Give Me Some Credit The History of Modern Credit Cards

Give Me Some Credit The History of Modern Credit Cards Give Me Some Credit: The History of Modern Credit Cards (1 of 3) Give Me Some Credit: The History of Modern Credit Cards (1 of 3)Credit and credit cards have become a part of everyday life for most Americans. Odds are you have one in your wallet right now. We use them for daily purchases as well as big ticket items without thinking twice. But be careful, think about it too little and you can wind up with bad credit which can make it difficult to get a loan, or purchase a home, or vehicle.So what is credit anyway? If youre in need of a bad credit loan, our look at the history of credit cards may be of great interest to you.The origin of creditThe concept of exchanging goods using credit has been around since at least the late 1800s. In those days, people would use what was referred to as credit coins and charge plates as forms of credit. In the early 1900s, companies began offering self-issued cards for purchases only made at their establishments in an effort to increase customer loyalty.1946 saw the release of the first bank card, referred to as C harg-It, created by banker John Biggins. When you made a purchase using a Charg-It card, the bank would foot the bill and then obtain payment from you afterwards. The catch was that it only worked for local purchases, and you had to have an account with Biggins Bank.[1] The type of credit card we use today didnt come around until a few years later.Modern credit cardsThere are several different versions of the story of the invention of modern credit cards. What is certain is that it started with a businessman named Frank McNamara. Its said that he was having dinner in a New York City restaurant with friends and when the bill came he realized he didnt have any cash. At this time, cash was the only way to pay. Some sources say he had to call his wife to bring him money, while others say he avoided washing dishes by signing his name and promising the restaurant he would pay them back for his meal. Either way, he decided there was probably a better way.McNamara went on to create the firs t American credit card company, the Diners Club. He founded the company in 1950. The company focused on allowing restaurant patrons to sign for their meal and pay for it later. When it began, the Diners Club had 27 participating restaurants and 200 members.It wasnt hard for McNamara to start making money once the club was established. Each member was charged a $3 annual fee for participation, while each restaurant was charged a 7% fee on all purchases. Needless to say, the cards became very popular with diners, and McNamara saw membership reach 20,000 in the first year. In its second year, the Diners Club made about $60,000 and began expanding to Canada, France, and Cuba.[2] Its really no surprise that people enjoyed having the freedom to make purchases without being charged right away.In 1958, American Express threw its hat into the ring by issuing the first plastic credit card (prior to this they were made of cardboard or celluloid) exclusively for travel and entertainment purpose s. In 1959, consumers saw the introduction of the revolving balance. This meant cardholders were no longer required to pay their bill in full at the end of each month. It gave consumers more flexibility, but also made it easier to end up in debt, much like the system we have today.[1]All of this led to the creation of the general purpose credit card which did not carry the limitations of only covering restaurant or entertainment purchases. American Express, Cart Blanche, and Bank of America all issued these types of cards. Bank of America then released the first nationally franchised card known as the BankAmericard, which would later become Visa.From that point, credit card use continued to grow. Over 75% of Americans today have at least one credit card, and as of 2012 credit card purchases in the US totaled 26.2 billion dollars.[2] While it might make life easier in certain situations, theres also much to be wary of in the world of credit cards. To learn more about the risks and re wards of credit card use, how to improve bad credit, and secure bad credit loans, check out the other parts in our Give Me Some Credit series:Give Me Some Credit: The Risks and Rewards (2 of 3)Give Me Some Credit: Line of Credit VS Credit Card (3 of 3)References Gerson, Emily Starbuck Woolsey, Ben The History of Credit Cards Accessed July 21, 2016. ConsumerFinance.gov Schmalbruch, Sarah The credit card was invented by a man who forgot his wallet at dinner March 2, 2015. Accessed July 21, 2016. BusinessInsider.com

It s A Calm Place Essay - 1404 Words

It’s a calm place. Few people live here. It is the place where someone feels free, relaxed and comfy. In the night the stars appear. Millions of brilliant stars can be seen in the blacky sky. The most amazing thing you can do is to sit and watch these twinkling jewels. You can also watch the moon in its different shapes. To describe in words what your eyes can see is certainly a challenge. In the morning you feel amazed at the colorful flowers, flying birds and butterflies, green trees and the shiny sun. This place is called â€Å"paradise†. In â€Å"paradise† you can walk, swim, play and do so many other things. By going there you can see and meet lovely birds, kids, married couples and â€Å"given up† people. â€Å"Paradise† is the only hope for them. The place is popular with its writers, engineers, pioneers and artists. It is heaven on earth. It has so many wonderful sites. A young beautiful widow