Developments In Direct Reduced Iron Free Essays

Developments In Direct Reduced Iron ( DRI ) Direct reduced Fe ( DRI ) is produced through the solid province decrease of Fe oxides derived from Fe ore or electric discharge furnace ( EAF ) mulcts for the usage as a virgin Fe beginning in the EAF or basic O furnace ( BOF ) processes. Virgin Fe beginnings are needed in the EAF procedure to thin the remainders ( Cu, Ni, Cr, Mo, or Va ) nowadays from old steel doing operations in the bit steel used as the primary natural stuff used in the EAF. DRI is produced in many different procedures utilizing several different fuels and different provender stocks. We will write a custom essay sample on Developments In Direct Reduced Iron or any similar topic only for you Order Now The DRI processes use several reaction vass including shaft furnaces, rotary fireplace furnaces, fluidized bed reactors, traveling bed reactors, and rotary kilns. The fuels used in the procedures are chiefly coal or natural gas, these fuels are used to make a reduction ambiance and elevated temperature to make a more favourable reaction. The quality of the DRI is measured by the sum of metallic Fe ( Fe or Fe3C ) is present in the merchandise. This figure is called metallization and is reported in a per centum of the entire mass of the merchandise. The merchandises of the DRI procedures are either pelletized into DRI or briquetted into hot briquetted Fe ( HBI ) . The decrease of the Fe ore or EAF mulcts takes topographic point in several reactions that cut down the Fe oxides to metallic Fe ( eq. 1 and 2 ) . The reduction gases are produced by burning natural gas or a C beginning so adding the heated burning merchandises to the reaction vass. Fe2O3 + 3H2 ( g ) 2Fe + 3H2O ( combining weight. 1 ) Fe2O3 + 3CO ( g ) 2Fe + 3CO2 ( combining weight. 2 ) Hydrogen and C monoxide are formed from burning natural gas, while merely C monoxide is formed when coal or coke is combusted. The difference between the procedures is how the provender stock is exposed to the burning gases. The most common type of reaction vas is the shaft furnace where the provender stock is fed into the top of the furnace so dropped through the vas to be exposed to the reduction gasses so extracted from the underside of the furnace. The conceiver of utilizing the shaft furnace for DRI production is the Midrex corporation and is known as the Midrex Process. The Midrex procedure uses a Reformed natural gas as the decrease gas and requires the usage of pelletized Fe ore as a provender stock. The natural gas is combusted in a reforming vas so fed into the shaft furnace where it is assorted with extra natural gas and O to make some more chemical energy for the procedure ( figure 1 ) . The fluke gas is so fed through a station burning chamber and the energy extracted from station burning is used to preheat the provender gas. This gas is so fed to a bag house where it is scrubbed before being reintroduced to the ambiance. This procedure creates chiefly DRI pellets due to the provender stock being pelletized Fe ore and at that place non being a demand to alter the geometry through briquetting. A mistake of the Midrex procedure is its dependance on pelletized ore. The procedure requires the provender stock to incorporate no more than 3 % mulcts. The DRI pellets produced have a high metallization of 95 % on norm, doing it the highest quality DRI. The usage of the station burning allows the Midrex procedure to derive the bulk of the available energy and is what has made it favourable for the bulk of world-wide DRI production A faster production method and 1 that has more flexibleness than the shaft furnace is the rotary fireplace furnace or the Fastmet procedure. The rotary fireplace furnace is a uninterrupted operation that feeds stuff into a revolving furnace that passes the stuff through the reduction atmosphere so removes the stuff near when it completes the full rotary motion ( figure 2 ) . Unlike the Midrex procedure the Fastmet procedure uses mulcts as a feedstock. This allows for the recycling of EAF mulcts and mill dust that would be otherwise disposed of as a risky stuff. The Fastmet procedure uses a C cut downing agent and O burners. The C can be from legion beginnings such as coal, C bearing wastes, and coke. The procedure is seldom run utilizing coke due to the high cost of the coke and the procedure being capable of running on lower quality C mixes. The procedure requires a pelletizing or a briquetting operation due to the provender stock being mulcts. The full procedure requires between si x and twelve proceedingss to finish. The rotary fireplace furnaces produce a direct reduced Fe with a metallization runing from 85-92 % depending on the quality of the provender stock. Fluidized bed reactors are a batch reactor that introduces the stuff into the reactor so the reduction gasses are fed into the underside of the vas with adequate force per unit area to drift the provender stuff. This natation of the provender stuff allows for all of the surface country of the stuff to be exposed to the reduction gasses. There are several signifiers of fluidized bed reactors being used in the market today. The difference between the reacting vass is the figure of responding vass and the type of fuel used to making the reduction gases. The first type of fluid bed reactor is the Finmet procedure using Fe ore mulcts or EAF dust as a provender stuff and natural gas as a cut downing fuel. This procedure uses up to a four phase reactor with the progressive phases utilizing a higher gas speed and a lower reaction clip to derive between 91 % and 93 % metallization ( figure 3 ) . The Finmet procedure requires a briquetting operation because the provender stock is mulcts but be cause of necessitating a high pureness natural gas fuel it produces a really low residuary HBI. The following two procedures, Circofer and Circored, both feature a two phase fluidized bed reactor with the first phase being a short keeping clip vas with a high gas speed and the 2nd phase a long keeping clip with a low gas speed ( figure 4 ) . The difference between the two is that the Circofer procedure uses metallurgical coal for a fuel while the Circored procedure uses natural gas. Both of these reach an mean 92 % metallization and provender pellets. Hsysla steel developed a traveling bed reactor to make DRI ( figure 5 ) . The Hyl procedure provenders lump Fe into the procedure and a high H content reformed natural gas. The high H is created by reforming with a nickle-based accelerator. The Hyl procedure uses an elevated temperature and force per unit area to increase the processing clip for the reactions. The high H and the elevated temperature and force per unit area create a high quality DRI with 93 % mean metallization. The concluding reactor vas is the Allis Chalmers controlled Atmosphere Reactor ( ACCAR ) . The ACCAR uses a counter flow rotary kiln. The rotary kiln procedure uses a low quality but extremely reactive coal to make cut downing gasses ( figure 6 ) . The rotary kiln produces a DRI with a 92 % metallization. The responding vas does non use any of the station burning in the procedure but station