Derivative and Its Impact on Stock Market

A Paper Presentation Derivative and its impact on capital market Derivative and its impact on capital market On Prepared by Ms. Vidhi Joshi Asst. Professor MBA Department T. N. Rao college of Management Studies Rajkot 1. Introduction to Derivative: The rapidity with which Indian capital market, corporate finance, banking and investment finance has witnessed a major transformation and structural change from the past one decade and this change in recent years has given birth to a new discipline that has come to be known as Financial Engineering. Financial engineering involves the design, the development, and the implementation of innovative financial instruments and processes, and the formulation of creative solutions to problems in finance. The last decade has witnessed the introduction of ‘derivatives’ as an innovative financial instrument in the Indian markets. One of the major objectives of these reforms was to bring the Indian capital market up to a certain international standard. Due to such reforming process, one of the significant step taken in the secondary market is the introduction of derivative products in two major Indian stock exchanges viz. National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) , with a view to provide tools for risk management to investors and to improve the informational efficiency of the cash market. A derivative is financial instrument whose value is ‘derived’ from another underlying security or a basket of securities the underlying is the identification tag for a derivative contract. Derivatives are instruments of risk hedging. In the Indian context the Securities Contracts (Regulation) Act, 1956 (SCRA) defines â€Å"derivative† as a security that is derived from a debt instrument, share, loan whether secured or unsecured, risk instrument or contract for differences or any other form of security, same as a contract which derives its value from the prices, or index of prices, of underlying securities. Derivative products includes futures, forwards, options and swaps, and these can be combined with each other or traditional securities and loans to create hybrid instruments. In other words, a future contract is a standardized agreement between the seller (short position holder) of the contract and the buyer (long position holder), traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a pre-set price. The future date is called the delivery date or final settlement date. The pre-set price is called the futures price. The price of the underlying asset on the delivery date is called the settlement price. Equity derivatives trading started on June 9, 2000 with introduction of stock index futures by Bombay Stock Exchange (BSE). National Stock Exchange (NSE) also commenced its trading on 12 June, 2000 based on S&P Nifty. Trading on NIFTY futures was introduced on the 12th of July 2000. Trading on stock futures was introduced in the NSE in the 9th November, 2001. Subsequently, other products like stock futures on individual securities, index options and options on individual securities were introduced. Forward Contract: A Forward Contract is a transaction in which the buyer and the seller agree upon a delivery of a specific quality and quantity of asset usually a commodity at a specified future date. The price may be agreed on in advance or in future. † Future Contract: It involves an obligation on both the parties i. e. the buyer and the seller to fulfill the terms of the contract (i. e. these are pre-determined contracts entered today for a date in the future) * Obligation to buy or sell * Stated quantity * At a specific price * Stated date (Expiration Date) Marked to Market on a daily basis Options: An Options contract confers the right but not the obligation to buy (call option) or sell (put option) a specified underlying instrument or asset at a specified price – the Strike or Exercised price up until or an specified future date – the Expiry date. † The Price is called Premium and is paid by buyer of the option to the seller or writer of the option. à ¢â‚¬  Types of option * Call Option * Put option Put Option: The right to sell a futures contract. It provides protection against falling prices and also sets a minimum price target. Call Option: The right to buy a futures contract. It protects against rising prices and it also allows participation in seasonal price rises. Swap: Swap is a contract between two parties to exchange a set of cash flows over a pre-determined period of time. Example ‘A’ agrees to pay cash based on the rate of return of an agreed stock market index to the second counter party ‘B’. Participants in Derivatives Market: 1. Hedgers: They use derivatives markets to reduce or eliminate the risk associated with price of an asset. Majority of the participants in derivatives market belongs to this category. 2. Speculators: They transact futures and options contracts to get extra leverage in betting on future movements in the price of an asset. They can increase both the potential gains and potential losses by usage of derivatives in a speculative venture. 3. Arbitrageurs: Their behaviour is guided by the desire to take advantage of a discrepancy between prices of more or less the same assets or competing assets in different markets. If, for example, they see the futures price of an asset getting out of line with the cash price, they will take offsetting positions in the two markets to lock in a profit. Applications of Financial Derivatives: Some of the applications of financial derivatives can be enumerated as follows: 1. Management of risk: This is most important function of derivatives. Risk management is not about the elimination of risk rather it is about the management of risk. Financial derivatives provide a powerful tool for limiting risks that individuals and organizations face in the ordinary conduct of their businesses. It requires a thorough understanding of the basic principles that regulate the pricing of financial derivatives. Effective use of derivatives can save cost, and it can increase returns for the organisations. 2. Efficiency in trading: Financial derivatives allow for free trading of risk components and that leads to improving market efficiency. Traders can use a position in one or more financial derivatives as a substitute for a position in the underlying instruments. In many instances, traders find financial derivatives to be a more attractive instrument than the underlying security. This is mainly because of the greater amount of liquidity in the market offered by derivatives as well as the lower transaction costs associated with trading a financial derivative as compared to the costs of trading the underlying instrument in cash market. 3. Speculation: This is not the only use, and probably not the most important use, of financial derivatives. Financial derivatives are considered to be risky. If not used properly, these can leads to financial destruction in an organisation like what happened in Barings Plc. However, these instruments act as a powerful instrument for knowledgeable traders to expose themselves to calculated and well understood risks in search of a reward, that is, profit. 4. Price discover: Another important application of derivatives is the price discovery which means revealing information about future cash market prices through the futures market. Derivatives markets provide a mechanism by which diverse and scattered opinions of future are collected into one readily discernible number which provides a consensus of knowledgeable thinking. MOTIVATION FOR THE STUDY In the last decade, many emerging and transition economies have started introducing derivative contracts. Policy makers and regulators in these markets are concerned about the impact of futures on the underlying cash market. One of the reasons for this concern is the belief that futures trading attract speculators who then destabilize spot prices. Since futures encourage speculation, the debate on the impact of speculators intensified when futures contracts were first introduced for trading, beginning with commodity futures and moving on to financial futures. Before further regulations are introduced, it is essential to determine whether in fact there is a causal link between the introduction of futures and spot market volatility. It, therefore becomes imperative that we seek answers to questions like: What is the impact of derivatives upon market efficiency and liquidity of the underlying cash market? To what extent do derivatives destabilize the financial system, and how should these risks be addressed? Can the results from studies of developed markets be extended to emerging markets? Capital Market and Derivative segment in Indian Stock Market: Today Indian stock market is very sound in terms of participants from all sections, huge turnover and number of listed companies. Cash segment and derivative segment both have grown with each other. NSE and BSE are the major exchanges. Over the years Indian stock market has modernized with the use of high modern Information and Communication technology. Derivative instruments have become part and parcel of business world. Today, derivative instruments are used in all markets such as foreign exchange, shares, commodities etc. New, sophisticated, complex and exotic tools are being developed in different markets. The innovative derivative instruments have been developed in such a manner that these are used even by a common man. Although derivatives have been in existence for long in past in one or another form but present day sophisticated, standardized derivative products. Growth of Derivatives Market in India: Equity derivatives market in India has registered an â€Å"explosive growth† and is expected to continue the same in the years to come. Introduced in 2000, financial derivatives market in India has shown a remarkable growth both in terms of volumes and numbers of traded contracts. NSE alone accounts for 99 percent of the derivatives trading in Indian markets. The introduction of derivatives has been well received by stock market players. Trading in derivatives gained popularity soon after its introduction. In due course, the turnover of the NSE derivatives market exceeded the turnover of the NSE cash market. For example, in 2008, the value of the NSE derivatives markets was Rs. 130, 90,477. 75 Cr. whereas the value of the NSE cash markets was only Rs. 3,551,038 Cr. Table 1 : Turnover of Cash segment in India Year| Turnover at BSE| Turnover at NSE| Total Turnover| 1992-93| 45696| -| 45696| 993-94| 84536| -| 84536| 1994-95| 67749| 1805| 69554| 1995-96| 50064| 67287| 117351| 1996-97| 124190| 295403| 419593| 1997-98| 207113| 370193| 577306| 1998-99| 310750| 414474| 725224| 1999-00| 686428| 839052| 1525840| 2000-01| 1000032| 1339510| 2339542| 2001-02| 307292| 513167| 820459| 2002-03| 314073| 617989| 932062| 2003-04| 503053| 1099534| 1602587| 2004-05| 518715| 114007 2| 1658787| 2005-06| 816074| 1569558| 2385632| 2006-07| 956185| 1945287| 2901472| 2007-08| 1578857| 3551038| 5129895| 2008-09| 1100074| 2752023| 3852097| 2009-10| 1136513| 2805878| 3942391|

