Tuesday, August 25, 2020

A Biography of US Senator Rand Paul

A Biography of US Senator Rand Paul Rand Paul is a Republican United States Senator from Kentucky with traditionalist libertarian see focuses, and the child of previous Congressman and customary presidential competitor Ron Paul. An eye specialist by profession, Paul has been hitched to his significant other, Kelly, since 1990 and together they have three children. While Paul has restricted political history, he was a successive campaigner for his dad and furthermore the author of a genius citizen bunch in Kentucky, Kentucky Taxpayers United. Appointive History: Rand Paul has a restricted political history and didn't make a pursue political position until 2010. In spite of the fact that he began as a twofold digit dark horse to Trey Grayson in the GOP essential, Paul exploited the rebellious opinion inside the Republican Party and was one of some since quite a while ago shot untouchables to remove GOP-sponsored applicants. With the support of the casual get-together, Paul proceeded to crush Grayson 59-35%. Democrats accepted they had a better than average possibility in the general political race against Paul because of his absence of political experience. They party picked the genuinely well known state Attorney General, Jack Conway. Despite the fact that Conway drove in early surveying, Paul proceeded to win by a genuinely agreeable 12 focuses. Paul was sponsored by most moderates and casual get-together gatherings, including Jim DeMint and Sarah Palin. Political Positions: Rand Paul is a moderate libertarian who is ideologically-lined up with his dad, Ron Paul, in general. Paul is firmly for states rights in general and he accepts that the government should just administer where it is naturally approved to do as such. He accepts hot-button issues, for example, gay marriage and cannabis sanctioning ought to be up for each state to choose, which likewise is by all accounts a rising assessment inside the preservationist development. Paul has likewise been a significant figure in minority outreach and a significant defender of criminal equity change. Rand Paul is genius life, which is maybe where he digresses most from the bigger libertarian development. He restricts government subsidizing of nearly everything, including fetus removal, training, human services and other extra-protected issues that are intended to be dealt with by every individual state. The primary region of worry for moderates with respect to Paul is on international strategy. While Paul is plainly on the less interventionist and less dissident size of international strategy, he isn't exactly the fanatic his dad was on the issue. He is firmly contradicted to NSA spying programs. 2016 Presidential Run: Getting back on track, Rand Paul reported a run for the 2016 GOP selection for President. While he began with tolerable numbers, his ubiquity accepting a plunge as he endured a bunch of poor discussion exhibitions. While his dad regularly involved the wild outsider job in presidential races, Rand Pauls increasingly estimated approach really appears to have harmed him. The anarchistic group floated away from the Ron Paul/Rand Paul side and over to Donald Trump and Ted Cruz, both who have out-moved Paul. His international strategy sees have likewise become a risk as the Republican Party has moved back to a progressively hawkish position following the off-hands approach of the Obama White House. This has prompted the incidental to and fro among Paul and individual contender Marco Rubio, who has regularly came out to improve things. Monetarily, the Paul crusade has battled and it has stayed in the base crosspiece of applicants. His surveying has likewise slacked, and he has continually attempted to stay over the discussion limit. A few Republicans have called for Paul to abandon the race and rather center around his 2016 Senate run as they dread he is squandering important assets while harming his own fame.

Saturday, August 22, 2020

Censorship and Banning Books essays

Restriction and Banning Books papers After some time at some point, there has been issues about right to speak freely and restriction. I accept that there are scarce differences to where there ought to be oversight, however not in all instances of what we see, read, or hear in regular day to day existence. Books ought not be restricted in light of the fact that it conflicts with everything that our nation was established for, opportunity to be what you need to be, to peruse what you need to peruse, and state anything you desire to state. I feel that I ought not be determined what to peruse and what not to peruse. Individuals need to have an independent perspective and not let others settle on choices for them. Question Authority. Contemplate what individuals instruct you to do. Do you feel it is correct? Utilize your own judgment admirably. At that point close your own assessments on what you are told. The primary explanation books are prohibited from schools is a result of sexual substance, utilization of irreverence, or the manner in which the book may impact you. Individuals in our general public today ought to be sufficiently astute to think by what they see and not by what they hear. Restriction could be characterized as any individual or a gathering of people attempting to force their ethical quality on all of society all in all. While its significant that we live in an ethical society, the degree of profound quality would be set up normally by and through the conclusions on society overall. Not by any individual or little gathering. Our nation was established, there was something written in the Constitution called the First Amendment. The First Amendment gives us the opportunity we need to think, see, talk, hear, and so forth what we need to observe. Prohibiting books removes that opportunity of the Constitution. The primary motivation behind books are to instruct. In the event that the book doesn't fill that need, odds are it wont be utilized by any stretch of the imagination. Society ought not so much be worried about books with no reclaiming esteem being utilized in schools. On the off chance that they have no an incentive to them, odds are they won't be utilized. Individuals need to show signs of improvement comprehension of things and th... <! Oversight and Banning Books papers After some time at some point, there has been issues about right to speak freely and control. I accept that there are almost negligible differences to where there ought to be control, however not in all instances of what we see, read, or hear in regular daily existence. Books ought not be prohibited in light of the fact that it conflicts with everything that our nation was established for, opportunity to be what you need to be, to peruse what you need to peruse, and state anything you desire to state. I feel that I ought not be determined what to peruse and what not to peruse. Individuals need to have an independent perspective and not let others settle on choices for them. Question Authority. Contemplate what individuals advise you to do. Do you feel it is correct? Utilize your own judgment admirably. At that point finish up your own sentiments on what you are told. The fundamental explanation books are prohibited from schools is a direct result of sexual substance, utilization of foulness, or the manner in which the book may impact you. Individuals in our general public today ought to be sufficiently shrewd to think by what they see and not by what they hear. Control could be characterized as any individual or a gathering of people attempting to force their profound quality on all of society all in all. While its significant that we live in an ethical society, the degree of profound quality would be built up normally by and through the suppositions on society in general. Not by any individual or little gathering. Our nation was established, there was something written in the Constitution called the First Amendment. The First Amendment gives us the opportunity we need to think, see, talk, hear, and so on what we need to observe. Prohibiting books removes that opportunity of the Constitution. The fundamental motivation behind books are to teach. In the event that the book doesn't fill that need, odds are it wont be utilized by any stretch of the imagination. Society ought not so much be worried about books with no reclaiming esteem being utilized in schools. On the off chance that they have no an incentive to them, odds are they won't be utilized. Individuals need to show signs of improvement comprehension of things and th... <!

Sunday, August 2, 2020

Alcohol in College Scotland and the US

Alcohol in College Scotland and the US What the Americans can teach the Scots about drinking In todays The Sunday Times, one of the United Kingdoms most respected newspapers, rising MIT sophomore Grace Kane 11, a native of Glasgow, Scotland, authors an article commenting on alcohol culture in the US and her homeland. The reason for the commentary is a proposal to clamp down on binge drinking in Scotland by people under the age of 21, though the legal drinking age is 18. You can read about it here, but the basic story is: Proposals to tackle Scotlands binge-drinking culture have been announced by the Scottish Government. The plan would see anyone under the age of 21 banned from buying alcohol in off-licences and set a minimum price at which a unit of alcohol can be sold. The consultation document also proposes ending some cheap drink promotions and making some retailers help pay for the consequences of alcohol abuse. Graces article is a great read, and not only because it is fun to see British terms like Freshers week. It is very interesting to see the American (and MIT) college social life from a different perspective. Check it out: From The Sunday Times June 22, 2008 What the Americans can teach the Scots about drinking Grace Kane 11 Freshers week means just one thing for most first-year students â€" a big, happy cloud of collective inebriation. I was one of those new students last September, but while my former school friends enjoyed discount vodka shots in the union bars of Britain, I was 2,000 miles away, building a robot. I was in the middle of “freshman orientation week” at Massachusetts Institute of Technology in Boston, in a country where the legal drinking age is 21. It was a culture shock. How would a bunch of 18- and 19-year-olds â€" particularly MIT’s infamously geeky crop of scientists and engineers â€" socialise with strangers without the help of alcohol? I had visions of sober and awkward all-American activities. Although sober, orientation week was not awkward in the least. We went sailing, toured the city, took a trip to Cape Cod, ate our weight in free food and got to raid one of the labs to build submarine robots from spare parts. I had fun and made friends that will last through college. All without the help of so much as half a bottle of Bud. So I am not one of the young Scots protesting about “demonisation” in response to proposals to stop us binge-drinking. Under the plans, alcohol will no longer be sold to under-21s in off-licences and supermarkets. There have been warnings that the measure will be extended to pubs and clubs, as in the US, forcing us all to abstain or break the law. Ross Finnie, a Liberal Democrat MSP, has written to every student union in the land warning of dark, dry days ahead. The Tories have joined Finnie and the drinks industry in wailing disapproval. In my experience, however, raising the legal age to 21 has many merits. America isn’t filled with teetotal, bored young people. Its full of young people who have other things to do. I was sceptical at first and slightly disappointed to celebrate my 18th birthday last September with cake and soda. But as my first year passed, I noticed that I seemed to have more money than my friends back home, even though we were on the same tight budget. I also had more free time, even though I had more coursework. Young people in America play more sports than here, and not just the “jock” types. Everyone has a hobby or talent â€" from fairly typical ones such as sailing, theatre and music, to extremes like skydiving and fire-breathing. A few undergraduates I know have already started their own businesses. At MIT a great deal of energy goes into complex practical jokes, called hacks, such as putting a life-size fire engine on the main building’s famous dome. Too many students in Scotland, on the other hand, just go to the pub. It sounds like the old stereotype: American enthusiasm versus British apathy. But people in the US do seem to care more about life. Perhaps this is because they spend their free time doing stuff they love, rather than using it to forget about the rest of the week. Of course, young Americans break the law and drink underage. But it’s much harder than it is at home. Teenagers in Scotland can get hold of booze so long as they have a tall, stubbly 14-year-old friend with a vaguely convincing ID card. In Boston, you need to find someone over 21 to go to a liquor store and present a Massachusetts drivers’ licence. Given the general disapproval of underage drinking, not many adults will do this. In this climate, drinking is regarded more as an occasional treat. American students will go several weeks drink-free between dorm parties, or will store beer in their cube fridges for a particularly bad day. The longer I lived in Boston, the more I realised my attitudes towards alcohol were a bit odd. American students were aghast when I told what I thought were unremarkable stories of elbowing my way through walls of drunks in a Glasgow railway station on Saturday evenings. “But it wasn’t that bad,” I’d reassure my horrified audience. “Only a few people were vomiting in the street and most of them were still walking upright.” In America lots of people will announce, “I don’t drink”, with pride. This is not to say that everyone in the US approves of the legal drinking age. A minority favour liberalisation and argue that young people would drink more responsibly if it was out in the open. They point to cases such as that of Scott Krueger, an MIT student who died of alcohol poisoning weeks after arriving at college. Schools in America have poor alcohol-awareness education, with many teaching only abstinence. Some young people drink themselves to death through sheer ignorance as soon as they get their hands on spirits. Yet despite these isolated tragedies, Americans are generally more careful about where, when and how much they imbibe. Scots, and Britons generally, do themselves more damage despite having responsible drinking messages drilled into them at school. Eventually I curbed my frustration at having to walk past Boston’s Irish bars unable to go inside for a Guinness. I stopped envying pub-crawling friends back home and started to feel I had the better deal. It helps that drink here is more expensive. I can take a day trip to New York City for the price of a bottle of Jack Daniel’s â€" it’s a no-brainer as to how I’d rather spend my Sunday. I go to see bands completely sober and enjoy them all the more. I’ve picked up random skills, such as Chinese juggling and how to construct theatre sets. More importantly, I passed courses such as multivariable calculus and relativistic electromagnetism. I had, in retrospect, a much better first year than if I was freely allowed to drink. So I say to the under-21s in Scotland: don’t be too scared of a drinking ban, even one that goes “all the way”. You might save money, go to new places, find out what Sunday mornings look like. Or at least, get something more out of the next few years than a million drunken photos on Facebook and a slightly degraded liver. Grace Kane from Glasgow is studying mechanical and ocean engineering at the Massachusetts Institute of Technology

