Medicare and Medicaid free essay sample

What does 100 percent or 150 percent of destitution mean? The government destitution level speaks to the level at which neediness or resource starts. Every year, the government decides this number dependent on swelling and other applicable elements. The bureaucratic destitution level rules are utilized as a qualification measure for administrative, states and neighborhood government programs. 100 percent of destitution mean-an individual or household’s yearly pay is equivalent 100 percent of the government neediness level. 50 percent destitution mean-an individual or a family unit acquires 50 percent more than the government neediness level. In 2012 for example, the government destitution level for an individual was $11,170, so a person at 150 percent of administrative neediness level earned $16,755. How are Medicare and Medicaid financed? Medicare is somewhat subsidized from finance charges, through the arrangements of the Federal Insurance Contributions Act. The Medicare cha rge rate is right now 2. 9 percent-half retained from employees’ pay and half gave by bosses. High-salary government managed savings recipients are required to pay burdens on their advantages, some of which goes towards Medicare. We will compose a custom exposition test on Medicare and Medicaid or then again any comparable theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page All the cash goes into a trust finance and are utilized to pay for beneficiaries’ wellbeing administrations. Around one-fourth of Medicare part B is paid for by premiums and co-pays. Medicaid is an administrative and state government program that helps spread social insurance cost for low-pay Americans. It’s subsidized through Federal Medicaid Grants and states charge reserves. The absolute expense of the program was $458 billion out of 2012. Reference: American Hospital Association (2012). Money related reality sheets: Underpayment by Medicare and Medicaid truth sheets, 2012 update. Recovered on March 5, 2013 from www. aha. organization/research/strategy Lorain County Community Action Agency (2012). Qualification Calculator: Federal Poverty Level. Recovered on March 5, 2013 from www. lccaa. net/eligibility_calculator www. cthealthpolicy. organization/pdfs/health_policy www. sharecare. com/questions

Advents Essay Example For Students

Appearances Essay Appearance of the Europeans Vasco da Gama arrived at Calicut, cruising by means of the Cape of Good Hope in 1498. This denoted the start ofthe European time in Indian history. The rewarding exchange flavors of Malabar in current Kerala had temptedthe Portuguese and propelled the quest for an ocean course to the Indies. The Portuguese had as of now establishedtheir province in Goa by the primary decade of the sixteenth Century yet their regional and business hold in Indiaremained rather constrained. In the following century, India was visited by countless European explorers Italians, Englishmen,Frenchmen and Dutchmen. They were attracted to India for various reasons. Some were brokers, othersadventurers, and many terminated by the minister energy to discover changes over to Christianity. Among them wasFrancois Bernier, the French specialist who delighted in the certainty of rulers and nobles and was in a uniquelyprivileged position to watch the working of the Mughal court. His record is a significant source ofinformation for antiquarians. These travelogs stimulated European enthusiasm for India, and incited in course of time, the colonialintervention. Britain, France, the Netherlands and Denmark, skimmed East India Companies. Sanctioned astrading organizations by their separate governments, their essential business intrigue was in Indian textiles,both silk and cotton, indigo and now and again, other various product. During the late sixteenth and the seventeenth Centuries, these organizations contended with one another furiously. By the lastquarter of the eighteenth Century the English had vanquished all others and set up themselves as thedominant power in India. The military crusades of Robert Clive and the authoritative venture of WarrenHastings (1772 1785) contributed fundamentally to this accomplishment. English Colonialism The British regulated India for a time of around two centuries and realized progressive changes inthe social, political and the financial existence of the nation. Most Indians who came in their contact could notperceive the key danger presented by the East India Company. The British from the earliest starting point adhered to apolicy of partition and rule. Strategy and misleading were utilized to deal with income assortment in the provinceof Bengal. This gave the outsiders compelling control of organization. The Marathas, the Sikhs and the rulersof Mysore would never join to face the outside foe and fell individually. By the beginning of the 19thCentury there was no nearby force that could adapt to their invasion. When the British had solidified their capacity, business abuse of the characteristic assets and nativelabour got heartless. The facts confirm that there were a couple of big-hearted Governor Generals who started socialreforms and attempted to render the organization increasingly productive and responsive, however they were exemptions. By themiddle of the nineteenth Century haughty misuse of the individuals had attempted the tolerance of the Indians as far as possible. The British had, to fill their own need, set up instructive foundations that bestowed western educationand had set up a tremendous system of rail-streets and broadcast lines. This assembled the nation in anunprecedented way. The Indians, presented to western thoughts of dependable and delegate government,began to long for freedom and equity. There were numerous who thought back to the countries sublime past andstrove to revive the assumption of enthusiasm. Principal among them were Raja Ram Mohan Roy, and IshwarChandra Vidyasagar. The nineteenth Century is frequently alluded to as the time of national resurgence in India. The glimmer point was reached in 1857 when the British presented another rifle and cartridge in the British IndianArmy. The projectile insulted the strict estimations of both the Hindus and the Muslims, as it allegedlycontained pork and hamburger fat. .ude855b6dd2803f228d418e48b3e79634 , .ude855b6dd2803f228d418e48b3e79634 .postImageUrl , .ude855b6dd2803f228d418e48b3e79634 .focused content region { min-stature: 80px; position: relative; } .ude855b6dd2803f228d418e48b3e79634 , .ude855b6dd2803f228d418e48b3e79634:hover , .ude855b6dd2803f228d418e48b3e79634:visited , .ude855b6dd2803f228d418e48b3e79634:active { border:0!important; } .ude855b6dd2803f228d418e48b3e79634 .clearfix:after { content: ; show: table; clear: both; } .ude855b6dd2803f228d418e48b3e79634 { show: square; progress: foundation shading 250ms; webkit-change: foundation shading 250ms; width: 100%; haziness: 1; change: darkness 250ms; webkit-change: mistiness 250ms; foundation shading: #95A5A6; } .ude855b6dd2803f228d418e48b3e79634:active , .ude855b6dd2803f228d418e48b3e79634:hover { murkiness: 1; change: obscurity 250ms; webkit-progress: haziness 250ms; foundation shading: #2C3E50; } .ude855b6dd2803f228d418e48b3e79634 .focused content region { width: 100%; position: relative; } .ude855b6dd2803f228d418e48b3e79634 .ctaText { outskirt base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: striking; edge: 0; cushioning: 0; content enrichment: underline; } .ude855b6dd2803f228d418e48b3e79634 .postTitle { shading: #FFFFFF; text dimension: 16px; textual style weight: 600; edge: 0; cushioning: 0; width: 100%; } .ude855b6dd2803f228d418e48b3e79634 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; fringe: none; fringe sweep: 3px; box-shadow: none; text dimension: 14px; textual style weight: intense; line-tallness: 26px; moz-fringe span: 3px; content adjust: focus; content embellishment: none; content shadow: none; width: 80px; min-tallness: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/straightforward arrow.png)no-rehash; position: total; right: 0; top: 0; } .ude855b6dd2803f228d418e48b3e79634:hover .ctaButton { foundation shading: #34495E!important; } .ude855 b6dd2803f228d418e48b3e79634 .focused content { show: table; stature: 80px; cushioning left: 18px; top: 0; } .ude855b6dd2803f228d418e48b3e79634-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .ude855b6dd2803f228d418e48b3e79634:after { content: ; show: square; clear: both; } READ: Flowers For Algernon: Supplementary Book Review Essay Soldiers at Meerut were the first to revolutionary and arriving at Delhi proclaimedBahadurshah Zafar the sovereign leader of India. The revolt before long spread like fierce blaze all over north India andcould just be put down after incredible trouble and slaughter. Patriot history specialists have found in it the firstIndian war of autonomy. The six decades between the finish of the mutinous war of 1857 59 and the finish of First World Warsaw both the pinnacle of British magnificent force in India and the introduction of patriot disturbance against it. The Freedom Struggle With expanding interruption of outsiders in their lives, it was characteristic that patriot sentiments started to be articulatedby an expanding number of Indians.