lives in this â€Å"paradise† with her son. She is the most beautiful lady in that place. Her name is Rose and she is stunning like a rose. She is in her 30’s. Her hair is midnight-black and it flows over her shoulders. She has rapture-blue eyes, slender eyebrows, a dainty nose, honey sweet lips, sea-nymph ears and halo-white teeth. She is wasp-waisted. Her fingernails are varnished. She has a soothing voice. She is a mother for one child. Her husband, Johnny is dead from a car accident. Rose and her son live in a very small house. When Johnny was still alive they used to live in a palace withShow MoreRelatedPersuasive Speech About Pet Dog1150 Words   |  5 Pagestheir walk with their pup instead of enjoy it. So why not train your pup to stroll by your side without pulling and yanking the minute you walk outside. You should be enjoying every walk with no trouble! Make good sense? And the terrific thing is it s not made to be a complex thing! As with many things worth mastering, it can take a little time.. 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Classical radio stations are the perfect place to enjoy the musicRead MoreSafety Or Opportunity? By Donald Trump1715 Words   |  7 PagesIn fact there are more than 11.7 million Mexican immigrants in the United States (â€Å"Mexican Immigrants in the United States†, 2016) who are potentially faced with this question. With this prominent concern, a plethora of news articles such as: â€Å"Stay Calm† Mexico Tells Immigrants Living in the US an article informing the audience of the actions taken by the United States and Mexican government, America or Mexico? An Agonizing Decision, a personal anecdote of an American-Mexican family, and Mexico isRead MoreThe Rain Of The Snow1467 Words   |  6 Pagespeople or animals. The absence of life brings about sadness, but it also brings tranquility and peace. There is no conflict in this image, there is nothing in this image except the snow. The image wants to take away my happiness and replace it with a calm, co ld, emptiness. 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Addressing a Seriousl Problem in the Article, Rampage The...

Rampage shootings are a very serious problem in the United States, and an issue in other countries, and, beginning in the 1990’s, there was a significant rise in the number of school shootings. In order to try and decrease the occurrence of these rampage shootings, it is important to thoroughly understand what they are compared to other shootings. According to Katherine Newman and her colleagues in their article Rampage: The Social Roots of School Shootings (2004), rampage shootings must take place in a school-related area with witnesses, have multiple victims many of whom are shot for their significance or at random, and finally must involve one ore more shooters who are or were students of the school (Newman, Fox, Harding, Mehta, Roth, 2004: 51). Newman and her colleagues then based a theory off of this definition of rampage shootings. They said there are â€Å"five necessary but not sufficient conditions for rampage school shootings† (Newman et al, 2004: 229). Basically, they are saying that there are five criteria that must exist in order for a school shooting to occur, but just because all of these criteria are present does not mean that there will actually be a shooting. The five criteria that make up Newman’s theory are: social marginality, individual vulnerabilities, cultural scripts, under the radar, and access to guns. Social marginality is the product that develops within a school based on a social hierarchy. This leads to bullying and alienation, which then turn

Pakistan Cement Industry Free Essays

Compiled by: Mirza Rohail B http://economicpakistan. wordpress. com/2008/02/12/cement-industry/ History Introduction Growth of cement industry is rightly considered a barometer for economic activity. We will write a custom essay sample on Pakistan Cement Industry or any similar topic only for you Order Now In 1947, Pakistan had inherited 4 cement plants with a total capacity of 0. 5 million tons. Some expansion took place in 1956-66 but could not keep pace with the economic development and the country had to resort to imports of cement in 1976-77 and continued to do so till 1994-95. The industry was privatized in 1990 which led to setting up of new plants. Although an oligopoly market, there exists fierce competition between members of the cartel today. The industry comprises of 29 firms (19 units in the north and 10 units in the south), with the installed production capacity of 44. 09 million tons. The north with installed production capacity of 35. 18 million tons (80 percent) while the south with installed production capacity of 8. 89 million tons (20 percent), compete for the domestic market of over 19 million tons. There are four foreign companies, three armed forces companies and 16 private companies listed in the stock exchanges. The industry is divided into two broad regions, the northern region and the southern region. The northern region has around 80 percent share in total cement dispatches while the units based in the southern region contributes 20 percent to the annual cement sales. Cement industry is indeed a highly important segment of industrial sector that plays a pivotal role in the socio-economic development. Since cement is a specialized product, requiring sophisticated infrastructure and production location. Mostly of the cement industries in Pakistan are located near/within mountainous regions that are rich in clay, iron and mineral capacity. Cement industries in Pakistan are currently operating at their maximum capacity due to the boom in commercial and industrial construction within Pakistan. The cement sector is contributing above Rs 30 billion to the national exchequer in the form of taxes. Cement industry is also serving the nation by providing job opportunities and presently more than 150,000 persons are employed directly or indirectly by the industry. The industry had exported 7. 