Saturday, May 23, 2020

The Thermos And Thermodynamics Physics - 971 Words

The Thermos and Thermodynamics Physics around Campus Phoebe Seaver Physics 102 Spring 2017 In the photo, we see two coffee cups, one that is in an insulated thermos with a lid, and one that is a regular mug open to the air, on a college student’s desk at home during their finals studying. It is well known that as coffee sits in any container, it cools down towards room temperature, making it less tasty to drink once it gets lukewarm or even room temperature. However, if it is too hot, it can burn the drinkers tongue and throat, which is incredibly painful, speaking from experience. The rate at which coffee cools may not seem like a science, but in fact, this plays into the laws of thermodynamics that are present in†¦show more content†¦Often, energy is lost to the surroundings, and not directly transferred from one object to the other. However, a perfect thermos would prevent any heat from leaking out or in. Energy in the form of heat can flow between materials inside the thermos to the extent that they have different temperatures; for example, between ice cubes and warm coffee. The transfer of energy continues until a common temperature is reached at thermal equilibrium (Cutnell 2014). Thermal equilibrium occurs when there is no heat flow between two materials, making them essentially the same temperature. This is why the coffee continues to cool down the longer it is exposed to the air, because heat exchange is occurring, and the liquid is cooling down from its original warmth to be more like the room that is it in, as the room has less heat. This is why a thermos causes the coffee to cool down slower, because the thermos provides insulation against the exchange of heat from the outside. The extra insulating layer is actually a vacuum, or absence of air, formed during the construction of the thermos. The best insulator possible is a vacuum, because there s no air. If there s no air to transfer heat, then the heat is retained where it is (wonderopolis.org). The equation for Specific Heat: . In order to cool down a stand ard 8oz cup of coffee to roomShow MoreRelatedFinding use in â€Å"spacecrafts, pacemakers, underwater systems, electric automobiles, and remote1200 Words   |  5 Pagescaptures these electrons for use to power the device connected to the battery. Now we will discuss a brief history of early atomic battery development. Henry G. J. Moseley, known for developing the Atomic Number and numerous other contributions to physics and chemistry, created the first known atomic battery in 1913 with his demonstration of the beta cell. 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These atoms are always in different types of motion and this motionRead MoreEssay on Tom Stoppards Arcadia2125 Words   |  9 Pages Tom Stoppard parallels the Second Law of Thermodynamics with the human experience in his play Arcadia. The parallelism suggests truths about the evolution of science and human society, love and sexual relationships, and the physical world. The Second Law drives the formation of more complex molecular structures in our universe, the diffusion of energy, such as heat, and is inhibited by the initial energy required to unlock potential energies of compounds. Stoppard takes these concepts and exploresRead MoreThe Effect Of Temperature On Human Body2068 Words   |  9 PagesThermodynamics as a field has many applications- everything from calculating the efficiency of an engine, determining the partial pressures of gas in a reaction to calculating the amount of energy required for a reaction to occur. 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I took Thermodynamics, Electrical Circuits and Machines, Engineering Management and Project Management classes, in these classes I got the highest score among the classmates and it was becauseRead MoreBig Bang Theory vs. Creationism1760 Words   |  8 Pagesstates the universe was created out of nothing since nothing existed before the singularity. This idea, however, violates the First Law of Thermodynamics, which states that matter cannot be created nor destroyed (Strickland, 2008). The continuing formation of stars and galaxies also goes against scientific thinking that can be found in the Second Law of Thermodynamics. This law of entropy suggests that systems of change become less organized over time, which is not the theory presented by scientists concerningRead MoreDesign Of An Integrated Circuit9821 Words   |  40 Pagesactive, were placed over a piece of semi-conductive material ( Germanium piece) that was half the size of a paper clip. The success of this element (called chip due to its small size) containing a few transistors, resistors, and capacitors, led to the Physics Nobel Prize for its inventor in 2000. The design of an integrated circuit involves a development plan, where its functional characteristics and performance will define the elaboration of the logic circuit diagram. Once the diagram is finished, a seriesRead MoreKkkkkkkkkkkkkkkkkkk6406 Words   |  26 Pagesselection, packaging, and manufacturing constraints. AUTO 533. Advanced Energy Solutions* (cross-listed with MECHENG 433) Prerequisite: MECHENG 235. I (3 credits) Introduction to the challenges of power generation for a global society using the thermodynamics to understand basic principles and technology limitations. Covers current and future demands for energy; methods of power generation including fossil fuel, solar, wind and nuclear; associated detrimental by-products; and advanced strategies to

Monday, May 11, 2020

Political Conservatism and the Role of Religion

Quite often, those on the left of the political spectrum dismiss political conservative ideology as the product of religious fervor. At first blush, this makes sense. After all, the conservative movement is populated by people of faith. Christians, Evangelicals, and Catholics tend to embrace the key aspects of conservatism, which include limited government, fiscal discipline, free enterprise, a strong national defense, and traditional family values. This is why many conservative Christians side with Republicanism politically. The Republican Party is most associated with championing these conservative values. Members of the Jewish faith, on the other hand, tend to drift toward the Democratic party because history supports it, not because of a particular ideology. According to author and essayist Edward S. Shapiro in American Conservatism: An Encyclopedia, most Jews are descendants of central and Eastern Europe, whose liberal parties -- in contrast to right-wing opponents -- favored Jewish emancipation and the lifting of economic and social restrictions on Jews. As a result, Jews looked to the Left for protection. Along with the rest of their traditions, Jews inherited a left-wing bias after emigrating to the United States, Shapiro says. Russell Kirk, in his book, The Conservative Mind, writes that, with the exception of antisemitism, The traditions of race and religion, the Jewish devotion to family, old usage, and spiritual continuity all incline the Jew toward conservatism. Shapiro says Jewish affinity for the left was cemented in the 1930s when Jews enthusiastically supported Franklin D. Roosevelts New Deal. They believed that the New Deal had succeeded in alleviating the social and economic conditions in which antisemitism flourished and, in the election of 1936, Jews supported Roosevelt by a ratio of nearly 9 to 1. While its fair to say that most conservatives use faith as a guiding principle, most try to keep it out of political discourse, recognizing it as something intensely personal. Conservatives often will say that the Constitution guarantees its citizens freedom of religion, not freedom from religion. In fact, there is plenty of historical evidence that proves, despite Thomas Jeffersons famous quote about a wall of separation between church and state, the Founding Fathers expected religion and religious groups to play an important role in the development of the nation. The religion clauses of the First Amendment guarantee the free exercise of religion, while at the same time protecting the nations citizens from religious oppression. The religion clauses also ensure that the federal government cannot be overtaken by one particular religious group because Congress cannot legislate one way or another on an establishment of religion. This precludes a national religion but also prevents the government from interfering with religions of any kind. For contemporary conservatives, the rule of thumb is that practicing faith publicly is reasonable, but proselytizing in public is not.

