Share Trading Assignment Example | Topics and Well Written Essays - 2500 words

Share Trading - Assignment Example As the report stresses diversification of investment spreads the risk over many assets. The concept of Efficient Market Hypothesis (EMH) states that since the stock prices reflect all relevant information in the market, it is not possible for the investor to beat the market by purchasing selling stocks at inflated prices or purchasing undervalued stocks. Thus, in order to beat the market the investor will have to be well informed regarding the true fundamentals of the stocks and carefully follow historical trends. Technical analysis helps and investor to predict future movement of stock prices by analysing past trends whereas fundamental analysis considers a top-down approach that analyses not only the fundamental financial position of firms but also macro-economic and industry trends. From the essay it is clear that the efficient market hypothesis assumes that in financial markets, the current prices reflect all the information available in the market and thus the true value of the stocks can be reflected from their past security prices. The theory assumes that the market participants behave rationally and try to maximize their returns by processing all information available to them. From above it can be said that the securities are correctly priced provided the information available to public. The best strategy to beat the market is to construct and evaluate the portfolio performance using technical analysis and fundamental analysis. ... The theory assumes that the market participants behave rationally and try to maximize their returns by processing all information available to them (Jegadeesh, and Titman, 1993, pp.65-91). From above it can be said that the securities are correctly priced provided the information available to public. Considering the above theory it can be said that EMH states it is â€Å"not† possible to beat the market since efficiency of stock market causes stock prices to reflect all relevant information. Keeping this argument in mind, the investor will have to allocate investible sum of ?50,000 in two portfolios consisting of equity shares of companies listed in FTSE All Share. The lists of companies for two portfolios are depicted in Appendix - A (See Table B.1 – List of Companies in Portfolio I and Table B.2 – List of Companies in Portfolio II). The best strategy to beat the market is to construct and evaluate the portfolio performance using technical analysis and fundament al analysis. The list of companies mentioned in the two portfolio were selected after considering various macro-economic factors such as currency movements and strengthening of Euro with respect to dollar; general investor sentiments after US Fed chairman announced gradual taper of quantitative easing; misfire of Bank of Japan’s loan support programme; and short term view of investors on junk bonds; expectation of an onset of bull market early 2014 especially in emerging markets where markets are experiencing upward trends (Financial Times, 2013). Portfolio Evaluation Fundamental Analysis Fundamental analysis aims to analyse the various macro-economic factors that might affect the performance of

Scope of Communications Methods Essay Example for Free

Scope of Communications Methods Essay 1. Introduction Contracts are in anywhere. Contracts = â€Å"Intention†, â€Å"Agreement† and â€Å"Consideration†. The rule of Contracts will establish when offeree is accepted the offeror’s offer. â€Å"Agreement† is one important term in Contract. â€Å"Agreement† is â€Å"Offer† and â€Å"Acceptance†. Today our topic is The Postal Acceptance Rule which only applies to â€Å"Acceptance†. Hence we focus on â€Å"Acceptance† and assume that if â€Å"Acceptance† is valid, and the contract will valid too. The general rule is formed contract acceptance is actually communicated to the offeror. But The Postal Acceptance Rule is an exception of this rule. Today is the electronic world, communication is not only by postal service also use by electronic transaction. Now we will discuss The Postal Acceptance Rule is its rationale, effect, should it continue to be applied and compare to Electronic Transactions Act (ETA) for determining the timing of acceptance sent by fax and email. Also we will talk about expanding or restricting the types of modern communication methods affected by this rule. 2. History and Background of the Postal Acceptance Rule The Postal Acceptance Rule is the fifth and the last of the relevant sub-rules affecting communication of acceptance. The Rule maybe summarized in this way In 19th Century England, there only 2 method of communication between offeror and offeree deal in person or by mail. The courts had to decide the moment of contract formation by this 2 method. If the negotiating parties are deal in person, they do not face the problem of delay and failure of information transmission. If offeree accept the offer to offeror by mail, there will be a substantial delay in delivery of the letter or even totally lost in the course of post. Adams v Lindsell[1] is the case of delay acceptance and The Postal Acceptance Rule was established by this case. In Case we saw that negotiating parties were not sure the precise time of acceptance had been communicated. This created timing of the acceptance problem and led to the formation of rule. Hence the court determined the acceptance is valid when the letter of acceptance is posted. 3. Case of the Postal Acceptance Rule 3.1 Application case of the Postal Acceptance Rule According to Household Fire Carriage Accident Insurance Co (Ltd) v Grant[2], Grant applied by a letter for shares in the Household Fire and Carriage Accident Insurance Company Ltd. The shares were allotted to him and the letter was sent to him at the address given by him. But Grant never received this letter. Later the company went bankrupt, Grant is asking for the outstanding payments. In this case, Grant is offeror, Household Fire and Carriage Accident Insurance Company Ltd is offeree and the offer is buy the shares. By the Postal Acceptance Rule, the acceptance is valid when the letter of acceptance is posted no matter that the offeror is received it or not. Now the offer is accepted by offeree and offeree posted the acceptance to offeror. Hence Grant is legally bound to pay the outstanding payments. Further to case Dunlop v Higgins[3], is in same situation, Dunlop send to offer to Higgins. In the communication delay time, Dunlop’s good prices have increased. Higgins has posted the letter of acceptance when he received the offer from Dunlop. Dunlop’s won’t to supply the goods to Higgins with old prices. By Postal Acceptance Rule, hence Dunlop must comply with their offer supply the goods to Higgins with old prices. 