Use of Basel III in Banking Laws and Regulations - Free Essay Example

Basel Accords which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision consists of Basel I, Basel II and Basel III. Basel I was adopted in 1988 and was enforced internationally in 1992. While Basel I is now outdated, Basel II was formed and implemented by a lot of countries. Soon after that Basel III came into place when the world was faced with Global Financial Crisis. Basel I primarily focused on credit risk. This Accord was enforced by law in Group of Ten (G-10) countries which included Belgium, Canada, France, Germany, Italy, Japan, United Kingdom, United States of America, Spain, Switzerland, Sweden, Netherlands and Luxembourg. Basel II is the second of Basel accords issued by the Basel committee on Banking Supervision. This framework was officially known as International Convergence of Capital Measurement and Capital Standards. The main purpose of Basel II, published in June of 2004, was to create an intern ational standard that banking regulators would be able to use when creating regulations about the amount of capital that banks need to put aside to guard them against the financial and operational risks that most banks face. Australia implemented Basel II framework on January 1 2008 through its Australian Prudential Regulation Authority The 3 fundamental pillars of Basel II include: Pillar 1: It deals with the Minimum Capital Requirement calculation which has to be maintained against Credit, Operational and Market risk. Pillar 2: It deals with the Supervisory Review Process which describes the principles for effective supervision. Pillar 3: It deals with the need for Market Discipline which requires the lenders to widely provide details of their risk rating processes, risk management activities and risk distributions. Basel III was recently developed after taking in consideration the loopholes and weaknesses that contributed to the financial crisis. Basically, thes e rules intend to protect the world economy from the possible effects of any future financial crisis. In addition to that, they also aim to reduce the risk that would be imposed on governments to spend funds while protecting banks and their creditors. Bank for International Settlements (BIS): It is an international organization of central banks which aims to make banking and monetary policy more clear and predictable The new rules of Basel III seek to avoid the failure of Basel II -Imperfect and under-adopted rules now are no longer in use after the 2008 global financial crisis. It takes a more critical view of leverage in general, and of risk insurance and trading in debt between banks and other players. They ask the banks to hold a larger buffer of capital, and more liquid assets. The most important changes in Basel III comprise of: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Setting higher minimum capital requirements and changes to Tier 1 capital rules ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Strengthening both the quantum and quality of capital for banks and insurance companies ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Improving mechanisms for dealing with systemic risk found in the financial system ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Enhancing the system and institutions abilities to cope with liquidity shocks which have occurred throughout the GFC ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Improving forward-looking approaches to loan loss provisioning ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Encouraging long-term thinking by counter-cyclical prudential measures, and remuneration arrangements which better align reward and risk arising over the longer term. Development of New Basel III Standard First, The quality, consistency and transparency of the capital base will be raised. Tier 1 capital will place greater emphasis on common equity component. Tier 2 capital instruments will be harmonized. Tier 3 capital will be eliminated. Second, Enhancement of risk cov erage through enhanced capital requirements for counterparty credit risk. Enhanced risk coverage will address issues that arise in connection with the use of derivatives, repos and securities financing arrangements Third, Changes to non-risk adjusted leverage ratio. This ratio will supplement the Basel II risk capital framework. Fourth, Measures to improve countercyclical capital framework. Effect of Basel III on United Arab Emirates Over the years, United Arab Emirates have been reporting to a BASEL I framework. Since, it is progressing well, there are doubts that there will be immediate implementation of BASEL III. However, over the past year or so, U.A.E has needed significant capital injections and liquidity support, so the ratios will report negative effects. Hence, there is no rush to adopt Basel III, as new standards would highlight capital and liquidity