Marxism as a Sociological Theory

The ecology of Karachi

The ecology of Karachi Introduction Karachi is the largest city of Pakistan. It is the main financial center and also the largest seaport in the country. The city has an estimated population of about 15 million people which makes it one of the world’s major cities in the world in terms of population.Advertising We will write a custom essay sample on The ecology of Karachi specifically for you for only $16.05 $11/page Learn More Karachi harbors numerous industrial and economic activities. Thus, it forms the center for banking and industry in Pakistan. The major corporations present in this city are automobile industry, textile, shipping and medical research. This paper discusses how the emergence and development of this city has impacted the environment and the ecosystem throughout the years. Ecology of the city Karachi is a city built at the cost of the Indian Ocean. This means that the city has major interactions between the human population, the fauna and flora, and the e nvironment of the city. The Karachi coast has a diversity of flora such as green sea weed that grows at the rocky shores (Ghani para. 4). These weeds are a source of food and shelter for the epifauna of the coast. Karachi’s industries cause a great impact on the environment. The industries discharge their industrial effluents to the coastal areas. These cause the coastal area of Karachi to be badly affected by the industrial and untreated sewage at the harbor. A survey done on the sea water of Karachi harbor reveals that the industrial effluent and untreated sewerage causes eutrophication of the sea water. This means that the eutrophication that causes growth of microorganisms such as bacterial has a detrimental effect on other sea dwelling organisms. The effluent is usually carried along to the Karachi harbor through the Lyari River. Since the tides of the Karachi harbor are semi diurnal type, the effluent is not completely flushed out. This means that there is a poor circul ation condition that causes hydrogen sulfide to be produced. The hydrogen sulfide is known to cause stress on the marine organisms (Saleem 1). In addition, poor development of infrastructure is believed to increase the impervious surface area of the city. This causes flash floods and run-off that may increase erosion and non-point pollutants if the water is not channeled properly. It is also important to note that impervious ground reduces the rate of groundwater recharge (URC 3). Other pollution sources include the release of green house gases by the Karachi industries. Carbon dioxide and sulfur dioxide are produced by these industries thereby contributing to global warming. The increased number of motor vehicle usage causes excessive release of carbon monoxide which is harmful if inhaled by humans (Kumar and Chaturvedi 172).Advertising Looking for essay on ecology? Let's see if we can help you! Get your first paper with 15% OFF Learn More The effects of the growth of this city are more disadvantageous especially if not checked. Thus, the increased in the demand for housing in Karachi also creates a poor environment that the people are exposed to live in. It is worth noting that the city is trying to tackle these environmental problems through various programs that involve industrial and solid waste management. Solid wastes generated by the city are managed by way of recycling. The informal sector is involved in performing the functions of waste management. The waste management program has helped reduce the negative impacts of waste on the environment such as diseases and eutrophication. Conclusion Karachi is the largest city of Pakistan. It is the main financial center and also the largest seaport in Pakistan. Karachi harbors numerous industrial and economic activities. Karachi’s industries cause a great impact on the environment. The industries discharge their industrial effluents to the coastal areas causing eutrophication. O ther pollution sources include the release of green house gases by the Karachi industries. Carbon dioxide and sulfur dioxide are produced by these industries thereby contributing to global warming. Karachi city is trying to deal with ecological and environmental problems mainly by way of waste management. Ghani, Naseem. Diversity of Green Sea Weed Fauna of Karachi Coast. N.d. 19 April, 2011 https://library.kau.edu.sa/Files/320/Researches/34655_Pages%20from%206-9.pdf Kumar, Nagesh Chaturvedi, Sachin. Environmental Requirements and Market Access: Reflection from South Asia. Academic Foundations, New Delhi. 2007. Print. Saleem, Monawwar. Study of Heavy Metal Pollution Level and Impact on the Fauna and Flora of the Karachi and Gwadar Coast. National institute of oceanography. Project number 50022801. (2002).Advertising We will write a custom essay sample on The ecology of Karachi specifically for you for only $16.05 $11/page Learn More URC. Land Use Trends fr om Karachi Strategic Development 2020. N. d. Web.