burning vass have been added to the procedure to make adequate energy to power the full installation and add some back to the grid. With DRI being produced in many different treating methods there are some cardinal characteristics that set some appart from the others. The rotary kiln, shaft furnace, and the traveling bed reactor vass produce the highest metallization. The rotary fireplace furnace has the fastest procedure clip. The most popular on the market right now is the Midrex shaft furnace with about 60 % of the market portion of DRI production ( table 1 ) . DRI is a stuff that EAF operations have come to depend on and will go on to increase usage due to the high cost of hog Fe and the continued recycling of bit steel. Table 1 ) Comparative sum-up of procedures as of 2008 World Production Reactor Feed Type Reducing agent Average metallization Merchandises ACCAR 24.0 % Rotary Kiln pellets Low quality Coal 92 % Pellets and Energy FinMet 2.0 % Fluid bed reactor ore mulcts natural gas 91-93 % Briquettes Hyl 14.5 % Traveling bed reactor ball ore Coal 93 % Pellets or briquettes Midrex 58.2 % Shaft pellets natural gas 95 % Pellets Circofer 0.5 % two stage fluid bed ore mulcts Coal 92 % Pellets or briquettes Circored 0.5 % two stage fluid bed ore mulcts natural gas 92 % Pellets or briquettes Fastmet 0.4 % Rotary fireplace EAF dust/scrap Carbon 85-92 % Briquettes Plants Cited Bresser, W. , A ; Weber, P. ( 1995 ) . Circored and circofer: State of the art Technology for low cost direct decrease. Iron Steel Eng. ( USA ) Vol. 72, no 4, pp. 81-85. Energiron. ( n.d. ) . HP- HYL Process Description. Retrieved December 7, 2009, from Energiron Corperate Website: hypertext transfer protocol: //www.energiron.com/tour/HYL % 20DR-Minimill % 20QTVR % 20tour/files/supportdocs/dri/pressprocess.pdf Kobe Steel, LTD. ( n.d. ) . FastMet Process. Retrieved Decemeber 7, 2009, from Kobelco, Kobe Steel LTD: hypertext transfer protocol: //www.kobelco.co.jp/p108/fastmet/indexe.htm Kobelco. ( n.d. ) . Fastmet Process Flow. Retrieved December 7, 2009, from Kobelco Corperation Website: hypertext transfer protocol: //www.kobelco.co.jp/english/topics/2008/10/fastment_process_flow.pdf Lepinski, J. A. ( 1980 ) . THe ACCAR System and its Application to Direct Reduction of Iron Ores. Iron Steel Eng Vol. 57, no. 12, pp. 25-31. Lopez, G. G. , A ; Noriega, E. ( 2008, December ) . InTech Hot Fe. Retrieved December 7, 2009, from Emerson Process Management: hypertext transfer protocol: //www.easydeltav.com/news/viewpoint/InTech1208.pdf Lopukhov, G. A. ( 2003 ) . The ‘Finmet ‘ engineering. Elektrometall Vol. 1, pp 43-44. Midrex Corp. ( 2009, April 1 ) . 2008 World Direct Reduced Statistics. Retrieved December 7, 2009, from Midrex Corperate Website: hypertext transfer protocol: //www.midrex.com/uploads/documents/MIDREXStatsBook2008.pdf Quintero Yanez, D. ( 1992 ) . Development of Thursday Use of HYL DRI in the Electric Arc Furnace. 4th European Electric Steel Congress, ( pp. pp 273-283 ) . Madrid ; Spain. Schutze, W. R. ( n.d. ) . HBI – Hot Briquetting of Direct Reduced Iron. Retrieved December 7, 2009, from Koppern Corperation Web site: hypertext transfer protocol: //www.koeppern.de/download/11_7.pdf Tanaka, H. , Harada, t. , A ; Yoshida, S. ( 2005 ) . Development of Coal-Based Direct Reduction Ironmaking Process. SEAISI Quarterly Vol 34, Number 4, ppp 26-33. Weber, P. , Hirsch, M. , Bresser, W. , A ; Husain, R. ( 2009 ) . Circofer, A Low Cost Approach to DRI production. Retrieved December 7, 2009, from Hot Briqetted Iron Association: hypertext transfer protocol: //www.hbia.org/Technical/openpdf.cfm? filename=DRProcess/1994-1DR.pdf How to cite Developments In Direct Reduced Iron, Essay examples

Cyber Bullying is a Crime Essay Example For Students

Cyber Bullying is a Crime Essay Most of us have heard the saying â€Å"sticks and stones may break my bones, but words will never hurt me†. With today’s technology, that saying may no longer hold true. Studies show that in the past five years, online bullying has quadrupled (M. Ross, 3). The technology has given bullies a whole another proposal for their actions; virtual name-calling can have harsh effects on the security of kids and teens in today’s society. An online bully is someone who sends messages via technology, hides behind that keyboard and uses words or pictures to embarrass and bully their target. The online bully’s goal is to make their target feel weak; these online bullies can be referred to as a cyber bully. Cyber bullying is the exercise of using technology to embarrass, threaten, harass, or target another person; according to its definition it occurs among young people (New, 4). It is usually performed by a child’s peers and surprisingly occurs early as the second grade (Jacobs 1). Cyber bullying can even be unintentional, especially through the use of emails, IMs, and text messages because the tone of the sender may be hard to depict. However, recurring emails, online posts, and texts are hardly ever unintentional (124). As the number of youths increase that have the availability to technology, cyber bullying is likely to continue to rise and continue to take its toll on youth. Due to its excessive effect that it has on children today, Cyber bullying should be taken more seriously. Cyber bullies bully for a reason, just as all bullies do. There are many reasons that the bully may perform this horrible crime; the bully â€Å"may feel bad about themselves and may think being a bully will make them feel better† (Jakubiak 8). The cyber bully also might be turning to bullying due to frustrating, anger, or revenge (Stop Cyber bullying, Why Cyberbully? 1). Kids who are being victimized through cyber bullying, it can feel like there is no escape from it due to technology being all around in the everyday life. As almost all can testify, one has been bullied at least once in their life, whether it was intentional or accidental; and more than likely one will proclaim that it took a toll on them in some way, shape, or form. Although that person may not have felt something even as serious as any disorder that is stress-related, but the victim more than likely at least felt down and had been somewhat haunted about the situation afterwards. Kids that are cyber bullied lose confidence in themselves and their eating and socializing patterns become thrown off. Another effect of cyber bullying is the disturbance in one’s sleep pattern; thus causing the victim to become clumsy and off balance. It has also been proven that cyber bullying can leave its victims with a bigger risk for depression, anxiety, and other stress-related dismays (New, 9); such as Post Traumatic Stress Disorder, immune system suppression, and panic attacks. In the rare case, although its numbers have recently grown, some children have even turned to suicide due to the traumatic situation the person experienced with cyber bullying. Victims of cyber bullying feel alone and ashamed of the situation, and often fear their technology privileges will be taken away if an adult is notified. Although many children involved in cyber bullying are disinclined to tell an elder of the situation, there are many signs of cyber