Identity In Post Colonial Australian Essay

Identity In Post Colonial Australian Essay In the second half of the 20th century, after two centuries of colonial oppression and assimilation policies in Australian history, political and social break thoughts of aboriginal people in to the dominant European culture was bought to an end, thus enabling Aboriginal Artists to have the freedom to express their traditions, culture and identity. According to Oxford Art Online, the Simultaneous explosions of the Australian art market in the 1990s, gained international recognition for Aboriginal Art that emerged into the contemporary Aboriginal art that appealed to White Australias conflicting a desire for cultural reconciliation. The recognition of artistic production in Aboriginal communities across Australia enabled artists to explore themes of cultural alienation. The first wave of contemporary Aboriginal painters including Clifford Possum, Rover Thomas, Paddy Bedford and Emily Kame Kngwarreye, utilized repertoires of dots, blocks of color, with stimulating negative spaces or gestural brushstrokes to evoke the sense of a sacred, collective knowledge. Collectors and museums began to actively collect contemporary Aboriginal works, whose conceptual paintings reinterpreted Australian colonial history. Today Aboriginal Australians are producing art in the remote regions where artists continue to explore their connections with their ancestral land and traditions of ground designs, body art, painted canvases, and bark paintings using contemporary materials. The practice of art is seen differently by indigenous art-makers than their contemporary artist counterparts; the works themselves often have a lot in common with much contemporary artwork, particularly with conceptual, installation and issues-based art. However, in early times, art had a different function than the modern ideas of self-expression or decoration; created with spiritual and hunting/survival purposes in mind. The identity of the individual artist/maker of cave paintings, masks and other traditional art forms was not as significant as it is today. Still, the traditional art objects perceived today also as a work of art, and valued for its aesthetic qualities. In addition, they are exploring contemporary art forms such as photography, film, multimedia, theatre, sculpture, printmaking, and installation. Artists such as Tracey Moffat, (b.1960), Fiona Foley, (b.1964), and Gordon Bennett (b.1955), whom consider indigenous art as a way to express political and social issues in new forms of contemporary media, reflects unique perspectives of a distinctive experiences. Whilst their art proclaims aboriginal identity, it often acts as a medium for cultural renewal, operating beyond the classical idioms, conforming to the inspiration from aboriginal practices and European, and other visual language and techniques. As, written in Wally Caruanas book, Aboriginal Art, chapter 6, Artists in the Town and City: In the second half of the twentieth century, as the movements for the recognition of aboriginal rights gained momentum, urban and rural artists found compelling reasons to produce art. Aboriginal people required imagery and symbols with which to express their ideals and inspirations. These issues of dispossession, broken families, racism-the secret history of Australia- and an intensifying of the sense of cultural identity provided strong motivation, and these themes are all apart of the repertoire of artists. For instance, works by aboriginal instillation and mixed media artist Fiona Foley, from Harvey Bay, Frazer Island, engages with the history, ideas, family tradition from her cultural heritage from the Wondunna clan of Badtjala tribe from her mothers side, and her work reflects the remembrance of colonial oppression, the colonized vision of Australia and her ancestors. Foleys work deals with the issues of displacement and dispossession of land, the people and some of her work is highly political, committing herself to the history of Aboriginal people and represents racism and violence and identity, and raises issues from a historic and contemporary cultural view. (http://eprints.utas.edu.au/2644/6/part5, (Morphy, Illus 260, 273). Annihilation of the blacks (1986), is a frightening sculptural installation which is a part of the permanent collection of the Australian National Gallery (Caruana, 1993).The work represents the massacre of the disturbing treatment of Aboriginal people by the colonizers; the work consists of a white figure standing in front of 9 hanging black figures. The upright forked posts and cross poles are a powerful symbolic medium in