the exchange rate is consistent with the Government’s commitment to market-oriented reforms and outward-looking strategies of achieving competitiveness through price stability and efficiency.In the Philippines, peso-dollar trading among Bankers Association of the Philippines (BAP) member-banks and between these banks and the BSP are done through the Philippine Dealing System (PDS). Most of the BAP-member banks which participate in the peso-dollar trading use an electronic platform called the Philippine Dealing and Exchange Corp. (PDEx). The BAP appoi nted PDEx as the official service provider for the USD/PHP spot trading (which involve the purchase or sale of the US dollar for immediate delivery, i. e. , within one day for US dollars), and Reuters, as the exclusive distributor of all PDEx data.Trading through the PDEx allows nearly instantaneous transmission of price information and trade confirmations. I. The future movement of Philippine Peso Against US dollar Remittances from overseas Filipinos workers (OF) coursed through banks continued to show strength at the start of 2011, rising year-on-year by 7. 6 percent to   US$1. 48 billion, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced. This positive development reflected increased remittances from both sea-based and land-based workers, with their ransfers rising by 13. 3 percent and 6. 2 percent, respectively. Remittance flows into the country remained resilient on the back of sustained demand for skilled overseas Filipino workers in different dest inations worldwide. The Philippine Overseas Employment Administration (POEA) reported that, of the total approved 99,926 job orders for land-based workers for the period  Ã‚   1 January – 28 February 2011, more than two-fifths represented processed job orders for service, production, and professional, technical and related workers.The processed job orders are intended for the manpower requirements in Saudi Arabia, UAE, Qatar, Taiwan, and Kuwait. In its market update, the POEA stated that the Department of Labor and Employment's Philippine Overseas Labor Office in Rome, Italy, reported that a new quota decree has been signed in November 2010, which will allow the entry of 100,000 foreign workers in Italy, of which 4,000 new hires are allotted to the Philippines. Meanwhile, the POEA also reported that the country's seafaring industry is aggressively targeting to capture at least 50 percent of the global requirement for seafarers in the future.To achieve this, the seafaring in dustry has invested in world-class training modules and facilities to upgrade the quality of skills of Filipino seafarers. The continued enhancement of financial services worldwide through tie-ups with foreign financial institutions, establishment of remittance centers and marketing offices abroad, as well as the stronger partnerships forged with correspondent banks and branches/representative offices abroad also helped shore up the flow of remittances into the country.The expansion of the remittance network indicated the continuing efforts of local banks and other financial institutions to capture a larger market share of the global remittance industry and provide safe, affordable and accessible fund transfer system for the overseas Filipino workers and their beneficiaries.The peso strengthened in the first trading day of the week as beliefs that the economy would grow in 2011 given its positive fundamentals offset concerns over the ill-effects of adverse offshore developments, suc h as the earthquake in Japan and lingering unrest in selected countries in the Middle East and North Africa. The local currency closed at 43. 59 against the US dollar on Monday, up by 6 centavos from Friday’s finish of 43. 65. Intraday high hit 43. 56:$1, while intraday low settled at 43. 72:$1. Volume of trade inched up to $1. 023 billion from $772. 8 million previously. Traders said external factors had been weighing down on the peso and other Asian currencies. Nonetheless, they said, the peso has been expected not to depreciate and that domestic factors have beefed up sentiment on the economy. Traders and other economic players still expect the Philippines to post a decent growth this year, aided by remittances and improving business and consumer sentiment. In 2010, the economy grew by 7. 3 percent, the fastest pace registered in over three decades. (inquire. net) IX. GENERALIZATIONThe study, â€Å"The Philippine Peso-US dollar Exchange Rate: The impact of Strengthening C urrency†, aimed the following objectives: 1) to determine the economic impact of the appreciation of Philippine peso; 2) determine the effect of the appreciation of Philippine peso (consumption, investment, government spending, import, export, debt servicing); 3)to determine the reasons behind the appreciation of the Philippine peso during 2009-2010; 4) to determine the role of the Bangko Sentral ng Pilipinas (BSP) on the Foreign Exchange Market; 5) to determine the future movement of Philippine peso against the US dollar.The significance of this study was to determine the impact of peso appreciation on the economy. It shows the effect on different sectors of the economy. It attempts to show the impact of strengthening peso against the US dollar and what are the consequences behind it. It also attempt to show where should the government place itself when the opposing interest of the public are at stake through Bangko Sentral ng Pilipinas. Based on the date gathered, the first hypothesis is accepted. The effects of appreciation have a great impact consumption, government spending, investment, import-export and debt servicing.There were two impacts on consumption, first is the value of imported commodities are cheaper in terms of peso. Second, the purchasing power of dollar remittances will decrease. In government spending, If peso appreciates, it has a good impact in our external debt since our debt will decrease. We will pay less and that will affect our spending. The remaining money that allocated for payment of external debt will be used for government spending. More resources are available to spend for social and economic development of our country.Peso appreciation will cause the exports become less competitive in the international market that will result to less revenues in terms of exports. Imported products will become cheaper that can cause the people to purchase more of it. Another advantage of a strong Philippine Peso is that it would reflect a robust economy for the country which could leverage itself to attract foreign investors in the country which could provide significant inflows for investments to the country furthering improving the economy.A positive outlook is very important to a country to seek investors to show confidence in investing to country since their outlook would be one of the considerations investors would consider. One of the advantage of the peso appreciation is the lower debt servicing, in which, it lessen the external debt of the country. The second hypothesis is also accepted. Philippine peso appreciation was caused by several factors such as the robust economy of the Philippine as well as the increasing amount of remittances from the overseas Filipino workers (OFWs).The Bangko Sentral ng Pilipinas has the role of maintaining the inflation and has the power to intervene in Foreign Exchange market. It is the tool being used by the government in monetary policy. Based on the information that was rel eased by the BSP the peso is expected to appreciate, prior to the events that struck one of the major Economic Partner of the Philippines—Japan—and prior to the political instability from Arab nations, which is one of the major source of dollar remittances of the country.X. RECOMMENDATION The researchers’ believe that the government should maintain the peso appreciate so that it will lessen the burden of paying excessive debt–principal and interest. And to maintain the prices of the commodity that are being imported at a low price, such as oil which is vital in the daily economic activity and other commodity that is not produce in the county.On the other hand, the government should provide a OFWs remittance stabilization fund—from the money that the government had saved in debt servicing—that pegged the exchange rate between peso and dollar, because OFWs’ remittances are crucial in maintaining the high value of the peso against the do llar and the effects that it will brought to the economy. . We cannot easily believe that a strong peso means a strong republic. So government must look at different factors and learn before engaging the country in different risk.As we also observed, the effect of peso condition in the sources of government funds is the same in the impact of peso condition in government spending. If the effect in the sources of funds is negative, the impact in the government spending is also negative. When the effect is positive, the impact in government spending is also positive. XI. REFERENCES 1. Bangko Sentral ng Pilipinas. (2008). Adjustments in the Face of Peso Volatility: Perspective from the Past and Policy Directions. : Retrieved February 21, 2011 retrieved from      http://www. bsp. gov. ph/downloads/Publications/2008/WPS200802. df 2. http://www. investopedia. com/ask/answers/08/what-is-foreign-exchange. asp 3. http://en. wikipedia. org/wiki/Foreign_exchange_market 4. http://www. bsp. g ov. ph/financial/forex. asp 5. http://business. inquirer. net/money/breakingnews/view/20110314-325428/Peso-rises-against-dollar-as-positive-view-of-local-economy-stays 6. http://www. philstar. com/Article. aspx? articleId=565592&publicationSubCategoryId=66 7. Monetary Stability Sector of the Bangko Sentral ng Pilipinas (2006). The Exchange Rate. Retrieved from http://www. bsp. gov. ph/dowloads/publication/FAQs/exchangerate. pdf