716 million tons cement during the year 2007-08 and had earned $450 million, while is expected to export 11. 0 million tons of cement during 2008-09 and earn approximately $700 million. Fiscal Performance 2008-09 Business Recorder reported that Pakistan’s cement exports witnessed a healthy growth of 65%, to over 6 million tons during 7 months of the current fiscal year mainly due to rise in international demand. The exports may reach to 11 million tonnes and earn approx $ 700 million during 2008-09. The statistics of All Pakistan Ce ment Manufacturers Association also showed that cement exports had mounted to over 6 million tons in 7 months as compared to 3. 2 million tons of same period of last fiscal year, depicting an increase of 2. 38 million tons. Cement exports during January 2009 went up by 30% to 0. 81 million tons as compared to 0. 623 million tons in January 2008. However, slow construction activities in the country during the period badly upset domestic sale of cement, which depicted decline of 15%, to 10. 77 million tons as compared to 12. 59 million tons of last fiscal year. On MoM basis, local dispatches of cement during January 2009 showed a decline of 8%, to 1. 51 million tons from 1. 65 million tons of January 2008. Overall dispatches, including export and local sales, reached 16. 77 million tons during July to January of 2008-09 as against 16. 20 million tons of last fiscal year, depicting an increase of 3%. By September 2009, after witnessing substantial growth in all three quarters of fiscal year (FY) 2008-09, cement sector concluded the fourth quarter with a handsome growth of 1,492 percent on yearly basis, All Pakistan Cement Manufacturers Association’s report revealed on 29th September 2009. Higher retention prices (up 59 percent) and high rupee based export sales amid rupee depreciation (20 percent) drove profits up north. However, this growth is magnified, as FY2007-08 was an abnormally low profit period for the sector. Moreover, the performance is skewed towards large players with export potential as profitable companies in both years posted increase of just 109 percent, said analyst at JS Research Atif Zafar. He said that cumulative profitability of companies in FY09 stood at Rs 6. 2 billion or $78. 2 million as compared to Rs 386 million or $6. 2 million depicting a massive growth of 1,492 percent. Companies with profits in both the years posted 109 percent earnings improvement. Though total dispatches were down 2 percent, net sales grew by 55 percent to Rs 101. 4 billion or $1. 3 billion on the back of higher net retention prices (up 59 percent) and improved export based revenues. Cost of sales/tonne also rose by 33 percent on yearly basis amid higher realised coal prices and inflationary pressures, the analyst maintained. Production Capacity In Pakistan, there are 29 cement manufacturers that are playing a vital role in the building up the country’s economy and contribution towards growth and prosperity. After 2002-3, most of the cement manufacturers expanded their operations, and increased production. This sector has invested about $1. 5 billion in capacity expansion over the last six years. The operating capacity of cement in 1991 was 7 million tons, which increased to become 18 million tons by 2005-06 and by end of 2007 rose to above 37 million tones, and currently the production cpapacity is 44. 07 million tonnes. Cement production capacity in the north is 35. 18 million tons (80 percent) while in the south it is only 8. 89 million tons (20 percent). The cement manufacturers in 2007-08 added above eight million tons to the capacity and the total production was expected to exceed 45 million tons by the end of 2010. It may result in a supply glut of seven million tons in 2009 and 2010. Actual Cement Production (in million tons) According to Government Board of Investment, 2001-02 – 9. 83 2002-03 – 10. 85 2003-04 – 12. 86 2004-05 – 16. 09 2005-06 – 18. 48 2006-07 – 22. 73 2007-08 – 26. 75 2008-09 – 20. 28 Exports International Markets The cement industry of Pakistan entered the export markets a few years back, and has established its reputation as a good quality product. Deregulation after accession of Pakistan to WTO is expected to open the window of competition from cheaper markets. The recent acquisition of Chakwal Cement by an Egyptian giant, Orascom may be a beginning of such an entry in Pakistan by multinationals. New avenues for export of cement are opening up for the indigenous industry as Sri Lanka has recently shown interest to import 30,000 tons cement from Pakistan every month. If the industry is able to avail the opportunity offered, it may secure a significant share of Sri Lanka market by supplying 360,000 tons of cement annually. In 2007, 130,000 tons cement was exported to India. In 2007, the exports to Afghanistan, UAE and Iraq touched 2. 