Places of Worship Essay Example | Topics and Well Written Essays - 1000 words

Spots of Worship - Essay Example Christians have love place known as chapel in which the Christians come and comply with their master. Church is the frightened spot for the Christians where Christians come and ask so as to get inner fulfillment and motivation. Places of worship are worked looking like a Cross on which Christians accept that Jesus Christ was given disciplines and afterward he kicked the bucket. There are various pieces of a congregation for instance the passageway and steps are intended to give the state of the steps towards the sky. The sky are given the state of the intersection. Holy places are available in each side of the world. There is a need to instill the significance of holy places in light of the way that Christianity is the quickest developing religion on the planet. Houses of prayer are some significant sorts of chapels. The job of ministers or religious administrators is truly fascinating and of titanic significance in chapel. The religious administrator is the person who drives theprayers, leads all theceremonies and supplications in a congregation. No official action can happen without the nearness of the minister or religious administrator. Numerous Christians visit the temples regularly in their daily schedule; some of them visit the houses of worship on Sunday in light of the fact that there arespecial petitions on Sundays. The wedding services of the Christians additionally happen in houses of worship since Christians imagine that in the event that they perfect their relationships in holy places, it will bringpeace, joy and agreement in their lives. The Masjids Love place for the Muslims is known as Mosque or Masjid. Muslims should come in the mosque five times each day for petitions. The petition timings are set by the development of sun. There are three supplications in the day timings and two petitions after that among which, one is on the nightfall and the other one is around evening time known as â€Å"Isha Prayer†. ... During the player, the Muslims remain from side by side so as to instill and portray the solidarity among them. The love place is pressed with individuals on Friday petitions. Friday supplications are exceptionally committed on Muslims and during the Friday petitions, a wide range of business exercises are taboo. Love spot of Muslims known as masjid has additionally a different spot for bathing wherein the Muslims clean themselves from water by washing their hands, face, mouth, toes and hair since purging is the most importantly pre-essential of the supplication of the Muslims. Muslims are additionally coordinated to stand and face one bearing known as â€Å"Kaabah†. The Kaabah is the spot arranged in Saudi Arabia and Muslims should confront its course so as to give a portrayal of solidarity and unity. Eid petition is likewise one of the most significant supplications in the Muslims venerate place. Eid days are booked double cross in a year in which Muslims from everywhere thr oughout the world praise these occasions with incredible energy and enthusiasm. The masjid is likewise arranged in numerous principle spots of the Muslims people group. The masjid is a sacrosanct spot for the Muslims and even non additionally originate from better places to see the authentic mosques around the globe for instance Turkey has probably the best and chronicled mosques where numerous individuals come and visit to see the brief look at the recorded spots. The Mandirs The hallowed venerating spot for the Hindus is known as Tempe or â€Å"Mandir† which is an expression of Sanskrit language and it implies â€Å"gladdening†. Like other loving spots, there is consistently a requirement for the main character to be available in the love spot to finish the official supplications and

Detecting Signs of E.T.

Distinguishing Signs of E.T. Every once in a while, the news media begins to look all starry eyed at tales about how outsiders have been found. From the discovery of a potential sign from a removed human advancement to stories of an outsider megastructure around a star saw by the Kepler Space Telescope to the account of the WOW! signal distinguished in 1977 by a space expert at Ohio State University, whenever theres a trace of a bewildering revelation in stargazing, we see short of breath features that outsiders have been found.  In purpose of truth, there hasnt been an outsider human advancement found...yet. Be that as it may, stargazers continue looking! Discovering Something Weird In pre-fall 2016, space experts got what appeared to be a sign from an inaccessible sun-like star called HD 164595. Fundamental hunts utilizing the Allen Telescope Array in California showed that the sign got by a Russian telescope was not likely from an outsider human advancement. In any case, more telescopes will look at the sign to comprehend what it is and what could be making it. For  now, be that as it may, its concern not minimal green outsiders sending us a howdy.â Another star, called KIC 8462852, was seen by Kepler for over four years. It seems to have a fluctuation in its brilliance. That is, the light we see originating from this F-type star diminishes occasionally. It is anything but a normal timeframe, so its likely not brought about by a circling planet. Such planet-caused dimmings are called travels. Kepler has recorded numerous stars utilizing the travel technique and discovered a large number of planets thusly. In any case, the diminishing of KIC 8462852 was simply excessively sporadic. While stargazers and spectators took a shot at indexing its dimmings, they additionally conversed with a space expert who had been considering what we may check whether a far off star had planets with life on them. Furthermore, specifically, if that life was mechanically ready to assemble superstructures around their star to reap its light (for instance).  What Could it Be? In the event that a major structure circled a star, it could make the changeability in the stars splendor be sporadic or even arbitrary appearing. Obviously, there are a few provisos with this thought. In the first place, separation is an issue. Indeed, even a genuinely huge structure would be hard to recognize from Earth, even with solid indicators. Second, the star itself could have some odd variable example, and space experts would need to watch it for longer timeframes to make sense of what it is. Third, stars with dust mists around them can likewise have genuinely enormous planetary structures shaping. Those planetesimals could likewise cause unpredictable splendor plunges in the starlight we identify from Earth, particularly on the off chance that they were circling at amazed separations. At long last, calamitous impacts between clusters of material around a star could convey enormous gatherings of items, for example, cometary cores in circle around the star. Those could likewi se influenced the apparent brilliance of the star.â The Simple Truth In science, theres a standard that we follow called Occams Razor - it implies, basically, for some random occasion or item you watch, for the most part the most conceivable clarification is the least difficult one.  In this case, stars with bunches of residue, planetesimals, or wandering exo-comets are almost certain than outsiders. That is on the grounds that stars FORM in haze of gas and dust, and more youthful stars despite everything have material around them left over from the arrangement of their planets. KIC 8462852 could be in a planet-shaping stage, reliable with its age and mass (its about 1.4 occasions the mass of the Sun and somewhat more youthful than our star). Along these lines, the least complex clarification here isn't an outsider megacomplex, yet multitudes of comets.â The Search Protocol The quest for extrasolar planets has consistently been an introduction to a quest forever somewhere else known to man. Each star and planet framework found to have universes must be inspected cautiously with the goal that space experts comprehend its stock of planets, moons, rings, space rocks, and comets. Once that is done, the following stage is to make sense of if the universes are neighborly to life - that is, would they say they are tenable? They do this by attempting to comprehend if the world has an environment, where it is in its circle around the star, and what its developmental state may be.  So far, none have been discovered accommodating. However, theyll be found. Chances are, there is keen life elsewere known to mankind. In the long run, we will distinguish it - or it will discover us. Meanwhile, cosmologists on Earth keep on looking for livable planets around likely stars. The more they study, they more theyll be prepared to perceive lifes impacts somewhere else.