Department store Essay

When we want to buy something, we go shopping. There are many kinds of shops in every town or city. Most people prefer to do their shopping at big department stores and supermarkets. Department stores offer a wide range of articles under one roof. Therefore, a customer can purchase all his requirements from a particular place. As a result, the time and labour of customers are saved because they need not go from shop to shop for purchasing different kinds of goods. Departmental store also offers a number of facilities and services like free home delivery, telephone orders, liberal exchange, etc. with courtesy and fair treatment. Sometimes they even offer to open a current account and buy something on credit. But you must think clearly before get into debt, may be you don’t actually need that and to cut down on such luxuries. What about placing a telephone order, it is better than online shopping, because you can go in the department store and touch everything you want to buy and decide if it is good value for money or truly fit for purpose and then order it by telephone or just reserve it. The availability of such services acts as a special attraction to customers. Also many owners want to limelight the customers with the help of their staff. So they introduce a kind of dress code. Sometimes the executives want their employees wear a special uniform, but usually they only forbid their people to wear revealing and light clothes, stiletto heels and order them to be well-groomed and on no account sloppy. What is more, the owners want their staff to be credible and polite with their clients. It is the first step to success! Furthermore, a departmental store is generally located in the heart of the city. Hence, many people visit such stores and make their purchases. Gradually, such stores develop a reputation of their own, by selling quality goods at centrally located areas and busy centres. This attracts a large number of customers. Departmental stores offer a stunning range of goods at different price levels. They also keep a variety of designs, colours, styles, etc. For example, you can buy designer label clothes from glossy magazines, which have been launched in new collections of famous designers and have already hit the high street. This is the proposal for someone who is interested in  high-street fashion and fashion victims. But also there are a lot of hugely popular clothes and other things for everybody! It enables the customers to make a better selection from a wide variety. The department stores generally purchase in bulk quantities. For that, they receive discounts and commissions. Such stores purchase directly from the manufacturer and hence avoid middlemen and so als o their commission. As a result, departmental stores are able to sell products, at prices lesser than other retailers. Thus, economies of large scale buying are transferred to the customers in the form of low prices. Speaking about less pleasant facts, we should speak about complaints and repayments. If you haven’t been provided an excellent service or your purchase turned out to be poor quality, you have all grounds for complaint and all these complaints should be taken seriously and handled promptly. Also let’s imagine such situation: you have bought the shoes, but after trying them at home you’ve realized them to be excruciatingly uncomfortable. Don’t give up, you will be right to return these shoes during 2 weeks and demand a full refund. All in all, nowadays the department stores are becoming more popular s where people can reserve time and find a necessary good. Due to the wide range of goods offered and various facilities provided by the departmental stores, they are able to make large volume of sales. It is really favorably to do shopping at the department stores i n order to save you money.

Human Resources Current Issues Involve

Human Resources current issues involve various aspects of the HR function and activities. Let us look at some of these. There are several writers who believe that we need to do some rethinking on strategic HR. One other issue raised is the necessity to do a rethinking on â€Å"strategic recruitment. † There is much talk about strategic Human Resource management. But surveys had shown that there is not much evidence that its implementation is widespread. It also varies from country to country. The role of human resources is changing as the result of globalization, rapid technological development and progress, and changes in stakeholders' expectation, among many. Skill in managing global human resources is fast becoming one of the emerging human resources current issues. Workers migration and expatriate employees pose problematic issues. These require organizations to formulate an appropriate international Human Resource management policy. Many organizations are yet to recognize the need to do this. Another issue, namely, the continued use of job description is criticized. Some argue it is no longer relevant. Another matter that needs attention is the increased presence of Female employees. Female workers are now competing for jobs that are formerly the domain of male employees. Still another issue that calls for attention is employee behavior. It is becoming harder to terminate or dismiss even difficult and under-performing employees. What more, even the use of strategies in the implementation of human resource management has been questioned as being anti-union and manipulative. Training continues as on-going concerns of organizations. But they are not the only parties concerned with training. It has become a national issue in many countries. The CEO Employment contract is coming under increasing scrutiny. Among the questions raised are whether the performance of CEOs merits the kind of pay they are receiving, and whether they should go if their achievement is not up to the board's expectation. Apart from all these issues which do not fail to surface from time to time, human resource diversity is fast becoming an important human resources current issue. The Knowledge Organization Change your organization's plans in response to changes in the business environment. Ways to managing human resources must also change in line with changes in your business plan. To do this, you need information on what brought about the current state of things. You need ideas and knowledge on how the HR function can respond effectively to the new situation. Proponents and practitioners of human resource management usually provide ideas which can give new insights. Be alert to new books on HR management and human resources articles on Human Resources current issues. One way of ensuring you do not miss new information is to become a knowledge organization. Here, every one of your employees is encouraged to educate themselves and to widen their knowledge. HR current issues will update your HR people information. Managing People, Performance and Risk Effective management of employees is important. Doing this motivates employees to do their respective job well. Employees become more focused and will want to continue working for your organization. Manage your employee's performance well by aligning what they do to the achievement of your business objectives. Identify the risks related to your human resource. For example, what are the risks if your good employees leave. Or what will happen if your people are not achieving their defined objectives. What steps can you take to reduce or minimize the risks involved? What can you do to prevent any of the risks from recurring? Risk is one of the human resources current issues that your organization must manage and control. This is especially true during economic downturn or when organizations are undergoing a difficult phase. HR Planning To meet all the challenges posed by Human Resources current issues, you need an HR plan. Such a plan needs to determine the possible trend of HR. Under such a plan, you can improve people's readiness by way of human resource training and development plans under strategic human resource development.

Customer service questions Essay Example | Topics and Well Written Essays - 500 words

Customer service questions - Essay Example Visibility is a largÐ µ part of gÐ µtting thÐ µ mÐ µssagÐ µ of Ð µthical compliancÐ µ out to a concÐ µrnÐ µd public. This is a complicatÐ µd issuÐ µ bÐ µcausÐ µ of thÐ µ split bÐ µtwÐ µÃ µn Ð µthics-as-institutional-policy and Ð µthics-as-individual-consciÐ µncÐ µ, but a sÐ µnsÐ µ of balancÐ µ can at lÐ µast bÐ µ sought by thÐ µ institution of PR campaigns strÐ µssing thÐ µ importancÐ µ of corporatÐ µ Ð µthics as an impÐ µrativÐ µ, and I was happy to bÐ µ a contributing tÐ µam mÐ µmbÐ µr in such a campaign. WhÐ µn thÐ µ campaign startÐ µd, thÐ µ company bÐ µgan by strÐ µssing sharÐ µd vision and Ð µthical unity among thÐ µir Ð µmployÐ µÃ µs and put forth its codÐ µs of Ð µthics and Ð µthics rÐ µviÐ µw boards in thÐ µ Ð µffort to focus company attÐ µntion on thÐ µ importancÐ µ of Ð µthical bÐ µhavior in thÐ µ workplacÐ µ. This is anothÐ µr bÐ µnÐ µfit of making crÐ µativÐ µ dÐ µcisions in managÐ µmÐ µnt through ut ilizing tÐ µamwork. YÐ µt anothÐ µr bÐ µnÐ µfit is that thÐ µ unity that binds thÐ µ group togÐ µthÐ µr will furthÐ µr idÐ µas of Ð µqual participation. ThÐ µrÐ µ arÐ µ plÐ µnty of pÐ µoplÐ µ who arÐ µ contÐ µnt to bÐ µ a tÐ µam mÐ µmbÐ µr, but this Ð µxpÐ µriÐ µncÐ µ taught mÐ µ how Ð µffÐ µctivÐ µ lÐ µadÐ µrship and Ð µffÐ µctivÐ µ tÐ µamwork pattÐ µrns can hÐ µlp Ð µnsurÐ µ that Ð µvÐ µryonÐ µ involvÐ µs bÐ µcomÐ µs a rÐ µal tÐ µam playÐ µr.