bullying that adults can help and stay alert for. The victims tend to hide themselves under a turtle shell; they retract themselves from friends and sometimes even avoid group gatherings and school all together. Changes in mood, sleep, behavior, or appetite are all signals that something different is going on with the child; acting out of anger at home is also another sign to be aware of (New, 12). Due to there being numerous warning signs of cyber bullying, if you notice something just is not right with the child, you should sit down and talk with the child about what is going on. .u4de7c62dcb06fca334c776d44c5cf16f , .u4de7c62dcb06fca334c776d44c5cf16f .postImageUrl , .u4de7c62dcb06fca334c776d44c5cf16f .centered-text-area { min-height: 80px; position: relative; } .u4de7c62dcb06fca334c776d44c5cf16f , .u4de7c62dcb06fca334c776d44c5cf16f:hover , .u4de7c62dcb06fca334c776d44c5cf16f:visited , .u4de7c62dcb06fca334c776d44c5cf16f:active { border:0!important; } .u4de7c62dcb06fca334c776d44c5cf16f .clearfix:after { content: ""; display: table; clear: both; } .u4de7c62dcb06fca334c776d44c5cf16f { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u4de7c62dcb06fca334c776d44c5cf16f:active , .u4de7c62dcb06fca334c776d44c5cf16f:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u4de7c62dcb06fca334c776d44c5cf16f .centered-text-area { width: 100%; position: relative ; } .u4de7c62dcb06fca334c776d44c5cf16f .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u4de7c62dcb06fca334c776d44c5cf16f .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u4de7c62dcb06fca334c776d44c5cf16f .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u4de7c62dcb06fca334c776d44c5cf16f:hover .ctaButton { background-color: #34495E!important; } .u4de7c62dcb06fca334c776d44c5cf16f .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u4de7c62dcb06fca334c776d44c5cf16f .u4de7c62dcb06fca334c776d44c5cf16f-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u4de7c62dcb06fca334c776d44c5cf16f:after { content: ""; display: block; clear: both; } READ: Brave New World and Gattaca Brave New World EssayIn today’s society, parents seem to stay more alert of these types of issues but it isn’t always easy to know when or how to step in the situation as a parent. Fortunately, cyber bullying awareness is growing, which is helping more and more people to learn how to prevent the issue. If you discover that a child is being cyber bullied, make sure to talk with them on how it feels and assure the child that it is not the child’s fault. Parents should be the first place and most trusted source to go to during the times of difficulty online and offline (Stop Cyber bullying, 1). Numerous schools and their distri cts have procedures for responding to a cyber bullying case; talking to a school advisor or teacher may help one in guidance in the right direction for what step to take next with the child (New, 14). As most parents would do right off the bat, the parent is likely to report the issue. Before taking the initiative to do so, one should discuss their plan with the child in case s/he has any concerns as the child might prefer the problem to be handled at home (14). Thus making the situation not seem as serious for the bully, however the well being and feelings of the victim come first and foremost. There are plenty of other measures adults can take when handling a cyber bullying situation, such as blocking the bully and limiting the access to technology (14). Most kids will get upset when technology privileges are downsized or taken away, but it is beneficial for a kid who is being bullied because most kids who are victimized in cyber bullying can’t resist the enticement to look and see if there are new messages. One way that technology access can be filtered and limited is putting the computer in a public place in the house, such as the kitchen or living room, and not allowing laptops in the child’s bedroom (M. Ross, 6). Some parents may even take the situation to the measures of checking which sites the child is being visited and staying updated on what their child is posting online. Cyber bullying has permanent effects on the victim’s school performance, self confidence, and well being. There are many signs one can look for when staying alert with cyber bullying; any changes in a child’s behavior, patterns, or habits should be taken into consideration and should automatically â€Å"ring a bell† to talk to the child about what is going on that is causing these changes. Cyber bullying detrimentally affects every person that is involved in the incident, but most of all it severely affects the victims and the victim’s family. All it takes is for one mean bully in order to tear down another child’s entire world. Family and friends should stay alert and supportive through serious situations such as cyber bullying; all parties should build the support system around the child being affected and help build them back up. Because of the increase of technology, cyber bullying numbers have also taken a rise. The crime should not be taken li ghtly and any little signs should be watched out for. It may only take one bully to tear down a child, but all it takes is a supportive and action-taking family and friends to build it back up. Works Cited Jacobs, Judge Tom. Teen Cyberbullying Investigated: Where Do Your Rights End and Consequences Begin? Minneapolis: Free Spirit Publishing, Inc., 2010. Print. Jakubiak, David J. A Smart Kid’s Guide to Online Bullying. New York: The Rosen Publishing Group, Inc., 2010. Print. Margaret Ross. Kamaron. Kamaron Institute, n.d. Web. 2 Dec. 2014.  . .u34834503d3ab0697953081bd937207ac , .u34834503d3ab0697953081bd937207ac .postImageUrl , .u34834503d3ab0697953081bd937207ac .centered-text-area { min-height: 80px; position: relative; } .u34834503d3ab0697953081bd937207ac , .u34834503d3ab0697953081bd937207ac:hover , .u34834503d3ab0697953081bd937207ac:visited , .u34834503d3ab0697953081bd937207ac:active { border:0!important; } .u34834503d3ab0697953081bd937207ac .clearfix:after { content: ""; display: table; clear: both; } .u34834503d3ab0697953081bd937207ac { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u34834503d3ab0697953081bd937207ac:active , .u34834503d3ab0697953081bd937207ac:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u34834503d3ab0697953081bd937207ac .centered-text-area { width: 100%; position: relative ; } .u34834503d3ab0697953081bd937207ac .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u34834503d3ab0697953081bd937207ac .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u34834503d3ab0697953081bd937207ac .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u34834503d3ab0697953081bd937207ac:hover .ctaButton { background-color: #34495E!important; } .u34834503d3ab0697953081bd937207ac .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u34834503d3ab0697953081bd937207ac .u34834503d3ab0697953081bd937207ac-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u34834503d3ab0697953081bd937207ac:after { content: ""; display: block; clear: both; } READ: Pollock EssayNew, Michelle. KidsHealth. The Nemours Foundation, January 2009. Web. 01 Dec. 2014.  . Stop Cyberbullying. WiredKids, Inc., n.d. Web. Dec. 2014.  .