Financial Statement Analysis An Introduction

Financial Statement Analysis An Introduction Financial Statement Analysis is a method of reviewing and analyzing a company’s accounting reports (financial statements) in order to gauge its past, present or projected future performance. This process of reviewing the financial statements allows for better economic decision making.Globally, publicly listed companies are required by law to file their financial statements with the relevant authorities. For example, publicly listed firms in America are required to submit their financial statements to the Securities and Exchange Commission (SEC). Firms are also obligated to provide their financial statements in the annual report that they share with their stakeholders. As financial statements are prepared in order to meet requirements, the second step in the process is to analyze them effectively so that future profitability and cash flows can be forecasted.Therefore, the main purpose of financial statement analysis is to utilize information about the past performance of the company in order to predict how it will fare in the future. Another important purpose of the analysis of financial statements is to identify potential problem areas and troubleshoot those. © Shutterstock.com | samuiHere, we will look at 1) the users of financial statement analysis, 2) the methods of financial statement analysis, 3) key accounting reports (the balance sheet, income statement, and statement of cash flows) and how they are analyzed, 4) other financial statement information, and 5) problems with financial statement analysis.USERS OF FINANCIAL STATEMENT ANALYSISThere are different users of financial statement analysis. These can be classified into internal and external users. Internal users refer to the management of the company who analyzes financial statements in order to make decisions related to the operations of the company. On the other hand, external users do not necessarily belong to the company but still hold some sort of financial interest. These include owners, investors, creditors, government, employees, customers, and the general public. These users are elaborated on below:1. ManagementThe managers of the company use their financial statement analysis to make intelligent decisions about their performance. For instance, they may gauge cost per distribution channel, or how much cash they have left, from their accounting reports and make decisions from these analysis results.2. OwnersSmall business owners need financial information from their operations to determine whether the business is profitable. It helps in making decisions like whether to continue operating the business, whether to improve business strategies or whether to give up on the business altogether.3. InvestorsPeople who have purchased stock or shares in a company need financial information to analyze the way the company is performing. They use financial statement analysis to determine what to do with their investments in the company. So depending on how the company is doing, they will either hold onto their stock, sell it or buy more.4. CreditorsCreditors are interested in knowing if a company will be able to honor its payments as they become due. They use cash flow analysis of the company’s accounting records to measure the company’s liquidity, or its ability to make short-term payments.5. GovernmentGoverning and regulating bodies of the state look at financial statement analysis to determine how the economy is performing in general so they can plan their financial and industrial policies. Tax authorities also analyze a company’s statements to calculate the tax burden that the company has to pay.6. EmployeesEmployees need to know if their employment is secure and if there is a possibility of a pay raise. They want to be abreast of their company’s profitability and stability. Employees may also be interested in knowing the company’s financial position to see whether there may be plans for expansion and hence, career prospects for them.7. CustomersCustomers need to know about the ability of the company to service its clients into the future. The need to know about the company’s stability of operations is heightened if the c ustomer (i.e. a distributor or procurer of specialized products) is dependent wholly on the company for its supplies.8. General PublicAnyone in the general public, like students, analysts and researchers, may be interested in using a company’s financial statement analysis. They may wish to evaluate the effects of the firm on the environment, or the economy or even the local community. For instance, if the company is running corporate social responsibility programs for improving the community, the public may want to be aware of the future operations of the company.METHODS OF FINANCIAL STATEMENT ANALYSISThere are two main methods of analyzing financial statements: horizontal or trend analysis, and vertical analysis. These are explained below along with the advantages and disadvantages of each method.Horizontal AnalysisHorizontal analysis is the comparison of financial information of a company with historical financial information of the same company over a number of reporting period s. It could also be based on the ratios derived from the financial information over the same time span. The main purpose is to see if the numbers are high or low in comparison to past records, which may be used to investigate any causes for concern. For example, certain expenditures that are high currently, but were well under budget in previous years may cause the management to investigate the cause for the rise in costs; it may be due to switching suppliers or using better quality raw material.This method of analysis is simply grouping together all information, sorting them by time period: weeks, months or years. The numbers in each period can also be shown as a percentage of the numbers expressed in the baseline (earliest/starting) year. The amount given to the baseline year is usually 100%. This analysis is also called dynamic analysis or trend analysis.Advantages and Disadvantages of Horizontal AnalysisWhen the analysis is conducted for all financial statements at the same time , the complete impact of operational activities can be seen on the company’s financial condition during the period under review. This is a clear advantage of using horizontal analysis as the company can review its performance in comparison to the previous periods and gauge how it’s doing based on past results.A disadvantage of horizontal analysis is that the aggregated information expressed in the financial statements may have changed over time and therefore will cause variances to creep up when account balances are compared across periods.Horizontal analysis can also be used to misrepresent results. It can be manipulated to show comparisons across periods which would make the results appear stellar for the company. For instance, if the profits for this month are only compared with those of last month, they may appear outstanding but that may not be the case if compared with the same month the previous year. Using consistent comparison periods can address this problem.Vertical A nalysisVertical analysis is conducted on financial statements for a single time period only. Each item in the statement is shown as a base figure of another item in the statement, for a given time period, usually for year. Typically, this analysis means that every item on an income and loss statement is expressed as a percentage of gross sales, while every item on a balance sheet is expressed as a percentage of total assets held by the firm.Vertical analysis is also called static analysis because it is carried out for a single time period.Advantages and Disadvantages of Vertical AnalysisVertical analysis only requires financial statements for a single reporting period. It is useful for inter-firm or inter-departmental comparisons of performance as one can see relative proportions of account balances, no matter the size of the business or department.Because basic vertical analysis is constricted by using a single time period, it has the disadvantage of losing out on comparison across different time periods to gauge performance. This can be addressed by using it in conjunction with timeline analysis, which shows what changes have occurred in the financial accounts over time, such as a comparative analysis over a three-year period. For instance, if the cost of sales comes out to be only 30 percent of sales each year in the past, but this year the percentage comes out to be 45 percent, it would be a cause for concern.KEY FINANCIAL STATEMENTS HOW THEY ARE ANALYZEDThe main types of financial statements are the balance sheet, the income statement and the statement of cash flows. These accounting reports are analyzed in order to aid economic decision-making of a firm and also to predict profitability and cash flows.I. The Balance Sheet © Wikimedia CommonsThe balance sheet shows the current financial position of the firm, at a given single point in time. It is also called the statement of financial position. The structure of the balance sheet is laid out such that on one side assets of the firm are listed, while on the other side liabilities and shareholders’ equity is shown. The two sides of the balance sheet must balance as follows:Assets = Liabilities + Shareholders’ EquityThe main items on the balance sheet are explained below:Current AssetsCurrent assets held by the firm refer to cash and cash equivalents. These cash equivalents are assets that can be easily converted into cash within one year. Current assets include marketable securities, inventory and accounts receivable.Long-term AssetsLong-term assets are also called non-current assets and include fixed assets like plant, equipment and machinery, and property, etc.A firm records depreciation of its fixed, long-term assets every year. It is not an actua l expense of cash paid, but is only a reduction in the book value of the asset. The book value is calculated by subtracting the accumulated depreciation