Challenges And Benefits Of Mammalian Cloning Essay

Challenges And Benefits Of Mammalian Cloning - Essay Example This is indeed, far from reality! Daily life experiences we go through and the environment we are brought up in play a decisive role in making us what we are irrespective of our genetic similarity with a parent or a sibling. Another big challenge in the way of mammalian cloning is the widespread conception among people that cloned mammals are perfect and that all weaknesses have been weeded out from them. This, again is nothing more than another theory about mammalian cloning that is frequently referred to by the opponents of cloning. Last, but not the least, mammalian cloning is threatened by people’s religious beliefs and practices. Practicing people from many religions are simply against the idea of mammalian cloning because they consider it to be fundamentally the expertise of God, and believe that no human can or should make an attempt to cross the limits. Although many of the generally believed theories about mammalian cloning are far from reality, yet they have posed ma ny hurdles in the way of research and development in the field of mammalian cloning and implementation of the techniques thus found. Benefits: According to Dr. Richard Seed who is a leading proponent of the technology of mammalian cloning, knowledge about cloning has been developed to such an extent that methods may soon be developed that would not only retard the process of aging in mammals, but also reverse it (â€Å"Benefits Of Human†).

Is telenursing in your future Essay Example | Topics and Well Written Essays - 1000 words

Is telenursing in your future - Essay Example There are different issues, though, that are needed to be considered in the operation if a telenursing institution. In this paper, the main objective is to weigh the advantages and the disadvantages of telenursing on the perspective of a professional nurse and to determine if such a development in the provision of medical care would have a real future. There are different issues related to telenursing that are needed to be considered in order to analyze the feasibility and efficiency of its application. Based on most references, issues such as those related to the legal, ethical and regulatory aspects of telenursing can be considered questionable (Kumar & Snooks, 2011). It does not mean not doable since there are different areas and countries that already tried the implementation of telenursing but these issues will remain attached to every process or step undertaken. As a nursing professional, it is a logical notion to question the effectiveness of telenursing on the basis of different reasons. One reason is the fact that even in the hands of the medical professionals not only the nurses but also to the doctors and specialists, the safety of the patients is not guaranteed, what more then when healthcare services are given through the internet or the telephone. Another issue is the availability of institutions that would provide the telenursing service. It can be considered that there are shortages in the medical service provision in terms of the number of nurses in all part of the world regardless of the economic condition. This means that in richer and more developed countries, the need to import nurses from foreign countries is a reality and in the advent of this trend, institutions that would require nurses to be employed to provide support through the line or through the web can compete to those who would be employed in the

Human resources and conflict management Essay Example | Topics and Well Written Essays - 1000 words

Human resources and conflict management - Essay Example Theoretical knowledge is extremely important in identifying the needs of the people and organization as well as the nature of the conflicts. My father has an appliance repair business and around 35 employees are working in our business. These employees are working in various departments such as servicing or maintenance, pickup and delivery, customer care, billing, sales etc. Moreover, people from different cultures are different nationalities are also working in our business. This paper analyses how human resource management and conflict management concepts I learned from my classes can be effectively applied in our business as well as in personal life. â€Å"Equal opportunity employment refers to the approach of the employers to ensure the practice of being fair and impartial in the employment process†(Equal employment opportunity, 2007). In my organization, we are keen to avoid cases of any kind of employment discrimination. We normally respect merit rather than the colour of skin or gender differences while recruiting and promoting employees. At the time of recruitment of employees, we value the academic achievements, technical skills, communication abilities decision making abilities and problem solving skills of the candidates rather than the culture, race, skin colour or gender of the candidates. â€Å"Employee benefits are all forms of consideration given by an enterprise in exchange for service rendered by employees†(Employee benefits, n.d., p.165). It can be divided into two categories; short term benefits and post- employment benefits. Wages, salaries, incentives, etc come under short term benefits whereas benefits given at the time of retirement or after the retirement are labeled as post-employment benefits. We have arranged a contributory pension plan for all the employees working in our organization. We deduct 10% from the basic salaries of each employee and deposit 20% (10% from employee salary +10% from our account) in the name of

Digital graphics Assignment Example | Topics and Well Written Essays - 500 words

Digital graphics - Assignment Example Additionally, there have been developments in printers since they were first created, where they were very slow and basic printers. They used to be expensive at the time unlike now, where one can purchase them easily. The only problem is that such printers take a long time to print and therefore, shows how much printers have upgraded but expensive. To add to this there are new printers that have come up and made currently, as well as increases speed of printing as well as lowers costs (Niemeyer, 2008, 23-144). Development of mobile phones also has a big effect on the design and creation of images. Latest mobile phones’ models have cameras, which can be used to take photos and transfer them to a computer using either Bluetooth technology or a data cable. In addition, some mobile phones have such as latest smart phones have inbuilt softwares that can be used to edit images. E-book readers have also had a great impact on the design and creation of images. E-books are now designed in such a way that they are compatible with both the computers and

Michellamine A ( A natural product) Essay Example | Topics and Well Written Essays - 3000 words

Michellamine A ( A natural product) - Essay Example Structurally they originate, from the acetate polymalonate pathway and not from amino acids 1. They exist as monomeric and dimeric naphthylisoquinoline alkaloids. The monomeric alkaloids which possess a naphthalene-isoquinolene linkage and the dimeric naphthylisoquinolines include the michellamines. The Michellamines comprise two monomeric naphthylisoquinoline coupled together. The Michellamine dimers A, B and C are isolated from the leaves of Ancistrocladus korupensis 1,5,16, 18, 21. These dimeric alkaloids possess highly useful medicinal properties like antiviral and antiparasitic, which are distinct from their monomeric counterparts 13. In addition they also possess several pharmacological, toxicological and antiviral properties such as the inhibition of the cytopathic effects of the Human Immunodeficiency virus which is the major causative agent of AIDS 1, 9, 12, 19. Experiments show that Michellamines A and B give protection in vitro to human CEM-SS lymphocytes against the cytopathic effects of HIV virus (14)20, 21. Michellamine B has been shown to have inhibitory effect on drug-sensitive ,drug- The naphthylisoquinoline alkaloids are exists as both monomers and dimmers. All the monomeric naphthylisoquinoline alkaloids are biaryls containing a naphthalene moiety and an isoquinoline moiety and these two are linked. They may contain a dihydrogenated (this is present in the said ref: 13,) or a tetra hydrogenated isoquinoline moiety 13. The linkage varies between the different alkaloids. There is also a restricted rotation about this linkage and hence these compounds exist as thermally stable atropisomers 1. This is an interesting characteristic feature among these alkaloids. These alkaloids are also unusual on account of the methyl group present at the 3- position and oxygenation at the 8 and/or 6 position of the isoquinoline ring, which suggest that they have a polyketide origin. These alkaloids can be grouped according