River Restoration – Soft Engineering The River Cole, Oxford

The River Cole forms part of the border between the counties, Oxfordshire and Wiltshire. It is a tributary of the River Thames and joins it near Lechlade. Many mills have altered the river by straightening and polluting it. Much of its upper course has been built over due to urbanisation and so the exact location of the source is unknown. It also ?ows through National Trust land. The River Cole had become very polluted and needed restoration. Restoration is returning a river to its natural state after arti?cial alteration.The river needed  restoration in order to change the water course, improve the water quality and manage the bank-side vegetation. In 1994, River Restoration Project was set up in order to show how contemporary restoration techniques could help damaged ecosystems thrive. The project was run by the RRP (River Restoration Project), the Environment Agency, English Nature, the National Trust, the Countryside Commission and the EU. Using the EU LIFE money, three demonst ration projects were set up, helping to restore over a 2km stretch of the River.The project was completed in 1996. In order to bring the river bed back in line with the ?oodplain, the river bed below Coleshill Bridge was raised. More gravel rif?es (fast ?owing midstream ridges) were introduced, as well as some small weirs (small barriers allowing pools to form behind them). Due to the redevelopment of the river bed, it ran at a higher level than a large stretch of the river. A new meandering channel was cut allowing the water to travel at the same height. Parts of the old river were kept and acts as backwaters.During high this provides shelter for ?sh, birds and insects, adding to the growing biodiversity of the river. The meanders also cause more regular ?ooding of the neighboring ?elds, creating water meadows and increasing agricultural productivity. The ancient course of the River Cole has been able to be recreated. This is due to the ?oodwaters, caused by meandering, restoring t he ?ood meadows along the western side of the Cole Mill. The Cole Mill is hoped to be put back into occasional operation by the RRP.However, the water levels in the stream ?owing near the mill must be raised in order for this to be possible. They plan to develop the River Leat (the feeder stream – the tributary that empties in to the River Cole) into a long lake. The plan for wet pasture and reed beds along the sides of the river will accompany this development. These will contribute in cleansing the streams that have been polluted by silt, fertiliser and treated sewage. The restoration has many bene?ts. It has allowed riverside organisms and wetland wildlife to thrive in the river and on the ?oodplain, playing a huge part in nature conservation.Fisheries now have an greater numbers of ?sh of different species. Due to installation of vegetation, there has been an increased interception of pollutants. Sediment has also been naturally settling on the ?oodplain and river bed. Th e restoration also acts as a ?ood defence. Due to the enlarged ?oodplain and the backwaters created by the old river, additional ?ood storage has been created. The restoration has also helped the attraction of recreational activities near the river. The natural landscape created by the restored river has received strong public support.Therefore, the River Restoration Project has been a success for the River Cole. This is thanks to the clear environmental bene?ts. Although the changes had to be paid for, there are economic bene?ts to the restoration. The surrounding landscape is now seen as a much more pleasant environment and so people are more likely to pay for recreational activities to do with the river. The social bene?ts are also clear. The cleaner waters of the river are both aesthetically and morally pleasing to general society. This leads to happier locals as their river is being taken care of.

Apple iphone 5 Research Paper Example | Topics and Well Written Essays - 1000 words

Apple iphone 5 - Research Paper Example In its early days of introduction unto the world market, the Apple iPhone 5 received so much patronage because of some feature qualities that the product had over other competitive products and other iPhones that had been introduced unto the market by the same company. But as it is now, there is decline in supply to meet increasing demand. Causes of the shift Basically, there is one running cause of the shift in supply of Apple iPhone 5 and this is directly linked with rate of production. Sources close to the company actually indicate that the Apple iPhone 5 is one of the most labor and skill intensive products that the company ever produces (Birks and Sinclair, 2010). To this end, it actually requires the company so much time, cost, skill and resources to produce a single brand of the Apple iPhone 5. But as a company that wants to hold up to its reputation of quality and standard production of phones, the company is not in any way ready to compromise on the quality of products in th e name of meeting its demand to produce as many pieces of the iPhone as the market pressure demands for. There are other causes that has to do with the presence of competition, that makes the company highly reserved on the need to keeping so much inventory when it cannot be perfectly guaranteed of the willingness of the market to opt for their product. Effects of this change on Apple iphone 5 According to the law of demand and supply, decrease in supply subsequently leads to an increase or a rise in prices. This principle is likely to be the effect of the Apple iPhone 5 especially from the perspective of retailers from who consumers make direct purchases. For example once retailers have access to limited products and they are aware that consumers would compete for these few products they will increase prices so that those with the highest bid of purchase can own the product. There could also be the negative effect whereby the increases in prices will make consumers opt for other com petitor products; especially if they can be guaranteed to have similar features from those products. In the worse case scenario, the Apple iPhone 5 will loss its popularity and market share because consumers who may be frustrated with its absence on the market will loss interest in it. Effects within the market Operational Operational marketing is basically centered on the consumer whereby the consumer is expected to receive maximum customer satisfaction by meeting their needs and demands within the shortest time frame (De Cenzo and Robbins, 2011). In a situation whereby there continue to be decline in supply for the Apple iPhone 5, it is very clear that the customer is not going to receive the needed satisfaction with prompt customer service. Subsequently, market operational is going to be affected negatively in the sense that there are going to be high levels of market dissatisfaction expressed among cunstomers. As it has been stressed already, this is likely to bring about the wo rse case scenario whereby the company may loss out on a number of customers. Financial Effects The financial effects of the prevailing situation whereby there is shortage in the supply of Apple iPhone 5 could be viewed from two major perspectives, which also answers the question of whether the effects are long term or transitory. Indeed, on the short term basis where the demand for the product continues to be

Compare and Contrast of Renaissance Furniture Research Paper

Compare and Contrast of Renaissance Furniture - Research Paper Example The chairs had turned legs which were also carved by hand. Drawer fronts and doors were also carved delicately. This comparison gives us the idea that renaissance furniture was at first influenced by the Roman and Greek designs, and sooner they were adopted by the Italian craftsmen. The Italian renaissance furniture influenced many other styles as well as the Art revival period led to the enhancement of a different and unique style. The Italian renaissance furniture further inspired the Dutch furniture. Overall, the renaissance period had different periods in which different styles of furniture were present. All of the furniture pieces were carved and painted using themes of culture and history. The antiques were greatly inspired by historic and cultural symbols such as palaces, buildings, figures, flowers, and other significant figures. The renaissance furniture shows the transformation from Gothic designs, to historical and methodological, to cultural. Early furniture pieces were made and designed for the wealthy and royals while later it was seen that more domestic and original designs wer e made. With great changes in the renaissance era seen in education, arts, and literature, there was also significant change seen in the furniture characteristics. History of Furniture Design in the Renaissance. (n.d.).  History of Furniture Design in the Renaissance. Retrieved October 15, 2014, from

Human Rights Movements in International Politics and its Effect on Research Paper

Human Rights Movements in International Politics and its Effect on State Behaviour - Research Paper Example The issue that will be tackled in this paper is the role of human rights movements in international politics and its impact on state behaviour—thus it shall be resolved whether the protestations and vigorous representations in international bodies which has jurisdiction over these acts of violence and other human rights transgressions eliminate or eradicate the occurrence of assault or attack against individual human rights. However, this paper shall limit its analysis on human trafficking which assaults the basic rights of individuals to life and liberty and whether the response of states towards its eradication is sufficient. According the United Nations Global Initiative to Fight Human Trafficking (UN.GIFT), 2.5-million of the global population are in this predicament which includes forced labour and sexual exploitation. Majority of the victims or 1.4 million (56%) originate from Asia and the Pacific while the rest come from Latin America and the Carribean (10%), Middle East and North Africa (9.2%) and other sub-Saharan countries (5.2%), including industrialized countries (10.8%) and transition economies (8%). The tentacles of human trafficking can be felt in 161 countries either as source, route or destination countries. The recruitment occurs in 127 countries where these individuals will be sent or distributed against their will to 137 countries thus exploitation reportedly affects every continent and every type of economy.

