A Pestel Analysis Of Malaysia Economics Essay

A Pestel Analysis Of Malaysia Economics Essay Introduction During the late 18th and 19th centuries, Great Britain established colonies and protectorates in the area of current Malaysia; these were occupied by Japan from 1942 to 1945. In 1948, the British-ruled territories on the Malay Peninsula formed the Federation of Malaya, which became independent in 1957. Malaysia was formed in 1963 when the former British colonies of Singapore and the East Malaysian states of Sabah and Sarawak on the northern coast of Borneo joined the Federation. The first several years of the countrys history were marred by a Communist insurgency, Indonesian confrontation with Malaysia, Philippine claims to Sabah, and Singapores secession from the Federation in 1965. During the 22-year term of Prime Minister MAHATHIR bin Mohamad (1981-2003), Malaysia was successful in diversifying its economy from dependence on exports of raw materials to expansion in manufacturing, services, and tourism. Economy overview: Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, medical technology, and pharmaceuticals. The NAJIB administration also is continuing efforts to boost domestic demand and to wean the economy off of its dependence on exports. Nevertheless, exports particularly of electronics remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas, which supplies at least 40% of government revenue. The central bank maintains healthy foreign exchange reserves and its well-developed regulatory regime has limited Malaysias exposure to riskier financial instruments and the global financial crisis. Nevertheless, decreasing worldwide demand for consumer goods hurt Malaysias exports and economic growth in 2009, although both showed signs of recovery in 2010. In order to attract increased investment, NAJIB has also sought to revise the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay na tionalists. Statistics GDP $381.1 billion (2009 est.)Rank: 30 GDP growth 2.2% (2009 est.) GDP per capita $14,800 (2009 est.) GDP by sector agriculture: 10.1% industry: 42.3% services: 47.6% Inflation (CPI) 0.4% (2009 est.) Population below poverty line 3.5% (2007 est.) Labour force by occupation agriculture: (13%), industry: (36%), services: (51%) Unemployment 5% (2009 est.) Main industries Peninsular Malaysia rubber and palm oil processing and manufacturing, light manufacturing industry, electronics, tin mining and smelting, logging and processing timber, tourism, petroleum production and refining, logging Economic Policies The Malaysian New Economic Policy was created in 1971 with the aim of bringing Malays a 30% share of the economy of Malaysia and eradicating poverty amongst Malays, primarily through encouraging enterprise ownership by Bumiputeras. After 30 years of the program, the NEP had somewhat met some of its goals. Bumiputera ownership increased to 18.9% in 2004 against 2.4% in 1970 and poverty decreased to 8.3% in 2004 against 64.8% in the 1970s. The NEP is accused of creating an oligarchy, and creating a subsidy mentality. Political parties such as Parti Keadilan Rakyat and Democratic Action Party have proposed a new policy which will be equal for every Malaysian, regardless of race. When the Democratic Action Party was elected in the state of Penang in 2008, it announced that it will do away with the NEP, claiming that it   breeds nepotism, corruption and systemic inefficiency. On April 21, 2009, the prime minister Najib Tun Razak has announced liberalisation of 27 services sub-sector by abolishing the 30% bumiputera requirement. The move is seen as the government efforts to increase investment the service sector of the economy. According to the premier, many more sectors of the economy will be liberalized. On June 30, 2009, the premier announces further liberation moves including the dismantling of the Bumiputera equity quotas and repealing the guidelines of the Foreign Investment Committee, which was responsible to monitor foreign shareholding in Malaysian companies. However, any Malaysian companies that wish to list in Malaysia would still need to offer 50 percent of public shareholding spread to Bumiputera investors. Politics of Malaysia The politics of Malaysia takes place in the framework of a federal constitutional monarchy, in which the Yang di-Pertuan Agong is head of state and the Prime Minister of Malaysia is the head of government. Executive power is exercised by the federal government and the 13 state governments. Federal legislative power is vested in the federal parliament and the 13 state assemblies. The judiciary is independent of the executive and the legislature, though the executive maintains a certain level of influence in the appointment of judges to the courts. The Constitution of Malaysia is codified and the system of government is based on the Westminster system. Malaysia has a multi-party system since the first direct election of the Federal Legislative Council of Malaya in 1955 on a first-past-the-post basis. The ruling party since then has always been the Alliance Party (Malay: Parti Perikatan) coalition and subsequently from 1973 onwards, its successor the Barisan Nasional (National Front) coalition. The Barisan Nasional coalition currently consists of the United Malays National Organisation (UMNO), Malaysian Chinese Association (MCA), Malaysian Indian Congress (MIC) and 11 other political parties. Although Malaysian politics has been relatively stable, critics allege that the government, ruling party, and administrationare intertwined with few countervailing forces. However, since 8 March 2008 General Election, medias coverage on countrys politics has been noticeably increased, making the politics more transparent to the citizens. The current Prime Minister is Dato Seri Mohd. Najib bin Tun Haji Abdul Razak. He took office following the retirement of Dato Seri Abdullah Ahmad Badawi (colloquially known as Pak Lah) on April, 2009. The national media are largely controlled by the government and by political parties in the Barisan Nasional/National Front ruling coalition and the opposition has little access to the media. The print media are controlled by the Government through the requirement of obtaining annual publication licences under the Printing and Presses Act. In 2007, a government agency the Malaysian Communications and Multimedia Commission issued a directive to all private television and radio stations to refrain from broadcasting speeches made by opposition leaders. The official state ideology is the Rukunegara, which has been described as encouraging respect for a pluralistic, multireligious and multicultural society. However, political scientists have argued that the slogan of Bangsa, Agama, Negara (race, religion, nation) used by UMNO constitutes an unofficial ideology as well. Both ideologies have generally been used to reinforce a conservative political ideology, one that is Malay-centred Executive power is vested in the cabinet led by the prime minister; the Malaysian constitution stipulates that the prime minister must be a member of the lower house of parliament who, in the opinion of the Yang di-Pertuan Agong, commands a majority in parliament. The cabinet is chosen from among members of both houses of Parliament and is responsible to that body. In recent years the opposition have been campaigning for free and fairer elections within Malaysia. On 10 November 2007, a mass rally, called the 2007 Bersih Rally, took place in the Dataran Merdeka Kuala Lumpur at 3pm to demand for clean and fair elections. The gathering was organised by BERSIH, a coalition comprising political parties and civil society groups(NGOs), and drew