Wednesday, May 6, 2020

John Marshall Free Essays

John Marshall, whose most notable political role of Chief Justice of the United States, played a major role in defining the American legal system, he was also known as one of the best Chief Justices that ever lived. For 34 years as Chief Justice, Marshall made significant contributions to the development of the U. S. We will write a custom essay sample on John Marshall or any similar topic only for you Order Now Constitution through his high profile Supreme Court cases, such as Marbury v. Madison, McCulloch v. Maryland, Cohen’s v. Virginia, and Gibbons v. Ogden. These Supreme Court cases and others were approaches to help bring more federal structure to the U. S. Constitution. Marshall’s thirst for political knowledge at an early age, his contribution the judicial system, and dedication to political reform make him one of the most influential figures in American history. Early Life John Marshall, one of fifteen children, was born on September 24, 1755 in a log cabin in rural Germantown, Virgina. His parents were Thomas and Mary Marshall, who had significant status among the citizens of Germantown. Although Marshall’s parents were not formally educated, they ensured their children had a good, quality education. Marshall was homeschooled and often supplemented his reading from books in George Washington’s library. Marshall’s father and George Washington worked together as surveyors and became close friends. Washington would later become one of Marshall’s greatest heroes. Desiring their son to become a lawyer, Thomas and Mary sent Marshall to William and Mary College where he spent several weeks listening to George Wythe’s lectures on law, which was Marshall’s only means of formal education. At the age of 25, Marshall left William and Mary College and pursued a lawyer’s position in Germantown, where he later met and married his wife of 49 years, Mary Willis Ambler. Together, they had ten children, with only six living to see adulthood (McGill, 2005). Chief Justice Chief Justice John Marshall served in the Supreme Court from 1801-1835. He was the fourth Chief Justice appointed by President John Adams (Smith, 1996). Marshall was known as one of the greatest chief justices in judicial history. While head of court, Marshall helped establish foundations for the Supreme Court and the constitutional supremacy. Alexander M. Bickel, a sophisticated, constitutional scholar stated that John Marshall was one of the greatest justices due to his decision in the Marbury v. Madison case. Although Marshall is known for many other cases throughout judicial history, including McCulloch v. Maryland, Cohen’s v. Virginia, and Gibbons v. Ogde, the high profile case, Marbury v. Madison, became one of Marshall’s most significant cases and one that established him as one of the greatest supreme court justices who ever lived (Wood, 1997). Marbury V. Madison In Marbury V. Madison, Marshall worked the Judiciary’s claim to apply the law of the constitution exactly the way that courts interpret common law and statues in their role of legal disputes. Marshall was instrumental in laying down the foundation for the rise of the Judiciary. Their goal was to make the Judiciary as one of the top three capital powers of the government. Marshall stated that the constitution was â€Å"a rule for the government of courts, as well as of his legislature†. As he made the issue known, judges could not ignore it. They were duty bound to enforce it by disallowing laws offensive to the constitution. At the time, many Americans had no trouble thinking of constitutions as law but not the kind of law that would be operated in the court system, but John Marshall stated towards the court system, by applying his methods of statutory interpretation to the constitution, he legalized it. He made it amenable to routine exposition and makes it happen. Marshall knew the Judiciary system would always be one of the weakest branches; its effectiveness depended on gaining the agreements of the legislative, executive branches, and of the people. The power that the Supreme Court would enjoy is the ability to persuade the people. Marshall was perfect for the job, and he greatly enhanced that power by his ability of persuasions. The American’s didn’t know anything about the constitution, but Marshall enhanced the knowledge pertaining to the constitution (Hobson, 2002). It is no doubt that John Marshall has made tremendous contributions to the judicial system. His thirst for knowledge at a young age and his political leadership has provided significant contributions to political society. It has been over two-hundred years since Marshall’s appointment; however, the Supreme Court still continues to honor him and his works. Marshall left a legacy that will be admired and written about by political generations to come. Through his works, Marshall helped define our country to what it is today as supported by political author, Jean Edward Smith who stated, â€Å"if George Washington found the country, John Marshall defined it† (Smith, 1996). How to cite John Marshall, Papers

Thursday, April 30, 2020

Reputation in the Crucible free essay sample

Reputation is the estimation or name of being, having, having done, something specified by the general opinion of either a private or public group of people. In Arthur Miller’s screenplay, The Crucible, Miller presents his opinions on the factual truth of the Salem Witch Trials. Various events in Arthur Miller’s screenplay reveal the theme of reputation as being a leading force in the developing plotlines of the story. By doing this, he brings a whole new point of view to the readers of his screenplay. Reputation was extremely important at the time, as in a town like Salem where social standing was tied to one’s ability to follow religious rules. If you had a good reputation, you were more likely to be an upright member of the church and a good Christian. In Puritan times being religious and following the rules of God meant everything. The reputations of many characters in the crucible including Abigail, John Proctor and Reverend Parris were defined by the many actions and dialogues throughout the play, the Crucible. We will write a custom essay sample on Reputation in the Crucible or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A dialogue from Abigail reveals Arthur Millers’ insights on the role of reputation in the society of Salem. Abigail states, I want to open myself! I want the light of God; I want the sweet love of Jesus! I danced for the Devil; I saw him, I wrote in his book; I go back to Jesus; I kiss His hand. I saw Sarah Good with the Devil! I saw Goody Osburn with the Devil! I saw Bridget Bishop with the Devil! (Miller Act I) This quote from Abigail raises her position in society. By Abigail, doing this, the other girls follow; believing this will raise them also in the social ranking of their society. After hearing Tituba confess to witchcraft, Abigail sees this as an opportunity to get herself out of the spotlight, even though she was with the other girls in the forest. After clearing her name, she wanted to move the blame on, she starts accusing falsely the other people of being witches. When this was done, the other girls followed because of the success she had. These girls all cared about their reputation. With their reputation, they believe it is a way out from being trailed as a witch, as everyone else in Salem wishes to do. Abigail caused enough trouble in the court room ruining others reputations in order to save her own, but at the same time risks her own reputation. John Proctor, a farmer who lives outside the town had an affair with Abigail who is just a teenager early on in the screenplay, and is frightened to expose such a thing; he is afraid his name will be ruined. Earlier on in the play, Proctor has a chance to put a stop to the girls being accused of witchcraft; instead he sought to preserve his reputation from testifying against Abigail and revealing his scandalous affair. Towards the end of the play The Crucible, Proctors desire to keep and maintain his good name; leads him to make a courageous choice, by not giving into a faulty confession which leads to his death. Proctor says to Danforth, â€Å"I have given you my soul; leave me my name! † (Miller Act IV) This quote shows that by Proctor refusing to give up or surrender his name and reputation, he redeems himself for his earlier failure and dies with integrity. John Proctor confirms his decision saying to himself in Act IV that he has given his soul and wants to at least keep his name. Proctor gives his last orders as to not destroy his name, because his name means so much to him. He would rather die than live with the rest of the town knowing that he was convicted of seeing the devil and being a witch. In Act II, Proctor says to Putnam, â€Å"You cannot command Mr. Parris. We vote by name in this society, not by acreage. † This quote demonstrates what a big role a person’s name in the society brings to the rest of the town of Salem. Acreage, money or land is usually a way to critique a person, but in Salem, someone’s name or part in society is what they are held as in the eyes of the people. If you have a good reputation then you stand high in the town, but if your reputation is bad and you are convicted of being a witch, that could damage your reputation and status severely. In Act II, Parris says, â€Å"Abigail, I have fought here three long years to bend these stiff-necked people to me, and now, just now when some good respect is rising for me in the parish, you compromise my very character. I have given you a home, child, I have put clothes upon your back- now give me upright answer. Your name in the town- it is entirely white, is it not? This quote proves that once Parris’s authority started to increase, Abigail, his niece had to start trouble, causing many people to look at Parris differently and, causing his power in the society to decrease. Reputation led the Crucible’s many characters to resort to various actions and lies to retain their own character. The pressure of society put forth on the characters, caused a chain reaction of lie and deceit that caused the death of many people. The screenplay the Crucible, was therefore wrought with the theme of reputation as a leading factor in the development of the plotline and story.

Saturday, March 21, 2020

Hebrew Wisdom on Diligence and Laziness Essay Essays

Hebrew Wisdom on Diligence and Laziness Essay Essays Hebrew Wisdom on Diligence and Laziness Essay Paper Hebrew Wisdom on Diligence and Laziness Essay Paper Traveling through the Wisdom Books of the Old Testament. diligence and indolence are a common subject. It is shown many different ways which is viewed more positively and which is looked down upon. Diligence and indolence may be somewhat intertwined. but they are besides wholly separate thoughts. The books of Proverbs and Ecclesiastes provide much of the apprehension to be gained from the Bible on all four of these thoughts. doing them two of the most of import Old Testament books in respects to learning. The books of Proverbs and Ecclesiastes give a overplus of information on Hebrew thoughts sing diligence and indolence. But the first thing that needs to be done is to specify what diligence and indolence are. Proverbs uses sluggard to specify person who is lazy. It is noted that â€Å"A persevering individual. like the emmet. does non necessitate a taskmaster to happen motivation†1. This is contrasted with the sluggard by Proverbs 6:6 ( KJV ) . which states â€Å"Go to the emmet. thou sluggard ; see her ways. and be wise. † This shows the contrast between the sluggard. or lazy individual. and the persevering individual. represented by the emmet. A lazy individual. or sluggard. can besides be described as person who â€Å" can non happen adequate motive to lift out of bed†2. This point is shown in Proverbs 26:14 ( KJV ) . saying â€Å"As the door turneth upon his flexible joints. so doth the faineant upon his bed. † All of this illustrates that Hebrew Wisdo m has a much higher position of diligence over indolence. Wisdom and folly are really far apart in definition. Wisdom can be defined as doing good determinations with the information that you have. Folly. on the other manus. can be defined as doing a foolish determination even cognizing the wise determination would hold a better consequence. Proverbs 5:23b ( KJV ) shows what happens when we use folly. saying â€Å"in the illustriousness of his foolishness he shall travel astray. † This is in contrast to Proverbs 3:13-14 ( KJV ) . which states â€Å"Happy is the adult male that findeth wisdom. and the adult male that getteth understanding. / For the ware of it is better than the ware of Ag. and the addition thereof than all right gold. † This shows that if wisdom is used and gained. so the wagess for wisdom are great. Using hapless judgement. even cognizing that there is a better determination to be made. will do a individual to non follow the righteous way and lead people off from God. whereas utilizing wisdom and doing the pr oper pick will assist people to remain on the way God has chosen for them and take them to great wagess. Ecclesiastes 7:5 ( KJV ) shows us how much the individual who uses wisdom is valued. saying â€Å"It is better to hear the reproof of the wise. than for a adult male to hear the vocal of saps. † This shows it is more of import to listen to a wise individual giving advice than it is to listen to an unwise individual who thinks our foolish determinations are to be celebrated. Geting advice to rectify errors should ever be preferred over being told to do the same foolish determination once more. This point is emphasized in Ecclesiastes 10:12-13 ( KJV ) . saying â€Å"The words of a wise man’s oral cavity are gracious ; but the lips of a sap will get down up himself. / The beginning of the words of his oral cavity is foolishness: and the terminal of his talk is arch lunacy. † This merely proves yet once more that listening to the sap and doing foolish determinations will take to evil and no wagess. This is every bit opposed to utilizing the wisdom of a wise adult male and holding grace with our words and actions. Using wisdom will acquire be rewarded here on Earth and with God. The difference between the individual who is persevering and lazy is an of import subjec t when discoursing the type of work ethic that should be had. Proverbs 10:26 ( KJV ) besides shows how the lazy individual is viewed by those who employ them. saying â€Å"As acetum to the dentition. and as fume to the eyes. so is the sluggard to them that send him. † The lazy individual is viewed as a job to their employers while the persevering individual will assist those who employ them. as stated in Proverbs 10:4b ( KJV ) . â€Å"the manus of the diligent maketh rich. † The diligent individual will convey wealth upon themselves every bit good as those who are wise plenty to use them. This can demo people reading these poetries that the harder you work and the more diligent you are in your work. the more you will be rewarded. Teachings about diligences. indolence. wisdom. and folly can be found all throughout the Bible. The books of Proverbs and Ecclesiastes provide some of the best commentary on all four of these topics. Because of this commentary they provide. these two books are some of the most of import instruction books in the Old Testament. They teach how of import diligence and wisdom are. They besides teach how much we need to avoid indolence and folly because they will non supply the wagess to us that diligence and wisdom will. BibliographyHindson. Edward E. . and Yates. Gary E. The Essence of the Old Testament: A Survey. Nashville. Tenn. : B A ; H Academic. 2012.