Bartleby The Scrivener Essays - English-language Films, Bartleby

Bartleby The Scrivener In democratic ages men rarely sacrifice themselves for another, but they show a general compassion for all the human race. One never sees them inflict pointless suffering, and they are glad to relieve the sorrows of others when they can do so without much trouble to themselves. They are not disinterested, but they are gentle. - Alexis De Tocqueville (www.cybernation.com) Compassion is an innate quality that is found within human nature, and is expressed to those in the form of a helping hand to people who are financially and emotionally troubled. However, each individual may have a different limit towards the amount of compassion that one can show to another being. In Herman Melville's story, "Bartleby, the Scrivener", Melville is showing the reader that each individual does have a limit, when it comes to expressing compassion towards other beings. Melville also shows that this limit is different for each individual, when he talks about how each of the characters interact with Bartleby. The story of "Bartleby, the Scrivener" begins with the narrator identifying himself as a man who is "filled with a profound conviction that the easiest way of life is best". This very attitude towards life in general, suggests that the narrator cannot be too compassionate towards other beings because showing compassion and providing support is hard work emotionally and physically. To be compassionate, one must be able to understand the inner workings of the unfortunate soul, so that one can help fix the problem. Thus, the narrator does not have the experience or the spontaneity to help others because all who know him, consider him to be "an eminently safe man" (2330). However, one must note that as the story progresses, the narrator does push his boundaries towards helping Bartleby, but ultimately fails because he does not take the time to understand Bartleby. There is no doubt that the narrator is a compassionate person because he puts up with the antics of his employees. One of his employees is an old man named Turkey, who handles himself well in the morning, but in the afternoon becomes insolent. Any other person would have fired Turkey, when he becomes insolent towards his fellow workers and clients, but the narrator generally leaves him alone. One can conclude that the narrator is weak, and being a ?safe' man, he decides to let things be the same in order to prevent a conflict, but this is an incorrect conclusion. The narrator could have fired Turkey, which would have prevented a conflict as well as resolving the issue regarding Turkey's attitude, but the narrator chooses to keep Turkey. Although one can say that the narrator is compassionate, one must also take into account the extent of his compassion. In the scene where Bartleby refuses to help examine the paper, the narrator backs away from a confrontation. He says, "I looked at him steadfastly. His face was leanly composed; his gray eye dimly calm. Not a wrinkle of agitation rippled in him" (2336). The narrator does not know how to handle the situation because he could not find any human qualities within Bartleby. Therefore, he plays it safe and avoids the confrontation by proceeding to other matters. This scene helps show the narrator's limits because by playing it safe, he is not helping Bartleby, but instead delays the inevitable confrontation. Thus, one can argue incorrectly that the narrator has a weak character, when in reality he is looking at the world with a different perspective, and therefore is not able to understand the needs of Bartleby. It is easy to see that the narrator is a compassionate man, although many would argue that he is weak. He allows his employees to be themselves, and tries to reign them in when they go too far. Thus, when Bartleby refuses to help him and the others examine the documents, he avoids a confrontation. However, the others are quick to judge Bartleby. This is seen when Nippers says, "I think I should kick him out of the office" (2337) while Turkey says, "shall I go and black his eyes?" (2339). Neither of these characters attempt to understand Bartleby, and if they had their way, they would have fired him immediately. This shows that the limit of their compassion towards Bartleby is very short, and it also allows the reader to come to the conclusion that the narrator is indeed an extraordinary man, whose limit towards helping Bartleby exceeds that of many people. A compassionate person is a person who understands the strengths and weaknesses of

Show How Transactions in Derivatives Can Be Used to Either Hedge Risk or to Open Speculative Positions. Essays

Show How Transactions in Derivatives Can Be Used to Either Hedge Risk or to Open Speculative Positions. Essays Show How Transactions in Derivatives Can Be Used to Either Hedge Risk or to Open Speculative Positions. Essay Show How Transactions in Derivatives Can Be Used to Either Hedge Risk or to Open Speculative Positions. Essay Economics of the Financial System Show how transactions in derivatives can be used to either hedge risk or to open speculative positions. Derivatives have become popular in response to the increasing volatility and complexity of financial markets. A diverse range of new financial products have been created to enable market participants to handle the risks arising from trade in securities and to speculate on future expected movements in securities prices, without direct trade in the assets themselves. Derivative contract creates a promise to deliver or trade an underlying product at some time in the future. The contract gives one party a claim on an underlying asset or cash value of the asset, at a fixed date in the future. The other party is contractually bound to meet the corresponding liabilities. Financial derivatives are traded on organized market such as LIFFE (London International Financial Futures Exchange) and through the intermediation of the clearing house system, there is more flexibility of exchange, and the risk of credit default is reduced. The two parties need not know each other they only have to satisfy the exchange that they are creditworthy to transact. The initial purpose of derivative contracts was to allow traders to hedge risk which they faced in the cash market. Two of the most popular derivative instruments are financial futures and options. Financial