Capital Punishment Essay Example | Topics and Well Written Essays - 250 words

Capital Punishment - Essay Example Similarly, previous death sentences, under the judicial doctrine of precedents, justify the penalty as usual. The fact that a defendant has committed a crime that is as cruel as the death sentence means that the defendant is not justified to argue for cruelty of the sentence (Mandery 473). Life without parole is a more humane and pragmatic alternative because it achieves justice to victims and preserves humanity. In holding defendants, it eliminates them from the society and therefore reduces risks of crimes associated with the people. It therefore ensures justice and preserves morality. The position that the post assumes omits some information that could change its position on the issues. Incidence of death penalties remained high and this indicated its ineffectiveness as deterrence. Similarly, the eighth amendment is not clear on what is cruel and unusual, based on different crimes. I however agree that life imprisonment without parole is a better alternative because it keeps criminals from the society and because death penalty proved

Biblical Authority Article Example | Topics and Well Written Essays - 500 words

Biblical Authority - Article Example From this paper it is clear that Wright N.T delivering the lecture at The Laing Lecture 1989, and the Griffith Thomas Lecture 1989, had a goal of justifying that the bible is worth being authoritative and is indeed authoritative because the words of the bible are the words of God and God Himself and that God is perfect and all-knowing enough to give out instructions that would last and be valid till the end of days. Having explained all terminologies involved and visited views of opposing schools of thought, it is in place to say that the author developed his thesis logically. Indeed, the author’s major strength was for him to have attributed all his arguments to biblical relations and paying homage to other people on the other side of his position.This study highlights that the author really composed his thoughts and arguments well. For him to describe God as omniscient, knowing what is good for all humankind in years to come even before the actual time comes would really lea ve very little room for opposing critics. There however remain unanswered questions to me on how the writer justified most schools of thought. This leaves room for so much doubt if the author’s own stand was authoritative enough.  The writer writes a rather accommodating remark on the school of thought that the scripture was made for to address issues of specific times of the world’s existence and so may be justified not to be thought as an authoritative material for our day.

The Move from Doubt to Certainty Essay Example for Free

The Move from Doubt to Certainty Essay Descartes is interested in the certainty of his existence and the existence of other people and things. Descartes beliefs vary from those of Socrates. Descartes argues that knowledge is acquired through awareness and experience. Using this approach, Descartes moves through doubt to certainty of his existence. He asks himself various questions about the certainty of his existence and solves them through clear thought and logic. Using this method Descartes establishes doubts to be truths and by the end of the book, he has established that he does indeed exist. In this paper, I will show how Descartes moves through doubt to certainty. I will explain how Descartes uses the cogito, proves the existence of God and what that means to his existence. I will also discuss the general rules of truth that Descartes establishes. In the First Meditation Descartes begins to examine what is certain and what is doubtful. Descartes wants to establish that his knowledge is certain and not doubtful. He states, I had accepted many false opinions as being true, and that what I had based on such insecure principles could only be most doubtful and uncertain; so that I had to undertake seriously once in my life to rid myself of all opinions I had adopted up to then, and to begin, and to begin afresh from the foundations, if I wished to establish something firm and constant in the sciences. (Descartes 95) By this Descartes means that he wishes to establish a foundation for his knowledge based on certainty instead of doubt. Descartes first looks at the senses. This is important because the senses are the first thing to cause doubt. He focuses on the perception of things. He says that things far from him, in the distance, give him reason to doubt their certainty, while things that are close to him are indubitable and he is clear about their certainty. However, Descartes realizes that dreams pose an obstacle to his beliefs. Even up close, dreams can be indubitable. Descartes believes that if a person has had a dream that was so intense that the person could not determine it form reality, then they have reason to doubt objects that are close to us and appear to be indubitable. In order to resolve this problem, Descartes suggests that one must examine whether they are dreaming or not. Descartes realizes that he can not rely on his senses anymore to give him dubitable truths. He turns to find something that is indubitable. Descartes tries to use science as a foundation for truth. He discards physics, astronomy, and medicine because all three of them rely upon the senses. we shall not be wrong in concluding that physics, astronomy, and medicine, and all the other sciences that depend on the consideration of composite things, are most doubtful and uncertain (Descartes 98). However, Descartes finds that such things as geometry and arithmetic can be trusted because their are no senses involved. They are based upon logic. whether I am awake or asleep, two and three added together always makes five, and a square always has four sides; and it does not seem possible that truths so apparent can be suspected of any falsity or uncertainty(98). However, Descartes finds reason to even doubt this. The only thing that could makes these truths dubitable is through the intervention by an Evil Deceiver (God). Descartes cannot prove that God is good and has to acknowledge that God has the power to deceive. Therefore, Descartes must doubt all things until he can prove their certainty. Descartes comes to call this doubt Universal Doubt. In the Second Meditation, Descartes examine the existence of himself. He concludes that if he cannot prove something exists then how does he know with certainty that he exists. It is his doubt of his existence that Descartes uses to prove his existence. Descartes realizes that if he is able to doubt then he does indeed exists. He take the approach that, I think therefore I am to establish a certainty that he exists. This idea also known as the cogito becomes the central point that Descartes will use for the remaining of his meditations. Descartes affirms his existence every time he thinks, doubts, or is persuaded(Descartes 103). Descartes affirms that if there is an Evil Deceiver then Descartes must exist because in order for God to deceive, Descartes he must first exist. Although, Descartes has proved his existence he can only prove it in the mental capacity. He does not know for certain that he exists in the physical form. The only way, at this time, that Descartes can prove the existence of his body is through his senses. He has already established that his senses are dubitable and therefore cannot tell him with certainty that his body exists. In order to get a better understanding of his relationship between his body and mind, Descartes melts a piece of wax. He observes the wax in two different states, the first in a solid form and the second in a melted form. He questions how his senses can show him two entirely different forms of the same substance; yet he knows that the substance, in both states, although completely different, is wax. The mind was able to understand the essence of the wax. Although the senses were not entirely capable of making the connection between the two forms of wax, the senses assisted the