Rate of Interest in Mauritius Analysis

Rate of Interest in Mauritius Analysis Chapter 1.0: Introduction 1. Introduction: The study aims to assess the various methods to determine the Mauritian rate of interest. Moreover, we shall also try to implement a method which is suitable for the economy of Mauritius. The rate of interest is merely remuneration for the lender with a point of view of rewarding him for the interval of lending money (Edward, P.). As per Edward, a bigger meal can be attributed to those who wait. From the perspective of the borrower, the rate of interest is defined as the price of durability. The latter is expensive when the rate of interest is high. In an article, Ross and Szeliski(1942,p.501) further defined the rate of interest as being a preference of sacrificing the cash in hand in order to obtain deferred cash at a later date. A few examples of the rate of interests cited from the book of Amarcher and Ulbrich are as follows: Interest on loans (general loans), Interest rates on home mortgages and car loans (specific loans), Interest rates on bonds, Interest rates that commercial banks pay to the Bank of Mauritius. The rate of interest depends on the nature of a loan. Since the rate of interest is equally the price of taking up a loan, the interest rate is expensive when the risk is high in addition if it is a long term one and vice versa. According to Amarcher and Ulbrich, the interest rate is made up of the real interest rate, the risk premium and the inflation adjustment. The real interest rate reflects the purchasing power of an individual while the risk premium is simply a probability that the loan may default and the inflation adjustment refers to the expected inflation over the lifetime of the loan. 1.2: Importance of the Subject Matter: Despite being only a figure, the rate of interest carries much importance. It determines the decisions of disparate stakeholders ranging from investors to consumers. Furthermore, the rate of interest is also relevant for the implementation of policies in an economy. The right rate of interest will lead to appropriate decisions and policies, thus experiencing a stable economic condition whereas an unsuitable rate of interest will only cause turmoil in an economy. Moreover, the determination of interest rate has an effect on inflation and unemployment which in turn impact on the economy of Mauritius. 1.3: Statement of Problem: The primary aim behind this study is to solve the ongoing dispute between the Ministry of Finance [MOF] and the governor of the Bank of Mauritius [BOM]. The MOF and the BOM are administered with their respective instruments to regulate the economy. While the MOF is in charge of fiscal policy, the BOM is responsible of modulating the monetary policy. For instance, controlling the interest rates and credit ratios are their main tools. Despite the fact that the MOF and BOM should act independently, the behavior of the MOF completely overruled this fact. For example; the MOF was supposed to buy 100 million dollars and this will affect the money supply. In other words, the MOF is pooping his nose into someone else business. The situation worsens even more when the governor of BOM and MOF does not agree on the same grounds regarding the rate of interest. A repo rate of 4.65% does not fit the actual economy according to Rundheersing Bheenick (governor of the BOM). The latter confirms that if the rate of interest does not increase we will be facing a troublesome situation in controlling inflation as Money Supply is high. However, the MOF does not seem to be worried about inflation as it met a lowest record in 2013. Thus, maintaining the same level of interest from his standpoint is valuable. Furthermore, MOF asserts that increasing the level of interest will only decrease demand for new loans, consequently, deteriorating the problem of excess liquidity. The MOF referred the situation to a scenario where we are increasing the prices of tomatoes to clear the surplus on the market. Rundheersing Bheenick justifies that maintaining the same level of interest rate will make the economy vulnerable to shocks as it reduces savings. As a result, the economy becomes dependent on external funding. The MOF defends himself by stating that there is no relationship between savings and the rate of interest and this statement of his is based on the saying of Martin Petri being the head of the International Monetary Fund (IMF). The faceoff between two strong financial leaders can proves to be disastrous for the economy as a whole leaving consumers among others to be a victim of their wrath. Without any hesitation, their debate is also being termed as â€Å"The Financial War of Ego† where decisions are no longer implemented for the benefit of the economy but to hurt the ego of their opponent. Moreover, Mauritius is not the sole one to be experiencing this crucial situation. Among others, Maldives is also a victim of disputes between the governor of Maldives Monetary Authority (MMA) and the Minister of Finance. On one hand the MMA aimed at increasing the rate of interest to reduce government deficits, the MOF on the other hand maintained the same level of interest rates (Miadhu, 2013). However, this conflict did not arise for Seychelles. The MOF and the governor of Central Bank of Seychelles (CBS) worked cooperatively with one another. While the governor of CBS increased the rate of interests in order to reduce demand of foreign exchange rates, the MOF was thinking to freeze imports of certain products for a limited period (Seychelles News Agency, 2014). Thus, in this study we will aim at setting a neutral rate of interest to solve the ongoing dispute as well as to protect the various stakeholders involved in this scenario. In addition, by setting up a neutral rate of interest, we expect everything to be back to normal where no dispute will spoil the image of Mauritius and encouraging Foreign Direct Investment (FDI). 1.4: Research Question: Has the interest rate been appropriately determined? 1.5: Research objectives: A study of the above mentioned title would focus on the following aims and objectives: An assessment of different theories determining the rate of interests. Under this objective, we will be assessing the different theories under which the rate of interest is determined and we will be determining which theories best suit the Mauritian economy. Determination of the neutral rate of interest. In this context, a neutral rate of interest will be set to solve the dispute of the two financial leaders and which is appropriate for the present economics condition of Mauritius. Assessing the independence of BOM and MOF. Here, we will be studying whether the BOM and MOF act independently while making decisions as per the rule. A study of the economic factors affecting the rate of interest. This objective will go through the different economic factors that influence the rate of interest in Mauritius. A forecast of the interest rates for Mauritius. Forecasting the interest rates involves predicting the interest rates in the coming future. 1.6: Hypothesis Testing: 1.7: Research Methodology: 1.8: Format of Study: Chapter 1: Introduction Chapter 1 includes a definition of the rate of interest and its importance to the economy of Mauritius. It gives a further explanation of the problem and a brief description of what will be covered in the following chapters. Chapter 2: Literature review In the context of Literature Review, we will go through theoretical and empirical evidence of determining the rate of interest. The different theories about determining the rate of interest will be analyzed and discussed. Chapter 3: Research Methodology Research Methodology puts forward the model that will be used in determining the rate of interest for Mauritius. The variables will be defined in this context and the test that will be used is described and analyzed. Chapter 4: Data Presentation and Analysis. Chapter 4 will convert raw data into meaningful data which will be in turn analyzed and conclusions can be drawn. Chapter 5: Recommendations and Conclusions This chapter aims at suggesting suitable policies for the economy to recover from the given problem and giving a conclusion about what has been studied. 1.9: Summary: In this chapter we gave an introduction about the topic that will be studied, the importance of the subject, the problem behind it and a brief explanation of what will be covered in the following respective chapters.