futures commit the parties to buy or sell underlying assets at set prices on an agreed future date. The benefit of financial futures in its most basic form can be exemplified by a poultry farmer who is worried about the risk of price fluctuations in eggs for instance. He knows in 8 months he will sell a certain quantity of eggs. He can hedge against this risk by selling (going short) an eight month â€Å"future† in eggs. The â€Å"future† will consist of a standard amount of chicken to be exchanged in eight months, at an agreed fixed price on the day the â€Å"future† is sold. The agent buying the eggs goes long, and is bound by contract to purchase the eggs in 8 months. A premium reflecting the risk of price fluctuation would be charged by the agent. If all goes well, the rate of profit on future contract can be very high but not without considerable risk. Investing in securities expose investors to many risks, the most important is the risk of an unexpected fall in the value of an investment. Likewise, not investing also exposes them to opportunity risk; the risk that future prices of portfolio of asset would rise thereby making it more expensive to acquire. Derivatives market offer investors an efficient way of managing some of the risks incurred in investment by purchasing derivative instruments. This allows them to attain desired adjustment to risk without having to trade in the underlying securities and sometimes gaining a profit. Hedging has become increasing popular as it helps investors to protect against the future value of their portfolio. An investor with a portfolio of cash, bonds and shares can take out a hedge to protect the future sale price of her portfolio by selling a corresponding amount of the appropriate futures contract. Risk could be hedged through options or future contracts. Hedging through future contracts involves taking a position in financial futures contract that will incur a gain to offset a loss in their existing investment portfolio. For example, Amana Mutual Fund manages a large portfolio of stocks. The portfolio manager speculates the prices of stock will fall over the coming month but will increase again after that time. They would like to hedge their portfolio against a loss over that period. A stock index futures contract with a month to settlement date is offered on the Dow Jones Industrial Average stock index at an index level of 20,000. Amana chooses to sell a futures contract on this index because it reckons that this index is strongly correlated with its existing stock portfolio. In a month, at the stipulated settlement date, Stanford will purchase the same contract. If stock prices plunge over this period, the index will fall as well, and so will the futures contract on the index in response. Amana will profit on its future position, because the future price paid at which the index is sold will be less than price paid for the index at settlement date. After a month, the stock market falls as anticipated, and the futures price of the DJIA is at an index level of 19,000. DJIA futures contract are rated at ? 10 the DJIA index, so Amana stands to gain. Sold DJIA futures for 20,000; receives 20,000 times ? 10 =? 00,000 Purchased DJIA futures for 19,000; owes 19,000 times ? 10 =? 190,000 Gain is ? 200,000 ? 190,000 = ? 10,000 This shows that Amana benefits from selling a DJIA futures contract. Amana has gained from a market decline, which can partially counterbalance the loss on its existing stock portfolio. However, to hedge a huge stock of portfolio, Amana would have to take a short position that had a value equal to the size of its entire stock po rtfolio. Options give one party the right, but not the obligation, to buy (or sell) at a set price on an agreed future date. Future Contracts are a means of avoiding risk but at the cost of eliminating opportunity. A trader may prefer to hedge risks through options so he can take advantage of an unexpected upswing. If hedgers of an equity portfolio sell futures contracts against their position to protect their portfolio and see the stock market go up rather than down as they presumed, they would not be able to take advantage of the upswing. It is therefore advisable to use future contracts when the investor is certain of future outcome as the contract fixes the value of an asset. However, hedging via options is more expensive as it protects from downside loss while leaving upside potentials open with the right but no obligation to purchase asset at a fixed price. Derivatives allow firms to hedge against security prices and interest rate movements, the latter being the most actively traded future contract used by banks and treasury managers. A pension fund manager holds an equity portfolio which closely resembles the US stock market in its compositions. If he thinks the US market is going to fall and wishes to turn his portfolio into cash. He has two choices, he could either sell shares which would not be as profitable because share prices might be depressed if it is a large portfolio plus it is time consuming. Or she could simply sell stock index futures against her portfolio. If accurate, the loss incurred on her equity portfolio will be counterbalanced by a profit on her financial futures position. Derivatives reduce the cost of protection through sophisticated risk management. Firms that are adversely affected by interest rate movements can take particular position in derivative securities to offset the effect of interest rate movement thereby reducing risk. By coming into a ‘forward rate agreement’ a company treasurer can fix the cost of borrowing which will be required on some future date, thus avoiding the risk of fluctuating interest rates in the prevailing period. Interest rate future contracts can be used to match the interest rate characteristics of the bank’s asset and liabilities portfolios. Market makers can hedge the risk resulting from significant positions in equities or bonds by buying offsetting contracts in equity or interest rate futures. Interest rate futures specify the amount of the notional bond and its interest- rate coupon, for instance a ? 