3.2 Exclusion case of the Postal Acceptance Rule The Postal Acceptance Rule does not apply in every case. Even if the negotiating parties involved consider the postal service is an acceptable means of communication. According to Byrne v. Van Tienhoven[4], the Postal Acceptance Rule cannot accept offeror revocation their posted acceptance. In this case, Van Tienhoven had been sent out the acceptance to Byrne. But Van Tienhoven withdrawal offer and sent out the new one to Byrne before Byrne received the old offer. The court determined Van Tienhoven is not allowing to revocation of posted acceptance. The withdrawal of the offer was not effective until negotiating parties was communicated. Another case Holwell Securities Ltd v Hughes[5], the grantee must comply strictly with the conditions stipulated for exercise by the offeror. If not, the acceptance will not be valid although negotiating parties even they have telephone conversation. The Postal Acceptance Rule cannot apply when there are express terms in the offer specifying that acc eptance must reach the offeror. 4. Electronic Transactions Act ETA[6] was enacted by the Federal Government. And it creates a regulatory regime for using electronic communications transactions. It attempts to remove existing legal impediments that may prevent a person using electronic communications to satisfy legal obligations under Commonwealth law. For the purposes of a law of the Commonwealth, ETA provides criteria for determining the time and place of the dispatch and receipt of an electronic communication. The following requirements imposed under a law of the Commonwealth can be met in electronic form (a) Requirement to give information in writing (b) Requirement to provide a signature (c) Requirement to produce a document (d) Requirement to record information (e) Requirement to retain a document (ELECTRONIC TRANSACTIONS BILL 1999[7]) 5. Conclusion 5.1 Rationale of the Postal Acceptance Rule Contract is formed at the time and place an acceptance is communicated to the offeror. Time of acceptance communicated is very important. Because it will affect the contract’s content. After contract established, every terms added in this contract was invalid. The Postal Acceptance Rule is established for the court to determining attempt to provide some degree of certainty to an offeree accepting an offer by post. In case of Dunlop v Higgins[8], the parties can not sure the precise time of acceptance when using postal service. It had a substantial delay in delivery of the acceptance or even totally lost in the course of post. This created a number of problems and has led to a formulation of the rule. Hence the Postal Acceptance Rule would complementary with Contract Acceptance for ensure the precise time of acceptance. 5.2 Effect of the Postal Acceptance Rule The effect of the Postal Acceptance Rule is that the offerees acceptance will be valid when the moment the acceptance is correctly posted and it is not relevant whether the acceptance is delayed or even totally lost in the course of post. It means if the Postal Acceptance Rule is applied, establish contract have two more problem to be consideration â€Å"Time† and â€Å"Location†. Indeed, the courts have been concerned with locating the place of formation of a contract in the majority of cases which have considered the applicability of the Postal Acceptance Rule. 5.3 The Postal Acceptance Rule in currently applies circumstances Today, the Postal Acceptance Rule in currently applies circumstance is business convenience. It most frequently cited rationalization for retention of the rule. For example, the Company (offeror) sends the promotion letter (offer) to person (offeree) and the person accepts the offer and sends back the acceptance to correctly address. By Postal Acceptance Rule, the contract between company and person was established when the acceptance was posted. If acceptance is complete upon proper posting, this effectively allows the offeree to structure his affairs on the basis. And the binding contract is formed on postage. 5.4 The Postal Acceptance Rule and ETA In instantaneous communication most likely to applied ETA or general rule of â€Å"Acceptance†, For example, offeree accept website acceptance or telephone acceptance even though the parties are not in physical proximity of one another. This is no delayed time between the offer and the acceptance. In non-instantaneous communication most likely to applied the Postal Acceptance Rule. This had delayed time between the offer and the acceptance. Postal Acceptance Rule is handle the argued of moment of contract formation and ETA is imposed under a law of the Commonwealth can be met in electronic form. Both of the rule and are they complementary with each other. If technical delay or human error, there are no universal rule can be applied and it is needed to reference to the intentions of both parties. 5.5 Rules used for acceptance sent by Fax and Email We know that there are two types of communication, instantaneous and non-instantaneous. Instantaneous communication is no delay time between sent and received and non-instantaneous communication had delay time between sent and received. Fax is the instantaneous communication. This is because Fax transmits is same as telephone transmits. It is direct transmission from fax machines to other fax machines, transmission between sent and received is in same time. Hence Fax is instantaneous communication it most likely to applied ETA or general rules of â€Å"Acceptance†. How about of the Email? Some articles expressed that Email is instantaneous communication. Because the legislation deals a default rule for the time that Email (electronic communications) is sent and when it is received. But this is wrong, in fact according to Email transmits, it along the internet may involve travelling across the world with correctly Email address. That’s mean after click â€Å"SEND† button the transmission may be immediacy, may be takes a moment, sometimes used a few minutes or even over an hours that’s base on the network connection until the recipient received the message. The e-mail transmission through the network depends completely on the viability of the ISP[9] for the offeree and the offeror. Now we have millions of internet user, delays in e-mail communication is very