13 million tons. At present, the economies of major countries are facing recession, but Pakistan’s cement sector is still maintaining a healthy growth. Cement export to India has already slowed after imposition of duty by Indian authorities. Pricing Another problem faced earlier by the Industry was the high taxation. The general sales tax (GST) was 186% higher than India. The impact of this tax and duty structure resulted in almost 40% increase in the cost of a cement bag (50 Kg). A bag in India earlier cost Rs. 160 as compared to Rs. 220 in Pakistan. In the budget of 2003-04, a duty cut of 25% was permitted to the cement sector with assurance from the cartel to pass on this benefit to the consumers. In 2006, the price of a bag went up to Rs. 430 however in 2007 it has stabilized at Rs. 315 per bag. In mid 2008, cement prices stabilized further at Rs. 220 per bag. The Government has reduced central excise duty (CED) on cement in the budget for 2007-08 in order to boost construction activity. Average industry cost of cement bag/50Kg = Rs. 193 Average industry price of cement bag/50Kg = Rs. 235 Domestic Demand Local demand in the country for the year 2008-09 is expected to be around 20 million tons. Domestic demand is expected to grow at 13% Capacity growth rate (CAGR) during next five years. Certain factors will also affect the growth of cement industry as well. These are as follows: Strong GDP growth O Higher GDP growth has positive impact on cement demand. O Cement demand growth rate was double the GDP growth rate in last three years. Housing sector growth O Housing projects consume roughly 40% of cement demand. O Low interest rates, post 9/11 remittances’ inflow, and real estate boom have helped housing sector growth. Government Development Expenditures O Government development expenditures count for one third of total cement consumption. O Increase in PSDP – from Rs. 80 bn in 1999 to Rs. 520 bn in 2007. O Infrastructure development in a region triggers private development projects having even positive impact on cement demand. Earthquake Rehabilitation O Earthquake losses of October 8th are estimated at $ 5. 2bn O Reconstruction work will boost construction material demand O Reconstruction work is expected to generate cement demand of 4mn tons over next 3-4 years Announcement of large Dams O Construction of four large dams will generate demand of 3. 7mn tons. Bhasha Daimer Dam, Munda Dam, Akhori Dam and Neelum Jhelum. Per Capita Cement Consumption Pakistan currently has a per capita consumption of 131kg of cement, which is comparable to that for India at 135kg per capita but substantially below the World Average 270kg and the regional average of over 400kg for peers in Asia and over 600kg in the Middle East. Cement demand remained stagnated during 90’s owing to lack of development activities. In 1997, per capita consumption was 73 kg in both Pakistan and India. By 2005-06, consumption in India rose to become 115 kg/capita whereas ours rose to 117 kg/capita. A comparison of few countries in 2005: Bangladesh 50 kg/capita Pakistan 117 kg/capita India 115 kg/capita USA 375 kg/capita Iran 470 kg/capita Malaysia 530 kg/capita EU 560 kg/capita China 625 kg/capita UAE 1095 kg/capita Challenges to Cement Industry The cost and exports may be affected due to weakness of the US dollar causing coal, electricity charges and freight prices, comprising 65 to 70 percent of the cost. The PSDP allocation for 2009 has been cut by Rs 75 billion and feared further cuts would curtail cement demand. Major capacities of countries like India and Iran are expected to come online by FY10 and onwards which are likely to convert these countries from dependent importers to potential exporters. Moreover, this current rising trend is expected to be short-lived due to higher interest rates and inflationary concerns are likely to make it disadvantageous for investors to enter the construction industry. In addition to this, to control real estate prices the government is considering imposing a tax on it. Major General Rehmat Khan, Chairman of All Pakistan Cement Manufacturers Association (APCMA), told Business Recorder, â€Å"cement industry is getting Rs 24 per ton as day dutydrawback for export of cement which needs to be revised. In view of today’s calculation for duty drawback, which works out to Rs 130 per ton, he proposed that duty drawback be increased to Rs 130 per ton ,instead of Rs 24 per ton. † Referring to taxation on cement, he said that cement dispatches are subject to payment of federal excise duty @ Rs 900 per ton, general sales tax @ 16 percent, special excise duty @ 1 percent, marking fee @ 0. 1 percent of ex-factory price, besides provincial duties and taxes. These taxes come to around Rs 96 per bag which is the highest in the world. Cement, it appears, is being treated as a luxury item for the purpose of taxes and duties. He proposed that the government should reduce excise duty by Rs 450 per ton in the forthcoming budget while the remaining half should be eliminated altogether along with the special excise duty. Besides this, sales tax should not be charged on excise duty paid value. He also proposed withdrawal of customs duty on Pet Coke and remove it from negative list for import from India because cement industry imports Coal and Pet Coke as fuel for production and customs duty on imported coal is zero while on Pet Coke it is charged @ 5 percent. (c) ECONOMIC PAKISTAN How to cite Pakistan Cement Industry, Essays

Pakistan Cement Industry Free Essays