Domestic Violence Home

Domestic Violence Home Children That Grow Up In Domestic Violence Home Home›Research Posts›Children That Grow Up In Domestic Violence Home Research PostsIntroductionThe question of what domestic violence is and its causes has been a question that for a long time has been begging answers, on its face, it is defined as the use of abusive ways by a partner in a relationship to gain control over the other partner. However, in its strict sense, it is the use of various ways not exactly physical by a partner in a relationship to the detriment of the other partner or family. According to Winkel (24), it is the use of means such as name calling, sexual assault, intimidation, physical abuse, withholding of money among other ways so as to make a partner look inferior in a relationship.In law, violence is criminal and acts of physical assault which may include hitting, shoving or sexual abuse which may include rape and stalking are punishable in law. Although other forms of abuse such as emotional and/or psychol ogical abuse are criminal in nature, they may be catalysts of criminal offences. Statistics in the US indicate that between 3 4 million children ranging from 3- 17 are at a risk of domestic violence each year, 95% of the cases usually involve women who are victims of their male counterparts and this implies that the children to this women are exposed to the violence (Winkel, 99).In my case I have been constantly exposed to the cases of violence appropriated to both my mother and I, over the years, I have been forced to come to terms with the daily happenings albeit disturbing., every time I see my dad, I develop phobia against him and as     a result, I am very fearful and anxious since I do not know what will happen next. Winkel (47) states that children exposed to domestic violence are “always on guard, watching and waiting for the next event to occur”, he is of the opinion that the children never know what may be the next cause of the abuse and this creates a feeling of inse curity in the children, “they are always worried for themselves, their mother, and their siblings”.Causes of Domestic ViolencePhysiological TheoryThere are varied theories used in explaining real cause of domestic violence.   For instance the physiological theory keenly focuses on the personality traits and the mental character of the offender. To many author personality disorders are factors and other abusive experiences while as child leads some people to remain violent at adult. The study reveals higher incidence of psychopathy among the abuser.   Environments were violence is either thought or accepted, creates the normal will that further imprints upon the child’s psyche (Chalk, 76). The act of violence especially issues touching on domestic matters, more often is linked to poor self-esteem. This is adapted in to children as they grow up in violent homes. Children from this background are more likely to have little self-worth. They do engage much of their time in a patter n that is liked to negative self-talk. This part of the encounters that brings about isolation and frustration in it hidden anger developed due to inflicted filling of helplessness. At this stage anger marks the primary source, which further fuels the will fan, and thus increased flames of domestic violence. Use of drugs, for instance alcohol abuse may be one among many precursor of domestic violence. The drugs tend to have influence that is seen responsible for uncontrolled behaviour among its users. Most of the commonality cases among alcoholic families, accounts for poor emotional health, to certain extend this develops a secondary anger, which responsibly works as ineffective substitute in dealing honestly with emotions (Chalk, 89).Resource TheoryThe resource theory explains dependant, in this theory the violent action takes place were women dependence on   the spouse for economic support, hence subjected to childcare, in this the fear of increased financial burden arises if the y have to leave the marriage. The increased dependency creates narrowed options concerning resources to help them cope with the change witnessed. The spouse behaviour typically accounts for an increase frequency in domestic conflicts. Where individual experiences loss of physical health and wage earning-power, this mostly is brought out when victims faces the pressure of paying off bills, and this is initiated through inability to fully respond effectively to the required responsibilities.There are reported cases that reflect increased conflicts as a result of inflicted feeling of helplessness, the anger builds up making the offender inadequate coping with the involved mechanism, hence eruption of domestic violence. For spouse that share powers equally incidents of conflicts are reduced, if conflicts arise there are less likely to resort to violence ends. However, if one of the spouses assumes control and power in relationship, this might inflict increased spouse abuse, isolation, i ncreased blames on each spouse, thus violent happenings (Chalk, 93).Behaviours Exhibited by Children Facing Family ViolenceThere are two major behaviours that children in abusive relationships will exhibit; these can be physical or emotional. Emotional behaviour may include the fear that their parents may kill themselves, they may feel guilty over a small thing that he/ she does. Many at times their is sleep disturbance since most fighting happen at night, the child is normally distracted by the noise from the fight; sadness is another habit, this is the mode that a child has to adopt due to fights that happen, depression and anger will also be exhibited because the child will not know what will happen next at any given time, failure to prevent violence in the family will multiply to emotional stress and unresolved anger (Johnson, 12)Apart from emotional behaviour the child can also develop physical responses towards domestic violence, most of the children experience physical abuse as well as sexual abuse, and they can also be injured while trying to intervene on behalf of their mother or father which may lead to injury. Because children are so imitative they tend to practice what they see happen at their home to their fellow children, they will practice withdrawal and anxiousness to please as well as physical violence at the slightest provocation.   Many children experiencing domestic violence are very anxious to an extent that they cannot concentrate in class due to low attention span, resulting to poor performance in school. They sometimes use aggression and violence to express themselves which is not healthy for a child.Long Term Effects of Domestic ViolenceConsistent ViolenceThe long term effects of domestic violence may be very catastrophic; experts have it that most children who are raised in violent environments will have a tendency to solve problems through violence. They tend to repeat the same actions they witnessed while growing up thereby harming their peers. Krug argues that boys who have witnessed violence against their mothers are likely to abuse their female partners when they become adults as compared to boys who have grown up in peaceful homes. During adolescence, girls will tend to grow up believing that it is the norm in relationships to have threats and violence (Ascione et al, 24).Drug and Substance abuseDrug abuse and alcoholism is another likely trend that children from violent homes will exhibit. Most children tend to indulge in alcoholism and substance abuse as a way of forgetting the abuse. According to Johnson (19) witnessing domestic violence is “the single best predictor of juvenile delinquency and adult criminality. It is also the number one reason children run away”. Children who have witnessed domestic violence in their homes always have the belief that they are the reason for the abuse and therefore live in fear. In families where domestic violence is rife, there are very high chances of the occurre nce of child abuse, according to the report child abuse is15 times more likely to occur. This children use alcohol as an excuse to their wanton behaviours.Physical InjuryMost often family violence takes different forms; it may be emotional, physical or psychological. Where there is physical abuse such as assault and battering, victims may suffer bruises, bodily injury such as broken limbs as well as death if care is not taken. Many victims of physical abuse are women and children since they are not strong enough to defend themselves as was my case.Prevention of Domestic ViolencePrevention of domestic violence requires understanding the circumstances and factors that influence violence. According to experts from the Centre for Disease Control, there is a four level strategy that should be employed in order to prevent occurrence of violence. This is defined as a social ecological model that facilitates the better understanding of violence to and potential strategies for prevention. Th ey argue that the model considers the complexity of the interplay between individual, community, relationship and societal factors, which further permits us to tackle the issues of risk and protective factors from a number of sources (Johnson, 36).The four main levels for prevention of domestic violence are Individual-level influences, Relationship-level influences, Societal-level influences and community level.Individual-level influencesAccording to the experts in CDC, personal history factors of an individual normally increase the chances of becoming an Intimate Partner Violence victim or perpetrator. For instance, the attitudes and beliefs about violence, experience of previous cases of violence and/or a family history of violence may contribute tremendously to the possibility of a continuous trend of violence; at this level prevention strategies are designed to enhance attitudes, behaviours and beliefs that support family unity and intimacy based on a symbiotic relationship that involves respect, trust and equality. These can be taught through education and life skills training so as to enhance a wholesome development of a society.Relationship-level influencesThere are also factors that increase risk of perpetration of domestic violence of the kind of relationship that exists between peers, family members and intimate partners. According to Krug et al (22), this is referred to as the relationship-level influences. An individual’s closest social circle partners, peers and family members will greatly influence their behaviour as well as greatly contribute to their experiences. Parents are encouraged to offer good parenthood to their children by listening to their issues as well as making positive comments that will be a seed to a positive attitude to the children. At this level therefore, prevention strategies may include mentoring and peer programs designed to promote intimate partnerships based on mutual respect, equality, and trust.Community LevelThe t hird level of strategy is at the community level which aims at   examining the contexts in which social relationships are developed, this include places   such as such as schools, neighborhoods and workplaces, at this level, the strategy seeks to identify the specific features in these settings that are characteristic of   victims or the perpetrators of violence. At this level prevention strategies are meant to positively influence the processes, climate, and policies in a given situation. More often than not, awareness campaigns are used to foster a communal environment that will enhance intimate partnerships based on equality, trust and mutual respect (Krug et al, 25)Societal-level influencesFinally, there is the Societal-level which is a combination of larger, macro-level factors, among them religious factors, gender inequality, culture and beliefs orientation, a communities norms, as well as policies developed to influence the occurrence of violence, such policies may be economi c or social. Normally, at this level collaborations by anti violence partners to inform and come up with socially accepted norms, policies, and legislations that support unity both in gender and economy so as to encourage intimate partnerships (Krug et al, 27).Domestic violence is a serious problem all over the world. In order to prevent domestic abuse there are several things that you can do to make sure that this situation does not occur within your family. Furthermore, actions can also be taken to promote the prevention of domestic abuse on a wider scale in order to help those who are already suffering from this terrible issue. Exposure to good programming on the mass media channels will also go a long way in as far as prevention of domestic violence is concerned, Krug (32) states that if children are exposed to “abusive” media such as action films and programmes like wrestling at a tender age, they are most likely going to be perpetrators of violence since it is what they go t used to. Any shows on the radio and television that promote abuse should not be allowed. If already exposed to violence, as was my case then guiding and counseling would provide a safe landing to avoid further occurrences. A good counseling process will help in making an individual understand himself and get over the abuse he/she has been exposed to.Conclusion and RecommendationsAccording to Johnson(38) Domestic violence is a major problem facing about 3.3 million children ever year in the United States, its consequences affect children in many ways, children subjected and exposed to domestic violence stand a risk of developing behavioral problems. As a child grows the trauma that they experience as witnesses of family violence play a very important role in their growth and subsequent physical well being. These children stand a very high risk of developing physical, behavioral, and social problems, as well as emotional problems. Children from such families more often than not deve lop conflicting feelings of distrust and affection towards the abusive parent; they also become overprotective of the victim.Being a firsthand victim of domestic violence, I strongly recommend that the state should come up with strict legislation that will protect the children and generally families exposed to violence. I further recommend that children exposed to domestic violence should be exposed to a safe nurturing environment so as to encourage a healthy development. Caregivers should reassure the children as well as increase sense of security through taking the children step by step in explaining things that worry the children as well as comforting them. Finally, all family members should be more involved in assisting families facing domestic violence.