normal situation. The communication may have delay and they are not sent and when it is received. We can study the case Chwee Kin Keong v Digilandmall.com Pte Ltd[10] in Singapore. Hence Email is non-instantaneous communication it most likely to applied the Postal Acceptance Rule, but Email also under the ETA. 5.6 Keeping Postal Acceptance Rule in part of Australian contract law? It must be â€Å"YES†, the Postal Acceptance Rule should continue to be applied. In application level, we know that the general acceptance principle depends on whether the method of communication is instantaneous or â€Å"non-instantaneous†. From the above discussion, Email could be considered as a non-instantaneous communication. Analyze the moment of contract formation is an essential point for the court to apply the Postal Rule of Acceptance in the context for e-mail transmission. As the method of communication is improving, some problem may be created. If the problem is relevant the moment of contract formation and the communication is defend as a non-instantaneous communication. The Postal Acceptance Rule is most likely applied on it, and the concept of the rule is not outdated. Another basic reason for keeping Postal Acceptance Rule is the electronic communication could not fully replaced the postal service. Maybe in laggard or destitute country, the postal service is the only way for the communication. In content level, the Postal Acceptance Rule was not allowed the offeror withdrawal the offer when offeror posted the offer to offeree (Byrne v. Van Tienhoven[11]). If Postal Acceptance Rule was abolished, the offeror choses he can always make the formation of the contract, until he is receive any reply. If the offeror doesn’t receive any reply from the offeree he can always make inquiries to the offeree about the offer. If the contract is not concluded there would be considerable delay in transactions and the acceptor would never be safe until he has received notice that his letter of acceptance had reached its destination[12]. In the Australian legal system which want to make the fair rule to negotiating parties. In case if Postal Acceptance Rule was abolished, the offeree was in unsafe situation. Because there are unfair to the offeree and offeree don’t get any protect by the Australian legal system. Hence the Postal Acceptance Rule should keeping in part of the Australian contract law. BIBLIOGRAPHY: 1. Peter Gillies, ‘Business Law 12th Edition’, 2. David Parker and Gerald Box, Business Law for Business Students 2008 3. Kathryn O’Shea and Kylie Skeahan (1997) Acceptance of offer by E-Mail How Far Should the Postal Acceptance Rule Extend 4. Australasian Legal Information Institute http://www.austlii.edu.au/ 5. Dave Stott, Australian Law Students Association Should The Postal Acceptance Rule be Applied to E-Mail? 6. Sharon Christensen, Vol 1 No 1 QUTLJJ Formation of Contracts by Email – Is it Just the Same as the Post? 7. Electronic Transactions Act 8. Holwell Securities Ltd v Hughes [1974] 1 WLR 155 9. Exclusion of the postal acceptance rule http://www.austlii.edu.au/au/journals/QUTLawJl/1997/18.pdf 10. Exclusion of Postal Acceptance Rule 11. Chwee Kin Keong v Digilandmall.com Pte Ltd ([2005]SGCA 2) 12. Adams v Lindsell (1818) 106 ER 250. 13. Byrne v Van Tienhoven (1880) LR 5 CPD 344 14. Dunlop v Higgins [(1848) 1 H.L.C. 381] 15. Holwell Securities Ltd v Hughes [1974] 1 WLR 155 16. 17. [pic] [1] Adams v Lindsell (1818) 106 ER 250. [2] Household Fire Carriage Accident Insurance Co (Ltd) v Grant (1879) LR ExD 216 [3] Dunlop v Higgins [(1848) 1 H.L.C. 381] [4] Byrne v. Van Tienhoven, [1880] 5 CPD 344 [5] Holwell Securities Ltd v Hughes [1974] 1 WLR 155 [6] Electronic Transactions Act [7] http://www.comlaw.gov.au/Details/C2004B00505/Revised%20Explanatory%20Memorandum/Text [8] Dunlop v Higgins [(1848) 1 H.L.C. 381] [9] Internet Service Provider [10] Chwee Kin Keong v Digilandmall.com Pte Ltd ([2005]SGCA 2) [11] Byrne v. Van Tienhoven, [1880] 5 CPD 344 [12] Kathryn O’Shea and Kylie Skeahan (1997) Acceptance of offer by E-Mail How Far Should the Postal Acceptance Rule Extend

Developing Low Energy and Sustainable Homes

Developing Low Energy and Sustainable Homes Climate change and energy security are the greatest challenges facing the world today. Climate change is causing global warming, which is the increase in the average temperature on the earths surface, air and oceans. The release of greenhouse gas emissions into our atmosphere, from human activities, such as burning fossil fuels and deforestation have been a major factor in their increase over the last 100 years. Energy security is vital for any developed economy. The OPEC member countries control about 75% of the worlds oil reserves (R). Many of these countries are politically unstable and they can control the price of oil. In the early years of this decade, the UK was a net exporter of gas and it is estimated that by 2020, they will only be able to meet about 40% of their oil and gas needs themselves(R). The UK needs to reduce its green house gas emissions and meet their energy demands without having to rely on other nations. The Kyoto protocol was established to limit and reduce the amount of green house gases released into the atmosphere. Industrialised countries, and those is transition to a market economy, which were called the Annex I countries have agreed to ratify the agreement and reduce their emissions to a 1990s baseline (R). The UKs commitment under the protocol is to reduce their green house gas emissions by 12.5% of 1990 levels, by 2008-2012. This involves an 8% reduction in their C02 emissions, the main cause of global warming, over this time frame. Further aspirational targets are set out in the DTI Energy White Paper published in 2003, such as to reduce CO2 emissions by 80% by 2050 (R). In 2002, the residential sector caused 27% of the UKs CO2 emissions, of which 82% of the energy was for space and water heating (R). The proposals, as laid out by Gordon Brown in 2006 stated that within ten years, every new home will be a zero-carbon home. The Code for Sustainable Homes was introduced in 2007, the code rates the sustainability of homes over six levels based on certain criteria. In theory, constructing zero-carbon homes (homes which can generate their own electrical and heating needs either onsite or locally) is a fantastic idea which will eventually lower energy demands and then lower the CO2 emissions countrywide. But they are ambitious plans and there are several issues that need to be resolved such as: Zero-Carbon Home: