He is big, fat and mean looking. Whenever he gets hold of dollars, they disappear and no one sees them ever again. Does he think he is a piggy bank? If so, where is the rubber stopper?
He isn’t a piggy bank, he is a piggy bank theif. At least a piggy bank, you get retrieve the dollars. If this hog steals them, and they are never seen again, he is truly a hog!
The World’s First Street Art Disaster movie Premieres At Sundance Festival
No doubt you’ve heard of Banksy, the mysterious guerilla artist, who in 2006 received lots of publicity for replacing hundreds of copies of Paris Hilton’s debut CD, in 48 UK record stores, with a version featuring his cover art and containing remixes by Danger Mouse.Maybe you recall hearing of his paintings on the Israeli West Bank barrier wall, or one of his numerous other adventurous artistic endeavours throughout the world.If you haven’t acquainted yourself with Banksy yet, get ready for his film “Exit Through The Gift shop“, because some critics are saying it’s a winner.
Described as a documentary about Banksy‘s relationship with an impressionable French film-maker, the film was a hit at its suprise screening on 24 January. Named after a piece that went on display at the Banksy vs Bristol Museum exhibition last summer, “Exit Through The Gift shop” is described by the artist as “…the story of how one man set out to film the un-filmable. And Failed.” Later, he explained to the Guardian newspaper, “It’s a film about a man who tried to make a film about me. everything in it is true, especially the bits where we all lie.”
John Cooper, director of the Sundance Film Festival, told the Daily Mail “Sundance has shown films by unknown artists, but never an anonymous one,” going on to add “‘Exit Through The Gift Shop’ is one of those films that comes along once in a great while; a warped hybrid of reality and self-induced fiction while at the same time a totally entertaining experience. The story is so bizarre I began to question if it could even be real, but in the end I didn’t care.”
“I feel bad I won’t be able to shake the film-maker’s hand and tell him how much I love this film. I think I will shake everyone’s hand that day and hope I hit on Banksy somewhere. I love his work in all forms.”
All of the major film buyers were in attendance when it premiered at Sundance, so chances are good that many more people will get to taste the Banksy art experience at a cinema near them soon.
Who designed the first flyover? When and where was it built?
Holborn Viaduct was the world’s first flyover, connecting Holborn with Newgate Street, avoiding a deep dip in the road. It was built across the Fleet Valley to get rid of the steep Holborn and Snow Hills. It was built between 1863 and 1869 and opened by Queen Victoria in 1869. Nearby is the City Thameslink station, a replacement for the former Holborn Terminus of the London, Chatham & Dover Railway It cost over two million pound sterling to complete and was opened by Queen Victoria.
Why are communists called ‘reds’?
‘Red’-refers to the blood shed by the working class in its struggle against capitalism. The identification of Communism with ‘Socialist’ red (with the red flag being the primary colour of the flag of the Soviet Union) and the red star being a Communist emblem led to such Cold War phrases as ‘the Red Menace’ and ‘Red China’.
Why are there only 12 sun signs?
The zodiac is the belt or band of constellations through which the Sun, moon and planets move across the sky. Astrologers noted these constellations and attached a particular significance to them. Over time, they developed the system of twelve signs of the zodiac, based on twelve constellations they considered important. In China, the development of the zodiac was different. Although the Chinese too have a system of twelve signs (named after animals), its zodiac refers to a pure calendrical cycle, as there are no equivalent constellations linked to it. The common choice of twelve zodiac signs is understandable when it is considered that the interaction of the Sun and moon was central to all forms of astrology Thus, twelve cycles of the moon — or months — coincided with one solar year, making twelve a natural choice.
Female entrepreneurs in Britain who have set up enormously successful businesses are called kitchen table tycoons in jest. In fact, half of the millionaires in the UK today are women. So, the erstwhile ‘weaker sex’ and the ‘second sex’ is now being referred to as the richer sex’.
How far is the nearest black hole from the earth?
The nearest black hole is in the constellation Sagittarius. A normal star named V4641Sgr began emitting rapidly-fluctuating X-ray intensities and ejecting sub-atomic particles moving at the speed of light on September 15,1999. This was observed by an amateur Australian sky-watcher. Later, orbiting X-ray telescopes and groundbased radio and optical telescopes also recorded the dramatically rapid X-ray intensity changes ever seen from one star. The black hole is a mere 1,600 light years away from Earth — the nearest reported black hole yet.
What is snow line?
The snow line on a mountain is the boundary beyond which there is permanent snow. It is about 3,500 metres above sea level. The snow line’s location depends on conditions such as elevation, latitude, proximity to the sea, climate, wind direction, exposure, and the steepness of the slope. In India, it occurs at 4,250 metres above sea level while in Europe it may begin at about 3,500 metres. Further North, at the poles, the snow line starts at sea level.
What is the da vinci surgical system used for?
The Da Vinci device is used hi surgeries in the abdomen, pelvis and chest. It provides surgeons with a 3-D view of the operating area, magnified up to 12 times. Sitting at a console away from the patient, the surgeon uses joystick-like controls to manipulate tiny surgical instruments. These can be used in hard-to-reach areas and turned in ways that would be impossible with the normal dexterity of the wrist.
What are tulip festivals?
The tulip is perhaps the most fashionable flower of England and the Netherlands. There are thousands of varieties of these flowers. Tulip cultivation is the most important industry in the Netherlands today. Billions of bulbs are also produced in the US every year. Dutch growers produce nearly 2,000 varieties, of which about 400 are available in large quantities. During spring, tulip festivals are held in various parts of the world to showcase this beautiful flower.
Our national anthem’s notations were prepared by herbert murrill. In what capacity did he prepare it?
Jana Gana Mana was officially adopted by the Constituent Assembly as the India’s National Anthem on January 24, 1950. The version, which had the approval of Prime Minister Pandit Nehru and a number of members of the Constituent Assembly, was composed by a well-known Briton Herbert Murrill. He was one of three foreign composers who undertook to prepare harmonised versions of the first stanza of the Anthem, on the basis of the Vishwa Bharati tune’s recordings supplied by All India Radio. According to air, which had circulated copies of it to all the provincial governments and states, the approved version was not only the best musically, but also faithfully reflected the Indian tune of Jana Gana Mana.
The history of fashionshows remains vague. In the 1800s, ‘fashion parades’ periodically took place in Paris couture salons. American retailers imported the concept of the fashion show in the early 1900s. The first American fashion show is likely to have taken place in 1903 in the New York City store Ehrlich Brothers.
What are budgrooks and xeraphines?
They were the units of currency issued by the East India Company in Bombay, during the 17th century Originally belonging to Portugal, the island of Bombay was given to the British King Charles II in dowry when he married the Portuguese Princess Catherine. Charles II auctioned Bombay to the East India Company and authorised it to issue its own currency locally One xeraphine was equal to 580 budgrooks.
Why are orbits of planets elliptical in shape?
Astronomers call the more massive of the two objects, the primary and the less massive one, the secondary Orbit is a path of a natural or artificial object that moves under the influence of a central force. The orbit of a secondary object within the gravitational pull (which is not constant all over) of a primary object is a closed curve called an ellipse. Perfectly circular orbits rarely occur. In an el- liptical orbit, the primary is not in the centre of the ellipse. As a result, the secondary travelscloser to the primary at certain times than the others.
Why can’t we tickle ourselves?
We cannot tickle ourselves because we anticipate our own actions. Research has shown that the brain is trained to know what to feel when a person moves or performs any function. We aren’t aware of many of the sensations generated by our movements. For example, you probably don’t pay much attention to your vocal cords when you speak. For the same reason, we can’t tickle ourselves. If we grab our sides in an attempt to tickle ourselves, our brain anticipates this contact from the hands and prepares itself for it. By taking away the feeling of unease and panic, the body no longer responds the same way as it would if someone else were to tickle us.
What is the paris basin?
It is the region of France constituting the lowland area around Paris. Geologically, it is the centre of a structural depression that extends between the ancient Armorican Massif (west), the Massif Central (south), the Vosges, Ardennes, and Rhineland (east). The area, which forms the heartland of France, is drained largely by the Seine and its major tributaries converge in Paris. The natural vegetation of the basin has been almost entirely lost to civilisation, except for a few relict forests.
What does cymatics refer to?
Also known as Chladni Patterns, cymatics is an ancient system of music. It was in the news recently when the father-son duo Thomas Mitchell and Stuart Mitchell were intrigued by the symbols carved in the arches of the 15th century Rosslyn Chapel (of Dan Brown’s ‘Da Vinci Code’ fame) in Scotland. The duo did some sleuthing of their own which led them to the Chladni Patterns, formed by sound waves at specific pitches.
When was the system of visas introduced?
A visa (short for the Latin carta visa, meaning ‘the document having been seen’) is issued by a country giving an individual permission to formally request entrance to the country during a given period of time and for certain purposes. It is mostly stamped or glued inside a passport, or sometimes issued as separate pieces of paper. An early reference is found in the biblical book of Nehemiah, circa 450 B.C. Nehemiah, an official serving King Artaxerxes of ancient Persia, asked permission to travel to Judah. The king agreed and gave Nehemiah a letter ‘to the governors beyond the river’. As per the current format of passports, blank pages are given for foreign countries to affix visas, or stamp the passport on entrance or exit.
Who invented the toothbrush?
Toothbrushes came into existence in 1938. People used them in the form of ‘chew sticks’ as early as 3000 BC. People would chew a thin twig with a frayed end and then rub it against the teeth. A similar toothbrush in use today was invented in China in 1498. The Chinese used pig’s neck hair as bristles and attached it to handles made of bone or bamboo. Dupont de Nemours introduced nylon bristles in 1938 for the first time. William Addis of England created the first mass-produced toothbrush in 1780. The first patent for a toothbrush was for H N Wadsworth in 1850 in the US, but mass production only started in 1885.
Did robin hood really exist?
Stories of Robin Hood have been told for over 700 years. The earliest ballads were sung as early as the 14th century. The real life Robin Hood was probably born in Loxley in 1160 and became a fugitive in the forest to escape arrest. He married Matilda and joined the fight against the king’s army in the Battle of Borough bridge. The defeat of the rebels forced Robin into Barnsdale Forest, where he lived as an outlaw and was charged with treason. His wife Matilda was the figure who was eventually transformed into Maid Marian of the legend. Robin Hood is said to have died on November 18,1247.
What is the difference between acne and pimples?
While acne is a disease (acne vulgaris), a pimple is just one type of lesion found in acne patients. Other lesions could be a papule or a nodule. However, in common parlance, these are interchangeably use.
What is unique about the la sagrada familia?
La Sagrada Familia or the church of the Holy family is unique in two ways. Firstly, its construction which started in 1882, is still going on, and will probably be completed only in another 40-50 years — something like our own Dayalbagh temple in Agra. Secondly, its architect Antoni Gaudi is buried in its basement.
What are sniglets?
A sniglet is a word that should be in the dictionary but isn’t. Sniglets are the brainchild of comedian Rich Hall who, with a little help from his friends, wrote a series of books containing sniglets in the mid-1980s. Sniglets are actually a long-running popular joke in which people make up their own humorous words to define things or concepts that have no “official” definitions.
Which country first introduced paper currency?
Paper currency was introduced by the Chinese around 600 A.D. Back then, the Chinese would string copper coins together and carry them around. As the economy grew, people found it difficult to carry too many coins and paper money was introduced as an alternative.
What is the pigeonhole principle?
The exact statement of the pigeonhole principle is ‘If you want to put N+l pigeons in N pigeon holes, then at least one of the pigeonholes must contain more than one pigeons’. This is just a very obvious fact moulded into a principle. But its applications are vast. Its proof by contradiction is very simple: suppose no pigeonhole contains more than one pigeon. Then, there are no more than N pigeons, which contradicts the fact that there are N+l pigeons.