Assessing the Impact of Macroeconomic Policies on the Economy Essays

Assessing the Impact of Macroeconomic Policies on the Economy Essays Assessing the Impact of Macroeconomic Policies on the Economy Essay Assessing the Impact of Macroeconomic Policies on the Economy Essay Department of industrial relations and public administration Lagos state university, Ojo, Nigeria.. Abstract The regime of banking sector reforms leading to recapitalization and consolidation in Nigeria and the consequent merger and or acquisition of existing banks into twenty five (25) by 2005, and later eighteen (18) by 2012 brought along their trails attendant labor problems in terms of educational diversity, job security and productivity, decent employment questions.The study review post consolidation performance of the banking sector to assess the extent to which the sector meets consolidation objective using post development approach. It was found that while the alliance and marriage of seemingly compatible partners are settling down, the society is at the receiving end of the severance of labor and the enlargement of the pool of reserved army of the unemployed. The fall-out therefore is double-edge for the economy and the society. Keywords: Labor reforms, recapitalization, con solidation and post development 1. 0Introduction Private and public businesses are continually being challenged by performance. Performance success is very minimal measured on the indices of what Alos (2006) catalogued as: what the customer needs and values, response to environmental changes and impact on the quality of the people. The issue of performance effectiveness or reengineering organisation has preoccupied the minds of organization practitioners, researchers and watchers since 1990s. Therefore, all over the world, many economies had carried out various reforms to ensure effectiveness of the 166 European Scientific JournalMay edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 real sectors. The performance revolution started in the private sector. Its effects spread to the public sector influenced by ideas from public management school. Nigeria as a nation is not left out in this reform revolution to ensure quality of life for its citizenry. Legal and i nstitutional frameworks were put in place to re-engineer the economy and the performance values of the real sectors. The blue print of the current reforms agenda is set out in the National Economic Empowerment and Development Strategy (NEEDS) document.Some of the reforms include (1)power sector reform; (2) ports reforms meant to ensure timely clearing of goods within forty eight hours (3) deregulation of oil and gas sub-sector to forestall perennial fuel scarcity; (4) deregulation in the telecommunication industry to reduce government participation, create employment and commerce (5) the banking sub-sector /recapitalization/consolidation to make it play its rightful role as the dominant sector of the economy in driving growth and development in other sector. The current banking sector reforms captioned as recapitalization policy was issued out on Tuesday July 6, 2004.Capitalization is setting the capital base upon which a player can set up and be licensed to operate banking function s. It is setting a capital base which was given as twenty five billion naira (N25b) as at 2005. The former capital base was two billion Naira (N2b), which many banks could not even afford. In Nigeria, empirical studies had been carried out on the relationship between banking reforms and economic growth (Balogun, 2007, Fadare, 2010); consolidation and macro economic performance (see Somoye, 2008); consolidation and adoption of e-banking (Ayo, Adewoye and Oni 2010; Chimeke, Evwiekpaefe, and Chete, 2006).The implication of banking reforms on labor has scarcely been researched. The main objective of this study is to review the banking sector reforms 2004 – 2011 and the extent to which the objectives set are met and also, the implication of the reforms on labor as regards employment: security, decent employment, employees’ satisfaction and the outcomes of these variables for the society. 2. 0 Literature Review and Theoretical Framework Consolidation simply means to build on or improve to the extent of stability Adeyemi (2007) considers it to represent the idea of investment and the coming together of firms or enterprises as a single entity.In the banking sector of Nigeria the essence of banking consolidation 167 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 is to reposition the nations banking industry for global competitiveness and also to ensure a strong and reliable banking sector that will guarantee the safety of the depositors’ money. Consolidation as a means of reducing over capacity is doubtful (Somoye 2008).The effectiveness of banking sector consolidation as a remedy for financial stability and in correcting the defects in the financial sector for sustainable development had not been corroborated by similar exercise in Europe, America and Asia in the last decade (Somoye, 2008). Rather, crises and failures as depicted by credit crises and transatlantic mortgage financial turmoi l erupted which, in Nigeria, seriously affected invested money values specifically, stock values.Rather than restructuring leading to reduction in over capacity as indicated by consolidation apologists, an improvement strategy that would accommodate the resources available and expand them is advocated by internally induced consolidation apologists. The banking sub-sector in Nigeria witnessed sharp drop in credit rate to the real sector which affected return on shareholders’ fund (Adeyemi, 2007). Credit went more to foreign exchange rather than the real sectors. The capacity of real sector to generate employment weakened.The access of small and medium enterprises (SMES) and the informal sectors to credit also dwindled (Somoye, 2008; NDIC, 2008; CBN, 2008). Structuring to the economists is adapting to the demands of increasingly global markets for greater efficiencies. Sociologist always view the social impact, specifically the social problems engendered by externalities which results in social disruption especially the negative effects on level of job security, commitment, psychological well being and turnover intentions.The effect of these on organization efficiency, contrary to reformist postulation may be negative. Matanmi (2005) saw a yawning gap between the immediate or short term effects of economic reforms and the necessary ideals of job security. He concluded that the ability of reforms to create employment in the last one decade had been very few and far between. Adeyemi (2007) also agreed that banking reforms in Nigeria resulted in job loss, variance level of compensation and remuneration package for different merging groups and board room squabbles among cliques of the merging banks. . 