Definition New Construction Techniques Building Regulations The Code for Sustainable Homes Planning Laws Grants and incentives Whats happening now? Certifying Agencies Zero Carbon Homes: There is still some confusion as to the detailed description of a zero-carbon home. The Housing Minister, John Healy published on the Communities and Local Government (CLG) website the zero carbon homes definition: A zero carbon home is one whose net carbon dioxide emissions, taking account of emissions associated with all energy use in the home, is equal to zero or negative across the year. The definition of energy use will cover both energy uses currently regulated by the Building Regulations and other energy used in the home. (R) Detailed information is still needed about energy imported and used in the zero carbon homes. The energy standards state that there has to be onsite renewable energy and a locally connected heat supply to achieve a 70% reduction in the carbon emissions from current levels. Currently there is no allowance made for renewable energy generated off site, for example, wind and wave power. If I design a proposed zero carbon home and connect it to an energy company that is generating electricity in the north of Scotland, I might not achieve the rating I want which is unfair, even though he electricity is generated from a renewable source. The life cycle of a building is not taken into account in the definition of a zero carbon homes either. The construction, renovation and disposal can cause significant amounts of CO2 emission to be released. A life cycle analyses of a zero carbon home should include the embodied energy within the materials and waste disposal. Of course, not all of the material could be sourced locally as this would be impossible, but each council/local government should be able to compile a list of materials that are located locally. Ideally, a certain percentage of the local materials should have to be used. This would not only decrease the embodied energy within some of the construction materials but also help support local businesses. The government should invest more in the research of this idea, with many businesses suffering in the current economic climate, we should be buying locally, not importing. New Construction Techniques Building Regulations: Our European neighbours have been developing low energy houses and energy saving construction techniques for over 30 years. While some of the techniques might be new to the UK, they have been tried and tested on the continent. Currently the averaged U-Value for Walls, Roofs and Floors (wm2K) in Part L of the Building Regulations for the UK is 0.24, whereas in Germany and Switzerland the Passivehaus and Minergie-P regulations are achieving an average of 0.10(R). In 2013 the averaged UK Part L will lower to 0.18 and then in 2016 to 0.14. (R) The German designed Passivhaus has been a hugely successful energy saving concept that has only reached the UK in recent years. The basic principle include very good levels of insulation with minimal thermal bridging, utilising solar and internal gains by house orientation, window design and location, excellent levels of air tightness and good indoor air quality provided by whole house mechanical ventilation system with highly efficient heat recovery.(R) Sweden, also has produced energy efficient house designs since the 1970s, with different mandatory standards for the north and south due to the difference in climate. There performance standards are among the highest energy efficiency requirements in the world, already in line with Passivhaus standards. Over 7000 home have been constructed across Europe to the Passivhaus standard, the techniques used can easily be adapted here within the UK. The highly insulated and airtight passivhaus have a heating requirment of 15kwh/m2/year, which is nearly 90% less energy used to heat a standard UK home (R). These homes often need little or no heating for 9 months of the year. This will not automatically mean that the houses will achieve the highest level on the Code for Sustainable Homes. If we are to achieve the standards of the Passivhaus, the design and construction techniques should be introduced into the university courses now, for such degrees as I studied (Architectural Technology). These techniques are the future for zero carbon residential, commercial and industrial building. Starting with the basic house construction, if we are thought the techniques on how to construct dwellings that minimise their heat and hot water demand, less energy is needed, and expensive renewable options such as PV cells, geothermal pumps and domestic wind turbines can be reduced. We can then adapt these techniques for other building types. Code for Sustainable Homes Sullivan Report: The Code for Sustainable Homes (CSH) was introduced in England on a voluntary basis in May 2007 and a code rating for all new buildings became mandatory from 1st May 2008. The Code Level 3 rating for newly constructed homes promoted or supported by the Welsh Assembly Government became mandatory from 1st May 2008 also and from 2nd June 2008, Code Level 3 is required for all new self-contained social housing in Northern Ireland (R). The Code does not apply in Scotland. A panel was appointed by the Minister for Transport, Infrastructure and Climate Changet, chaired by Lynne Sullivan, they made recommendations to develop a strategy to achieve zero net carbon emissions. Experts for the UK as well as from Norway, Denmark and Austria participated. They agreed on eventual and staged recommendations to be achieved by new build and existing homes in Scotland. The following was recommended for all new build homes in Scotland: Net zero carbon buildings (i.e. space and water heating, lighting and ventilation) by 2016/2017, if practical. Two intermediate stages on the way to net zero carbon buildings, one change in energy standards in 2010 (low carbon buildings) and another in 2013 (very low carbon buildings). The 2010 change in energy standards for non-domestic buildings should deliver carbon dioxide savings of 50% more than 2007 standards. The 2010 change in energy standards for domestic buildings should deliver carbon dioxide savings of 30% more than 2007 standards. The 2013 change in energy standards for non-domestic buildings should deliver carbon dioxide savings of 75% more than 2007 standards. The 2013 change in energy standards for domestic buildings should deliver carbon dioxide savings of 60% more than 2007 standards. Backstop levels of U-values and airtightness for