About penm - Free Essay Example

Sample details Pages: 17 Words: 5204 Downloads: 4 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Final Review Memorandum Newco JSC (Newco) Background PENM is seeking approval to invest up to DKK 115 m (USD 22 m), and minimum DKK 78 m (USD 15 m), in Newco, a fast growing, consumer orientated holding company with investments in Techcombank and Masan Food, with new, related, business areas to be added over time. With a 20% holding in Techcombank, Newcos assets are dominated by its bank investment, measured at current OTC prices, 2/3s of the market value of Newco relates to Techcombank. The investment represents PENMs only opportunity to invest, indirectly, in one of Vietnams most attractive unlisted bank, Techcombank.. Don’t waste time! Our writers will create an original "About penm" essay for you Create order 1. Update since CRM Since writing the CRM, PENM has performed the following due diligence activities: Interviewed senior management of Techcombank, including the CEO, COO, Deputy Executive and Head of Treasury Interviewed some of Techcombanks advisors, including McKinsey Co, a consulting company assisting the bank with product and branch development strategies Interviewed PwC auditors, auditors of the two largest publically traded joint stock banks (ACB and Sacombank) as well as the largest of the state-owned banks (Vietcombank). Interviewed the CEO of Masan Food Performed additional financial analysis on Techcombank, Masan Food and the new business areas Signed a detailed term sheet and started contract negotiations This FRM incorporates the most significant findings from this due diligence and provides an update on the deal structures as well as PENMs valuation. As noted in the CRM, as a successful result of our close cooperation with Masan Food and Eurowindows, PENM has been presented with a unique opportunity to invest in Newco before other local funds have access to the deal. In order to take advantage of this access, the transaction needs to be closed by 15 September, subject to normal Board approvals. 2. Deal structure The establishment of Newco will follow the below steps: Establishment of Newco though a share swap of Techcombank and Masan Food shares PENMs investment Investment by foreign funds, reportedly Carlisle and TPG Newco will be established by owners of Techcombank and Masan Food shares, principally Masan Investment, Dr Quang (Masan Food Chairman) and Mr Ho Hung Anh (Techcombank Chairman), swapping their holdings for shares in Newco. Upon completion of the swaps Newco will have a direct holding of 20% in Techcombank (with an option for a further 10% direct investment, when the law allows, and indirect control of 40% of the banks share capital) and a minimum 55% holding in Masan Food. PENM will initially invest up to USD 22 m in new share capital for a 5.61% stake in the company. Furthermore, in order to: (1) protect PENMs investment in Masan Food from the risk of not being part of the company that is setting its strategy; and (2) enhance PENMs exit opportunities in the Masan Food, should Newco be listed in the future, PENM has obtained an opportunity to swap its shares in Masan Food for shares in Newco in 2 tranches. In order to have the opportunity to put our Masan Food shares, it has been necessary to give Newco a corresponding call option. The valuation of PENMs Masan Food shares under this arrangement will be a minimum USD 375 m, which compares favourably to PENMs entry price of USD 250 m (up 50%) and Mekong Capitals entry price from March 2009 of USD 320 (up 17%). The terms of the swap arrangement: Duration Masan Food Valuation (USD m) Newco Valuation (USD m) First put 12 months from closing 375 375 + 1,000 net debt First call 12 24 months after closing 375 Market price on stock exchange Second call 15 months from closing 400 within 12 months 415 from 12 15 months Market price on stock exchange Second put 15 21 months from closing 450 Market price on stock exchange The swap gives rise to the following ownership interest scenarios for PENM in Newco, before any dilution for additional capital raising activities: Investment / Share swap PENMs ownership interest in Newco Initial cash investment Up to USD 22 m 5.61% # 1st Option PENM swaps 3,150,000 shares in Masan Food 10.07% 2nd Option PENM swaps the remainder of its shares in Masan Food 14.23% * #: At an initial pre-money valuation of USD370 m (55% x $400 m + 20% x $1,000 m $50 m net debt) *: Assumes valuation of Newco is the same as entry Swap arrangement: Masan Food Valuation (USD m) Newco Valuation (USD m) First put 12 months from closing 350 before listing of Newco 300 after listing of Newco 350 + 1000 net debt First call 12-18 months from closing 350 Market price on stock exchange Second call 15 or 18 months from closing upto First put excersied before or after listing 400 within 12 months 415 from 12 15 months or 12 18 months Market price on stock exchange Second put 15-18 or 18-24 months from closing upto Second call period 450 Market price on stock exchange Following ownership interest scenarios for PENM in Newco: Investment/Shareswap PENMs ownership interest in Newco Initial cash investment Up to USD 22 m 5.57% # First put PENM swaps 4,410,000 shares in Masan Food 11.49% First call PENM swaps 4,410,000 shares in Masan Food 11.11% * Second call PENM swaps remaining shares in Masan Food 13.62% * or 13.70% * Second put PENM swaps remaining shares in Masan Food 13.88% * #: At an initial pre-money valuation of USD3 71.6 m (54.7%x $400m + 20%x$1,000 m $47.2 m net debt) *: Assumes valuation of Newco is the same as entry Following the completion of its transaction with PENM, Newco will look to raise an additional USD 30 40 m from foreign based financial investors Newco is currently in discussions with Carlisle and TPG. Negotiations with these parties are ongoing and we understand that the entry valuation of Newco will be approximately 15% higher than PENMs entry valuation, reflecting a 25% premium to the value attributed to Masan Food. Should the additional USD 40 m be raised at the above mentioned valuation, PENMs ownership interest, should all shares in Masan Food be swapped, will be diluted to 13.17%. 3. Financial performance The financial performance of Newco is based on the underlying financial performance of the businesses in which it has invested, including: Techcombank Masan Food New business areas 3.1 Financial performance Techcombank Balance sheet Techcombank USD m 2008 Actual June 2009 2009 Estimate 2010 Forecast 2011 Forecast Cash on hand 87.0 56.6 101.4 123.5 161.2 Balance with the state bank 127.6 104.6 157.8 191.1 248.5 Balances with financial institutions 869.3 912.3 1,199.7 1,299.9 1,712.2 Investments 638.1 635.1 857.6 1,043.8 1,362.7 Net loans and advances to customers 1,445.5 1,829.2 1,940.8 2,523.0 3,279.9 Fixed assets 32.0 35.3 43.1 52.4 68.4 Other assets 82.1 185.0 110.4 134.4 175.4 Total Assets 3,281.6 3,757.9 4,410.8 5,368.1 7,008.3 Balances with other financial institutions 498.3 476.7 529.3 644.2 841.0 Deposits from customers 2,367.3 2,811.3 3,349.5 4,058.5 5,277.4 Other liabilities 103.4 93.2 137.4 163.8 249.4 Total Liabilities 2,969.1 3,381.2 4,016.2 4,866.5 6,367.8 Share capital 261.4 261.4 261.4 261.4 261.4 Retained earnings 35.4 57.1 96.2 187.2 305.3 Reserves 15.8 58.1 37.0 53.0 73.9 Total Liabilities Equity 3,281.6 3,757.9 4,410.8 5,368.1 7,008.3 YTD June 2009, Techcombanks net loans increased by 29%, compared to 2008, which outstripped market growth of 17% across the sector. Loan growth is expected to be lower in the second half of 2009 as a result of the expiration of the 4% government interest rate subsidy program, expected increases in base rates to curb increasing inflationary concerns and government efforts to limit national annual credit growth to 30%. As a result we expect full year loan growth to be 35% in 2009. In 2010 and 2011 we forecast annual growth in loans of 30%, which will be supported by network expansion, with the number of branch / transaction offices to increase by 45% from 2008 to 2010. In June 2009 non-performing loans (NPLs), decreased from 2.56% in 2008 to 2.54%, reflecting improved economic conditions. We forecast NPLs to remain at around 2.5% of the gross loan portfolio, while increasing the provision coverage of those loans to 70%, up from current levels of around 50%. Techcombanks solid balance sheet, at 2008 loans represented 66.5% of deposits, which was among the lowest of all top tier Vietnamese banks, has allowed it to capitalise on other banks demand for funding, driven by loan growth by being a significant net lender in the interbank market. Historically, this has been a very profitable asset pool for the company. We expect that the company will continue to be an active player in the interbank market and forecast that 70% of its deposit base will be used for customer loans. Investments are mainly bonds and other debt instruments issued by Vietnamese financial institutions, the government and corporations, a large number of which were acquired at heavily discounted prices in 2008. Through network expansion and offering innovative products, Techcombank has been able to develop customer deposits, which are mainly from individuals, into its dominant finding source, accounting for 85% of total funds mobilisation at June 2005, up from 80% in 2008. We expect this to continue going forward, to be supplemented with funding from interbank borrowing and by issuing bonds. Techcombanks capital adequacy ratio (CAR) stood at 14% at the end of 2008, falling to 10.7% at June 2009, we forecast it to remain at around 11 13% in the forecast period, significantly above the 8% recommended by Basel and required by the SBV. Profit and loss Techcombank USD m 2008 Actual June 2009 2009 Estimate 2010 Forecast 2011 Forecast Interest income 345.5 n.a. 354.9 442.5 563.3 Interest expenses (247.7) n.a. (228.4) (290.9) (366.8) Net interest income 97.8 61.2 126.5 151.6 196.5 Net fee and commission income 26.8 25.7 36.0 46.8 60.9 Trading, treasury and other income 58.1 16.3 44.1 53.7 70.1 Total operating income 182.8 103.2 206.6 252.1 327.4 Operating costs (48.2) (29.1) (62.0) (75.6) (98.2) Depreciation (2.3) (1.7) (3.2) (3.8) (5.0) Net operating income before provisions 132.2 72.4 141.5 172.6 224.2 Provisions (42.4) (15.1) (32.0) (30.0) (39.0) PBT 89.8 57.3 109.5 142.6 185.2 Tax (24.0) n.a (27.4) (35.7) (46.3) PAT 65.7 n.a 82.1 107.0 138.9 PAT % 36.0% n.a 39.7% 42.4% 42.4% Note: USD 1 = VND 18,000 (different from the change rate in the info memo) n.a. Not available At June 2009 the banks net interest margin was 3.6%, down from 4.1% in 2008. Over the forecast period we estimate that this will fall to 2.55% as the market becomes more competitive, leading a CAGR increase in net interest income of 19% from 2008 to 2011 to USD 563 m. Techcombank will continue its concerted efforts to increase per customer revenue by pursuing fees and commission income from letters of credit, guarantees, FX and commodity futures as well as developing new products. In 2008 Techcombank booked USD 63 m in realised gains from the sale of bonds purchased in the high inflation environment that existed in mid-2008, a further USD 30 m has been booked in the year to June 2009. While the size of these gains are not expected to be recurring, at December Techcombank had USD 590m of bonds on its balance sheet included in investments, a large portion of which were purchased at heavily discounted rates. In accordance with VAS (Vietnamese Accounting Standards) no gains relating to these bonds have been booked to the income statement. The banks strong balance sheet mean that it should be able to take advantage of such opportunities, should they appear in the future, however, in the forecast period, we expect income from these investments to be at half the current level and together with treasury, investment and trading income, represent 20% of total operating income. We expect the write-off of bad debts to be lower in 2009, compared to 2008 as a result of an improvement in economic conditions. As noted above, we forecast the provision balance will cover 70% of the total NPL balance, which is significantly higher than the historical rate of around 50%. Historically, Techcombank has had a low operating cost ratio, accounting for 26.4% of total operating income in 2008, the lowest of all its peers. Our forecasts, conservatively, include an increase in these costs to 30% of income as competition for staff intensifies in the increasingly competitive environment. As a result of this low cost base we expect PAT to double from 2008 to 2011 to USD 139 m. 3.2 Financial performance Masan Food Profit and loss Masan Food USD m 2008Actual YTD June 2009 2009FRM 2009 Estimate 2010Forecast 2011 Forecast Sales 108.6 83.3 210.1 210.8 296.2 362.5 COGS (71.9) (56.0) (139.5) (141.2) (200.3) (245.4) Gross profit 36.7 27.3 70.6 69.6 95.8 117.0 Gross Margin 33.8% 32.8% 33.6% 33.0% 32.4% 32.3% Sales expenses (8.5) (9.4) (27.3) (23.8) (34.1) (42.4) Admin expenses (5.1) (3.1) (6.3) (7.9) (10.4) (12.7) EBITDA 23.1 14.8 37.0 37.9 51.4 61.9 EBITDA % 21.3% 17.8% 17.6% 18.0% 17.4% 17.1% Depreciation (2.9) n.a.* (3.0) (2.0) (5.9) (7.0) EBIT 20.2 15.0 34.0 35.9 45.5 54.9 Interest 4.4 (0.9) (3.0) (2.0) (2.6) 1.1 Other income 2.1 2.1 0 0 Tax (3.1) (1.4) (6.2) (6.8) (8.6) (11.2) PAT 21.5 14.7 24.8 29.2 34.3 44.8 PAT % 19.8% 17.7% 11.8% 13.8% 11.6% 12.4% Note: YTD June 2009 only includes domestic income, no income from export sales are recorded *: Depreciation not disclosed at June 2009 YTD June revenue, USD 83.3 m is 120% higher than the corresponding period in 2008, largely due to growth in fish sauce (up 218%), due to the introduction of a mass market label/brand in Q4 2008, and instant noodles, up USD 15 m, following the successful nation-wide launch of Tien Vua, a mass market offering in March 2009. YTD PAT, USD 14.7 m, is 165% higher than 2008, due to improved gross margins (YTD 2009: 34% vs YTD 2008: 31%), as a result of lower raw material prices, which is slightly offset by higher sales costs for fish sauce and instant noodles. Other income of USD 2.1 m is income earned on the interest rate differential arising from the governments interest rate subsidy program. Based on the particularly strong June results, we have increased our initial outlook (from November 2008) for 2009, increasing our PAT estimate from USD 24.8 to USD 29.3 m, representing a 36% increase on 2008. Our change in outlook reflects lower than expected increase in sales costs as a result of deeper penetration of Tam Thai Tu, Masan Foods mass market fish sauce, in rural and provincial areas. Privately, management expect that 2009 PAT will be USD 35 38 m. Consistent with what we have previously reported, in 2010 and 2011 sales as expected to increase by 40% and 22%, respectively, driven by growth in the following segments: fish sauce -Masan Food is focused on increasing market share in this large segment by increasing distribution in provincial and rural areas and offering an even more inexpensive line for those customers. By 2011 Masan Food hopes to have around 50% market share. instant noodles similar to fish sauce, Masan Food will continue to broaden its distribution to rural and provincial areas and offer line extensions of its mass-market noodle line. In doing so Masan Foods estimated market share will increase to around 15% in 2010, from around 8% in 2009 and account for 30% of total revenue. Currently the revenue forecast does not include any sales from new categories, including granules, frozen food or beverage (refer to Masan Food due diligence for further details). Nor does it include possible changes in distribution as a result of new activities in Newco. The increased contribution of instant noodles, the gross margin for which (30%) is less than that earned on other sauces (40%), will have a negative impact on profitability going forward as will higher depreciation as a result of investments in additional capacity in 2009 and 2010. Conversely, savings in financing costs in 2011 help improve the PAT%. Balance Sheet Masan Food USD m 2008 Actual 2009 Estimate 2010 Forecast 2011 Forecast Assets Cash Cash Equivalents 5.5 2.1 3.0 42.5 Accounts Notes Receivable 6.4 23.1 32.5 39.7 Inventories 10.4 17.4 24.7 30.3 Other receivables 44.6 32.8 21.5 11.6 Net Property, Plant Equipment 14.7 45.6 54.2 61.0 Other long term assets 15.1 10.6 10.6 10.6 Total Assets 96.6 131.5 146.3 195.6 Liabilities Short Term Borrowings 16.8 35.7 5.4 Accounts Payable 9.0 19.3 27.4 33.6 Other Current Liabilities 11.9 12.1 13.0 16.6 Long Term Debt 1.9 0.5 0.5 0.5 Other Long Term Liabilities 0.1 0.1 0.1 0.1 Shareholders Equity 56.9 63.8 99.9 144.7 Minority Interest Total liab. shareholders equity 96.6 131.5 146.3 195.6 The increase in net debt from USD 26.1 m in 2008 to USD 34.1 m in 2009, is a result of capex is in the region of USD 30 m. The majority, USD 24 m, of the spending is to be allocated to additional noodle capacity, both in HCMC and in Hanoi, with the remainder being spent on Vietnams fished fully automated fish sauce line, USD 5.5 m, in Q4, and moving of the chilli sauce line from the old factory to the new facility in Binh Duong. The capex forecast for 2010 and 2011 does not include expenditure for new facilities in new business areas, including beverage. The most significant other receivable is USD 17.4 m is a convertible bond owed by Masan Investment. The majority of this exchangeable bond was distributed to shareholders as a dividend from 2008 profits. According to our investment agreement, PENM transferred our rights to most of these bonds to Masan Investment (parent company) for the shares purchased in the initial transaction, the remainder will be part of any swap arrangement. Masan Food maintains relatively lean working capital levels, offering 40 days credit to its customers (distributors) and maintaining relatively low levels of finished goods such that total raw material and finished goods represents a little over a month of production. 