1 Theoretical Framework Post development approach is a reaction to the dilema of development. Instead of abundance, discourse and strategies of development produce its opposite: underdevelopment and 168 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 impoverishment, untold exploitation and repression. (Sidaway 2008). The post development apologist claim that change brought about by modernity or driven by the west would always meet with disillusionment on the part of the people of developing countries. 2. 2Banking Sector Reforms in Nigeria Banking operations began in 1892 owned mainly by expatriates (Somoye, 2008). They remained however unregulated until 1952 (Fadare, 2010). There were expansions with indigenous ownership by 1950s. However, many of the banks failed between 1947 and 1952. The first regulation of banks was put in place by Banking Ordinance of 1952. This was ineffective as there was no Central Bank until 1958 to carry out supervising or control measures. Bank ownership structure shifted by 1970s with indigenization decree. This allows more Nigerian investment in the banking industry.The Nigerian enterprises promotion Decree (NEPD) limits foreign ownership of Nigerian bu sinesses to 60% in 1972 and 40% in 1976. The 1990’s reform allowed for 100% individual ownership which was a shift from existing 10% for individual ownership and 30% for corporate ownership. This led to the proliferation of banks. Banking sub sector recapitalization policy was issued out on Tuesday, July 6, 2004. Capitalization is setting the capital base upon which a player can set up and be licensed to operate banking functions. Recapitalization is setting a new capital base.The essence is to consolidate the sector to enhance competitiveness and capacity to play important role of financing investment (Somoye, 2008). Consolidation which may result in increase in bank size through merger and acquisition has the potential of increasing bank returns through increase revenue and cost efficiency gains. It may also reduce industry risks through the eliminations of weak banks and create better diversification opportunities (Furlong, 1998). Recapitalization policies set twenty five billion Naira (N25b) as the new minimum capital base for banks operating in Nigeria.The former capital base was two billion naira (N2b) and many banks could not even meet this. The objective of recapitalization is captured in the governor of Central Bank of Nigeria (CBN) Charles Soludos words thus the banking reform is to: (1) reposition the nations banking industry for global competitiveness; (2) ensure a strong and reliable banking sector that will guarantee the safety of the depositors money; (3) play active development role in the nations’ economy; 169 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) ISSN 1857- 7431 (4) (5) make the banks less dependent on public sector fund, and be capable of financing the real sector (New Age Apri17, 2005). A time frame of eighteen months terminating in December 25, 2005 was set for prospective player to meet the capitalization line. To facilitate compliance the following carrots were offered by CB N. Banks that met the deadline shall: (1) (2) (3) (4) deal in foreign exchange; take public sector deposit; be recommended to fiscal authorities to collect public sector revenue, and; manage part of Nigeria external revenue. New Age April 12, 2005); Furtherance to this, nine billion Naira (N9b) loan write off was offered for weak banks to make them attractive for acquisition so as to protect the system, the depositors, and employees as a results of liquidation. 2. 2. 1The Need for reform: The Banking sector is one of the dominant sectors of the economy. It serves as the engine of growth for the real sector financing, Its stability and strength and consolidation will to a large extent influence other sectors.Any policies in the banking sector including its activities affect the micro-economic situation and acting as consultant with qualitative advice to the customers will drive the economy as it were. An inventory of Nigerian banks between 1994 and 2001 as revealed by Nigerian Deposi t Insurance Corporation shows that (NDIC, 2004; National Mirror 2005). (1) A total of thirty five (35) licensed banks went into distress and were eventually liquidated. Out of these, thirteen (13) were commercial banks eighteen (18) merchants and one (1) cooperative (2) The loss to depositors was two billion naira (#2. b) (3) Four thousand (4000) workers lost their job. Omeife (2005) calculated that an average of 3 banks per year was liquidated. That is spanning the period of eight years. The liquidation was as a result of in-effectiveness and inefficiency arising from (1) financial fraud, (2) insiders’ credit abuse resulting in huge non-performing credit, (3) low quality manpower, (4) inefficiency of management, (5) inaccurate reporting and non compliance with regulatory requirements(6) low aggregate credit as percentage of the GDP to the domestic 170 European Scientific Journal May edition vol. 8, No. 9ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 economy (20%) Idowu, 2006; Adeyemi, 2007; Cowry research, 2009). By 2005 the following were the status of the banks in terms of their standing Table 1 Category Sound Satisfactory Marginal Unsound 2001 10 6. 3 8 9 2002 13 54 13 10 2003 11 53 14 9 2004 10 51 16 10 Source: CBN reports and statement of accounts 2004 The impacts of these on the economy include the following: (1) There is sociological implication for the social nets of the sacked workers and the multiplier effects on other real sectors Social nets is the web of relationship established by an individual.In African setting, they include lots of extended family members that are dependent on such workers and which he/she in turn provides financial supports. (2) The confidence depositors have in banking system waned. (3) The economy became depressed as a result of loss of money. (4) Increased unemployment was witnessed. The loss of deposit definitely stalled other businesses and the spiral effect can only be imagined. At the announcement of the ba nking consolidation, not more than few banks could go it alone. Therefore, merger and or acquisition were necessitated..The existing eighty nine banks went through the process of merger and or acquisition, and twenty five banks eventually emerged by December 25, 2005 deadline. Table 1 shows the merged banks and their capital base. 171 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 Table 2 S/N GROUP MERGING BANKS Access bank, Marina Int’l Capital Bank Afribank, Afribank Merchant Diamond, Lion Bank Eco bank COMBINED ASSETS DEC. 2005, ‘N’ BILLION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Access Afribank Diamond Eco Bank 28. 