50,000 nominal 15-year treasury bond with a 10 per cent coupon. Traders using futures to hedge against risk to which they are exposed in the cash market are seeking to lock into existing exchange or interest rates on future transactions. Once a firm has traded out of its open position in the cash market it no longer needs the hedge in the futures market. Howe ver, the use of futures to hedge to hedge against interest rates for instance can give rise to basis risk. Basis risk is the risk that fluctuations in future prices will differ from movement in the price of risk being hedged. Firms are also faced with exchange rate risks, in the absence of fixed exchange rates or monetary unions, firms must take action to protect themselves against these risks by taking out contracts which carry the opposite risk to that which they face in the underlying market. Another advantage of financial futures contract is that they offer both traders and investors the ability to take a short position in the underlying security; sell something they do not have. Traders may think a financial market is falling, by selling future contracts and buying them back later after the price has fallen they would be able to gain profit in a bear market. Derivatives help to combat adverse effects of volatile commodity prices on the economy as forward prices tend to be less volatile than spot prices. Since the spot price of a security can be offset by the sale of future contracts, the risk of holding securities is neutralized. Hedging is the basic motivation for a lot of businesses trading in financial derivatives market. Nonetheless, speculation is just as popular as derivatives allow firms and investors to take positions in the securities on the basis of their expectations of movements in the underlying financial asset. In other words, derivatives are instruments that allow market agents seeking profit gain to gamble on movements in the prices of other instruments without being required to trade in them. Furthermore, speculation provides liquidity in the markets and enables it to operate efficiently. Speculative positions are required to offset any imbalance which may arise from hedging transactions, and active speculation in response to small price movements ensures that any temporary imbalance would not lead to a drastic price change thereby reducing volatility. Derivative markets respond to information quicker than cash market. Therefore it allows speculators to predict with accuracy cash market prices and return of their investment. For example, a speculator who presumed that interest rate was likely to rise or a currency’s value decline would go short in the particular asset by selling a future contract. Derivatives permit traders to build an open position with speed, traders usually close this position when they have achieved profit objective. If anticipated profits are unlikely, they cut losses before delivery date. Investors could either purchase call or put options for speculative purposes. Call options are bought by investors who speculate a rise in price of underlying stock. An investor pays the option premium and becomes the owner of a call option he is entitled to the right to purchase stock at the exercise price up to the time of expiration date. The advantage of this is that investors have secured a price to be paid for stocks and therefore gain a profit in secondary market of stock prices rise. Tayo purchased a call option on British Telecoms (BT) Plc. for $3 per share, with an exercise price of $75 per share. She decides to exercise her option at the expiration date if the market stock price is above $75 at the time. Tayo wants to find out what her possible profit outcomes are per share under the different prices of Boots plc. stock. Possible Outcomes for Investment in a Call Option Possible price of boots plc stock at expiration($)| Premium paid($)| Amount Received from Exercising Option($)| Profit share from investment($)| 71| 3| Option not exercised| -4| 76| 3| 1| -2| 78| 3| 3| 0| 82| 3| 7 | 4| 85| 3| 10| 7| At any price above $75 but below $78, Tayo will exercise the call option but make a loss. For instance, at the price of $76, she can exercise the option by buying the stock at $75 and selling them for $76. However, with a premium of $3 to be paid, she incurs a loss of $2 on her investment. At the price of $78, tayo breaks even and at any price beyond that she makes a profit from this call option. On the other hand, put options are purchased by investors who expect a fall in price of assets. The contract is set at a predetermined rate lower than the current market price, so if prices do plunge further investors earn a profit from put option. This leverage allows speculative investments to be used to take advantage of specific profit opportunities or to insure a portfolio against risk. For an options contract, there has to be a corresponding seller (or writer) to the purchaser of an option, who is prepared to accept the increased risk exposure and the premium has to be large enough to compensate risk. The buyer of a call option acquires the right to buy specified instrument. For example, an investor who speculates that euro will rise against the US dollar could buy a euro surplus giving the right to buy euro at a specified price, say $0. 60 =? 1. If the spot exchange rate were to rise to $0. 68 =? 1, the option holder could acquire euro at $ 0. 60 under the terms of the option and sell them in the spot market at $0. 68. As the price of the underlying product rises, so too will the profit that can be made from exercising the option. The buyer of a call option thus assumes a long position in the underlying product. Swaps are a huge market. The first major example of a derivative trade occurred between the World Bank and IBM in 1983. The World Bank was lending in Swiss Francs and wanted to borrow in Swiss Francs, but it had depleted all its borrowing options, hence it faced rising costs. On the other hand, IBM was a dollar borrower but had never borrowed in Swiss Francs as it had no use for the currency. Nonetheless, Salomon Brothers, the investment bank set up a deal with IBM because IBM could borrow Swiss Francs at a cheaper rate than the World Bank could, so both institutions borrowed currencies they did not need. IBM in Swiss Francs and World Bank in dollars, this was done simultaneously and they converted proceeds into currencies they did need. Salomon Brothers was the ‘writer’ of the debt obligation and because of their dealings with each other; both institutions faced a lower interest rate. All of the above gives evidence that derivatives are a powerful instrument in combating risks and making profits from speculation amongst other. However, Warren Buffet warns that derivatives are not without its curses. He likens derivatives to â€Å"hell†¦. easy to enter and almost impossible to leave† and states that increasing trade in it pose a mega-catastrophic risk for the economy as it pushes companies onto a ‘spiral that can lead to a corporate meltdown’. For example, derivatives trading were held partially responsible for the collapse of the stock market in 1987. The story being that stock market trader anticipated a decline in the price of stocks that weekend. Immense orders to sell were made at brokerage houses and many traders automatically sold futures in shares of major corporations. This panic and wrong speculation destabilised stock markets and contributed to the volatility of the cash market. An example closer to home is the losses of ? 