traditionally-oriented Aboriginal communities for shelters and homes (Reser, 1977b). It is also a sacred complex and symbol for the first residence of the Wagilak in Arnhem Land, which represents the Kunapipi ceremony (Berndt, 1951). Also within the young Aboriginal boys waiting to be born again, as young men, are viewed metaphorically as flying foxes, hanging from the beam, it is said that the flying fox ancestral spirits brought circumcision to the central Arnhem Land clans and because the flying fox is a central totemic species to clans in this region. Fiona Foley often draws inspiration from traditional Aboriginal culture and life, while making powerful and contemporary political statements. All of this gives the sculpture a very strong traditional as well as contemporary symbolic quality, with multiple and intertwined meanings and messages. Annihilation of the Blacks 1986 wood, synthetic polymer paint, feathers, string 278 x 300 x 60 cm Collection National Museum of Australia, Canberra Image courtesy National Museum of Australia, Canberra  © the artist Photograph: George Serras, National Museum of Australia http://www.mca.com.au/general/FFoley_resource.pdf In her large sculptural installation work such as Land Deal, 1995, is about the response to the words of the nineteenth colonial official John Batman, when he described how he purchased 600, 000 acres from local aborigines in Port Phillip, in exchange for beads, blankets and knives, scissors. (http://eprints.utas.edu.au/2644/6/part5.pdf). This work consists of a spiral of flour on the floor; representing the loss of lifestyle and health that consequently came about during white settlement, and also by invoking the genocidal colonial practice of poisoning the flour given to aboriginal people, (Evans, Raymond, Fighting Words: Writing about Race, University of Queensland Press, St. Lucia, 1999. The work also incorporates the objects, which hang from the walls. The real projection is that her expression to suggest the indigenous loss the land, as a dialogue of transaction, reminding the public of the cold absence of indigenous voice, and the lack of understanding that for the ongoing cam paigns for land return in which Foley and her own family have embarked in. Land Deal 1995 installation view, Savode Gallery, Brisbane, 1995 mixed media, flour, found objects, text dimensions variable Collection National Gallery of Australia, Canberra Image courtesy the artist and National Gallery of Australia, Canberra  © the artist http://www.mca.com.au/general/FFoley_resource.pdf Foleys personal searches to discover Badtjala material culture by referring to these objects, examining the history of their collection and interpretation. Foley reclaims their true significance to Aboriginal people. The ambiguous relationship between the descendants of the white settlers and Australias original inhabitants in Fraser Islands recent history as the struggle for recognition of native title for the Badtjala people continues. Avril Quaill Gordon Bennett, also from an aboriginal heritage from his mothers side; he was an orphan from Cherbourg reserve 240km northwest of Brisbane. Known for his paintings, installation and multimedia art forms focuses on a more personal viewpoint of past and present struggle for identity as an Australian of Aboriginal and Anglo-Celtic descent. His works present and examine a broad range of philosophical questions related to the construction of identity, perception, and knowledge. (http://www.ngv.vic.gov.au/gordonbennett/education/intro.html) within cultural and historical inequities created by European settlement in Australia, (http://www.ngv.vic.gov.au/gordonbennett/education/02.html) For example, he uses his self-portraits as a concept of self-identity and questioning stereotypes and labeling on a larger national scale, immersed within a White European culture. Bennett was unaware of his Aboriginality until his early teens as he described this knowledge as a psychic rupturing, (Ian McLean, Towards an Australian postcolonial art in Ian McLean & Gordon Bennett, The Art of Gordon Bennett, Craftsman House, 1996, p. 99). (Ian McLean, Towards an Australian postcolonial art in Ian McHis art attempts to depict the complexity of both cultural perspectives. Self portrait (Ancestor figures), 1992 deals with broader issues of cultural identity as well as personal identity. The installation consists of images of his family and drawing. The self- portrait of the artist seems to be present everywhere within the installation but is in fact nowhere. The dresser draw labelled self is closed while the drawers for history and culture that is partly open and