Shitaos Drunk in Autumn Woods Essay Example | Topics and Well Written Essays - 500 words

Shitaos Drunk in Autumn Woods - Essay Example Concurrently, trees at the center of the painting are denser in darker hues of gray and black. These trees have shades of orange and rust in their leaves. It is at this focal point where viewers get the chance to observe that there are people (friends) in three sets of settings amidst the conglomerate of autumn trees. At the left and middle portions, there are two sets of friends in groups of three which could be interpreted as drinking and sharing stories. They are seated on the grass and garbed in traditional Chinese robes. In addition, also at the mid-section, there are also friends seen to be walking where two friends are side by side and one is situated at the back just beneath a tall tree. Likewise, at the right side, on the banks of a river and sitting on a small boat is another person. These friends could be analyzed as on their way to a destination beyond the small bridge. In addition, just perpendicular to the bridge, two friends on horseback are seen riding. Finally, at the left lower portion of the painting, there are people seated on the porch of a house, apparently waiting. More trees are shown in the lower portion of the painting sharing similar shades of gray some with orange leaves. The painting could be interpreted as a venue where friends share memorable moments through sharing stories and a drink under the autumn trees. Other people are travellers on a journey who seem to enjoy the peaceful atmosphere of the environment. The positioning of images in strategically selected positions.

Capabilities and competencies.The scope of capabilities is not only Essay

Capabilities and competencies.The scope of capabilities is not only specific but its horizon is also quite vast - Essay Example SWOT Analysis 12 5.1 Strengths 13 5.2 Weaknesses 13 5.3 Opportunities 13 5.4 Threats 13 6. The Balanced Scorecard 14 6.1 Balanced Scorecard as a Measure of Strategic Capabilities 14 6.1.1 Translating the Vision 15 6.1.2 Communicating and Linking   15 6.1.3 Business Planning 15 6.1.4 Feedback and Learning 15 7. Resource Based View (RBV) 15 Appendices 17 Appendix-I: Tour Operator Market Share in Europe 17 Appendix-II: Four Perspectives of Balanced Scorecard 18 Bibliography 19 1. Capabilities and its Importance Generally capabilities and competencies are used interchangeably in literature, however in terms of business and organizational culture, the scope of capabilities is not only specific but its horizon is also quite vast. A capability is a fairly large scale unit of analysis which makes the organization and individual to recognize its purpose with respect to substantial outcomes (Dosi et al, 2000). According to Leonard (1992), â€Å"capability is the knowledge set that distingui shes and provides competitive advantage†. ... Therefore, organizational capabilities play a key role between human resource and the business strategy, thus making it a proactive source of competitive advantage (Ulrick and Lake 1991). (b) Organizational capabilities raise the competency level of individuals and reinforce positive values in the organization. (c) Organizational capabilities help the managing staff to formulate the business strategies basing on the strengths and weaknesses of the available manpower (Barney 1991). (d) These capabilities derive the required consequences like satisfaction of both the stakeholders and customers (Ulrich and Lake 1991; Yeung and Berman 1997). 2. Resources and Capabilities of TUI 2.1 Background TUI, abbreviated for Touristik Union International, was established in 1968 with headquarters located at Berlin, Germany. TUI is the largest integrated tourism group in Europe, lagging far behind its competitors with a turnover of about â‚ ¬ 21,866 million in 2008. Initially, it worked as Preussa g AG and gained a renowned fame in the field of transportation and industrial sector till 2001. This year, it became a 100% subsidiary of Preussag AG. In next year, Preussag AG was transformed into TUI AG (http://www.tui.com). During next few years, TUI developed and changed its production from industrial segment to a modern tourism and shipping company. The general credibility of the TUI is quite excellent and strategically today TUI is the largest and leading tourism and shipping organization of the world, operationally active mainly in Central, Northern and Western Europe while it has the networks across the Europe as well. The inventory of TUI

Thomas Jefferson Essay Example | Topics and Well Written Essays - 500 words

Thomas Jefferson - Essay Example The contention that it is inconsistent to proclaim equality of all yet to maintain ownership of slaves is perhaps the apex of the criticism against Jefferson. In my opinion, this criticism might be valid, but it is not fully. Indeed, Jefferson owned slaves, but he sympathized with them. In the letter to Edward Coles, he blamed the British who brought the practice of slavery in the colonies. It can be inferred from the letter that he treated slaves with dignity. (Jefferson, 1894) The criticism being valid up to a certain extent hinges on the assumption that Jefferson should have not owned slaves in the first place. But this is just a matter of opinion. Circumstances during that period, where slavery is not illegal, gave Jefferson no obligation to set his slaves free. Nevertheless, his Liberty of owning slaves should be respected as this did not conflict with his conscience, which sought for better conditions for slaves. During the early 1800s, Spain decided to cede the Louisiana Territory to France. When Jefferson learned of this incident, he instructed his cabinet for the negotiation to purchase this deal from France.

Effects of Christianity on Behaviour, Attitude and Lifestyle Essay Example for Free

Effects of Christianity on Behaviour, Attitude and Lifestyle Essay There could be no such things as prison in a truly Christian society. I think a truly Christian society is based on the life and teaching of Jesus, this means we must follow the 10 commandments and the gospel values. At the heart of Christian society there should be existence of love, forgiveness, mercy, justice to criminals. Jesus command was to Love your God, Love your neighbour and Love yourself. By obeying these commandments we are being Christ-like which is what the Christian society is all about. Forgiveness does not mean letting people walk all over you! But it is important. Christianity follows Jesus teaching in stressing that forgiveness is vital. It may be very hard, particularly for the victim of a crime. The Prodigal Son was a parable that showed forgiveness. The prison is the means to deliver the punishment, the denial of freedom. The convicted are imprisoned as a punishment, not for punishment. Her Majestys Prison Service serves the public by keeping in custody those committed by the courts. Our duty is to look after them with humanity and help them lead law abiding and useful lives in custody and after release. HM Prisons Services Mission Statement 1988. Three principles in prison craft: Security- to hold securely those sent to prison. Humanity- to treat prisoners with humanity, prisoners lose their liberty they should not lose their humanity. They are still human beings with the rights that their nature awards them. Assistance- to help make prisoners law abiding and give them useful lives. Prison can exist in a truly Christian society but not always, poor prison conditions do not lead to reform, they only serve to make prisoners worse. To become better people they need first and foremost their dignity, remember Jesus command to love self, this means having a good self-esteem. Prisoners have a right to feel safe, the opposite happened in Fletham Young Offenders Institution. March 2000, 19 year old Zahid Mubarek was beaten to death by his cellmate, Robert Stewart had a history of racist and violent behaviour. This evidence does not allow for fostering self-esteem or provide opportunities to rehabilitate. For prison to uphold Christian principles the reform of the offender is of paramount importance. Practical measures such as education, drink and drug therapy and counseling are required. There is evidence that education effects personal change in prisoners, not only through the acquisition of practical skills and knowledge, but also through fostering self-esteem and skills in communication. Mike Hart, Category A prisoner, killed a 20 year olds woman in an armed robbery. Whole in prison he become a born again Christian, and has worked on projects while inside to help young people be aware of what prison is really like in an attempt to turn young people away from the life of crime or potential crime. One such project, Better Out than In was a drama presentation re. The image of prisoners and prisons, depicting the harsh reality. How effective his work been, very difficult to assess but anecdotal evidence suggests that it is. There could and couldnt be such things as prison in a truly Christian society, it depends on the type of prison and what happens in the prison as to whether prison has a place in a truly Christian society. For prisons to co-exist in a truly Christian society they need to have therapeutic regime employed to rehabilitate the offender rather than punitive one. Not many people can uphold the mission statement, so it needs to be looked at and improved in order to fit into a Christian society. If we look ahead Christians today can also help reform prisoners like the Howard Penal League, where prisoners where able to reform by their help. During the 19th Century Elizabeth Fry Quaker who was a Christian went to prison to help rehabilitate criminals.