Priced at a cool £2.5, the Ultimate Picnic sandwich is all the rage in Britain. Smoked salmon, mashed avocado, cherry tomatoes, lemon juice, chili flakes, roasted red and yellow peppers, low-fat cream cheese, fresh mint and chives are sandwiched between two thick slices of wholemeal bread. The makers of the Ultimate Picnic Sandwich say the cream cheese and the chives absorb moisture and keep the sandwich fresh. The chilli flakes ward off mosquitoes while easing nasal congestion. The makers also claim that it can boost the immune system.
What are micronesia and melanasia?
Micronesia and Melanesia are both divisions of Oceania in the Pacific Ocean and part of a group of islands. Micronesia is located in the West Pacific Ocean, east of Philippines and includes the islands of Caroline, Marshall, Mariana, Gilbert Islands, Guam and Nauru. Melanesia is in the southwest Pacific Ocean comprising islands northeast of Australia and includes Solomon Islands, Vanuatu, New Caledonia, Tuvalu, Bismarck Archipelago, Admiralty Islands, New Guinea and Fiji.
What is an elephant pearl?
The Nine Pearls, sometimes known as the Nava Moti (nine gems) are a group of sacred gems described in the Vedic texts as the ‘Garuda Purana’. Elephant Pearl is one of them- It is said these pearls are produced in the heads and in the sockets of the elephant’s tusk of the Airavata’s family at the Moon’s conjunction with the asterism Pusya or Sravana synchronous with a Sunday or Monday, as well as of the Bhadra class of elephants.
Which country has the world’s largest navy?
The United States Navy is the world’s largest and has a capacity greater than that of the next 17 largest combined navies. Currently, it has nearly 3,42,000 personnel on active duty and 1,29,634 in reserve; 276 ships and over 4,000 aircraft. Its budget is supposed to be $127.3 billion for 2007.
Who is the youngest nobel prize recipient?
The youngest person to receive a Nobel Prize was Sir William Lawrence Bragg (Physics, 1915). He was 25 years old then. Bragg and his father, Sir William Henry Bragg, won the award jointly for their work with X-ray spectra, X-ray diffraction and crystal structure.
Where did graffiti originate?
The underground art of graffiti has its origins in the late 1960s in Philadelphia, through “bombing”. Writers Cornbread and Cool Earl went about town writing their names just to gain attention from the community and media. The practice spread to New York and its various boroughs in the early 1970s and different styles such as tagging and scaling emerged. Graffiti is the practice of defacing a surface, which if done without consent, is considered vandalism. With consent, if is an art form often used as a powerful political tool.
Who was the first female judge of the supreme court of india?
Justice Fathima Beevi was the first female judge of the Supreme Court of India whose tenure lasted from October 6 1989 to April 29, 1992. The second was Justice Sujata V Manohar, from November 8,1994 to August 27,1999. The third was Justice Ruma Pal who became a Supreme Court judge in 2000 and continues to hold office. However, no female judge has yet been appointed as Chief Justice of India.
Who is the first woman judge of the supreme court?
In the June 3 edition, it’s been incorrectly mentioned that Justice Ruma Pal continues to hold office. Justice Ruma Pal retired in June 2006. She came closest to being the Chief Justice of India had she not retired.
Where did belly dancing originate?
Belly dancing is one of the oldest forms of dance in the world, and has been practised for thousands of years. A specific place or time of origination has never been determined, but it has its roots in various ancient cultures of India, the Middle East and the Eastern Mediterranean regions.
What are bric countries?
The term refers to Brazil, Russia, India and China, which economists feel will be the world economy’s building blocks. It was first used in a 2003 thesis of Goldman Sachs Investment Bank. The economies of the BRIC countries are fast developing and according to the thesis, these countries are likely to overtake the current richest countries by 2050.
What is the significance of the custom of tossing one’s hat?
The ‘hat toss’, the traditional ending to graduation and commissioning ceremonies at all service academies, originated at the US Naval Academy in 1912. Earlier, graduates of this Academy served two years as naval cadets or midshipmen before being commissioned as officers. They had to retain their midshipman’s hats for their sea tour. With the Class of 1912, graduates were commissioned as ensigns or second lieutenants, and no longer needed their midshipman’s hats. In a spontaneous gesture, new officers tossed their old hats into the air. This became the symbolic end to the four-year programme at the academy.
If a child is born mid-air on an international flight, what would be its nationality?
One theory presumes that the ship or the aircraft is the floating island of the country in which it is registered or whose flag it flies. So, the law of that particular State would apply in it. This may cover not only mid-air births but also offences, contracts, wrongs, etc. too. As far as citizenship is concerned, different States have different laws. In some, it is the place of birth while in some others it is the parent’s citizenship at the time birth that determines the child’s citizenship.
What is investment banking?
Investment banking involves structuring financial transactions for private and public companies into developed and emerging markets. Investment bankers identify capital opportunities, negotiate and structure deals, and execute private and public financial transactions. The essential function of an investment bank is to act as an intermediary between potential investors and those who seek capital. Investors include individuals, mutual funds, municipalities, public corporations, and private institutions.
One theory of its origin refers to contest at early American county fairs involving chasing a greased pig. If you caught it, you could take it home as your prize. Another says it originated in the early 1300s. A baron willed that if any married persons in Dunmow, England, swore at the church door that they hadn’t quarrelled for a year and a day, they would get a free side of bacon to take home. The idiom ‘bring home the bacon’ means to score a point or earn something of value, such as a salary
Why were fountains installed in old buildings?
In ancient Rome, drinking water would be supplied to different parts of the city through aqueducts, Instead of collecting such water in plain troughs; the rich would letitcome out of fountains in their mansions. This would not only serve as a water source but also add beauty to the surroundings. The refreshing ambience created by a fountain used to make it an ideal location in a building for meditation and social gatherings. Even now, some people believe the sound of flowing water such as the jet of a fountain has healing power.
In pulse polio abhiyan, what does ‘pulse’ mean?
In Pulse Polio Abhiyan, an immunisation campaign since 1994 to eradicate poliomyelitis (polio) from India, ‘pulse’ stands for Post-Resuscitation and Initial Utility in Life Saving Efforts.
Which is the world’s smallest car?
The world’s smallest car is the nanocar created by researchers at Rice University. The car measures 4 nm x 3 nm. It is slightly wider than a strand of DNA. The human hair is about 80,000 nanometres thick. The car has a chassis, axles and a pivoting suspension. The wheels are buck-balls, spheres of pure carbon containing 60 atoms a piece.
The French Ligier Be Up is the smallest car in the world still in production and can be driven on public roads. It has two seats, a 505 cc engine and measures 268 cm long, 141 cm wide and 156 cm high. It weighs 330 kg, half the weight of a Mini and it has a top speed of 100 kmph (62.2 mph).
Where was the first-ever grape wine park established in the world?
The grape wine park concept is unique to India. It’s an effort to promote grape wine production. The Maharashtra Industrial Development Corporation established two wine parks under the food Park scheme of the central ministry of food processing industry. The first one, Krishna Grape Wine Park, is at Palus near Miraj. The second is at Vinchur near Nasik and called the Godavari Valley Wine Park. Apart from basic infrastructure facilities, these parks would have other features like a wine festival ground, exhibition centre, wine therapy centre, a three-star hotel, etc.
What is the fuel consumption of an fl car per lap in a grand prix race?
The current Formula One cars have 2.4 litre V8 engines running at 19000 RPM max and can produce about 840 bhp. The fuel consumption is around 75 litres per 100 km. However, a Formula One engine is said to be more than 20% efficient at turning fuel into power than any other car. An average Formula One circuit is around 4.5-5 km. The fuel consumption is different for every circuit depending on the length and corners and also depends on drivingstyle.
What is aristotle’s political cycle?
Aristotle classified six forms of states and believed that these keep revolving in a cyclic order. The cycle begins with monarchy which soon gets perverted into tyranny, which gets replaced by aristocracy — the rule of a few wise and able people. Aristocracy soon gets perverted into oligarchy — the rule of the rich, to be replaced by the rule of the people or the majority — polity. Polity gets perverted into democracy — the mob rule. Democracy, in the final turn, gets replaced by monarchy and the cycle begins all over again.
What is asset under management?
Assets Under Management (AUM) is the total value of assets that a mutual fund, hedge fund, or other portfolio manager manages and administers for customers. Many financial services companies use AUM in lieu of revenue. AUM indicates market performance gains/losses, foreign exchange movements; net new assets inflow outflow and structural effects of the company.
What is a hedge fund?
The term hedge fund comes from the phrase ‘to hedge one’s bets’ and refers to the practice of balancing out transactions to ensure that no matter which way the market turns, a profit can still be made. The first hedge fund was created by stock pioneer Alfred Winslow Jones. Hedge fund includes strategies like trading stock options and bonds, purchase or sale of highly undervalued securities. A common hedge fund strategy is buying shares in a company that is in the midst of a merger and acquisition. In this case, there is a guaranteed profit if the merger is completed; the only risk being the acquisition will fail.
What are abc powers?
In 1914, Argentina, Brazil and Chile arbitrated the dispute between the United States and Mexico, which was under Victoriano Huerta’s dictatorship. Mexico dissolved into civil war shortly after Woodrow Wilson’s became US President in 1913 when Victoriano Huerta seized control of the nation’s government from the Constitutionalists. Tension between Mexico and the US culminated in Wilson’s seizure of the Mexican port of Veracruz. Wilson appealed to Argentina, Brazil and Chile, the ABC powers, to arbitrate the dispute.
What is carrot and stick policy?
Carrot and stick is an approach to motivation which is widely used by the managers. Carrot stands for rewards while stick stands for penalties. In short, carrots for good performance and sticks for unacceptable performance. It is based on the belief that people are motivated by hope and fear — hope of getting rewards and fear of being denied rewards. If people fail to respond to carrots in a desired manner, sticks can be administered to do the trick. It is justified on the ground that rewards alone are insufficient for motivating people in positive ways.
Why are the latin americas called so even though the language spoken there is spanish?
The term Latin America was coined in the 1860s when the French emperor Napoleon ffl was trying to extend French imperial control over the whole region. He and his ministers used the term to try to suggest at least some degree of cultural similarity between the region and France. The region consists of people who speak Spanish, Portuguese and French. These languages (together with Italian and Romanian) developed from Latin during the days of the Roman Empire and the Europeans who speak them are sometimes called ‘Latin’ people. Hence the term Latin America.
What is the city of swans?
The City of Swans is a local government area of Western Australia. It is located in Perth’s northeastern metropolitan region and the Swan Valley, centred approximately 20 km north-east of the Perth central business district. The city of Lakeland Florida is called the ‘city of swans’. The many lakes in Lakeland are graced by white mute swans descended from a pair donated by England’s Queen Elizabeth in 1957. The city’s original swan population is thought to have originated as pets of lakefront residents around 1923.
What is a solarium?
A solarium is a sun room, derived from the Latin word for ‘sun’. In mediaeval Rome, a solarium was a room at the top of the castle towers with windows all around so that the room received sunlight at any time of day Later on, a solarium became a room built largely of glass to afford exposure to the sun. This kind of solarium was similar to a free-standing greenhouse, but could be reached from the home without going outdoors. It was a general view then that an airy sunny room promoted health. In today’s context, the term solarium can mean either a sun porch or a tanning bed.
What is a hybrid car?
Any vehicle that combines two or more sources of power that can directly or indirectly provide propulsion power is a hybrid. A hybrid car features a small fuel-efficient gas engine combined with an electric motor that assists the engine when accelerating. The electric motor is powered by batteries that recharge automatically while you drive
What is the origin of the saying, “you can only take a horse to the water but you can’t make it drink“?