supporters from all over the country. Malaysias government has intensified efforts on March 6, 2008 to portray opposition figure Anwar Ibrahim as a political turncoat, days ahead of Malaysian general election, 2008 on March 8, 2008 that will determine whether he poses a legitimate threat to the ruling coalition. Campaigning wrapped up March 7, 2008 for general elections that could see gains for Malaysias opposition amid anger over race and religion among minority Chinese and Indians. Malaysians voted March 8, 2008 in parliamentary elections. Election results showed that the ruling government suffered a setback when it failed to obtain two-thirds majority in parliament, and five out of 12 state legislatures were won by the opposition parties. Reasons for the setback of the ruling party, which has retained power since the nation declared independence in 1957, are the rising inflation, crime and ethnic tensions. Law of Malaysia The law of Malaysia is mainly based on the common law legal system. This was a direct result of the colonisation of Malaya, Sarawak, and North Borneo by Britain from the early 19th century to 1960s. The supreme law of the land-the Constitution of Malaysia-sets out the legal framework and rights of Malaysian citizens. Federal laws enacted by the Parliament of Malaysia applies throughout the country. There are also state laws enacted by the State Legislative Assemblies which applies in the particular state. The constitution of Malaysia also provides for a unique dual justice system-the secular laws (criminal and civil) and sharia laws. Dual justice system The dual system of law is provided in Article 121(1A) of the Constitution of Malaysia. Article 3 also provides that Islamic law is a state law matter with the exception for the Federal Territories of Malaysia.[1] Islamic law refers to the sharia law, and in Malaysia it is known and spelled as syariah. The court is known as the Syariah Court. Looking at the Malaysian legal system as a whole, sharia law plays a relatively small role in defining the laws on the country. It only applies to Muslims. With regards to civil law, the Syariah courts has jurisdiction in personal law matters, for example marriage, inheritance, and apostasy. In some states there are sharia criminal laws, for example there is the Kelantan Syariah Criminal Code Enactment 1993. Their jurisdiction is however limited to imposing fines for an amount not more than RM 3000, and imprisonment to not more than 6 months.[2] In August 2007, the then Chief Justice of Malaysia proposed to replace the current common law applicat ion in Malaysia with sharia law.[3] As an example of the dual system, sometimes a nightclub is raided, and Muslim patrons drinking alcohol are prosecuted in Shariah courts, while the others are allowed to drink. Also the nightclub operator is not charged with any offense, because he is not legally required to check if customers are Muslim before serving them. Complications Complications have arisen with regard to the dual justice system, for example with regard to freedom of religion. Article 11 of the Constitution provides that Every person has the right to profess and practice his religion. However in the case of Lina Joy-a Malay who converted to Christianity-the Federal Court of Malaysia refused to allow her to change her religion indicated in her identity card (MyKad). The judges held that they had no jurisdiction on the matter-that it was a matter of the Syariah Court, as indicated in Article 121(1A) of the Constitution. Technology in Malaysia Science Policy in Malaysia is regulated by the Ministry of Science, Technology, and Innovation. Other ministries, such as the Ministry of Agriculture and the Ministry of Health also have science departments. Training in scientific areas was promoted during the 1970s and 1980s. From 1987-1997 research and development used 0.24% of GNP, and in 1998 high-tech exports made up 54% of Malaysias manufactured exports. In 2002 the Malaysian National Space Agency (Angkasa) was formed to deal with all of Malaysias activities in space, and to promote space education and space experiments. It is focused on developing the RazakSAT satellite, which is a remote sensing satellite with CCD cameras. In early 2006, Sheikh Muszaphar Shukor and three other finalists were selected for the Angkasawan spaceflight programme. This programme came about when Russia agreed to transport one Malaysian to the International Space Station as part of a multi-billion dollar purchase of 18 Russian Sukhoi Su-30MKM fighter jets by the Royal Malaysian Air Force. In an effort to create a self-reliant defensive ability and support national development Malaysia privatized some of its military facilities in the 1970s. This has created a defence industry, which in 1999 was brought under the Malaysia Defence Industry Council. The government continues to try and promote this sector and its competitiveness, actively marketing the defence industry. One way it does this is through the Langkawi International Maritime and Aerospace Exhibition, one of the largest defence and civil showcases in the Asia Pacific, regularly attended by over 500 companies. The Malaysian Armed Forces relies heavily on local military technology and high-tech weapons systems designed and manufactured by foreign countries. Environment of Malaysia The environment of Malaysia refers to the biotas and geologies that constitute the natural environment of this Southeast Asian nation. Ecologically, Malaysia is a megadiverse nation with a biodiverse range of flora and fauna found in various ecoregions throughout the country. Tropical rainforests encompass from 59% to 70% of Malaysias total land area, of which 11.6% is pristine. Malaysia has the worlds fifth largest mangrove area, which totals over a half a million hectares (over 1.2 million acres). Human intervention poses a significant threat to the natural environment of this country. Agriculture, forestry and urbanisation contribute to the destruction of forests, mangroves and other thriving ecosystems in the country. Ecosystems and landscapes are dramatically altered by human development, including but not limited to the construction of roads and damming of rivers. Geographical phenomena, such as landslides and flooding in the Klang Valley, along with haze, stem from widespread deforestation. Subtle climate change occurs as a direct result of air pollution and the greenhouse effect, which in turn is caused by the emission of greenhouse gases. Low-lying areas near the coastline of Sabah and Sarawak are under threat from current sea level rise. The environment is the subject of the Ministry of Natural Resources and Environment at the federal level. The Department of Wildlife and National Parks is responsible for the preservation of flora and fauna in Malaysia. Several environmental organisations have been established to raise awareness regarding the environmental issues in Malaysia. Environmental issues There are a number of environmental issues faced by Malaysia, such as deforestation and pollution. According to a study by Centre for Marine and Coastal Studies in 2008, about 30% of Malaysian coastline is subject to varying degrees of erosion. According to the United Nations, Malaysias deforestation rate is the highest among tropical nations. The countrys annual deforestation rate increased 86% between 1999-2000 and 2000-2005. Malaysia lost an average of 140,200 hectares of its forests or 0.65% of its total forest area every year since 2000, whereas in the 1990s, the country lost an average of 78,500 hectares or 0.35 percent of its forests annually. Widespread urbanisation, agricultural fires and forest