3.3 Financial performance -New business areas Below is PENMs very early estimate for the earnings potential of the new business areas. These business areas are closely related to Techcombank and Masan Food activities and it is envisaged that there will be close cooperation within the group to ensure that these business areas realise their full potential. We have not included earnings from these businesses in our forecasts or our valuation. 3.3.1 New business areas logistics Logistics financial highlights USD m 2010 Estimate 2011 Estimate 2012 Estimate Revenue 8.3 17.8 21.3 EBITDA % 5% 5% 5% PAT (0.4) (0.6) 0.4 CAPEX 8.0 7.0 Newco will partner with Dubai-based Gulf Agency Company (GAC) (www.gacworld.com), a leading provider of provider of shipping, logistics, marine and related services, to establish a full scale logistics operation in Vietnam. Initially, the new joint venture, which Newco expects to own a 70% stake in, will distribute Masan Food products. The above estimate assumes that the new venture will carry 40%, 70% and 80% of Masan Foods outbound volume in 2010, 2011 and 2012, respectively. We have not included any new, third party business. 3.3.2 New business areas -branded rice Branded rice financial highlights USD m 2010 2011 2012 Revenue 2.0 7.0 15.0 Gross profit 0.6 2.1 4.5 Gross margin 30% 30% 30% PAT (0.5) 0.25 1.45 CAPEX 8.0 Newco will invest between USD 3 5 m in a joint venture with Olam International (https://www.olamonline.com/), a Singapore-based global leader of supply chain management for agricultural products, for a new factory to produce branded rice. Olam, based partner will assist with processing technology and the development of export markets while Newco will provide an arms-length distribution agreement with Masan Food. 3.3.3 New business areas -commodity exchange Newco will team up with Financial Technologies Group (www.ftindia.com), one of the worlds largest providers of IT platforms for equity and commodity exchanges, with operations in India, the Middle East, SE Asia and Africa, to establish a local commodity exchange in Vietnam. The exchange will initially focus on the trading some of Vietnams largest agricultural exports: rice; coffee; and cashews and will use Techcombanks back office as well as leverage from its corporate customer base, a quarter of which are agriculture traders and processors. Currently, there is no financial forecast for this business area. 4. Newco Opening balance sheet and consolidated PL Newco estimated opening company balance sheet USD m 2009 Investments 420 Total assets 420 Debt 50 Share capital 370 The opening balance sheet reflects the 2 investments in Masan Food and Techcombank as well as the USD 50 m in debt, which has used in acquiring some of the shares. Newco consolidated profit and loss USD m 2009 Estimate 2010 Estimate 2011 Estimate Revenue Masan Food 210.8 296.2 362.5 Branded Rice 2.0 7.0 Logistics 17.8 21.3 Commodity exchange n.a. n.a. Total revenue 210.8 315.9 390.8 PAT before minorities 29.2 33.4 44.5 Elimination of minorities (13.1) (15.2) (20.1) Techcombank 16.4 21.4 27.8 PAT after minorities 32.5 39.6 52.2 n.a. not available The above is our estimate of Newcos consolidated income statement for the forecast period. It includes the full earnings of Masan Food as well as the new business areas, with minority holdings being eliminated after PAT. Techcombank, an associate of Newco, is equity accounted. 5. Valuation The negotiated valuation for PENMs cash investment in Newco has been based on: an equity value of Techcombank of USD 1,000 m an equity value of Masan Food of USD 400 m net debt of USD 50 m Giving rise to the following pre-money valuation: USD m Pre-money negotiated valuation PENM cash flow valuation PENM multiple valuation (PER) Techcombank (20%) 200 200 240 245 410 Masan Food (55%) 220 220 248 250 320 Net debt (50) (50) (50) Pre-money equity value 370 370 438 445 680 No value has been assigned to the new business areas. 5.1 Valuation of Techcombank An equity value of USD 1,000 m for Techcombank, equates to a PE (2009) of 12.2 x (2008 14.1 x) and a P/B (2009) of 2.5 x (2008 3.1 x). In the context of other listed banking companies in Vietnam, the Techcombank valuation is lower than its peers: Techcombank Peer Group Analysis PER P/B 2008 2009 2008 2009 Local Vietcombank 27.0 x 20.9 x 5.0 x 4.6x Vietinbank 24.6 x 24.8 x 3.6 x 3.3 x ACB 16.9 x 14.9 x 3.8 x 4.0 x Sacombank 19.7 x 16.2 x 2.4 x 2.6 x Regional (Indonesia) Bank Mandiri 16.0 x 14.7 x 2.8 x 2.5 x Bank Negara 24.3 x 12.3 x 1.9 x 1.7 x Bank Rekyat 12.9 x 16.0 x 4.1 x 3.4 x Bank Danamon 9.8 x 21.9 x 3.5 x 2.5 x Our cash flow analysis, which is based on the above financials and assumes average loan growth of 22% from 2008 2014, a net interest margin of 2.5% and a terminal value of 8 x 2014 PAT, discounted at 20% p.a., supports an equity value of between USD 1,000 1,250 m. 5.2 Valuation of Masan Food The valuation of USD 400 m for Masan Food equates to an EV/sales of 1.9 x 2009 (2008 3.0 x), EV/EBITDA of 10.2 x (2008- 14.1 x) and a PE of 14.5 x 2009 (2008 19.1 x). Compared to local and regional peers, the above valuations appear reasonable, particularly given the current growth rate of the company. Masan Food Peer Group Analysis PER EV/EBITDA 2008 2009 2008 2009 Local Vinamilk 29.4 x 15.5 x 11.5 x 9.6 x Regional China Foods 28.6 x 20.1 x 11.5x 14.1 x Nestle (Malaysia) Berhad 22.9 x 21.2 x 13.3 x 12.7 x Fraser Neave Holdings Berhad 20.3 x 16.2 x 8.9 x 8.3 x An equity value for Masan Food of USD 400 m is significantly higher than PENMs original entry value of USD 250 m (60%) and than the reported USD 320 m (25%) that Mekong Capital paid in March 2009. Our cash flow analysis, which is based on the above financials, forecast until 2018, with a perpetual growth rate of 5% p.a. and an annual discount rate of 20%, supports an equity value of between USD 400 450 m. 6. Limited due diligence results 6.1 Limited due diligence results Techcombank Our due diligence findings were based on interviews, with the assistance of David Hexter, Advisory Board Chairman, with senior Techcombank management (CEO, COO, Head of Treasury and Deputy Executive), as well as McKinsey Consulting, who are currently advising the bank, the CEO of Masan Investment and PwC, the auditor of the largest state-owned and listed joint stock banks in Vietnam. Those interviews confirmed that Techcombank is a well managed bank, strongly positioned to take advantage of the growth potential in the under-developed Vietnamese banking sector. The key findings from those meetings include: The cooperation with HSBC has been successful to date through the staff seconded to Techcombank (currently approx. 20) and representations in all Boards and committees, HSBC is very active in both the day-to-day management as well as at strategic levels in the bank. It appears that the cooperation has been particularly effective in improving/strengthening internal systems and staff development. Having just received its full banking licence, there could be concern that there is a conflict between HSBCs own activities and that of Techcombank, however, HSBC remain focused on providing services to locally based multi-nationals (MNCs) and foreign companies and individuals and not in Techcombanks of affluent local individuals and local Small Medium Enterprises (SMEs). Management is strong by local standards, although challenges remain By local standards, Techcombanks management and staff are strong, however, there is still a gap when compared to regional competitors. Recognising the gap, the bank has recently recruited a number of experienced foreigners (in addition to the secondments from HSBC) to the senior management team, including the roles of COO, Head of Treasury, Head of Sales and Head of Marketing. Despite this, remaining challenges include improving branch productivity, staff training and staff retention as still present. The Vietnamese banking sector is tightly regulated by the State Bank of Vietnam (SBV) As previously noted, the SBVs control is wide reaching, regulating everything from maximum loan rates banks can charge to loan growth and foreign ownership rules. Its control has the ability to significantly influence the development of the market, as evidenced during the high inflationary period during 2008, however, the development of a stable financial sector appears to be one of the governments focus areas. One of the key risks for the sector is the devaluation of the VND- as evidenced by Moodys recent downgrading of a number of Vietnams banks (including Techcombank and ACB, the leading listed joint stock bank) credit ratings, the devaluation of the VND is one of the greatest near-term risks in the banking sector. Techcombank, well aware of the risk, does not trade FX and limits inter day FX positions as part of its arbitrage services to 5 10% of its capital. Techcombanks level of collateralisation is high -Consistent with other local banks, Techcombanks loan portfolio is highly collateralised. At June 2009 99% of the banks loan portfolio was secured by collateral. By Vietnamese standards, it applies a conservative appraisal policy, and at June 2009 the appraised value represented 2.2 x the total loan portfolio, with the majority of the collateral being held in real estate and land use rights. This high level of collateralisation is also reflected in the banks credit processes, which appear to be more asset based than cash flow based. Techcombank has a low level of NPLs with adequate provisioning-Techcombanks proportion of NPLs to total loans is currently at 2.5%, showing a downward trend, this compares local competitors, Eximbank (4.7%) and Vietcombank (3.5%) who have a similar loan portfolio structure, with a high proportion of loans to corporations, who generally are slower in making interest payments. To cover potential losses in excess of the collateral held against those loans, at June 2009, Techcombank recorded provisions (specific and general) equivalent to 53.7% of its total NPLs, up from 48.7% at December 2008. Based on historical trends, these provisioning levels appear to be adequate to cover any write-off exposure. We do not believe that Techcombanks NPL level would be significantly higher if recorded under IFRS the classification of loans under Vietnamese regulations (VAS) is based on outstanding repayment of interest. This differs from IFRS, which uses an impairment based approach, taking into account such factors as the financial state of a company and the industry it is in. This difference allows Vietnamese companies to distort the allocation of loans into various categories by rescheduling repayment dates. However, the banks management has repeatedly attested that it does not undertake rescheduling and insisted that loans are classified automatically in its banking system. A recent survey by Fitch, a credit ratings agency, found significant differences in the level of NPLs under IFRS and VAS for the state-owned banks due to legacy loans to state-owned corporations. Although it did not have access to the joint stock banks accounts, Fitch concluded that such differences did not plague the joint stock banks, who were focused on SMEs and retail customers. Our discussions with PwC, auditor for 2 of the largest listed joint stock banks and largest state-owned bank, corroborated these findings and lead us to believe that the banks NPL level would not be significantly higher if IFRS was applied. It has not been possible to interview the Head of Risk Management or Techcombanks auditors, KPMG. We have, however, discussed risk management with Newcos Techcombank responsible (author of the Techcombank info memo) and PwC, the leading bank auditor in Vietnam. 6.2 Limited due diligence results Masan Food Our due diligence was limited to a discussion with Masan Food CEO, Mr Than, who was upbeat about the future of the company and reaffirmed his commitment to developing Vietnams leading a consumer-focused food and beverage company by entering new markets and defending its dominant position in existing markets. The main conclusions from those discussions were: The companys near term food strategy has been finalised In 2010 Masan Food will focus on marketing a new Vietnamese granule to be used in combination with fish sauce. While granules are currently available in the market, Masan Foods new marketing push is aimed at changing consumer behaviour. Furthermore, the company intends to enter the frozen food market in 2010, starting with an acquisition of a frozen seafood company a category for which no strong brand exists and where Masan Food can continue its food safety message adopted previously. The companys beverage strategy is in advanced stages of development, but not yet in place Masan Food has a vision of being a large food and beverage company and is currently exploring opportunities within beer, ready-to-drink (RTD) tea, water and fruit juices. Of these the most advanced is beer, where the company is considering a partnership with Deer Chang of Thailand in a joint venture that would require an investment of USD 40 50 m. Senior management strongly believe that, due to lack of focus consumer from the major local players, SABECO and HABECO, there are significant opportunities in building a new Vietnamese mid-market brand, focusing on the take-home market (which accounts for over 65% of consumption). Entry into this new category will be a significant challenge for the company and will require a new team to be hired into the company. Managements biggest near term challenge is remaining focused key to the companys success and profitability, has been its ability to derive value from very few stock keeping units (SKUs). As new markets are added Masan Food needs to ensure that its marketing competencies are not spread too thinly. The market is increasingly competitive Asian food suppliers are considered a greater threat than the international players, Unilever and PG, as a result of their ability to localise recipes and consumer insight. Masan Foods scale, particularly in fish sauce, and local marketing expertise, should help it in defending its position in the market. Operational issues still exist consistent with what we noted in our original due diligence, Masan Food continues to have a few operational issues including a poor production set-up (even the new factories are too cramped), an over-complicated internal supply chain and lack of support (operations and finance) from a strong IT system. A new ERP system should be in place by the start of 2010, however, the remaining operational issues still need to be addressed. 7. Key terms Transaction Up to USD 22 m in new capital (VND 394,727,571,000), representing an expected ownership interest of 5.5761%. Use of proceeds Repayment of debt, investment in new business areas and further capital increases in Techcombank. Conditions to subscription Receipt of all relevant evidencefor the ownership structure and approval of the transactions, including Business Registration Certificates, Share Certificates and excerpts of Shareholders Register Books,GSM resolutions, Board resolutions,and due diligence conclusions, accounts etc. satisfactory to PENM and PENM Board approval. Key covenants, reps and warranties Standard covenants, representations and warranties found in this type of transactions in Vietnam. Shareholder rights PENMs minority rights will be limited to normal rights included in the company charter, we will, however, received 1 Board position for a 2 year period after PENM exercises its first put option and as long as PENM holds 8% of the outstanding equity in Newco, excluding any dilution from the issuance of new shares. Restrictions Lock-up of 1 year after closing. Right of first refusal (one-sided) relating to PENMs shares in Newco gained from the swap arrangement, during the swap period. Indemnity Maximum liability, thresholds and Gross-up of Payable Amounts (gross up to ensure that theindemnified party receives and retains a net sum equal to the financial loss actually suffered). Exit Through listing or trade sale. 8.Key risks Key risks Comments Mitigation Limited influence in Newco Medium: The presence of a dominant majority owner and the possibility of future capital raising may mean that, despite Board representation, PENM has limited influence in the decision making process of Newco Use close contacts already forged with owners and align interests with other funds. An eventual listing would make Newco an easy exit Listing of Newco Low / medium: If Newco is listed, it is uncertain how the market will react to a group that combines banking and food assets. Diversified conglomerates are not unusual in the Asian context so no significant discount is expected Bank collapse similar to Europe / US Low: Despite being unaffected by the recent turbulence, there is a risk that the Vietnamese banking sector experiences similar issues as has been seen in Europe and the US Complex derivative instruments are not widely used in Vietnam, banking sector is strictly regulated by the SBV and has little financing on the international interbank market Masan Food not maintaining earnings momentum Low: The valuation of Masan Food requires the company to maintain its momentum in earnings growth The same risk exists on our current investment in Masan Food. The company also has a strong pipeline 9. Proposal PENM is seeking approval to make up to DKK 114,975,0005 m (USD 22 m), and minimum DKK 78 m (USD 15 m), investment in Newco for a 5.5961% stake.