building fabric should be improved in 2010 to match those of Nordic countries, but consideration must be given to the social and financial impact of measures that would necessitate mechanical ventilation with heat recovery in domestic buildings. The ambition of total-life zero carbon buildings by 2030. The Code for Sustainable Homes was introduced to replace Ecohomes which was the energy assessment rating for all homes in B.R.E.E.A.M. (R). The CSH was intended to be a single national standard for design and construction of sustainable homes. The code complements the system of Energy Performance Certificates (EPC) which was introduced in June 2007 under the Energy Performance of Buildings Directive (EPBD) (R). All new homes (and eventually all homes, when they are sold or leased) will have an EPC which provides key information about the energy efficiency/carbon performance of a home. The CSH and EPC and energy assessments used the same terminology. The CSH was developed by using the existing Building Research Establishments (BRE) EcoHomes System. The Code has a scoring system of six levels. The different levels are made up by achieving both the appropriate mandatory minimum standards together with a proportion of flexible standards. Level 6, being the highest level achieves a Zero-Carbon Home standard. The Code has been designed so it is closely linked to the Building Regulations, which are the minimum standards by law. The minimum standards for the Code compliance have been set above the requirements of the Building Regulations. The Code has been set out as a baseline in relation to carbon emissions from energy use in a home. The introduction of the Code for Sustainable Homes will encourage developers to build to higher standards. Homes that will be constructed to the higher standards set out in the Code will produce lower levels of CO2 and generate lower energy bills for the occupants. Including the 6 level scoring systems is a good opportunity for developers and buildings to try various construction techniques and see what level they can achieve. The levels are a good stepping stone to achieve a level 6 score and obtaining a zero-carbon home status. The Code for Sustainable Homes was designed to show how sustainable a home could be. Sustainable homes should include the three pillars of sustainability: Environmental, Social Economic. In the Code, only one of these pillars is addressed, Environmental. For the Code to be truly sustainable the social and economic issues need to be included in the design, construction and operation of all new homes. The location of new homes, either in a rural or built-up area could be added to the weighting system for points scoring. Constructing a home within a certain distance of a public transfer route could also gain points on the scoring system, this would reduce the home owners daily car use and CO2 emissions. The government or local authorities could have specially designated areas, preferably Brownfield sites that could be classed as sustainable sites. A points system could be incorporated into the CSH for constructing a new home in this area. As transport makes up over 23% of UKs GHG emissions (R), encouraging alternative-fuel vehicles and electric cars would be beneficial. An alternative-fuel top up station could be constructed within these proposed sustainable sites area. This would meet some of the economic issues by creating employment within the green industry. Until the social and economic issues have been addressed, we should consider contacting the Department for Communities and Local Government and asking them to rename the Code for Sustainable Homes to the Code for Environmental Homes. Planning Laws: As stated in Section 1.0, Zero-Carbon Homes will have to incorporate either on-site renewable technologies or locally sourced combined heat and power (CHP) for their energy needs. The National Planning Policy Statement 22: Renewable Energy gives national guidance in England, on the installation of renewable technologies. Statement 22 was last updated in 2004, but has been supplemented by the updated Planning Policy Statement 1: Planning Climate Change published in 2007. Currently there is a consultation draft to be updated and published before the end of this year (2009). The equivalent planning statement in Scotland is the National Planning Policy Guideline 6: Renewable Energy Developments. It provides the Scottish Executives policy on national land use and planning matters regarding renewable technologies. New permitted development rights introduced on 6th April 2008 in England and the 12th March 2009 in Scotland have made it easier to install renewable energy technologies such as solar panels and biomass boilers(R). These permitted development rights have lifted requirements for planning permission for most domestic micro-generation technologies. In England, The General Permitted Development Order (GPDO) gives rights to certain forms of development on the home without the need to apply for planning permission. In Scotland, these rights are under the Town and Country Planning (General Permitted Developed) (Domestic Micro-generation) TCP (GPD) Scotland Amendment Order 2009. Currently the Welsh Assembly Government and Northern Ireland Government are considering changing their legislation to permit certain renewable technology development without having to apply for planning permission. Both governments hope to introduce legislation in 2010. The GPDO in England and the TCP (GPD) in Scotland include the following technologies: Solar PV Solar Thermal (Roof Mounted) Solar PV Solar Thermal (Stand Alone) Wood burning boilers and stoves Ground source heat pumps Water source heat pumps Air source heat pumps Micro and small wind (due to legal technicalities not included yet but further legislation expected later this year) The DPDO and TCP (GPD) are for guidance only. Each local authority has their own regulations that are set exclusively for their area. For example, a dwelling constructed within a conservation area would have to comply with stiffer standards with regard to installation of renewable technologies towards a dwelling not located in a conservation area. The Mid-Lothian Local Plan was published in 2007 and within NRG2 Individual Wins Turbines and Micro-Generations it states, The Council will support development that proposes the use of individual and community scale wind turbines and other micro-generation technologies for localised power requirements, provided they are located to minimise any potential adverse impact on