Compiled by: Mirza Rohail B http://economicpakistan. wordpress. com/2008/02/12/cement-industry/ History Introduction Growth of cement industry is rightly considered a barometer for economic activity. We will write a custom essay sample on Pakistan Cement Industry or any similar topic only for you Order Now In 1947, Pakistan had inherited 4 cement plants with a total capacity of 0. 5 million tons. Some expansion took place in 1956-66 but could not keep pace with the economic development and the country had to resort to imports of cement in 1976-77 and continued to do so till 1994-95. The industry was privatized in 1990 which led to setting up of new plants. Although an oligopoly market, there exists fierce competition between members of the cartel today. The industry comprises of 29 firms (19 units in the north and 10 units in the south), with the installed production capacity of 44. 09 million tons. The north with installed production capacity of 35. 18 million tons (80 percent) while the south with installed production capacity of 8. 89 million tons (20 percent), compete for the domestic market of over 19 million tons. There are four foreign companies, three armed forces companies and 16 private companies listed in the stock exchanges. The industry is divided into two broad regions, the northern region and the southern region. The northern region has around 80 percent share in total cement dispatches while the units based in the southern region contributes 20 percent to the annual cement sales. Cement industry is indeed a highly important segment of industrial sector that plays a pivotal role in the socio-economic development. Since cement is a specialized product, requiring sophisticated infrastructure and production location. Mostly of the cement industries in Pakistan are located near/within mountainous regions that are rich in clay, iron and mineral capacity. Cement industries in Pakistan are currently operating at their maximum capacity due to the boom in commercial and industrial construction within Pakistan. The cement sector is contributing above Rs 30 billion to the national exchequer in the form of taxes. Cement industry is also serving the nation by providing job opportunities and presently more than 150,000 persons are employed directly or indirectly by the industry. The industry had exported 7. 716 million tons cement during the year 2007-08 and had earned $450 million, while is expected to export 11. 0 million tons of cement during 2008-09 and earn approximately $700 million. Fiscal Performance 2008-09 Business Recorder reported that Pakistan’s cement exports witnessed a healthy growth of 65%, to over 6 million tons during 7 months of the current fiscal year mainly due to rise in international demand. The exports may reach to 11 million tonnes and earn approx $ 700 million during 2008-09. The statistics of All Pakistan Ce ment Manufacturers Association also showed that cement exports had mounted to over 6 million tons in 7 months as compared to 3. 2 million tons of same period of last fiscal year, depicting an increase of 2. 38 million tons. Cement exports during January 2009 went up by 30% to 0. 81 million tons as compared to 0. 623 million tons in January 2008. However, slow construction activities in the country during the period badly upset domestic sale of cement, which depicted decline of 15%, to 10. 77 million tons as compared to 12. 59 million tons of last fiscal year. On MoM basis, local dispatches of cement during January 2009 showed a decline of 8%, to 1. 51 million tons from 1. 65 million tons of January 2008. Overall dispatches, including export and local sales, reached 16. 77 million tons during July to January of 2008-09 as against 16. 20 million tons of last fiscal year, depicting an increase of 3%. By September 2009, after witnessing substantial growth in all three quarters of fiscal year (FY) 2008-09, cement sector concluded the fourth quarter with a handsome growth of 1,492 percent on yearly basis, All Pakistan Cement Manufacturers Association’s report revealed on 29th September 2009. Higher retention prices (up 59 percent) and high rupee based export sales amid rupee depreciation (20 percent) drove profits up north. However, this growth is magnified, as FY2007-08 was an abnormally low profit period for the sector. Moreover, the performance is skewed towards large players with export potential as profitable companies in both years posted increase of just 109 percent, said analyst at JS Research Atif Zafar. He said that cumulative profitability of companies in FY09 stood at Rs 6. 2 billion or $78. 2 million as compared to Rs 386 million or $6. 2 million depicting a massive growth of 1,492 percent. Companies with profits in both the years posted 109 percent earnings improvement. Though total dispatches were down 2 percent, net sales grew by 55 percent to Rs 101. 4 billion or $1. 3 billion on the back of higher net retention prices (up 59 percent) and improved export based revenues. Cost of sales/tonne also rose by 33 percent on yearly basis amid higher realised coal prices and inflationary pressures, the analyst maintained. Production Capacity In Pakistan, there are 29 cement manufacturers that are playing a vital role in the building up the country’s economy and contribution towards growth and prosperity. After 2002-3, most of the cement manufacturers expanded their operations, and increased production. This sector has invested about $1. 5 billion in capacity expansion over the last six years. The operating capacity of cement in 1991 was 7 million tons, which increased to become 18 million tons by 2005-06 and by end of 2007 rose to above 37 million tones, and currently the production cpapacity is 44. 07 million tonnes. Cement production capacity in the north is 35. 18 million tons (80 percent) while in the south it is only 8. 89 million tons (20 percent). The cement manufacturers in 2007-08 added above eight million tons to the capacity and the total production was expected to exceed 45 million tons by the end of 2010. It may result in a supply glut of seven million tons in 2009 and 2010. Actual Cement Production (in million tons) According to Government Board of Investment, 2001-02 – 9. 