conversion for oil palm plantations and other forms of agriculture are the main causes of Malaysias high deforestation rate. Logging is responsible for forest degradation in the country, and local timber companies have been accused by environmental organisations of failing to practice sustainable forest management. Mining in peninsular Malaysia has left a mark on the environment. Deforestation, pollution of rivers, and siltation have resulted in losses of agriculture, and road projects have opened new areas to colonisation. Air pollution from industrial and vehicular emissions is a major issue in the urban areas of Malaysia. Malaysia is ranked 42nd in the world in terms of vehicle ownership per capita, with 273 Malaysians having vehicles out of every 1000. Public transportation has been introduced in the form of bus networks and railway systems as mitigation, but utilisation rates are low. Water pollution occurs due to the discharge of untreated sewage; the west coast of the Peninsular Malaysia is the most heavily populated area. 40% of the rivers in Malaysia are heavily polluted. The country has 580 cubic km of water, of which 76% is used for farming and 13% is used for industrial activity. Cities in Malaysia produce an average of 1.5 million tons of solid waste per year. In 2000, Malaysia was ranked fourth in the world in terms of per capita greenhouse gas emissions after taking into account land use change with 37.2 tonnes of carbon dioxide equivalent per capita. Periodic fires, which usually coincide with the events of el Nià ±o, burn thousands of hectares of forests across Malaysia, especially in Malaysian Borneo. The haze originating from these fires and the fires in Kalimantan, Indonesia typically have adverse health effects on the populace, besides causing air pollution. In particular, the 1997 Southeast Asian haze, the 2005 Malaysian haze and the 2006 Southeast Asian haze were caused by slash and burn activities in neighbouring Indonesia. Society of Malaysia Malaysia is a multi-cultural society. The main ethnic groups are the native Malays as well as large populations of Chinese, and Indians. When visiting the country it is clear that the ethnicities retain their religions, customs and way of life. The most important festivals of each group are public holidays. Although growing up, children are educated in the same schools and will eventually work in the same offices, few marry outside their own ethnicity. Families tend to socialise within their own ethnic group all part of retaining their individual traditions and lifestyles. Despite the ethnic differences there are commonalities culturally speaking. Social Stratification Classes and Castes- Class position in Malaysia depends on a combination of political connections, specialized skills, ability in English, and family money. The Malaysian elite, trained in overseas universities, is highly cosmopolitan and continues to grow in dominance as Malaysias middle class expands. Even with the substantial stratification of society by ethnicity, similar class experiences in business and lifestyle are bridging old barriers. Symbols of Social Stratification- In Malaysias market economy, consumption provides the primary symbols of stratification. Newly wealthy Malaysians learn how to consume by following the lead of the Malay royalty and the prosperous business families of Chinese descent. A mobile phone, gold jewelry, and fashionable clothing all indicate ones high rank in the Malaysian social order. Given the striking mobility of Malaysian society, ones vehicle marks class position even more than home ownership. Most Malaysians can distinguish the difference between makes of cars, and access to at least a motor scooter is a requirement for participation in contemporary Malaysian social life. Kuala Lumpur has more motor vehicles than people. Skin color, often indicative of less or more time working in the hot tropical sun, further marks class position. Distinct class differences also appear in speech. Knowledge of English is vital to elevated class status, and a persons fluency in that language indexes t heir social background. Social Welfare and Change Programs The Malaysian government has promoted rapid social change to integrate a national society from its ethnic divisions. Its grandest program was originally called the New Economic Policy (NEP), implemented between 1971 and 1990 and continued in modified form as the National Development Policy (NDP). Since poverty eradication was an aim of the NEP a considerable amount of energy has gone to social welfare efforts. The consequences of these programs disseminate across the social landscape: home mortgages feature two rates, a lower one for Malays and a higher one for others; university admissions promote Malay enrolment; mundane government functions such as allocating hawker licenses have an ethnic component. But the government has also tried to ethnically integrate Malaysias wealthy class; therefore many NEP-inspired ethnic preferences have allowed prosperous Malays to accrue even greater wealth. The dream of creating an affluent Malaysia continues in the governments 1991 plan of Vision 2 020, which projects that the country will be fully developed by the year 2020. This new vision places faith in high technology, including the creation of a Multi-Media Super Corridor outside of Kuala Lumpur, as the means for Malaysia to join the ranks of wealthy industrialized countries, and to develop a more unified society. Porters Diamond of Competitiveness Factor conditions: These are the economists traditional factors of production: land, labor, capital, and infrastructure. Demand conditions: The characteristics of the domestic market, including the size, demand, value, and sophistication. Related supporting industries: The presence of suppliers and supporting industries that are equally competitive and of high quality. Firm strategy, structure, and rivalry: The regulatory and other governmental environment in which companies are created, organized, and managed, including the nature of the domestic competition. Stages in Economic Development The relative importance of the four factors depends on the stage of economic development of the industry or country. National economies, like industries, go through stages in their development. The first stage is factor-driven, with the economy based essentially on the traditional factors of production: natural resources, commodities, and availability of cheap power and labor. This was Malaysia of the 1960s and 70s, its primary competitive advantage being its cheap resources (rubber and tin), land and labor, and favorable tax treatment. These advantages were not only limiting but also transient. When commodity prices dropped, Malaysia lost its competitive advantage. When China entered the game with her endless supply of even cheaper labor and land, Malaysia could hardly compete. During this phase, the basic source of competitive advantage is obviously the factor conditions of the diamond. The next stage is investment driven where the competitive advantage is governed by the willingness of firms and nations to invest in modern factories, upgrade the skills of their workers, and adopt efficient technology. Factor conditions are still important, but in addition, the fourth-firms strategy, structure and rivalry-becomes the major determinant. This is where Malaysia is currently. The third stage is innovation driven where all four points of the diamond are in full play. This is where Malaysia aspires to be. With all four points in equal play, the relative role of factor-driven variables like cheap labor and commodities becomes relatively less important.