Wednesday, March 4, 2020

10 Things Successful People Do on Sunday Nights

10 Things Successful People Do on Sunday Nights Most people find that they dread Sunday evenings. The almost-time-to-go-back-to-work blues set in and the whole world seems to get a little bit more bleak. Even if you love your job, you’re probably not too jazzed about your weekend being over. But the secret to truly successful people, of course, is that they never stop working. And the hours between the weekend and the new workweek are almost always wasted. What if you could put them to better use?Here are a few strategies to get a leg up on the week ahead and set yourself up to be a huge success- or just make sure you use the leisure time available to you to maximize your enjoyment of your free time- which will refresh you best for whatever Monday brings.1. Have FunSuccessful people understand their weekday time constraints, and so they make sure to pack their weekend full of things that will relax and rejuvenate them. See family and friends. Do your favorite activities. And save something really fun for last. That way youà ¢â‚¬â„¢ll be extra focused on the fun part of Sunday night, rather than the less fun part of Monday morning. End on a high note!2. Work OutNever underestimate the power of endorphins. Do a bit of yoga, or a gym class, or a tennis game. You’ll find it centers you for the week ahead.3. Get OrganizedSit down with your calendar and start to plan things for the coming week. Set yourself goals and task lists. Just make sure not to stress yourself out.4. Eat HealthyAvoid the temptation to pig out on nacho pizzas. Try making a healthy evening meal instead. You’ll feel lighter and brighter when your alarm goes off on Monday morning.5. Catch UpSunday night can be a great time to catch up on all the emails, phone calls, and texts you’ve had to dodge during your busy workweek.6. UnplugPut down your phone. Shut your laptop. Don’t check your emails or your texts. Read a book instead, or watch a movie. Reflect on the week behind you and the week ahead. Disconnect for a minute before you have to plunge back into the world.7. VolunteerSundays are a great time to give back. Do something meaningful with your last free day. Put a little time and energy into helping others and your good vibes will carry you through.8. Tidy UpIf your week is super busy, chances are that is reflected in the state of your bag and wallet- crammed with bits of detritus and crumpled receipts. Clean out and reorganize. Make it look good for Monday morning and you’ll feel an extra boost. While you’re at it, try the same trick on your fridge. Toss out expired food and wipe your shelves.9. PlanPlan your outfits for the week. Your grocery list. Your breakfast! That leaves your morning free for clear thinking and concentrating on your day.10. SleepQuality sleep (and a good quantity of sleep) is crucial. You probably aren’t always able to get as much as you’d like. Make sure to make up for that on Sunday evenings.

Monday, February 17, 2020

Women in Chinese society Essay Example | Topics and Well Written Essays - 1250 words - 1

Women in Chinese society - Essay Example The influence of Chinese women of the Later Empire depended on their knowledge of collective ethos and their ability to appeal to the power of the communities. The changes made by women often could have affected their individual lives or those of their close relatives only indirectly, through the mediation of the institutes of the society. The most significant example is widows who ended their lives for the societal ideals, so that the relatives of such women could have been rewarded3. Even without equality with men, Chinese women occupied a significant place in the ethical system of the country. They could have had influence when they accepted the existing laws. However, sometimes they dared to oppose laws or use them cunningly against more powerful members of the society. Thus, the firstsection of this paper deals with the consequences of acceptance of women’s place in the Chinese social system; the second section is dedicated to the means to empowerment in rare cases of women’s resistance to dominant ethical norms. The title comes from the story of Widow Wu from the section â€Å"Women and the Problems They Create†4 about a woman rewarded for her chastity, hard work, and humble behavior. It is remarkable that this was the supreme spiritual authority that rewarded widow Wu, not the society. The widow was just supported, not given extra money for pleasure; her private life also did not change at all. Still, she had more significant achievement: namely, she reached the ethical ideal which was relevant for the representatives of all genders and social classes. In Chinese society, neither women nor men were treated as independent subjects valuable for their individuality, like it would be in Western countries. It follows from â€Å"Family instructions† that young girls and boys were equally part of territorial and generational unity; they had to be loyal to family and performed irreplaceable

Monday, February 3, 2020

How technology has effects on humans everyday Essay - 1

How technology has effects on humans everyday - Essay Example taking part in all spheres of human activities as the prime factor of people, knowledge is increasing due to many challenges encountered such as education, life expectancy, health care, communication, and wars, natural environmental activities among others. As the day goes necessities tend to spawn and most invention is ushered in with the need of the betterment present globalized world that we exist in a time of advanced technology has shifted to more advanced technology in almost every part of our daily live, everything is related in comparison with old gone days, nowadays we have better sophisticated facilities and even better comfort luxuries with the help of newly increased technology (Scardamalia, 1996). There are more impacts with the coming of improved technology in our daily life like the introduction of the mobile technology that is growing immensely as media for interacting and communicating with our relatives living far away. Secondly, when one wants to travel its easier with the help of aviation technology in order to reach distant places within the shortest time possible which used to take a century in older days. Through technology, social networking has made it able to share different ideas and views with people from other three continents (Scardamalia, 1996). Technology has also helped in agricultural fields through exchanging of food and commodities, meet food requirements of varied people all over the world with ease. Through cyberspace, people are able to do many new things, for example, when using the internet to learn distance courses in our colleges and one also takes online courses through the internet which has made the education life easier. Moreover, with the rise of internet technology the world knows one is able to carry business and trade has become very fast and easy and more reliable since it enables people to transact business with someone who is far. Lastly, with the creation of automobile vehicles that assists us to carry out