This proverb means that if you want to help a person, you can only offer the person suitable advice or show her or him an opportunity, but it is wrong to expect the person to follow the advice or seize the opportunity, because a person does not do any thing unless she or he really wants to do it. The proverb must have been based on the observation that an animal does not drink water unless it is really feeling thirsty, no matter how close you take it to water. According to some sources, the proverb is of Rwandan origin. In English, it appeared first in a book on proverbs written by John Heywood in 1546. The form of the saying in the above book was “A man mate well bring a horse to the water, But he cannot make him drink without he will.” The wording of the proverb changed over the years and it assumed its current form in the mid-nineteenth century.
What is realla?
Realia is associated with libraries and are objects such as coins, tools, and textiles that do not easily fit into the orderly categories of printed material. It is also used for objects from real life used in classroom education. It concretises vocabulary and language and places it within a frame of reference. It also allows language learners to see, hear, and in some cases, touch the objects. For example, to illustrate and teach concepts such as animals, clothing, fruits, etc., we use pieces of clothing, toy animals, plastic fruit. It’s a useful tool in making the abstract concrete.
Who was the world’s first woman president?
The world’s first woman President was Marma Estela ‘Isabel’ Martinez Cartas de Peron of Argentina. She was the President of Argentina from 1974 to 1976. After her husband President Juan Peron died in office, Isabel served as President from July 1,1974 to March 24,1976. The world’s first elected woman President was Vigdis Finnbogadsttir of Iceland, between 1980 and 1996.
What is geotourism?
It refers to tourism that sustains or enhances the geographical character of the place being visited, including its environment, culture, aesthetics, heritage and well-being of its residents. Geotourists are conscious of the environment and inclined to seek culture and unique experiences when they travel.
When was the first santa congress held?
The first Santa Congress started 50 years ago in 1957, when one of the performers at Bakken had a Christmas party in the middle of summer. Santas from all over the world gather in Denmark every year to discuss important matters such as when to hold Christmas and how large the presents can be. This year, the Annual Santa Congress was held at Bakken amusement park in Denmark in July
Why is the uss nimitz called the ‘old salt’?
An ‘old salt’ in English-speaking naval services is often a raconteur, or teller of sea stories. Much of the history and traditions of the navy are passed from generation to generation of service members by these sea stories as told and retold by ‘old salts’. Sea stories may be truthful, half-truths, or falsehoods; however, they always enhance the reputations of the naval and ma.rine units, or individuals. Being one of USA’s famous ships with a long naval history, the USS Nimitz is referred to as an ‘old salt’.
Why is uss nimitz called ‘old salt’?
Though an old sailor is called an Old Salt, this warship is called so in honour of the most famous American sailor of WW II, Admiral Chester Nimitz, a great Old Salt himself.
What is druidism?
Druidism was the religious faith of ancient Celtic inhabitants of Gaul and the British Isles from the 2nd century BC until 2nd century AD. In parts of Britain which the Romans did not invade, Druidism survived until it was supplanted by Christianity two to three centuries later. This religion included a belief in the immortality of the soul, which at death was believed to pass into the body of a newborn child.
Which is the largest university in the world?
In terms of campus area, the Berry College, an American private, liberal arts college in Mount Berry on the northern-most boundary of Rome, Georgia is arguably the largest university in the world. It has approximately 2,100 students on 28,000 acres of north Georgia hill country In terms of number of students, Allama Iqbal Open University, Islamabad, Pakistan is the world’s largest university with around 1.8 million enrollments, followed by the Indira Gandhi National Open University, New Delhi, with approximately 1.4 million enrollments.
Which was the first tv talk show?
The talk show, popularly understood as a show comprising a host, a few panelists and a live audience, had its origins in the ’70s in American television. Phil Donahue’s ‘The Donahue Show’, which first aired in 1970, is the first talk show. Oprah Winfrey, however, took this format to new levels and is today the highest-paid TV personality.
What’s the origin of the word ‘greenhorn’?
The word means immature. One explanation relates to green timber which isn’t seasoned. The word dates back to the 17th century’s jewellery manufacturing industry when animal horns were used as inset in silver frames. The horn was usually decorated with a figure, often a head, and this was impressed in the brown horn by heating it to a specific temperature. Heating it to a higher temperature would result in the horn turning green, not the desired shade of brown. Such an outcome was usually the handiwork of apprentices. Hence, they came to be called greenhorns. Currently, it also refers to foreigners who haven’t yet learnt the ways of the new country.
Who is a dreyfusard?
Dreyfusard and anti-Dreyfusard refer to individuals who respectively supported or denounced Captain Alfred Dreyfus, a Jewish artillery officer who was wrongly convicted of treason in 1894. This developed into a major political scandal and sharply polarised France into two camps. The Dreyfus affair was shocking abuse of the legal system, primarily driven by anti-Semitism and by an ardent desire to shield the French military from its own mistakes. Dreyfus was eventually vindicated after which he actively served in World War I and received the Legion of Honour.
When are nations said to be developed?
The nations which have a high Gross Domestic Product (GDP) per capita and a high Human Development Index (HDI) are generally considered developed. According to the United Nations, there is no established convention to classify nations as developed or otherwise. According to the World Bank, a nation which has a gross national per capita income of $11,116 or more is called a high-income country, but it need not to be a developed nation. However, a high HDI is strongly correlated to a prosperous economy HDI mainly focuses on standard of living, literacy, life expectancy, child care, infrastructural availability, clean water and uniform wealth distribution (as per Gini co-efficient).
How many mahatma gandhi roads are there in india?
M G Road is one of the most used road names in India; there are M G Roads in almost all the districts. It is difficult to count the number of roads as they are found in several cities including Kolkata, Chennai, Bangalore, Pune, Lucknow, Agra, Porbundar, Delhi, Kochi, Hyderabad, Secunderabad, Wardha and Nagpur.
It is a method of painting in which the pigment is held together through a water solution mixed with either egg, casein, gum or glycerin. This method is the oldest and probably executed with a medium of egg yolk, to which a little vinegar was sometimes added. It subsequently became widespread throughout Europe and reached its height in Italy. Today, tempera paints are prepared in tubes and pots, requiring only addition of water or some other medium, usually casein. Tempera paints have a matte (non-glossy) finish, and the colours remain stable for long periods. Egg tempera can be buffed once it is completely dry to yield a rich, lustrous finish.
What is doge of venice?
Doge of Venice was the highest official of the Republic of Venice from the 8th to 18th century It originated when the city was subject to the Byzantine empire and became permanent in the 8th century. The doge was chosen from the ruling families and held office for life. He held extensive power, as seen by the rule of Enrico Donaldo (1192-1205), though from the 12th century, the aristocracy placed limits on the doge’s authority. Under Frencesco Foscari (1427-57), Venice undertook the first conquest of the Italian mainland. The last doge was deposed when Napoleon conquered northern Italy in 1797.
Which place is called the granite city?
Aberdeen, Scotland’s third largest city, is known as the Granite City It’s called so because nearly all its buildings are made of the pale granite that is quarried nearby Madison County, Illinois, USA, is also called Granite City. About 75,000 people live in the immediate Granite City area. Granite City is part of the Greater St. Louis and named by the Niedringhaus Brothers who operated a graniteware plant there.
In which play does the character ophelia appear?
Ophelia is a fictional character in the play Hamlet by William Shakespeare. She is a young noblewoman of Denmark, Polonius’ daughter, Laertes’ sister, and Prince Hamlets sweetheart. Ophelia is often referred to in literature and the arts in connection with suicide, love, and/or mental instability.
What is gravel culture?
Gravel culture is a kind of hydroponic culture (a method where plants are grown without soil for experimental and hobby purposes). Here, pea-sized gravel supports and distributes the root system. This coarse gravel allows a nutrient solution to flow down a slope or to seep from a surface drip and filter down through the roots. When the nutrients flow back into the container, they can be recirculated; otherwise, they are replenished weekly. This cycle maximises both nutrient delivery and aeration to the roots.
Why is champagne showered during a celebration?
The wine-producing region of Champagne in northern France is well known for its special white sparkling wine, which, over the centuries, came to be called by the same name. m its early days, it was produced by French monks living in the region of Champagne and the monks considered the wine holy Around 496 AD, one of the kings of France was converted to Christianity, and his baptism ceremony took place in the Champagne region. During the ceremony, the priests applied Champagne wine on his body. Since then, Champagne, because of its sparkling and bubbly quality, has become synonymous with joy, and people found it refreshing and enjoyable to spray the wine on one another during celebrations of all kinds. Members of the winning team in sports celebrate their victory by pouring champagne on one another.
What is the origin of the phrase ‘dead ringer’?
The definition of ringer, from which this phrase originated, is ‘substituted racehorse’. Unscrupulous racehorse owners would have a fast horse and a slow horse, nearly identical in appearance. They would use the slow horse until the betting odds reached the desired level. Then they’d substitute the ringer, which could run much faster. Dead, in this case means abrupt or exact like in dead stop, or dead shot. In other explanations, in order to make sure that a buried person was actually dead, a string was sometimes tied to the deceased person’s wrist and attached to a bell above the ground. If he was merely unconscious and woke up he could ring the bell and draw attention to himself — he was a ‘dead ringer’. In current usage someone who closely resembles a deceased person is regarded a ‘dead ringer’.
In which range of the himalayas is kashmir located?
Kashmir is located in the Pir Panjal Range. The other ranges of the Himalayas are Dhaula Dhar range Zanskar range, Ladakh range and East Korakoram range
Why is the cape of good hope called so?
In 1486, Bartholomew Diaz, a Portuguese nobleman sailed from Lisbon, determined to follow the African coast farther than anyone had before. After he had passed the mouth of the Congo (now Zaire) River, a fierce storm sent his ship reeling out to sea. When the gales had blown themselves out, he came back to the coast and found to his surprise that it now lay to the west. The storm had blown his ship right around the cape. On his return to Portugal, Diaz told King John II that he had named the great promontory the Cape of Storms. The king, realising this discovery might open a route to greater wealth, suggested it be renamed the Cape of Good Hope.
Why was trafalgar square built?
Trafalgar Square situated in London was built to memorialise Lord Horatio Nelson’s victory against Napoleon’s navy at the Battle of Trafalgar in 1805. The original name was to have been King William the Fourth’s Square, but George Ledwell Taylor suggested the name Trafalgar Square. A large monument to Lord Nelson, who won the battle of Trafalgar, stands in the centre of the square. The four-sided base of Nelson’s column depicts Nelson’s naval victories. On the North — The Battle of the Nile; the East — The Bombardment of Copenhagen; the West — The Battle of St Vincent and the South— The Death of Nelson.
Who are called cosers?
A section of youth in Taiwan who dress up like Japanese animation characters are called cosers. They emulate not just the costumes but even the roles of the characters. Experts view this trend as a way in which these youths try to break out of strict traditions of Chinese society. The act of imitating these characters is called cosplay. The cosers exhibited their flamboyant sense of style during the recently held expo of Japanese manga animation in Taiwan.
Who was the first man in hindu mythology?
According to the Matsya Purana, sage Manu was the first man (and the first human) created by God, In the above Purana it was mentioned that lord Brahma created, using his difine powers, the Goddess Shatrupa (as Saraswati was first called) and out of the union of Brahma and Shatrupa was born Manu. Manu obtained through long penance his wife Ananti. The rest of the human race originated from Manu and Ananti. Details about the children of Manu and Ananti are found in the Bhagavata Purana. Manu is also considered to be the author of the ancient Sansiilrit code of law, Manu Smrifi, which was the summary of a discourse given by Manu to several rishis. The English noun man and the Sanskrit verb mun, meaning to think, are supposed to have evolved from the word Manu. Rigveda has a different account of the origin of the human race, which was born from the five children (four male, and one female) of Lord Prajapati, as Brahma was earlier called. Of the two versions, the Matsya Purana is more popular and complete.