Mahogany Production vs Sugar Production Essay

When sugar became the major crop produced my plantation owners in the 18th century, many slaves were needed to produce the commodity. It was a labourious and strenuous job due to the conditions. African slaves were imported to the Caribbean from the western coast of Africa. Some slaves though didn’t all work on the sugar plantation; some were exported to countries such as Honduras. In the paragraphs to follow, the differences between the slave labour and the way of life of slaves on the mahogany plantation as opposed to that of those on the sugar plantation will be explored. A negative outlook on the production of mahogany to that of sugar was the distance of the forests where the mahogany was located to the dwellings of the slaves. The trees were huge and grew singly throughout the forest, often many miles from a river. The slaves would have to leave their dwellings and family for many months while working on the mahogany plantations. This meant that the slaves wouldn’t see their family for many months at a time. On the other hand slaves on the sugar plantation worked on the same land as their dwellings and families and were able to always be in contact with their family. In addition to the previous point mentioned, a positive outlook of mahogany production to sugar production was that the relationship between Europeans and slaves was far better on the mahogany plantation. The machete –carrying slaves on the mahogany plantation were allowed to roam the jungle with perhaps the only European present being the captain. There was sometimes a close bond between the owner and his slaves because unlike the planters who lived in England, mahogany trader’s only home was Honduras. The closer bond between the master and slave lead some slaves being freed when they aged or saving up money to buy their freedom. This was definitely not the case on the sugar plantation where planters lived in England and those who lived on the plantation only interacted with the domestic slaves. They also lived on hills away from the slave dwellings where they were able to supervise but not be near to them. Secondly, another positive outlook in the comparison between mahogany productions to sugar production was that mahogany production provided a very distinct division of labour amongst the slaves. On the mahogany plantations the men cut the wood while the women tended to the crops. The men had jobs such as huntsmen who searched for wood who were almost invaluable to the captains, axmen who chopped down the trees and cattlemen who drove and fed animals which transported the trees. On the other hand, on sugar plantations, both women and men did strenuous work in the fields in the scorching hot sun throughout the days and there was little to no divide to what work women did as opposed to men especially after it became illegal to import slaves from West Africa. To conclude we can almost accept the fact that when comparing slave life and labour on mahogany plantations and sugar plantations, the life of those on the mahogany plantations had it easier. Although there were some negatives such as the distance from family and their homes and the long periods of time spent away from family, the positives outweigh the impact of the negative.