Kim Fuller Essay Example for Free

Kim Fuller Essay In the early fall of 2002, Kim Fuller was employed as a district sales engineer for a large chemical firm. During a routine discussion with plant chemists, Fuller learned that the company had developed a use for the recycled material, in pulverized form, made from plastic soda pop bottles. Because the state had mandatory deposits all beverage bottles. Fuller realized that a ready supply of this material was available. All that was needed was an organization to tap that bottle supply, grind the bottles, and deliver the pulverized plastic to the chemical company. It was an opportunity Fuller had long awaited—a chance to start a business. In November 2002 Fuller began checking into the costs involved in setting up a plastic bottle grinding business. A used truck and three trailers were acquired to pick up the empty bottles. Fuller purchased one used grinding machine but had to buy a second one newï ¼â€ºSupplies and pans necessary to run and maintain the machines were also purchased. Fuller also purchased a personal computer with the intention of using it to keep company records. These items used $65,000 of the $75,000 Fuller had saved and invested in the company. A warehouse costing $162,000 was found in an excellent location for the business. Fuller was able to interest family members enough in this project that three of them, two sisters and a brother, invested $30, 000 each. These funds gave Fuller the$50,000 down payment on the warehouse. The bank approved a mortgage for the balance on the building. In granting the mortgage, however, the bank 0fficial suggested that Fuller start from the beginning with proper accounting records. He said these records would help not only with future bank dealings but also with tax returns and general management of the company. He suggested Fuller find a good accountant to provide assistance from the start, to get things going on the right foot. Fullers neighbor, Marion Zimmer, was an accountant with a local firm. When they sat down to talk about the new business, Fuller explained, â€Å"I know little about keeping proper records.† Zimmer suggested Fuller should buy an â€Å"off-the-shelf† accounting system software package from a local office supply retailer. Zimmer promised to help Fuller select and install the package as well as learn how to use it. In order to select the fight package for Fullers needs, Zimmer asked Fuller to list all of the items purchased for the business, a11 of the debts incurred, and the information Fuller  would need to manage the business. Zimmer explained that not al l of this information would be captured by the accounting records and displayed in financial statements. Based on what Fuller told Zimmer, Zimmer promised to create files to accommodate accounting and non-accounting information that Fuller could access through the companys personal computer. As Fullers first lesson in accounting, Zimmer gave Fuller a brief lecture on the nature of the balance sheet and income statement and suggested Fuller draw up an opening balance sheet for the company. Confident now that the venture was starting on solid ground, Kim Fuller opened the warehouse, signed contracts with two local bottling companies, and hired two grinding machine workers and a truck driver. By February 2003 the new firm was making regular deliveries to Fullers former employer. Questions 1. What information will Fuller need to manage the business? Classify this information in two categories: accounting information and non-accounting information. 2. See what you can do to draw up a beginning of business list of the assets and 1iabilities of Fullers company making any assumptions you consider useful. How should Fuller go about putting a value on the companys assets? Using your values, what is the company’s opening owners’ equity? 3. Now that Fuller has started to make sales, what information is needed to determine â€Å"profit and loss†? What should be the general construction of a profit and loss analysis for Fullers business? How frequently should Fuller do such all analysis? 4. What other kinds of changes in assets, 1iabilities, and owners’ claims will need careful recording and reporting if Fuller is to keep in control of the business?