Did Climate Effect Human Evolution

These drastic transformations in the planet's atmosphere have been the impetus of evolution among species and has sparked interest to geologist and paleoanthropologist for years, resulting in a number of hypothesis that â€Å"propose that climate-driven environmental changes during the past 7 million years were esponsible for hominin speciation, the morphological shift to bipedality, enlarged cranial capacity, and behavioral adaptability' (Behrensmeyer 476). For this theory to be properly supported, the antecedent question that needs to be identified is, do species adapt to change?Naturalist and geologist, Charles Darwin, supported this idea, stating â€Å"that living things adapt toa place- a habitat† Ooyce 1). He expressed this theory through the idea that animals and various primates partake in the act of natural selection. In 1997, the National Science Foundation (NSF) supported Darwin's heory by gathering a research team together and running a serious of studies that dem onstrated â€Å"that animals can adapt to sudden changes in their environment with surprising speed† (Dybas, Chery 1). Researchers Frank Shaw and Ruth Shaw of the University of Minnesota, St. Paul, and F.Helen Rodd of the University of California used wild guppies from the West Indies island of Trinidad and found that â€Å"fish that were moved from a predator-infested pool to a pool with Just one predator grew larger, lived longer and produced fewer but larger offspring. In the span of seven to 8 generations–between four and 1 1 years–they became more like the native guppies in the relatively predator-free environment† (Dybas, Chery 1). Although studies such as the one above indicates that species do indeed adapt to different environments, there still lies the question of if climate and evolution correlate.Anthropologist Rick Potts challenged this question. For many years, Potts has been â€Å"pushing the idea that climate made us† and that  "habitats kept changing because climates kept changing† Ooyce 1). For scientist to gain more knowledge and research n this idea, they need to get a fuller climate history in places where human ancestors lived. Which, in this case, would be in East Africa. The pulsed climate variability hypothesis states that about every 20,000 years ago, â€Å"the region vacillated between very dry and very wet periods† (Ferro 1).These extreme changes may have played a vital role in driving human evolution and researchers like Rick Potts and Mark Maslin dig and gather sediments from East African lakes by drilling into lake bottoms and retrieving tubes of muck that contain millions of years of climate history; anging from â€Å"the fossils of the plant pollen and the organisms that lived in the lakes that respond to climate, to the chemistry of the sediments that also can give us very detailed information about changes in temperature and precipitation† Ooyce 1).By collecting these tubes of muck, scientists can compare climate timelines to the fossil records ot our ancestors to see now climate attected evolution. Mark Maslin, who mainly focused on the findings form an East African Rift Valley, compared all the lakes that were known to have existed in the East African area over the last 5 million ears with climate and human evolution records. Maslin findings were that events such as when humans first migrated out of East Africa, all happened during the wetter periods found on the climate records.Major events in human history, including when humans first started to migrate out of East Africa, happened during wetter periods. It was found that the appearance of early Homo erectus correlates to when a number of deep freshwater lakes appeared. In a press statement, Maslin explained that our ancestors â€Å"had to deal with rapid switching from famine to feast† and back again. This, he says, was what drove the evolution of new species with bigger brains, and later forced them to migrate out of East Africa, moving down toward South Africa and north to Europe and Asia† (Ferro 1).By having these freshwater lakes that create lush vegetation, early humans would have been practically forced to migrate for the search of food water. Evaluations on lake sediment made it clear that East African lakes did in fact play a major role in the explanation of why and when hominin species migrated out of East Africa but after much speculation, it seems as though â€Å"we may have to consider that climate was not lways the underlying cause and that intrinsic social factors and interspecies competition may have play a significant role† (Ferro 1).

Great White Sharks

The white shark, commonly called the great white shark, is one of the most iconic and feared creatures of the ocean. With its razor-sharp teeth and menacing appearance, it certainly looks dangerous. But the more we learn about this creature, the more we learn they are not indiscriminate predators, and definitely dont prefer humans as prey. Great White Shark Identification Great white sharks are relatively large, although likely not as large as they might be in our imagination. The largest shark species is a plankton eater, the whale shark. Great whites average about 10-15 feet in length, and their maximum size is estimated at a length of 20 feet and weight of 4,200 pounds. Females are generally larger than males. They have a stout body, black eyes, a steel gray back, and a white underside. Classification Kingdom: AnimaliaPhylum: ChordataClass: ChondrichthyesSubclass: ElasmobranchiiOrder: LamniformesFamily: LamnidaeGenus: CarcharodonSpecies: Carcharias Habitat Great white sharks are widely distributed across the worlds oceans. This shark resides mostly in temperate waters in the pelagic zone. They can range to depths over 775 feet. They may patrol coastal areas inhabited by pinnipeds. Feeding The white shark is an active predator, and primarily eats marine mammals such as pinnipeds and toothed whales. They also sometimes eat sea turtles. The great whites predatory behavior is poorly understood, but scientists are beginning to learn more about their curious nature. When a shark is presented with an unfamiliar object, it will attack it to determine if it is a potential food source, often using the technique of a surprise attack from below. If the object is determined unpalatable (which is usually the case when a great white bites a human), the shark releases the prey and determines not to eat it. This is evidenced by seabirds and sea otters with wounds from white shark encounters. Reproduction White sharks give birth to live young, making white sharks viviparous. The embryos hatch in uteri and are nourished by eating unfertilized eggs. They are 47-59 inches at birth. There is much more to learn about this sharks reproduction. Gestation is estimated at about one year, although its exact length is unknown, and the average litter size of a white shark is also unknown. Shark Attacks While great white shark attacks arent a big threat to humans in the grand scheme of things (youre more likely to die from a lightning strike, alligator attack, or on a bicycle than from a great white shark attack), white sharks are the number one species identified in unprovoked shark attacks, a statistic that doesnt do much for their reputation. This is more likely because of their investigation of potential prey than a desire to eat humans. Sharks prefer fatty prey with lots of blubber, like seals and whales,  and dont generally like us; we have too much muscle! See the Florida Museum of Icthyologys Relative Risk of Shark Attacks to Humans site for more information on how likely you are to be attacked by a shark versus other dangers. That said, nobody wants to be attacked by a shark. So if youre in an area where sharks may be seen, reduce your risk by following these shark attack tips. Conservation The white shark is listed as vulnerable on the IUCN Red List because they tend to reproduce slowly and are vulnerable to targeted white shark fisheries and as bycatch in other fisheries. Because of their fierce reputation gained from Hollywood movies such as Jaws, there is an illicit trade in white shark products such as jaws and teeth.