Sunday, January 26, 2020

Ethical Dilemmas In Uae Animal Testing Philosophy Essay

Ethical Dilemmas In Uae Animal Testing Philosophy Essay Animal testing has been eliciting continuous criticism in the past and at present. Concerning animals being used for research purposes, the concentration is focused on whether man has got any right to use them for testing and whether it is a necessity. Ethically, animal testing criticized through focus on the suffering animals are subjected to during experiments. In spite of this animal testing is also regarded as beneficial as it facilitates medical breakthrough via invention of cures and treatment procedures. The benefits offer grounds for justification of business rights in the field of animal testing. Animal Testing in UAE The UAE government in the year 2005 prepared the scene for the introduction of animal testing in Dubai under the Dubai Biotechnology and Research Park Foundation. The project was geared to enable Dubai to attain its 2010 vision of being a city with booming economy based on technological research. To achieve this, UAE ventured in to the biotechnology research and development and manufacturing business. The UAE Biotechnology majorly deals with research on medicine, genetics and stem cell. All this progress requires to a great extend the employment of animals so as to ensure the success of the project. With the government channeling a lot of resources towards the same, the argument for the government to withdraw from the same to uphold animal rights is likely to be unsuccessful. This research has also opened trade opportunities for UAE. The government has linked with other nations and business partners to ensure the supply of the required resources and delivery of end products to the ma rkets. There are no strict regulations restricting animal testing in Asian countries unlike in western countries like the UK but only activists of animal rights advocate for a check to the practice (Animal Testing in Asia, 2011). For instance, cases of cruelty on animals have been rampant but the perpetrators go unpunished due to government laxity on the matter. It is known that a law forbidding animal cruelty has long been drafted and approved by UEA government but the same has not been effected (UAE animal cruelty law, 2007). In essence, the UAE government to a great extend encourages animal testing activities which are regarded to be against ethics and morality. The campaign against animal testing is not welcomed by business activists and scientists who claim that it is not possible to ban animal testing on medical procedures and medicines. They argue that research must go on and if use of animals is banned, then man will be used for the researches. The use of humans in research proves to be fatal and could not be welcomed in the society on the base of ethics. Societal attitudes have played a role in low regard of animal rights in the context of testing. The UAE society is markedly a society with a lot of cases of animal cruelty and this reflects the reluctance to uphold animal rights. There has been an increase in reported cases of vicious deeds against animals over the recent past with pets being hanged, shot, or even drowned in acid (Gulf News, 2011). This goes on to imply the society would be unpertu rbed by animal testing which might seem as too humane to the affected animals. Animals Commonly Used In Testing Animals are used for various testing on various aspects of human life. Rabbits and guinea pigs for instance are used for cosmetics testing on shampoos, household products and body lotion for they are docile and easy to maintain where medicinal testing is carried on them to identify their toxicity. Rats and mice on the side are used for testing the genetic makeup of man and other features. Dogs are used in applied medical sciences on studies dealing with cancer, lung research, veterinary medicine, orthopedic, microbiology and in analyzing the toxicity of preservatives, chemicals, drugs and additives. Pigs are used in researching for heart diseases and cats on studies pertaining to neurology (Sengupta, 2011). The outcome of all these studies is of great importance to humans and this justifies more research in the path of saving mankind. Suffering caused to Animals Since testing is unnatural to the animals, they suffer in certain ways that they could not be suffering. Genetic manipulation for instance has led to the creation of mice with Huntingtons disease, diabetic mice and obese mice. Moreover, surgical experiments can be performed on larger animals for the practice of human surgery such as on pigs, sheep and dogs (Wise, 2004). Were it not for the animal testing, all these suffering subjected to animals could not be. However, finding the right information concerning the activity of animal testing firms in the Middle East can be so challenging given that those involved are capable of manipulating the information in media reports pertaining to animal testing. Agitators against animal testing argue that there are no valuable benefits derived from animal experiment which can justify the use of animals for the various experiments on issues pertaining to man (Lynch, 1987). Therefore, animal testing is not ethically right given that animals are subjected too much suffering during the research experiment. To make matters worse, some of these animals used for research are purposely bred for the research and their existence is viewed as research oriented. The animals in this case are bred by researchers, for their use and hence any sufferings directed to them are seen as falling within the right of the researchers. The worst problem of all is that human beings treat animals in the way that deem fit for they consider themselves as the dominant species on earth. In so doing, less attention is focused on whether it is ethically right or morally right to cause suffering to animals as long as the outcome is beneficial to man. Moreover, the motive of a nimal testing has brought great debate. Those who oppose the experiments base their argument on the fact that most studies are designed to enhance cosmetic testing rather the advancement of medical science all which are geared to boost business (Wise, 2004). One point used for faulting animal testing is its ineffectiveness in spite of the suffering. Animal testing has not been reliable in the recent past and thus the results obtained may not be extrapolated reliably to man. Furthermore, animal testing does not produce the side effects of the drugs such as hallucination and headache in animals which are common once clinical trials are conducted in man. Consequently, it is not ethical for tests such as LD 50 tests, cosmetic testing, and teaching and military defense tests being conducted on animals for they add no value to the life of man. Commercial Value of Testing In business world in the UAE, animal testing is seen as a necessity and of great significance both in academics and scientific testing. The cosmetics and pharmaceuticals companies are enabled to easily conduct animal testing than human clinical tests by the Food and Drug Administration and this enhances the process of making huge amounts of money. This is due to the fact that majority of human consumer industries such as drugs, food and cosmetics do rely on animal industry heavily as they sell their products and in turn enable these animal testing industries to earn huge returns (Sarah, 2009). In addition, the development of useful products and materials is deemed to surpass the suffering inflicted on animals which are sacrificed for these very purpose especially in the Middle East where vivisection of animals do take place. In addition, animal testing has been emphasized due to the fact that there are no available alternatives which can guarantee the elimination of animals in these testing. This situation is repulsive to people after protection of animals for they consider this activity as ethically and morally wrong. This forms an ethical dilemma due to the fact that as one group is busy supporting a process another is fighting the same. The major concern of those fighting for animals rights is the fact that there are companies dealing in the practice of supplying and breeding of animals for bioscience industry and scientific community for purposes of research and development. As these business men view this as an opportunity of making profits, they in turn breed millions of animals which are killed for purposes of experiment. This implies, for instance, that large numbers of mice are killed even though the animal welfare does not allow records concerning mice to be kept. Justification for Animal Testing The application of animal testing is ethical when applied in the field of medical science. This enables researchers in the field of medicine to come up with drugs which are effective and also ensure surgery or operation undertaken on human beings to be safe. New researchers and medical practitioners orient themselves in the field of medicine and surgery first with big animals which have near functionality like that of man, such as pigs and sheep. Additionally, testing on animals is ethical than testing on human volunteers especially in areas where the research may appear to be fatal. The business rights in the aspect of animal testing are derived from the fact that it is the right of say physiologists to study life. This involves the study of the multitude of processes that makes a living thing; from the functioning of the membrane channel, the hemodynamic of the heart, and the integrative events of the brain and electrical activity of the heart particularly in the Middle East animal industry. The physiologists view this feature as an obligation to them where they consider both the theoretical part and later test their hypothesis practically through the animal experiments. In view of the fact that the process is concerned with understanding life processes, the testing is thus to be conducted in living organisms from cells to the whole living organism and this includes animals and even human beings. Nevertheless, this has raised many ethical issues which leave one in an ethical dilemma of whether animal experiment must be in part performed on animals or on man. This is due to the fact that effective tests are based on perturbing the normal functioning of an organism and on controlled interventions so as to discover the functional genomics. Back to the ethical issue, we tend to analyze if at all we have the right of conducting such experiments which not only interfere with the life of living organisms but also inflicts pain, suffering and even the risk of death (Wise, 2004). Thus, the basic ethical dilemma arises in respect to whether it is right and justifiable for us to indulge in the physiological experiments that are in the interests of scientists which harm the interests of living beings or whether we should refrain from such scientific studies. The justification of animal testing does not end exclusively with the industry and scientific community, but is also based on societys consumption of animal food. Consumption is regarded as oppressive to the animals like research is. This aspect is well revealed on the part of business people who consider it their right to indulge in the practice of trading animal products, whether for research or consumption. Therefore, the parties involved in animal testing argue that as it is thought right for animal products to be consumed, testing on them is also no big issue and thus consider themselves both morally and ethically right when indulging in such practices. Legislation on Animal Testing Governments involvement in either supporting animal testing or working against the same is realized through laid down legislations. The Animal Welfare Act which was passed in the year 1966 apparently requires those companies dealing with the treating of animals to treat these animals with a maximum degree of humaneness thus fostering the animals rights in the long run. Despite the presence of the legislation intended to protect animals being in place the activity of inhumane animal testing has continued to be more rampant. Little has been done in the field of legislation concerning animal use in science for it only excludes any use of animals in the industry for profit purposes. Furthermore, the most conflicting things of this all is the fact that the firms dealing with animal testing are the ones responsible for funding the Biomedical Research and other centers for consumer freedom. This presents an ethical dilemma due to the fact that these animal testing firms spent huge amount of funds in purposeful research and their elimination would mean an end to the research. This therefore makes it hard for the government to close such firms for, by research funding, they play a big role in the growth of the economy. Ethical Dilemmas The key supporters of animal rights argue that even animals are subjects of life and thus are entitled to their rights. They hence call for the adoption of vegetarian diet and abolition of the animal testing or consumption of animal products which has been considered as morally important. The movement against animal testing was able to bring to an end the activity involving nerve stimulation in monkeys in 1985. The animal rights refers to equal consideration in the sense that the interests of animals are met, given that animals have the capacity to suffer both physically and mentally, they should be set free from harm and or suffering caused by human beings intentionally. Some companies in the UAE have come up with strategies aimed at discouraging animal testing. According to Lush (2011), the company does not buy products from companies that commission tests on animals. This brings out the collision of business rights against animal rights. On one side the potential suppliers of this company would feel justified to commission tests on animals while on the other side; they are excluded for disrespecting animal rights. Another ethical issue is the respect for life where man must respect the will and life of other living beings by always being responsible for their wellbeing. Though this aspect is true, it is also ethically right for man to use animals for purposes of biomedical research, food and labor. Businessmen have the right of indulging in such activities that deals with animal products or their usage to earn income (Orlans, 1998). This however brings us to an ethical dilemma given that even those who oppose the move, the animal and antivivisection activists have their right of protecting these animals. A deadlock is thus reached when neither party is willing to compromise on its stand. The fact that mostly, the ethical standards set when using human are different from the standards set when animals are used for testing also raises some ethical issues. Respect for life ought to be the guiding principle for physiological research and this necessitates ethical rules for animals which are similar to those set for human beings. This will help in coming up with rules of what should be done and what should be left out during the experiment. Thus, this calls for researchers to be responsible for their acts thus solving the major ethical dilemma facing man especially when testing physiological theories. Although this principle of respect for life is too general, animals have the right to their own life and as thus man should not do with them as they please. In essence, the advocators of animals rights argue against any use of animal or their products. Man is therefore obliged to uphold moral obligation whereby he should not cause any unnecessary pain or suffering and distre ss to animals. Given that the use of animal testing has been considered unethical, non animal testing should be done. Animals also do have their rights which ought to be protected. Among these rights is the enriched environment whereby the environment in which the animals are confined to is full of things to satisfy the animals species specific needs. This is meant to promote the well being of the animals. Refinement should be undertaken and the discomfort decreased through the provision of necessary anesthesia, care and analgesia. In addition, the animal is entitled to euthanize which is intended to prevent unnecessary suffering to animals through improvement of experimental procedures and determination of a humane end point (Wise, 2004). The future of animal testing is rather promising. This is due to the fact that developments are on the way of coming up with other new alternatives for the use of animals for testing. Technological advancement in the world today has led more research which was once conducted on vivisection to be done on other fields such as computer modeling, improved statistical design, synthetic skin and lastly the Murine Local Lymph Node Assay (MLNA). In addition, the non animal testing methods have proved to be relevant and viable for it encourages a realistic consideration of rather ethical and scientific issues involved in the replacement of animals in medical experiments for non animals. This can be well elaborated by three Rs which are: Refinement, Reduction and Replacement where suffering and distress are minimized in animals. Refinement is necessary given that some tests cannot be conducted in the absence of animals which must be there so as to offer the necessary results required. Reduction of the number of animals is also relevant and lastly is Replacement whereby much emphasis is laid in trying to replace the animals with other non animal resources for research. Furthermore, the fact that animal testing helps in the identification of cures for most incurable diseases, the fight against it in whole does not augur well. One is left to wonder on what discouraging animal testing would do on the struggle towards life saving and what should actually be done towards the attainment of the cures. Business people dealing in animal products daily continue to get more markets for cosmetics and household products derived from animals (Singer, 1990). One is left to wonder which side to support even as he tries to consider both sides. In terms of ethical dilemmas, there is a real battle between the supporters of animal rights and the supporters of business rights. For businessmen, they are to maximize their supply due to expansion of the market of their products and in so doing more animals products are to be involved. The rights of businesses is seen as a threat to the animal population given that the number of animals being employed in the process will increase leaving no room for any development to be done towards the fight for animal rights. One is therefore left to wonder which of the two groups is in the right, for both have their own right which must be respected at all cost, hence an ethical dilemma. When seeking treatment for chronic diseases such as cancer, asthma among others, the animal testing proves to be very essential. The research helps in the identification of the possible cures for the disease. Typically, the research tends to be beneficial to both animals and man. The identification of a drug for certain diseases can be of mutual benefit given that human and animals have got some commonness. Thus, although it appears to be ethically wrong to use animals in testing, it is also regarded ethical when the finding is used for the benefits of animals also. This forms another ethical dilemma for those opposed to animal testing given that the process or research appears to be fulfilling on either side. The proper moral treatment that can be directed to animals is allowing them to possess certain features such as sentience, cognitive capacities, sociability, capacity to flourish and possession of life. The ethical aspect here is arrived when one is in the process of discovering the level of injury inflicted on either animals or man. To some, it is ethically right for research which is conducted on animals such as a mouse for it helps in ascertaining the safety of important chemicals. This chemical is further considered to be of great importance for it is a trade commodity that has high demand in society. The major struggle in this part is in the definition of the limit on moral grounds. According to animal rights activists they argue that animals are experimented mostly out of the curiosity of scientists. They chop, starve or burn them so as to maybe yield something that could be of benefit to human. Some of these experiments could only be right if conducted on cases which do not have alternatives. The campaigns are therefore on the ways of minimizing harm on these creatures and safeguard benefits derived from these experiments. Further discussion brought forward is that although animals lives deserve some respect, the respect is not comparable to those deserved by human lives. The introduction of vaccines, new surgical techniques, artificial limbs and organs and new cancer therapies are as a result of animal testing (Orlans, 1998). Thus, human welfare must be dealt with first than focusing so much attention on animals. The argument for or against animal testing can be settled after a careful consideration of the goals of the research and on whether there is a great probability of success in the experiment. Once this has been obtained, a close focus should be on the animal being used for the experiment and the possible effect presented in the question thereof. This necessitates deeper analysis of these factors that helps in the identification of the need for the testing in order to identify the relevance of the research. If the study is seen to be of great significance to society at large, with less negative effects on the animals in question, then the research can be conducted. But before that, the possible alternatives present instead of animals should be presented so as to protect their interest and to guard against adverse human actions. Despite all these considerations being put in place, coming up with a concrete conclusion on the matter is not easy given that each party possesses different pe rception in respect to ones leaning (Lynch, 1987). The aspect of ethics has been left on the hands either advocates and they are the ones who are to decide on what is moral. This leaves us in an ethical dilemma for we are torn between which side to follow in the argument towards morality and ethics in animal testing. Animal testing has all along been implemented in order to obtain treatments and vaccines for the purposes of benefiting man and to some extent those animals which are beneficial to man. Researchers in the field harm as many animals as required to find treatments and procedures. Animal testing has resulted to major breakthroughs in the medical field and in case this stops due to animal rights then further developments in the fields will be compromised. The animal testing is viewed as a way of extending human life even though millions of animals are being killed yearly for the purpose of the same. The big question is what about the lives of animals. Are they also not important to deserve protection from pain, suffering and even unnecessary deaths? Focusing on both arguments one comes to a conclusion that all the two parties are right and that something must be done in the middle of this conflict in order to solve this ethical dilemma. Lastly, coming to firm conclusion of what is right and what is wrong in this field of animal testing is all together a difficult decision. Animal rights activists are right to fight for the welfare of animals and are the business rights activists who are for the use of animals in their experiments so as to save mankind and other non human species. Thus, the issue of animal testing is a most challenging ethical dilemma in the present world. Alternatives to animal testing to be implemented today and in the future includes; human clinical tests, in-vitro tests, computer software, animal parts and to some small extend animals especially where alternatives are not applicable. Alternatives to animal testing researches should be conducted to pave way for more advanced technology for use in finding solutions especially pertaining to human welfare. Conclusion In conclusion, animal testing poses ethical dilemma given that the research is morally and ethically unacceptable. On the other hand doing away with the research which proves to be of mutual benefits to both man and animals is untenable. This is because the research involving animals is ethically right especially when the benefits outweigh the costs and when all possible steps are being implemented to reduce suffering to animals. In summary, human do conduct tests on animals simply because they can and not out the fact that it is right for them to do so. The future of animal testing can however be based in the three Rs campaigns which are Reduction, Refinement and Replacement. This will ensure that the total number of animals used for the research is reduced, the suffering being minimized and animals are to a great extent replaced by non animals.