Indian National Satellite System Information Technology Essay

Indian National Satellite System Information Technology Essay Our region is unlikely to achieve a degree of stability in the near future. Practically speaking, there will always be social, political and economic turmoil, at least for some time to come. Such a situation remains conducive to all forms of unrest and violence. The natural implication is that there would always be unforeseen emergent situations. I think that aerospace power is the only instrument that possesses the required speed and flexibility, when military intervention would be required. Air Chief Marshall FH Major  [1]   1. It is the capacity of getting others to do what we want, without coercing them because they will then admire our achievements and emulate us. Indias space programme needs to be viewed as the most thus. It is an important factor that has contributed immensely towards giving India its soft power status. India chose space to address the real problems of society and took initiative to develop space technology for the benefit of the nation and the common man, contrary to the path of countries like Soviet Union, US, China and European Union who developed space capabilities having origin in strategic and military domain. Today, India has a robust and self reliant space infrastructure and technological prowess with capability to design and build satellites for providing space services and to launch them using indigenously designed and develop launch vehicles. India has been able to achieve the present capability encompassing IRS, INSAT, PSLV, GSLV and mission to moon in just about forty y ears. The progress, present capability and future plans of ISRO are discussed briefly in succeeding paragraphs. Indian Remote Sensing (IRS) System 2. India established National Natural Resources Management System (NNRMS) in late 1970s under Department of Space (DOS) with an aim to develop indigenous remote sensing satellite system. The major elements of NNMRS encompass conceptualization and implementation of space segments with the necessary ground based data reception, processing and interpretation systems integrating the satellite based remotely sensed data with conventional data for resource management applications. Starting with IRS-1A in March 1988, there are eight remote sensing satellites in operation at present. The details of these satellites are tabulated below. Table 1: Details of Operational IRS Satellite Satellite IRS-1D Ocean sat-1and 2 TES Resource sat-1 Cartosat-1 Cartosat-2 Cartosat-2A,2B IMS-1 Launched in 1997 1999, Sep 09 2001 2003 2005 2007 2008. Jul 10 2008 Vehicle PSLV-C1 PSLV-C2 PSLV-C3 PSL-C5 PSLV-C6 PSLV-C7 PSLV-C9 PSLV-C9 Payload PAN, LISS-III, WIFS Res 5.8m OCM, MSMR PAN Res 1m LISS4, LISS3, MSC Res 5.8m Two PAN Cameras Res 2.5m Two steerable Cameras Res 80cm PAN Res 70cm MSC Res 37m, HySI Res 506m 3. The data from IRS satellites is utilised for applications including land use/ cover mapping, crop acreage and production estimate, wasteland mapping, forest cover mapping, wetland mapping, coastal zone regulation mapping etc. The TES and CARTOSAT series satellites have limited military applications as well with high resolution imagery. 4. The future programmes involve land and water resources series, Resourcesat-2 and 3, Imaging radar application through RISAT-1, DM SAR-1, RISAT-3 and RISAT-4L, Ocean biology and sea state application through Oceansat-2 and 3, cadastral and infrastructure mapping and analysis through Cartosat-3 and 4, TES-HYS and HyS-OP with hyperspectral sensors for application in forestry, agriculture, coatal zone and inland waters, soil and mineral/ rock mapping etc.  [2]   Indian National Satellite System (INSAT) 5. INSAT co-ordination Committee (ISS) was created as an apex body to address the development of Space Communication, Broadcasting and Meteorology and planning their utilization to meet the social needs of India. Due to the non-availability of appropriate launch vehicle for placing a satellite in Geostationary orbit, the INSAT series of satellites had been launched by commercially available launch vehicles till 2001 when India tested GSLV. With 211 transponders onboard 11 active INSAT series satellites, it is the largest domestic satellite communication infrastructure in Asia. It is used for variety of applications such as telecommunication, broadcasting, meteorology and search rescue. The details of operational INSAT satellites are tabulated below. Table2: Details of Operational INSAT Satellites Satellite Launch Vehicle Weight in Kg Payload INSAT-1E 1999 Ariane-4 2550 17 C band transponder, VHRR with 2 km and CCD with 1 km resolution INSAT-3B 2000 Ariane-5 2070 12 C Band and 3 Ku band transponder. S Band mobile satellite service payloads. INSAT-3C 2002 Ariane-5 2750 30 C band and 2 S Band transponder. KALPANA-1 2002 PSLV-C4 1060 Exclusive weather satellite with VHRR and data relay transponder. INSAT-3A 2003 Ariane-5 2950 18 C band, 6 Ku Band transponders. VHRR with 2 km resolution and CCD camera with 1 km resolution. Dedicated transponder for satellite aided search and rescue. GSAT-2 2003 GSLV-D2 2000 4 C Band, 2 Ku Band transponder. Other experimental payloads. INSAT-3E 2003 Ariane-5 2750 36 C Band transponder. EDUSAT 2004 Ariane-5 1950 6 Ku Band, 6 C band transponder. 1 Ku Band beacon to help ground users for accurate antenna pointing and uplink power control. INSAT-4A 2005 Ariane-5 3100 12 C Band, 12 Ku Band transponder for DTH, broadcasting and other community services. INSAT-4B 2007 Ariane-5 3025 12 C Band, 12 Ku Band transponder for DTH, broadcasting and other community services. INSAT-4CR 2007 GSLV-F04 2130 12 Ku Band transponder and 1 KU Band beacon for tracking the satellite. Provides DTH, video picture transmission and digital signal gathering services. 6. With increased demand on bandwidth due to services like 3G, HD TV, Wi-FI and Wi-Max systems, more number of transponders are required which would mean more INSAT satellites. ISRO has been launching INSAT satellites in 2 Ton class which would have to be enhanced to 5-6 Tons. The launch of such satellites would be limited by the present capability of GSLV which is about 4 Ton for GSLV MK-3. ISRO intends to enhance the transponders to 500 by 2012 under 11th plan.  [3]   Satellite Launch Vehicles 7. Unlike the US, USSR and China, Indias launch vehicle development has been strictly a civilian programme like Japan and EU. Under the aegis of Dr APJ Abdul Kalam, India developed the first indigenous launch vehicle SLV (four stage rocket with solid propellant) with the object of placing a 40 Kg satellite into 400 km orbit. Three launches were carried out during early eighties carrying Rohini satellites, two of them being successful. With the expertise gained, ISRO expanded it a PSLV programme was initiated. ASLV (five stage solid propellant) programme was also undertaken simultaneously as a low cost intermediate vehicle for trying critical technologies such as strap-on booster and new guidance system required for PSLV. The payload capability was thus enhanced to 150 Kg. 8. With the success of ASLV, work further progressed on PSLV (four stage rocket alternately solid and liquid propellant stage with six strap on boosters), which was basically meant to be able to place a 1000 Kg IRS series satellite in sun synchronous polar orbit. With continuous upgrades the payload capacity has been increasing (1600 Kg now), 12 out of 14 launches have been successful including the launch of Chandrayan-1. ISRO is further developing PSLV-HP with 2000 Kg payload capacity, which would be used to launch seven navigational satellites.  [4]   9. GSLV programme was started in 1990 to end Indias dependence on the former Soviet Union for launch of heavy satellites. Essentially, to be able to launch a satellite to geostationary orbit, a cryogenic engine rocket stage is required in addition to the liquid propellant stage and solid propellant stage. Indias GSLV programme encountered a roadblock when the technology of cryogenic engine was denied to ISRO in the name of MTCR, stating that the same technology can be used for ICBM. ISRO did get access to the cryogenic engines from Russia without the technology and finally was able to successfully use it in 2001 when GSAT-1 was placed in geostationary orbit on board the first indigenously developed GSLV. Since then several successful launches of GSLV have been conducted placing GSAT-2, EDUSAT and INSAT-4CR in to orbit. 10. With this capability India has achieved the full complement of capabilities needed for the country in space infrastructure creation, including the scientific satellites in near earth orbit, the IRS in polar orbit and INSAT in geostationary orbit. Meanwhile ISRO continues to develop indigenous cryogenic engine and finally in 2007 completed the successful ground trials of the fully indigenous cryogenic engine. The research is further on to develop GSLV MK-3 capable of launching 4400 Kg initially and stepping it up to 6000 Kg.  [5]   Other Developmental Programme 11. Chandrayaan. India became the fifth nation to launch a moon orbiter after US, Russia, EU, Japan and China in 2008. The launch of Chandrayaan-1 onboard the core alone configuration of PSLV-C11 demonstrates the technological capability of ISRO. The most significant success among many is the fact that compared to Chinese and Japanese moon missions launched in 2007, Indias mission costed only half and one fifth respectively, while beaming far better pictures of moon compared to their missions. Another mission to moon Chandrayaan-2 with a land-rover with robotic instruments is planned to be launched in 2011. A manned mission to moon is likely to be planned by the end of next decade.  [6]   12. Satellite Navigation. India has felt the need for an independent navigation system after being dependent on US GPS and the Russian GLONASS for long. A two pronged strategy of developing a wide area GPS augmentation system (GAGAN) and a regional system known as the Indian Regional Navigation Satellite System (IRNSS) has been started. GAGAN is conceived by ISRO and Airport Authority of India to aid civil air traffic in India to enable precise landing. In effect, GAGAN will augment the capabilities of GPS by enhancing the accuracy and reliability presently provided by GPS. Compared to the existing accuracy of 30 m at 50 bits/ sec, accuracy of 6-8 m at 500 bits/ sec would be available. This would be possible with three geostationary satellites having dual frequency GAGAN payload. The final system acceptance has already been done in 2007. The IRNSS project as a fully indigenous effort was started in 2006. It would have seven satellites and would give 2 m accuracy, all weather 24 hour operation over India and the region extending to about 1500-2000 km around it.  [7]   13. Bhuvan. With the capability of excellent imagery, ISRO has planned an Indianised version of Google maps. It would provide a zoom up to 10 m compared to 200 m available through Google Earth. Incorporation of GPS into the online tool is also planned with yearly image up date.  [8]   14. Space capsule Recovery Experiment (SRE). The objective of SRE is to demonstrate the capability to recover an orbiting capsule back to earth. With successful recovery of SRE-1 from Bay of Bengal, which was launched on board PSLV-C7 in Jan 2007 certain critical technologies such as reusable thermal protection system, deceleration and floating system, reentry control and propulsion system, space qualified parachute system, locating aids etc. were tested. It is major milestone in Indias Space Programme. A fully operational recovery capsule will pave the way for indigenous manned flights by India.  [9]   15. Space Situational Awareness. The ISRO Telemetry, Tracking and Command Network (ISTRAC) at Bangalore provides situational awareness and tracking of LEO satellites as well as launch vehicle missions. ISTRAC has its headquarters at Bangalore with network of ground stations at Bangalore, Lucknow, Sriharikota, Port Blair and Thiruvanantpuram in India besides stations at Mauritius, Bearslake (Russia), Brunei and Biak (Indonesia). The Master Control Facility (MCF) of ISRO is at Hassan (Karnataka) and Bhopal (MP) which monitors and controls all GEO satellites. The operations involve continuous tracking, telemetry and commanding, special operations like eclipse management, station keeping manoevres and recovery etc. In addition for Chandrayaan mission, Indian Deep Space Tracking Network (DSTN) is established at Bangalore. It is likely to enhance Indias space situational awareness which would be required especially in the light of Chinas ASAT and micro-satellite capability.  [10]   16. Indias Ballistic Missile Program. The Indian Ballistic Missile Defense Program is an initiative to develop and deploy a multi-layered ballistic missile defense system to protect India from ballistic missile attacks. Introduced in light of the ballistic missile threat from Pakistan, it is a double-tiered system consisting of two interceptor missiles, namely the Prithvi Air Defence (PAD) missile for high altitude interception, and the Advanced Air Defence (AAD) Missile for lower altitude interception. The two-tiered shield should be able to intercept any incoming missile launched 5,000 kilometers away. PAD was tested in November 2006, followed by AAD in December 2007. With the test of the PAD missile, India became the fourth country to have successfully developed an Anti-ballistic missile system, after United States, Russia and Israel. On March 6, 2009, India again successfully tested its missile defense shield, during which an incoming enemy missile was intercepted at an altitude of 75 km. Development of the anti-ballistic missile system began in 1999. Around 40 public and private companies were involved in the development of the systems. They include Bharat Electronics Ltd and Bharat Dynamics Ltd, Astra Microwave, ASL, Larsen Toubro, Vem Technologies Private Limited and Kel Tech. Development of the LRTR and MFCR (Multi-function Fire Control Radar) was led by Electronics and Radar Development Establishment (LRDE). Defence Research and Development Laboratory (DRDL) developed the mission control software for the AAD missile. Research Centre, Imarat (RCI) developed navigation, electromechanical actuation systems and the active radar seeker. Advanced System Laboratory (ASL) provided the motors, jet vanes and structures for the AAD and PAD. High Energy Materials Research Laboratory (HEMRL) supplied the propellants for the missile. 