5 29 33. 25 Over 25 25 30 29 44. 62 28 34 35 51. 7 25 31. 26 Equatorial Trust Equitorial Trust, Devcom FCMB Fidelity First Bank First Inland Guaranty Trust IBTC Chartered Intercontinental FCMB, COOP Dev. NAMB Ltd Fidelity, FSB Int’l, Manny First Bank, FBN Merchant, MBC Int’l Fi rst Atlantic, Inland, IMB Int’l NUB Int’l Guaranty Trust Bank IBTC, Regent Banks Intercontinental, Equity, Global, Gateway Nigeria Int’l Bank Nigeria Int’l Bank (City Group) Oceanic Bank Platinum Skye Oceanic Bank and International Trust Platinum Bank ; Habib Bank (Bank PHB) Prudent Bank, EIB International, Cooperative 37 Bank, Bond Bank ; Reliance Bank 17 Spring Bank CITI, ENS Inter.Bank, Guardian Express Bank, Over 25 ACB Inter Bank, Omega Bank, Fountain Trust Bank ; TRANS, International Bank. 18 19 Stanbic Bank Standard Chartered Bank Stanbic Bank Standard Chartered Bank 25 26 20 United Bank of UBA, and Standard Trust Bank Africa 50 172 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 21 Sterling Bank Magnum Trust Bank, NAL Bank, Indo-Nigeria 25 Bank ; Trust Bank of Africa. 22 Union Bank Union Bank, Union Merchant, Board Bank and 58 Universal Trust Bank 23 24 25 Unity Bank WEMA Bank Zenith Bank W EMA ; National Bank Zenith 0 26. 2 38 Sources: Compiled from CBN Press Release (3/1/06), Financial Standards (16/1/06), and the Comet (3/1/06). 2. 3 Post Consolidation The Nigeria society woke up by August 14, 2009 to find out that the banks were not stable after all. The Central bank of Nigeria (CBN) intervened again purportedly to save the banking industry from imminent collapse. Five Banks were identified for rescue as a result of poor capital adequacy, high risk assets poor corporate governance tending towards CEOs corruption; erosion of share holders fund, high liquidity ratio and credit crises.Whereas the twenty five (25) banks that passed the recapitalization test were declared sound in 2005, by 2006, ten (10) were declared sound, five (5) satisfactory five (5) as marginal and five (5) unsound (CBN, 2006). Corporate governance crises, sharp practices, and corruption were also alleged. Asset Management Corporation of Nigeria (AMCON) was set up to manage the toxic debt or non p erforming loan (NPL) of ten (10) unsound banks. About N680b was injected into these banks and then top executive changed. As at 2011, three of the banks were nigerianized and their names changed.This suggests the inability of consolidation to ensure risk control, transparency and accountability among many of the banks. Two other banks intercontinental and oceanic were acquired by Access bank and Ecobank respectively by 2010. 3. 0 The Effects of Banking Sector Consolidation on labor and the Economy Banking sector consolidation through recapitalization, has these attendant economic benefits (1) The process of recapitalization and the consequent merger and or acquisition engendered many of the banks to get registered with the Nigerian Stock Exchange (NSE) and therefore get listed (publicly quoted).Ownership of the banks became widened and public. Many Nigerians can now own some stakes in the banking sector rather than private ownership that 173 European Scientific Journal May edition v ol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 were the pictures of many banks pre consolidation era. This demands that the various boards become more responsive and alive to their responsibilities. (2) Banks were able to shore up their shares, boosting both individual and corporate investments. Locally and internationally; about $652million of foreign direct investment (FDI) was attracted (Fadare, 2010). 3) Banking restructuring and strategy that are information and communication technology (ICT) driven; a shift from the manual to automated systems involving the use of various e-banking and e-payment systems. There has been users’ acceptance of this because of their convenience, time savings and they also meet transaction needs (Adesina and Ayo, 2010). It has also led to the flexibility of business on the part of the banks. (4) Enhanced customer relationships through creation of facilities and instruments that enable easy banking.Intending customers can ope rate their accounts through telephone 24 hours a day, seven days a week, and even on public Holidays (GT Bank 2006/2007 Interim Reports) (5) Best practice which have earned some of the banks conferment of the International Standard Organization (ISO) 9001: 2000 certification award by the Standard Organization of Nigeria (SON) (6) The waned confidence of the public in the banking sector is changing for the positive as shown in the average deposit rise post consolidation from 10,482. 36b Naira in 2004 to 188,478. b Naira in 2006. (See table 3). Table 3 Pre and post consolidation performance of the Nigerian Banks Macroeconomic indications N’m2004a N’m2005b N’m2006b % charge measure/decrease (-) or differences (D) (+) Average deposit (N’m) Average networth (N’m) 10,482. 36 7,708. 73 85,007. 13 19708. 88 445,008. 9 18,478. 55 38,831. 31 525,482. 0 27. 82 +1690. 0500 +403. 73% +68. 87% Credit to the private sector 311,646. 8 to private sector growth rate 26. 6 174 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431Return on equity % Assets utilization % 35. 28 33. 62 30. 8 12. 72 11. 2 11. 04 +0. 18 (D) 24. 16 (D) Source: CBN 2006 Publication Somoye, 2008 (7) Real sector -financing especially the financing of small and medium scales enterprise (SMEs) GTBank for instance sets aside #2. b for this purpose, though this is not adequate. (8) Competitiveness: Narrowing down the numbers of the existing bank evokes creativity, innovativeness service delivery, creating strategy to make the banks stay afloat in the competitive environment. The net-worth of banks grew by +403. 