the local community. The cumulative visual impact of such proposals will be taken into consideration when assessing individual planning applications There certainly is a good system in place in allowing the installation of certain renewable technologies without the need for applying for planning permission. The National Planning Policy Statements (England) and National Planning Policy Guidelines (Scotland) provide national frameworks which help local planning systems to evolve and deliver sustainable development. The current planning system is definitely driving us towards a sustainable future and the possibility of making ZCHs a reality by 2016. It is great to see that certain micro-generation technologies do not need to apply for planning permission, even if certain restrictions apply. But the main concern for home developers and owners is the cost of these technologies. Grants Incentives To construct a home that achieves a Level 6 in the CSH and a ZCH status requires new construction techniques and materials. There might be a higher initial cost to incorporate these techniques and materials than constructing a current standard home, but energy savings can be achieved over the whole life cost and operation of the home. The cost of constructing a ZCH is greater than a standard home because of the requirement to install renewable technologies. The cost of renewable energy generation depends on which type of technology is going to be installed within a home. In the UK, the government, energy suppliers and local authorities all provide grants towards installing renewable technologies into your home. The Department of Energy Climate Change (DECC) low carbon building programme provides grants for householders. The grants are available for micro-generation technologies including Solar PV, wind turbines, small scale hydro, solar water heating, heat pumps and bio-energy. The programme also funds renewable CHP, micro CHP and fuel cells. In Scotland, the Energy Saving Scotland home renewable grant scheme provides grants for homes. It is funded by the Scottish Government and the Energy Saving Trust. Funding is set at 30% of the installed cost up to a maximum of  £4,000. The grant covers Solar water heating, solar PV, solar thermal space heating, small scale wind and hydro systems, ground source and air source heat pumps and biomass boilers and stoves. In Scotland, you have the choice to apply for an Energy Saving Scotland home renewable grant or a low carbon buildings programme grant, but you cannot apply for a grant from both programmes for one technology. The grants available help towards the cost of the installation of renewables, but are they enough? With the current economic climate, people are being very careful with their money. Renewable technologies can save money over the whole life costing of a home, but its the initial cost that is important to people now. The grants available should be increased to really entice people to purchase these technologies. There are also feed-in tariffs available, if a home is generating more electrical energy than it needs, it can sell it back to the main energy suppliers. There are currently two main types of feed-in tariffs available, the Export Tariff, where you are only paid for the electricity you export to the electricity network and the Generation tariffs, where you are paid for all the electricity that your system generates even if you use it in your own home. There are also some Set Price Tariffs available where a fixed amount is paid by the energy supplier based on the type of system installed. The tariff feedback system is a chance for all consumers to become producers. All homes could become energy-plus which could make the UK a net exporter of renewable energy in the future. In Germany, they have been using a feed-in tariff system for over 10 years. It has been a huge success. Under the German system anyone generating electricity from solar PV, wind or hydro is guaranteed a payment of four times the market rate for 20 years. This reduces the payback time for cost of the renewable technologies to less than 10 years and after the payback time is complete, the home owner has a regular income from the electrical company for the power they generate. The cost is spread by generating companies among all users and has added about one cent/kwh to the average bill, or an extra à ¢Ã¢â‚¬Å¡Ã‚ ¬1.50 ( £1) a month (R). The growth in home electric generation and renewable technology use in Germany has created jobs and reduced the initial cost. With more companies competing for a share of the market, they have lowered their prices, a typical 3kw PV system costs about  £17,000 in Britain but less than  £10,000 in Germany (R). It has been proven that the feed in tariff system in Germany is lowering the initial cost of renewable technologies, creating employment and generating income for the home owner after the payback period is over. This system should be introduced worldwide, and promoted as a sustainable method as it incorporates the three pillars of sustainability: environmental, social and economic. Certifying Agencies BREEAM (BRE Environmental AssessmentMethod) is the leading and most widely used environmental assessment method for buildings. It sets the standard for best practice in sustainable design and has become the de facto measure used to describe a buildings environmental performance (R). An Energy Performance Certificate (EPC) is required for all homes whenever built, rented or sold. If you are buying or selling a home it is now law to have a certificate. They are also required on construction of new homes and are needed for rented homes the first time the property is let after 1 October 2008. The certificate records how energy efficient a property is as a building and provides A-G ratings. These are similar to the labels now provided with domestic appliances such as refrigerators and washing machines. The UKs governments Standard Assessment Procedure (SAP), assess the energy performance of dwellings and produces the EPC. Energy performance is based on consumption per unit floor area, energy cost rating (SAP rating), an Environmental Impact rating based on CO2 emissions (EI rating) and a Dwelling CO2 Emission Rate (DER). The SAP rating is based on energy costs associated with space heating, water heating, ventilation and lightings, less cost savings from energy generation technologies. The SAP rating is expressed on a scale of 1 to 100, the higher the number the lower the running costs. An EPC is always accompanied by a recommendation