18. Swordfish is the indigenous target acquisition and fire control radar for the BMD system. The LRTR currently has a range of 600 km (370 mi) to 800 km (500 mi) and can spot objects as small as a cricket ball. The DRDO plans to upgrade the capacity of Swordfish to 1,500 km by 2011. Two new anti ballistic missiles that can intercept IRBM/ICBMs are being developed. These high speed missiles (AD-1 and AD-2) are being developed to intercept ballistic missiles with a range of around 5,000 km (3,100 mi). The test trials of these two systems are expected to take place in 2011. The new missile will be similar to the THAAD missile deployed by the U.S.A. These missiles will travel at hypersonic speeds and will require radars with scan capability of over 1,500 km (930 mi) to successfully intercept the target. 19. India is also planning to develop a laser based weapon system as part of its defense to intercept and destroy missiles soon after they are launched towards the country. DRDOs Air Defence Programme Director V. K. Saraswat says that its ideal to destroy a ballistic missile carrying nuclear or conventional warheads in its boost phase. Saraswat further added that it will take another 10-15 years for the premier defence research institute to make it usable on the ground. In 2009, reports emerged of a new missile named the PDV. The PDV is said to be a two solid stage hypersonic anti-ballistic missile similar in class to the THAAD. The PDV is intended to replace the existing PAD in the PAD/AAD combination. It will have an IIR seeker for its kill vehicle as well. The PDV will replace the PAD with a far more capable missile and will complete the Phase 1 of the BMD system, allowing it to be operational by 2013. Phase 2 development will take over for protection against missiles of the 5,000 km (3,100 mi) range class. The PDV is designed to take out the target missile at altitudes above 150 km (93 mi). Buoyed by recent successes DRDO is accelerating the pace of development of the BMD. Finally, with all the previous failures acting as a stepping stone and learning valuables lessons from them, Indias technological prowess has come to the fore and this gives a new confidence and boost to other projects hanging in limbo and some of them can incorporate the technologies developed for this project.  [11]   20. Indias Dedicated Military Satellite Program. DRDO Chief Saraswats stated in Oct 2010 about Indias decision not to be coy about its military satellite program. The shift in policy probably stems from the knowledge that its military satellite program will not attract US sanctions against ISRO as would have happened in the past. We are looking at launching one or two satellites every year to fulfill the requirements of all three military formations, Saraswat said. Once these satellites are operational, we will be able to see troop movements along the borders. The key requirement is high-resolution images with precision. The army, the navy and the air force have varied requirements, and it wont be appropriate to give the exact numbers. Data and commands can be sent through these satellites to cruise missiles. he added. 21. The satellites will be developed and launched by ISRO based on requirements projected by the armed forces. Some of the latest developments are as under:- Communication-Centric Intelligence Satellite (CCI-Sat). The satellite is being developed with a budget of Rs 100 crore by theDefense Electronics Research Laboratory (DLRL) under the Defense Research and Development Organization (DRDO). The existence of the project was revealed in February 2010 by DLRL director G. Bhoopathy. We are in the process of designing and developing a spacecraft fitted with an intelligent sensor that will pick up conversations and communications across the borders, he told reporters in Bangalore before the start of the first international conference on electronic warfare (EWCI 2010).The satellite will feature a Synthetic Aperture Radar (SAR) and be used for imaging and communication. It will be capable of detecting conversations and espionage activities in the region.The satellite will be launched in the lower earth orbit about 500 km above the earth on board the polar satellite launch vehicle (PSLV).The satellite, which will be operational by 2014, will als o serve as a test bed for anti-satellite weapon development.  [12]   Navy Satellite. A dedicated satellite to facilitating Naval communication and network centric warfare will be launched into geostationary orbit by ISRO in 2010, Indian Defense Minister, AK Antony announced during Senior Naval Officers Conference in New Delhi on October 22, 2009. The satellite will facilitate networking of IN warships, submarines and aircraft among themselves as well as with operational centres ashore through high-speed data-links, allowing Maritime threats to be detected and shared in real-time to ensure swift reaction. The multi-band satellite will weigh 2,330 kg. (5,137 lb.). The satellite will provide coverage over a 600 x 1,000 nm area of the Indian Ocean Region (IOR), which India considers to be its primary area of responsibility in terms of maritime security. The project cost is Rs 950 crore. IAF Satellite. The first dedicated IAF satellite is scheduled for launch in FY 2011-12, after the Navy satellite scheduled for launch in FY 2010-11.The satellite will serve as the air forces eye in the skies. It will link up the six AWACS, that the IAF plans acquiring, with each other as well as other ground and air-based radars. CONCLUSION 17. For many in India, militarisation and weaponisation are synonymous and, hence, one can attribute the present state of Indian militarisation of space to this fact. Reacting to the need of the Indian Air Force (IAF) for an Aerospace Command likely to be set up at Akkulam, in Tiruvanathapuram, the then External Affairs Minister, Pranab Mukherjee, stated at the inauguration of the international seminar hosted by the IAF as part of its Platinum Jubilee celebrations on February 5, 2007, There is merit in asking for the creation of separate institutions to oversee the assets that take warfare into space it does not mean that India will go back on international commitments and weaponise space-based assets. Recent developments have shown that we are treading a thin line between current defence related uses of space and its actual weaponisation. While the reaction of the former defence minister underscores the fine line separating the issue of militarisation and weaponisation, the same can not be said of the Chairman of the Indian Space Research Organisation (ISRO) Madhavan Nair. Reacting to the Chinese ASAT test of January 11, 2007, and on the possibility of India doing an encore, he said the country was against militarising space. 18. These statements only underline the fact that there is still a lot of ground to be covered in India on dispelling the myth about militarization and weaponisation being synonymous. However, for the world at large, the common understanding has been that weaponisation is a sub-set of militarisation and there is but a subtle difference between the two. If one envisions a continuum running from space systems being used for civil purposes to satellites providing services to support terrestrial military operations to satellites being integral parts of terrestrial weapon systems, to weapons themselves being deployed in space, weaponisation occurs when the upper range of the spectrum is reached. At its most extreme, space weaponisation would include the deployment in quantity of a full range of space weapons, including satellite-based systems for ballistic missile defence (BMD), space based anti-satellite weapons (ASATs), and a variety of space-to-earth weapons (STEW), and these would pla y a central role in any type of military operation.  [13]   19. There are some 500 operating satellites of various types orbiting the Earth at present. While most communication and military satellites for early warning are in geostationary orbits, there are several satellites in low and medium orbit. Most prominent amongst them is the International Space Station (ISS) (340 km). The use of satellites for the enhancement of security and defence has become ubiquitous, and India is no exception. As an emerging space power with wide-ranging strategic interests, and with a military establishment undergoing large-scale modernisation in order to meet the security challenges of the 21st century, Indias reliance on space systems for its security and defence needs is gradually set to increase. 20. With budding strategic and economic ties with Europe, Russia and the United States, India is well placed to leverage international efforts in a number of aspects of space security and defence. This will not only facilitate meeting its own growing requirements, but will also establish long-term and mutually advantageous programmes with its allies. The environment is absolutely ripe for international policy and industrial collaboration with India at the hub of all activity. 21. Space-based technologies play an increasingly critical role in the maintenance and development of national and international infrastructures. With the benefits of the widespread application of peaceful outer space technology, comes the urgent need for the international community to understand, communicate and cooperatively regulate activities in the outer space. Potential dangers such as the dissemination of dual use technologies, the shift from the militarization of space to the weaponization of space, and the growing problem of space debris are threatening to undermine security in outer space as well as prospects for its peaceful use by humanity as a whole. More than 130 States have interests at stake either as space-faring nations or indirectly benefiting from the use of commercial satellites. There is an international consensus on the general principle of the importance and urgency of preventing an arms race in outer space, as shown by the regular adoption by the UN General A ssembly, without any negative vote, of a number of resolutions since 1990. However, there has been a lack of political and diplomatic action, whereas existing frameworks such as the 1967 Outer Space Treaty and the 1979 Moon Agreement are insufficient for dealing with the challenges that we now foresee. Today, the Space Issue has become an integral part of the Global Security discourse. Almost every country is concerned about certain developments that are taking place in this field as any kind of offensive technological Development can make space security for every nation or for most of them vulnerable. Space Security being a universal issue, it is necessary that there should be an international understanding and cooperation. One can say that the use of Space has become almost indispensable for the world community. It has to be noted that in the civilian arena, the space market is emerging as a big player with lots of scope for business. That is something good for the world economy , the sole threat to it being weaponisation of space. 22. The Anti-Satellite Test (ASAT) by China on 11 January 2007 for instance, in which it shot one of its own satellites to demonstrate its anti-satellite capability. It was an act reminiscent of the 1960s James Bonds films in which disgruntled Chinese Generals destroy satellites by the US and Russia towards world dominance. The facts are still far from that fiction but the ASAT demonstration nonetheless sent shivers in various world capitals. The old Chinese satellite was monitoring weather since 10 May 1999, and its destruction created hundreds of shrapnel, of varying sizes, that are now also orbiting the earth and posing tremendous dangers to satellites. That this kind of technology has existed is known. But its demonstration has brought the issueof weaponization of space to the forefront and has shown that what a country, with destructive technological superiority, can do in Space. Can a country with ASAT technology render the defence mechanisms of other countries almost helpless? Perhaps yes. Can the consequences mean some kind of space war, with its debris literally falling on earth? The answer to that also is perhaps yes. The Chinese test was unanimously criticized as a threat to peace by all the participants, a clear indication of the world communitys desire for peace in the space. Considering all these aspects the need for a focused attention on the various aspects of the Space Security is not far -fetched. 23. There is a need for space faring nations to put their efforts together to launch time-bound, financially-shared programmers to take up societal missions on a large scale, pooling their capabilities in launch vehicles, spacecraft and applications. Such major cooperation itself will act a great measure towards space security, benefiting all without exception. Additionally, it would also help empower the most underprivileged, minimizing communication gaps and reducing threats for conflicts. The use of commercial off-the-shelf technologies widely available from the industrial and indeed leisure industries has enabled the development of a new class of space assets which are low-cost, rapid response and yet highly capable small satellites. The cost, nature of technology and scale of these small satellites brings access to the high ground of space within the reach of virtually every nation. While this can be perceived as a potential threat by some super power, which may view this develo pment as erosion of their historical dominance of space, it can also be argued that increased situational awareness from space and the opportunity for wider participation by developing nations in the exploration of space and its applications should help in a decrease in international tensions. 24. The recent trends and developments in commercial space sector indicated significant growth prospects for this industry. It was insisted that the countries are increasingly looking at the commercial space sector as a critical infrastructure for national security. The wider growth of this industry is possible only with the adaptation of innovative but economical technologies, for otherwise it would remain limited to the countries that have the capability to invest in capital intensive projects. The budding countries like India, should invest in technologies like the Near Space technology which can become an alternative to the many existing high cost space platforms. The countrys indigenous industry needs to look into investments in technologies like the nano-technology and scramjet which can help reduce the cost of various space projects. The main challenge of the 21st century in the advancement of space law is to balance the competing complementary interests of the military, intel ligence, civil and commercial space communities.  [14]  