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Turkle’s use of the plural pronouns establishes a common ground between the writer and the audience which persuades the audience to agree with her argument. Throughout the essay, the author authoritatively repeats her experience in the field of technologicalRead MoreArtificial Intelligence Is An Idea That Machines Can Think And Make Decisions Just As Us Humans?1807 Words   |  8 PagesArtificial Intelligence is an idea. An idea that machines can think and make decisions just as us humans can. With an ever growing knowledge of technology, we have seen a major impact from Artificial Intelligence and it will continue to impact our lives. One future impact of AI is its use in the judicial system. Judicial systems exist all around the world, in one form or anther, each with different laws and policies, but all judicial systems can be significantly impacted by AI. However, the question

Aileen Wuornos Free Essays

This concept application paper is an analysis of social behavior and deviance of serial killers in Sociology Class. Aileen Wuornos killed a total of seven men along Florida highways between November 1989 and November 1990. Wuornos was one of the few female serial killers that was captured January 9, 1991, trialed and executed by the state of Florida in 2002 by the Lethal Injection. We will write a custom essay sample on Aileen Wuornos or any similar topic only for you Order Now Aileen Carol Wuornos, born February 29th, 1956 in Troy, Michigan, who was also known as American’s First Female Serial Killer. Google’s description of a serial killer is someone who murders at least three people in a short period of time. Wuornos was a prostitute where she resided in Florida where she was found guilty of murdering the 7 male victims. Wuornos defense was that each victim either tried to rape her or they actually raped her as she was making a living by prostituting. Wuornos killed each victim by shooting them at a point-blank range in order to kill people on a consistence basis, you  have to be very distinctive because not everybody has the morality to endure in a series of multiple murders. When associating Wuornos to deviance, her upbringing with her family and genetics played a major role in her deviant behavior. Wuornos childhood led her to grow up faster than a normal child would. Wuornos mother was young at the time of her birth. She never met her father, bout time she was born he was already in in prison in, in which her father was diagnosed with a social disorder called schizophrenia. Wuornos toddler years her mother abandoned her and her only sibling keith, her mother’s parents legally adopted them which eventually turned bad. Wuornos family including her mom, father and grandparents were all alcoholics. Alcohol and Substance abuse was apart of every crime Wuornos committed. Wuornos and each murder victim would have drinks together prior to the murders. Wuornos whole life consisted of abandonment an abuse by her family and friends. She was born to a teenage mother who was physically and verbally abusive to her mother prior to her birth, who was also absentee from her life. After the move with her grandparents, her grandfather became emotionally, sexually and physically abusive towards her and kicked her out the house at a very young age. The life experiences that Wuornos went through cause her to live a lifestyle that  was available to her at all times. Which caused her to become a criminal and survive by be being a prostitute because that is all she knew. The Social Control Theory predicts that Wuornos life experiences may have caused her to become a serial killer. Wuornos gave birth to a baby boy at the age of 14, after being impregnated by her grandfather in which she gave him up for adoption. She dropped out of school and her grandmother died due to liver failure from drinking alcoholic beverages throughout the years. Shortly after she was kicked out of the house at the age of 15 years old where she had to support herself and the only way she knew to survive was encountering in sexual deviance. Wuornos fell into a similar pattern of defiance that she inherited from her family. Self Control by itself can not be the main source of criminal behavior somewhere in between you must also have some type of Lack of Self Control. In order to realize the opportunity to commit a crime. Self Control Theory stated that Wuornos acted in self control and also lack of self control. Wuornos was a known prostitute for a long time and was said to have more than 100 partners and only managed to kill seven men, I would say she had some type of self control. The lack of self control comes along with the aggressive behavior that is said to be genetically that led her to murder the victims. Despite of Wuornos life experiences that could have influenced her self control, she was diagnosed with antisocial and borderline personality disorders at the time of each murders which led to a extreme mental and emotional disorder from her Alcoholic family, abandonment from her parents and abuse from her grandparents the jurors still believed that she was substantially aware of the crimes she committed and was found guilty and her diagnosis was not a major role during her conviction. Wuornos was convicted and sentence to death for six out of the seven murders she committed and was executed on October 9, 2002 by lethal injection. Latchison, September 21, 2018 References Golden, D.J (Writer). (2003) Biography: Aileen Wuornos [Motion Picture] Blanco, J. (2016). Aileen Wuronos| Murderpedia, the encyclopedia of murders. Murderpedia.org Twistedmids.creativescapism.com.(2016). Aileen Wuornos Childhood| Twisted Minds How to cite Aileen Wuornos, Papers

Overcoming Struggles as a Slave free essay sample

Amanita faced many struggles throughout the novel The Book of Negroes by Lawrence Hill, in which she overcame them, thus shaping her into a wise and strong person by the end of the book. She adapted to many drastic and immediate changes throughout her journey which includes her witnessing her village being destroyed, the voyage on the Atlantic Ocean from Africa to North America, and accepting the fact that she was a slave and overcoming it. Amanita was born in Baby in Africa; she was raised by two loving parents and ad many friends such as Bombay and Checker, who were with Amanita for some parts of her story. Amanita learnt many things from her parents which contributed to her survival in the new world. Her moms teachings in childbirth aided Amanita and helped make an effect in her life. My mother taught me how to reach inside a woman- after coating my hand with warm oil and touch in the right spot to tell if the door was suitably 23). We will write a custom essay sample on Overcoming Struggles as a Slave or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Mantiss father educated her as well as they had private lessons together on how to pray in Arabic. The simple life of Amanita came to a short end when ere village was destroyed and seeing her people kidnapped and murdered by men, who had the same faces like hers, but with no facial carvings (23).Amanita even witnessed her mother and father being killed, l saw the blood in the moonlight, angry and dark and spilling fast (38). Amanita had no choice to escape from the kidnapping and was placed in a coffee led by many guards. During this time, Amanita met Checker who turned out to be her husband later on in the book. Along the journey, Amanita developed privileges through Checker so that she can be free from the coffee. However, privileges like those did not mean that she was free to go.Eventually, her coffee reached the port of Africa and was soon to be shipped away to America. This was a very devastating time for Amanita but this event was the first of many struggles she had to go through in order to survive. Amanita was brought up by parents from two different villages. Her father was a Full so his language was Fueled. Amanita mother was Banana, so she spoke Panamanian. Since Amanita was able to learn to both Fueled and Panamanian she was more useful when she was on the ship.Mantiss stay along with many other of her home Landers on the ship was a long and cruel journey across the Atlantic Ocean. Being stuck in the bottom of the ship with hundreds of slaves created a disgusting stench (90), which Amanita could not stand. Through luck, a tuba man discovered Amanita that she was able to deliver babies. The man, who was later known as the medicine man was impressed of Mantiss work and made her his assistant. This allowed her to stay with the medicine man instead of the slaves and have an easier time on the ship compared to the other slaves. She easily adapted to this as it was much better than it was in the bottom of the ship. Amanita came up with the concept You help me, and I help you (91) with the medicine man which he compromised. While they were at sea, many slaves as well a few sailors died. When someone on the ship died, the tuba would throw the body overboard with no respect of a proper ceremony, the dead were shown no respect (1 17). The voyage across the Atlantic was not a luxury cruise for Amanita, but she managed to gain privileges that many slaves in the ship did to possess.After her long journey at sea, Amanita was taken to a plantation in South Carolina where she met people who helped her adjust to the role as a slave. She was taken to an Indigo Plantation run by a man named Robinson Appleby. At this plantation, she was forced to do labor outside the fields and whatever command she was asked to do. At first, it was hard for Amanita to adjust to a whole new lifestyle in a plantation. With the lack of respect, Amanita was hit by Appleby. Amanita was saved from near death by a woman named Georgia.Georgia was basically Mantiss guardian, teacher and healer. Georgia taught Amanita how to speak properly to her slave owners and white people and how she can speak to other black people. l came to see that she was teaching me two languages. (1 83), There was the language that Georgia spoke when alone with the Negroes on the plantation, and she called that Gullah there was the way she spoke to Robinson Appleby or to other white people, and she called that English (183). Amanita also came across an overseer named Named, who was a Muslim.Mantiss parents ere Muslims and she learned some prayers in Arabic. Once Named found out that Amanita could say prayers in Arabic, Named secretly educated her privately at his home. This later affected her greatly because Amanita was more educated than other slaves. The two characters of Georgia and Named helped Amanita in a way that helped her overcome the true hardships of a slave. Amanita was then bought by a man named Solomon Lined; he was a lee who thought she was skillful and had a lot of potential. Lined was considered to be a nice owner who let Amanita read and write openly.With he privilege of this, Lined asked Amanita to give some of her earnings to him, You will work in the mornings on my books, keeping accounts and when you are not busy with that, you will start catching babies. With what you earn from that, you are going to start paying me ten shillings a week (Hill 283). Amanita slowly overcame belonging to an owner as she ran away from Lined which made her free. Overcoming the title of being a slave was not easy for Amanita; the motivation of reuniting with her family kept her going each day hoping she will see Checker and her two daughters.As an old woman nearing the end of the book, she finds herself crossing the Atlantic Ocean one more time to England to present the account of her life so it may help abolish the slave trade. Amanita has been through a lot. She has accomplished so much that she does not need to cross no bridges and board no ships, but stay here on solid land (657). With each and every obstacle she faced, she managed to get through it with the help of the people around her and her courage to overcome anything.

sylvia plath biography essays

sylvia plath biography essays On October 27, 1932 in Bostons Memorial Hospital, Aurelia (Schober) Plath and her husband Otto Plath (21 years her senior), gave birth to a baby girl, which they named Sylvia. Otto Plath was a writer, whose book Bumblebees and Their Ways was published in 1934. While Sylvia was still extremely young her father began to get rather ill. He had his toe amputated, only to be followed by his foot and later on his leg. Shortly after these events another member of the Plath family was born. Warren Plath came into the world on April 27, 1935 (Sylvia was 2 Â ½ years old). When Sylvia turned eight something happened that would hang over her for the rest of her life. Her father Otto died a victim of diabetes mellitus. According to her mother, Sylvia had always been an overachiever. After her fathers death, her mother moved the family to Wellesly, Massachusetts, where Sylvia was placed in the sixth grade (two years above those her age). Throughout the rest of her grammar and high school years, Sylvia was noted for being and extremely happy and cheery person. Her first story And Summer Will Not Come Again was published in the 1950 August issue of Seventeen magazine. The following November Seventeen also published her poem Ode on a Bitten Plum. In 1950 she was offered a scholarship to Smith College. There she continued achieving straight As maintaining her perfect streak. She once wrote home to her mother saying: I think I would like to call myself the girl who wanted to be God. (Plath, Letters Home) The summer after her junior year at Smith she was offered the position of guest managing editor of Mademoiselle magazine. The same summer she went home and found out that she was denied acceptance to a Harvard writing class, this ending her perfect streak. She left a note to her family saying that she went out for a walk, and that night crawled into a ...