3% between 2004 to 2006 (see table 3 above). (9) Banking performance are also gaining the confidence of the regulatory agency as some of the banks are concluding arrangement to manage Nigeria external reserves (Idowu, 2006). (10) Banking culture is gradually expanding all over the country as the banks are expanding their point of presence. The cashless culture that will become a culture in 2013 will further reinforce this. 4. 0 Banking Consolidation: Challenges The process of recapitalization and post consolidation in Nigeria brought along its trail erger and acquisition. The following become unresolved issues. The issues can be categorized as pre and post consolidation. 4. 1 Pre-Consolidation (1) Unemployment: Rationalization during merger created unemployment. While it was not possible to confirm the number of workers disengaged as a result of the exercise (as at the time of writing this paper), the unconfirmed number has been said to be high. It is not possible though to have two Chairmen or two Managing Directors, etc,, It has not been however proved that banking sector had been adequately staffed.Efforts could be made to retrain workers for other challenges. The disengaged workers are burdens to the society, lowers national productivity, increased poverty, stress, and other psychological problems (Idowu, 2006). (2) Reneging on Collective Agreements: Many banks managements reneged on their collective agreement with the Unions. First Bank of Nigeria (FBN) for instance, sacked 1200 175 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 workers (New Age April 7, 2005).The Association of Banks, Insurance and Financial Institution (ASSBIFI) reacted by accusing the management of being insensitive and confrontational to organized labor in the country through its inconsistencies. It also accused the management of not consulting with it in line with earlier agreement on declaring redundancy. Also, the merger arising from UBA and Standard Trust promised that no members of the two banks would be retrenched. This has not been so. Many Higher National Diploma HND holders and contract staff had not been given full employment. 3) Diversity issues: The gulf between Higher National Diploma (HND) and Bachelors Degree holders rear ed its head. The HND holders were the first to be rationalized at the conclusion of the merger exercise. This has no regard for performance level of the individuals, and all other factors besides educational background that account for individual performance; factors like reward system, organization structure, organization supports (adequate tools, motivation and leadership styles).The society suffers as the pool of unemployment widened. Admission seeking into Polytechnics nosedived. Sectoral allocation to this sub sector also becomes a waste (Idowu, 2006). 4. 2 Post Consolidation (1) Perceptions of uncertainty and insecurity of tenure pervade banking landscape among the workers. This is because rationalization exercise is still on. The consequence of this is less commitment and higher propensity to quit. Many workers have already changed jobs to other sectors due to this factor.The fraud in Nigeria banks had been correlated with high level of job insecurity Omoife (2012) found that disengaged workers vent their anger on the banks using their knowledge of the workings of the banking hall to defraud banks The fraud ran into N189b. This would go a long way in capacity building and loan to real sector which can lead to employment generation and expansion. (2) Unethical/Moral questions at both the pre and post merger era, some banks engaged unqualified and inexperienced young ladies as marketers to woo big clients so as to meet the 25 billion Naira target and to shore up their capital base.Targets were given and management looked the other way not minding how these targets were met The marketers were given near impossible targets to meet Not meeting target led to job loss. The female workers were therefore exposed to sexual harassment, and all other marketers, to other unethical behaviors. This negates International Labor Organisation (ILO) advocacy for decent employment 176 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 3) Disillusionment: arising as a result of differentials in reward package and treatment for similar status and different merging groups, uncertainty of tenure, different career path for seemingly similar educational qualification, prejudices and biases expressed by the management of some of the banks against some groups (merging banks, educational: HND/Bachelors, Federal/ State universities. (4) Decent Employment: A report that has not been officially confirmed is the fact that some banks management asked HND holders to resign and reapply with their National Diploma (ND) qualification.As well, those that attained Bachelors degree or professional certificate are to re apply, serve probationary period in spite of the number of years that had been spent with the banks or the status of such individual. This is also in spite of the glass ceiling on the career path of HND or those possessing lower qualifications. Furthermore, the process of disengaging the workers were at best, immodest. Option of resigning or get retrenched: whichever becomes the lot of the workers, there were complaints of inadequate severance benefits if there was any paid.This is demeaning having no regard for best practice The consequences of all these include: I. II. III. IV. Labor has become cheapened Unions become weakened Career opportunity slowed down and Perhaps the banks gained and labor and society lost. (5). Corporate Governance Crisis Goje (2010) suggested that the weakness experienced by banking sector as regard corporate governance (CA) arrangement may have led to the current state whereby banks cannot safeguard against excessive risk taking. Recapitalization regime exposed the banks to non performing loans (NPL) and margin loan (ML) to the tune of N2. trullion Naira. The non performing loan (NPL) of some of the banks exceeded their Shareholders Funds (SHF). Eight of the banks Capital Adequacy (CA) was less than 10% and their Deposit Ratio (DR) were less than 25% (E topidiok, 2009). The diversion of deposits to foreign exchange trading including the transatlantic mortgage and financial crises led to loss of share holders fund values as many banks had to readjust shareholders stock as depicted in table 4. Table 4 177 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) ISSN 1857- 7431 INSURED BANKS’ ADJUSTED SHAREHOLDERS’ FUNDS AS AT DECEMBER, 2009 AND 2008 S/N BANKS SHAREHOLDERS’ SHAREHOLDERS’ FUND* (N’BILLION) FUND* (N’BILLION) 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Access Bank Nig. Plc Afribank Nigeria Plc Bank PHB Plc Citibank Nigeria Ltd Diamond Bank Plc Ecobank Nigeria Plc Equitorial Trust Bank Ltd Fidelity Bank Plc Finbank Plc First Bank of Nig. Plc First City Monument Bank Plc Guaranty Trust Bank Plc Intercontinental Bank Plc Oceanic Bank International Plc Skye Bank PlcSpring Bank Plc Stanbic IBTC Bank Plc Standard Chartered Bank Ltd Sterling Bank Plc Union Bank Plc United Bank for Africa Plc Unity Bank Plc Wema Bank Plc Zenith Bank Plc Total 167. 