Completed [email protected] Report

NATIONAL GENERAL CERTIFICATE Candidate report template (2009 specification) UNIT NGC3 – THE HEALTH AND SAFETY PRACTICAL APPLICATION Student number: Location: Date of review: Introduction including overview of area inspected and activities taking place This report follows an inspection of the building and yard located in †¦Ã¢â‚¬ ¦. in order to meet the requirements of the Nebosh NGC 3 practical application. The areas concerned with this inspection are the works building and one store in the yard and its immediate surrounding area.The building consists of a canteen area, an office for admin duties, two toilets, a locker room, a drying/store room for personal protective equipment (PPE) and a small store room. In the yard is one store for the storage of various outdoor work materials and tools. The premises are occupied by up to fifteen staff at any one time. Staff work on a rotation of day and night shifts and the building is used for messing, completing paper work and plann ing work. The yard and store are used for loading and unloading vehicles with work equipment to prepare for railway work.There were no members of staff on duty at the time of the inspection. Executive Summary Upon completion of the inspection I found there were several areas of concern which lead to breaches of the Health and Safety at Work Act (HSWA), the Regulatory Reform (Fire Safety) Order (RRFSO), the Manual Handling Operations Regulations, the Management of Health and Safety at Work Regulations (MHSWR) and the Provision and Use of Work Equipment Regulations (PUWER). The health and safety of the employees who are using the premises may also be at risk if some of these concerns are not addressed immediately.Failure to address these issues may lead to attention and possible enforcement action from the HSE and/or the Office of Rail Regulation (ORR). Breaches of statutory duty or failure to comply with improvement or prohibition notices may result in court action being taken which may lead to criminal prosecution and fines of up to ? 20 000 in a magistrates court and the possibility of up to 6 months imprisonment. A detailed description of the findings is listed below with reference to specific observations given in brackets.Main findings of the inspection Fire precautions The Regulatory Reform Fire Safety Order (RRFSO) requires that fire fighting arrangements must be provided in the workplace (18). Although there are fire extinguishers located throughout the building there is an absence of any extinguisher in the office. Therefore there is an urgent requirement to have extinguishers installed here as employees would be in extreme danger if a fire were to start in the office. The RRFSO also states that fire exits must remain free from obstructions at all times (1).The PPE blocking the fire exit is not only creating a tripping hazard but it is putting the health and safety of the employees at risk of becoming trapped in the building if a fire were to start. Ma nagement of Health and Safety Many of the observations are the result of a poor Health and Safety management system which could easily be rectified by members of staff and at a very low cost to the organisation. (2,3,8,10,12). Use of rail steel as doorstops presents a significant risk of slips, trips and falls and is a very easy problem to rectify.Other housekeeping issues such as tangled cables, hand cleaners being stored near eating and drinking utensils and overflowing waste paper bins are all issues that will present a very poor image to visitors but are low cost and not time consuming problems to resolve. These issues may also be in breach of the Management of Health and Safety at Work Regulations 1999. PPE. Issues The Personal Protective Equipment regulations state that all PPE must be suitably stored and maintained (1, 14). The PPE blocking the fire exit must be removed and all the old PPE in the store room should be disposed of and replaces as it is no longer fit for purpose .The heater in the drying room (6) also needs urgent attention as its purpose is to dry out PPE used by employees in wet weather conditions. With the heater not functional this has an impact on the ability to maintain the PPE to a good standard. PUWER Issues The Provision and Use of Work Equipment Regulations state that employers must ensure that all work equipment is suitable, maintained and inspected (7, 17). The old fax machine in the office has been out of use for quite some time with service tags out of date and there has been no effort to have it repaired or replaced.It is creating a tripping hazard as well as breaching PUWER. A similar situation has arisen regarding the water dispenser in the canteen. The employees have shown their concerns about not being able to use the machine and it is in serious need of repair or replacement. This is also creating a welfare issue which must be addressed. Manual Handling Issues There are some issues concerning heavy materials being stored at ground level (13, 20). This is in breach of the Manual Handling Operations Regulations 1992 and presents a high risk of a RIDDOR injury to employees lifting or moving these materials.As suggested these materials must be stored correctly and at waist level to prevent injuries from bending and lifting. This will prevent high costs through RIDDOR incidents and loss of productivity. Conclusions The building and yard are all of modern design with full refurbishments having been carried out as recent as 2007. Many of the hazards found were as a result of a lapse in general Health and Safety management and many of the observations could be rectified by simple maintenance and tidying up of the building and yard.This is a very low cost practice which in turn could improve the Health and Safety of the workforce. The employees have all had a very good level of workplace specific Health and Safety training with certificates on display on the notice board. However this training counts for li ttle if it is not put into practice on a daily basis. It appears there have also been many bad habits picked up over the years such as poor general housekeeping. Employers and employees should take pride in a clean and safe workplace and it also sets a good example to any visitors or potential clients.A safe workplace will also reduce the risk of accidents and ill health to employees and in the long run save money from unnecessary claims, losses of production and a poor corporate image. Recommendations: |Recommendation |Likely resource implications |Priority |Target date | |Fire exit door should remain free |PPE to be removed from exit area and signs to |High |Immediate | |from obstructions at all times. (1) |be erected advising to keep clear. | | |Fire extinguisher to be installed in |New fire extinguisher, ? 30, easy to install by|High |Immediate | |the office. (18) |a member of staff. | | | |Heater in drying room must not be |Wall brackets to be replaced, 1-2 man hours to|High |1 week | |used until it is re-attached to the |fit and reinstate heater to wall, approx cost | | | |wall. 6) |? 50. | | | | | | | | |Arrange for repair or replacement of |Repair could be very expensive, more practical|High |1 week | |drinking water dispenser. (17) |option may be to replace. ?200 approx. man | | | | |hour to install. | | | |Remove battery chargers from power |Install an extra plug socket to prevent |Medium |1 month | |when not in use, and establish better|tangling cables under chairs. Electrician for| | | |layout of cables. (8) |1 hour plus parts. 50 approx | | | |Arrange for a repair to be carried |Hire of a welder for 1 hour. ?50 approx. |Medium |1 week | |out on the entrance handrail. (23) | | | | |Dispose of old office swivel chair |Order the correct replacement chair. ?30-40 |Medium |1 week | |from canteen. 22) | | | | |Bracket for wall mounted first aid |New bracket approx ? 10 and less than 1 man |Medium |1 week | |kit to be replaced. (12) |hour to install. | | | |Remove cut-offs of rail steel from |Source correct doorstops or fit latches to the|Medium |1 month | |doors and keep doors closed whenever |walls.Approx cost ? 15 to fit. 1 man hour. | | | |possible. (2) | | | | |Yard store flooring to be cleared of |General clean up and disposal of any disused |Medium |1 week then review each | |obstructions to gain access to |and waste materials. 2 staff hours | |month | |shelving. 21) | | | | |Steel plates to moved from the yard |1-2 staff hours to store on shelving, |Medium |1 week then review every 3 | |area into the store and stored on |preventing injuries from lifting heavy plates | |months | |shelving at waist height. (20) |at ground level. | | | |Remove spray cans and all outdoor |General clean up of office by staff.Keep all|Medium |1 week then review each | |work equipment from office area. (9) |areas around and under desks free from | |month | | |clutter. 1-2 hours | | | |Install correct hand wash dispenser |Dispenser costs ? 5 a nd takes less than 1 man |Medium-Low |1 month | |in canteen. (4) |hour to fit. | | |