partly closed. Bennett in dicates the need to be reconciled within the context of culture and history to develop a full sense of identity. An understanding of self in the context of family does not seem enough as the mirror, acts as a chronic symbol within his work, is not a two- dimensional illusion but an honest construct. The viewer does not confront the artist, but self. Bennett uses this symbol because: In the mirror, everything is possible because nothing is there (Ian McLean, Towards an Australian Postcolonial Art in The Art of Gordon Bennett, p.105) Gordon Bennett born Australia 1955 Self portrait (Ancestor figures) 1992 chest of drawers, watercolour, photocopies, lead, rocks, masking tape (variable) (installation) Collection of the artist, Brisbane  © Courtesy of the artist Photography: Phillip Andrews http://www.ngv.vic.gov.au/gordonbennett/education/02.html What emerges for all who take part in this piece is in fact an examination of the self. The I am from Self portrait (But I always wanted to be one of the good guys) is replaced with We all are. In addition, the grid and perspective lines on the floor represent another symbol acting as the groundwork of the installation that appears to confirm this sense. In European tradition, the means to map a particular space, land, etc alludes to ownership and territory. It recalls the way stereotypes, labels, identities, and systems of thought are fixed. On each corner of the grid are the letters A B C D . While these may indicate the way maps are constructed to find different locations, they also represent the first letter of racial slurs. Identity is fixed and self is understood in the context of words such as Abo, Boong, Coon and Darkie . The Other is clearly marked out as not only different but by necessity inferior. These contrasting and complex meanings and ideas are not accidental. Bennett purposefully constructs these layers to blur fixed ideas and raise questions about the way identity is constructed. He uses his self as the vehicle to do so. Lean & Gordon Bennett, The Art of Gordon Bennett, Craftsman House, 1996, p. 99) You have to understand my position of having no designs or images or stories on which to draw to assert my Aboriginality. In just three generations, that heritage has been lost to me. Gordon Bennett 9 Blood is a potent symbol and has historically been a measure of Aboriginality. In the past Quadroon, was a socially acceptable term used to label Indigenous people as a way of establishing genetic heredity. The purer the bloodlines, the more Aboriginal you were. Mixing of pure blood with European blood was feared by Europeans, authenticity was at risk and identity diluted. As an Australian of both Aboriginal and Anglo Celtic descent, Bennett felt he had no access to his indigenous heritage. He states: The traditionalist studies of Anthropology and Ethnography have thus tended to reinforce popular romantic beliefs of an authentic Aboriginality associated with the Dreaming and images of primitive desert people, thereby supporting the popular judgment that only remote full-bloods are real Aborigines. Gordon Bennett 10 Gordon Bennett explores these ideas in Self portrait: Interior/ Exterior , 1992. Once again, the arena of self- portraiture becomes a vehicle to take over and challenge stereotypes. Here he exposes the truth of colonial occupation it was a bloody conquest. Bennett depicts self as a black empty vessel, coffin- like with lash markings almost disguised by a thick layer of black paint. Literally opening up this black skin of paint are the words cut me. They act as deep welts created when tissue scars. Gouged into the skin like a tattoo, these markings will never heal or fade away. They powerfully describe pain and violence. Bennett only uses two colours, symbolically, red and black. Gordon Bennett born Australia 1955 Self portrait: Interior/Exterior 1992 synthetic polymer paint on canvas on pine frames, leather stock whip, paper tags (1-2) 187.0 x 60.0 x 25.0 cm (each) (1-3) (variable) (installation) Collection of the artist, Brisbane  © Courtesy of the artist Photography: Phillip Andrews http://www.ngv.vic.gov.au/gordonbennett/education/02.html There is no physical body. The coffin- like box acts as the body, both inside and outside are scarred with Pollock inspired lashes of paint. These scars are not just physical they are also emotional. This imagery is reinforced by the whip neatly hanging on the wall beside the body. Ultimately, this piece, one of a series of welt paintings, explores identity through pain, exploitation and suffering. Bennett does not wish to romanticise or sanitise this bloody history. The viewer