drawbacks. Currently, U.A.Es banks are reporting elevated capital ratios (15% Tier I ratios, 18% CAR), but t his has been boosted by public sector injections of Tier I and Tier II capital. The equity- asset ratios of 10 % has indicated how Tier I ratios might present itself under BASEL III framework, particularly if banks attempt to setback or smooth provisioning against a likely imminent decline in asset quality. Dr. Nasser Al Saidi, Executive Director of the Hawkamah- Institute for Corporate Governance said, Banking regulations must proceed on a global basis but since the UAE banks are almost applying the same capital adequacy ratio as Basel III requirements, the new international rules would not have a direct impact on the UAE banking sector. However, due to the global recession, several banks buckled, while furthermore have botched various challenges, highlighting a elementary flaw amongst banks worldwide. Dr. Al Saidi also mentioned that the increase in capital requirement from 2% to 7% was a compulsory amendment as the increased capital would reduce the risk. If some banks still fel t that the reserve wasnt enough, then they would tend to increase it out of further prudence and that would reduce the finances available to businesses, thus leading to added cost of loans. UAE banks are among the paramount capitalised in the world, and traditionally inflexible principles set by the UAE Central Bank for principal needs means that local banks already outdo norms set by the Bank for International Settlements (BIS) as part of the Basel III accord, which has a 2019 deadline, analysts say. Analysts also feel that the U.A.Es banking regulations are already stricter than those proposed by BASEL III. U.A.Es banks are safer as compared to majority of their Western and European counterparts. At present, the Tier I and total capital requirement ratios stand at 8 percent and 12 percent respectively, which are already higher than the 2019 target ratios proposed by BASEL III of 6 percent and 8 percent respectively. The Bank for International Settlements reported that it has de veloped an accord for boosting of vital capital ratios for all the banks. The least necessity for general equity, the peak form of loss absorbing capital, will be lifted from the existing 2 to 4.5 per cent after the submission of much strict adjustments, which will be ushered in by 2015. The total Tier 1 capital necessity, which includes regular equity and other qualifying financial instruments depending upon harsh grounds, will raise from 4 percent to that of 6 percent during the existing phase. A buffer requirement of 2.5 per cent that can be strained down to the 4.5 per cent least necessity when called for. Effectively, this will elevate general equity necessities to 7 per cent. If a bank falls under the 7 per cent general equity necessities, including the cushion, allocation of income should condense atleast till 7 per cent stage is improved. The margins above would relate to dividends and managerial reimbursement, including bonuses. These changes are supposed to reinforce th e banks stability to absorb future potential losses. The transition period for banks to comply with these rules was set at 2012, however, it has now been extended to January, 2019. Since U.A.Es banks are still adjusting to Basel IIs policies since November, 2009, it will be far too early to comment upon the consequences of these new regulation changes. Basel III rules on capital adequacy rates stipulate phased increases from 2 per cent to 3.5 per cent in 2012, to 4.5 per cent by 2015 and to the full 7 per cent by the end of 2018. Although U.A.E is in recession, these regulations give banks a necessary amount of time to adjust. There is faith in the U.A.Es financial system, as it has been able to cope flexibly and effectively to unforeseen shocks. Effect of Basel III on United Kingdom All though there is still an uncertainly on the impact of the implementation of Basel iii, there are many concerns which are bothering all the banks in the United Kingdom. According to B asel iii there is a tighter capital requirement on the funding costs of a bank which has become one of the bigger concern faced by the country. The main requirement of Basel rules set to come into force by 2019 is a Tier 1 capital ratio of 7 percent. Many banks Tier 1 ratios are already above this but the Basel III regime is much stricter on what can be counted as Tier 1 capital, prompting fears of more rights issues in the sector.BNP (British National Party) is in a position to be above that 7 percent threshold, without ever raising any capital. Despite assurance on meeting Basel requirements, quantifying the exact force of Basel III is difficult because global regulators are still discussing extra proposals such as a systemic risk capital surcharge for large banks. Barclays bank believes that a new regime could add 150 pounds to the banks