of prior years from the price of the assets.Total Assets = Current Assets + Book Value of Long-Term AssetsCurrent LiabilitiesCurrent liabilities of the firm are obligations that are due in less than one year. These include accounts payable, deferred expenses and also notes payable.Long-term LiabilitiesLong-term liabilities of the firm are financial payments or obligations due after one year. These include loans that the firm has to repay in more than a year, and also capital leases which the firm has to pay for in exchange for using a fixed asset.Shareholders’ EquityShareholders’ equity is also known as the book value of equity or net worth of the firm. It is the difference between total assets owned by a firm and total liabilities outstanding. It is different from the market value of equity (stock market capitalization) which i s calculated as follows: number of shares outstanding multiplied by the current share price.Balance Sheet AnalysisThe balance sheet is analyzed to obtain some key ratios that help explain the health of the firm at a given point in time. These metrics are as follows:Debt-Equity Ratio = Total Debt / Total EquityThe debt-equity ratio is also called a leverage ratio. It is calculated to assess the leverage, or gearing, of a firm to show how much it relies on debt to finance its activities. This ratio has pertinent implications for the financial health of the firm and the risk and return of its shares.Market-to-Book Ratio = Market Value of Equity / Book Value of EquityThe market-to-book ratio is used to reflect any changes in a firm’s characteristics. The variations in this ratio also show any value added by the management and its growth prospects.Enterprise Value = Market Value of Equity + Debt â€" CashThe enterprise value of a firm shows the underlying value of the business. It refle cts the true value of the firm’s assets, not including any cash or cash equivalents, while unencumbered by the debt the firm carries.II. The Income Statement © Wikimedia Commons | MicrosoftThe purpose of an income statement is to report the revenues and expenditures of a firm over a specific period of time. It was previously also called a profit and loss account. The general structure of the income statement with major components is as follows:Sales revenueâ€" Cost of goods sold (COGS)= Gross profitâ€" Selling, general and administrative costs (SGA)â€" Research and development (RD)= Earnings before interest, taxes, depreciation and amortization (EBITDA)â€" Depreciation and amortization= Earnings before interest and taxes (EBIT)â€" Interest expense= Earnings before taxes (EBT)â€" Taxes= Net incomeThe net income on the income statement, if positive, shows that the company has made a profit. If the net income is negative, it means the company incurred a loss.Earnings per share can be derived from knowing the total number of shares outstanding of the company:Earnings per Share = Net Income / Shares OutstandingIncome statement AnalysisSome us eful metrics based on the information provided in the income statement and the balance sheet are as follows:Profitability Ratios:1. Net profit margin: This ratio calculates the amount of profit that the company has earned after taxes and all expenses have been deducted from net sales.Net profit Margin =Net Income / Net Sales2. Return on Equity: This ratio is used to calculate company profit as a percentage of total equity.Return on Equity = Net Income / Book Value of EquityValuation Ratios:Price to earnings ratios (P/E ratio)The P/E ratio is used to evaluate whether the value of a stock is proportional to the level of earnings it can generate for its stockholders. It assesses whether the stock is overvalued or undervalued.(P/E) Ratio = Market Capitalization / Net Income = Share Price / Earnings per ShareIII. The Statement of Cash FlowsThe statement of cash flows shows explicitly the sources of the firm’s cash and where the cash is utilized. It is essentially a statement whereby th e net income is adjusted for non-cash expenses and any changes to the net working capital. It also reflects changes in cash coming from, or being used by, investing and financing activities of the firm. The structure and main components of the cash flow statement are as follows:Cash from operating activities = Net income + Depreciation ± Changes in net working capitalCash from financing activities = New debt + New shares â€" Dividends â€" Shares repurchasedCash from investment activities = Capital expenditure â€" Proceeds from sales of long-term assetsAll three of the above determine the bottom line: changes in cash flows.Cash Flows Statement Analysis In order to measure how much cash is available to the company for investments without outside financing or money diverting from operations, it is useful to conduct a simple cash flow statement analysis. The free cash flow, as the name suggests, allows a company to be able to pay dividends, repay its debts, buy back its stock and also make new investments to facilitate future growth. The excess cash produced by the company, free cash flow, is calculated as follows:Net Income+ Amortization/Depreciation Changes in Working Capital Capital Expenditures= Free Cash FlowSome analysts also study the cash flow from operating activities to see if the company is earning “quality” income. In order for the company to be doing extremely well, the cash from operating activities must be consistently greater than the net income earned by the company.OTHER FINANCIAL STATEMENT INFORMATIONApart from the key financial statements, complete financial reporting statements also include the following:Business and Operating ReviewThe business and operating review is also called “management discussion and analysis”. It serves as a preface to all the complete reporting statements in which the management talks about recent events, discloses essential information regarding expansion and future plans, and discusses significant developme nts in the business industry.The business and operating review is a good place for the company to share any good news with the general public. They have room to elaborate on plans that would help enhance the company’s image and address any unpleasant events that may have occurred, to show the customers that they truly care about talking openly to their customers.Statement of Change in Shareholders’ EquityThe statement of change in shareholders’ equity is also known as equity analysis. It provides information about all the changes in the company’s equity value over a certain time period. It reconciles the opening balances of the equity accounts with the closing balances. There are two types of changes expressed in the statement of change in shareholders’ equity:Changes arising from any transactions conducted with shareholders of the company. For example, issuing new shares, paying dividends, purchasing treasury stock, and issuing bonus shares, etc.Changes that are a result of alterations in the comprehensive income of the company. These changes might include revaluation of fixed assets, net income for the period and fair value of for-sale investments, etc.Notes to the Financial StatementsNotes to the financial statements are basically additional information provided in a company’s financial statements. These notes provide details and information that are left out of the main reporting documents. They are important for the sake of clarity on many points as they outline the accounting methodology used for recording certain transactions. The notes to the financial statements are essentially footnotes because if included in the main statements, they would obscure the important information, as they are generally quite elaborate and detailed.The following notes are usually used to impart important disclosures for explaining the numbers on the financial statements:Notes that show the basis for presentationNotes that advise on significant accounting policie sNotes about valuing inventoryNotes about depreciating assetsNotes about intangible assetsNotes that disclose subsequent eventsNotes about employee benefitsNotes that reveal contingency plansPROBLEMS WITH FINANCIAL STATEMENT ANALYSISFinancial statement analysis is a brilliant tool to gauge the past performance of a company and predict future performance, but there are several issues that one should be aware of before using the financial statement analysis results blindly, as these issues can interfere with how the results are interpreted. Some of the issues are:Comparability between CompaniesThis is a big issue for analysts because they can seemingly compare financial statement analyses between different companies on the basis of ratios used, but in reality it may not paint an accurate picture. The financial ratios of two different companies may be compared to see how they match up against each other, but each company may aggregate all their information different from each other in order to draw up their accounting statements. This may lead to incorrect conclusions drawn about a company in relation to other companies in the industry.Comparability between PeriodsThe change in accounts where financial information is stored may skew the results of the financial statement analysis, from one period to the next. For example, if a company records an expense in one period as cost of goods sold, while in another period, it is recorded as a selling and distribution expense, the analysis between those two periods would not be comparable.Operational InformationAnalysts do not take into account operational information of a company, as only financial information is analyzed and reviewed. There may be several indicators in operational information of the company which may be predictors of future performance, for example, the number of backlogged orders, any changes in licenses or warranty claims submitted to the company or even changes in the culture and work environment. The refore, analysis of financial information may only relay half the story. Image credit: Wikimedia Commons under  public domain, Wikimedia Commons | Microsoft under  public domain.