is challenged to face it. The blood splashed and flowing under the layer of black skin does not discern the colour of the skin it contains, only the potency of life. Bennett challenges the viewer with contrasting identities. The oppressors, those who use the whip, and the oppressed, those enslaved by the whip. These opposites are not absolute. Bennett is more interested in exploring what lies between. My work is often seen as about exploring my identity in order to secure it, like Im searching for it, like Ive lost it somewhere, which is the total opposite to what Im doing. Sure, Im exploring identity, but Im trying to make it obvious about how open it is; how its a process of the negotiation of these different sites of memory, human relations. It is all those other things, and it shouldnt be closed off. It shouldnt be a thing that constricts nor should it be an imposed thing, from outside oneself, like a prison. Gordon Bennett 11 Bennetts art practice attempts to remove the obstacles that interfere with a positive development of self. Tracey Moffatt, born into a fostered white family in Brisbane, close to were her Aboriginal ancestors grew up, on a mission outside of Brisbane called Cherbourg, (Moffatt qtd. in Rutherford 52, plays a huge part in representing a multicultural role in society as she examines the ways Australias colonial past enlightens the present. The photographs, mostly still from her film-making, places a narrative images into many of the stories being told, representations past and present times in Aboriginal History, her perspective seems to identify to her Aboriginality and feminist view point. However, she cautiously uses her style of narratives with multiple and specific politics concern of Australian identity, with an inspiration of the lives of her Aboriginal heritage and culture. Her unique visual style of cinematic images challenges the stereotypes of race and gender, with issues symbolic of political references, (http://admin5.lisjc.lism.catholic.edu.au/~mark/Visual%20Arts%20documents/Id entity%20unit/Tracey%20Moffatt%20from%20Australian%20Artists.pdf) Her compelling and very powerful photographic works such as Up in the Sky 1998, is a sequence of twenty five monochromatic narrative photographs set in the vast desert concerning the Australian Stolen Generation. Indigenous Australian children were taken from their families and forcibly relocated under Government policy was enacted and performed on location in Queenslands outback, (http://www.answers.com/topic/tracey-moffatt). In these images Moffatt refers to both the collective memory of her own personal experiences as well as the constructing reality of the influence of culture, alienation, desolation, and the wider concerns of remote living. Tracey Moffatt Up In The Sky # 1, 1997 series of 25 images off set print 61 ÃÆ'- 76cm 72 x 102 paper size Edition of 60 http://www.roslynoxley9.com.au/artists/26/Tracey_Moffatt/73/32634/ In her films still Night Cries: A rural Tragedy 1989, she represents the truth and memory about a mother and daughter relationship with a focus on events that took place focusing on Death, childhood, loneliness and memory. The film brings forth the powerful issues related to the black and white relations of Australian history during the attempts to assimilate Australian Indigenous people into the white society, (http://www.qag.qld.gov.au/__data/assets/pdf_file/0018/27504/qld_edu_kit_web.pdf) Tracey Moffatt: Night Cries: A Rural Tragedy, Still, 1989 http://www.qag.qld.gov.au/__data/assets/pdf_file/0018/27504/qld_edu_kit_web.pdf Tracey Moffatt . The interest in Aboriginal art which has flourished since the 1970s has created new opportunities for indigenous artists, as their work leaves the communities to be shown in museums and galleries around the world. Meanwhile, the imperatives to produce art for traditional purposes continue, and the expanded environment in which indigenous art now operates has created further compelling reasons for artists to continue expressing the values of their culture to the wider world. In the public domain, Aboriginal art can be appreciated for its spirituality and aesthetic qualities, and as a reflection of the social and political achievements and aspirations of the peoples who create it. . Avril Quaill: World of Dreamings, Traditional and modern art of Australia, An exhibition held at the State Hermitage Museum, St Petersburg | 2 February 9 April 2000 H , Robinson: Feminism-art-theory: an anthology, 1968-2000, Wiley-Blackwell, 2001 Bonwick, J., John Batman, the Founder of Victoria, Melbourne: Samuel Mullens, 1867. Caruana, W., et al, The Eye of the Storm: Eight