risk-weighted assets, with 60 billion to assess market risk. The broader effects of Basel include rising funding costs as banks focus on g enerating returns on retained capital. There is a positive side to it which is- banks will be better prepared for another downturn so we avoid a re-run of the  financial crisis. Instead of holding capital equivalent to just 2% of their risk-bearing assets, banks will have to hold 7% of top-quality capital in reserve. For customers in the country there wont be a return to the era of cheap money as banks build up their capital reserves ahead of the deadlines. UK banks have already made big efforts to raise their capital levels since the crisis struck, and taxpayer-backed Lloyds Banking Group now has a core tier-one capital ratio of 9% while Barclayss is 10%. Adair Turner, chairman of Britains Financial Services Authority said- I think its a very, very balanced package which is designed to achieve future resilience without in any way restricting the ability of the banking system to support the real economy. Therefore it is unlikely to find a conclusion whether Basel iii is a positive or a negative change. As we have seen it has become one of the bigger concerns of every country to rise from the financial crisis. Only time can tell the effectiveness of Basel iii on all the countries. Global Financial Crisis and its effects on Banks The term financial crisis is applied largely to an array of situations in which some financial institutions and assets all of a sudden lose a large part of their worth. They are mostly associated with recessions, bank runs, currency crisis, bubbles etc. When a bank experiences a sudden rush of withdrawals by its depositors it is known as a bank run. A situation where the bank run is extensive its called a banking panic. A situation without extensive bank runs, but in which banks are unwilling to lend, because they agonize that they have inadequate funds available, is often called a credit crunch. Since banks lend out most of the cash of their deposits by the customers, it gets difficult for them to immediately p ay back all the deposits if they are demanded at once, which may leave the bank in bankruptcy. Many banks lose their customers due to this problem. In this way, the banks become an accelerator of a financial crisis. The recent financial crisis that started at the end of 2007, caused by a liquidity deficit in the United States banking system and affected the economy worldwide, made a huge impact on majority of the banks worldwide. One of the main sources of the Global financial crisis was a boom that took place in US housing prices between the years 2002 and 2005.The International Monetary Fund anticipated that a lot of U.S and European banks lost over $ 1 trillion on bad loans and toxic assets. As a result, the crisis lead to the initiation of Basel II, which was introduced in USA over 2008 in similarity with the current requirements and applied only to the banks which were internationally active. However, in Australia it was introduced at the start of 2008. The Global Financi al Crisis drew attention towards the banks inconsistent approaches to their Definitions of capital The type of capital employed The level of disclosure provided on the nature of regulatory capital held. After the commencement of the GFC, it was noted that various banks in the Europe and the US were involved in the setting up of central counterparties (CCPs), mainly those to clear and decrease the notional volume of over the counter (OTC) credit derivatives. Institutions have a greater incentive to make use of the CCPs by applying a zero per cent risk weighting to depiction with certain central counterparties. The crisis resulted in the collapse of a lot of banks and also in bank bailouts. For example:The Northern Rock (British bank) was one of the first victims of the crisis. The high leverage nature of its transactions led the bank to ask for protection from the Bank of England. This led to investors panic and deposit withdrawals by their customers who believed th at the bank might become insolvent. The fourth largest bank of the US, Lehman Brothers filed for bankruptcy in September 2008. The reason is discussed in the next few lines. In those days there was mortgage crisis in United States due to decline in prices of real-estates. As a result, housing loans made by the bank for the people with very slight support made these loans very risky, and when interest rates were raised by these banks, these borrowers could no more repay Lehman. This led to huge losses for Lehman. It caused $60 billion loss in bad real estate loans for Lehman Bros. One of the main reason for its downfall was its poor relations with top banks of United States. They refused to do business with Lehman due to over-confidence of its CEO over the Lehman financial assets. And after big debt of $639 billion, when Lehman asked Barclays