Saturday, January 18, 2020

Problems of Cross Border Listing and the Way Forward

Background Paper: Obstacles to cross-border listings and acquisitions in the financial sector A. Purpose of the paper In September 2004, the informal Ecofin Council in Scheveningen discussed the issue of lagging crossborder consolidation1 in the banking area. This low level of cross-border consolidation is not confined to banking, but is relevant for the whole financial sector, with some nuances. In the upcoming Financial Integration Monitor report, the Commission will dedicate a chapter on the quantitative aspects of crossborder restructuring, confirming the trends discussed in Scheveningen. Indeed, between 1999 and 2004, the report will show that cross-border mergers and acquisitions (M&As) accounted for around 20% of the total value of M&As in the financial sector, whereas cross-border deals represented 45% of M&As in other sectors over the same period. 2 Finance Ministers asked the Commission to examine possible explanations for this low level of pan- European restructuring specific to the financial sector, by reviewing the obstacles to cross-border M&As, in order to identify possible internal market failures, gaps or shortcomings. It should be stressed that the role of the Commission is to ensure that existing EU law is enforced properly, as well as to propose growth-supportive actions, within the context of the overall EU competitiveness policy. It must be equally clear that the Commission does not intent to favour specific business models or to influence individual market decisions, as long as they are compatible with the Treaty rules and the EU secondary law. On that basis, it is the role of the Commission to analyse market functioning, in order to detect any unjustified obstacles that would hamper companies in making their own decisions regarding their business organisation in the Internal Market. The misuse of the supervisory powers to block cross-border mergers has been identified by Ministers of Finance as a possible obstacle to cross-border mergers and acquisitions. The Commission has already taken steps to improve and clarify the current provisions in the relevant directive, to avoid such situations. At the same time, there may be other factors explaining the lack of cross-border mergers in the financial services sector, when assessed against the domestic consolidation3 process. This paper tries to draw a first list of potential obstacles to cross-border mergers, i. e. obstacles that would make a cross-border merger less attractive, more expensive or more complex than a domestic merger. It covers the whole financial sector, trying to distinguish between market segments when relevant. Obstacles to consolidation in general (i. e. bstacles that impede domestic consolidation as well) are not covered. Obstacles to forms of integration other than cross-border M&As (such as direct cross-border provision of services) are also out of the scope of this paper, even though some obstacles might be relevant for different channels of integration. This list is aimed at providing all possible explaining factors, in order to serve at a later stage as a base for discussion on which of those obstacl es should, and could, be removed in order to achieve the objective of improving the functioning of the Internal Market for financial services. It is not a policy paper, but a first analysis of the explanations behind the facts discussed at the Scheveningen informal Ecofin Council. 1 Cross-border consolidation means in this paper consolidation involving entities located in different EU Member States. 2 The full study will be published in the â€Å"Financial Integration Monitor – 2005†, due in May 2005. 3 Domestic consolidation is to be understood as consolidation occurring within a single EU Member State. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 2 In its present form, the paper does not distinguish between those obstacles that are key to explain lagging cross-border consolidation, and those of a more anecdotic nature. In addition, some obstacles mentioned here might be not relevant any more, but they may have influenced the situation of the past few years and could therefore provide part of the explanation for low cross-border consolidation up to now. However, we tried to mention the ongoing developments related to each obstacle identified. Introduction To Cross Border Listing The last two decades has witnessed acceleration in financial globalization represented by an increase in cross-country foreign assets. This has been the consequence of the international liberalization of capital flows as well as of the technological progress. These two phenomenons have lowered the barriers among individual national capital markets; however, geography has not become irrelevant. Obstacles to international capital flows (mainly the legal restrictions and costs associated with trading and acquiring information on firms listed abroad), i. e. the segmentation of markets, still exist. These barriers are creating incentives for corporate managers to adopt financial policies such as international cross-listing. For example, the US exchanges over the last few decades have attracted a sizeable share of the cross listed firms. Reasons for Cross border Quotation Cross border listings can help the company raise more capital by targeting new shareholders. However not all cross border listing are accompanied by share placements as this may affect liquidity and share price. Publicly-listed foreign corporations would therefore undertake to list on overseas exchanges for a variety of reasons: 1. To boost its status as a truly global player. 2. To raise Capital through debt or equity. 3. To increase trading volume. 4. To improve shareholder relations. 5. To enhance its visibility among overseas investors and consumers. 6. To tap into retail and institutional funds and benefit from changing global attitudes toward equity investing Challenges and recommendations of cross border listing There are challenges that happen to exist when considering cross-border listing for a company or country in general. First of all, potential investors located in the secondary market might be reticent, unwilling to trust and invest in a foreign firm on the market. In such a way, the company might lose prestige rather than gain more of it whilst entering a foreign xchange market. Secondly, barriers exist between countries; the real challenge might be the attitude regarding foreign firms entering a local market; this encompasses shareholder attitudes from an internal point of view of a company, as the latter might not be willing to go abroad in certain cases. Furthermore, political attitude of the secondary market’s country plays a great role in the presence of barriers. Restrictive political attitudes might give ri se to more barriers than usual to those wishing to enter the exchange market. This might also be the case the other way round, more precisely, regarding political stability; meaning that political instability in a country results in the market to be more risky and potentially unprofitable for the external firm. Another challenge is the element of uncertainty concerning policy factors such as taxation, accounting and financial standards and mechanisms but also the country’s economic and financial policies that might change, for example in the case of a change in political regiment. Such a change, if radical in some cases can become very challenging in terms of adaptation for the firm. . Methodology The paper tries to distinguish between three generic categories of obstacles: (i) Execution risks: those are obstacles that may pose a threat to a successful outcome of a bid, or may well result in the blocking of a deal. This category also covers obstacles because of which the expected result of a bid may not be what could be expected, even though the bid itself was successful. Obstacles in this category may not materialize and therefore may not have a direct cost, but their simple perception may deter potential bidders, or target entities and their shareholders, from initiating a merger process. (ii) One-off costs: those are specific costs that are caused by the execution of the cross-border deal, and would not exist in a domestic merger or acquisition deal. (iii)On-going costs: those are additional costs in the management of the merged entities, once the merger is achieved, which would not exist in the management of merged entities within the same domestic arket. Those costs can be direct (additional costs to manage the entities merged cross-border compared with the entities merged domestically) or indirect (lower synergies within the entities merged cross-border that within the entities merged domestically). The identified obstacles are also grouped according to their nature: legal barriers, tax barriers, implications of supervisory rules and requirement s, economic barriers and attitudinal barriers. A summary table is enclosed at the end. * * * C. Identified obstacles to cross-border mergers I. Legal Barriers a) Execution risks 1. Cross-border takeover bids are complex transactions that may involve the handling of a significant number of legal entities, listed or not, and which are often governed by local rules (company law, market regulations, self regulations). Not only a foreign bidder might be disadvantaged or impeded by a potential lack of information, but also some legal incompatibilities might appear in the merger process resulting in a deadlock, even though the bid would be â€Å"friendly†. This legal uncertainty may constitute a significant execution risk and act as a barrier to cross-border consolidation. The new Takeover Bids Directive (2004/25/EC), adopted on 21 April 2004, lays down common rules in order to ensure greater legal certainty for cross-border takeovers. The Directive has to be transposed by May 2006. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 3 2. The financial sectors of some Member States include institutions with complex legal setup resulting in opaque decision making processes. An institution based in another Member State might only have a partial understanding of all the parameters at stake, some of them not formalized. Such a situation might constitute a significant failure risk, as a potential bidder might not have a clear understanding of who might approve or reject a merger or acquisition proposal. 3. In some cases, legal structures are not only complex but also prevent, de jure or de facto, some institutions to be taken over or even merge (in the context of a friendly bid) with institutions of a different type. Such restrictions are not specific to cross-border mergers, but could provide part of the explanation of the low level of cross-border M&As, since consolidation is possible within a group of similar institutions (at a domestic level) whereas it is not possible with other types of institutions (which makes any cross-border merger almost impossible). 4. In some Member States, the privatization of financial institutions has sometimes been accompanied by specific legal measures aimed at capping the total participation of non-resident shareholders in those companies or imposing prior agreement from the Administration (i. . â€Å"golden shares†). Some of such measures were clearly discriminatory against foreign institutions, when it came to consolidation. The European Court of Justice has indicated that such measures were not justified by general-interest reasons linked to strategic requirements and the need to ensure continuity in public services when applied to commercial entitie s operating in the traditional financial sector. See for instance cases C-367/98 (judgement of 4 June 2002) or C-463/00 (judgement of 13 May 2003). 5. In some Member States, company law allows the company boards to set up defence mechanisms, such as double voting rights and poison pills, to prevent any hostile bids. Such asymmetries in company law might distort the level playing field within the EU, and protect national markets, sometimes to the benefits of participants in these markets. The initial Commission’s proposal for the new Takeover Bids Directive (2004/25/EC), adopted on 21 April 2004, included the approval of shareholders before activating defence mechanisms to counter a takeover bid. This provision has been repelled by the European Parliament and the Council. In the adopted text, Member States may decide to forbid such arrangements (i. e. opt in). 6. Even if an acquisition is successful, there may exist impediments to effective control, i. e. there may be a risk that the acquiring company does not acquire proportionate influence in the decision making process within the acquired company – while being exposed to disproportionate financial risks. This can be explained notably by the existence of special voting rights, ineffective proxy voting or use of the Administrative office by a foreign acquirer. Also barriers (or restrictions) to sell shares could hamper the process. As mentioned in  §5, the Commission’s initial proposal for a new Takeover Bids Directive tackled some of these issues, but some provisions were taken out of the final version during the co-decision procedure. Also, as part of the Corporate Governance Action Plan, the Commission opened a consultation on the exercise of Shareholders’ rights which was closed in December 2004. 