Analysis Of The Book The Secrets Behind Alice

Tanesha Dorsey Mrs. Rodriguez British Literature 20 April 2015 The Secrets behind Alice in Wonderland All in the golden afternoon Full leisurely we glide; For both our oars, with little skill, By little hands are plied, While little hands make vain pretence Our wanderings to guide. Alice Adventures In wonderland by Lewis Carroll takes place in the Victorian times. The main character Alice is a curious and energetic young girl. She starts her adventure by following a white rabbit that seemed to be in a rush. She had fallen down the hole that leads her to many unique characters we come to meet in the book. Her goal in the book is to get to the garden that seems to be hidden behind two small doors that Alice cannot fit because of her†¦show more content†¦He enjoyed entertaining his siblings; his love for children showed in some of his writings. Dodgson was a reverend at a church, also a mathematician. (Lewis Carroll: The Influence of Carroll s Life on His Work). Lewis’s interest for younger children in his adult years was quite odd for his age. He showed interest in a young girl named Alice Liddell, the daughter of George Liddell. Carroll took Alice and her sisters on a boating trip. On the trip Carroll â€Å"told them the fairy-tail of Alice’s adventures underground† (Stanley 17). Real life situations, characters, and the Victorian Era relate to Carroll’s life in the book. The book was not originally written for other people but for the young girl Alice. Alice loved the story so much; she pleaded Carroll to write the story down for her. He later decided that he would write it as she asked. It took him two years to complete the final draft. Carroll was encouraged by friends to publish his engaging story. The first edition published was called Alice’s Adventures in Wonderland was published in June 1865 (Stanley 18). It contained a lot of errors in the book, and received a lot of criticism, greatly negative at first (Stanley 18). The readers found the story strange because he is admiring a seven year old girl who is greatly under his age. Others looked at the book as a child friendly book that includes imagination. Later after recognizing the significance of the story, the b ook started selling

The Legalization of Marijuana Essay - 937 Words

The Legalization of Marijuana The legalization of the drug marijuana is a hot topic nowadays. Many people want this substance to be legalized and regularly available like cigarettes. But what some people do not know are the serious health risks involved when using marijuana. There is a lot more to marijuana than just smoking it. Marijuana can have very damaging affects on a person?s brain. It can impair a person?s short-term memory, decision-making and signal detection (Cannabinoids). ?In one study conducted in Memphis, TN, researchers found that, of 150 reckless drivers who were tested for drugs at the arrest scene, 33 percent tested positive for marijuana? (Marijuana). After having used marijuana a†¦show more content†¦?Studies show that someone who smokes five joints per week may be taking in as many cancer-causing chemicals as someone who smokes a full pack of cigarettes every day? (?Marijuana?). The affects of smoking marijuana are much severe than smoking cigarettes. Marijuana can also hurt a person?s immune system. People who smoke marijuana are more susceptible to getting sick because their bodies are not as healthy. A person?s body is not fully capable of fighting off viruses, bacteria, fungi and protazoa (Fact Sheet). One of the main chemicals in marijuana is THC, or delta-9-tetrahydrocannabinol. THC is what damages the white blood cells in a person?s body (Marijuana). ?Marijuana use suppresses the production of white blood cells (the cells that fight infection and disease)? (What to Teach Kids 4). One more affect of smoking marijuana that many people do not know about is its affect on a person?s hormones. In males, constant marijuana smoking can cause a lowered testosterone level and an increased estrogen level. It can also lead to a lower sperm count (Cannabinoids). In females, it can cause a higher testosterone level and a higher risk of infertility. Smoking marijuana is extremely dangerous for women who are pregnant; they are at a higher risk of having a miscarriage (Straight Facts). Some people believe that marijuana should be made a legal substance. Some say that theShow MoreRelatedThe Legalization Of Marijuana Legalization1061 Words   |  5 PagesThe Legalization of Cannabis in Ohio Marijuana is a controversial topic all across the United States. Recently marijuana has been voted on, legalized, and denied legalization in multiple states. There are still more states trying to fight the green fight for marijuana. The fight for legalization hasn’t been an easy one for cannabis supporters; they have been fighting tooth and nail to make it happen. 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However, possession of the drug in small quantities had been decriminalized in many countries and sub-national entities in several parts of the world. Furthermore, possession is legal or effectively legal in the Netherlands, Uruguay, and in the US states of ColoradoRead MoreThe Legalization Of Marijuana Legalization996 Words   |  4 Pages the monetary gain of its legalization for most has been productive to say the least. For example, Denver Colorado is on track to more than triple the marijuana tax revenue this year alone. $44 million was collected in 2014. In July 2015, 73.5 million was collected, while 19.6 million went to schools. A place such as Chicago could really use the legalization to help with the school system infrastructure issues they have. With a deficit of over 1.1 bi llion marijuana sales could alleviate bothRead MoreLegalization of Marijuana1550 Words   |  7 PagesLegalization of Marijuana: Benefits and Statistics The topic of legalizing marijuana has been a topic of controversy for quite some time now not only throughout our local streets, but throughout the local and into the state government. The legalization of marijuana is such a controversial topic because some are for it and some are against it. People are for the legalization because of the great uses it has towards medicine, the money that could come from the taxation of legalized marijuana, andRead MoreLegalization of Marijuana972 Words   |  4 PagesOn January 1st the states of Colorado and Washington officially began the regulation of legal marijuana sales. Thousands of people from all over the country including tourists from Wisconsin, Ohio, Chicago, and even Georgia lined up out front of dispensaries to make a purchase. Recreational marijuana is being regulated and monitored like alcohol; you must be at least 21 years old to make a purchase. The drug, which is controversial in many states’ legislations, is currently l egal for medical useRead MoreMarijuana Legalization1212 Words   |  5 PagesMarijuana Legalization COMP 1500 April 20th, 2009 Word Count: 807 Outline I. Introduction Thesis Statement: Although America is the land of the free you do not really have  too many  free choices you can make. Americans  should have  the right to  choose whether or not  marijuana should be legal. II. Background III. The tax benefits that can be created A. If legalized they can tax it how ever much they want B. Can be regulated IV. Drug enforcement money can be diverted

Ban Cell Phones While Driving Free Essays