Essay on Twelfth Night: A Gender-Bending Journey -- Twelfth Night essa

Twelfth Night: A Gender-Bending Journey      Ã‚   Shakespeare enjoyed writing passionate plays about young lovers, but, after a while, the formula became exhausted and the Bard was forced to dig deeper, creatively speaking. Twelfth Night is an example of a Shakespearean love tale with a slight twist to keep things interesting. This play was the â€Å"Tootsie† of its time. Twelfth Night takes the audience on a gender-bending journey, while maintaining all the elements of true love throughout. At one point, Olivia wears a disguise in order to take on the traditionally male role of wooing her romantic interest, Cesario, who is also disguised. Although Olivia flirts with Cesario and tells him that his â€Å"scorn† only reveals his hidden love, she is mistaken. Her misinterpretation of Cesario’s manner is one of many problems contained within the drama. Cesario’s true gender, Olivia’s active pursuit of him/her, and the ambiguity of words with double meanings in this passage threaten to turn who lesome, romantic conquest on its head, or as Olivia says â€Å"turn night to noon† (139).      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Perhaps the bigge... ... Erasmus, Desiderius. In Praise of Folly. Trans. Hoyt Hopewell Hudson, Princeton, New Jersey: Princeton University Press, 1970. Hotson, Leslie. Shakespeare's Motley. New York: Oxford University Press, 1952. Potter, Lois. Twelfth Night: Text & Performance. London: Macmillan, 1985. Shakespeare, William. The Norton Shakespeare. Edited Stephen Greenblatt et al. New York: W. W. Norton & Company, 1997. Zijderveld, Anton J. Reality in a Looking-Glass: Rationality through an Analysis of Traditional Folly. London: Routledge & Kegan Paul, 1982.

Essay --

Sleep deprivation is a common condition that occurs if you don’t get enough sleep. In case of sleep deprivation people have trouble falling and staying asleep for a long period of time. In order to understand how serious sleep deprivation can be, one must need to know causes and consequences of sleep deprivation, how much sleep do we need? What does sleep do for us? And how we can cure sleep deprivation. Each year at least 40 million Americans suffer from long term, persistent sleep disorders, and an additional 20 million experience occasional sleeping problems. About 60 million Americans a year have insomnia and it tends to increase with age and affects about 40 percent of women and 30 percent of men. It is estimated that 18 million Americas are suffering from sleep apnea, 12 million have RLS, and 250,000 are affected by narcolepsy. Adults typically need between 6 and 10 hours of sleep per 24 hour period, and most people need approximately 8 hours of sleep per day. Infants generally need about 16 hours per day; whereas, teenagers require 9 hours on average. In the first 3 months of... Essay -- Sleep deprivation is a common condition that occurs if you don’t get enough sleep. In case of sleep deprivation people have trouble falling and staying asleep for a long period of time. In order to understand how serious sleep deprivation can be, one must need to know causes and consequences of sleep deprivation, how much sleep do we need? What does sleep do for us? And how we can cure sleep deprivation. Each year at least 40 million Americans suffer from long term, persistent sleep disorders, and an additional 20 million experience occasional sleeping problems. About 60 million Americans a year have insomnia and it tends to increase with age and affects about 40 percent of women and 30 percent of men. It is estimated that 18 million Americas are suffering from sleep apnea, 12 million have RLS, and 250,000 are affected by narcolepsy. Adults typically need between 6 and 10 hours of sleep per 24 hour period, and most people need approximately 8 hours of sleep per day. Infants generally need about 16 hours per day; whereas, teenagers require 9 hours on average. In the first 3 months of...