and Bank of America for acquisition, they simply rejected the offer. There were a few banks which were not affected by the financial cris is. Japanese banks were not affected seriously by the US financial turmoil because they invested relatively small amounts of their portfolios in subprime-related financial products. Even the Islamic banks have been less affected than many conservative banks in the existing global crisis as they are forbidden from the activities that have contributed to the credit crunch such as investment in toxic assets and dependence on wholesale funds. Other banks which were least affected by the crisis were North Korean banks, Malaysian banks, Moroccos banks and Australian banks. Effect of Global Financial Crisis on United Arab Emirates In the first 6 months of 2008, the world saw a steady rise in oil prices. These, however didnt last long due to the varied factors of supply and demand. It had reached a peak of 147.27 $ on July 11th, but after that, the oil prices declined at a drastic rate, reaching as low as 60$ a barrel. Since 35.9% of the U.A.Es GDP in 2007 consisted of oil revenue, su rely this meant bad news. In addition to this, the U.A.Es property market has been declining due to the governments recent rule which allows foreign investors to purchase real estate on a freehold basis. Similarly, the stocks crashed, in Abu Dhabi and Dubai. The Dubai Financial Market(DFM) index incurred a loss of 1.27 billion dollars, along with the Abu Dhabi Securities Exchange(ADX) incurring a loss of 413.8 million dollars. 3 days after the Lehman brothers filed for bankruptcy, the U.A.E Central Bank met with representatives of other banks to assess the current situation. A conclusive statement was released that there was no universal risk for the U.A.E. However, during these meetings, it wa also discovered that the liquidity level for banks were low, and feedback was taken as to how to boost it. In order to do so, an emergency lending facility was created with a total of 50 billion dirhams so as to inject liquidity in the U.A.Es local banks. In addition, the government will a lso promise all inter-bank lending operations between banks functioning within the country and introduce adequate liquidity in the financial system if and when obligatory. The government also decided to infuse another 70 billion dirhams into the banking system. Over the past few years, U.A.E has witnessed a huge boom in the property market, with prices of properties quadrupling. This has been a successful vision of the countrys leaders so as to divert the sole dependence of national revenue from oil. However, even the real estate industry of U.A.E has been affected by the financial crisis. Almost all major developers operating in U.A.E have shelved their plans of expansion or development due to the current financial turmoil. However, there is strong hope for U.A.Es economy. The IMF has proposed a 1.5% increase in the GDP of U.A.E for 2010, as well as a 3.1% increase in GDP for 2011. With an increase in oil prices, the U.A.E is poised to post a surplus of 19.7 billion dollars, as compared to a debit of 7 billion dollars in 2009. At first, it seemed that most of the Gulf countries took the recession for granted, however the Lehman incident served as an eye-opener for most of them. However, U.A.E states that it was one of the first countries to take notice of the budding problem and took measures to reassure investors by securing deposits, pumping liquidity into the system and filling gaps in the legal construction of the country. Analysts are optimistic that the debt issue can be resolved without affecting the credit standing between Abu Dhabi and Dubai. An example can be provided with a reference to Dubai Water and Electricity Authority(DEWA). DEWA raised $1 billion with the help of an international bond issue paying 8.5% in May 2010 while the demand for the issue surpassed $11 billion. However, investors know the recovery in the UAE could be quicker due to the fundamental strength of the federal economy and strong infrastructure. Analysts feel although t he real estate prices shall undergo a sharp decline, there are convincing reasons that assure a firm recovery of the U.A.Es economy. Recovery of Global Financial Crisis The recovery of the global Financial Crisis said to be slowing faster than the forecast. One of the major challenges faced by the government today is to strike a balance between cutting public debt and boosting growth. According to the OECDs (organization for economic Co-operation and development) latest assessment- growth is expected to be around 1.5% on a yearly basis in the second half of 2010, compared to the OECDs earlier assessment of around 2.5% carried out in May. Robert Zoellick, the World Bank President, said that while the economy is undergoing recovery from the financial crisis, governments still face the problem of uncertainty