A Study on Customer Satisfaction on Bsnl Mobile Services

1.0 INTRODUCTION 1.1 Statement of Problem A study has been conducted in order to understand the Customers opinion and Satisfaction level of Mobile Services of BSNL in East Godavari District, researchtitledâ€Å"A STUDY ON CUSTOMER SATISFACTION FOR BSNL MOBILE SERVICES IN RAJAHMUNDRY REGION†has been conducted. 1.2 Importance of the Study In todays competitive business world and challenging economy, retaining your customer base is critical to your success. If you dont give your customers some good reasons to stay, your competitors will give them a reason to leave. Customer retention and satisfaction drive profits. Its far less expensive to cultivate your existing customer base and sell more services to them than it†¦show more content†¦* This research was conducted from July 2012- August 2012. * The respondents from Rajahmundry, Kakinada and Pithapuramhave been taken for this study and hence the scope of the study is limited to BSNL customers of Rajahmundry division. 1.5 Research Methodology * DATA SOURCE In this study Primary data and secondary data have been used. Secondary data have been collected from Internet and company. * RESEARCH APPROACH Primary data have been collected through surveys.Data collection has been done through the use of structured questionnaire. * SAMPLING Convenient Sampling method has been adopted for this study. * Researcher has taken respondents from Rajahmundry,Kakinada and Pithapuram for this study. * The researcher has chosen 195 from Rajahmundry, 107 from Kakinada and 68 from Pithapuram. * The researcher had prepared a Questionnaire both open and close ended questions to elicit responses for the following areas: i. Location. ii. Age. iii. Occupation. iv. Monthly Income. v. Mobile Usage. vi. Mobile service Usage. vii. 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