22 127. 38 243. 24 29. 40 95. 64 43. 45 32. 38 129. 55 112. 86 315. 75 137. 66 130. 03 195. 58 211. 52 96. 55 (48. 68) 67. 22 28. 47 20. 58 115. 93 191. 44 16. 94 26. 68 313. 39 2,802. 18 2009 154. 30 (221. 69) (126. 84) 31. 68 98. 31 26. 02 (46. 95) 129. 99 (123. 70) 293. 89 132. 17 141. 82 (336. 35) (192. 20) 79. 56 (94. 08) 74. 61 29. 66 20. 14 (38. 56) 114. 8 (4. 06) (3. 22) 310. 99 448. 99 178 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 Source: NDIC Adjusted Shareholders’ Fund (Bank returns) The Apex Bank Code of Corporate Governance (CCG) set in 2006 and which was mandatory for all banks in the post consolidation era to comply with could not address insider trading, ineffective risk management and control. This accounted for the NPL crisis and therefore necessitated the establishment of Asset M anagement Corporation of Nigeria (AMCON).The CBN also injected N608b and provided technical assistance by replacing the so called incapable Chief Executive Officers (CEOs) and Executive Director ED of 8 banks with new ones. The corporate governance crises also accounted for percentage decrees in return on equity (ROE) and return on assets (ROA) over the post consolidation years compare to pre consolidation as table 5 illustrates. Table 5 Pre and Post 2006 Recapitalization, Performance Evaluation Ratio for Nigeria Banks. Pre-recapitalization 2002 Net Interest Margin 11. 16 2003 14. 88 2004 9. 12 Post-recapitalization 2006 10. 7 2007 7. 71 2008 10. 21 (NM)% Yields (YEA)% Funding Return (ROE)% Return (ROE)% Source: NDIC Annual Report, Various Issues The return on equity (ROE) measuring the rate of return to shareholders that was 99. 45% in 2004 (pre-consolidation) fell to 27. 23% by 2008. Also, return on assets (ROA) that stood at 3. 9% pre consolidation (2004) reduced to 2. 58% by 200 8. This confirms post modernist/post development postulation that modernity like restructuring/reforms does not bring about organisational efficiency or capacity management loss of investment cannot lead to creation of employment.Also the purported over capacity of resources like labor that were eliminated does 179 on Assets 17. 55 4. 64 4. 62 27. 55 20. 32 18. 88 Cost on (FC)% 8. 09 Equity 86. 08 9. 42 00. 59 9. 47 99. 45 13. 05 41. 63 9. 63 29. 11 9. 66 27. 23 on Assets 4. 52 4. 13 3. 96 2. 63 2. 00 2. 58 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 not corroborate the result pre-consolidation. Rather disillusionment, inefficiency still pervade banking sub-sector. 5. 0 Conclusion and Recommendation The banking sector is very crucial to economic growth.The consolidation period however reveal sharp practices against labor and society which would not benefit; the society and the labor but the banks themselves in terms of po sting huge profits: Organizations like banks always pay lip service to placing premium or value on their workers as usually reported in their annual reports. Human resource practices pre and post recapitalization regime does not confirm that their workers are their assets. Banking sector recapitalization carne with double edge: benefits and constraints on the economy, the people and the society.While the banks have achieved some efficiency in terms of its operations, treatment of men at work will further deepen unemployment, lead to disillusionment, uncertainty, job dissatisfaction and quitting. The Nigerian economy is still depressed. The Gross domestic products took a downward turn growing by 2. 5% in 2000 compared to 6. 9% in 2005 and further went down in 2009 and 2010 (GT bank 2006). Alo (2006) quoted wall street journal and Heritage foundation as rating Nigeria economy as worse of in August 2006 than it was the previous year and described it as repressed measured on index of Ec onomic Freedom.The rating for 2011 is no better. Nigeria ranked 106 and scored 56. 8% on index of economic freedom for 2010 and therefore grouped as unfree, unlike in the pre consolidation era. To be free means improvement in the overall quality of life and promotion of social and economic life (index of Economic Freedom, 2011). There is the need to manage people well if the objectives of recapitalization are to be met in concrete terms. Recommendations: A lot needs to be done and the following are recommended 1. Institutional machinery should be put in place to address the issue of undervaluing, under utilization of workers.Training and retraining of existing employees to improve their capacity for new demand rather than retrenchment is advocated. The banks’ net-worth and profit after tax had increased geometrically (see table 3). The capacity to employ, train and retain more workers and therefore expand employment should not be a constraint as 180 European Scientific Journa l May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 expansion of branches to new areas is ongoing and new facilities and instruments are also continually being introduced. 2.The federal government and its banking regulatory agencies should do more to ensure creation of employment. In a situation where institutional framework will lead to rationalization, efforts should be made to follow due process, retrain people to retain them in other capacities rather than worsen the unemployment problem. 3. Diversity management should be a best practice and this should be included by standard organization of Nigeria (ISON) in conferment of ISO award. Diversity management is a process by which the diverse elements in organization are enabled to release their potential in organizational attainment of goals.This involves valuing and rewarding people for what they are: race, sex, educational background personality disposition and ethnicity. While the presidency made proc lamation on HND/Bachelors dichotomy in 2006, legal framework and moral persuasions should be pursued to make organization embrace diversity management as best practices. 4. The best practice principle demands that banking organization in Nigeria should place value on their workers, manage them strategically to release their energy for accomplishment of organizational goals. 5.Regulatory bodies should put in place periodic monitoring to ensure compliance with code of corporate governance by banks. Stress test on banks by the CBN should be more frequent and periodic. 6. Credit to real sectors – Small and Medium Scale Enterprises (SMEs), manufacturing and agriculture to take the largest share of loan. This can lead to expansion of capacity utilization and ultimately employment generation and expansion