83 2002-03 – 10. 85 2003-04 – 12. 86 2004-05 – 16. 09 2005-06 – 18. 48 2006-07 – 22. 73 2007-08 – 26. 75 2008-09 – 20. 28 Exports International Markets The cement industry of Pakistan entered the export markets a few years back, and has established its reputation as a good quality product. Deregulation after accession of Pakistan to WTO is expected to open the window of competition from cheaper markets. The recent acquisition of Chakwal Cement by an Egyptian giant, Orascom may be a beginning of such an entry in Pakistan by multinationals. New avenues for export of cement are opening up for the indigenous industry as Sri Lanka has recently shown interest to import 30,000 tons cement from Pakistan every month. If the industry is able to avail the opportunity offered, it may secure a significant share of Sri Lanka market by supplying 360,000 tons of cement annually. In 2007, 130,000 tons cement was exported to India. In 2007, the exports to Afghanistan, UAE and Iraq touched 2. 13 million tons. At present, the economies of major countries are facing recession, but Pakistan’s cement sector is still maintaining a healthy growth. Cement export to India has already slowed after imposition of duty by Indian authorities. Pricing Another problem faced earlier by the Industry was the high taxation. The general sales tax (GST) was 186% higher than India. The impact of this tax and duty structure resulted in almost 40% increase in the cost of a cement bag (50 Kg). A bag in India earlier cost Rs. 160 as compared to Rs. 220 in Pakistan. In the budget of 2003-04, a duty cut of 25% was permitted to the cement sector with assurance from the cartel to pass on this benefit to the consumers. In 2006, the price of a bag went up to Rs. 430 however in 2007 it has stabilized at Rs. 315 per bag. In mid 2008, cement prices stabilized further at Rs. 220 per bag. The Government has reduced central excise duty (CED) on cement in the budget for 2007-08 in order to boost construction activity. Average industry cost of cement bag/50Kg = Rs. 193 Average industry price of cement bag/50Kg = Rs. 235 Domestic Demand Local demand in the country for the year 2008-09 is expected to be around 20 million tons. Domestic demand is expected to grow at 13% Capacity growth rate (CAGR) during next five years. Certain factors will also affect the growth of cement industry as well. These are as follows: Strong GDP growth O Higher GDP growth has positive impact on cement demand. O Cement demand growth rate was double the GDP growth rate in last three years. Housing sector growth O Housing projects consume roughly 40% of cement demand. O Low interest rates, post 9/11 remittances’ inflow, and real estate boom have helped housing sector growth. Government Development Expenditures O Government development expenditures count for one third of total cement consumption. O Increase in PSDP – from Rs. 80 bn in 1999 to Rs. 520 bn in 2007. O Infrastructure development in a region triggers private development projects having even positive impact on cement demand. Earthquake Rehabilitation O Earthquake losses of October 8th are estimated at $ 5. 2bn O Reconstruction work will boost construction material demand O Reconstruction work is expected to generate cement demand of 4mn tons over next 3-4 years Announcement of large Dams O Construction of four large dams will generate demand of 3. 7mn tons. Bhasha Daimer Dam, Munda Dam, Akhori Dam and Neelum Jhelum. Per Capita Cement Consumption Pakistan currently has a per capita consumption of 131kg of cement, which is comparable to that for India at 135kg per capita but substantially below the World Average 270kg and the regional average of over 400kg for peers in Asia and over 600kg in the Middle East. Cement demand remained stagnated during 90’s owing to lack of development activities. In 1997, per capita consumption was 73 kg in both Pakistan and India. By 2005-06, consumption in India rose to become 115 kg/capita whereas ours rose to 117 kg/capita. A comparison of few countries in 2005: Bangladesh 50 kg/capita Pakistan 117 kg/capita India 115 kg/capita USA 375 kg/capita Iran 470 kg/capita Malaysia 530 kg/capita EU 560 kg/capita China 625 kg/capita UAE 1095 kg/capita Challenges to Cement Industry The cost and exports may be affected due to weakness of the US dollar causing coal, electricity charges and freight prices, comprising 65 to 70 percent of the cost. The PSDP allocation for 2009 has been cut by Rs 75 billion and feared further cuts would curtail cement demand. Major capacities of countries like India and Iran are expected to come online by FY10 and onwards which are likely to convert these countries from dependent importers to potential exporters. Moreover, this current rising trend is expected to be short-lived due to higher interest rates and inflationary concerns are likely to make it disadvantageous for investors to enter the construction industry. In addition to this, to control real estate prices the government is considering imposing a tax on it. Major General Rehmat Khan, Chairman of All Pakistan Cement Manufacturers Association (APCMA), told Business Recorder, â€Å"cement industry is getting Rs 24 per ton as day dutydrawback for export of cement which needs to be revised. In view of today’s calculation for duty drawback, which works out to Rs 130 per ton, he proposed that duty drawback be increased to Rs 130 per ton ,instead of Rs 24 per ton. † Referring to taxation on cement, he said that cement dispatches are subject to payment of federal excise duty @ Rs 900 per ton, general sales tax @ 16 percent, special excise duty @ 1 percent, marking fee @ 0. 