Definition and Examples of Epenthesis

Definition and Examples of Epenthesis In phonology and phonetics, epenthesis is the insertion of an extra sound into a word. Adjective: epenthetic. Verb: epenthesize. Also known as intrusion or  anaptyxis. According to some linguists, vowel epenthesis is often motivated by the need to make consonant contrasts more distinct (The Handbook of Speech Perception, 2005). Etymology: From the Greek, putting in Pronunciation: eh-PEN-the-sis Examples and Observations In certain varieties [of English], a vowel breaks up the cluster (epenthesis): film becomes [filÉ™m] in Ireland, Scotland, and South Africa.(Elly van Gelderen, A History of the English Language. John Benjamins, 2006)The history of English provides examples [of epenthesis] like the development of aemtig into empty, with epenthetic p, and of à ¾unor into thunder, with epenthetic d. Non-standard pronunciations include athalete for athlete and fillum for film, with epenthetic vowels.(R.L. Trask, A Dictionary of Phonetics and Phonology. Routledge, 1996)Fambily for FamilyShe were gentle an sweet, an the mos beautiful creetur in allinin the place where we lived. An her fambily was that proud an aristocratic thet no one could tech em with a ten-foot pole.(L. Frank Baum, Aunt Janes Nieces at Millville, 1908)Athalete for AthleteThats the thing, said McCloud plaintively. A athalete has to keep up appearances. Sure, people think a athalete makes plenty, and he do on paper. But people never s top to think hes allus gotta keep up a expensive front.(Kurt Vonnegut, Player Piano, 1952) Mischeeveous for MischievousThe pronunciation (mis-chÄ“vÄ“-ɘs) is considered nonstandard  and is an example of intrusion, a phonological process that involves the addition or insertion of an extra sound. Mischievous is properly pronounced with three syllables, with the accent on the first syllable. The word is often misspelled with the suffix -ious, which matches the mispronunciation.(American Heritage Dictionaries, 100 Words Almost Everyone Confuses and Misuses. Houghton MIfflin Harcourt, 2004)  Ã‚  Vowels and Consonants-  Epenthetic sounds are not always vowels. For example, consider the two indefinite articles a and an. We know that a is used before consonant sounds and an is used before vowel sounds . . .. We may view this [n] as an epenthetic sound that breaks up a sequence of two vowels: a apple - an apple.(Anita K. Berry, Linguistic Perspectives on Language and Education. Greenwood, 2002)The Effects of Epenthesis on SpellingEpenthesis occurs frequently, both in legal and in lay language. The addition of an i before the t in speciality is an example. The pronunciation of jewelry as jewelery is a result of epenthesis, as is the pronunciation contentuous for contentious. Other examples of epenthesis: the ubiquitous relitor for realtor and that favorite of sports announcers, athalete for athlete.(Gertrude Block, Legal Writing Advice: Questions and Answers. William S. Hein, 2004)

What are the pros and cons of challenges to the appointment of Essay

What are the pros and cons of challenges to the appointment of arbitrators - Essay Example Nevertheless, the solicitor takes the vital role of advising on all possible methods that can be applied in dispute resolution, prior to recommendation of relevant in a given situation. In this case, arbitration is an alternative for resolving disputes in a situation that a third party reaches a decision, which is binding upon the parties to the dispute. The arbitrator decides on the issue in concerning the dispute, and he or she enforces a binding decision on the parties. Therefore, arbitration is undertaken due to a certain business contract; hence, offering arbitration for is situations where the disputes arise. Moreover, arbitration is considered to be the best suited for facilitating a settlement between parties in dispute. The paper will focus on exploring pros and cons of challenges to the appointment of arbitrators in the perspectives of parties bringing the challenge, opposing party in the disputes and the arbitrator whose appointment is be. In the process of arbitration, th e parties involved in the dispute agree to submit their dispute to the neutral arbitrator, instead of a court. Therefore, the arbitrator acts like a judge, whereby he or she listens to the testimony, reviews evidence and enters a binding ruling. After the decision in made, the prevailing parties may deicide filing in court to convent the award to a judgment. 4. On the other hand, the prevailing party may be raise claims that the judgment, which was provided, and the process involved binding arbitration require enforcement through the courts. Pros of arbitration One of the pros of arbitration is being quicker compared to litigation, and this becomes a debatable topic with arbitration tending to similar to a formal process of the court5. Therefore, once the party bringing the challenge and the opposing party in the disputes enters into arbitration they do not have to wait for the Court to add them in to a list, which is over clouded6. The parties have a chance of acquiring a suitable arbitrator, who is available, and they are make to decide on the time of arbitration. On the other hand, the decision made during the arbitration is binding to the party bringing the challenge and the opposing party in the disputes. However, there are some of other forms of ADR, which are non-binding; hence, they facilitate failure of the arbitration, despite the cost. In this case, once the arbitration is submitted there are expectations of definitive results. Arbitration is considered faster and less formal compared to the Courts process since the appointments are planned in a way that establishes a mutual convenience among the party bringing the challenge, opposing party in the disputes and the arbitrator. However, in the courts situation, the plan is dictated by the Court calendar, hence, in arbitration there is a chance of deciding on the duration, time, which is to be spent by the arbitrator in their case7. The party bringing the challenge and the opposing party in the dispute s have a chance of appointing somebody who they are familiar with in a situation of a dispute. Therefore, the arbitrator relates the process of arbitration to an industry normal practice. The party bringing the challenge, opposing party in the disputes and the arbitrator are able to include the clause in contracts sue to the likelihood of reaming confidential, unlike the disputes in the courts. Therefore, arbitration facilitates maintenance of the business relationship between the party bringing the challenge and the opposing party in the disputes8. Given that arbitration can lead to a resolution of a dispute faster than litigation, it is considered less costly than litigation since the

Stroke Rehabilitation Essay Example | Topics and Well Written Essays - 4000 words

Stroke Rehabilitation - Essay Example 70). This study shall evaluate the stroke rehabilitation of an elderly male. It shall consider the assessment, planning, implementation, and treatment in clinical practice. It shall critically analyse the efficacy of the care given to the elderly patient – with a sharp focus on rehabilitation. It shall also critically evaluate the role and function of team members and their contribution to the rehabilitation process. It shall discuss the psychological outcomes for the patient and carers, while taking into account the longer term needs of the patients. This paper is being conducted in order to establish a comprehensive understanding of stroke rehabilitation, especially among elderly patients. Discussion Patient Profile The patient in this case is a 65 year old elderly male, married, with three grown children. He was admitted three weeks ago for a headache and the sudden onset of the following: difficulties in speaking and swallowing, left sided paralysis, and a tingling sensati on of his extremities. Upon admission, he was immediately assessed. After subsequent diagnostic processes, he was diagnosed for an embolic stroke. The appropriate intervention was later carried out to remove the embolus. At which time, his condition was assessed. Due to a 10 minute lack of oxygen supply to his brain, he suffered from left-sided paralysis with his mobility and speech severely compromised. He was then discharged from the neurological care unit and onto the rehabilitation clinic. Assessment of patient The assessment of the post-stroke patient was mostly an assessment of his mobility and his ability to conduct his daily activities. The patient was assessed on the following areas before a plan for rehabilitation was conceptualized by the rehabilitation team: neurological aspects, including level of consciousness, cognitive disorders, motor deficits, disturbances in balance and coordination, somatosensory deficits, disorders of vision, unilateral neglect, speech and langu age deficits, and pain; presence of comorbid diseases; functional health patterns, including bladder and bowel function, swallowing disorders, nutrition and hydration, skin breakdown, physical activity endurance, and sleep patterns; presence of depression and other affective disorders; neuropsychological function; and family functioning and other contextual factors. All of these aspects were assessed using standardized assessment tools. These tools have included the following: Glasgow Coma Scale, Modified Rankin Scale, Measures of Disability of Daily Living, Mini-Mental Status Examination, Berg Balance Assessment, Rivermead Mobility Index, Hospital Anxiety and Depression scale, Family Assessment Device, and Quality of Life Assessment scale (Warlow, van Gijn, and Dennis, 2008, p. 534). Assessment results Based on the assessment, the patient scored 12 out of 20 on the Glasgow Coma Scale. This was based on the recommended scale to measure the patient’s level of consciousness (He rndon, 2006, p. 366). He scored 4 out of 6 on the Modified Rankin Scale. This scale is used to measure a patient’s level of disability (Stroke Center, 2010). The patient scored 87 out of 126 on the Functional Independence Measure Test. This test assessed the patient’s ability to carry out independently his daily activities (DeLisa, Gans, and Walsh, 2005, p. 986). On the Mini-mental Status Examination, he scored 23 out of 30. This test assess