What is the difference between a notification and a circular?
A notification is issued by a government (central/ state) to exercise the power of a legislative enactment (Parlimentary/ Assembly). These powers are in abundance in taxation (direct/ indirect) legislations. These notifications generally lay down the law taking care of some procedural aspects of the enactment.-The circulars are issued by the chief executive in charge of the taxation hierarchy, and are normally explanatory/ interpretative or relax the rigours of the law administered.
Why are domestic lpg cylinders red?
Domestic LPG cylinders are not always red in colour. For example, blue-coloured cylinders are used in Singapore. Red colour light has the highest wavelength in the visible spectrum. So, it is visible even from a long distance. Red colour is used for anything which is dangerous or urgent. As we know that LPG is highly inflammable, it is painted red for the safety of the consumer.
What are teepees made of?
Long before the Indians from the plains moved from place to place throughout the year, taking their homes with them, they had lightweight, comfortable, collapsible structures which they called teepees (or tepees or tipis). Teepee is a tall, cone-shaped tent dwelling used by the plains’ Indians, and was made by stretching buffalo skin over a skeleton of 20-30 wooden poles, all slanted towards a central point and tied together near the top. A flap at the top allowed smoke to escape, and a flap. at the bottom served as a doorway Water-resistant and flame-retardant teepees are even produced from the best natural cotton canvas by marquee manufactures and have withstood hard commercial use for many years. The basic design and construction methods of the teepee have also been well established over many years to increase the life of the teepee.
Who created the smiley?
Research professor at the Carnegie Mellon University Scott E Fahtman is said to be the creator of the smiley, an emoticon used in internet parlance. It is believed that Fahlman sent an e-mail to his colleagues on September 19,1982; I propose the following character sequence for joke markers;:-). Read it sideways.” This year, the emoticon which has endeared itself the world over, turned 25. To celebrate its silver jubilee, an annual Smiley Award meant for CMU students was created. It carries a cash prize of $500. Prof Fahlman says that the Smiley Award is for ‘innovation in technology-assisted human to-human communication’.
Why is world aids day observed on december 1?
The first World AIDS Day came in the wake of the world summit of ministers of health on programmes for AIDS prevention in London in January 1988 which delegates from 148 countries attended. They emphasised the need for worldwide AIDS education, the free exchange of information, and the protection of human rights and dignity The World Health Organisation recognised the event by declaring December 1 as World AIDS Day. In 1991, the red ribbon became the international symbol of HIV and AIDS awareness. It was created by the Visual AIDS Caucus in New York. It made its public debut at the 1991 Tony Awards on the lapel of host Jeremy Irons.
Which is the world’s first sez?
A Special Economic Zone (SEZ) is a region that has economic laws that are more liberal than a country’s typical economic laws. The goal of an SEZ is to increase foreign investment. One of the earliest and the most famous SEZs was founded by the government of the People’s Republic of China under Deng Xiaoping in the early 1980s. The most successful SEZ in China is in Shenzhen. Following this example, SEZs have been established in several countries, including Brazil, India, Iran, Jordan, Kazas Bistan, Pakistan, the Philippines, Poland, Russia, and Ukraine.
Queen Victoria founded The Most Exalted Order of the Star of India in 1861, which was an order of chivalry, meant to be given to viceroys of India, nawabs and princes for their meritorious service and loyalty to the British empire. The people admitted to this order were called knights. In the year of its founding, Nawab Sikandar Begum Sahiba, Nawab Begum of Bhopal was made the Knight Grand Commander of the Star of India (GCSI). Later, her daughter and grand-daughter also received the same honour.
Who are kitchen police?
Kitchen police are military service personnel whose services are deployed to assist the cook in the kitchen. They help the cook by cutting vegetables, cleaning the floor, washing the dishes, etc. Sometimes, regular combat personnel are also sent on kitchen duty as punishment for minor offences. This term has been used in the US since World War I.
Traditionally, ugg boots are Australian boots made from sheep skin, with wool as the inner lining and a tanned outer surface. The natural properties of sheep skin results in thermostatic benefits. Thick fleecy fibres on the inner part of the boots allow air to circulate during summer so that the feet do not become excessively warm. In winter, the sheep skin prevents heat loss and is highly effective. Ugg boots are designed to be worn without socks. The name ugg is probably derived from the word ugly to indicate their ugly look.
How are international telephone dialling codes assigned to countries?
International Telecommunication Union (ITU) recommendation defines the international public telecommunication numbering ^ttttsedin the PSTN. It also defines the format of telephone numbers. As per these recommendations, numbers can have a maximum of 15 digits and are usually written with a + prefix. CCITT, the predecessor of the ITU Telecommunication Standardization Sector (ITU-T), developed the first formal list of telephone country codes. It was included in the 1964 CCITT Blue Book, which became ITU-T recommendation E.164. The list was organised by creating nine zones, one for each international region. Zone 1 — United States, Canada, Bermuda and other Caribbean nations; Zone 2 for Africa and other Atlantic Islands; Zone 3 for Europe; Zone 4 for Europe; Zone 5 for Mexico, South America, Caribbean, and Central America; Zone 6 for Oceania and South-East Asia; Zone 7 for Russia, former Soviet Union Zone; Zone 8 for East Asia and other special services; Zone 9 for South, Central, West Asia and Middle East.
What is psiphon?
Psiphon is a censorship circumvention solution that allows users to access blocked sites in countries where the internet is censored. Psiphon turns a regular home computer into a personal, encrypted server capable of retrieving and displaying web pages anywhere. Psiphon is a human rights software project developed by the Citizen Lab.
What are bionic buildings?
In the era of ever-increasing urbanisation, people live and work in high-rise buildings which depend on artificial energy sources like electricity for survival. In the natural world, insects like spiders use a saliva-made fibre to construct their steely web. Termites build intricate airway systems in their habitat. In the same way, some architects and engineers have turned to nature for inspiration when designing buildings. These buildings are called bionic buildings. They are designed to enhance the efficiency in usage of energy by having a provision for entry of sunrays (natural lighting) to reduce dependence on electricity.
What is the lantern festival?
The 15th day of the first lunar month is the Chinese Lantern Festival because the first lunar month is called yuan-month and in ancient times people called the night Xiao. The 15th day is the first night when the full moon is visible. So, the day is also called Yuan Xiao Festival in China. According to Chinese tradition, at the very beginning of a new year, when there is a bright full moon hanging in the sky, there should be thousands of colourful lanterns hung out for people to appreciate. At this time, people try to solve the puzzles on the lanterns and eat yuanxiao (glutinous rice ball) and families gather to make for a joyful atmosphere.
If red roses speak of love, what do yellow roses indicate?
Yellow roses indicate friendship as the bright, sunny colour of yellow roses evokes a feeling of warmth and happiness. The warm feelings associated with the yellow rose are often akin to those shared with a true friend.
What is pop art?
The term pop art is short for popular art. It emerged from the pen of English critic Lawrence Alloway in the late 1950s to describe what he viewed as a contemporary attitudinal shift in subject matter and techniques of art. Beginning in England in the mid-1950s and America in early ’60s, pop art focussed on everyday objects rendered through an adoption of commercial art techniques. In doing so, artists availed themselves of images and ideas culled from popular culture, including movies, comic books, advertising, and especially, television — faithfully reproduced in all their mass-produced glory. Thus, by making use of what had been dismissed as kitsch by the art establishment, pop artists whose works were displayed in museums effectively thumbed their collective noses at the distinction between highbrow and lowbrow art.
What’s the doomsday vault?
The doomsday vault is a Noah’s Ark of sorts which would store samples of the world’s most important seeds. It was inaugurated at Longyearbyen, Norway on Tuesday The vault is trident-shaped tunnel bored into the permafrost of the Arctic mountain range. It comprises three cold chambers and can hold 4.5 billion batches of seeds from the world’s main crops. This is to ensure that species of plants obliterated by any manmade or natural disaster can be regrown.
How was the term pink slip coined?
In America, there was an old practice where the personnel department would put a discharge notice printed on pink paper in the pay envelope to notify the employee of his or her termination of employment or lay-off. The term pink slip also refers to a car race in which the winner receives the loser’s car where the vehicle title would be printed on pink paper. The term dates back to 1915. However, originally, the colour of the paper had no particular significance.
Who is adolf loos?
Adolf Loos was an Austrian architect and theoretician, one of the most important representatives of modern architecture. In his theoretical and practical works, he developed a concept of functionalist architecture, free of decoration, which he regarded as superficial and subjective (in his essay Ornament and Crime). Among Loos’ most significant works were the Steiner House and the Goldman & Salatsch department store in Vienna. The Miller Villa in Prague is among his climactic house buildings, described as “a single large, airy space” (the so-called ‘Raumplan’). Loos also designed a number of coffee houses and luxury shops (particularly in Vienna) as well as apartments.
What is ‘a very silent night’?
It’s music to a dog‘s ears, literally A Very Silent Night’ is a CD recorded at a frequency only dogs can hear. It was recently launched in New Zealand. It’s not to be confused with the Christmas hymn Silent Night, Holy Night.
What is international white cane day?
James Biggs of Bristol claimed to have invented the white cane in 1921. After he lost his vision in an accident, the artist felt threatened by increased motor vehicle traffic around his home and decided to paint his walking stick white to make himself more visible to motorists. It was not, however, until 10 years later the white cane became established. With the realisation that the black cane was barely visible to motorists, the Lion’s Club decided to paint the cane white to increase its visibility and then began a national programme promoting the use of white canes for visually impaired persons. During the early 1960s, several state organisations and rehabilitation agencies serving visually impaired citizens of the United States urged Congress to proclaim October 15 the White Cane Safety Day A joint resolution of Congress was signed authorising the US president to proclaim October 15 as White Cane Safety Day
What are gigantes?
In Greek mythology, the gigantes were a race of giants, children oil Gaia or Gaea (Earth mother) who was fertilized by the blood of Uranus when Cronus castrated him. The primordial Gigantes rose up in arms against the Olympians in an attempt to end the reign of the Olympian gods but were defeated by them and buried beneath the Earth, where their writhing is supposed to cause volcanic activity and earthquakes.
Which desert is also known as shamo? Why?
The Gobi desert, the extensive area of southern Mongolia and northern China and the largest desert in Asia, is also known as Shamo. It’s the Chinese word for ‘sand desert’. The Gobi, which extends 1,600 km from East to West and about 1,000 km from North to South, has an area of about 1,300,000 sq km. It is bounded by the Da Hinggan Ling (Greater Khingan Range) on the East, the Alton Shan and Nan Shan mountains on the South, the Tian i Shan mountains on the West, and the Altay and Hangayn Nuruu (Khangai) mountains and Yablonovyy Range on the North.
What is an adobe?
In Peru, where I come from, an adobe is a brick made of mud mixed with other material such as cane, straw and stone to give consistency It is dried in the sun. The adobe also provides a cool atmosphere to buildings made of it and is therefore used in much different kind of constructions. In Peru, there are many archaeological places that used this material, like the Huaca del Sol (450 CE), a great pre-Columbian construction in Trujillo, Peru which used around 100 million adobe bricks. Chan Chan, Huaca Pucllana, and many other complexes of our rich culture were also made with adobe. The great colonial buildings were also made with adobe, a very good material in dry weather prevalent on the coast of Peru where it rarely rains. Even today, adobe is still used for home constructions.
What does thor refer to?