1 percent of ex-factory price, besides provincial duties and taxes. These taxes come to around Rs 96 per bag which is the highest in the world. Cement, it appears, is being treated as a luxury item for the purpose of taxes and duties. He proposed that the government should reduce excise duty by Rs 450 per ton in the forthcoming budget while the remaining half should be eliminated altogether along with the special excise duty. Besides this, sales tax should not be charged on excise duty paid value. He also proposed withdrawal of customs duty on Pet Coke and remove it from negative list for import from India because cement industry imports Coal and Pet Coke as fuel for production and customs duty on imported coal is zero while on Pet Coke it is charged @ 5 percent. (c) ECONOMIC PAKISTAN How to cite Pakistan Cement Industry, Essays

Sainsburys Marketing Strategies

Sainsbury’s was founded in 1869 by John James Sainsbury and his wife Mary Sainsbury. The name came from John James’s surname.Advertising We will write a custom essay sample on Sainsbury’s Marketing Strategies specifically for you for only $16.05 $11/page Learn More Today the company has grown to become one of the largest supermarkets in UK operating about 1,000 stores, including 440 convenience stores with a labor force of about 150,000 people (J Sainsbury plc / Business strategy objectives). The companys business strategies and objectives are based on their strong values and cultures. Their main objectives include providing quality food, general merchandise and clothing, developing complementary channels and services, developing new business, and finally growing space as well as creating property values. From these objectives and strategies, one will later observe and see how the company has segmented its market within the country. Turban Efraim defined customer service in Sainsbury as â€Å"a series of activities designed to enhance the level of customer satisfaction, that is, the feeling that a product or service has met the customer expectation† (12). Sainsbury puts its customers at the heart of everything they do. Massive investments have been done in the stores, labor force as well as into their distribution channels in order to ensure the customers receive the best customer service. Sainsbury operations are mainly based in the UK, their main office being based in London. Its positioning in the UK gives it a competitive advantage compared to other retail supermarkets within the country.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Today the supermarket has over 785 stores in the UK, consequently, this does only increase its market share but also improves on its customer service because of convenience o f the stores. Apart from having a number of stores across the UK, they are mainly located within an easy reach to bus stops as well as nearest malls. Sainsbury differential advantage arises from one of its marketing strategies, which are product differentiations. Barney Hesterley defined product differentiation as â€Å"the ultimate expression of the creativity of individuals and groups within the firms† (20). Differentiation involves creating a product or service that enables a firm to stand out from other similar firms in the industry. Differentiation can be achieved through brand image, changing product design and features, improving customer service as well as expanding the company’s network. From Sainsbury’s point of view, the retail store has successfully differentiated its products as well as the services. The companys network is massive, having covered major cities in the UK. Also, each customer base has its own products with different features, for exa mple, the youth have special malls for their entertainment, and the kids have toy shops. The main marketing strategies employed by Sainsbury are market segmentation. Market segmentation can be explained as the division of a market into unique groups of buyers, who require separate products. Market segmentation can also be referred to as the division of a market into smaller markets having buyers with the same characteristics, where a company will be able to meet its needs successfully hence satisfying its customers.Advertising We will write a custom essay sample on Sainsbury’s Marketing Strategies specifically for you for only $16.05 $11/page Learn More Markets can be segmented in terms of geographic, demographic, psychographic and behavioral variables. From the research conducted, Sainsbury has segmented its markets using almost all the variables. For example, the company has stores almost in every city of the UK; its markets have also been segm ented using demographic variables. Segmentation by demographic variables involves the segmentation by the use of demographic factors, such as age, sex family size, family life cycle, income, education, occupation, religion, race and nationality. Sainsbury has also been able to segment its markets according to psychographic variables. Market segmentation has proved to be very valuable to Sainsbury. Many benefits have resulted from it segmenting these include the following among others; the company has been able to improve on its customer service standards hence increasing the sales volume and eventually profits, the company has also been able to concentrate its resources on the chosen segments as well being able to review developments and anticipate changes in the segments