contemporary indigenous Australian artists, Canberra: National Gallery of Australia, 1996. Cooper, C., Aboriginal and Torres Strait Islander Collections in Overseas Museums, Canberra: Aboriginal Studies Press, 1989. Elder, B., Blood on the Wattle: Massacres and maltreatment of Australian Aborigines since 1788,second edition, Sydney: New Holland Publishers, 1998. Moon, D. & Krause, J., Deutsche Auswanderer Hope and Reality, History of the nineteenth century German settlement of Mount Cotton in south east Queensland, Cleveland, Queensland:Redland Museum Inc., 1999 Gordon bennetts ref: Gordon Bennett, The manifest toe in Ian McLean & Gordon Bennett, The Art of Gordon Bennett, Craftsman House, 1996, p. 33 Ian McLean, Towards an Australian postcolonial art in Ian McLean & Gordon Bennett, The Art of Gordon Bennett, Craftsman House, 1996, p. 99 Gordon Bennett, The manifest toe in The Art of Gordon Bennett, p. 22 Rebecca Lancashire, Blurring the lines of history, The Age, Monday 5 May , 1997 Kelly Gellatly, Citizen in the Making: The art of Gordon Bennett in Gordon Bennett (exh. cat.), National Gallery of Victoria, 2007 p. 16 Gordon Bennett, The manifest toe in The Art of Gordon Bennett, p. 34 Gabriella Coslovich, Bennett puts on a brave face, The Age, 28 April, 2004 Ian McLean, Towards an Australian Postcolonial Art in The Art of Gordon Bennett, p.105 Gordon Bennett & Chris McAuliffe, Interview with Gordon Bennett in Rex Butler (e d.) What is Appropriation? An Anthology of Writings on Australian Art in the 1980s and 1990s. IMA Publishing, Brisbane, 2004, p. 27 http://leonildeviljoen.wordpress.com/2009/11/02/fiona-foley/ http://www.quitnow.info.au/internet/main/publishing.nsf/Content/C143D432E3817918CA2571F10000CC3A/$File/indall.pdf http://www.newrepublics.com/GordonBennettHomeDecor.pdf http://www.australiacouncil.gov.au/__data/assets/pdf_file/0006/33990/cda_5.pdf http://findarticles.com/p/articles/mi_go1931/is_1_27/ai_n29415749/ http://findarticles.com/p/articles/mi_go1931/is_1_27/ai_n29415749/pg_2/?tag=content;col1 http://www.artaustralia.com/images/currentbookpdf/Tracey%20MoffattVol41No2.pdf http://www.artlink.com.au/articles.cfm?id=2596 http://archive.sensesofcinema.com/contents/cteq/00/10/night.html

Economic Analysis for St Andrews New Brunswick :: essays papers

Economic Analysis for St Andrews New Brunswick Community and Economic Analysis for St. Andrews, New Brunswick St. Andrews is a small coastal town in New Brunswick, situated at the end of a peninsula jutting out into the magnificent Bay of Fundy. The Town is conveniently located 30 km from St. Stephen and the Maine border, 100 km from Saint John and 120 km from Fredericton. The Town was founded in 1783, by Loyalists escaping persecution south of the border, on government land grants provided by Governor Parr. St. Andrews grew and flourished for much of the next century and was an important harbour with a healthy shipbuilding industry. At the turn of the last century the Town still prospered. Ship building was a dying industry, but with the building of the Algonquin Hotel in 1889, the Town became an important summer resort town for the â€Å"rich†, especially after the CPR took it over at the turn of the century. The Town of St. Andrews is well preserved and many layers of history are visible starting from the late 1700s. Many of the commercial buildings on Water Street date from the 1800s. The Town has many other buildings of architectural significance including The Shiretown Inn (c.1881), The Court House (c.1840) The Greenock Church (c.1824) and The Block House (c.1812). After the original Algonquin Hotel was destroyed by fire, the existing popular resort was rebuilt in 1915. St. Andrews’ location, as well as historic and architectural attributes, continue to contribute greatly to the tourism industry’s stability and today, tourism remains one of the Town’s most important industries. The seasonal aspect of this industry is very apparent as the number of residents nearly double during the summer months. Cultural activities in the Town are fostered by several organizations that offer courses in the performing arts, fine art, fine crafts and natural history. A number of art galleries and studios in and around St. Andrews offer works from maritime, Inuit and our renowned local artists. St. Andrews has a thriving commercial and service sector. Townspeople encourage development of this type of business to contribute to the economy, while maintaining its â€Å"smokestack free† business environment. Also, there is an abundance of land for medium to heavy industry in nearby Champlain Industrial Park. There are educational and research facilities in St.