Ban Cell Phones While Driving Almost every American has one. Some people use them strictly for business while others strictly for leisure. Most of us use them for both. We will write a custom essay sample on Ban Cell Phones While Driving or any similar topic only for you Order Now They are always at our side ready to be answered, receive text messages, check email, or update our Facebook status. Cellphones have almost become a necessity in society. People regularly engage in a wide variety of multitasking activities when they are behind the wheel. Data from the 2000 U. S. census indicates that drivers spend an average of 25. min each day commuting to work, and there is a growing interest in trying to make the time spent on the roadway more productive (Reschovsky, 2004). Unfortunately, this leads to drivers being distracted on the road. I was a victim of an accident caused by a distracted driver on the telephone. I was in a parking lot about to park and a woman backed into me while she was talking on the phone. She profusely apologized and said she didn’t see me. It wasn’t that she couldn’t see me; she wasn’t paying attention because she was on the phone. Luckily, no one was hurt and there was minimal damage to my car. It’s just annoying and disheartening that people can be so careless. Cellphone use while driving needs to be banned in order to protect drivers and pedestrians alike. This isn’t just my personal opinion on the matter. The National Transportation Safety Board (NTSB) recommends that states to  ban drivers from any non-emergency use of cell phones and other electronic devices that aren’t built into their automobile (Alhers, 2011). It also called on wireless companies to create technology that would â€Å"disable the functions of these portable electronic devices within reach of the driver when a vehicle is in motion† (Alhers, 2011). The recommendation came out of an investigation of a 2010 pickup truck-school bus pileup in Missouri last year that killed two people and injured 35. The investigation found that the pickup driver who caused the accident sent 11 text messages in the 11 minutes leading up to the accident, including some just before impact. The NTSB lacks the authority to impose regulations, but its safety recommendations are highly regarded and have led to many state and federal laws and regulations (NTSB 2011). On Oct. , 2009, President Barack Obama issued an executive order banning the use of text messaging while driving for federal government employees on official business or while using government-supplied equipment. He said, â€Å"text messaging causes drivers to take their eyes off the road and at least one hand off the steering wheel, endangering both themselves and others† (Obama, 2009). Texting while driving is banned in 37 states and the District of Columbia. 30 states ban all cell ph one use for beginning drivers. Ten states prohibit all hand-held cell phone use while driving; however, no states currently ban the use of hands-free phones while driving. Most people don’t put Bluetooth or Sync in their cars anyway because it’s too expensive. Talking on the phone, hands-free or not, puts the driver’s focus on the conversation and not what is going on around them. It’s impossible to accurately gauge how many car accidents nationwide are cell-phone related, but according to the Department of Transportation, distracted driving killed 3,092 people in the United States in 2010. David L. Strayer, a professor in the Department of Psychology at the University of Utah, stated the following in their Summer 2006 study comparing cell-phone use and intoxication while driving: It is now well established that cell phone use impairs the driving performance of younger adults. For example, drivers are more likely to miss critical traffic signals (traffic lights, a vehicle braking in front of the driver, etc. ), slower to respond to the signals that they do detect, and more likely to be involved in rear-end collisions when they are conversing on a cell phone. In addition, even when participants direct their gaze at objects in the driving environment, they often fail to ‘see’ them when they are talking on a cell phone because attention has been directed away from the external environment and toward an internal, cognitive context associated with the phone conversation†¦ (p. 382) Strayer and his colleagues, with respect to traffic safety, found that the impairments associated with cell phone drivers may be as great as those commonly observed with intoxicated drivers. The National Highway Traffic Safety Administration (NHTSA) and the Ad Council have launched the new Stop the Texts. Stop the Wrecks. This is a public service advertising public service announcement campaign nationwide. All of the PSAs direct audiences to StopTextsStopWrecks. org, a new campaign website where teens and young adults can find facts about the impact of texting while driving, and tips for how to curb the behavior. The website also has an area where individuals can post and share their solutions to stop texting and driving on Facebook. The NHTSA also reported that pilot projects in Syracuse, New York, and Hartford, Connecticut, produced significant reductions in distracted driving by combining stepped-up ticketing with these high-profile public education campaigns. Before and after each enforcement wave, NHTSA researchers observed cellphone use by drivers and conducted surveys at drivers license offices in the two cities. They found that in Syracuse, hand-held cellphone use and texting declined by a third. In Hartford, there was a 57 percent drop in hand-held phone use, and texting behind the wheel dropped by nearly three-quarters (Wellenbach, 2011). There are many arguments against banning cell phone use infringes on the personal rights of motorists. Receiving a cell phone traffic ticket may negatively reflect on your driver record and can increase your insurance premiums. Those opposed to the ban feel it’s impossible to enforce because a police officer can mistake a driver for texting someone when they are really changing a song on their MP3 player. Another counterargument is that holding a conversation on a cell phone while driving is no more distracting than being engaged with a passenger or rowdy kids in the back seat, eating fast food or messing around with the radio. Motorists know that using a cell phone while driving is distracting and should refrain from doing so. Another argument against banning cell phones is the use of Global Positioning Systems (GPS). Most GPS’s displays three-dimensional renderings of virtual surroundings. At least 10 states that ban texting while driving offer some type of service that allows motorists to get information about traffic tie-ups, road conditions or emergencies via Twitter (DeMillo, 2009). There is also an argument to implement hands free devices in all motor vehicles. Enforcing such advanced technology to be built would be extremely expensive. This technology, built-in speaker phones or no use of cell phone if driving over 30 miles per hour is not cheap. It is not cheap for the manufacturers or for the customers. The average prices of cars would rise, and if there are be technical errors, it would cost more to repair the car. Assume that the United States did enforce this law upon manufacturers in their country. What if someone drove to the United States from neighbor countries, where cars are not equipped with this technology? Should those drivers from the neighbor countries, then, be allowed to use cell phones? No. The best thing to do is having a strict law, banning cellphone while driving until such advanced equipment in cars becomes basic technology, and fairly priced. In a survey I conducted revealed that 80% of drivers between the ages of 16 to 24 use a cell phone while driving. 90% percent of 16 to 24 year olds have been on the road and noticed drivers swerving and talking/texting on the phone while driving. My research indicates that only 20% of drivers 55 and over admitted they use a cell phone while driving. This shows that younger people are more at risk to be involved in some sort of collision or accident. The last question of the survey was have you ever been at a red light and have someone honked at you while you were at a red light looking at phone? Even though the survey was anonymous I don’t think people wanted to admit that this has happened to them. Only 40% of all who took the survey answered yes to this question. I think if had a larger survey pool my information would have supported my argument further. Here is a graph of the results of the question Have you used a cell phone while driving: Several technology start-ups will release new products for phones that can detect when a car is in motion and automatically log incoming calls and texts much as a personal assistant would. All the products have provisions that allow both incoming and outgoing calls during emergencies. The following products are services available to reduce driver distraction. The first one is Key2SafeDriving. Parents can set up a password-protected profile that won’t allow calls or texts when a Bluetooth device detects that the car is in motion. Next, there is Aegis Mobility Drive Assist. This is downloaded software will use a phone’s GPS to determine whether it is in a moving vehicle, then log incoming calls and texts, and respond with a message that you’re driving. And finally the least restrictive of these three products, ZoomSafer, is downloadable software that lets you dictate text messages