from competitive activities (Supply Chain Management Case Study Sainsbury s Supply Chain Strategies – College Essay – Arghavankayvani). Sainsbury main customer target is the family unit especially the mother. My reasoning has been derived from the company’s website as well as the advertisements on the TV. The company uses a marketing mix to attract this segment. Marketing mix also known as the 4ps refers to the combination of product, price, promotion and place. Sainsbury ensures that its products are of high quality, for example, in the food sector, the company has been involved in promoting healthy food eating. In trying to promote this product the company used one of the renowned chefs to be part of its advertising campaign. The main target of its food products is the family especially the mother, who ensures healthy eating of the family members. Also I analyzed their website and found it to be very informative.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More There are various pictures for the various products that are offered at the stores. Also their products are of high quality being produced using the top manufacturing skills. The prices of the various products have been found to be pocket friendly. As compared to other stores in the UK, for example, Tesco and Asda, Sainsbury prices are quite cheap. The company has been involved in price awareness campaigns, where it educated the customers on various price changes as well as various discounts for new products. Sainsbury ensures that the products of this target group are easily available, and the costumers are able to get them at their convenience, which has been evident in the expansion programs where many stores have been opened; these stores are mainly located next to bus stops or residential areas. In trying to make the customers aware of its products, Sainsbury has been involved in many promotion activities, for example, the recent advertisement where they were promoting healthy eating. This advertisement involved the use of one of the top chefs. The use vouchers or coupons are another marketing promotion strategy used by Sainsbury. The issue of vouchers and coupons to customers increases customer retention as well as increased sales. However, these vouchers at times can be costly up to millions of pounds. Marketing segmentation can sometimes be very expensive for a company because the company has to come up with various marketing strategies that meet the standards or needs for every segment of the market. For example, products for the kids have to be promoted using different tactics; for the teenagers promotion has to be done using another mode. We have also seen that Sainsbury vouchers which are worth millions of pounds, at times when the company does not make profits, may give the coupons to its customers. Sainsbury still has a wide range of opportunities. The Company should consider going international and opening stores in various continents. Works Cit ed Barney, Jay, and William Hesterley. Strategic Management and Competitive Advantage Concepts. New Jersey: Pearson prentice Hall, 2006. Print. Efraim, Turban. Electronic Commerce: A Managerial Perspective. New Jersey: Prentice Hall, 2002. Print. â€Å"J Sainsbury plc / Business strategy objectives.† J Sainsbury plc / Home. N.p., n.d. Web. â€Å"Supply Chain Management Case Study Sainsbury s Supply Chain Strategies – College Essay – Arghavankayvani.† Free Term Papers, Research Papers, Essays, Book Notes | StudyMode.com. N.p., n.d. Web. This essay on Sainsbury’s Marketing Strategies was written and submitted by user Omari Diaz to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

How to Play Guitar essays

How to Play Guitar essays The guitar is a very complicated yet very fulfilling instrument. I was first intrigued by the guitar when I was sixteen years old. I dont know what it was about the guitar that I found intriguing, but I knew I wanted to play it and become very much involved in it. There are quite a few aspects of the guitar and it is a science that I have not yet learned every minute detail about, but what I do know I will share in an attempt to make it not only understandable, but also enjoyable for the reader. There are three main aspects that I will be covering. Now keep in mind that there are far more than three main aspects about the guitar, but I have decided to describe the three main parts that I have found interesting and vital to the process of playing the guitar. The first being the actual notes and what they mean in relation to the guitar. The second being the types of chords you can make on the guitar, and finally the last part is about soloing and how to master it. As you go o n reading, you will notice how the many aspects all tie into one another almost like they are pieces of a puzzle. Now, the first aspect of the guitar that I have chosen is the notes. A note is a single pitch that can be made anywhere on the guitar. Lets use the A note for example. Moving up the guitar you will notice the notes in succession make a pattern that is the basis or foundation of the guitar. Starting from A and moving up the neck, you will find an A# (sharp) note, after that is the B note, followed by a C note. Keep in mind there is no B# or E#. After the C is a C# followed by D, D#, E, F, F#, G, G#, and finally taking you back to A after the G#. If you were to pick any note at random, this is the pattern you would follow up the neck of the guitar. The next aspect is the types of chords you can make. The first type is a power chord. The second is a barre chord and the third is an open chord. The ...