Case study: ANXIETY DISORDER

Case study: ANXIETY DISORDER Feeling anxious is a normal part of our life. We all feel anxious every now and then, at one time or another. For example, having to present a project in front of a class, having dinner for the first time with the in-laws, or expecting a baby may make anyone feel anxious. Its perfectly okay. It is when the anxiety is persistent, unexplainable, and intense that it interferes with an individual from having a normal day and disrupts ones life goals, then it becomes a disorder. Its when the autonomic nervous system is stimulated (Warren and Zgourides, 164). It is when a person worry so much that its difficult on ones concentration because the focus goes from worrying about one thing to worrying about another thing (Myers, 462). To protect themselves from the anxiety, the people then builds up mechanisms for avoidance by thinking of the things over and over, or perform a ritual. According to Sherman, environmental conditions, and psychological is a factor combinations that include social and genetic disposition, (Widerhold, 31). Somatic symptoms of an anxiety disorder are dizziness, insomnia, weakness, fatigue, dry mouth, palpitations, diarrhea, nausea, hyperventilation, chest pain, rapid heart rate, paresthesias, restlessness, and frequent urinating (Widerhold, 33). Anxiety disorder is an exaggerated and excessive feeling of worry. (Warren and Zgourides, 164). The worries are often unrealistic and unreasonable. The person often worries about family, money, health, or work excessively (p165). It really is an unpleasant feeling. High level of an anxiety disorder leads to hypertension, fatal heart attack, coronary heart disease, and a risk of myocardial infarction. In addition, there is a correlation between sudden death on heart attack and high anxiety. (Widerhold, 33). Anxiety disorder is considered the one with the biggest health problem in the United State (Winning Ghinassi, 7). People in the United States who suffered from an anxiety disorder at one point in their life are about 60 million and counting (Winning Ghinnassi, 7). Two-thirds of women have an anxiety disorder (Myers, 462). Groups that are in lower socioeconomic, divorced or separated women, who are below the age of 45 have the largest incidence of the illness (Widerhold, 4). According to Sherman, ones who had suffered with an anxiety disorder have had abdominal pain, insomnia, or chest pain by 33%. As well as joint or limb pain, fatigue, or headache (Widerhold, 4). Treatments for an anxiety disorder are exposure, role-play or modeling, which are behavioral. Thought stopping/recording, mental distraction, psychodynamic, medication, biofeedback, and family therapy are all cognitive, which is also another type of treatment, according to Goisman (p5). According to Moffitt, children who were inhibited and maltreated often develop an anxiety disorder when they get older. However, the anxiety disorder becomes rare by the age of 50. Emotions tend to mellow as years passes according to Rubio and Lopez-Ibor. (Myers, 462). According to Sigmund Freud, there are two types of anxiety disorders: anxiety hysteria and anxiety neurosis. The difference between the two is that the cause of anxiety hysteria is psychogenic, and the cause of anxiety neurosis isnt psychogenic. Anxiety neurosis is extremely painful from the start, which is also known as panic attack or panic anxiety. And there is free-floating anxiety, which is when the anxiety happens slowly (Wolfe, 15). Moreover, phobic reaction and anxiety reaction are the two disorders of the anxiety hysteria and anxiety neurosis (Wolfe, 18). Phobic neurosis means phobic reaction, which is an extreme fear of a situation or of an object (p18). Agoraphobia, an irrational fear of open spaces or public is a type of a phobic disorder (p18). On the other hand, panic disorder is a state of an anxiety (p18). Panic attacks, anticipatory anxiety, and phobic avoidance behavior are what behavioral theorists consider as what agoraphobia consist of. Anticipatory anxiety and phobic avoidance are the main focus of behavioral theorists over panic attacks when treating an individual. It was discovered that panic attacks were able to block off without affecting generalized anxiety by antidepressant migraine (Wolfe, 18). Furthermore, other types of anxiety disorders are obsessive-compulsive disorder and post-traumatic stress disorder (Wininning Ghinassi, 7). Obsessive-compulsive disorder is a repetitive thoughts and actions (Myers, 463). Phobia is an irrational persistent fear and avoids certain object, situation, or activity (p462). Post-traumatic stress disorder is when a person is haunted by memories and has nightmares after a traumatic experience (p464). The common treatment for an anxiety disorder is pharmacological. But cognitive therapy, medication, behavioral therapy or a combination of them are the most effective treatment for an anxiety disorder. Prozac, a serotonin reuptake inhibitor is the most common choice because its not that addictive. Also, it has only a few of side effects. An anxiety may not be completely be eliminated by medication, but it reduces the anxietys level of intensity (Widerhold, 38) Furthermore, beta blockers, anticonvulsants, such as gabapentin, antipsychotic, anxiolytics, such as benzodiazepines and azapirones are the other effective medications (Winning Ghinassi, 98). Theyre just as effective as antidepressants, such as serotonin-norephinphrine reuptake inhibitors (SNRIs), SSRIs and retricyclics. In addition, the new miracle drug is Prozac. Prozac also helps patients deal with lifes stresses aside from treating depressive and anxiety disorders. It has become more popular than Valium. Then theres also Paxil, but it has an unpleasant withdrawal syndrome (p99). Clearly, it takes more than willpower of an individual to overcome an anxiety disorder. Also, understanding of anxiety disorder has progressed throughout the years and has led to more options for effective treatment, as well as for comprehensive assessment. Why is intellectual property important? Why is intellectual property important? Intellectual property (IP) refers to a number of distinct types of legal monopolies over creations, both artistic and commercial, and to corresponding fields  of law and other types of rights that the law gives for the protection of investment in creative effort and knowledge creation.  Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. Copyrights, trademarks, patents, industrial design rights and trade secrets in some jurisdictions are some common types of intellectual property. Although, there have been several evolution of many of the legal principles governing intellectual property over centuries, it was only in the 19th century that the term intellectual property began to be used, and became a commonplace in the late 20th century in the United States. The Origin of copyright and patent law originate from The British Statute of Anne 1710 and the Statute of monopolies 1623 respectively.   However, intellectual property rights differ in one fundamental respect. The intangible, abstract objects constituting intellectual property have no natural, self-defining boundaries like physical objects do. In fact, they do not even exist until they are created by explicit definition and designation. For this reason, in addition to general property legislation, IPRs are covered by specific legal systems, and most forms of IPR require a specific registration procedure. Applications need to be made and examined by specialists in order for an IPR to be established. Frequently, the exact boundaries of an IPR subsequently become the subject of litigation between the holder and holders of related IPRs. In short, the transaction costs of acquiring and holding IPRs are much higher than for ordinary physical property. While the subject matter of intellectual property is intangible objects such as information, knowledge or ideas, intellectual property rights are expressed in practice as righ ts over the tangible products resulting from those intangible objects. For example, an industrial patent confers the exclusive right to manufacture the protected product or use the protected process, and copyright the exclusive right to perform the protected work of art or multiply it in the form of books, compact discs, etc. 1.2 TYPES OF INTELLECTUAL PROPRETY RIGHTS The main categories of intellectual property rights are: Patents: As the strongest form of IPR, patents are awarded subject to a thorough examination procedure. They confer a very high level of exclusive rights over an invention for a period of 20 years from the date of the application. Any use of the patented matter, except strictly private use, requires permission (license) from the owner. To receive a patent, an invention must fulfill three main criteria: novelty, non-obviousness (inventive step) and industrial applicability (usefulness). A detailed description of the invention must be submitted, which becomes public after the grant of the patent. Copyrights: As the name implies, and in contrast to patents, copyrights do not protect the intellectual content itself, only the reproduction of that content in tangible form. Copyright is granted without any registration or application procedure to authors of original works, and also to computer software and databases. A copyright holder cannot prevent others from using the copyrighted material in development of other original works, as long as it is not directly copied. The period of protection is normally  granted by adding 50 years to the life of the author, or 50 years  only when the author is a corporate body. Trademarks: Names, signs and symbols used to identify goods or services can be registered as trademarks. There is no limit to the period of protection  given the trademark continues to be used. Trade secrets: The right to keep trade secrets (confidential business information, undisclosed information) is protected through civil and/or criminal law. In the nature of the case, there is no registration procedure, nor is there any exclusive right guaranteed. Industrial designs: The form of an industrial product can be protected. Exact requirements for protection vary widely between countries. Layout designs (topographies) of integrated circuits: A recently created Sui generis2 IPR similar to copyright, although with much shorter term of protection, typically 10 years. Only the right to reproduction and distribution is protected, not use in further research and development. Plant breeders right: A Sui generis IPR specifically created to protect new plant varieties. Varieties can be registered provided they are new, stable, homogenous and distinguishable. Protection is similar to a copyright in that it protects the rights to sell and distribute propagating material, while use of the protected variety in further breeding and development is not restricted. The term of protection is comparable to that for patents, around 20 years. Geographical indications: Typically used for food products and in particular for wines and spirits, these are signs or names which  indicate that a product or service originates from a particular  geographical location. Utility model: Sometimes referred to as petty patents, this more unusual form of IPR provides protection for models and designs. Although there are normally requirements for novelty and inventive step, these are less strict than for patents, and examination is simpler or sometimes nonexistent. The term of protection is correspondingly shorter, typically less than 10 years. Expanding IPRs in Developing countries is still a major concern for policy makers and a constant topic of discussion and debate among the civil society. There is considerable speculation on the impact that expansion in IPRs will have on Research Development, technology transfer, and economic development in developing countries. 2.1 DEFINING DEVELOPING COUNTRIES Developing countries  a term referring a nation with a low level of material well being. There is no one single agreed upon internationally-recognized definition of developed country, where the levels of development may vary widely within some developing countries, which result in some developing countries having high average standards of living.   Some international organizations like  the World Bank strictly use   numerical classifications. The World Bank considers all low- and middle- income countries as developing. In its most recent classification, economies were divided using 2008 Gross National Income per capita. In 2008, countries with GNI per capita below US$11,905 were considered as developing countries. While other institutions use less specific definitions. Newly industrialised countries are those countries with a more advanced economy than other developing nations, but which have not yet completely demonstrated the signs of  developed country. Therefore,it seems quite difficult to get an exact definition for developing nations. The characteristics of developing countries can vary from one person or organization to another.  The World Trade Organization (WTO), for example, recognizes some nations as developing countries but mainly allows the members to classify themselves. Therefore for each, the standards and definition could differ. Generally, everyone agrees that developing countries are poor. But what is the meaning of poor? The range of poverty found  greatly varies in developing nations. A person from one developing country may travel to another which seems richer and may not realize that the two nations carry the same status. This reveals a common misconception; which is ,people believe that in developing nations everyone is poor. In almost every developing country, we can find wealth and luxury. However, these wealth and luxury is usually concentrated only among a small portion of the population, thus, the majority of the people are usually poor. The lack of income, skills and knowledge often affect the source of revenue and standard of living of the average citizens; Leaving large portions of the population, without water or electricity in their homes, and limited access to quality medical care. There may be inadequate military resources to protect the population during times of attack or unrest. Developing countries generally suffer from inadequate social services programs, if they have them at all. For that reason, it is common to find aid groups active in developing countries which provide the citizens with items, such as food, medicine, and education, which would be inaccessible to them otherwise. Other aid groups work is to  protect human rights, which are commonly violated. In the following sections, we present a conceptual analysis of the issues, challenges and options faced by developing countries in expanding their IPR framework. For a long time, Developing countries have been facing demand from developed nations to implement intellectual property rights. The main concern by the developed countries was to protect the inventions or innovations in the developing countries from the dishonest replication and copying. The debate among both developed and developing nations is getting more prevailing since the last two decades. The protection for the innovation has been extended from innovation to discovery, from mechanical devices to living organisms (Bystrà ¶m et al., 1999; chakravathi,1999); from privately funded research and development to publicly funded scientific and technological results; from information technology to information about scientific information (David, 2000); from industrial products and technological processes to services,financial and administrative methods (Lerner, 2000) and from `brick to `click trademarks (Bubert and B ning, 2001).However the emerging countries are divided on the basi s of their economic situation, foreign direct investment and technological sophistication.  The concern for the developing countries is the economic implications for the execution of such intellectual property regimes in their respective countries. The case can be even more harsh for the Least Developed Countries (LDCs), where intellectual property rights are seen as the driver for the high technology cost, difficulties to access technology by the public. On the other hand, higher technology transfer with foreign direct investment may somehow excuse such establishment. However such `lucrative offers in exchange for intellectual property rights in the developing countries, are according to some developing countries, in view of the developed nations benefits and not to raise the economic conditions of those developing countries from their present states. The debate for the introduction of `proper intellectual property rights in the developed countries is motivated since the modern c ountries faced a menace to their innovative technological and non-technological inventions and their commercialization in the emergent countries. Until now, several measures, particularly led by the United States have  indeed  enforced the implementation of intellectual property rights in the developing countries, specifically backed by the strong business communities in the United States. 3.1 HISTORICAL PERSPECTIVE Intellectual Property Rights are among those sensitive areas for developing countries whose correct execution and timing could boost the socio-economical situation of the developing countries. However, debates on the policies on intellectual property rights in the developing country have followed a pendulum like movement (Forero-Pineda, 2006). United Nations took the responsibility to highlight the importance of technology in trade and development, cooperated by independent economists from developing countries. The main dispute was the problem of monopoly and oligopoly in the technology markets thus preventing developing countries from having fair access to technology (Cruz, 1998) and its associated benefits. Penrose in 1951 also stressed that it is virtually inevitable for the developing countries to benefit from the strong intellectual property rights owned by  inventors  in the urbanized countries. From global welfare perspective, arguments on the fact that developing countrie s having weaker intellectual property necessarily means that  inventors  in industrialised countries would lose is not true, however only the relative economic benefits associated with such inventions could be less. From the years 1950s to 1980s, developing countries were able to abstain from the implementation of intellectual property rights, maintaining a special status in the IPR system (David, 1993, p.19). Regional trading blocs like Latin American Free Trade Association (LAFTA), the Andean Pact, and other pacts among the developing countries pursued the common system of intellectual property rights. In 1970, India was the first developing country to adopt a patent law with substantial restrictions on the patent holders (SUNS/IPS, 1995)3.  