mind in determining what the substance was. This experiment proves to be important to Descartes because he is able to make a link between the senses and the mind. Using his experiment, Descartes enters his Third Meditation using his general rule of truth that all things we conceive very clearly and distinctly are true(Descartes 113). However, there is one flaw to his thoughts. If God is an evil deceiver than this cannot be true. Descartes proceeds to establish that God is good and does not deceive. Descartes uses three points to establish the existence God. These points are ideas. The first one is adventitious ideas; those ideas that come from outside experiences. The second is invented ideas; those that are derived from the imagination such as sirens and chimera. The final is innate ideas; those that are within one when they are born. Descartes uses two more points to further establish that God exists. He uses the ideas of infinite and perfect. These two ideas, Descartes cannot account for. The only way for such things to come about would be from an infinite and perfect being such as God. These ideas have a direct relationship with God. In order for a finite beings such as Descartes to have a concept of infinite it must have been planted there by an infinite being such as God. Descartes concludes this idea to be true because one cannot derive the idea of infinite by negating the finite(Descartes 125). An example of this would be the use of a number line. The number line will never be able to illustrate infinity. One could negate every number on a number line and still not arrive at infinity. Therefore, Descartes concludes that God does exist and therefore is not an evil deceiver. Because God has supplied us with the innate ideas of perfection and infinity, God, therefore, must be infinite and perfect. Descartes states that, Whence it is clear enough that he cannot be a deceiver, for the natural light teaches us that deceit stems necessarily from some defect(Descartes 131). Since God is perfect he is not an evil deceiver. It is important to realize that by the time Descartes has reached his Fourth Meditation he has proved three important things. The first is that doubt is not universal. The second is that there is a general rule of truth. The third is that God exists and cannot be an evil deceiver. However, Descartes raises a question: If God exists and cannot be an evil deceiver then why are humans imperfect and perpetually making errors? Descartes explains this through the explanation of free will. Descartes states that God has given all humans free will. This is the cause of human error. Because we have free will, humans are able to make choices and decisions free from the influence of God. Sometimes free will interferes with Gods ability to help humans and therefore humans sometimes make poor decisions. If God did not give humans free will than God would play a direct role in every decision made by humans. It is because God gives humans free will that allows for human error. Descartes Fifth and Sixth Meditations begins with the establishment of his remaining doubts and the application of what he has discovered. The first question deals with the essence of color, mathematical, and geometrical truths. The second is the existence of people and things. The third is determining the difference between dreams and reality. Descartes reiterates that God is not an evil deceiver and therefore he can clearly conceive something to be true. He reiterates that if he conceives God correctly then God is perfect. Imperfection is not compatible with Gods omnipotence. A non-existent thing cannot be perfect. Even a non-existent perfect thing is imperfect and all perfect things are perfect. Descartes also restates that a perfect thing cannot deceive. With this knowledge, Descartes proceeds to solve his second problem. The existence of corporeal(physical things) exist with certainty. Since God is not an evil deceiver, the idea of physical things is accurate. Although some perceptions will still be blurry and may confuse Descartes objects do indeed exist. He concludes that he just has to be more judgmental of those perceptions. But as concerns other things, which are either only particular, as,, for example, that the sun is of such a size and shape, etc. , or are perceived less clearly and distinctly, as in the case of light, sound and pain and so on, although they are very doubtful and uncertain, nevertheless, from the fact alone that God is not a deceiver, and has consequently permitted no falsity in my opinions (Descartes 158) Descartes now knows for certain that he has a body. Descartes realizes that, I have a body, which is ill disposed when I feel pain, which needs to eat and drink when I have feelings of hunger or thirst etc. (Descartes 159). Because of these feeling that Descartes has and because God is not an evil deceiver than Descartes is indeed lodged in a body and is an entire entity with it. Descartes finally analyzes his third doubt. He now has the ability to distinguish between being awake and dreaming. When we are awake, Descartes states, are mind flows in an uninterrupted, continuous sequence. When we are dreaming, our mind does not flow in a consistent, and undisturbed sequence. When a person has a break in the consistency of events, they are dreaming. when I perceive things which I clearly know both the place they come from and that in which they are, and the time at which they appear to me, and when, without any interruption, I can link the perception I have of them with the whole of the rest of my life, I am fully assured that it is not in sleep that I am perceiving them but while I am awake(Descartes 168) After establishing certainty to his doubts, Descartes states, And I must reject all the doubts of the last few days as hyperbolic and ridiculous, particularly the general uncertainty about sleep, which I could not distinguish for a wakeful state (Descartes 168). With that Descartes concludes his meditations and uncertainties. Although Descartes makes a sound argument there were some people that disagreed with his theories. One of those people was John Locke. The beliefs of Locke, who was an empiricists, were similar to those of the Sophist during the time of Socrates. He argued that when a person was born their mind was empty. A person obtained knowledge through experiences. He also felt that if a person misinterpreted an experience it could lead to doubt or skepticism. Locke tries to prove Descartes wrong by saying that there are no innate ideas. He states that by understanding our own mind we can deter doubt. Locke proposes three separate possibilities about truth. The first is that there is no such thing as truth. The second is that there is no way to obtain truth. The third reason is that we can understand implied things but not be absolutely certain about them. Locke believed that we never deal with certainty and everyday we deal with possibility. and it will be unpardonable, as well as childish peevishness, if we undervalue the advantage of our knowledge and neglect to improve it to ends for which it has given us, because there are some things that are set out of the reach of it. (Locke 57). Locke states that not all innate ideas come from natural ability. He says that a universal consent does not prove innate ideas. They could arise from experience. Locke supports this theory by saying that innate ideas are neither in children nor idiots. If these ideas were innate then everyone would have them. He further states that mathematical truths are learned from experience and are not innate ideas. Descartes and Locke were two men with completely different views. They each set out to prove their own existence in a different fashion. Although they do not agree with each other, each one of them presents a clear and intelligent argument. It is these arguments that have encouraged the human race to consider the possibility of existence long after the death of Descartes and Locke. People will continue to debate their viewpoints for years to come and maybe, one day we will know the meaning of existence.