7. Differences in national reporting schemes, notably as regards accounting systems, may result in difficulties to assess the financial situation of a potential target. From January 2005, listed EU companies will be required to publish their consolidated accounts using International Accounting Standards, as endorsed by the Commission. Member States have the option of extending the requirements of the IAS Regulation (EC 1606/2002) to unlisted companies and all banks and insurance companies and to the production of non-consolidated accounts. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 4 b) One-off costs 8. The national laws of some countries might include restrictions on the type of offers that can be executed (i. e. ash only vs. exchange of shares). Even though such measures are not in themselves discriminatory to cross-border mergers, they might constitute a barrier to cross-border consolidation, given that the different features of such mergers (notably in terms of size) could call for a specific type of offer. c) Ongoing costs 9. Differences in employment legislation across t he EU may also create barriers for efficient and flexible (re)organisation. In particular, the procedures to move staff within a pan-European group remain very complex (furthermore in some cases, prudential rules impose constraints on the location of staff – cf. n insurance art. 3 of Directive 95/26/EC). Those differences may also result in higher legal costs to deal with the different legal systems, as well as complex processes and different timelines when trying to introduce changes on a cross-border basis. 10. The different accounting systems across the EU have also required companies to set up adapted IT, specific personnel and reporting systems. This limits the scope of possible cost synergies when two institutions merge across the border, where as such synergies do exist when two institutions merge within the same Member States. ? See  §7. 11. The consumer protection rules are very different from one Member State to another. This heterogeneity translates into the nece ssity of country-customised financial products compliant with those rules, and therefore also specific IT systems that handle those products and consumer relationship. For instance, this has been evidenced in the mortgage credit sector in the report recently published by the mortgage credit forum group set up by the Commission. Furthermore, those different rules are often based on the â€Å"general good† provisions and consequently potential abuses aimed at protecting the national markets are difficult to challenge in court. A significant example is the case C-442/02 (CaixaBank vs. France), where the European Court ruled in October 2004 that France could not ban interest bearing current accounts in that it constitutes an obstacle to the freedom of establishment. 12. Differences in national implementations of the Directive on data protection may also interfere with an optimal organisation of businesses within merged companies. Indeed, it can have a strong impact on IT systems and limit back-office rationalisation. 13. More generally, differences of approaches in private law, sometimes explained by historical or cultural factors, may impose a country-by-country approach for some products or services (especially in the insurance sector), with the same results as differences in consumer protection rules. Those differences include notably liability and bankruptcy rules, with the implied difficulties of enforcing cross-border collateral arrangements, as well as differences in legal rules for securities. ? The Commission is working with researchers and stakeholders to develop a Common Frame of Reference for contract law as a form of handbook identifying best solutions in European contract law and giving guidance on the different approaches used, with a view to providing common definitions, principles and model rules for use in lawmaking (see COM 2004 (651) final: â€Å"European Contract Law and the revision of the acquis: the way forward†). DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 5 II. Tax barriers a) Execution risks 14. As mentioned earlier, mergers and acquisitions are complex processes. Despite some harmonised rules, taxation issues are mainly dealt with in national rules, and are not always fully clear or exhaustive to ascertain the tax impact of a cross-border merger or acquisition. This uncertainty on tax arrangements sometimes requires seeking for special agreements or arrangements from the tax authorities on an ad hoc basis, whereas in the case of a domestic deal the process is much more deterministic. The Merger Directive (90/434/EEC) provides for the deferred taxation of capital gains arising from cross-border corporate restructuring carried out in the form of mergers, divisions, transfers of assets or exchanges of shares. Taxation of the capital gain is deferred until a later disposal of the assets. In October 2003, the Commission put forward a proposal to improve the Mergers Directive (90/434/EEC), which aims at clarifying the scope of the Directive as well as ensuring it applies to European Companies and European Co-operative Societies. Political agreement by the Council was reached on 7 December 2004. 15. The uncertainty on VAT regime applicable to financial products and services may put at risk the business model or envisaged synergies. The EU's VAT legislation in this area is badly in need of modernisation and because of its inadequacies, there is an increasing tendency to resort to litigation. The outcome can often be uncertain and as a result tax implications may place a question mark over otherwise sound business strategies. In recent years, the number of significant ECJ cases on VAT and financial services has increased steadily. Individual judgement may indeed clarify the law in particular circumstances but often at the cost of consequences which may not always be compatible with overall Community policy objectives. To take just one example, case C-8/03, Banque Bruxelles Lambert SA vs. Belgian State, the ECJ arrived at a judgement on the VAT treatment of open-ended investment companies (SICAVs) which has the potential to create tension in achieving the objective of equality of treatment and sustaining a level playing field for operators across the EU. In the absence of legislative measures, it is inevitable that the Court will play an increasing role with uncertain consequences. The Commission has attempted to address the provisions of the 6th VAT Directive (77/388/EEC) dealing with financial services but without much success. DG Taxud is currently looking at the distortive effect of these provisions and intends to proceed with a process of modernisation which will better ensure their compatibility with the objectives of the Internal Market and give business greater certainty about the tax implications of business decisions. ) One-off costs 16. The principal relief from the Merger Directive (90/434/EEC) is the deferral of tax on the capital gains on the assets transferred in a transaction covered by the Directive. However, in some cases where the Directive does not apply, special corporate structures have to be put in place to avoid such an exit tax on capital gains. This is for instance the case when permanent establishments are transferred from one Member State to another, by a holding company located in a third Member State. It can also occur when a subsidiary is converted into a branch. See comment of  §14. Also related to this issue is the judgement published in March 2004 (case C-9/02 – de Lasteyrie du Saillant) by the European court which ruled that taxation on unrealised capital gains of a natural person moving to another Member State constitutes an obstacle to the freedom of establishment. c) Ongoing costs 17. The issue of transfer pricing is a complex one for a group operating in several countries. As was evidenced in the Commission’s Communication â€Å"Towards an Internal Market without tax obstacles – A strategy for providing companies with a consolidated corporate tax base for their EU-wide DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 6 activities† (COM(2001) 582), a lack of common approach to allocate profits may rise to numerous problems on the fiscal treatment of intra-group transfer pricing, notably in the form of high compliance cost and potential double taxation. The Commission set up a â€Å"EU Joint Transfer Pricing Forum† with Member States and business representatives, meeting on a regular basis. Bringing together all parties concerned to discuss the issues at stake it helps to reach a better common understanding and allows to identify possible non-legislative improvements to the practical problems in order to reduce compliance cost and prevent disputes. 18. A group operating across several Member States may wish to centralize support functions to increase operating efficiency. But in many cases the result will include creating a VAT penalty on the inter group supply of services (e. . legal services or other back technical operations) to another Member State. Given that in the financial services sector VAT is at best only partially recoverable, this represents significant additional costs that penalised cost synergies to expect from a crossborder merger when compared to a national merger. This tax penalty on cross-border shared ser vice operations is in addition to the general bias towards vertical integration which is widely perceived as a barrier to efficiency in the existing VAT provisions. See comment of  §15. 19. The lack of a homogeneous system of loss compensation across the EU affects the profit taxation at the group level. A group with several subsidiaries in the same Member State may offset profits in some of them by losses in others, whereas it will be more difficult, if possible at all, with a group with subsidiaries in several Member States. Therefore groups may prefer intra-domestic consolidation to enjoy wider diversification effects as they may benefit from direct horizontal loss compensation instead of deferred and incomplete vertical compensation between subsequent fiscal years. ? In the pending case C-446/03 (Marks & Spencer), the European Court Justice has been asked whether it is contradictory to the EC treaty to prevent a company to reduce its taxable profits by setting off losses incurred in other Member States, while it is allowed to do so with losses incurred in subsidiaries established in the State of the parent company. 20. Specific domestic tax breaks may favour specifi c, non-harmonized products or services, with the result that every institution has to provide this service or product if it wants to remain competitive. In such a situation, a merger between two entities located in that domestic market may yield synergies of scale, whereas it will be more difficult to exploit comparable synergies for a foreign institution taking over a domestic one, while not being entitled to the tax break in their home state. 21. In some cases, there may be discriminatory tax treatments for foreign products or services, i. e. products or services provided from a Member State different from the one where it is sold. Therefore, a cross-border group will be disadvantaged when trying to centralise the â€Å"industrial functions† (e. g. asset management functions) over a domestic group since the latter may keep all its value chain within the country and still benefit from synergies. In the area of asset management, the Commission has opened a number of infringement cases to examine the tax treatments of dividends on foreign investment funds that could potentially be discriminatory (infringements 2000/5059 vs. DE, 2002/4714 vs. AT, 2003/2009 vs. FR, 1994/476 vs. EL, 2003/2010 vs. IT). 