Essay about Censorship in China - 2107 Words

It has been argued that the end of the Cold War and globalisation has made Western-style liberal press system as a universal model and no nation can free itself from the powerful influence of its universal value. Discuss this argument in the Asian context by applying relevant theoretical approaches discussed in this course. You may choose one Asian nation as a case study to address your ideas about the argument. The Chinese Communist Party exerts near complete control over the country’s 358 television stations and 2,119 newspapers — the primary media available to more than one billion Chinese citizens. In the People’s Republic of China, there are no Chinese-language news media that are both widely accessible and independent of the†¦show more content†¦Even more unusually, the survival of media companies in China depends entirely on the government rather than the market. In 2003, China’s news media experienced a reform, undertaken in the name of relieving market over-supply. In affect these reforms were intended by the government to eliminate competition to national and provincial-level Party papers, and guaranteeing a minimum number of subscribers for Party-sponsored papers. Overall, the environmental landscape for media in China has not considerably changed with regard to government control. Journalists and news organizations remain at risk of political or economic reprisal as well as criminal charges. Journalists and editors continue to respond to this environment by self-censoring their work. China’s news media, particularly newspapers, have become more market oriented, even as political controls remain in force. In July 2003, China reduced the state-run media presence, shutting down many state-owned local newspapers and eliminating mandatory subscriptions for peasants and government officials. The major state-owned news sources were maintained, while private media outlets expanded in number. Journalists face expanding market pressures to report on subjects of interest to their readers, which has led to an increasing danger from non-government sources. The government has failed to protect journalists from these threats, and may be complicit in some of them. In the absence of a strong rule of law, andShow MoreRelatedThe Censorship Of Canada And China2203 Words   |  9 Pagesthis paper, I will compare and contrast Internet censorship in Canada and China. While China is widely known for censoring the Internet for political reasons, Canada remains relatively free of censorship. Through this paper I argue that the large differences between censorship in Canada and China are due to their inherent political systems. Currently, China is the leading country in Internet censorship technology, policy and practice. By comparing China, a secular country, to Canada, I intend to showRead MoreInternet Censorship in China Essay4431 Words   |  18 PagesFYC Ruoxuan (Catherine) Yuan Internet Censorship has negative effects on China Censorship in China has gained much attention recently because of the conflict between Google and the Chinese government’s self-censorship policies. In fact, censorship has been practiced since ancient China and the intensity only increases by the years. Nowadays, the most notable measure of censorship is being done on the Internet. More and more restrictions have been put into actions by the Chinese government, whichRead MoreGovernment Internet Censorship of China1195 Words   |  5 PagesInternet Censorship of China The Internet is also called â€Å"Information superhighway† because of the limitless amount of data that one person can access from it. The fact is not all of us can access the Internet like what it is. 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However, China is abusing this fact andRead MoreCensorship in China Essay958 Words   |  4 PagesThe Freedom of Speech is granted to every American citizen and has been since it was founded in 1776; however, not every nation grants that right. China, as a communist nation, retains most individual freedom rights from its citizens. Although in the Peoples Republic of China’s (PRC) 1982 constitution, people are guaranteed Freedom of Expression and Press; it is often violated by the current corrupt government. The government demands the news to be 80% positive and 20% negative, altering the factsRead MoreInternet Censorship in China Essay937 Words   |  4 Pagesother than parental controls. In China, most, if not all of those types of sites are or have been blocked. As in, you c ould not go to them, unless you found some way around the web filters and firewalls the Chinese government runs in their country. While China defends their practice of internet censorship, based on â€Å"protecting† the people, heavy internet censorship is a block to free speech and impedes economic and social development in the 21st century. China says it has its reasons for censoringRead MoreInternet Censorship in China Essay1997 Words   |  8 Pageswebsites such as Facebook and Twitter years ago. Although most countries positively evaluated the Egypt revolution, countries such as Russia and China, are not happy with the failure of MubÄ rak. According to Fiona Hill, the director of the Brookings Institutions Center on the United States and Europe and senior fellow in its foreign-policy program, â€Å"China banned web searches of Egypt, and Russias state media has tended to play up the idea of U.S. and other outside orchestration of the events inRead MoreChina s Governance And Censorship2000 Words   |  8 Pagestherefore their media system is more tolerant of free speech and letting the public have further guidance on regulations of governance and censorship. On the other hand, countries with a command and control style government, like China’s Communist Party, the public has no control or insight over regulations. A unique characteristic of China’s governance and censorship is that it is completely in the hands of the state, along with any media systems tha t might be available. Without loosening their regulation

Ethical Decision Making Ethical Decisions Essay - 1610 Words

When I think of making ethical decisions, I think of doing what’s right, but what exactly is the right thing and how do we define it? As humans we are all brought up under different circumstances, therefore we tend to distinguish from right and wrong in many different ways, especially at a young age when we first start to understand our moral behavior. This difference between the way we determine what’s right and what’s wrong is what makes it difficult for us humans to have the same understanding towards the frameworks for ethical thinking. So how do we base our ethical standards and how do they get applied to the specific situations we face? Philosophers and ethicists have helped answer these questions providing frameworks for making ethical decisions, these experts also suggest five approaches towards standards to which we should follow. Some believe this framework is too complicated for most people to employ in their decision making. Also, what about hypotheti cal dilemmas that are so farfetched and unrealistic, do these â€Å"what if† situations serve a useful purpose as a guide to ethical decision making? Let’s take a closer look into how we define ethical standards and these imaginary situations. A Framework for Thinking Ethically, produced by the Markkaa Center for Applied Ethics analyzes the main perceptions of ethical thinking. The Authors provide their readers with the information broke down into three parts, the first part distinguishes between what ethics is and whatShow MoreRelatedEthical Decision Making A Decision On Ethical Decisions1587 Words   |  7 PagesThroughtout this written assignment there will be a discussion on ethical decision making about making a decision on possible ethical consequences that may be placed in your life, and what ethical consequences will be dealt with in the mental health professional field. Decisions could possibility pertain your conduct such as an ethical dilemma that will required a serious decision to be solved by your action as an leader. Even though a leader may not have caused the problem, they do not have a choiceRead MoreEthical Decision Making : Ethical Decisions1496 Words   |  6 PagesFacing Ethical Decisions How does a person determine what is right or wrong when making a decision? Most people faced with an ethical decision usually revert to their personal values that hopefully guide them through the decision-making process. Assessing values and morals are an important role when making ethical decisions and how others view a person after making that decision. â€Å"Once we grasp the underlying concepts of making important decisions, we need to know how to apply them.