Dennis Rader: The BTK Killer

Dennis Rader: The BTK Killer When you hear the words SERIAL KILLER, you instantly think about people like Jeffrey Dahmer, Ed Gein, Ted Bundy, or Charles Manson. You dont think about a family man with a wife and two children, county board member, President of the church congregation council, or a Cub Scout leader. Dennis Rader possessed all of these shining attributes. He also possessed a dark secret. This secret had festered in him from an early age and grew as he got older. Dennis Rader had fantasies about bondage, control, and torture which eventually led to murder. Raders reign of terror began in 1977 and ended with his capture in 2005; almost 30 years later. He labeled his victims as projects.3 He hunted his prey in stages he described as the trolling stage and stalking stage.3 He even called the tools used for his trade his hit kit.3 Dennis Rader was a stone cold killer who had no plans of stopping. The letters BTK stands for Bind, Torture and Kill, which was Raders mode of operation and a name he gave to himself. Throughout the years and in numerous communications with the police, he talked about his need for acknowledgment. In the 1990s BTK had disappeared from sight when, without explanation, he re-emerged in 2004. This re-emergence was more than likely due to his need for acknowledgment or public attention. In 2004, Rader started sending multiple letters, clues, and photos to the authorities that led to his capture and arrest in 2005. In the Beginning Dennis Rader was born on March 9, 1945. His parents were William and Dorothea Rader. His family moved to Wichita Kansas when Dennis was little. While growing up, Rader appeared to be a normal child. He was a member of the Boy Scouts and a church youth group member. He attended Riverview Elementary School1 and was described as a student with withdrawn tendencies.1 Rader later admitted that he developed fantasies about bondage, control and torture from an early age, while still in grade school.1 As he got older, he had fantasies about tying girls up and having his way with them.1 He also admitted to killing cats and dogs as a youth by hanging them.1 He began to perfect the art of hiding his dark secret from everyone at an early age. 1974-The Killing Begins It all started when a family of four, the Otero Family, was brutally and maliciously murdered in their home on January 15th, 1974. These four murders, along with six others, would leave the authorities, media, people of Wichita Kansas, and people around the world baffled and in fear for the next 30 years. A killer was on the loose and Bind, Torture, Kill was his mode of operation. Joseph Sr., Julie, Joseph II, and Josephine Otero were the BTK Killers first victims. Their family consisted of the husband, wife, and 5 children. Only two of the children were murdered and they were the children that were home on the day of the murders. These murders occurred in the early morning hours. Dennis Rader invaded their home at gunpoint and ordered everyone into a bedroom where he tied them up. He tried to kill Joseph Sr. first by putting a bag over his head and pulling tight, but somehow a hole was torn in the bag. He later went back and put another bag over Joseph Sr. head and strangling him with a cord. Julie Otero was the second victim to be killed by Rader. He tried to kill Julie with his hands at first but when that didnt work, he strangled her with a cord. Nine year old Joseph II was the third victim. Joseph was moved to another bedroom and suffocated with two bags placed on his head. The fourth and final victim, on this day, was Josephine Otero. She was eleven year s old. Rader took Josephine to the basement of their house and hung her from the drainage pipe. Rader admitted to having sexual fantasies after she was hung.3 He masturbated on her legs and a pipe near where she was hung. His DNA left at the scene was later matched to other killings. BTKs fifth victim was Katherine Bright. She was killed by Rader in April 1974; just four short months after the Oteros were murdered. She was 21 years old. Radar broke into her house and waited for her to come home but he didnt expect for her brother (Kevin Bright) to be with her. He made her brother tie her up first, and then he tied her brother up in another room in the house. Kathryn put up a fight for her life and was eventually stabbed several times by Rader. She later died in the hospital. Her brother escaped during Raders fight with Kathryn but was shot in the head while he fled. Kevin may be the only person to see the serial killer and live (although his description still didnt help the police capture BTK in the 70s). 1977-The Killing Continues It had been 3 years since the Otero family and Kathryn Bright was brutally murdered by the BTK Killer. His sixth victim was Shirley Vian Relford, 24. Rader admitted in court that Relfords murder was completely random.3 He actually planned on killing a particular person but when he went to knock on the door, no one answered. After continuing to troll the neighborhood, he knocked on one other door and got no response. He approached a little boy, watched what house the little boy went into and followed him. When he got inside the house, he put Shirleys three young children in the bathroom and then tied Shirley up and strangled her. He left his semen on some panties that were found next to her body. December 1977, BTK struck again. This time his victim was Nancy Fox, 25. She was victim number 7 and Rader labeled her as Project Fox Hunt5. He had apparently been watching Fox for a long time, stalking her. He would go by her house several times, rummage through her mailbox to find out what her name was, and stalked her at her job.3 On this night in December, he went by her house and knocked on her door but when no one answered, he broke in. He waited in her house in the kitchen and when she got home, he told her he was going to rape her and tied her to the bed. Afterwards, he strangled her. He left semen on a nightgown that was found next to her body. Rader later described Foxs murder as the perfect hit6(pp. 53) because he said that there was no interference in the killing. 1985-Eight Years Later Eight years after Nancy Fox was murdered, BTK was back on the scene and ready for his next victim. That victim was Marine Hedge, 53. Rader labeled her as Project Cookie.6(pp. 92) The sad part about this murder is that Hedge lived on the same street as Rader; only six doors down to be exact. He broke into her house and waited for her. When she came home, she was not alone. She had a male friend with her so Rader hid out in the house and waited for her male friend to leave. Once her male friend left, Rader strangled her in her bed with his bare hands. Hedge was the first victim where Rader moved the body from the house after killing them. He took her body to his churchs basement and posed it for photographs. Her body was later found in a ditch on the roadside. 1986-Victim #9 On September 16, 1986, Vicki Wegerle became BTKs ninth victim. She was 28 years old. Rader used trickery to get in to Wegerles house. He posed as a telephone repair man3 with a uniform and a hard hat. He called his outfit for this murder his hit clothes.3 When he got into her house, he pulled a gun on her and attacked her. She put up a fight for her life but he eventually overpowered her and strangled her with a nylon sock. He also posed her body for photographs as he had previously done to Hedge. It was later found out that Vicki was not dead when Rader left her house; he only thought she was dead. She later died when the paramedics couldnt revive her. 1991-Final Victim-5 years later BTKs last and final victim was Delores Davis, who was murdered on January 19, 1991. She was 62 years old. By this time, a decade had passed since BTK began his killing spree. Rader had previously cased the place before3 and this time she was in the house. It appears as though Rader had gotten lazy by the 10th murder because he threw a concrete cinder block through Daviss patio glass door and bombarded his way into her house. He made no attempt to conceal the noise that the shattering glass made. He pretended to be a wanted criminal and eventually strangled Davis. She was the second victim that Rader had moved from the location of the murder. Her body was dumped under a bridge. She too was posed and photographed after being killed. Raders mask was left by her face. The Investigation The BTK investigation began in the mid 1970s, spanned the length of 30 years, and concluded with the arrest and conviction of Dennis Rader in 2005. In the early 1980s, the Wichita Police Chief created a secret task force6(pp.86) of special investigators to work on the BTK case. They were the team that hunted BTK. This team was called the Ghostbusters.6(pp. 85) There were tons of calls and tips throughout the BTK investigation. Investigators came up with lists to eliminate and compare suspects. They put together a list with tens of thousands of names 6 (pp.88) This list included men who went to the local college, men who worked with any of the victims, men who were between 21 and 35 years of age in 1974 and lived in the county6(pp. 88), and mostly men with any kind of sex/torture/perverse/stalking behavior on their criminal record. Several of the detectives went door-to-door to most of these suspects houses and asked outright if they would submit to DNA testing. Suspects who were unwi llingly to be tested were placed under surveillance. In the Otero murders, police interviewed more than 1500 people6(pp. 31) to no avail. Police originally thought that organized crime families or drugs may have been involved in the family murders. Some police didnt want to accept the fact that a serial killer may have been on the loose or that there were similarities in the Otero and Bright killings. It wasnt until BTK starting sending