Foreign Currency Risk

FOREIGN CURRENCY RISK Q1. Jack is a UK based car exporter who exports luxury cars and has a competitor in Germany; he has recently seen a change in foreign currency that pound ( £) of UK has strengthened against euro (â‚ ¬) of Germany. What is the type of risk does Jack face in his business? (MCQ)Credit RiskTranslation Risk Economic Risk Transaction Risk(2 marks) Q2. Yarn Co is multinational business & wants its foreign subsidiary financial statements. They are making exchange losses when the accounting results of its foreign subsidiary are translated into the home currency. Which type of currency risk does Yarn Co face? (MCQ)Netting off RiskTranslation Risk Economic Risk Hedging Risk(2 marks) Q3. Saito Co, a USA based fish exporter has competition with Sakkara Co based in Bangladesh. He believes he faces an economic risk in the business. What type of impact does it have on Saito Co? (MCQ)Direct ImpactIndirect ImpactPolitical ImpactEconomic Impact(2 marks) Q4. The current spot rate of UK ( £) to USA ($) is  £3:$1.5. The interest rates per annum are UK 5% & USA 9%. What will be the two-month forward rate (to the nearest two decimal places)? (FIB)4013204318000 £ :$1(2 marks) Q5. The current spot rate of UK ( £) is  £3. The inflation rate per annum of UK is 3% & the expected future six-month spot rate is  £3.06. Calculate the foreign annual inflation rate? (FIB)501656223000%(2 marks) Q6. Which of the following statements relates to International Fisher Effect? (MCQ)The exchange rates of countries depending on inflation ratesThe exchange rates of countries depending on interest ratesPrices are same to different customers in an economyNominal interest rate differentials between countries provide an unbiased predictor of future changes in spot exchange rates.(2 marks) Q7. Which of the following differences will result in an Expectation Theory? (MRQ)The difference in Inflation RatesDifference between Spot & Forward RatesThe difference of Interest RatesDifference between Spot & Future Rates(2 marks) Q8. Select the appropriate theory with the following statements. (P&D)Depreciation of forwarding rates will be due to high-interest rates Differences in nominal rates due inflation rates A commodity is priced same in every country The forward rate is a fair predictor of the spot rate in the future EXPECTATION THEORY PURCHASING POWER PARITY THEORY INTERNATIONAL FISHER EFFECT INTEREST RATE PARITY THEORY(2 marks) Q9. Patio Co. operates in the USA. They will be receiving a payment of  £2,500 from customers in four months' time. Calculate Patio Co.'s receipts in four months' time? Use the following rates. (MCQ)Spot Rate  £1.4/$ –  £1.6/$4 Month Forward Rate  £1.8/$ –  £2.0/$$1,786$1,563$1,389$1,250(2 marks) Q10. Fray Co is a USA based company ; imports Robots from China. The usual credit period is three months. Fray Co has to pay  ¥60,000. Calculate the loss/gain of the payment on forwarding contract? (MCQ)Spot Rate  ¥1.321/$ –  ¥1.521/$3 Month Forward Rate  ¥1.654/$ –  ¥1.854/$$7,085 (Loss)$9,144 (Loss)$9,144 (Gain)$7,085 (Gain)(2 marks) Q11. PXG Co, a UK based company has made $3,600 sale to its USA customer on credit. The current  £/$ exchange rate is  £6.4/$12.8. It is expected that UK  £ will strengthen by 15%, by the time USA customer pays. Calculate the receipts in  £? (MCQ) £244.57 £281.25 £489.13 £562.5(2 marks) Q12. The dollar is quoted at a $0.067 premium for the forward rate. The current exchange rate is $/ ¥ 1.0005 +/- 0.0045. What will a $4,900 payment convert at forwarding rate? (MCQ) ¥4,876 ¥4,920 ¥5,224 ¥5,274(2 marks) Q13. A UK based company Bib Co will receive a foreign payment of $2,000 in four months' time. The spot rate is $1.1/ £ – $1.4/ £. Calculate the income in four months' time using money market hedging? (MCQ) Borrow DepositDollar ($) 4% 5%Pounds ( £) 3% 2% £1,414.4 £1,419.4 £1,800 £1,807(2 marks) This information is used for Q14, Q15 ; Q16.A USA based company has to make a payment of  £95,000 in nine months' time. The spot rate is  £2.2/$ –  £2.5/$. Following details are:Borrow DepositDollar ($) 7% 5%Pounds ( £) 5% 3% Q14. Calculate the foreign payment using money market hedging? (MCQ) $37,164$42,232$43,816$44,449(2 marks) Q15. Calculate the foreign payment if the nine-month forward rate is  £2.37/$ –  £2.71/$? (FIB)3511551206500$ (2 marks) Q16. Calculate the gain/loss for the company for not leading the payment? (MCQ)$4,365 (Gain)$4,365 (Loss)$3,816 (Loss)$3,816 (Gain)(2 marks) Q17. Following statements relate to Forwarding contracts. (HA)An immediate binding contract TRUE