It’s widely known that Thor is the Norse God of Thunder. But now, Thor is also the first ship made of ice-cream sticks that will sail to the UK from the Netherlands. This new-age Viking ship is built with 15 Million recycled ice-cream sticks which are glued together. It was created by stuntman Robert McDonald along with his son and over 5,000 children.
What are fizeau’s fringes?
Fizeau’s fringes occur in interferometry. One of the most common methods used to test the flatness of a polished surface is by analyzing the interference patterns formed when the surface is placed against another polished flat transparent surface. When two surfaces are fully in contact, a pattern of concentric dark and light cycles is seen and these patterns (or fringes) are called Newton’s rings. However, when the surfaces are separated by a very thin wedge-shaped layer of air, straight, parallel, dark and light patterns are produced and these are called Fizeau’s fringes. These fringes are named in honour of French physicist Armand Hippolyte Louis Fizeau (1819-1896), who used the interference of light to measure the dilation of crystals.
What is the origin of the term ‘the whole nine yards’?
This phrase’s origins have several interpretations. Some popular ones are as follows: nine yards probably refers to the amount of cloth/ material needed to make a wedding dress or bridal train, a man’s three-piece suit or a burial shroud. Also, the term, perhaps, comes from World War II pilots who wanted to be sure that they were fully loaded with ammunition before take-off. The ammunition belts were normally 27 ft or 9 yards. Alternatively, the term comes from the capacity of ready-mix concrete trucks which were normally 9 cubic yards — the whole nine yards referred to a fully loaded concrete truck.
What is back-door financing?
Back-door financing, an American concept, is the practice of governmental borrowing from the US treasury over and above legislature-approved budgeted expenses. The government resorts to this form of financing to meet unforeseen expenses arising out of events such as natural calamities.
Why is quartz used in watches?
Quartz is used in watches as it acts as a piezoelectric oscillator. As a potential difference is applied across quartz, stress is generated across the perpendicular faces of the quartz crystal. It is known as reverse piezoelectric effect. The word piezo in Greek means pressure and, therefore, piezoelectricity means pressure electricity It fakes place in some crystals like quartz which lack certain symmetrical properties. A mechanical stress produces an electric polarization and, reciprocally, an applied field produces a mechanical strain. So, this oscillator keeps watches ticking.
What is the geographical indications (gi) registry?
In December 1999; the Parliament passed the Geographical Indications of Goods (Registration and Protection) Act, 1999. It seeks to provide registration and better protection of geographical indications relating to goods produced and manufactured in India. The Act is administered by the Controller General of Patents, design and Trade Marks who is the Registrar of Geographical Indications. The Geographical Indications Registry is located in Chenhai.
What is the subprime effect?
Subprime lending, also called ‘B-Paper’, ‘near-prime’ or ‘second chance’ lending, refers to they practice of giving loans to borrowers at interest rates above the prevailing market rates because of their low credit status and increased risk due to either a limited credit history, or histories of payment delinquencies, charge-offs or bankruptcies. Subprime lending includes mortgages, credit cards and car loans. It is risky for both the lender and the borrower. It helps those consumers who otherwise Would not have access to credit market. But on the flip side the borrowers do not have the resources to meet the long-term loan obligations. But the crisis began in 2006, when in the US, thousands of borrowers defaulted in payments; as a result many lenders had to file for bankruptcy leading to a direct impact on the US housing market and economy as a whole.
What is dumdum bullet?
In the 1890s, the British military developed a bullet to be used at Dum Dum arsenal in India.’s North-West frontier and was named ‘dumdum’ bullet. It comprised a jacketed .303 bullet in which the jacket nose opened to expose its lead core to improve the effectiveness of the bullet by increasing its expansion upon impact. Afterwards, the term dumdum was taken to include any softnosed or hallow-pointed bullet. In 1899, the use of dumdum bullet was outlawed following the Hague Convention. But during First World War, the Germans accused the Belgian government of having used a dumdum bullet which the Belgians strongl denied.
It is a type of wide-angle lens used in photography to capture extremely wide and hemispherical images. Its focus length varies between 8-10 mm for circular lenses and 15-16 mm for full frame lens. Originally developed for use in meteorology and astronomy, it is used in planetariums and IMAX dome theatres to show pictures on a broad canvas.
What is the flynn effect?
The Flynn Effect is the rise of average intelligence quotient test scores seen over a period of time; say a decade or a century, in a country due to better schooling, improved nutrition or TV or even greater familiarity with multiple choice questions. The effect was named after New Zealand philosopher James R Flynn.
What is grimm’s law?
Grimm’s Law shows the systematic relationship between consonants in Germanic languages and consonants in other Indo-European languages, stating what phonetic changes took place. It is a phonetic principle formulated by German philologist Jacob Grimm in 1822. It describes the pattern of two stages of sound changes, known as the German consonant shift and the High German consonant shift. Grimm’s Law is important because it demonstrates the development, from the Old Germanic languages, of more recent languages such as English, Dutch, and Low German. It also shows that changes in a language and in groups of languages come about gradually and not as a result of random’ word changes.
What’s unique about gothenburg?
Located on the west coast of Sweden, Gothenburg is Sweden’s second largest city Known primarily as a university city housing two famous universities —University of Gothenburg and Chalmers University of Technology — Gothenburg is also an important trade centre, having one of the largest ports in the Scandinavian countries. Further, the city happens to be an important cultural and sports centre among Scandinavian countries, possessing many theatres, museums, parks, and sports clubs. The annual Gothenburg Film Festival is the biggest in Scandinavia. Despite its relatively small size, Gothenburg organizes many largescale international sports championships. During March 18-23, 2008, World Figure skating championships were held there at the Scandinavian Arena, the second largest indoor stadium of Sweden.
What is the ole robotic beetle?
These are robots that look like Volkswagen Beetle cars, only they have legs instead of wheels. They can scuttle
About the Author
Dr. Ashok Kumar Sharma, M.A.(History); Certificate in Taxidermy(Madras); Certifate in Library Science (TOPPER-ML Sukhadia Uni. Udaipur,(Rajasthan) INDIA. Hobby: cricket; Postal Stamp Collection and Collection of Quotations since 1981.
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anyone have a savings account or have any opinion on ING Direct?
it said’s High Interest, No Fees, No Minimums
everythings done electronically and and the savings account sounds good but im just wondering if its trusted company and even with my regular bank i have to visit a branch now and then to verify certain issues with ing direct its only online and over the phone at regular business hours…
anyone have thought or experience with them your feed back will be appreciated thanks
I love ING. I am very wary of any bank because of all the experiences I’ve had with my finances as well as my mother‘s finances. I’ve had Chase is horrible because they always charged me for not having enough in my account, TCF had terrible customer service, and the only reason I’m using Bank of American now is because I get free checking since I’m a college student and I need a bank I can actually visit to make my deposits since ING has no physical bank. But I simply linked my BoA account to ING and it’s very easy to transfer money, there really are NO fees, and the few times I’ve called they have been very polite and my questions were answered quickly.
Also, one thing I love about them is that even if I overdraw from my checking, they don’t charge me! In this day and age, a bank that doesn’t charge you for overdrawing is few and far in between. I’ve overdrawn a few times and they’ve always given me a few days to transfer from my savings with no fees.
Bottom line, you get a bank that offers you higher interest rates, more so than most other banks, even on your checking account!, offers great customer service, and has no hidden fees. I think it’s a great bank and I don’t think you will be disappointed.
How BB&T (Branch Banking and Trust) Rips Off Consumers and Lies At the Window to the Customer’s Face
The Role of the Financial Sector in Zimbabwe, Central Banking and its Social and Economic Impacts’
Abstract
The study seeks to provide a critique of the theoretical framework of economic governance as it relates to the financial sector in Zimbabwe and identify institutions in the financial sector and explain their roles. It also seeks to unpack the concepts related to the banking or the financial sector, with specific emphasis on the role of central banking from a policy and developmental perspective. Outline of the economic history of the development of the financial sector in Zimbabwe and the regulatory framework governing the financial sector will also be given. To capture the community’s view and experience of the financial sector within the period 2003 to 2009, recording of community voices has been done, with main emphasis on the views around the inclusion or exclusion, popular notions of monetary policy and banking, and impact (perceived or real) of these on people’s social conditions. Finally the study seeks to equip the poor and grassroots communities and the working classes, to engage meaningfully in discussions on the role of monetary institutions as part of an ongoing engagement on economic and public policy advocacy.
Introduction
There has been increased call for a greater attention to the development of financial systems in many countries all over the world. The financial sector is well known for its purpose of allocating savings, from surplus units to deficit units. One can have plenty of resources (cash or wealth), but is not prepared to use or consume in the current period but later in the future. And on the other hand an economic agent may need funds for a specific purpose currently but due to some reasons have no adequate funds. So financial institutions help in collecting funds and match the current needs of some investors and hence creating economic development by avoiding idle funds. Some researchers (Herring and Santomero (1991)), argue that the direct impact of financial institutions on the real economy is minor, while the indirect impact of financial markets and institutions on economic performance is extraordinarily important.
A financial system which is efficient and healthy is a vital and necessary component for faster economic development. If a financial system is efficient, then it should show profitability improvements, increased funds intermediation, better prices for financial products and quality services for consumers. If the financial system is under tight regulation, financial markets would not be able to function efficiently and the use of resources would not provide desired outcomes. It should also be noted that reforms in other sectors have less impact on the overall economic development if the financial sector is under control, Edirisuriya (2007).
As part of the economic growth strategy, many economies have aimed at improving their financial sector. Ghana structured its financial reforms in two phases, FINSAP 1 and FINSAP 2 (Financial Sector Adjustment Program) and the reform for Non- bank financial institutions credit, Gordon (2008). An assessment of the impact of this policy on savings, investment and the growth of income (GDP) in the Ghanaian economy was undertaken by Gordon (2008) and positive impact of the financial sector on the economy. Previously, Ghana operated a tightly regulated financial system and the impacts of these policies on economic development were found to be dismal. The country turned to the International Monetary Fund (IMF) for assistance to reshape the macroeconomic structure, and one of the policy packages was to reform the economy’s financial system. Financial liberalization thereafter affected positively the interest rate, savings, investment and GDP in Ghana. Sri Lanka also went ahead with its financial sector reforms about three decades ago, Piyadasa (2007). The reforms were also spearheaded by the IMF and World Bank, and they encouraged the opening up of financial markets for foreign and domestic competition and to encourage efficient functioning of financial market with less government interferences.
Major economic factors to look at include; the inflation level, rate of economic growth, unemployment levels, balance of payments and the exchange rate (business Studies Online). A well functioning financial sector is able to influence positively on the economic factors. High levels of inflation have a number of problems; people try to save money and so will spend less, high prices leading to people becoming worse off, costs will increase and exports will decrease hence exporting companies greatly affected leading to unemployment. The Zimbabwean nation has experienced such problems and do not wish to return to such time soon, savings have been eroded.
Capital goods production is one of the best ways an economy achieves a long lasting sustainable and stable economy. Financial services stimulate savings, investment and growth of GDP and for that matter economic growth by increasing the rate of capital accumulation and by improving the efficiency with which the economies use that capital, Gordon (2008). Well functioning banks spur on technological innovation by identifying and funding those entrepreneurs with the best chances of successfully implementing innovative products and production process.
The research seeks to explore the financial sector in Zimbabwe, its impact on the economy and how the Central bank policies affect the operations and efficiency levels in the economy. It dates back during the crisis period (2003-2009). The crisis originated from Central bank policies adopted during and before the crisis. The Reserve Bank of Zimbabwe (RBZ) adopted an uneconomic formula to control the level of money supply in the economy, and hence it failed to control the economy. The RBZ failed to control its independency status from the political family and hence supported uneconomic projects by printing excess money.