report that lists cost effective and other measures (such as low and zero carbon generating systems) to improve the energy rating. A rating is also given showing what could be achieved if all the recommendations were implemented. EPCS are produced by accredited energy assessors. Whats happening now? Some local authorities in the UK have been making exemplar progress in delivering a low carbon economy, such as Fife in Scotland and in the near future, Merseyside Council are to become the biggest UK low carbon economy (R). The Zero Carbon Hub is a web-site set up by the Government to help you understand the challenges, issues and opportunities involved in developing, building and marketing low and zero carbon homes. The Zero Carbon Hub shares practical experience and uses this information to accelerate main stream adoption of low and zero carbon methods and technologies. The web-site identifies successful examples of low and zero carbon housing solutions. This will help identify successful design, method, technologies and approaches. Currently major house developers within the UK are constructing prototype zero carbon homes. They are using the developments as exemplar projects on techniques and technologies needed to be included within a home to achieve Zero Carbon status. The following developers and companies have all developed a zero carbon home. Stewart Milne Group Sigma Project Kingspan Off-Site The Lighthouse Creo ProKoncept The Creo House Barratt Developments Plc The Barrett Green House Miller Homes Ltd. Miller Zero Housing Project Tarmac Ltd Level 6 Home University of Nottingham It is encouraging that the major house developers are constructing their own example of zero carbon homes that can be mass produced. They are experimenting with new techniques and materials and then sharing their results and information so everyone benefits. The Stewart Milne Group claim, for their Sigma project to achieve a Level 6 on the CSH, the initial cost for renewable technologies is currently from  £60,000- £70,000. They suggest we should be concentrating on super-insulating our homes instead of trying to generate energy. They make a valid point here, if we super insulate our homes we will need less energy to heat it, requiring less renewable technologies to generate electricity. It is highly likely that by 2013 many of the sustainability stumbling blocks for the UK will have been swept away by neccesity. Retrofit solutions to existing properties must be part of the future. If only our banks were to protect their assets by financing a UK wide improvement programme. As practitioners of sustainability we have the following summary for you all What is a zero carbon home? A zero carbon home would qualify for zero stamp duty if its design emission rating (DER) were a negative number and its Heat Loss Parameter HLP sufficiently low. At present; the embedded energy of the materials used the energy from appliances and fittings and fixtures the energy associated with transport and servicing are not included. The term low carbon home is rather vague and ambiguous for the consumer Regards The impact of achieving the 25 per cent and 44 per cent improvements above the current Part L standard in 2010 and 2013 is estimated to have a net impact on the economy up to 2016 of around  £1.9bn. These costs are based on assuming that developers choose technologies on the basis of minimising the capital costs of construction. However, if the impact of on going costs and benefits is taken into account in technology choices, then the overall cost to the economy is reduced to  £0.85bn, which is nearly half of the  £1.9bn cost. Under this scenario there is a slightly higher capital outlay (the percentage increase in Part L above 2006 in 2013 is 6.2 per cent compared with 5.4 per cent when the capital costs are minimised), but the difference in size of the ongoing benefits is clear.

Greedy Creditors and the Abuse of Consumers Essay -- essays papers

Greedy Creditors and the Abuse of Consumers ï » ¿ Society is rapidly leaning on credit cards. More consumers prefer to carry plastic instead of cash. Moreover, the privilege of holding a line of credit is convenient and useful in today’s world. From hotel reservations and apartment rentals, to ordering online products, families are relying on credit as a time saving devise. As the importance of credit soars, money hungry creditors are taking advantage of the public’s reliance on credit cards. Credit cards are essential for the escalated pace and demands of today’s society. Consumers are increasingly using credit cards to simplify their spending. In addition, carrying cash is more dangerous than carrying credit cards and cash is more difficult for record keeping. In Fact, Hickey (2000), states that cards are safer than cash and necessary for online shopping. In regards to record keeping, reasonably, 45% of the consumers feel comfortable with using cards for the purposes of daily living (â€Å"Using Credit,† 1998). In short, because most families are busier than they used to be, limited time necessitates credit card usage for accurate records and time management. Credit card companies are creatively abusing the American consumer. Robert Heady (1999), founding publisher of Bank Rate Monitor, contends that creditors are making substantial profits from various unfair practices. Heady identifies the strategies as late charges, over limit fees and inaccurate account information. For example, one consumer states that his creditor claims that it takes th irteen days for the company to post the payment, resulting in a late charge, but the creditor sends the bill without adequate time to pay thirteen days in advance (Heady, 1999).... ...ge Students aren’t ready for plastic. BusinessWeek Investor [Online] . Available: http://access.barry.edu Business Week Online. [2000, September 25] . â€Å"Using Credit† (1998, November). Using Credit Cards for Daily Expenses.(brief article) USA Today [Online] . Available: http://www.findarticles.com [1998, Nov.] Heady, R. K. (1999, July 5) . Some Credit Card Firms Play Dirty Ball. Sun-Sentinel Company [Online] . Available: http://access.barry.edu:2061/research/edata.htm Weber, J. & Palmer, A. T. (2000, February, 14) . Finance: Consumer Debt: The Perils of Plastic. Vol. 3668, Business Week. P.27 Vickers, M. (1999, March 15) . A Hard Lesson on Student Credit Cards. Businessweek Online [Online] . Available: http://access.barry.edu:2150/search/search.htm Koretz, G. (2000, January 10) . Plastic Puts the Door at Risk. Economic Trends vol. 3663. P.36.