FALSEThe forward rate is variable in nature TRUE FALSEThe timing of the contract is unknown TRUE FALSE(2 marks) Q18. A company wants to reduce its transaction risks when conducting business with foreign receivables/payables. Following statements are said by the directors during this years' AGM. Select the appropriate statements to reduce the risk. (MRQ) â€Å"The company should hold back its payments for few months†, this technique is Leading†The company should continue as normal†Ã¢â‚¬ I have some friends offshore who work in a bank, I may able to arrange a foreign account for the company† said by a director†The company should deal in the foreign currency only† (2 marks) Q19. Juab Co is a manufacturing company ; has a foreign supplier who supplies raw materials. Recently the supplier has now become a customer as well, who purchases Juab Co.'s finished products and sells in his respective country. Which technique of reducing risk is applicable for Juab Co? (MCQ) Money market contractLeading & LaggingForward market hedgingMatching & Netting(2 marks) Q20. Which of the following statements are true in relation to futures? (MRQ)Currency futures are standard contractsA high premium is paid initiallyFutures are available in all currencies offered by the bankFuture contracts are binding (2 marks) Q21. A company wants to hedge itself from any currency risk. They have decided to hedge themselves using currency futures. They have to make a payment in May of $36,000. The futures have a contract size of $15,000. Which of the following futures will they select? (MCQ)Buy three futures on MarchSell two futures of MarchBuy two futures of JuneBuy three futures of September(2 marks) Q22. Select the appropriate option in relation to futures. (HA) Transaction cost is lowest ADVANTAGE DISADVANTAGEContracts are limited to some currencies ADVANTAGE DISADVANTAGEThe exact date does not have to be known ADVANTAGE DISADVANTAGE(2 marks) Q23. Picots Co is UK based company which has a lot of foreign customers. It will be receiving a payment from USA based customer of $500,000 in five months. The company has been advised to use derivatives to hedge themselves against any currency risk. If they opt for currency options which of the following are correct? (MCQ)Buying a USA $ call option in the UKBuying a USA $ put option in the UKBuying a UK  £ call option in the USABuying a UK  £ put option in the USA (2 marks) Q24. Which of the following statements relate to currency options? (MRQ)In future the market becomes favorable and the company will face a loss because it is bound to the contractThey are negotiated Cannot be traded in all currenciesEasily arranged & Flexible (2 marks) Q25. Which of the following is incorrect for swaps? (MCQ)It is negotiated between two parties having their own spot rateIt has a nominal costIt is an over the counter dealIt has multiple markets (2 marks) Q26. Which of the following has a refundable cost? (MCQ)Currency FuturesForward ContractsCurrency OptionsCurrency Swaps(2 marks) FOREIGN CURRENCY RISK (ANSWERS) Q1. CEconomic risk is the variation in the value of the business due to unexpected changes in exchange rates. This is an indirect impact on Jacks business. Q2. BThey are making exchange losses when the accounting results of its foreign subsidiary are translated into the home currency. This is an indication of Translation Risk. Q3. AIt is a direct impact on Saito Co as the USA being home currency strengthens then foreign competitors Sakkara Co in Bangladesh is able to gain sales at your expense because your fish have become more expensive in the eyes of customers both abroad and at home. Q4.  £3.02Interest rate parity theory = 3 Ãâ€" 1+(9% Ãâ€" 212)1+(5% Ãâ€"212) =  £3.02 Q5. 7%Purchasing power parity theory = 3 Ãâ€" 1+(x% Ãâ€" 612)1+(3% Ãâ€"612) =  £3.06X% = 7% Q6. DThe exchange rates of countries depending on inflation rates (Purchasing Power Parity Theory)The exchange rates of countries depending on interest rates (Interest Rate Parity Theory)Prices are same to different customers in an economy. The law of one price. (Purchasing Power Parity Theory)Nominal interest rate differentials between countries provide an unbiased predictor of future changes in spot exchange rates. (International Fisher Effect) Q7. When these two will become equal, Expectation Theory arises. Difference between Spot & Forward RatesDifference between Spot & Future Rates Q8.Depreciation of forwarding rates will be due to high-interest rates INTEREST RATE PARITY THEORYDifferences in nominal rates due to inflation rates INTERNATIONAL FISHER EFFECTA