50 Synonyms for Assistant

50 Synonyms for Assistant 50 Synonyms for Assistant 50 Synonyms for Assistant By Mark Nichol A number of words- many precise in meaning, as well as colorful and/or pejorative- exist to assist you in describing someone who works below another person. Here are fifty synonyms for assistant. 1. accomplice: an assistant, especially in the commission of a crime 2. adjunct: an assistant or associate (also, a short-term or junior faculty member, or something added or joined to another) 3. adjutant: a military officer who is an assistant and secretary to a superior officer 4. aide: an assistant, often in a military or political context (sometimes misspelled aid) 5. aide-de-camp: a military officer who is an assistant to a superior officer 6. apprentice: an assistant training to master a skill 7. attendant: an assistant or servant, or an employee who helps customers (also, someone who attends an event, or something that accompanies something else) 8. auxiliary: a member of a foreign military unit fighting alongside military units of another nation (also, a Catholic bishop subordinate to and not entitled to succeed the bishop of a diocese) 9. coadjutor: an assistant (also, a Catholic bishop subordinate to and often a successor to the bishop of a diocese) 10. cog: an assistant who is one of many or who has a minor role in a company or organization 11. deputy: a substitute or second in command (also, a member of a lower house of a legislative body) 12. domestic: a household servant 13. employee: someone who works for someone else or for a company or organization for pay; also spelled employe 14. factotum: a servant with multiple responsibilities (also, anyone with multiple responsibilities) 15. flunky: a person who performs various small tasks for an important or powerful person; also spelled flunkey and flunkie (also refers to a sycophant) 16. follower: someone in the service of another person 17. gofer: someone who performs errands or other simple tasks for another person (from â€Å"go for†) 18.–19. handmaiden: a female maid or servant; also handmaid (also, something inanimate that exists to assist or serve) 20. help: an employee or helper; often used collectively (â€Å"the help†) 21. helper: an assistant, especially an unskilled laborer who assists a skilled worker 22.–23. helpmate: an assistant who also serves as a companion, or a wife; also helpmeet 24. henchman: a trusted assistant (often used colloquially for a politician’s aide), or a subordinate member of a gang (originally, a page or squire to a nobleman) 25. hireling: someone paid to do an unpleasant or illicit task 26. lackey: a person who performs menial or unpleasant work for another (originally a footman or a general servant; also refers to a sycophant) 27. legman: someone who gathers information and/or runs errands for another person 28. lieutenant: someone who assists and/or substitutes for another person (also, a specific military rank or role) 29–30. maid/maidservant: someone who cleans and performs other tasks for another person (maid also refers to an unmarried girl or woman) 31–33. man Friday: a devoted, efficient assistant; also â€Å"girl Friday† or â€Å"gal Friday† (from the character named Friday in Robinson Crusoe) 34. mate: an assistant to a more skilled person (also various other meanings) 35. menial: a person who does boring or unpleasant work for another person 36. minion: someone who obeys another person 37. number two: a person immediately subordinate to a leader (from military slang) 38. personal assistant: someone who assists another person by performing tasks and running errands 39. retainer: a person who assists in a household 40. right hand: a key assistant 41. second-in-command: a person immediately subordinate to a leader (from military usage) 42. scullion: a kitchen servant 43. second: an assistant, especially to a boxer or a duelist (also various other meanings) 44. second fiddle: someone in a supporting role or with subordinate responsibilities (from an informal reference to the violinist who sits next to the principal violinist in a music ensemble) 45. servant: someone who assists another person in that person’s home, often by cleaning and/or cooking 46. sidekick: someone who assists another person; traditionally refers to an assistant and companion to a heroic character 47. steward: someone who manages someone else’s household and/or property (also, someone who provides food and drinks in an institution or on a vehicle or vessel, or who manages finances or carries out other administrative duties) 48. subordinate: someone who works below someone else 49. swamper: a handyman or helper (also someone inhabiting or familiar with a swampy area) 50. underling: a low-ranking person who works for someone more powerful Want to improve your English in five minutes a day? 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Planning and Controlling Capital Expenditures Essay

Planning and Controlling Capital Expenditures - Essay Example Thus most companies hold on capital expenditures every year, in an attempt to continuously upgrade and improve things like facilities, vehicles, buildings and equipment. A capital expenditure is considered deductible since it represents an improvement to the business and this deducted takes place over a specific life of an item, after than all at once as in the case of repair or maintenance expenditures. Sometimes it is cumbersome to determine the difference that exists in capital expenditure and a routine expense. Generally capital expenditure improves the worth of an asset while if it keeps the asset in working condition, it is referred to as routine expense. Hence, engaging in capital expenditure is a routine way of upgrading and expanding business whether done on a small scale or on a large scale (Pike and Neale, 2003). Large firms or corporations may acquire extra companies, as in the case of automotive giant which purchases another car manufacturer. Consequently, allowances are made in the