† (Fisher, 2005)Read MoreEthical Decision Making Ethical Decisions Essay1088 Words   |  5 Pagesbooks and news articles are available online which discuss making ethical decisions and the importance of maintaining a high level of ethical standards in business. Ethical Decisions Sound ethical decisions are extremely important in business communication and the decision making process is greatly affected by ethical standards. There are four general rules any business leader must follow when trying to make ethical decisions. These rules help managers and employees to behave appropriatelyRead MoreEthical Decision Making And Ethical Decisions1026 Words   |  5 Pageswithin a particular organization. Also, it includes critical and ethical decision-making process so as to address various ethical dilemmas experienced by employees while undertaking their respective assigned duties within the company. Ethical dilemmas are hereby to stay as issues usually arise now and then and place a variety of options that bear different repercussions. Therefore, it calls for ethical and critical decision-making skills so as to make the most appropriate option that bears moreRead MoreEthical Decision Making : Ethical Decisions1047 Words   |  5 PagesEthical Decision-Making The first step in the CPA (2000) ethical decision-making model is identification of the individuals and groups potentially affected by the decision. In the ethical scenario I presented earlier, the individuals directly involved and likely to be most affected by the decision include the 54-year old woman and myself as the counsellor. Those who will likely be indirectly affected by the decision would be the woman’s family, including her 20-year old daughter, and the agencyRead MoreEthical Decision Making And Ethical Decisions1317 Words   |  6 Pagesaccount the works of ethical decision making, ethical decision making is an idea that will dramatically help any manager that takes this issue seriously. In the standpoint of the internal customer, ethical behavior improves the actual atmosphere at the job and helps motivate the actual employees, sets an example to the actual employees, and evokes a feeling of pride with the company and improves it is image within the eyes with th e employees. From the standpoint of outer customer, ethical behavior improvesRead MoreEthical Decision Making Ethical Decisions Essay1014 Words   |  5 PagesHaving to make an ethical decision regarding unethical circumstances can be challenging for some. â€Å"Ethical decision-making refers to the process of evaluating and choosing among alternatives in a manner consistent with ethical principles. In making ethical decisions, it is necessary to perceive and eliminate unethical options and select the best ethical alternative.The process of making ethical decisions requires: commitment-the desire to do the right thing regardless of the cost; consciousness-theRead MoreEthical Decision Making Ethical Decisions1533 Words   |  7 Pages When making ethical decisions we as Christians use different sources to help us in deciding how we should respond to a given situation while staying true to our Christian faith and its values. The scholar Richard Hays identified these sources for ethical decision-making into four areas: Scripture, tradition, reason and experience. Neither of these is used in isolation, but work together to help us decide what would be ethically right to lead the â€Å"good life† and proclaim the Kingdom of GodRead MoreEthical And Ethical Decision Making1500 Words   |  6 Pagesmore important than others, ethical decision making is a skill that has become increasingly pivotal. Jones states that a ‘moral issue is present where a person’s action, when freely performed, may harm or benefit others’ and defines ‘an ethical decision is a decision that is both legally and morally acceptable to the larger community’ (1991, p. 387). In order to create a company wide culture of ethics, employees must believe that the organization has a desire to be ethical and see proof of this fromRead Moreethical decision making1211 Words   |  5 Pagesï » ¿ Ethical- Decision Making University of the Rockies Mabel Drafton Abstract Countertransference is how therapists distort the way they perceive and react to a client (Corey, Corey, and Callanan, 2011). Therapists are expected to identify and deal with their own reactions with consultation, personal therapy, and supervision that their clients will not be negatively affected by the therapist’s problem. Personal therapy is an effective way for therapists

Observation Log 2 Language Development Education Essay Free Essays

The following theory I considered in my observation is the linguistic communication developmental theory and the theories are those by Chomsky, Piaget and Vygotsky. I believe linguistic communication is an of import portion in human development because it a major medium of societal interaction. Harmonizing to Beckett and Taylor ( ) , the vocabulary of kids between the ages of 3 to 6 expands from 2 word sentence to more complex sentences. We will write a custom essay sample on Observation Log 2 Language Development Education Essay or any similar topic only for you Order Now They believe that as the kids ‘s vocabulary addition, they learn the regulations of grammar and they become able to utilize different signifiers of words. Whilst I was detecting Eva, I noticed that most of the clip she responded with non verbal communicating and it made me more interested on how linguistic communication develops. Chomsky ( 1957 ) believed that sentences are routinely created practically every clip. He believed that we have internal regulations that enable us to make up one’s mind which sentences are grammatical correct and convey our intended significances. Chomsky believed that kids have unconditioned abilities, a familial plan to larn linguistic communication and one time they begin to hear linguistic communication around them, they automatically understand the construction of that linguistic communication. He argued that this is because of the biological temperaments, encephalon development and cognitive preparedness. His theory emphasises the demand for linguistic communication in the environment to excite kids ‘s innate abilities. ( Crain 2005 ) Vygotsky identified four different phases of address development which are the crude, naif psychological phase from 2 to 4 old ages. The kid in this phase is get downing to gain that words are symbols for objects. They have a great wonder as to what objects are called. Followed by the egoistic or private address phase from 4 to 7 old ages. Children frequently talk aloud to themselves as they perform undertakings or work out jobs in this phase of development. This private address is the kid ‘s presentation of their thought. And in conclusion the in growing or interior speech phase from 8 old ages on. During this phase the kids ‘s private address diminutions and becomes much more internalised. They solve jobs in their caputs or utilizing interior address, nevertheless you will hear people utilizing private address when faced with unusual or complex jobs ( Nixon and Aldwinckle, 2003 ) . continues until kids reach school age. Piaget and Chomsky both agreed that kids are non moulded by the external environment but spontaneously create mental constructions. Chomsky believed that kids automatically create grammatical signifiers harmonizing to the familial design and in contrast, Piaget emphasised on genetically controlled development and believed that cognitive constructions emerge from the kid ‘s ain attempt to cover with and do sense of the universe. Chomsky besides believed that linguistic communication is a extremely specialized mental module that develops fairy independently from other signifiers of knowledge and kids learn an intricate grammatical system