The relationship between the RBZ and other financial institutions during the crisis period can be explained y what the RBZ called ‘Financial Indiscipline’ in 2008. It is reported that during the last quarter of 2008 the financial sector had fallen back into territories of indiscipline and general malaise,resulting in the contamination of ethics in such institutions as the Zimbabwe Stock Exchange (ZSE) which invented the deadly phenomena of “burning money”. Indiscipline in banking and stock markets is precisely what has largely been responsible for the global economic crisis particularly in the USA, RBZ Monetary Policy (2009).
The RBZ Governor, was quoted in his Monetary Policy Statement, blaming the Financial sector and warning it against indiscipline in the market;
“As true as the sun rises and sets each day, the “miracle” of “burning” money could not be sustained by men and women born of flesh and pretending to have the supernatural powers of our Lord Jesus Christ. It was soon to back-fire and consume those who were stroking the fires in the first place.”
The Governor argues that it is the activities of the Financial sector that transforms to the Central bank to be blamed, hence he has warned it several times, and has put measures to control their activities. The Governor specified that new measures constitute a war against idleness as without some gainful activity, citing roadport and world-bank sextillionaires destined for the starvation market. Hence from this evidence the RBZ has both social and economic influence on individuals and companies, and it is the impact of its influence that we seek to analyse. It was pointed out that individual and collective actions of the past have not taken the economy anywhere, particularly in the areas of advancing collective socio-economic programmes, hence RBZ initiated change of behavior, even from the politicians and diplomats. The RBZ set up a 5-year framework to guide the financial sector activities so that no shift from core banking business to speculative transactions.
Financial Institutions in Zimbabwe
Zimbabwe’s financial sector is relatively sophisticated and consists of the Reserve Bank, discount houses, commercial banks, merchant banks, finance houses, building societies, the Post Office Savings Bank, numerous insurance companies and pension funds and a stock exchange. As at 25 January 2009 Zimbabwe has 15 commercial banks and 4 building societies under the supervision of the Reserve Bank of Zimbabwe.
Commercial banks have been and are one of the most important contributors of private sector credit and therefore highly influential over most areas of economic activity. However, currently they are facing financial constraints, as the Reserve bank cannot perform its function as a lender of last resort due to the phasing out of the Zimbabwean local currency. Commercial banks have in fact changed their loan structure, they are now lending short term loans, just for their survival and to certain credible analysed economic agents. Short term loans are very costly as the interest is very high. They can’t be used for sustainable investment, as capital investment needs to be matched with long term loans. Hence, various organisations are financially constrained, with several Small and Medium Enterprises (SMEs) shifting their operations, and the shift is not proper for the growth of the economy as it creates gaps in the economy. The banking sector has since facing problems; they have retrenched their workforce, as they have shut some operations due to the crisis.
The performance of the financial sector currently can be explained by the return on investment registered through the Zimbabwe Stock Exchange (ZSE) market. Very few companies registered on the stock exchange are making huge returns. The volatility of the Mining Index and Industrial Index is very low, indicating that it is not worth to invest in shares, as the return is almost to nothing. Also individuals are not able to generate savings to invest in the stock market, as many are earning very low salaries, far below the Poverty Datum Line. Workers are withdrawing all of their salaries in their bank accounts, leaving nothing for the banks to do their own investments. Banks are surviving on the bank charges and minimum balances for investing, making it hard to generate money for lending to the needy investors. Currently the economy is comprised of deficit agents who need to be rescued in the financial drought and very few surplus agents.
General Functions of Central Banking
A central bank is known as the apex of the banking structure. A central bank is distinguished from a normal commercial bank because it has a monopoly on creating the currency of that nation, which is loaned to the government in the form of legal tender. Central banks around the world have more or less the same roles they perform for the benefit of the economy, what differs is their efficiency and scale of operation. Most importantly is the level of central bank independency to political influence. Most of the rich countries today have independent central banks, that is, ones which operate under rules designed to prevent political interference. Examples include the European Central Bank and the Federal Reserve System in the United States.
In a summary the general functions can be listed as follows;
1. Supervision of the entire banking system in the economy. (2) Should act as the government advisor on monetary policy. (3) Issue of banknotes and coins (printing money). (4) Acting as banker to other banks. (5) Acting as banker to government. (6) Raising money for the government. (7) Controlling the nation’s currency reserves. (8) Acting as “lender of last resort.” (9) Liaising with international bodies.
However it has to be noted that on each and every function, each country’s Central bank has its own level of efficiency depending on the resources, rules governing operations, flexibility and many other factors. The Central bank of Zimbabwe commonly known as the Reserve bank of Zimbabwe (RBZ) also performs some of the above functions and has its own efficiency levels and hence affecting the transition of the economy’s growth pattern.
Traditional functions and Developmental Functions of Central Banks
It is also worthy to explain the several functions of the Central Banks in terms of origin and development perspective. For every Central bank, there are basic functions that it has to undertake for the public’s benefit and also the economy in general. It is taken as the leader who should operate by example and should spearhead the path of which agents are to take. Hence the Central Bank has both Economic and Social influence.
Traditional Functions
Traditional functions refers to the obvious roles that the bank should be carrying. If the Central bank is not efficient in these roles, it can be quickly criticised by every economic agent. Inefficiency is quickly detected.
The functions can be given as follows;
1) Public confidentiality. (2) Uniformity in money issued. (3) Easiness in credit control (4) Control in value of money. (5) Economy (6) Elasticity (7) Stability (8) Easiness in monitoring and controlling
If the functions are well undertaken by the Central Bank, the economy is said to be stable and economic agents should be earning normal business profits, workers earning decent salaries, goods well priced and social status acceptable.
Developmental functions
Developmental functions refers to those functions that are strategic in nature and helps the overall economy to be competitive to other nations. They are associated with various economic policies that guide the entire nation on good business practices that enhance efficiency. The functions involves publication of economic data that can be used by various economic agents for their own analysis and economic forecasts, so as to determine the best ways of operation that is profitable and sustainable.
The functions can be listed as follows;
1) Economic development (2) Development of banking system (3) Contribution to the development of financial institution (4) Publication of economic data. (5) Supporting of loan to the poor sector (Empowerment) (6) Establishing the commercial banks in joint ventures (7) Development finance
If the Central Bank is not correctly partaking the functions, political influence comes into play, because they determine the efficiency of the ruling party. Also the efficient levels of the Central bank towards the developmental functions may be affected by the level of independency it has from the political world.
The Central Bank of Zimbabwe (RBZ) and its General Functions: Current Analysis
The efficiency and smooth running of many economies depends on the activities and functions of their Central banks, and from this phenomenon will make it necessary to analyse each basic function carried out by the Reserve bank of Zimbabwe.
The Central Bank is supposed to issue banknotes and coins
This function refers to the issue of printing paper money and is not as simple as it might seem. Only the central bank has the right to issue bank notes and coins in the economy and no one else. Printing of paper money and issuing of coins is highly depended on an economic formula of which if the formula is bypassed, it will change the path of economic development of the nation and hence causes inflationary effects. During the 2003-2009 period, the RBZ abuses its right of printing and issuing notes and coins and end up printing excess money and hence inflation increases exponential and the economy was unstable. It uses the wrong formula, of issuing the notes and coins. A correct economic formula matches the level of reserves to the amount of paper/ discretionary money in the economy. Due to the abuse of the role, the Zimbabwean dollar, lost its credibility in the economy, and turned into unwanted currency. Economic agents preferred stable currencies than the local currency, enforcement of laws was done to ensure continuous existence of the local currencies but could not work. Penalties were imposed, but still could not work as the RBZ continuously printed more money to finance government expenditure. ‘Good’ money replaced ‘bad’ money in the Zimbabwean economy. Until such a time when the local currency was completely rejected for any transaction, the authorities were forced to authorise the use of other currencies for business transactions (Multicurrency regime).
Most payment these days do not involve cash but cheques, standing order, direct debit, credit cards and so on, however cash is important as bank’s cash holdings are a constraint on creation of credit. As of now the RBZ is no longer able to perform the function of issuing notes and coins, because the Zimbabwe has no currency right now. The economy is using South African rands and the United States dollar for business transactions. The amount of forex in the economy depends on the strength of attraction from the services the economy is rending to other nations, donors and credit from international organisations.
The Central Bank should act as “lender of last resort.”
For the economy to be well function, organisations should be working at full capacity and with no constraints. One major constraints organisations face is the financial constraints. Companies usually obtain loans from banks and financial institutions, ranging from short term loans to long term loans (mortgages). However there is a time when banks are not able to meet demand and hence the Central bank has to be the lender of last resort. The government treasury bill and bond markets are covered by the central bank. It can offer in many types, there are 30 day treasury bills, 90 day treasury bills and 180 days treasury bills. One good thing with the Central bank loans is that they are cheaper as compared to commercial bank loans.
The RBZ currently is not able to act as the lender of last resort, there is no production of funds around its activities and neither can it print as there is no currency. The RBZ has lost its credibility, with the economy, other nations and development banks. In fact, it is struggling to pay its own debts, it has accrued during crisis period. Therefore, the bank cannot extend its hands to others rather is waiting for such favours.
Government advisor on monetary policy
Because, the Zimbabwean nation currently has no local currency of its own, the RBZ cannot fully advise the government on the central issue on monetary policy. The role implies that the RBZ would control the level of money supply in the economy to allow smooth business operations, and avoid inflationary effects. However, for the monetary policy statement is still issued in the economy, only to explain the happenings in the economy as far as interest rates are concerned. The monetary policy is no longer the road map which economic agents rely on, and it has lost its traditional importance.
Supervision of the entire banking system in the economy
The Central bank should be at the top of all other banks and hence regulating and monitoring the activities of the sector. The RBZ was in charge during the period, it was monitoring the minimum capital requirement levels. During the period some banks which were not performing according to the required level and not in line with the set regulatory framework were forced to close and some merged, for example the Time Bank was closed, Intermarket Bank was swallowed by ZB Bank family.
Social Roles of the Central Bank
During the crisis period the RBZ engages itself in various social programs, for example empowering citizens through the Mechanisation Programme. This was of great importance fro some individuals, although not all people were involved and the way it was done through excess printing of money. The program raises social RBZ from the perspective of the awarded population n the Agricultural sector. The RBZ also engaged itself in the housing financing schemes, giving food vouchers to the poor and sourcing cars and perks for court judges. However, there has been debate around the manner in which the bank has traversed its monetary policy duties to usurp the fiscal and other roles. The manner in which this institution has sought to control the mediated public sphere through mostly unorthodox means is said to have fuelled the crisis and has created social inequality as their policies were in quasi format and not able to cover the total population but rather the selected few.
Central Bank and Financial Institutions
The Central Bank is at the top of all financial institutions and of course it is the regulator of all the activities in the financial sector. However, the Central bank receives proposals from the various institutions on the activities that might need to be undertaken to improve the sector and profitability of the institutions. Apart from the Central bank’s influential role, institutions have their own part to take. According to Posen (2006), central bankers cannot count on banking supervisors or budgetary officials to stick to the straight and narrow, even if one assumes that a politically independent central bank will pursue largely the right policy. Japan in the 1990s is a particularly salient illustration of the dangers of lack of coordination between financial and monetary authorities. Arguably, there was a three-way game of chicken between the Bank of Japan, the Ministry of Finance, and the new Financial Services Agency that paralyzed policy for the second half of the 1990s.
Central banks are not that powerful that financial institutions can be completely guided by unfavourable policies of the Central banks because of imperfect information and the speed at which researches are made by central banks and individual institutions. Researches by individual institutions are more efficient and faster than those by Central bank because Central banks broaden their research to cover the whole economy. So financial institutions should convince and prove their formulas to the central bank for approval and not only wait for policies by the Central banks. Innovation is the only way in which the financial sector relies on to reduce transaction costs.