and volatility after the economic downturn in 2008 as millions of people were rendered insolvent. Many countries are recovering from this crisis, however the recover y is said to be at a slow pace and is not able to create sufficient jobs, which are raising fears among the people, that there will be a jobless recovery which will lead to long-term unemployment which is expected to stay high until the end of 2011 due to the fragility of the global economy. A series of efforts are being made to reform financial markets and clamp down tax evasion. Us economic growth, in the first quarter hit 3.7 per cent, compared to the 2.7 per cent earlier reported by the government. Due to weak consumer spending and a widening trade gap, it brought about a sense of relief among the people, and the data appeared to confirm that the US recession had come to an end. However, in the second quarter it showed much of a slowdown which is said to have come from businesses reining in inventory spending, which had grown rapidly in the wake of the financial crisis. World Bank managing director Juan Jose Daboub stated that Australia can be a model for developing nations struggling to recover from the global financial crisis. Dr Daboub said that the macro economic reforms taken up by Australia in the past 20 years have paid off. These reforms include Macro-economic stability, flexible labor markets and nurturing an open economy. He also praised the persistence and the consistency of the reforms. In conclusion, This is a recovery but there are still fragilities and there is still (the) risk of unemployment (growing) at dimensions that we need to be very concerned about, Dr Daboub said. Data Analysis https://www.systemiclogic.com.au/?p=1038 The above graph places emphasis on the quality of capital required. The new capital requirement will emerge in a period of five years, and over this period the minimum capital ratio will remain at 8%- However, its composition may change. Ordinary shares which are the highest quality capital are seen to move from 2% under Basel II to 4% under Basel III. As a result, the relevance of Tie r 2/3 which is the lower quality capital will reduce to a quarter of the total required. Apart from the minimum capital requirement, institutions are expected to hold a conservation buffer also in common equity of 2.5%, which will act as a measure of relief in times of stress. https://www.allvoices.com/contributed-news/7323914-basel-3-has-arrived-finally-for-banks/content/63411911-basel-iii After the release of Basel II, the capital requirement was at 2%. With the arrival of Basel III updates the value has increased to 4.5%. (I.e. an increase of 2.5%). Basel IIIs stated aims are to improve the banking sectors ability to Absorb shocks Improve risk management Strengthen banks transparency To achieve this it laid down two areas of regulation, which are: micro prudential this includes dealing with the flexibility of individual banks and macro prudential which includes dealing with the strength of the banking sector as a whole. According to the Basel III reform s, one of the methods to bring about the change from procyclical lending to countercyclical lending, include increasing capital requirements and adding more capital buffers to deal with times of stress, rising from 2.5% to 7%. The Tier 1 capital requirement, that covers various qualifying financial resources which are based on rigid criteria, and common equity, will increase to 6% from its current value of 4% during the same time. Basel III Summary also affects the Risk weighted assets or RWAs and the date of implementation is the same. The first section is 3.5% common equity for every RWA. The next one is to have 4.5% Tier 1 capital for every RWA, amounting to the total of 8% capital for every RWA. Basel III also brings forward the minimum common equity requirement that to be followed from 1st January 2013 till 1st January 2015. The change in the minimum common equity requirement from 2% to 3.5% is effective from 1st January 2013. The Tier 1 capital requirements have al so risen to 5.5% from 4%, which is a slight change. The banks should aim to reach 4% minimum common equity plus 5.5% of Tier 1 capital by 1st January 2014. From the above it can be noted that Basel III summary has made 1st January 2015 into an important date, as we can see that by that time the banks will have common equity raised to 4.5% and the Tier 1 requirements raised to 6%. CONCLUSION While many bank investors loved Basel III, there were some problems encountered in Basel III. Basel III was considered to be implemented really quick even though Basel II took a decade to be put together but never got implemented properly. It was said that Basel III adopted some of the same problems faced in Basel II The risk weighing concept: The banks were told to hold more capital against the riskier assets than they do against safer assets. Basel