about wholly on their ain. However, Piaget viewed linguistic communication as more closely related to general cognitive development. Piaget besides suggested that between the ages of 2 and 6, thin Harmonizing to Piaget ‘s theory, kids are born with basic action scheme and during the sensory-motor period ( birth to 2 old ages ) they use these action scheme to absorb information about the universe. He described two maps of kids ‘s linguistic communication, therefore the egoist and the socialized. During the sensory-motor period, kids ‘s linguistic communication is egoistic and they talk either for themselves or for the pleasance of tie ining anyone who happens to be at that place with the activity of the minute. Piaget suggested that during the preoperational phase this period ( 2 and 7 old ages ) , kids ‘s linguistic communication makes rapid advancement. The development of their mental scheme lets them rapidly suit new words and state of affairss and they begin to build simple sentences. ( Appendix aˆÂ ¦ . ) Piaget ‘s theory describes kids ‘s linguistic communication as symbolic, leting them to venture beyond what he termed as here and now and get down to to speak approximately things as the yesteryear, the hereafter, people, feelings and events. During this clip, kids ‘s linguistic communication frequently shows cases of what Piaget termed animism and egoism. Animism refers to immature kids ‘s inclination to see everything, including inanimate objects, to be alive. Since they see things strictly from their ain position, kids ‘s linguistic communication besides reflects their egoism, whereby they attribute phenomena with the same feelings and purposes as their ain. Piaget ‘s theory besides describes moral pragmatism as a feature of kids ‘s linguistic communication development at this phase, since immature kids tend to concentrate on the extent of any harm caused by a individual ‘s actions, without taking into history whether that individual had good or bad purposes. Language development trades with how a kid develops his/her linguistic communication accomplishments during their growing period. Language development has been an issue debated among linguistic communication experts over a long period of clip. Experts have opposing positions on how a kid acquires/learns linguistic communication. There are four chief theories of linguistic communication development and they all have different ideas on the acquisition of linguistic communication. Behaviorists ( Skinner ) believe that linguistic communication is learned. Nativists ( Chomsky ) believe that linguistic communication is unconditioned and alone to worlds. Cognitive theoreticians ( Piaget ) believe linguistic communication is non unconditioned but a merchandise of cognitive development. Finally, societal interactionists ( Vygotsky ) believe that linguistic communication acquisition is a consequence of both biological and environmental factors. All of these theories have their ain manner of co nstruing linguistic communication development, and to some extent, they all seem to be extremely converting. However, out of the four theories, the societal interactionist position entreaties to me the most ; so my theory of linguistic communication development is decidedly the societal interactionist position. Unlike Piaget, Vygotski considered linguistic communication to be cardinal to development. Although Piaget acknowledged linguistic communication with development with footings such as ‘egocentric address ‘ , he did non believe it prevailing, stating it was due to the kid ‘s inability to believe from another position. Vygotski nevertheless, believed speaking out loud gives the kid a manner to form their ideas and steer their actions. Research has shown, kids who use ‘egocentric ‘ or ‘private address ‘ show greater betterment on job work outing undertakings than others who do non utilize or less private address. Probes into this topic, has besides shown that Vygotski ‘s sentiment on kids ‘s address is a much better description than Jean piagets Piaget and Vygotsky are in understanding that kids are active scholars. They contribute to their ain development. This means that kids build ways of groking the universe, ( cognition and apprehension ) , through their activities. They differ in the attack that kids take to organizing these. Piaget provinces that it happens chiefly through physical use of objects around them. Vygotsky, that it is socially mediated. Harmonizing to Crain ( ) , between the ages of 2 and 3, kids begin to do sentences of three or more words and between 3 and 6 old ages their grammar becomes complex. They start to utilize Where, What, Why, for illustration, â€Å" What is that? † ( Appendix aˆÂ ¦ . ) How to cite Observation Log 2 Language Development Education Essay, Essay examples

Australian Retail Banking Industry Samples †MyAssignmenthelp.com

Question: Discuss about the Australian Retail Banking Industry. Answer: Introduction: The financial system of any country is the backbone of its economic stability and sustainable growth. Australia has very developed financial market which has significant contribution in nations economic growth. In 2015, it has contributed around $140 billion in GDP of country. Australian financial sector has strong regulatory system which makes the system refined, competitive and profitable (The Australian Government 2016). Australian retail banking industry is featured by high level of competition between four major banks. The four pillar bank policy of Australian government is the key element which features the current structure on banking industry. These four banks are the major market players which hold a significant portion of retail banking industry. Economic features of banking in Australia: Lending and deposits are the main activities of any financial system, which is dominated by banks in Australia. The supply of deposits for these banks and supply of lending from these banks depends on respective deposits and lending interest rates. Figure 1 shows that supply curve of deposits (SD) and supply curve of loans (SL) are both upward sloping. This shows a positive relationship between interest rate and supply of money. The interest rates and supply of money from depositors and banks are interrelated, the increased supply of loans are backed by increase in deposits and banks have to increase the interest rate of loan with the rise in interest rate of deposits, as interest rate on loans are always kept higher that deposits rates, so as to maintain the interest margin (PQ) to cover the operational costs other than deposit costs like salary, rent, costs related to technology, management, administration, tax expenses, etc. and to keep the desired retain profits. The level of mar gin is very much affected by the level of competition in market and negotiation skills of other party. DO represent the downward sloping demand curve for loans. OT represents the volume of deposits and lending respectively in case of equilibrium, in which it charges i1 interest rates on loans and pays i2 interest rates on deposits. Such interest rate and volume of supply is result of bank acting as intermediary between borrowers and lenders in market. In case the borrowed amount is directly made available to lenders in open market the volume of fund would be OT with interest rate i3. But this is quite simple concept which ignores many factors like charge for risk premium, pricing of different varieties of assets and deposits, decision related to loan and asset portfolio structure, inflation rate and other economic factors (Llewellyn 1999). The quantum of deposits and loans which can be created by banking system is dependent on monetary base, desired reserves ratio and currency drain ratio. The banks acts as creator of money with the help of concept of money multiplier and controls the demand for and supply of money in market. Reserve bank of Australia plays important role in this aspect by using monetary base which is a sum of notes and coins to be kept reserve under RBA. The monetary base affects the desired reserve ratio and currency drain ratio of banks which ultimately affects money multiplier. The increase in quantity of money, affects the price level, i.e., inflation rate in economy which is supported by the quantity theory of