Pressure applied by international organizations such as the IMF and the World Bank and the introduction of new technologies have forced authorities to relax controls making the financial sector more competitive and efficient in many countries (e.g Ghana and Sri Lanka) whose financial reforms have contributed to economic growth. Therefore for Zimbabwe financial institutions should continue to engage in technology invention despite tight policies from Central bank. Public awareness should also be done to increase the number of participants in the sector. Lack of financial literacy among the people and lack of clear directions from the government to the financial market affect progressing efficiencies further, Piyadasa (2007).
Effective communication can be an important and powerful part of the central bank’s toolkit since it has the ability to move financial markets, to enhance the predictability of monetary policy decisions, and potentially to help achieve central banks’ macroeconomic objectives, Blinder et al (2008). This means that if information is slow or incomplete between the Central bank and the whole financial system problems arise making it difficult to achieve economic goals. The inability to meet economic targets will affect the society as a whole both economically and socially.
A few decades ago, conventional wisdom in central banking circles held that monetary policymakers should say as little as possible, and say it cryptically, Blinder (2008). Communication policy has risen in stature from a nuisance to a key instrument in the central banker’s toolkit. As a result, many central banks have become remarkably more transparent and have started placing much greater weight on their communications. The Reserve Bank of Zimbabwe, has been communicating through presentation of monetary policy, magazines and newsletters and newspapers among other methods in an effort to give information to the financial systems on its policies. However, it is the quality of the information that also matters and implications associated.
Official statements, reports, and minutes appear to have the clearest and most consistent empirical effects on financial markets. The evidence on the impact of speeches is more mixed. But it, too, is mainly supportive of the idea that central bank communication “creates news.” Communication can be divided into “short-run” central bank communication and “long-run” central bank communication depending on the scope and time horizon objectives.
it is widely accepted that the ability of a central bank to affect the economy depends critically on its ability to influence market expectations about the future path of overnight interest rates, and not merely on their current level.
The Reserve Bank of Zimbabwe indicated specifically the guidelines to be followed by the banking sector, of which violation was financial indiscipline. This was to ensure uniformity in the sector, so as to manage the crisis. It also shows that the banking sector is well controlled and monitored by the RBZ.
Diagram.
Source: Reserve Bank of Zimbabwe, Monetary Policy Statement, January 2009
Whilst it is a good idea that the Central bank controls and monitors the development in the financial/banking sector, it is also worth for it to adjust and revise its rules and regulations in the earliest time that allows flexibility and innovation in the sector. The RBZ policies are in place for a long time, such strategies are not suitable for a developing and high innovative economy like Zimbabwe. The Zimbabwean financial/banking sector is trying to race with other nations to book a competitive level in the international market. With increasing globalisation there is increased linkages among nations as there are now increased numbers of travellers, the banking sector should be faced by both exogenous and endogenous policy guides.
Regulatory Framework for Non-bank Financial Institutions
The relationship between the RBZ and Non-Bank financial institutions is one sided as the former is not satisfied by the freedom they enjoy. According to the RBZ there is an absence of a well defined and comprehensive regulatory prudential supervision framework for the Zimbabwe Stock Exchange, Stock Brokers, insurance Companies and Pension Funds and this has significantly compromised financial stability. Illegal transactions, indiscipline and reckless disregard of rules and regulations have been detected in the sector. There are no prescribed educational credentials for registration of stockbrokers. During the period under study most pension funds and insurance companies were not complying with the minimum prescribed asset requirements of 35% and 30%, respectively. Hence the RBZ was calling for compliance.
The minimum capital requirement for various institutions were set as follows;
Diagram.
Source: Reserve Bank of Zimbabwe, Monetary Policy Statement, January 2009
While it was good to have these minimum capital requirements, many companies failed to comply and this automatically indicate that the levels set were quite too high for the period. Any reforms based on such set targets are deemed inappropriate and likely not ensuring stability. The Central bank has to consult various organisations to reach an economic minimum capital requirements, this ensures the smooth operations among institutions. The RBZ should welcome suggestions from the public and various economic agents apart from its research and monitoring management tool kit.
Recorded Community Voices Capturing experiences with the Financial/Banking Sector during 2003-2009 in Zimbabwe:
“From long, I have developed trust with the banks, and every extra money I channelled it into my CBZ account. And there it was kept safely, and for me it was a good spending discipline as I was not always in town to withdraw cash. I only went there, after my money has accumulated and need to buy a good asset with value. However, as time goes on, saving money could not bring development to me as the amount remains insignificant over time, including the interest which was almost nothing. Late, as years progress, cues were now seen at banks, it became harder and harder to withdraw cash, then it became harder to deposit cash as the return was zero. As inflation increases, public cues increases during month end, so as to withdraw cash quickly before inflation does its job of value reduction.”
“The crisis made me poorer, all my money in the bank which I saved for years was reduced to nothing.”
“Companies were now paying people twice a month, money has lost its value.”
“It was profitable to invest in the shares, as the price was shooting day by day, but the economy was not growing.”
“The banks, became the source of corruption. To withdraw money, you have to know somebody or you cue for the whole day.”
“During the crisis period my bank could not meet the minimum capital requirement set by the RBZ and hence it merged, leading to the change in name.”
“I survived through hedging, as keeping money in the bank proved to be disinvestment. As soon as my pay is in the bank account, I withdraw the money and buy foreign currency, which i will ration through the month. Signs of danger in the economy could be slowly de detected until it becomes common knowledge to go for forex to store value of the money.”
“It started with schools asking for top up fees every term. I thought schools are now robbing us, yet there was no increase in the services they offered to our children. Then, my money later proves not to be enough for me and my family but I have a good job and status.”
“Taking money from the banks was very hard, however I used ATM card to buy groceries in supermarkets and it was good then. Later, ATM cards were rejected by supermarkets and it was hard time now.”
“Banks were now useless, barter trade was far better to operate with.”
“The returns on the ZSE were too high, and did not reflect development levels in the economy. But I wasn’t tempted to sell my shares.”
“Minimum withdrawals were put in place, and I decided to open many bank accounts with several banks, so that at the end of the day I will have money to exchange with forex which was a better store of value.”
Conclusion
The Zimbabwe financial sector, although it is currently underpinned by various constraints, it remains one of the best organised sectors in the economy, and strives to improve economic performance. The sector greatly needs the support from the government, implying that means the government should come up with policies that do not interfere with the innovations in the sector. The sector is always the pioneer in innovation and development. The Zimbabwe Stock Market is the second best in Africa after the Johannesburg Stock Market, and this shows that constant support and development of the sector should be done to keep and improve our position. As part of development of the sector, derivative markets can be reintroduced in Zimbabwe, as they improve society relationship and improve risk management for investors. Derivatives improve production through certainty of prices, and through the use of futures and contracts.
As the banking sector is the leading sector in most financial systems, the reforms should be mainly directed towards the banking sector. Most of these reforms in the past were mainly advocated by the IMF and the World Bank. To improve the banking sector there are some recommendations worth to be taken care of to ensure efficiency and involve improving private sector participation in the financial sector, removal of restrictions on banking products such as interest rate and loans, exchange rate relaxation, opening up of financial markets for foreign and domestic competition and to encourage efficient functioning of financial market with less government interferences. If banks remain weaker, then they will continue to depend on public support, Petra (2010).
The research found out that financial services stimulate savings, investment and growth of national income (GDP) and for that matter economic growth by increasing the rate of capital accumulation and by improving the efficiency with which the economies use that capital. Schumpeter (1912) contends that well- functioning banks spur on technological innovation by identifying and funding those entrepreneurs with the best chances of successfully implementing innovative products and production process. Foreign banks should be allowed to compete with state owned and private sector financial institutions in varying degrees.
Financial reforms should mainly be directed towards relaxing the regulatory measures and reducing state’s grip on the system. It should be noted that developed markets are easily able to adjust to new reforms whilst it is not so easy in emerging market countries. There is a possibility that some temporary economic destabilizations may occur at the beginning of certain reforms. Study on seven countries conducted by the IMF to examine linkages between financial sector reforms and financial crisis has identified a number of destabilization factors (Sundararajan and Balino, 1991). Hence developing nations should not quickly reverse a policy when destabilization occurs because policy makers lose credibility yet their policy may be sustainable in future. Higher level of social rigidities is one of the dominant factors significantly affecting the financial markets and this slows down the benefit of financial reforms.
Poorly designed or poorly executed communications clearly can do more harm than good; and it is not obvious that a central bank is always better off by saying more. In practice, central banks do limit their communications. In most cases, internal deliberations are kept secret. Only a few central banks project the future path of their policy rate. Communication is not pre-commitment, that is communication should not be confused to commitment, a public announcement requirement could impede timely and appropriate adjustments to policy.
Central bank communication is also a two-way street: It must have both a transmitter and a receiver, and either could be the source of uncertainty or confusion. Moreover, on the receiving end, the same message might be interpreted differently by different listeners who may have different expectations or believe in different models.
In conclusion, policies to improve the financial sector should be socially acceptable and socially related. There should be a designed way that links the Central Bank policies and the public view, so that any strong disparity should be justified. For every policy, target population should be seen benefiting from the policy, because it has been argued that, different economic agents are benefiting more than the defined target.
As it has to been noticed by various individuals’ testimonies, the period in which the financial sector is in disorder gives people a very hard time because of its direct impact to the economy. Hence it is advised that the authorities should design policies that are in line with the financial sector development and hence it is socially acceptable. Economic development is directly connected to financial development, although some proposed a two way causal effect of the two. Zimbabwe’s financial /banking sector contributes to the level of economic growth, hence should receive adequate support.
References
Bhattarai, K.(2003) Role of financial markets in an economy, department of economics, University of Hull, UK
Blunder et al (2008),”Central bank communication and monetary policy: A survey of theory and evidence ,” Working Paper Series No. 898 / May.
Disyatat, P (2009): “Unconventional monetary policy in the current crisis”, BIS Quarterly Review, pp 6–7.
Gordon Newlove Asamoah (2008), “The Impact Of The Financial Sector Reforms On Savings, Investments And Growth Of Gross Domestic Product (GDP) In Ghana.” International Business & Economics Research Journal – October, Volume 7, Number 10
Panetta, F, T Faeh, G Grande, C Ho, M King, A Levy, F Signoretti, M Taboga and A Zaghini (2009): “An assessment of financial sector rescue programmes”, BIS Papers, no 48, pp 59–64.
Petra Gerlach (2010), “The dependence of the financial system on central bank and government support.” BIS Quarterly Review, March.
Piyadasa Edirisuriya (2007), “Effects of financial sector reforms in Sri Lanka: Evidence from the banking sector,” Asia Pacific Journal of Finance and Banking Research Vol. 1. No. 1.
Reserve Bank of Zimbabwe Anti-Money Laundering Capacity Building Workshop, Reserve Bank Training Centre, Harare, Zimbabwe, 27 September – 6 October 2000
Reserve Bank of Zimbabwe, Monetary Policy Statement, January 2009
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0% Apr on Purchases and symmetry beside two cards offer? I’ve gotten two new offers, one is the Discover student card, which is offering 0% interest on stability transfers, I was wondering would it be a good model to transfer my capital one card to it, I enjoy $700 balance on it, it has close to a 20% something interest, from helping pay my mom bills, getting the washer and dryer fixed and some little things for myself. So should I apply for it and get the bt and after pay it off. The other card is a WaMu Plantinum, which offer 0% on purchases til jan 08, which would be good, before I turn back to college, I could use it for books, and other things and pay it bad with my work study.So what do you think, should I try these cards? If you hold any opinions let me know.