Groupe Ariel S.A. Essay

Abstract Groupe Ariel is a company that manufactures and sells printers, copiers and other document production equipment. The case focuses on an investment project in the company’s Mexican subsidiary that would expand operations into a new market, something it been slow to do in the past. Groupe Ariel believes its products have better durability for a lower after-sales service costs and markets it as a competitive advantage. The company is now considering replacing the manual equipment used for recycling in Mexico by new equipment that requires less material and labor costs. 1. Compute the incremental peso cash flows for the life of the project. The incremental cash flows of the next 10 years should be calculated. The initial cash outflow is the cost of investment in the new equipment (3,500,000 Pesos). Also, selling the manual equipment for cash value of 175,000 Pesos is subtracted from the cost of the new equipment to arrive at the initial net cash outlay of 3,325,000 Pesos. For the cash flows in the next 10 years, it is calculated by taking the difference of the cost of the manual method and the new automatic equipment. Next, to arrive at after-tax incremental cash flows we add back depreciation cost, which is non-cash expense (if total cost does include depreciation) and deduct tax. The new equipment would have a useful life of 10 years and would be depreciated under the straight-line method for both tax and financial reporting purposes. The corporate tax rate is 35%. 2. Compute the net present value of Ariel-Mexico’s recycling equipment in pesos by discounting the incremental peso cash flows at a peso discount rate. The present value of all these cash inflows and outflows can be calculated by discounting them at 8.5%, which was calculated by using real peso long-term borrowing rate of 2.2% and a real euro rate of 1.8%. The NPV can be calculated by taking the sum of present values of all the cash flows. This NPV comes out to be 3,754,474 Pesos. 3. Compute the NPV in Euros by translating the project’s future peso cash flows into Euros at the expected future spot rates. We translate the project’s future peso cash flows into Euros using the expected future spot rates estimated by the international business publication in the article—rise to 20.00 by 2011 from current 15.99 exchange rate and upwards of 25.00 in 2013-2018. We then discount the cash flows in Euros at 8% (the discount rate for similar projects in France) and get the NPV in Euros as 118,903 Euros. 4. Translate the NPV in pesos calculated in 2. To Euros and compare to the answer in 3. Comment on your findings. We translate the NPV in pesos calculated in 2 to Euros using the spot exchange rate on June 23 at MXN15.99/EUR. It gives an NPV of 234,801 in Euros, which is much higher than our number in question 3 as 118,903 Euros. The difference is driven by prediction of Pesos against Euros, and a slight different discount rate. From our analysis, we see that expectation of steep depreciation in pesos and a slightly higher discount rate in Mexico result in a much higher NPV value if we translate the pesos into Euros now.

Coyotes essays

Coyotes essays Most of the general population would be able to recall that coyotes are members of the dog family, and that they generally inhabit the northwest United States. Other than that, not much attention is paid to this particular canine. It will try to avoid man, as man will try to avoid it. There is, however, a very complex science behind this wild dog of the northwest. The habitat, physical nature and instinctive behavior of this animal make it easy for an onlooker to become uninterested, but those traits are also what have made it almost a symbol of the Native American and Western cultures. The coyote is an animal that is called by many names. The term coyote itself, meaning little wolf, comes from the Native Americans, more specifically the Aztecs (Bansfield 286). These are peoples that have lived and co-existed with the coyote for as long as their cultures have been around. Their terminology reflects not a scientific view of the dog, but a natural view of its existence within the ecosystem. Following its genealogy, it is in the class Mammalia, order Carnivora, family Canidae, and it is given the scientific name Canis latrans, meaning barking dog (Forsyth 169). This is the term given to it by a group of educated scientists who studied and analyzed the dog in its own habitat and in an experimental setting and decided it more resembled the domesticated canine than the wild wolf. Although the coyote is typically associated with the open northwest, it can now be found throughout the United States. Sightings of this canine now commonly occur from eastern Alaska to New England, and Florida north to Canada (Bansfield 288). Not native to the state of Ohio, its adaptability to changes caused by urban sprawl can be seen in the fact that it can presently be found in all 88 counties of Ohio. In the spring of 1995, a pair of coyotes was even spotted in ...