commodity is priced same in every country PURCHASING POWER PARITY THEORYThe forward rate is a fair predictor of the spot rate in the future EXPECTATION THEORY Q9. DReceipts =  £2,500 à · 2.0 = $1,250Q10.Payment (Forward) =  ¥60,000 à · 1.654 = $36,276Payment (Spot) =  ¥60,000 à · 1.321 = $45,420Gain = $9,144Q11. AFuture Rate = $12.8 Ãâ€" 115% = $14.72Receipts =  £3,600 à · 14.72 = $244.57 Q12. DThe Spot rate = $0.996/ ¥ – $1.005/ ¥ -/+ 0.0045The dollar is at a premium so subtract it as if dollar strengthens then yen will weaken in the forwards market. The new Spot rate = $0.929/ ¥ – $0.938/ ¥ – 0.067Payment = $4,900 à · 0.929 =  ¥5,274 Q13. BBorrow Foreign Currency = $2,000 à · [1 + (4% Ãâ€" 4/12)] = $1,974Convert Foreign to Local = $1,974 à · 1.4 =  £1,410Deposit (Interest) = (1,410 Ãâ€" 2% Ãâ€" 4/12) =  £9.4Total Receipts =  £1,410 +  £9.4 =  £1,419.4 Q14. DDeposit Foreign Currency =  £95,000 à · [1 + (3% Ãâ€" 9/12)] =  £92,910Convert Foreign to Local =  £92,910 à · 2.2 = $42,232Deposit (Interest) = ($42,232 Ãâ€" 7% Ãâ€" 9/12) = $2,217Total Payments = $42,232 + $2,217 = $44,449 Q15. $40,084Payments =  £95,000 à · 2.37 = $40,084Q16. BQ17. An immediate binding contract TRUE The forward rate is variable in nature FALSEThe timing of the contract is unknown FALSE Q18.†The company should hold back its payments for few months†, this technique is Lagging (Incorrect)†The company should continue as normal† This refers the company should take no action (Correct)†I have some friends offshore who work in a bank, I may able to arrange a foreign account for the company† said by a director. This statement indicates opening a foreign bank account. (Correct)†The company should deal in the foreign currency only† The company could deal in home currency rather in foreign currency (Incorrect) Q19. DThis technique attempts to match the same foreign currency receipt & payments due at the same time. The netting of the intra debit & credit balances saving transaction cost & reducing risk. Q20.Currency futures are standard contracts, fixed limits specified (True)A high premium is paid initially, this is applicable in options (False)Futures are available in all currencies offered by the bank, Only in few currencies (False)Future contracts are binding, they have to be closed (True) Q21. CThe Futures can be bought or sold only four times a year which are March, June, September & December. Future contracts can be signed relating to a month after the date of receipt. They will buy two futures each of $15,000 and the remaining $6,000 can be hedged using other techniques. (E.g. forward contracts) Q22. Transaction cost is lowest ADVANTAGE Contracts are limited to some currencies DISADVANTAGEThe exact date does not have to be known ADVANTAGE Q23. BPicots Co will want to sell the USA $ when they receive the payment which is why they will use USA $ put (sell) option bought in the UK. Q24. In future the market becomes favorable and the company will face a loss because it is bound to the contract, this statement relates to future contracts They are negotiated, this statement relates to options (Correct) Cannot be traded in all currencies, it is a disadvantage hence this statement relates to options (Correct)Easily arranged & Flexible, this statement relates to swaps Q25. DIt has no markets; it is a tailor-made an agreement between two parties.Q26. ACurrency Futures, An initial margin cost which is refundableForward Contracts, has a transaction costCurrency Options, A non-refundable premium costCurrency Swaps, No initial cost

Juvenile Delinquent Essay - 1102 Words

Juvenile delinquents are minors usually between the ages of 10 and 18. They are those minors that have committed some type of act that violates the law. Juveniles are not given the same sentences as adults when it comes to the punishment part. The argument for juvenile delinquents is, if they are born evil or is it part of the environment and or society. Are juveniles who commit a crime really naturally evil as many suggest, or are they their own products of the environment/society they live in? Are juveniles naturally born evil is a question that everyone asks. According to society every juvenile that commits a crime is born with it naturally. A Biological Theory considers delinquent behavior as predisposed and revolves around the idea†¦show more content†¦Whether if the baby is born to be evil or not, it all goes towards the parents. They have enough time to teach them the correct things and stop them from becoming juvenile delinquents. 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