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17 and lied on credit card application? I’m seventeen, and i have both a checking sketch and a savings rationalization. I got my statement surrounded by the mail and it said that i could shift online and get a student edge of america credit card. I filled it out and logically it didn’t go through because i put that i be seventeen. I figured if I put that I be eighteen it wouldn’t go through so I put that I be eighteen. The next eyeshade told me that my application would be reviewed and within the subsequent thirty days I’d get an answer. Turns out they agreed it and now I’m going to return with a credit card in the e-mail soon. I found out that this is fraud today, so I don’t know what to do. If I don’t activate it can I obtain in trouble? If so, what do I do?
17yrs elderly can i capture a credit card?? im currently 17 years old working fulltime beside a good paying opening $11.25/h plus commition i live in ontario , am i competent to get a credit card near a $500 limit?? , my brank branch is through TD canada trust dont know if thats relevant , anyone else my age own a credit card and if so am i eligable? , ive checked out and capital one website, (capital one i necessitate to be US to apply) and i must be age of majority 18, any help would be greatly appreciated !
2 question…one more or less applying for a student credit card, and one around starting an online business.? Sorry that I didn’t write the question within the question box.But ok, I am within college, and applied for a chase card. Im 19, so I only am gonna engender about 15,000-20,000 this year (manager at a mcdonalds) The individual reason I applied be to have a credit card to start an online business of some sort ( make available me ideas if you can) I also applied so I could start building my credit since I own NONE. What do you think? Will I be denied the credit card…(remember its a student card) . . . and do any of you own any experience with starting an online business, or experience near making good money on the internet?I really appreciate you guys helpin’ me out.
Are in attendance any fundamental differences between cards and MasterCard cards? Why would I want to use one over the other? I suppose, just for completeness, I’ll also ask roughly speaking American Express and Discover cards.
32.5% APR? Is BoA serious? I hold a Bank of America card near a moderate go together (mostly wedding-related costs).Recently, I get a dispatch stating unless I protested – in writing – my failure to pay interest rate would walk up to 32.5% – prominently I protested within writing, which intended I could no longer use my card (not an issue since I stopped using it a while ago).This long-gone month, I made a unpaid reimbursement (thanks to that wonderful roaming due date – demonstrably my reprimand – but is it my eccentricity for not checking my invoice, or for assuming my pay date should other be relatively indistinguishable?), and they kicked my interest rate up from 18% to 32.5%, their “Prime” rate.My minimum contribution go from $100 to $210 – PLUS a $39 slowly charge. They said the rate stays that bearing for six months of on-time payments.Total postponed allowance: $709 over the six month interval.I’m leining my saloon’s title to a credit confederation for 8% interest and 10-day grace period. Do they really expect associates to put up beside this crap?
562 credit rack up, Help? 20 years old, i compensated my debt on a over due sprint bill made settlement and paid 832, near 351 balance, and also rewarded captial one credit card off as resourcefully as my vystar visa, and I have be paying my car transcribe on time, I have it since october 2007? Do I need to close my credit card for my ranking to go up? Help I entail to get my credit up!
734 credit ranking to 837 right away? my credit score is 734 because im 21 and individual had credit for 3 years. i want 830 or greater right now. i never have a late pocket money, never had a missed reimbursement. and there are no unenthusiastic things on my credit. i have adjectives unsecured credit cards with and master card beside 10,000 credit limit.but it sayd 30-40% of relations have better credit than me. thats plentifully. it said it because 3 years of credit history is short. and it said the average credit history is 15 years. im NOT waiting till im old for 830 or sophisticated.i read something on credit attorney, and it said if you have someone esle authorize you on their credit report, their history on that card reports on to yours. so if a parent have a 834, and they have a kid next to a lower score approaching 700, it will raise their credit abundantly higher right away. my mom have a 834. could i have her authorize me on her card, and enjoy her history report on to mine? she has no vehicle loan, and owns her house with no mortgage, so theres no risk she will
911? help out me? On May 15 billing date of your card, you had a match due of $124.65 You make a salary and then charge the following during the subsequent month to your credit card for some new home necessities:may 20 recompense $94.95May 22 Charge: television $887. 70June 2 charge:hearth rug $2111.34june 13 Charge: paint & supplies $127.06The interest rate on the card is 1.6% per month. using the unpaid balance method, find the nouns charge on OCtober 15 and the balance due…i hold asked my friends and they gave me adjectives these different answers??
Can I join the and MasterCard logos to my pattern site to tolerate my customers know that I adopt credit cards . # Can I add the and MasterCard logos to my trellis site to let my customers know that I adopt credit cards for payment?
a company charged me for a service I didn’t ask for!? I recently did business near an online company and ordered a single item, now I am getting a cyclic charge on my credit card from that company- they claim it is taken care of but the charge keep getting on my statements! Is there some process to get my issuer to disregard fee?
A credit card company denied me, can I apply for another one? Best Credit card for college Student? I was denied a platinum credit w/Chase-Chase flexible rewards card. It be the 1st c.c I’ve applied for. Reasons for rejection are:- 2 many accounts w/ big bal.-recent deliquencies &/or past due bal.-2 few accounts on record 4 longMy financial background:21, 3rd yr university student. Free credit report shows 2 angelic records and 1 potentially discouraging. The 2 good 1) a nearest and dearest c.c. w/ high bal.13k),single my dad uses it. He pays for everything w/ it & pays a chunk of it(5-10kamonth). Im an authorized user since 1994.2) student loan(dfrred payment)The bad: pastdue Victorias Secret sum of $70(paid in full now). I’ve disputed this b/c I be living abroad when charged& never received a bill surrounded by email/mailMy questions are: 1)is it bleak 2 apply 4 other c.c. soon? will being denied from chase affect probability w/ other c.c.? 2) What are good student c.c.?I applied for the chase cc but I enjoy miles w/ United& need to use them by 6/08 & the chase card extended them. Thanks!
A credit card examine? If I get a credit card how do I pay it past its sell-by date?? I’ve heard people voice they put money ‘on’ there credit card before they budge away? what does that do?Thanks!
a hold be call contained by court for a credit card $2,060.00 unpaid set off surrounded by 1994? is there any time frame to own this balance to be prescribe?
A Prepaid Credit Card that does not charge a montly allowance? Does anybody know of a prepaid credit card that does not charge a monthly fee? I am 14, and would close to to a have a reloadable prepaid card for use online. I HAVE hear of the Greendot Prepaid card, but I am not fond of the service, and besides, they charge $4.95 a month. So if anybody can provide me with information and/or a prepaid credit card that does not own a monthly fee (and competent to be issued to a 14-year old), that’d be great. Thanks for your time!
A resteraunt I progress to is charging me a payment to use my card!? A resteraunt that I visit frequently (which will remain unnamed) have always charged me a “convinience fee” for using a debit or credit card. I didn’t cogitate anything of this, as I’ve been to places up to that time like that, but I enjoy found out recently that this commotion is forbidden by credit card companies, and in some states, ILLEGAL! My grill is…how do I go around getting this place reported? I looked all over Visa’s site and found nought. Anyone know anything?
A sound out nearly the Prepaid Card (debit)? I am 16, can I get one at my local Rite Aid?Without a drivers licence?Can you use it at amazon.com?The unbeatable card you can purchase is $100 I need it to be $200 for my iPod. How do I use the Greendot reload article.. Do I have to linger so long before loading another hundred on it?Please answer to what you know.
A wage side press? when i sign up it say address string 1. i put a deceitful one latter on i registered my credit card and it said that they’ll distribute me a code but i dont know where on earth they’ll dispatch it and how ? i do not live contained by the US tho
Abbey guard charges for using debit card in a foreign country? going to djerba on holiday and want to know how much abbey sandbank charge to use our electron debit card and also how much wealth one charge for use of here mastercard
About Chase Equity Card? I currently have a Chase credit card…Then presently they sent me a Equity card because I pre-qualified for the Chase premier…The offer say these rates are currently .74% and 7.24% APR.I’m wondering if this offer is perfect or not…..
About credit cards and using/not using them them? I started out near a Student card, too undemanding to receive, maxed it out when I needed it and salaried it spinal column over a spell of a few months. The credit card company made money, that’s for sure. Since I took a year sour institution the company changed my plan and it’s due to expire. I haven’t used it surrounded by a long time. I close to the indemnity and convienence of have a credit card for those newly incase situations, but I live and work overseas, making it not so natural and don’t claim an income. Should I stir to the trouble of using my card straight to verbs mortal competent to hold the card when I move rear legs or do credit card companies usually a short time ago renew cards even if you don’t use it more than once or twice a year and enjoy resembling no claimable income?
About the prepaid card? How do they work?Can i add more money on it?Were can i spend it at?Thankx ;]
About endowment cards? I was wondering if anyone could help me Iam trying to buy something offline and own NO credit cards and no edge accounts I was wondering where u can catch a gift card at I called Wachovia and you hold to have an account to bring one there so i cant do that is in that anywhere that i can purchase one at HELPPPP! Thanks so much..
Adding debit card to paypal? I tried to add a debit card onto my paypal portrayal but My debit card is with CIBC, is in that any way I can still join a debit card even if its not mastercard or visa, and if so how? has anyone else added a debit card that isn’t a mastercard or ”Debit Cards (also call check cards, ATM cards, or banking cards) are permitted if they have a or MasterCard logo.” get that straight from the paypal page
Advice GREATLY appreciated about a credit card issue? I would GREATLY appreciate some help/advice from any Attorneys or Financial Gurus out there..About 15 years ago, I took out a CC issued thru MBNA.(I took it out in my mark only) After my hubby took a BIG pay cut, I have used it 2 breed ends meet for the last 4 yrs. I hold run up a very LARGE balance.About 3 yrs ago, the acct be taken over by Bank Of America. We have pretty much been using BOA for adjectives our banking. We have our checking acct., my hubby’s business acct., our home mortgage (still contained by excellent standing, with only a few years departed to go), as well as a rental home Mortgage with them. We even enjoy our children’s savings accounts there. I hold been considering working with a debt settlement service on the CC symmetry, but am concerned with our bank affiliation. Can this management hurt our current mortgages and accts or is this considered a separate matter. (especially since it was taken over from MBNA)Any insight is valued.
All access reloadable prepaid card’s payment? i just bought one of those cards from safeway and i put 50 bucks surrounded by it but after i bought it i notice that u gotta retribution some fee..wat i want to know is how much is the reloading tax and i want if i have to earnings monthly service fee or anything else save for just getting the card and putting money contained by it my card isnt activated and it hasnt be open is within any chance that i can return it short any restriction because it said “some restiction may apply” at the bottem pls and thanks
Am i eligible to increase my credit contain within my credit card?pls relief? hi there,,, currently i individual own 2 credit card. one is from bank o america and other from citi sandbank master card. its has be now almost 3 years i open my first bank side with the edge of america and had my first card of $700 credit cut-off date. i opened my second credit card depiction before 6 months from citi hill and got a credit reduce of $6000. i use my credit card all the time and never missed any of my payments and fairly my credit cards always have a negative set off as i kept on paying extra. by requesting, bank of america raise my credit card limit to $2500. i checked my credit rack up a week back for the first time from EXPARIAN and it be 783. my credit score raise to 783 in 3 years. but i currently dont own any mortgage or any loan beneath my name. i habitually get credit offer by mail but never applied any. i am planning to capture a car on a loan of $25000. am i going to own problem getting the loan. is it the right time to apply for better credit card? thank you.
Amazon card? do you have to earnings anything for the card like monthly payments or anything
Amazon credit card? Ok so I signed up for the credit card thing and I’m wondering if you seize 30 dollars off everything you buy?