III is considered to be backward-looking. A few drawbacks of Basel III were the following: Capital requirements in Bas el III were too low; Credit ratings were depended upon the most; Internal Models could be used by banks to measure the risk; Banks could get around the rules by setting up off-balance-sheet entities like SIVs; It lacked any kind of liquidity requirements. Execution of Basel III has been described as a long journey rather than a goal itself. Undoubtedly, it would require commitment of substantial capital and human resources on the part of both banks and the supervisors. Most of the economies have decided to follow a consultative process while implementing Basel III norms and move in a steady, sequential and co-ordinate manner. As envisaged by the Basel Committee, all the professionals will make a positive contribution in this respect to the Indian Banking System stronger. https://www.basel-ii-risk.com/basel-iii-guide-to-the-changes/ https://www.uaeinteract.com/docs/Greek_Daily_UAE_has_overcome_global_financial_crisis/39109.htm https://gulfnews.com/in-focus/mel tdown/uae-s-passage-through-the-global-crisis-1.682045 https://news.xinhuanet.com/english/2008-12/02/content_10445926.htm

Eco-Libris Celebrates Its 2 Year Birthday

Books, books, books. We all love books! This is especially near and dear to our hearts here at A+ Test Prep and Tutoring. As is probably true of most educators, we're bookish and we're bullish about books! Eco-Libris, a green business that works with book readers, publishers, authors, bookstores and others in the book industry to balance out the paper used for books by planting trees, is two years old! More than 30 million trees are cut down annually for virgin paper used for the production of books sold in the U.S. alone. Eco-Libris aims to raise awareness to the environmental impacts of using paper for the production of books and provide people with an affordable and easy way to do something about it: plant one tree for every book they read. Eco-Libris partners with three highly respected US and UK registered non-profit organizations that work in collaboration with local communities in developing countries to plant these trees. Eco-Libris' planting partners are Sustainable Harvest International, Ripple Africa, and The Alliance for International Reforestation. Trees are planted using high ecological and sustainable standards in Latin America and Africa, where deforestation is a crucial problem. Planting trees in these places not only helps to fight climate change and conserve soil and water, but also benefits many local people, for whom these trees offer many benefits, such as improvement of crops and additional food and income, and an opportunity for a better future. Please consider doing a small part to help offset the ecological impact of printing books by purchasing stickers from Eco-Libris. They even look cool!

Cultural Assimilation Of Hispanic Immigrants - 996 Words

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The show obtains successful Entrepreneurs ready to invest their own money into other Americans wanting to be just like them, reaching the American dream and become a successful entrepreneur. The show presents entrepreneurs working towards the goal of creating a business to not only gain wealth but also change the way we live today. The show is to keep the American dream alive and well while

Greeces Economic Situation With The United States

Since 2008, the Hellenic Republic (Greece) has been suffering from one the worst economical and financial depressions in its history. From its beginning, the nation s banking system has teetered on the brink of collapse and over 20% of its citizens have been unemployed. This essay will discuss the history of the crisis, its causes, and comparative study between Greece s economic situation with that of the United States. The paper will close with my future predictions about Greece s response to the crisis based on experiences I shared with friends and family members in Greece. The crisis began alongside the worldwide recession in 2008. Preceding this worldwide economic downturn , eurozone countries experienced an 35% of GDP increase†¦show more content†¦However, despite this rapid deterioration of the worldwide economy, Greek s decrepit financial situation did not occur overnight. It was result of a flurry of factors stemming from a wide variety of sources. In Georgios P. K ouretas and Prodromos Vlamis s work, The Greek Crisis: Causes and Implications, the authors indentified at least three key players, which led to Greece s continued financial crisis (Kouretas and Vlamis, 393). The first and most responsible institution was the Greek government and its feeble political system. Throughout the years, the national government mismanaged the domestic economy to the level that the economy was adding on government debt at a rate faster than any other eurozone nation. Combined with its rapid increase was its debt/GDP ratio was already greater than 100% by the time of the crisis. In order to combat this overspending, Greece implemented tough austerity in both its fiscal and economic policies (in order to lower its budget deficit and debt/GDP ratio) while relying on 110 billion euro package, provided by the EU and IMF, to finance its short-term operations. As a consequence of its large budget deficit, the financial market downgraded Greece s credit rating to th e point that the country had to withdraw from the international bond markets (due to extremely high interest rates). The final major factor lies in the response of both Eurozone governments and the European