the police clues about the murders that they put it all together and realized that a serial killer was on the loose. Three of the victims worked at the same location; Colemans. Even when Kathryns brother Kevin (who survived the attack) gave the police a description of his attacker, they never caught him. Even with all of the man hours and leg work put into the investigation, BTK was not caught back then. From 1991 until 2004, when BTK resumed communication with the police, the trail for the serial killer had gone completely cold. Search and Arrest Warrants and Subpoenas There were several search and arrest warrants issued in the BTK case in the later years. In the beginning, there was mostly list compiling and DNA tests done to eliminate suspects but no definite leads as to who BTK was. There were too many suspects and police kept hitting dead ends. In December 2004, the television station KSN reported that Roger Valadez had been arrested in connection with the BTK killings. The report was based on an anonymous tip that was inaccurate. Mr. Valadez was arrested early that morning on charges of criminal trespassing and housing code violations12 but it was somehow leaked that he was a suspect in the BTK murders. A search warrant was executed on his home. He was cleared by DNA tests of any criminal activity related to the BTK killer.6(pp. 227) Valadez later sued the television station and won. In 2005, police obtained a warrant for the medical records of Raders daughter (Kerri Rader) which was a familial match with semen collected at an earlier crime sc ene.13 His daughters DNA match and other evidence that police had accumulated while surveilling Rader gave them probable cause for a search warrant. Raders home, vehicle, church and office were also searched for evidence after the warrant was executed. Also, a search warrant for Raders DNA was executed after he was arrested. He was cheek swabbed while in police custody. Four swabs were taken; two were immediately sent to the county forensic lab and the other two went to the forensic lab in Topeka, Kansas. 6(pp. 269) Interviews Rader was interviewed by the police in 2005. He talked in the third person as though Dennis Rader was someone else. He ducked questions for many hours. Rader gave away nothing during his interview. He spoke to the detectives as equals, noting that he too was in law enforcement.6 Interrogations In September 1986, Bill Wegerle was interrogated by the police and suspected of killing his wife Vicki Wegerle. He was given two lie detector tests and he failed both.6(pp. 102) He was interrogated for hours and asked a lot of probing questions about his and his wifes relationship. Wegerle told the police that on his way home from work, he saw his own car ride right by him and he saw someone else driving it but he didnt think anything of it at the time.16 They mainly wondered how he sat in the house for forty-five minutes before he found her body.6(pp. 101) The police did not believe Bill initially but later contributed him failing both lie detector tests to the stress of a grieving husband. Dennis Rader was interrogated by FBI profiler Bob Morton and Wichita Police Lt. Ken Landwehr shortly after his arrest in 2005. He was arrested on February 25, 2005 as a suspect in the BTK killings. He was formally charged with the murders on February 28, 2005.9 It was during this interrogation that Dennis Rader confessed to being the BTK killer. His 16 hour confession was given in full and of his own free will and recorded on over 20 DVDs.9 Rader knew that he was going to kill again and he told the officers who interrogated him this. He was already in the process of stalking his next victim when he was arrested. Seizure and Analysis of Forensic Evidence There was a ton of evidence and more than enough to get a conviction once BTK was captured. Due to his sexual perversion, he left semen at most of the locations of his killings. Although BTK wasnt caught until 3 decades later, the case was never closed and police had evidence stored from all of the crime scenes. Rader stayed in contact with police through the years taunting them and sending them clues that would later be used to catch and convict him. For example, Rader was so pleased with himself after he killed Nancy Fox that he called the police the next morning to gloat about it. He spoke 15 words during a three-second span of a seven second recording. The audio quality of the call, taped at a slow speed, so was poor it was not released to the public until August 1979. The tape was sent to the Washington DC, FBI laboratory but it was too brief and distorted by background noise to make a comparison voiceprint.5 This tape was kept as evidence and more than likely presented during R aders trial. Semen was found on or near the bodies of his victims Josephine Otero, Shirley Vian and Nancy Fox; all of the semen was matched to Rader. Also, DNA obtained from fingernail scrapings of Vicki Wegerles left hand matched Raders DNA, eliminating any doubt that he was her murderer. High tech forensic computer detection was used to get evidence off of the disk Rader mailed to a Wichita television station in February 2005. This is how Rader was caught. Using this high tech computer, residual information left over on the disk identified the last person who had used the disk: someone named Dennis. It was also learned that the disk had been used on computers registered to two local organizations, Christ Lutheran Church and Park City Library. An internet search on the churchs name provided the name of the congregations president: Dennis Rader.14 Summary Its sad to say that if he had maintained his silence after his last murder in 1991, BTK would still be a free man today, writing citations and catching dogs for the city of Park City. He probably would have never been caught. But his ego was way too big for his own good, and he just had to let everyone know he was still at large. He wanted to taunt the police with the fact that BTK was still on the loose after 3 decades. His cockiness led to his downfall. Had these murders occurred today, I believe that he would have been caught before he got the chance to kill ten people. Today, we have much more advanced technologies than investigators had in the 70s and ways to gets results faster. Rader left entirely too many clues and had entirely way too much correspondence with the police over the years for them to not have caught him long ago. Some of his murders were way too sloppy and although he had a college education, he didnt appear to be intelligent enough to outsmart 3 decades worth o f police investigators. That is probably the reason why as soon as he re-emerged in 2004, he was caught. Although he planned to kill others, that same year, he never got the chance. Dennis Rader pled guilty to 10 counts of first degree murder and was found guilty and sentenced on August 18, 2005. He was sentenced to 10 consecutive life terms, which require a minimum of 175 years without a chance of parole. Because Kansas had no death penalty at the time the murders were committed, life imprisonment was the maximum penalty allowed by law. His earliest possible release date is February 26, 2180. Rader, 60, will spend the rest of his life at the maximum-security El Dorado Correctional Facility near Wichita. Other cold cases in Kansas were reopened to see if Raders DNA matched crime scenes, but Raders confession was limited to the 10 known victims and police and prosecutors do not believe there were any more victims because of the extensive records and memorabilia he kept on each of his victims.9 During Raders sentencing hearing, the families of the victims were given the chance to give victim impact statements describing how the murders have effected and continues to effect their lives. The families got a chance to speak on behalf of their loved ones who are no longer here because of BTK. C, Si, Ge Doped (6,3) Chiral BNNTs: A Computational Study C, Si, Ge Doped (6,3) Chiral BNNTs: A Computational Study The C, Si, Ge Doped (6,3) Chiral BNNTs: A Computational Study Mohammad Reza Zardoost a,*, Behnam Dehbandib , Marjan Dehbandib Abstract: Electronic structure properties including bond lengths, bond angles, dipole moments ( µ), energies, band gaps, NMR parameters of the isotropic and anisotropic chemical shielding parameters for the sites of various atoms were calculated using density functional theory for C , Si , Ge doped (6,3) Chiral BNNTs. The calculations indicated that average bond lengths were as: Ge-N > Si-N > C-N and Ge-B > Si-B > C-B. The dipole moments for C, Si, and Ge doped (6, 3) Chiral BNNTs structures show fairly large changes with respect to the pristine model. Keywords: NMR, Nanotube, DFT, Dipole moment 1. Introduction Since the early times that carbon nanotube (CNT) was discovered by Iijima [1], the physical, chemical and structural properties and applications of this material have been investigated extensively [2–4]. The properties of CNTs are mostly dependent on the tubular diameter, doped atoms in the structure and chirality, which make their synthesis for the specific purposes difficult. A lot of studies have been done in the investigation of stable structures of non-carbon based nanotubes, among them boron-nitride nanotubes (BNNTs) have a great importance [5]. The stable tubular structure of BNNT was initially found by calculations [6] and later was successfully synthesized [7]. After this time, a large growing number of experimental and theoretical studies, specifically ab initio calculations on carbon-, silicon- and germanium substituted BN nanotubes have been performed on the electronic structures of the BNNTs [8–11]. The results show that C, Si and Ge replacements can induce spontaneous magnetization with different deformation in the nanotube [12]. At the present time, nuclear magnetic resonance (NMR) spectroscopy [13-14] is