and updates to social-networking sites while you’re driving (Cruz 2009). This is similar to the talk-to-text program that my Droid phone has. I have tried to use it while driving and it hasn’t been too successful. I have to push a button that records what I want to say and then â€Å"listens. The majority of the time the words are totally wrong and I’m more distracted because I have to go back and delete everything. I know technology will evolve and create a safe way to communicate while operating a vehicle. The evidence from studies showing the negative effects of cellphone use while driving is overwhelming. People need to be less concerned with emails, social networks, and texting and be more focused on the road. There is no simple solution to get everyone to agree or follow the rules if such as ban was put into action. It will take a long time to give up their right of cellphone privileges, but the outcome is worth the sacrifice. References Ahlers, Mike. (2011, December 13). NTSB recommends full ban on use of cell phones while driving. Cable News Network. Retrieved from http://articles. cnn. com/2011-12-13/us/us_ntsb-c ell-phone-ban_1_smart-phones-texting-pickup-truck-driver? _s=PM:US Cruz, Gilbert. (2009, August 24). Distracted Driving: Should Talking, Texting Be Banned? Time Magazine. Retrieved from http://www. time. com/time/magazine/article/0,9171,1916291-1,00. html DeMillo, A. (2009, Sept 19). Mixed Messages on Texting and Driving. Retrieved from Associated Press and Fox News website: http://www. foxnews. com/us/2009/09/19/states-send-mixed-message-texting-driving/ National Transportation Safety Board. (2011). No call, no text, no update behind the wheel: NTSB calls for nationwide ban on PEDs while driving [Press release]. Retrieved from http://www. ntsb. gov/news/2011/111213. html Obama, Barack. (2009, October 1). Executive Order 15313. Retrieved from http://www. whitehouse. gov/the-press-office/executive-order-federal-leadership-reducing-text-messaging-while-driving Strayer, D. L. amp; Drews, F. A. (2006). A Comparison of the Cell Phone Driver and the Drunk Driver Vol. 48, No. 2, pp. 381–391. Reschovsky, C. (2004). Journey to work: 2000, Census 2000 brief. Retrieved May 19, 2012 from http://www. census. gov/prod/2004pubs/c2kbr-33. pdf Wellenbach, P. (2011, Dec. 8) More American drivers are texting while driving despite additional legal measures. New York Daily News. Retrieved from http://www. nydailynews. com/news/national/american-drivers-texting-driving-additional-legal-measures-article-1. 988991#commentpostform How to cite Ban Cell Phones While Driving, Papers

Coca-Cola Amatil (CCA) Limited

Question: Discuss about the Coca-Cola Amatil (CCA) Limited. Answer: Introduction For this paper, I would like to select Coca-Cola Amatil (CCA) Limited as a non-financial company that is listed on ASX (Australian Stock Exchange). CCA is one of the biggest bottlers of non-alcoholic ready-to-drink beverages in the world. Along with this, CCA runs its business mainly in six countries Australia, Fiji, Indonesia, New Zealand, Papua New Guinea, and Samoa (CCA.2016). Moreover, the diversified portfolio of products of CCA takes in sports energy drinks, carbonated soft drinks, flavoured milk, spring water, coffee, tea, fruit juices, packaged ready-to-eat fruit vegetable, snacks, and so on. In addition to this, CCA distributes a number of sparkling and non alcoholic beverages such as: Coca-Cola, Sprite, Diet Coke, Bisleri, Nestea, etc. Along with this, this paper would be helpful to describe the three general areas of responsibility of the chief financial officer (CFO) of the firm. Responsibilities of the Chief Financial Officer The chief financial officer (CFO) of a business firm is obliged to perform some important roles and responsibilities for the overall success and growth of the organization. The CFO also plays a critical role in order to accomplish the strategic as well as competitive goals and objectives of the organization in an effective and a more comprehensive manner (Bragg, 2011). Moreover, the three general areas of responsibility of the chief financial officer (CFO) of Coca-Cola Amatil Limited are described as below: Financial Planning Control: The chief financial officer of Coca-Cola Amatil Limited is responsible to do effective financial planning to make effective utilization of the available funds. In other words, it also can be said that, the CFO of Coca-Cola is fully responsible for all the financial activities of the organization. For case, the CFO of Coca-Cola plays a significant role in order to control the cash flow of the firm in an effective way. The CFO is responsible to use the cash or funds and to maintain the honesty of funds in a proper and an appropriate manner (Lapovsky and McKeown-Moak, 2010). Along with this, the CFO is also liable to pay the taxes and securities of the organization in order to improve the overall effectiveness of the firm. The chief financial officer also plays a critical role in order to establish accounting policies as well as procedures for credit collections, payment of bills, purchasing, and other financial obligations. On the other hand, the CEO of the organization also plays a significant role to raise the capital or funds of the firm in an effective way. Moreover, in order to raise capital, the CFO of the firm establishes and carries out programs for the provision of capital requisite by the business. For case, the CFO makes negotiation on the procurement of debt equity capital and also maintains the essential financial arrangements in an effective and an appropriate way (Ferguson, 2006). In addition to this, the CFO is also responsible to manage the long-range plans of the business, evaluate the financial requirements that are inherent in these plans, and to build up alternative ways by which financial necessities of the firm can be fulfilled. In this way, the CFO of Coca-Cola Amatil Limited is responsible to control and manage all the financial activities of the firm in an effective and a more comprehensive manner. Understand Mitigate Risk: The chief financial officer of Coca-Cola is also responsible to understand and reduce financial risks that are faced by the organization. This is also considered as a major area of concern to the CFO of the firm. Along with this, the CFO is obliged to have in-depth knowledge of the system of the firm in order to ferret out any risk that may occur in the financial areas of the organization. The CFO also develops risk mitigation strategies to save the company from financial risks effectively (Fabozzi, Drake and Polimeni, 2008). On the other hand, there are numerous risks that the CFO of Coca-Cola mitigates in an appropriate way. These risks are as below: Risk Related to Loss of Business Partners: The CFO reduces this type of risk by lining up different sources of supply and by thinning out sales to a wide range of customers (Dergel, 2014). Moreover, with the help of this, the CFO becomes able to retain the key supplier and customer of the firm in an effective way. Risk Linked to Loss of Brand Image: The CFO of the firm also plays a critical role in order to mitigate this type of risk in an effective way. Moreover, to reduce the risk, the CFO implements a strong focus on management, creates advanced strategies and also focuses on the brand quality in order to improve the brand image of business firm (Bragg, 2012). Risk Related to Commodity Price Changes: The CFO of the firm is also responsible to reduce the risk linked to the commodity price changes. Moreover, the CFO makes long-term fixed price contracts and also uses cost cutting methods to diminish the risk and to maintain the changes in the price of commodities effectively (Moeller, 2007). Foreign Exchange Risk: The CFO also plays a major role in order to mitigate foreign exchange risk. For case, in order to diminish this type of risk, the CFO makes out the size of foreign trading, identifies the potential losses and also implements hedging tactics in an appropriate way (Kasunic and Kasunic, 2009). Risk Linked to Contract Failures: The CFO also responsible to mitigate the risk associated with the contract failures. The CFO verifies the contents of all the existing contracts and also checks up new contracts in order to ensure that the firm is fulfilling all the terms and conditions of the contracts in an effective and a proper manner (Oakes and Galagan, 2011). Develop Accounting Financial Functions: The CFO of Coca Cola is fully responsible to develop