money. The relationship between money growth and inflation rate in Australia is depicted in figure 2 (McTaggart, Findly Parkin 2015). The banking market in Australia is not perfectly competitive as the large players (big four banks) enjoys the lucrative position and economies of scale which give them competitive advantage over other small players. And it cannot be freely competitive given the regulation requirement and government intervention. The market is highly concentrated which results in significant amount of profits in hands of these major banks. Although the major banks claim that competition among them leads to reasonable interest rates and provides price elasticity in market as customer can any time switch banks for better deal. But in real practice the competition is not very open and free. According to a survey approximately only three present of customers switch banks in a year (Fear, Denniss Richardson 2010). Oligopoly in Australian banking industry: With the adoption of four pillar policy by the Commonwealth Government of Australia in Australian banking sector, there has been domination of four major banks which together holds around 80% of total market share. These banks are; National Australia Bank (NAB), Westpac Banking Corporation (WBP), Australia and New Zealand Group (ANZ) and Commonwealth Bank of Australia (CBA) (Pandey 2017). The share of big four banks, which was around 65% in the total assets of all the banks had raised to approx. 78% in 2014 since the global financial crises (Eyers 2016). As per the data of PWC, (2016), the major banks holds 73.1% of total lending, 78.2% share in overall bank deposits and 80% market share of total bank retail deposits. According to Nichollas and Evans, (2015), out of countries collective household debt of $A1.3 trillion in 2014, the share of four banks was 85%. Since the market power is highly concentrated to these four banking institutes, the market structure of Australian banking industry is highly resembles to Oligopoly. These banks are like market leader, having full control over the market to manipulate and small banks and customers are forced to comply with their policies. The oligopolistic market structure has very few sellers with quite similar products, and each seller holds significant share in market and affected by the behaviour of other firms. Any change in prices, product quality and innovation by one firm influences the other firms forcing them to quickly respond by changing their strategies. There are elevated barriers to entry and expansion of new entrants (Tisdell Hartley 2008). Due to several regulatory and capital environment and existence of high level of market power in the hands of big four banks, the entrants has to face high level of barriers in Australian banking sector (Padley 2013).Any significant barrier to enter the market or high cost involvement in leaving the market are key factors to discourage the new entrants which allows the existing institutions to enjoy the market power. The chairman of ASIC, Mr Medcraft also described the Australian banking system as oligopoly. According to him these banks have price leadership and there pricing policies has to be followed by everyone (Roddan 2017). The market may seems to be in competitive nature looking at the four major banks and several other small competitors but statistics has shown that there has been rise in profits and consolidation of market share of these four banks in last 10-20 years (Eyers 2016). According to Yeates, (2013), there four banks dominates the market and earn huge profits. Thes e banks enjoys wider interest rate margin, which is third highest among the banks of developed countries. The operating costs for these banks are very low, which is fourth lowest in comparison to other countries. Economic and pricing policies: In Australian retail banking industry, pricing and economic policies are designed to attract customers, which are affected by level of competition prevailing in market. The interest rates, fees and other charges are quite similar between the major banks and largely influenced by any change in rates implemented by any one of them. According to an example cited by Deloitte, (2014), any change in rate by Reserve Bank of Australia is responded by big four banks within an average of nine days which shows close interdependence of policies of banks. The competition also exists in designing the quality of products and differentiation in features which promotes innovation. Often the prices are at margin to the majors for the small players and try to make modification in services. In order to compete in price level with major banks, some small banks focus on only one product which provides them cost benefits. The retail banks makes bundle of various complementary services and prices are determined for a whole bundle rather than a single services. Banks have different models to cover their costs while acting as intermediaries between depositors and borrowers. While price is the basic medium for competition among banks it is complicated to assess the actual price and for different services. The banking industry is not acting as free market and the existing government and RBA regulations affect the structure of banks and activities they can perform. For instance, there are some lending obligations which prevent banks to lend money to some individuals on their request for loan, likewise some prudential regulations like high capital requirements to prevent involvement in high risky loans. In context of source of funding, major banks rely much on long- term debts instead of short- term. Securitisation funding has decreased to a significant level. There has been stability in equity funding and deposits have always been important for them. The small banks which used to rely much on short- term debts and securitisation funding are now dependent much on domestic deposits. There has been rise in prices of asset- backed securities since global financial crises. The foreign banks also have moved their main source of funding from short- term debt to deposits recently. Thus the source of funding for these banks is mainly dependent on cost of funding, regulatory requirements and expectations of equity and credit stakeholders. The increased level of competition forced banks to increase the average rate on term deposits to attract customer, it is found to be more that 100bps according to report of Deloitte in 2014 which was below 60 bps before global financial crises. The smaller banks have to face with large funding costs than that of major banks. This is mainly because difficulties faced by small banks in accessing wholesale markets due to presence of major banks that are getting support from government and regulatory authorities and increase in competition for deposits (Bennet 2015). Pricing policy recommendation to Commonwealth Bank of Australia: Commonwealth Bank of Australia (CBA) is amongst the four major banks of Australia engaged in providing wide range of financial and banking services and products to individuals, small business, corporate and other big institutions. CBA is a multinational bank which mainly operates in Australia, New Zealand, and Asia Pacific countries along with carious other countries including UK and USA (The Australian 2014). The retail banking services of CBA includes consumer finance, home loan facilities, and retail deposits services and products to retail bank consumers (Commonwealth Bank 2015). Since the market structure of banking industry in Australia is somewhat like oligopolistic structure in which four major banks holds 80% of market share, the pricing policies on one bank is greatly influenced by the policies of others. The bank cannot much compete with other banks taking only the pricing factor; rather it has to concentrate on providing differentiated products and services with enhanced quality to increase customer satisfaction. At the same time it is mainly dependent on the monetary policy of Reserve Bank of Australia. The monetary policy of RBA comprises determining the cash rate in money market. This rate not only affects the interest rates of banks but also the borrowing and lending attitude of people, economic activity and inflation rate (Reserve Bank of Australia 2017). The pricing of retail advances should be