budget of the company for the capital expenses, including the ones involving the replacement of items which are no longer repaired. Capital expenditures thus normally yield benefit over a long period of time resulting into fixed assets. The resource constraint is a frequent phenomenon of all the economic activities in business. In addition, when a firm is able to spend on specific items it is not willing to do so (Nice, 2002). Therefore, a systematic screening is established to accept or reject the investment proposal. Investment proposal are divided into two groups that is: Mutually exclusive proposals and independent proposals. Mutually exclusive proposals are proposals that have an alternative of doing the same thing. If one alternative is selected then the other one must be rejected for example: if in plant material facilities are required, they are grouped according to their economic benefits. The economic benefits of each of the proposal will be evaluated and the one with the contributing maximum economic benefits is chosen while the rest with less economic benefits are rejected (Pike and Neale, 2003). Ind ependent proposals are those items of capital expenditures that are always considered for different types of projects whose accomplishments are highly needed. In this case all independent proposals are independent of each other and are worthy for implementation. However, due to financial difficulties, priorities are assigned to each proposal according to the gravity of the need of the organization for example: in line with the material handling equipments, instruments such as machines for weighing, packing, stamping may be required(Cotts, 2007). Thus for mutually exclusive proposals the decision criterion is accept or reject while for independent proposals the decision criterion is mainly based in ranking. The decision taken is based on the methods of analyzing the capital budgeting decisions. The environment of capital expenditure proposals are widely grouped into: Expansion, Replacement, Diversification and Strategic proposals. Expansion proposals involve the capital expenditure t o boost the production capacity within the same line of production (Shah, 2007).The investments are basically made in the familiar areas of activity as it involves minimal business risk as compared to diversification, however, larger risk than replacement expenditure. Replacement capital expenditure implies replacement of old machinery by a new one or a modern one. This replacement only

HUMAN RESOURCE MANAGEMENT Essay Example | Topics and Well Written Essays - 1250 words

HUMAN RESOURCE MANAGEMENT - Essay Example According to Martires (2004), â€Å"an important function of HRM is to ensure that the organization has an adequate supply of the right quantity and quality of human resources at all levels and in all positions at the right time and in the right place to man the jobs that have been properly identified and described† (p. 125). Recruitment and selection is therefore regarded as a crucial HRM function in one of the leaders in the hotel industry, Hilton Hotels. The current discourse hereby aims to present how recruitment and selection is applied at Hilton Hotels. Hilton Hotels have been synonymous to excellence in the hospitality industry. Its rich historical background was traced to as early as 1925 â€Å"when Conrad N. Hilton opened the first hotel to bear the Hilton name† (Hilton Worldwide, 2012). Today, Hilton boasts of carrying ten (10) brands in the hotel and hospitality industry, to wit: Waldorf Astoria, Conrad, Hilton Grand Vacations, Hilton Hotels & Resorts, Double Tree, Embassy Suites Hotels, Hilton Garden Inn, Hampton, Homewood Suites, and Home 2 Suites (Hilton Worldwide, 2012). Interested job applicants who envision having careers at Hilton could expect professional development and growth which starts with experiencing the acquisition process. As emphasized, Hilton Hotels’ â€Å"goal is to hire people who share our passion for hospitality and want to further their careers while remaining committed to our Vision, Mission and Values† (Hilton Worldwide, 2013, par. 2). The organization’s mission is explicitly stated as follows: â€Å"To be the preeminent global hospitality company - the first choice of guests, team members, and owners alike† (Hilton Worldwide, 2012, p. 1). Concurrently, their vision is â€Å"To fill the earth with the light and warmth of hospitality† (Hilton Worldwide, 2012, p. 1). Thus, it is their commitment to find people who share these ideals of exuding warmth through serving in

Social inclusion policy Essay Example | Topics and Well Written Essays - 1000 words

Social inclusion policy - Essay Example Immigration policies, while developed at the EU or national level, impact social and economic matters at the community level. In May 2003, the EU addressed this issue at the Thessaloniki summit and in June of that year at the Commission’s Communication on Integration (Spencer, 2004). Four years earlier, the EU had proposed the establishment of an ‘area of freedom, security and justice’ that would be in place by May of 2004. Known as the ‘Tampere Programme,’ this plan was designed to initiate the Common European Asylum System. In November 2004, the ‘Hague Programme’ was agreed to by the EU in order to strengthen the Tampere strategy. This programme outlined wide-ranging goals that extended to 2009. The UK, according to provisions of the EU Treaty, is not required to accept EU directives regarding immigration and asylum. Generally speaking, the UK has rejected all proposals concerning illegal immigration but has accepted the majority of EU directives concerning legal immigration (Local Government International Bureau, 2005). According to Dick Oosting who heads the EU division of Amnesty International, the attacks by terrorists in the United States on 11 September, 2001 were among the reasons that the EU began to alter its priorities towards support for security issues and away from human rights concerns with regard to immigration. Oosting remarked, â€Å"Amnesty has felt this concern since the EU’s individual states began merging some of their immigration policies in 1999† (Lobjakas, 2004). People, even those who are citizens of the EU’s 15 member states, have had to deal with immigration barriers such as the lack of legal qualifications, language difficulties and a growing public resentment. Those persons from countries outside the EU are more likely to encounter additional hardships in these areas and are in need