accounting as well as financial functions in order to improve the overall financial performance of the firm in an effective and an appropriate manner. Along with this, the CFO of firm also creates an ongoing system of improvements within the accounting finance functions of the organization (Cannon, Bergmann and Pamplin, 2006). Moreover, the CFO understands the company business model to generate customer value and to perform all the accounting financial functions in order to improve the overall performance of the organization. The CFO of the firm also uses effective methods such as: dashboards, balanced scorecard, and financial statement ratio analysis to improve both the expected as well as actual financial performance of the organization. In addition to this, the CFO is also responsible to establish and keep up lines of communication with shareholders, investment bankers, and financial an alysts of the firm. On the other hand, to clean up the major accounting and financial functions, the CFO of Coca-Cola focuses on several goals (Hitt, Ireland and Hoskisson, 2006). These goals are as below: Staff Improvements: The CFO is responsible to supervise the staff and departments of the firm. Moreover, the CFO designs methods, policies, and procedures to provide support to accounting and financial functions of the organization. Process Improvements: The CFO focuses on the accuracy of information to perform all the accounting financial functions accurately (Schneider and Scanlon, 2011). Moreover, the CFO of the firm obliged to management to use a simple data-mining tool to provide accurate financial information to the users. Organizational Improvements: The CFO is responsible to align the staff into a project-based team to perform accounting financial functions and to improve overall performance and effectiveness of the organization (Bragg, 2011). On the other hand, it should also be noted down that the above discussed responsibilities can have an effect on the ultimate objective of the company. These responsibilities will affect the goals and vital objective of the company in a positive way. The main reason behind it is that, the CFO of the firm is an important person that plays a critical role in the success and growth of the organization. Moreover, a firm faces a lot of difficulties in order to manage and invest its funds in an appropriate way. In this situation, the CFO of the firm executes an effective financial planning to manage the funds in a proper way (Lapovsky and McKeown-Moak, 2010). Also, the CFO has a close eye on all the financial transactions in order to control the cash flows of the firm effectively. Along with this, the CFO of the firm mitigates all the financial risks to improve the financial performance of the organization. The CFO focuses on the financial goals and objectives of the firm and also allocates funds in view of that. The CFO gives instructions and guidelines to the members of the firm, so they can perform all the accounting financial functions in an accurate way (Ferguson, 2006). Conclusion On the basis of the above discussion, it can be said that, the responsibilities performed by the CFO of the firm play an essential role to accomplish the ultimate goals and objective of the company in a specified time period. In this way, it can be assumed that, the CFO of Coca-Cola Amatil Limited plays a critical role for the success and growth of the firm. The Efficient Markets Hypothesis At present, the efficient markets hypothesis has become the central part of all the financial information. Moreover, the efficient markets hypothesis expresses that the prices of scurrilities always reflect the available financial information of business organizations. The hypothesis also affirms that the realà ¢Ã¢â€š ¬Ã‚ world financial markets like the U.S. bond as well as stock market are efficient in fact. On the other hand, the efficient market hypothesis reveals that all the financial information is represented in the course of the price (Brealey, Myers, Allen and Mohanty, 2012). Moreover, it should also be noted down that, if the efficient-market hypothesis is true and securities are priced well in that case fund manager must maintain a portfolio at the proper risk level for the patron. It is because of choosing a portfolio with a pin would not be able to provide customer satisfaction in an effective way. Also, any specific portfolio will not work within the satisfaction of customers. Along with this, it should also be noted down that, the efficient markets hypothesis does not stand to select a portfolio with a pin. The pension fund manager should not select a portfolio only on the basis of the efficient markets hypothesis. It is because of a large number of stocks in the similar industry are not enough diversified. For that reason, the pension fund manager must select well diversified portfolio to reduce risk and to increase returns on the investments in an effective and a more comprehensive manner (Graham and Dodd, 2008). In this way, the fund manager must focuses on the low level of risk and high level of returns before selecting a portfolio. On the other hand, it should also be noted down that, the efficient market hypothesis does not portray that selection of portfolio should be done with a pin. The manager must follow some important rules and policies in order to make a selection of portfolio effectively. First of all, the manager must make certain that the portfolio is well diversified. The manger should note down that a large number of stocks are not sufficient to make sure diversification of a portfolio. Furthermore, the fund manager must ensure that the risk level of the diversified portfolio is suitable for the patrons (Tyson, 2016). Also, the manager must modify the portfolio to take benefit of special tax laws to get high returns on the pension funds. Consequently, all these rules as well as policies would be helpful to increase the projected return on the portfolio. As a result, it can be assumed that if the efficient-market hypothesis is true, the pension fund manager might not choose a portfolio with a pin. The main reason behind it is that a portfolio with a pin would not be able to increase customer satisfaction level. Moreover, it would not be helpful to reduce the risk and to increase the returns on the investors. Hence, the pension fund manager must select a portfolio on the basis of appropriate level of risk and returns of the customers. References Bragg, S.M. (2011). The New CFO Financial Leadership Manual. UK: John Wiley Sons. Bragg, S.M. (2012). Accounting Policies and Procedures Manual: A Blueprint for Running an Effective and Efficient Department. Australia: John Wiley Sons. Brealey, R.A., Myers, S.C., Allen, F. and Mohanty, P. (2012). Principles of Corporate Finance. NY: Tata McGraw-Hill Companies Inc. Cannon, D.L., Bergmann, T. S. and Pamplin, B. (2006). CISA Certified Information Systems Auditor Study Guide. UK: John Wiley Sons. CCA. (2016). About Us. Available At: https://www.ccamatil.com/ [Accesses On: 25th August 2016] Dergel, S. (2014). Guide to CFO Success: Leadership Strategies for Corporate Financial Professionals. USA: John Wiley Sons. Fabozzi, F.J., Drake, P.P. and Polimeni, R.S. (2008). The Complete CFO Handbook: From Accounting to Accountability. UK: John Wiley Sons. Ferguson, M.R. (2006). The Executive Branch of State Government: People, Process, and Politics. Australia: ABC-CLIO. Graham, B. and Dodd, D.L.F. (2008). Security Analysis (6th ed.). USA: Tata McGraw-Hill Companies Inc. Hitt, M., Ireland, R.D., and Hoskisson, R. (2006). Strategic Management: Concepts and Cases. USA: Cengage Learning. Kasunic, T.K.F.T., and Kasunic, F.T. (2009). Supersize Your Small Business Profits!: How to Survive the Current Recession and Manage Your Small Business Profitably During Turbulent Economic Times. Australia: Trafford Publishing. Lapovsky, L. and McKeown-Moak, M.P. (2010). Roles and Responsibilities of the Chief Financial Officer: New Directions for Higher Education, Number 107. Australia: John Wiley Sons. Moeller, R.R. (2007). COSO Enterprise Risk Management: Understanding the New Integrated ERM Framework. USA: John Wiley Sons. Oakes, K. and Galagan, P. (2011). The Executive Guide to Integrated Talent Management. USA: American Society for Training and Development. Schneider, S., and Scanlon, B. (2011). The Board Game: Survival and success as a company board member. Australia: LID Editorial. Tyson, E. (2016). Investing For Dummies. John Wiley Sons.