determined after considering the cost of funding, insurance facility, refinance facility, risk factors etc. The bank should take measure to raise operational efficiency and reduce transaction costs to gain competitive advantages. Charging of higher rates to increase profits should be backed by better quality, more efficient and faster services to customers to maintain the customer satisfaction. The pricing policies should be such that it gives enough room for negotiation. The extent of negotiation should be such to keep suitable margin and which can be quantified. To cover costs banks can levy certain bank fees and has to ensure reasonable return on investment. Interest on unsecured loans should be charged to a level which prevents lender from any underlying risks. Bank should focus on creating long term advantages through short term investments. Although pricing policies of the bank is highly interdependent on the policies of RBA and other major banks, still the bank has to see that it has social responsibility to contribute to the betterment of society and should not use its highly advantageous position to exploit the people concern. The pricing, fixed by focusing only on market competition and cost factor, can fail if customers expectation and perception about the quality of product and services are not taken into account. Thus besides pricing the bank should focus on creating cost efficiency by industrializing their operations, investing in information technology, speeding up the introduction of new and diversified products, developing operations platforms, and setting up processing centres in central and regional areas. This will not only reduce costs but will also enhance the customer satisfaction (Leichtfuss et al. 2010) Conclusion: Retail banking includes home loan services, retail deposits and finance to retail consumers. According to microeconomic concept of law of demand and supply, the interest rate for deposits and borrowing affects the demand and supply of money in and economy. Monetary base, desired reserve ratio and currency drain are the key three factors which decides the quantum of borrowings and deposits in an economy. Monetary base is controlled by the Reserve Bank of Australia to control the flow of money and inflation rate in the country. Banking sector can never enjoy never enjoy the free flow of market and perfect competition to decide the prices on the basis of demand and supply as government regulation is necessary in this sector. In Australia the retail banking sector is not only regulated by RBA and government but is also dominated by four major banks which enjoys their power in determining the policies and pricing in this sector and gives a little room to small player in playing their role . The barrier to the entry and exit of firms is considered high in Australian banking sector giver the pre-existing competitive advantage and dominance of major banks. These banks earn huge profits and have very low costs. The price and policies of each bank affects the other major banks. This gives an insight of oligopolistic nature of competition in this sector. This market can be of concern if they start forming cartel to prevent competition. The increased market concentration and monopolistic behaviour negatively impacts the interest of small firms and consumers. There has been issue of mutual shareholding among these banks which results in common interest and less competition among these banks. Such behaviour can create negative externalities in financial market. The four pillar policy adopted by government of Australia to prevent merger between these banks can have two different consequences, which the attitude of banks can affect. They have option to either follow the healthy co mpetition on the basis of price and quality of services which will help them in obtaining high market share and pareto efficiency or they can collude to form a cartel which will ultimately damage the social interest. The government has trying to strongly regulate the market to prevent any monopoly and allowing entry of other banks including foreign banks to maintain the competition. There has been increased completion for domestic deposits for smaller banks and foreign banks. These banks have to face with high funding costs in comparison to major banks. The large banks mainly focus on long- term debts instead of short- term debts. Although price is basic medium for completion but banks have started focusing on providing diversified and innovative products and services in form of bundles as another medium for competition. Each bank including the major bank has responsibility to provide high quality and faster services to customers to increase their satisfaction. The banks have to increase their operational efficiency by using information technology and better platforms. Besides the motive of increasing profitability they have social responsibility towards society to encourage healthy competition f or the sustainable economic growth. References: Bennet, M., 2015, Axe the four pillars banking policy, says CIFR report, The Australian, viewed 18 July 2017, from https://www.theaustralian.com.au/business/financial-services/axe-the-four-pillars-banking-policy-says-cifr-report/news-story/f41396d42f9cfb640e3678ad7a122d1f Eyers, J., 2016, ACCC warns cosy banks it is concerned about competition, The Sydney Morning Herald, Viewed 17 July 2017, from https://www.smh.com.au/business/banking-and-finance/accc-warns-cosy-banks-it-is-concerned-about-competition-20160322-gnojod.html Fear, J., Denniss, R. Richardson, D., 2010, Money and power: The case of better regulation in banking, viewed 18 July 2017, from https://www.tai.org.au/sites/defualt/files/IP%204%20Money%20and%20Power_4.pdf Llewellyn, D. T., 1999, The new economics of banking, SUERF, Amsterdam. McTaggart, D., Findlay, C. Parkin, M., 2015, Economics, 7th edn., Pearson Higher Education, Australia. Nichollas, R. Evans, C., 2015, The nature of competition in Australian retail banking, Centre for Law, Market and Regulation, 15(2). Padley, M., 2013, Oligopolies as safe as money in the banks, The Sydney Morning Herald, Viewed 17 July 2017, from https://www.smh.com.au/money/investing/oligopolies-as-safe-as-money-in-the-banks-20130916-2tvlk.html Pandey, S., 2017, Australia to hold new inquiry into big four banks, Reuters, viewed 18 July 2017, from https://www.reuters.com/article/australia-banks-inquiry-idUSL4N1IA1HR Roddan, M., 2017, ASICs Greg Medcraft lashes bank oligopoly for out- of cycle rate hikes, The Australian Business Review, viewed 17 July 2017, from https://www.theaustralian.com.au/business/financial-services/asics-greg-medcraft-lashes-bank-oligopoly-for-outofcycle-rate-hikes/news-story/125f0799b2ab280bce0f19d00ff71650 The Australian Government, 2016, Backing Australian FinTech, viewed 19 July 2017, from https://fintech.treasury.gov.au/files/2016/03/Fintech-March-2016-v3.pdf The Australian, 2014, Commonwealth Bank of Australia, viewed 19 July 2017, from https://markets.theaustralian.com.au/shares/CBA/commonwealth-bank-of-australia Tisdell, C. A. Hartley, K., 2008, Microeconomics Policy: A new perspective, Edward Elgar Publishing, UK. Yeates, C., 2013, Banks make $71 million profit a day, The Sydney Morning Herald, viewed 18 July 2017, from https://www.smh.com.au/business/banks-make-71-million-profit--a-day-20130623-2oqrw.html Leichtfuss, R., Messenbock, R., Chin, V., Rogozinski, M., Thogmartin, S. Xavier, A. 2010, Retail Banking: Winning strategies and business models revisited, The Boston Consulting Group, viewed 19 July 2017, from https://www.bcg.com/documents/file37897.pdf Deloitte, 2014, Competition in retail banking, viewed 18 July 2017, from https://www2.deloitte.com/content/dam/Deloitte/au/Documents/Economics/deloitte-au-economics-retail-banking-competition-010314.pdf PWC, 2016, Banking Matters: Major Banks Analysis, viewed 17 July 2017 from https://www.pwc.com.au/publications/assets/major-banks-analysis-nov-2016.pdf Reserve Bank of Australia, 2017, Monetary Policy, viewed 18 July 2017, from https://www.rba.gov.au/monetary-policy/ Commonwealth Bank, 2015, Shareholder Review 2015, viewed 19 July 2017, from https://www.commbank.com.au/content/dam/commbank/about-us/shareholders/pdfs/shareholder-information/cba-shareholder-review-2015-single-page-view.pdf