Raghavan in 2001 argued that the choice of process patents rather than product patents allowed local production of imported products given that the use of a different process was demonstrated. Such legislation in India had the biggest impact on its pharmaceutical industry, making it one of most competitive in pharmaceutical research and development. Those practices were carried out in Brazil and Argentina which set up their own national offices which wer e charge of controlling technology transfer and contracting. Yet those practices and initiatives could not pilot a consolidated intellectual property and technology transfer offices, in lines to the European countries (Cruz, 1998).  In the mid 1980s, a shift in this scenario began to occur on the United States Government initiative. Responding to the concerns of the US based firms, and in context to the agreements with advanced countries, David, in the year 1993, concluded that US followed `a direct, unilateral course of action, instead of renegotiating the international intellectual property rights agreements i.e., Paris or Bern Conventions. Such type of intellectual property regulation was further enacted in Uruguay round of 1990s negotiations, as part of conditions to join the World Trade  Organization. In developing countries, the terms of the debate changed beyond what could be expected; Local interests in support of enforcing stronger intellectual property protection had emerged, together with the commercialization of imported goods and with the development of local technology. Products such as software, video films and music are easier to copy than traditional industrial products are to copy. For this reason, copyrights have been the focal point of debate for less developed countries, whereas in newly industrialized countries, both in Asia and Latin America, patents and trademarks are issues. Passing from 1970s and 1980s, very recently the debate for introduction of intellectual property rights in different systems within different regions of developing countries have spurred. The main concern, as obvious was raised by the highly influential business lobbies and association in most the developed nations, led by United States. As discussed earlier, United States rebound to the similar kind of strategy by offering market access, technology transfers and foreign direct investments in the (developing) countries, which will successfully implement the intellectual property regimes. Somehow, this was and still a very lucrative incentive for the developing countries, which would definitely raise their present economical conditions, however the policy makers in these countries have different perspective. The  u-turn in the developed countries strategy is to position differently the impact of implementation of intellectual property protection in developing countries, as it was do ne in negotiations at Doha Round of the WTO on  the Trade Related Aspects of Intellectual Property Rights (TRIPS). The  Doha Round of discussion was meant to exclude the development related IPR issues as the cost of medicines, agricultural products, bio-diversity or genetic materials (Lall, 2003). Doha Declaration classified the countries based on their domestic technological imports, research and development and their innovation system. 4.1 IPR IS IT A BENEFIT OR A DETRIMENT  FOR DEVELOPING COUNTRIES? According to World Bank Global Economic Perspective, there are certain specific reasons for developed countries, and interestingly for the developing countries to follow the TRIPS agreement, i.e., it may provide developing countries better access to agricultural and apparel markets in rich nations, an expectation that stronger IPRs would also encourage additional technology transfer and innovation.   However, according to World Bank,  the promise for long-term benefits seems uncertain and costly to achieve in many nations, especially the Least Developed Countries (LDCs). In addition, the administrative costs and problems with higher prices for medicines and key technological inputs loom large in minds of policy makers in developing countries. Many are pushing for significant provisions in the agreement. Certain developing countries also applied for the provisions in implementation for the patent protection, particularly in pharmaceutical industry. Certainly there are specific short-term costs associated with intellectual property rights for the developing countries, like higher prices for the technology and protected products. Given this, the case for stronger intellectual property rights in these countries must rest on long term benefits like larger technology or foreign direct investment inflows and stronger stimuli to local innovation. This  would be an economic case only if the present value of these benefits is more than the present value of these costs. Given the mechanics of the compound interest, this means that the long-term benefits would have to be very large indeed, particularly if they accrue after some time. Some countries have also agreed to support TRIPS in return for the concessions in other (non technological) spheres of economic activity, such as larger aid, freer access to developed country markets for primary exports and so on. Whether they actually benefited in these ways remains an open question, since neither the costs nor the benefits of TRIPS related concessions have been properly measured. However the discussion might be fruitful, if the implementation of intellectual property rights are associated with the state of economy of the country in which it is being implemented, for instance in the case of developing countries. One main fact regarding the IPR is the certainness of the benefits to developed countries by implementing the intellectual property rights in developing countries. Nevertheless such implementation would also stimulate the local innovation in the developing countries, allowing them to import the foreign technologies and have hands-on experience in learning and using the technologies. The state in which  present developing countries is analogy of the state in which the developed countries were in the era of their industrialization, by having weak intellectual property rights, to promote, build and foster the development of local firms and industries. Theory also suggests that the benefits of IPRs rise with income and that at very low levels the costs o f strengthening IPRs may well outweigh the gains. In a world where  so many industrial country firms are acquiring strong  intellectual property rights, often covering fundamental research tools (e.g., tools used for genetic transformation) and marketable products, it is becoming difficult for developing countries to play isolationist and ignore IPR policies. Given the concerns highlighted in the previous sections, the challenge for policy makers in developing countries is to strike a balance between their need to access modern technologies and developed countries need to access the markets and biodiversity. Policy makers in developing countries need to also ensure that the Research and Development sector serves the country well and safeguard the interests of local companies Scope of protection Policy makers face the difficult task of defining the scope and breadth of protection (within the minimum standards framework defined by WTO) so as to maximize social welfare and to achieve certain distributional objectives. Too weak protection may lead firms to invest less than socially desirable in the creation of new knowledge. Overly stringent protection may lead to wasteful research spending as firms compete to be first to innovate, which may make public research more socially desirable than private Research Development. Only rarely will a single level of protection for all technologies or sectors maximize domestic welfare as the trade-off between the economic benefits of innovation and imitation will depend upon the sector involved. Complying with various international treaties. Developing countries are under pressures of not only the TRIPS Agreement but also other international treaties and conventions such as CBD, which have conflicting requirements in terms of protecting a countrys natural resources and intellectual property. The laws and regulations for intellectual property protection in developing countries have to meet the international standards and practices specified in the TRIPS Agreement and, the CBD (if they are members of both treaties). If they chose to join UPOV they will also be bound to accept the requirements of the UPOV Convention. Social and Administrative costs. IPRs may have social costs if the granting of temporary monopolies, lead to excessive rent seeking by firms. To minimize these social costs, governments will need to ensure competition from both private and public sector. The public sector may have to play an important role in continuing research in traditional crops and technologies and strengthening capacity in modern biotechnology research.   Legislation without implementation is of little value; and implementing the IPR system involves a number of administrative and institutional costs to the society. These include the costs involved in developing the appropriate laws and enforcement mechanisms within each country. Patent examiners need special training to deal with biotechnological applications or countries need to hire new examiners with degrees in biology and biotechnology. For PVP, an appropriate administrative system must be established. WIPO and UPOV operate training schemes for developing countries and provide assistance to those seeking to implement the TRIPS Agreement. Empirical evidence suggests that these direct costs to the society could be particularly large in a developing country. Enforcement legislation.   TRIPS is the first agreement in the IPR field to create direct obligations to enforce the protection granted. It sets standards both for civil and criminal law. In the fields of copyrights and trademarks, it also requires that customs authorities assist right holders in preventing trade with counterfeited or pirated goods. For most developing countries, there will be a need both for new legislation and perhaps even more for strengthening capacity in the judiciary, in customs, and in the police force. Particularly in countries where illegal trade in copyrighted or trademarked goods is widespread, this may be a major implication of TRIPS. Infrastructure and human capacity. In many cases, TRIPS will entail a considerable need for investment in infrastructure and human capacity. New forms of IPR, as well as expansion of existing systems to new fields of protection, will require increased numbers of staff, better training, and new computer and administrative systems. The expansion of IPRs to living organisms will require access to systems for deposition of biological material and facilities for identification of plant varieties, both entirely new branches of activity for most developing country IPR administrations. Costs of implementation. Apparently, no attempts at estimating the costs of TRIPS implementation were made prior to the finalization of the agreement. Some rough estimates done later by UNCTAD and the World Bank (UNCTAD 1996, Finger Schuler 1999) have not yielded reliable figures but indicate that the costs may be substantial, in the magnitude of 10 or more million dollars per country. Costs can be expected to be relatively higher in less developed countries, because they start from a lower level of IPR legislation. It is likely that in many developing countries, much of this cost will need to be covered by development assistance funds, at least the initial investment in new legislation, infrastructure and human capacity. At any rate, especially in LDCs, TRIPS implementation will directly compete for resources with other development needs. However, IPRs can also be beneficial to Developing countries.It is widely assumed, especially at the policy level in developed countries, that strengthened IPR protection will generate economic benefits for developing countries. It has also been argued that this will more than offset the cost of TRIPS implementation. In particular, the importance of strong IPRs for attracting foreign direct investment (FDI) is routinely cited as a key mechanism to this effect. The scientific literature is however inconclusive on this point. There are studies which demonstrate some correlation. But there are also studies which document substantial increases in FDI despite weak IPR protection (Kirim 1985, cited in South Centre 1997), and studies which show little correlation between strengthened IPR protection and changes in FDI. The provisional scientific consensus appears to be that the level of IPR protection most likely is one factor influencing FDI decisions, but far from the only one and not usually the decisive one. With standardization of IPR protection under TRIPS, differences in this respect will no longer exist and other factors will decide FDI choices. Moreover, it has been argued that the TRIPS agreement may also lead to reductions in the flow of FDI (South Centre, 1997); with stronger IP protection, the risk of imitation will be lower and title-holders may prefer export of products rather than local production in export market countries. It has also been pointed out that any benefits will likely be concentrated in NICs, while LDCs and other countries at the opposite end of the development scale will risk net costs even over the longer term (UNCTAD 1996). Strictly speaking, however, even if economic benefits from strengthened IPR protection could be conclusively demonstrated, they would not be benefits of TRIPS implementation, but of IPR implementation. Also before TRIPS, developing countries were free to implement TRIPS levels of IPR protection, or indeed higher levels, if they saw fit. None of the potential benefits of IPRs depend on the existence of TRIPS. What would need to be demonstrated are benefits of having mandatory minimum standards of IPR protection, which is the only new contribution of TRIPS. These administrative costs may only be partially borne by governments.Patent and trademark offices can be self-financing operations through the levies from application and renewal fees. A careful balance has to be struck, however, between generating revenues for the administrative office and keeping fees sufficiently low so as not to exclude small-scale inventors from the IPR system. An alternative to reduce administrative costs is to contract researchers at universities and other institutions to provide technical reports (the cost of which should be borne by the applicants). Another alternative is to provide for a deferred system (which exists in many countries), whereby a special request for examination needs to be made by the applicant during a certain period (UNCTAD 1996). The rationale for this system is that some inventors may decide to abandon the application, thus reducing the number of applications to be examined by the patent office. Yet another option for keeping the costs of running the patent system down, as is the case in South Africa, is to not require any patent examinations and let the patent holders defend their patents in court. 5.1 FACTORS TO BE CONSIDERED Administrative costs are likely to increase with the implementation of the IPR framework. But these should be viewed in light of the costs of alternatives. Thus, an important question that policy makers need to address is whether the costs of setting up a patent or a PVP system are large relative to the cost of strengthening public sector research and development in agriculture? Intellectual property protection provides greater benefits than costs in the advancement of science, technology, and economic performance. However, the benefits of intellectual property protection often accrue in the future, thereby making the near-term costs seem large. The protection benefits both private and the public sectors and it is the allocation of the return, which is determined by public policy. Yet another factor that policy makers need to consider in establishing an IP system is the cost of protection to the innovators as well. The standard system of patenting would be inaccessible for many small entrepreneurs and grassroots innovators due to limited resources and their risk-averse nature. National governments may have to think about establishing innovative low cost system like Petty Patents that can ensure protection for shorter time at lower cost (Gupta 1999).12 Petty patent will help small entrepreneurs to explore the commercial application of their invention in a given (shorter) time. Later they can choose to go for regular patent or else their petty patent expires and their invention becomes part of regular prior art. Some recommendations on how developing countries can reduce the cost of implementing  IPR: Developing countries need to be given a greater sense of ownership and involvement in the IPR system. Many  see TRIPs as primarily a mechanism for shifting profits to creative interests in rich countries. Thus it is important for developed countries and multilateral organizations to provide adequate technical and financial assistance for implementation of the new standards in developing nations, to remove impediments to future technology flows, and to meet and extend their own commitments to liberalize market access for products of interest to poorer countries (notably apparel and agriculture). Assistance should aim to develop rights and opportunities suitable to the needs of entrepreneurs, inventors, and artists in poor economies. Analysis is also needed of potential mechanisms for securing the rights of developing countries to export interests of their own such as geographical indications, traditional knowledge, and genetic resources. Sensible methods need to be found for balancing rights of patent holders in pharmaceuticals against users needs for product availability at reasonable cost. Evidence  in the book points to potentially large increases in drug prices in developing countries as patents are implemented. Governments should work to offset these impacts by using innovative procurement programs. In particular, development and transfer of treatments and vaccines for diseases in the poorest countries should be expanded via public-private partnerships. WTO members should not rush to expand multilateral protection in controversial areas until we know more about how new systems function. Requiring  broad scope for biotechnology patents, and extending them to plant and animal varieties, could damage the interests of lagging countries in return for little gain in innovation. Many countries need to adopt or strengthen systems of plant breeders rights and it would be premature to req