91 million made by traders at NatWest Capital Markets (the investment banking arm of the National Westminster Bank in London) in 1995 and 1996 on deutschmark and sterling options. In Conclusion, financial derivatives , although not without faults, has become a major global growth industry as financial agents have become increasingly assertive and innovative in their use of futures, options and swaps to hedge risks and take speculative positions. References 1) http://news. bbc. co. uk/1/hi/2817995. stm Accessed on the 20th April 2010 2) globalresearch. ca/index. php? context=vaaid=8634 Accessed on the 28th April 2010 3) Howells P Bain K (2007) Financial Markets and Institutions, London: Prentice Hall 4) Mervyn K. Lewis (1999) The Globalization of Financial Services, Cheltenham: Elgar Reference Collection 5) Rutterford J Davison M (2007) An Introduction to Stock Exchange Investment, New York: Palgrave Macmillan 6) Howells P Bain K (2002) The Economics of Money, Banking and Finance, Essex: Pearson Education 7) Henderson R (1993) European Finance, Berkshire: McGraw Hill Book Company 8) Gitman L Madura J (2001) Introduction to Finance, Boston: Addison Wesley 9) Heffernan Shelagh (1996) Modern Banking in Theory and Practice, Chichester: Wiley 10) A. D Bain( 1992) The Economics of the Financial System, Oxford: Blackwell

Business decieon making Assignment Example | Topics and Well Written Essays - 1500 words

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Race And Crime In The United States Criminology Essay

Race And Crime In The United States Criminology Essay The relationship between race and crime in the United States has been a topic of public controversy and scholarly debate for more than a century.[1] Since the 1980s, the debate has centered around the causes of and contributing factors to the disproportional representation of racial minorities (particularly African Americans, hence Black crime) at all stages of the criminal justice system, including arrests, prosecutions and incarcerations.[2] Many theories of causation have been proposed, the most prominent of which assume predominantly social and/or environmental causes, though notable exceptions argue for a reconsideration of the role of biology.[3] Sociologist Orlando Patterson has summarized the controversy as a dispute between liberal and conservative criminologists in which both parties focus on a single aspect of the causal net, with liberals focusing on factors external to the groups in question and conservatives focusing on internal cultural and behavioral factors.[4] History Further information: Anthropological criminology http://upload.wikimedia.org/wikipedia/commons/thumb/1/12/WEB_DuBois_1918.jpg/150px-WEB_DuBois_1918.jpg http://bits.wikimedia.org/skins-1.17/common/images/magnify-clip.png W. E. B. Du Bois, one of the pioneers in the study of race and crime in the United States. The relationship between race and crime has been an area of study for criminologists since the emergence of anthropological criminology in the late 19th century.[5] Cesare Lombroso, founder of the Italian school of criminology, argued that criminal behavior was the product of biological factors, including race. This biological perspective was criticized by early 20th century scholars, including Frances Kellor, Johan Thorsten Sellin and William Du Bois, who argued that other circumstances, such as social and economic conditions, were the central factors which led to criminal behavior, regardless of race. Du Bois traced the causes of the disproportional representation of Blacks in the criminal justice system back to the improperly handled emancipation of Black slaves in general and the convict leasing program in particular. In 1901, he wrote: There are no reliable statistics to which one can safely appeal to measure exactly the growth of crime among the emancipated slaves. About seventy per cent of all prisoners in the South are black; this, however, is in part explained by the fact that accused Negroes are still easily convicted and get long sentences, while whites still continue to escape the penalty of many crimes even among themselves. And yet allowing for all this, there can be no reasonable doubt but that there has arisen in the South since the [civil] war a class of black criminals, loafers, and neer-do-wells who are a menace to their fellows, both black and white.[6] The debate that ensued remained largely academic until the late 20th century, when the relationship between race and crime became a recognized field of specialized study in criminology. As Helen T. Greene and Shaun L. Gabbidon, professor of criminal justice at Pennsylvania State University, note in their recently published Encyclopedia of Race and Crime (2009), many criminology and criminal justice programs now either require or offer elective courses on the topic of the relationship between race and crime.[7] Crime rate statistics Murder and non-negligent homicide There were 14,180 victims and 16,277 perpetrators of murder and non-negligent homicide reported by law enforcement agencies to the FBI in 2008.