the best technique to study the electronic structure properties of materials. Doping of Chiral BNNTs by C, Si, Ge atoms changes their properties and so the interactions of the nanotube and foreign atoms or molecules. (see Fig. 1). In this work we studied the electronic structure properties, including bond lengths, bond angles, dipole moments ( µ), energies, band gaps, and NMR parameters in the C, Si, Ge doped Chiral BNNTs structures. a b c d e f g 2. Computational methods All calculations were performed using Gaussian 98 computational package [15] with density functional theory (DFT) method using Becke’s three-parameter hybrid exchange functions with the correlation functions of Lee, Yang, Parr (B3LYP) [16,17] using 6-31G (d) basis set [18]. Previously it has been found that the calculated NMR parameters at the B3LYP and B3PW91 levels have a good agreement with the experiment [19]. It is shown that B3LYP gives reasonable and even accurate band gap values for nanotubes [19] so this function is chosen for band gap calculations. In the present study, we considered a pristine (6,3) chiral BNNTs of diameter 6.6 Ã… and 10.1 Ã… length. This BNNT model consists of 42 Boron, 42 Nitrogen and 18 hydrogens (B42N42H18) B and N sites of this BNNT are doped by C, Si, Ge (see Fig. 1). We have seven models, namely pristine (Fig. 1a), or with a B or N atom doped by C, i.e., the B-C-B or N-C-N model (Fig. 1b, c), doped by a Si atom, i.e., the B-Si-B or N-Si-N model (Fig. 1d, e), doped by a Ge atom, i.e., the B-Ge-B or N-Ge-N model (Fig. 1f, g). We investigated the influence of the C, Si, and Ge doping on the properties of the (6,3) Chiral BNNTs. The hydrogenated models of the pristine (6,3) Chiral BNNTs and the three atoms doped models of BNNTs consisted of 102 atoms with formulas of B42N42H18 (pristine), CB41N42H18 and CB42N41H18 (B-C-B or N-C-N model), SiB41N42H18 and SiB42N41H18 (B-Si-B or N-Si-N model), GeB41N42H18 and GeB42N41H18 (B-Ge-B or N-Ge-N model). The calculated CS tensors in the principal axis system (PAS) with the order of ÏÆ'33 > ÏÆ'22 > ÏÆ'11 [20] for C, Si, and Ge doping for the investigated models of the (6,3) Chiral BNNTs were converted into measurable NMR parameters (isotropic chemical shielding (CSI) and anisotropic chemical shielding (CSA) p arameters) using Eqs. (1) and (2) [23], summarized in Tables 3-6. CSI(ppm)= (ÏÆ'11+ ÏÆ'22+ ÏÆ'33) (1) CSA(ppm)= ÏÆ'33(ÏÆ'11+ ÏÆ'22) (2) For NQR parameters, computational calculations do not directly detect experimentally measurable NQR parameters, nuclear quadrupole coupling constant (CQ), and asymmetry parameter (). Therefore, Eqns. (3) and (4) are used to convert the calculated EFG (electric field gradient) tensors in the principal axis system (PAS) with the order of |qzz| > |qyy| > |qxx| to their proportional experimental parameters; CQ is the interaction energy of nuclear electric quadrupole moment () with the EFG tensors at the sites of quadrupole nuclei (Nuclei with nuclear spin angular momentum greater than >1/2), but the asymmetry parameter () is a measure of the EFG tensors, which describes the deviation from tubular symmetry at the sites of quadrupole nuclei. The standard Q value (Q (11B) = 40.59 mb) reported by Pyykkà ¶ [21] is used in Eq. (3). The NQR parameters of 11B nuclei for the investigated models of the (6,3) BNNTs are summarized in Table 7. (3) (4) 3. Results and discussion 3.1. Structures of the (6,3) Chiral BNNTs The structural properties consisting of the B-N bond lengths, bond angles, dipole moments ( µ), energies, and band gaps for the investigated models of the (6,3) Chiral BNNTs are given in Table 1 and Table 2. R1, R2, and R3 are B-X-B and N-X-N bond lengths (doped atom and its neighbors). ÃŽ ±, ÃŽ ², and ÃŽ ³ are B-X-B and N-X-N angles. There are Six forms of C, Si, Ge doped Chiral BNNTs for the (6,3) Chiral model. These calculations indicated that the average of the (X = C, Si, Ge) bond lengths of the B-X-B and N-X-N models is larger than those the pristine models. The reason seems to be increasing of atomic radius going from carbon to Ge. The bond angles produce some structural deformations that are responsible for deformation in structure by changing the doped atom size respect to carbon. For the B-X-B and N-X-N (X = C, Si, Ge) models, the diameter values are larger than those the pristine models. It has worth to be noted that the significant changes of geometries are just for those atoms placed in the nearest neighborhood of X atom and those of other atoms almost remained unchanged. 3.2. Energy band structure and density of states Table2. Energy, LUMO, HOMO, LUMO-HOMO gap, dipole moment ÃŽ ¼, and electronegativity (χ) of the studied structures at B3LYP/6-31G(d). The total densities of states (DOS) of these tubes are presented in Fig. 2. As can be seen from Fig. 2, the calculated HOMO-LUMO gap (band gap) of the (6,3) Chiral BNNTs is 6.2 (eV) and the calculated band gaps of the C , Si , Ge doped models molecular orbital’s are 3.5,5.8 , 5.0 , 5.0 , 5.5 and 5.0 (eV) respectively (See Table 2). Doping of C, Si, and Ge in these tubes causes significant changes in the gaps of the DOS plots. In comparison with the pristine model, the band gaps of these models are reduced that increase their electrical conductance. These results indicated that the doping of C, Si, Ge atom by B, N atoms B-X-B and N-X-N model (X=C, Si, Ge) has more influence on the band gap of the Chiral BNNTs (see Table 2). By increasing atomic number and size polarizability increases that enhances dipole moment. Dipole moments ( µ) of the C, Si, Ge doped Chiral BNNTs structures (Fig. 1) indicate slightly changes with respect to the pristine model. 3.3. NMR parameters of the (6,3) Chiral BNNTs The NMR parameters for the investigated models of the (6,3) Chiral BNNTs are tabulated in Table 3, 4, 5 and Table 6. In the pristine model of the (6,3) Chiral BNNTs, there are 42 B atoms and 42 N atoms in the considered model and the NMR parameters are separated into five layers and six Columns, which means that the CS parameters for the atoms of each layer and Column have equivalent chemical environment and electrostatic properties. In Fig. 1b,c,d,e ,f,g the B and N atoms has been replaced by the C, Si, Ge atoms. Table 3 Isotropic shielding parameters of the studied structures at B3LYP/6-31G(d) The calculated results in Table 3 indicate that doping C, Si, and Ge slightly changes the NMR parameters of the various B and N atoms in (Fig.1b–g) of the Si, Ge, C doped(6,3) Chiral SWBNNTs except for the N25 and N27 atoms for which the changes are significant. Because among the atoms of (Fig.1b–e) B–X model (X= C, Si, Ge), the N25 and N27 atoms are the nearest neighbors of the C, Si, and Ge atoms; hence, both the CSI and CSA parameters show the most significant changes due to the C, Si, Ge doping. Also, changes in the CSI parameters of the N10 and N12 atoms, which are the next nearest neighbors of the C, Si, Ge atoms, are also notable. There are differences between the properties of the electronic structures of C, Si, Ge atoms. Comparison of the calculated NMR parameters in (Fig. 1b–g) indicates that the properties of the electronic structure of the Ge doped (6,3) Chiral SWBNNTs are more influenced than those of the Si–N model, where the N atom is doped by the Si atom. We studied the electronic energies of the models. The changes in the NMR parameter due to the C, Si, and Ge doping are more significant for the N–Si, N–Ge, N-C models with the pristine model. 3.2. NQR parameters The 11B NQR parameters (ÃŽ ·Q and CQ) in the geometrically optimized SWBNNT models were calculated from the EFG tensors. The results are tabulated in Table 7. A quick look at the results reveals that the calculated NQR parameters are not similar for various nuclei; therefore, the electrostatic environment of BNNT is not equivalent in length in all BNNT models. Since, in contrast with CNTs, the ends of BNNTs are different, the NQR values decrease from each end to the opposite end of the chiral model. It was proved before that the end nuclei in the SW-BNNTs are crucial to their growth and also field emission properties [22, 23]. Since no experimental NQR data for BNNTs are available in the literature, the tables do not include any reference experimental data for the calculated results. B17 and B46 in all models have the largest CQ that states greater orientation of the EFG tensor eigenvalues along the z-axis of the electronic distribution at the sites of the 11B17 and 11B46 nuclei. The electrostatic environments of atom B17 and B46 are stronger than in the other layers along the length of the tube. The largest change in CQ is due to B46, located in the layer of doped atoms, because doping changes the geometrical parameters and hence the electronic behavior of atoms. Table 8 The 11B NQR parametersThe highest occupied molecular orbital (HOMO) and the lowest unoccupied molecular orbital (LUMO) in the pristine, and C–X (X=B, N) models are plotted in Fig. 3. For the pristine model, HOMO and LUMO are uniformly distributed throughout the B–N bonds, whereas, in the C–X model (X=B, N) models, HOMO and LUMO are highly localized at the doped regions. (see Fig. 3) In comparison with the pristine model, band gaps of the C, Si, and Ge doped models increased their electrical conductance. Conclusion We studied the electronic structure properties including bond lengths, bond angles, dipole moments (ÃŽ ¼), energies, band gaps, the NMR parameter of the six C, Si, Ge doped SWBNNTs models by means of DFT calculations. The calculated results indicated that the average Ge-B bond lengths of the Ge-N model are larger than those the pristine and the C–B, C–N, Si–B, Si-N and Ge-B models: Ge–N>Si–N>Ge–B>Si–B>C–N>Pure>C-B. The values of dipole moments (ÃŽ ¼) of the six C, Si, Ge doped SWBNNTs are Ge–N> Si–N> Ge–B> C–N> Pure> Si–B > C-B. 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