22. The impact of taxation on dividends might influence the shareholders’ acceptance of a cross-border merger. Even though a seat transfer or a quotation in another stock market might be justified for economic reasons, groups of shareholders could be opposed to such an operation if it implies higher non-refundable withholding tax, and thus lower returns on their investments. See COM(2003) 810 for a presentation of the different tax schemes applying to dividends across the EU. In the cases C-315/02 (Lenz) and C-319/02 (Manninen), the European Court of Justice ruled in 2004 that taxation on DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 7 dividends should make no distinction between dividends originating from domestic companies and those originating from companies established in another Member State. In particular, tax credit mechanisms or reduced rates should apply equally to all dividends distributed by any company established in the EU. III. Implications of supervisory rules and requirements a) Execution risks 3. A cross-border merger may highlight gaps or imperfections in the regulatory framework which may make regulators feel uncertain how to proceed, leading to delay, the imposition of specific measures or a veto of the proposed merger. In the banking sector, for example, the emergence of large cross-border groups might raise local supervisors’ concerns regarding financial st ability (e. g. the ongoing discussions on deposit guarantee schemes). In other sectors such as exchanges which had traditionally operated within one national market, regulators may be unclear how to operate in a cross-border context. ? The Economic and Financial Council is examining the effects of increased integration of the financial sector on financial stability and crisis management. Several areas, among which deposit guarantee schemes, are being scrutinized to ensure that the regulatory and supervisory framework is adapted to cross-border consolidation. 24. The misuse of supervisory powers, notably regarding those related to the approval of changes in the shareholding, have also been indicated as raising obstacles to cross-border consolidation. Although it was confirmed by the Commission that such powers should only be used on prudential grounds (Champalinaud case), the current legislation offers significant leeway for supervisors to veto cross-border consolidation. Following the mandate given by the Economic and Finance Council at their Informal Scheveningen meeting (10 and 11 September 2004), the Commission is considering the relevant provision of the Codified banking Directive and has put a discussion paper to the Banking Advisory Committee on 24 November 2004. A similar discussion took place at the Insurance Committee on 1 December 2004. 25. The complexity of the numerous supervisory approval processes in the case of a cross-border merger can also pose a risk to the outcome of the transaction as some delays must be respected and adds to the overall uncertainty. In particular, in the case of a merger between two parent companies with subsidiaries in different countries, ‘indirect change of control’ regulations may require that all the national supervisors of all the subsidiaries must approve the merger. b) One-off costs c) Ongoing costs 26. Despite a common regulatory framework, there might be significant divergences in supervisory practices at the level of institutions. Such divergences might be explained by optionality in the harmonised rules, including provisions taken at national level that exceed the harmonised provisions (‘superequivalent’ measures), or lack of coherence in enforcement of common rules. The consequence is a limit on homogeneous approaches, and therefore synergies, of risk control and risk management within a cross-border group. The Lamfalussy approach has been extended to the areas of banking and insurance, which i. . provides for EU supervisory committees in charge of achieving greater convergence in supervisory practices. The new Capital Requirements Directive provides an enhanced framework for supervisory cooperation, as will the upcoming Solvency II Directive. 27. The multiple reporting requirements, in some cases combined with a lack of transparency in terms of requirements and d efinitions, may also impose a significant and costly administrative burden on DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 8 cross-border groups. Indeed, a cross-border merger might cause heavier reporting requirements compared to those imposed on the two entities that are being merged. Instead of creating cost synergies as in a domestic merger, a cross-border might even create additional costs. The Commission set up a forum group which set out several recommendations in a report published in June 2003. To follow-up on these recommendations and within the overall so-called â€Å"Pillar II† work, the Committee of European Banking Supervisors is investigating the technical solutions to enable a streamlined reporting regime in the field of banking. IV. Economic barriers a) Execution risks b) One-off costs 28. The fragmentation of the European equity markets may impose additional transaction cost on a cross-border merger. For instance, the exchange of share mechanism can be complex, and more expensive, when the two entities involved are listed on different stock exchanges. The additional costs might also influence the bidder on the type of deals (i. e. cash vs. exchange of shares). c) Ongoing costs 29. Independently of the legal frameworks or tax incentives (see  §13 and 20), some differences in product mix, are explained by habits, preferences or even history. This is especially true for the most common products, such as payment instruments. As a result, the potential for product rationalization resulting from a cross-border merger is more limited than for a domestic merger. 30. In cross-border groups, there are also more non-overlapping fixed costs, which cannot be spread over several countries. Indeed, even without legal, tax or prudential barriers, there would remain differences between Member States that would require a differentiated approach to be adapted to the local environment. This limits potential synergies. The most obvious example is language, and the implications in terms of customer services for instance. 31. The low level of cross-border consolidation might also be explained by a lack of potential targets, due to the lack of middle-size institutions. National consolidation of middle-size institutions resulted in the emergence of rather large and complex institutions. The few examples of cross-border mergers seem to indicate that it implies more often a big institution taking over a middle-size one. Taking over a big institution may perceived as too complex (and risky), whereas the takeover of a small one might not be sufficient to offset the induced costs. 32. The absence of critical size in some market segments (e. g. investment banking) may incite institutions to enter into a niche strategy, where the advantages of cross-border mergers that create large players is less evident from an economic point of view. Indeed, not only it would be difficult to find synergies between two niche players, but also absolute size would not necessarily be an advantage if an institution wants to maintain its competitive advantage in its niche market. 3. Domestic mergers can contribute to increase market power, and therefore increased profitability even without any cost synergies (i. e. raising the income while maintaining the costs at a constant level). Since most of the retail markets are still organized on a national basis, cross-border mergers yield very few, if any, increased market power. 34. Differences in economic cycles across the different Member States may also play a role, in that the economic environment has a strong effect on bank profitability. Different strategies might be DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 9 needed for different macroeconomic conditions, and therefore it might limit the scope of a potential pan-European strategy implemented at the level of a cross-border group, whereas domestic groups face a single economic environment. However, this could also be a driver for consolidation, as those differences in cycles can help to smooth the profitability by reducing risk and earnings volatility through geographical diversification. V. Attitudinal barriers ) Execution risks 35. Openly or not, some Member States may promote a â€Å"national industrial policy†, aiming at the creation of â€Å"national champions†. Among possible justifications, some may argue that such a policy may ensure adequate financing of the national economy. Political considerations may also play a role with recently privatised companies or institutions that have received public money. This political interference may block a cross-border merger, even though such this transaction is compatible with the existing rules. Such interference might not require formal powers or rules to materialize. Indeed, as evidenced in the previous sections, there are many obstacles to overcome to carry through a cross-border merger that it is realistic to think that no cross-border merger can be achieved if there is a strong political opposition. In addition, such a policy may lead to tolerance of high levels of concentration at a domestic level, allowing (or even encouraging) domestic consolidation over cross-border consolidation and making it even more difficult to accept a foreign takeover of a national institution with a significant market share. 36. Employees’ reluctance within the target company of a cross-border deal might also pose a threat to the successful outcome of the transaction. Indeed, employees may not accept to be managed from another country. A public opposition to the project may influence analysts’ assessment. Also employees may play a role if they have a participation in the company. 37. Cross-border mergers may imply a change in the place of quotation, or even in the currency of quotation. Shareholders’ acceptance of quotation changes may be limited, even all risks or tax impacts are eliminated. Indeed, the place of quotation may have an important symbolic value. 8. Given that cross-border mergers are complex and need to overcome a number of execution risks (as evidenced in this document), there might be an impact on shareholders’ and analysts’ apprehension of failure risk when it comes to cross-border mergers. b) One-off costs c) Ongoing costs 39. Interference with political considerations may also have consequences in the structures put in place after a cross-border merger. Such political concessions (e. g. guarantees of level of employment, no headquarter moves, protection of the local brand) may help in getting the merger through the ifferent obstacles, but constrain the resulting cross-border entity in realising the full potential of the merger as options may be severely limited. 40. Consumers may mistrust foreign entities, meaning that all parameters being equal, a local incumbent may have an advantage over a competitor identified as foreign. This explains why foreign institutions often prefer to keep a local brand, even though it might impede synergies across certain functions (e. g. marketing) or slow down the integration process (transition from one brand to another over a long period of time). DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 10 Summary I. Legal Barriers II. Tax barriers III. Implications of supervisory rules and requirements IV. Economic barriers V. Attitudinal barriers a) Execution risks 1. Legal uncertainty 2. Opaque decision making processes 3. Legal structures 4. Limits or controls on foreign participations 5. Defence mechanisms 6. Impediments to effective control 7. Difficulties to assess the financial situation 14. Uncertainty on tax arrangements 15. Uncertainty on VAT regime 23. Concerns regarding financial stability 24. Misuse of supervisory powers 25. Supervisory approval processes 35. Political interference 36. Employees’ reluctance 37. Shareholders’ acceptance of quotation changes 38. Shareholders’ and analysts’ apprehension of failure risk b) One-off costs 8. Restriction on offers 16. Exit tax on capital gains 28. Fragmentation of the European capital markets c) Ongoing costs 9. Employment legislation 10. Accounting systems 11. Divergent consumer protection rules 12. Data protection 13. Differences in private law 17. Transfer pricing 18. Inter-group VAT 19. No homogeneous loss compensation 20. Specific domestic tax breaks 21. Discriminatory tax treatments 22. Taxation on dividends 26. Divergences in supervisory practices 27. Multiple reporting requirements 29. Different product mixes 30. Non-overlapping fixed costs 31. Lack of middle-size institutions 32. Absence of critical size 33. Market power 34. Differences in economic cycles 39. Political concessions 40. Consumer mistrust in foreign Entities Conclusion: Whether benefits outweigh costs depends on whether total trading volume increases subsequent to listing abroad (Mittoo 1992). Although financial markets are becoming more integrated globally, geography still has a role to play. More precisely, regulations, technological variances, market barriers and legislation vary in different regions. Barriers still exist and stock exchange markets are trying to continuously bring those down by creating strategic alliances. Cross-listing provides several advantages to firms; they are able to reduce the cost of their equity capital as they can reduce the risk to investors. The company’s firms become more liquid and there is also better flow of information on the exchange markets. In such a way, cross-border listing becomes advantageous both for investors as well as the company itself