[25] The following table presents the racial demographics of murder in the United States for 2008 (with other including Asian American, Native American, Native Hawaiian and Pacific Islander American):[26] à ¢Ã¢â‚¬  Ã¢â‚¬Å" Offendersà ¢Ã¢â‚¬  Ã¢â‚¬Å" Victimsà ¢Ã¢â‚¬  Ã¢â‚¬Å" White victimsà ¢Ã¢â‚¬  Ã¢â‚¬Å" Black victimsà ¢Ã¢â‚¬  Ã¢â‚¬Å" Other victimsà ¢Ã¢â‚¬  Ã¢â‚¬Å" Unknown victimsà ¢Ã¢â‚¬  Ã¢â‚¬Å" White 32.8% 48.2% 83.3% 7.6% 30.0% 37.0% Black 36.5% 47.8% 13.8% 90.0% 16.7% 29.0% Other 1.7% 2.3% 1.2% 0.3% 52.0% 3.0% Unknown 29.0% 1.7% 1.6% 2.1% 1.2% 31.0% African Americans, constituting approximately 12% of the general population, were significantly overrepresented in the total arrests made. African Americans were also significantly overrepresented in victimization, representing 47% of all murder victims. White Americans and individuals of Other race were significantly underrepresented in cases of murder and non-negligible homicide in 2008. Murder in White American and African American populations were overwhelmingly intraracial, with 83% of all White victims and 90% of all Black victims having been murdered by individuals of the same race. The same was true, though to a lesser degree, for individuals of Other race, with 52% having been murdered by individuals also of Other race. [edit] Non-lethal violent crime Law enforcement agencies made 2,487 arrests for forcible rape, 27,476 arrests for robbery and 42,779 arrests for aggravated assault in 2008.[27] The following table presents the racial demographics of these non-lethal violent crimes in the United States for 2008: à ¢Ã¢â‚¬  Ã¢â‚¬Å" Totalà ¢Ã¢â‚¬  Ã¢â‚¬Å" Rapeà ¢Ã¢â‚¬  Ã¢â‚¬Å" Robberyà ¢Ã¢â‚¬  Ã¢â‚¬Å" Aggravated assaultà ¢Ã¢â‚¬  Ã¢â‚¬Å" White 58.3% 65.2% 41.7% 63.3% Black 39.4% 32.2% 56.7% 34.2% Native 1.2% 1.2% 0.7% 1.4% Asian/Pacific Islander 1.1% 1.4% 0.9% 1.2% White Americans were arrested more than any other race for non-lethal violent crimes in 2008, making up 58% of all arrests. White Americans, constituted approximately 79% of the total population. This survey does not make a distinction between non hispanic whites and hispanic whites. Asian Americans and Pacific Islander Americans, constituted approximately 4% of the total population made up only 1% of total arrests. African Americans contituted approximately 12% of the population, and made up 39% of all arrests for non-lethal violent crimes in 2008. The following table presents the racial and ethnic demographics of non-lethal violent crime victimization per 1000 persons age 12 or older in 2008 (with other including Asian American, Native American, Native Hawaiian and Pacific Islander American):[28] à ¢Ã¢â‚¬  Ã¢â‚¬Å" Totalà ¢Ã¢â‚¬  Ã¢â‚¬Å" Rapeà ¢Ã¢â‚¬  Ã¢â‚¬Å" Robberyà ¢Ã¢â‚¬  Ã¢â‚¬Å" Aggravated assaultà ¢Ã¢â‚¬  Ã¢â‚¬Å" Simple assaultà ¢Ã¢â‚¬  Ã¢â‚¬Å" White 18.1 0.6 1.6 3.0 12.8 Black 25.9 1.9 5.5 5.3 13.3 Hispanic 16.4 0.6 3.4 3.5 8.9 Other 15.2 0.9 3.0 2.8 8.5 Multi 51.6 1.9 6.8 6.8 36.1 Multiracial Americans reported being victimized by non-lethal violent crime at rates 2 to 3 times higher than White Americans, African Americans, and individuals of Other race. Hispanic Americans reported being victimized by non-lethal violent crime at rates lower than that of non-Hispanic White Americans and African Americans. With the exception of simple assault, African Americans reported being victimized by non-lethal violent crime at rates significantly higher than those of White Americans, Hispanic Americans, and individuals of Other race. [edit] Property crime Law enforcement agencies made 235,407 arrests for burglary, 979,145 arrests for larceny/theft, 74,881 arrests for motor vehicle theft and 10,734 arrests for arson in 2008.[27] The following table presents the racial demographics of these property crimes in the United States for 2008: à ¢Ã¢â‚¬  Ã¢â‚¬Å" Totalà ¢Ã¢â‚¬  Ã¢â‚¬Å" Burglaryà ¢Ã¢â‚¬  Ã¢â‚¬Å" Larceny-theftà ¢Ã¢â‚¬  Ã¢â‚¬Å" Motor vehicle theftà ¢Ã¢â‚¬  Ã¢â‚¬Å" Arsonà ¢Ã¢â‚¬  Ã¢â‚¬Å" White 67.4% 66.8% 68.1% 59.7% 78.8% Black 30.1% 31.4% 29.3% 38.1% 21.7% Native 1.2% 0.9% 1.3% 1.1% 1.2% Asian/Pacific Islander 1.3% 0.9% 1.4% 1.2% 1.2% White Americans (including hispanics and non hispanics) were arrested more than any other race for property crimes in 2008, making up 67% of all arrests. With the exception of arson, White Americans were significantly underrepresented in all property crimes, as were Asian Americans and Pacific Islander Americans. African Americans were significantly overrepresented in all forms of property crime, making up 30% of all arrests. [edit] Racially motivated hate crime There were 3,870 incidents of racially motivated hate crime reported in 2007, with 4,724 individual offenses, 4,956 victims and 3,707 known offenders.[29] The following table presents the racial demographics of these hates crimes in the United States for 2007:[30] à ¢Ã¢â‚¬  Ã¢â‚¬Å" Offendersà ¢Ã¢â‚¬  Ã¢â‚¬Å" Victimsà ¢Ã¢â‚¬  Ã¢â‚¬Å" Anti-Whiteà ¢Ã¢â‚¬  Ã¢â‚¬Å" Anti-Blackà ¢Ã¢â‚¬  Ã¢â‚¬Å" Anti-Nativeà ¢Ã¢â‚¬  Ã¢â‚¬Å" Anti-Asian/Pac. Isl.à ¢Ã¢â‚¬  Ã¢â‚¬Å" Anti-Multià ¢Ã¢â‚¬  Ã¢â‚¬Å" White 45.9% 18.3% 18.5% 54.1% 58.6% 41.5% 36.6% Black 10.6% 69.2% 45.2% 2.4% 4.0% 8.2% 2.1% Native 1.5% 1.1% 2.5% 0.6% 9.3% 0.5% 1.4% Asian/Pacific Islander 0.4% 4.7% 0.7% 0.3% 0.0% 1.4% 0.0% Multi 2.5% 6.1% 2.4% 2.0% 0.0% 5.0% 6.7% Unknown race/Other 6.7% 0.5% 5.4% 7.1% 5.3% 6.0% 6.3% Unknown offender 32.7% 25.2% 33.4% 22.7% 37.4% 46.8% White Americans were identified as having committed the most racially motivated hate crimes in 2007, making up nearly 46% of all reported offenders. Asian Americans and Pacific Islander Americans were identified as having committed the least racially motivated hate crimes, making up less than 1% of all reported offenders. African Americans reported being victimized by racially motivated hate crime more frequently than any other race, making up 69% of all victims. [edit] White-collar crime Law enforcement agencies made 68,586 arrests for forgery and counterfeiting, 173,567 arrests for fraud and 16,314 arrests for embezzlement in 2008.[27] The following table presents the racial demographics of these white-collar crimes in the United States for 2008: à ¢Ã¢â‚¬  Ã¢â‚¬Å" Totalà ¢Ã¢â‚¬  Ã¢â‚¬Å" Forgery-counterfeitingà ¢Ã¢â‚¬  Ã¢â‚¬Å" Fraudà ¢Ã¢â‚¬  Ã¢â‚¬Å" Embezzlementà ¢Ã¢â‚¬  Ã¢â‚¬Å" White 67.4% 67.7% 67.5% 64.5% Black 30.9% 30.7% 30.8% 33.4% Native 0.7% 0.5% 0.8% 0.6% Asian/Pacific Islander 0.9% 1.1% 0.8% 1.5% White Americans (including hispanics and non hispanics) were arrested more than any other race for these white-collar crimes in 2008, making up 67% of all arrests. White Americans, constituting approximately 79% of the total population, were significantly underrepresented in the total arrests made, as were Asian Americans and Pacific Islander Americans. African Americans were significantly overrepresented in forgery/counterfeiting, fraud and embezzlement, making up nearly 31% of all arrests.