Essay about Sapphos vs. Petrarch on the Body - 1293 Words

D.P.L. Professor M.H. The Divine Body Humans are wired for sex. Physical interaction is possibly the most intuitive emotion we have as a species. Sex and body image are absurdly prominent in today’s culture, and have been since the beginning of written history. Sexuality is only a surface desire though. What lies beneath the surface is where a person’s true beauty rests. The poets Sappho and Petrarch are two very early writers that often focused on the human body, sexuality, and desire but in different ways. Sappho’s body of work is a reaction and praise to the exterior beauty of many individuals. Petrarch’s sonnets are a repeated effort to unearth the root of divine beauty. Sappho’s poems were more direct and in a relatable way.†¦show more content†¦She is playing with that feeling of tension in the chest that people tend to have in matters of deep-seated emotions. It is common to read Sappho and notice emphasis on the body in her descriptions of both grief and bliss. Later in her life, Sappho uses the same analogy of her heart to describe herself as an old woman, â€Å"My heart’s grown heavy, my knees will not support me, that once on a time were fleet for the dance as fawns.† It seems that her heart never grew lighter from her younger years, or even grew into a more intense pain. Having access to so many of her works allows scholars to observe a development in the character Sappho. Her subject matter turns from delight in others, slowly to dismay in their absence. What does not seem to change much is her approach of the subject matter. She still materializes her emotions in the form of the physical body in her later poems. Petrarch deals with his bodily desires in a different manner. His most famous series of poems are more or less descriptions of a woman Petrarch had much love for and how she made him feel. This collection is known as the ‘Canzoniere’. Petrarch’s sonnets focus more on the emotional si de of his desires, while still using his body as a reference for the reader. In a selection from one of his sonnets, Petrarch writes, â€Å"Love found me all disarmed and found the way / was clear to reach my heart down through the eyes / which have become the halls and doors of tears†

Greenlawn Commercial Package Business free essay sample

So, eventhough some significant costs such as lease expense, service techs, fertilizer costs and overhead costs have decreased, the decrease in revenues due to the decrease in applications leave only a 1% contribution margin vs a 13% contribution in the before scenario. 3- Personal recommendation. It appears to me that the organization has already indicated that it wishes to back Amy Carter and the biological engineering and environment vision. Calling Amy the division’s thought leader. This new era project is a â€Å"hat trick† for the division and is the vision for Greenlawn’s future. If the organization loses revenue in the short term, when can they expect to breakeven with the current revenues of the ten million. The expectation is that revenues will decrease to six million, but will then be capable of growing the customer base, whereby replacing the revenue lost by changing to the advanced new generation of products that are easier to apply, have lower costs and more importantly environmentally friendly. We will write a custom essay sample on Greenlawn Commercial Package Business or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This environmentally friendly approach to Greenlawn’s business will keep the company at the cutting edge of technology in its field. Maintaining its status and reputation as the nation’s largest lawn-care and landscape-services company. I would recommend either keeping it the same as before with the revenues at ten million, or reducing the fertilizer costs and selling the new generation of products in order to gain more customers. If more customers are gained due to environmentally friendly process than the revenues and contribution margin will increase. Should the organization change, they can expect a short term reduction in revenue, with the likeliness of long term sustainability for generations to come.