Chapter 37 The Beginning

When he looked back, even a month later, Harry found he had only scattered memories of the next few days. It was as though he had been through too much to take in any more. The recollections he did have were very painful. The worst, perhaps, was the meeting with the Diggory's that took place the following morning. They did not blame him for what had happened; on the contrary, both thanked him for returning Cedric's body to them. Mr. Diggory sobbed through most of the interview. Mrs. Diggory's grief seemed to be beyond tears. â€Å"He suffered very little then,† she said, when Harry had told her how Cedric had died. â€Å"And after all, Amos†¦he died just when he'd won the tournament. He must have been happy.† When they got to their feet, she looked down at Harry and said, â€Å"You look after yourself, now.† Harry seized the sack of gold on the bedside table. â€Å"You take this,† he muttered to her. â€Å"It should've been Cedric's, he got there first, you take it -â€Å" But she backed away from him. â€Å"Oh no, it's yours, dear, I couldn't†¦you keep it.† Harry returned to Gryffindor Tower the following evening. From what Hermione and Ron told him, Dumbledore had spoken to the school that morning at breakfast. He had merely requested that they leave Harry alone, that nobody ask him questions or badger him to tell the story of what had happened in the maze. Most people, he noticed, were skirting him in the corridors, avoiding his eyes. Some whispered behind their hands as he passed. He guessed that many of them had believed Rita Skeeter's article about how disturbed and possibly dangerous he was. Perhaps they were formulating their own theories about how Cedric had died. He found he didn't care very much. He liked it best when he was with Ron and Hermione and they were talking about other things, or else letting him sit in silence while they played chess. He felt as though all three of them had reached an understanding they didn't need to put into words; that each was waiting for some sign, some word, of what was going on outside Hogwa rts – and that it was useless to speculate about what might be coming until they knew anything for certain. The only time they touched upon the subject was when Ron told Harry about a meeting Mrs. Weasley had had with Dumbledore before going home. â€Å"She went to ask him if you could come straight to us this summer,† he said. â€Å"But he wants you to go back to the Dursleys, at least at first.† â€Å"Why?† said Harry. â€Å"She said Dumbledore's got his reasons,† said Ron, shaking his head darkly. â€Å"I suppose we've got to trust him, haven't we?† The only person apart from Ron and Hermione that Harry felt able to talk to was Hagrid. As there was no longer a Defense Against the Dark Arts teacher, they had those lessons free. They used the one on Thursday afternoon to go down and visit Hagrid in his cabin. It was a bright and sunny day; Fang bounded out of the open door as they approached, barking and wagging his tail madly. â€Å"Who's that?† called Hagrid, coming to the door. â€Å"Harry!† He strode out to meet them, pulled Harry into a one-armed hug, ruffled his hair, and said, â€Å"Good ter see yeh, mate. Good ter see yeh.† They saw two bucket-size cups and saucers on the wooden table in front of the fireplace when they entered Hagrid's cabin. â€Å"Bin havin' a cuppa with Olympe,† Hagrid said. â€Å"She's jus' left.† â€Å"Who?† said Ron curiously. â€Å"Madame Maxime, o' course!† said Hagrid. â€Å"You two made up, have you?† said Ron. â€Å"Dunno what yeh're talkin' about,† said Hagrid airily, fetching more cups from the dresser. When he had made tea and offered around a plate of doughy cookies, he leaned back in his chair and surveyed Harry closely through his beetle-black eyes. â€Å"You all righ'?† he said gruffly â€Å"Yeah,† said Harry. â€Å"No, yeh're not,† said Hagrid. â€Å"Course yeh're not. But yeh will be.† Harry said nothing. â€Å"Knew he was goin' ter come back,† said Hagrid, and Harry, Ron, and Hermione looked up at him, shocked. â€Å"Known it fer years. Harry. Knew he was out there, bidin' his time. It had ter happen. Well, now it has, an' we'll jus' have ter get on with it. We'll fight. Migh' be able ter stop him before he gets a good hold. That's Dumbledores plan, anyway. Great man, Dumbledore. ‘S long as we've got him, I'm not too worried.† Hagrid raised his bushy eyebrows at the disbelieving expressions on their faces. â€Å"No good sittin' worryin' abou' it,† he said. â€Å"What's comin' will come, an we'll meet it when it does. Dumbledore told me wha' you did. Harry.† Hagrid's chest swelled as he looked at Harry. â€Å"Yeh did as much as yer father would've done, an' I can' give yeh no higher praise than that.† Harry smiled back at him. It was the first time he'd smiled in days. â€Å"What's Dumbledore asked you to do, Hagrid?† he asked. â€Å"He sent Professor McGonagall to ask you and Madame Maxime to meet him – that night.† â€Å"Got a little job fer me over the summer,† said Hagrid. â€Å"Secret, though. I'm not s'pposed ter talk abou' it, no, not even ter you lot. Olympe – Madame Maxime ter you – might be comin' with me. I think she will. Think I got her persuaded.† â€Å"Is it to do with Voldemort?† Hagrid flinched at the sound of the name. â€Å"Migh' be,† he said evasively. â€Å"Now†¦who'd like ter come an' visit the las' skrewt with me? I was jokin' – jokin'!† he added hastily, seeing the looks on their faces. It was with a heavy heart that Harry packed his trunk up in the dormitory on the night before his return to Privet Drive. He was dreading the Leaving Feast, which was usually a cause for celebration, when the winner of the Inter-House Championship would be announced. He had avoided being in the Great Hall when it was full ever since he had left the hospital wing, preferring to eat when it was nearly empty to avoid the stares of his fellow students. When he, Ron, and Hermione entered the Hall, they saw at once that the usual decorations were missing. The Great Hall was normally decorated with the winning House's colors for the Leaving Feast. Tonight, however, there were black drapes on the wall behind the teachers' table. Harry knew instantly that they were there as a mark of respect to Cedric. The real Mad-Eye Moody was at the staff table now, his wooden leg and his magical eye back in place. He was extremely twitchy, jumping every time someone spoke to him. Harry couldn't blame him; Moody's fear of attack was bound to have been increased by his ten-month imprisonment in his own trunk. Professor Karkaroff's chair was empty. Harry wondered, as he sat down with the other Gryffindors, where Karkaroff was now, and whether Voldemort had caught up with him. Madame Maxime was still there. She was sitting next to Hagrid. They were talking quietly together. Further along the table, sitting next to Professor McGonagall, was Snape. His eyes lingered on Harry for a moment as Harry looked at him. His expression was difficult to read. He looked as sour and unpleasant as ever. Harry continued to watch him, long after Snape had looked away. What was it that Snape had done on Dumbledores orders, the night that Voldemort had returned? And why†¦why†¦was Dumbledore so convinced that Snape was truly on their side? He had been their spy, Dumbledore had said so in the Pensieve. Snape had turned spy against Voldemort, â€Å"at great personal risk.† Was that the job he had taken up again? Had he made contact with the Death Eaters, perhaps? Pretended that he had never really gone over to Dumbledore, that he had been, like Voldemort himself, biding his time? Harry's musings were ended by Professor Dumbledore, who stood up at the staff table. The Great Hall, which in any case had been less noisy than it usually was at the Leaving Feast, became very quiet. â€Å"The end,† said Dumbledore, looking around at them all, â€Å"of another year.† He paused, and his eyes fell upon the Hufflepuff table. Theirs had been the most subdued table before he had gotten to his feet, and theirs were still the saddest and palest faces in the Hall. â€Å"There is much that I would like to say to you all tonight,† said Dumbledore, â€Å"but I must first acknowledge the loss of a very fine person, who should be sitting here,† he gestured toward the Hufflepuffs, â€Å"enjoying our feast with us. I would like you all, please, to stand, and raise your glasses, to Cedric Diggory.† They did it, all of them; the benches scraped as everyone in the Hall stood, and raised their goblets, and echoed, in one loud, low, rumbling voice, â€Å"Cedric Diggory.† Harry caught a glimpse of Cho through the crowd. There were tears pouring silently down her face. He looked down at the table as they all sat down again. â€Å"Cedric was a person who exemplified many of the qualities that distinguish Hufflepuff house,† Dumbledore continued. â€Å"He was a good and loyal friend, a hard worker, he valued fair play. His death has affected you all, whether you knew him well or not. I think that you have the right, therefore, to know exactly how it came about.† Harry raised his head and stared at Dumbledore. â€Å"Cedric Diggory was murdered by Lord Voldemort.† A panicked whisper swept the Great Hall. People were staring at Dumbledore in disbelief, in horror. He looked perfectly calm as he watched them mutter themselves into silence. â€Å"The Ministry of Magic,† Dumbledore continued, â€Å"does not wish me to tell you this. It is possible that some of your parents will be horrified that I have done so – either because they will not believe that Lord Voldemort has returned, or because they think I should not tell you so, young as you are. It is my belief, however, that the truth is generally preferable to lies, and that any attempt to pretend that Cedric died as the result of an accident, or some sort of blunder of his own, is an insult to his memory.† Stunned and frightened, every face in the Hall was turned toward Dumbledore now†¦or almost every face. Over at the Slytherin table. Harry saw Draco Malfoy muttering something to Crabbe and Goyle. Harry felt a hot, sick swoop of anger in his stomach. He forced himself to look back at Dumbledore. â€Å"There is somebody else who must be mentioned in connection with Cedric's death,† Dumbledore went on. â€Å"I am talking, of course, about Harry Potter.† A kind of ripple crossed the Great Hall as a few heads turned in Harry's direction before flicking back to face Dumbledore. â€Å"Harry Potter managed to escape Lord Voldemort,† said Dumbledore. â€Å"He risked his own life to return Cedric's body to Hogwarts. He showed, in every respect, the sort of bravery that few wizards have ever shown in facing Lord Voldemort, and for this, I honor him.† Dumbledore turned gravely to Harry and raised his goblet once more. Nearly everyone in the Great Hall followed suit. They murmured his name, as they had murmured Cedric's, and drank to him. But through a gap in the standing figures. Harry saw that Malfoy, Crabbe, Goyle, and many of the other Slytherins had remained defiantly in their seats, their goblets untouched. Dumbledore, who after all possessed no magical eye, did not see them. When everyone had once again resumed their seats, Dumbledore continued, â€Å"The Triwizard Tournament's aim was to further and promote magical understanding. In the light of what has happened – of Lord Voldemort's return – such ties are more important than ever before.† Dumbledore looked from Madame Maxime and Hagrid, to Fleur Delacour and her fellow Beauxbatons students, to Viktor Krum and the Durmstrangs at the Slytherin table. Krum, Harry saw, looked wary, almost frightened, as though he expected Dumbledore to say something harsh. â€Å"Every guest in this Hall,† said Dumbledore, and his eyes lingered upon the Durmstrang students, â€Å"will be welcomed back here at any time, should they wish to come. I say to you all, once again – in the light of Lord Voldemort's return, we are only as strong as we are united, as weak as we are divided. Lord Voldemort's gift for spreading discord and enmity is very great. We can fight it only by showing an equally strong bond of friendship and trust. Differences of habit and language are nothing at all if our aims are identical and our hearts are open. â€Å"It is my belief- and never have I so hoped that I am mistaken – that we are all facing dark and difficult times. Some of you in this Hall have already suffered directly at the hands of Lord Voldemort. Many of your families have been torn asunder. A week ago, a student was taken from our midst. â€Å"Remember Cedric. Remember, if the time should come when you have to make a choice between what is right and what is easy, remember what happened to a boy who was good, and kind, and brave, because he strayed across the path of Lord Voldemort. Remember Cedric Diggory.† Harry's trunk was packed; Hedwig was back in her cage on top of it. He, Ron, and Hermione were waiting in the crowded entrance hall with the rest of the fourth years for the carriages that would take them back to Hogsmeade station. It was another beautiful summer's day. He supposed that Privet Drive would be hot and leafy, its flower beds a riot of color, when he arrived there that evening. The thought gave him no pleasure at all. â€Å"‘Arry!† He looked around. Fleur Delacour was hurrying up the stone steps into the castle. Beyond her, far across the grounds. Harry could see Hagrid helping Madame Maxime to back two of the giant horses into their harness. The Beauxbatons carriage was about to take off. â€Å"We will see each uzzer again, I ‘ope,† said Fleur as she reached him, holding out her hand. â€Å"I am ‘oping to get a job ‘ere, to improve my Eenglish.† â€Å"It's very good already,† said Ron in a strangled sort of voice. Fleur smiled at him; Hermione scowled. â€Å"Good-bye, ‘Arry,† said Fleur, turning to go. â€Å"It ‘az been a pleasure meeting you!† Harry's spirits couldn't help but lift slightly as he watched Fleur hurry back across the lawns to Madame Maxime, her silvery hair rippling in the sunlight. Wonder how the Durmstrang students are getting back,† said Ron. â€Å"D' you reckon they can steer that ship without Karkaroff?† â€Å"Karkaroff did not steer,† said a gruff voice. â€Å"He stayed in his cabin and let us do the vork.† Krum had come to say good-bye to Hermione. â€Å"Could I have a vord?† he asked her. â€Å"Oh†¦yes†¦all right,† said Hermione, looking slightly flustered, and following Krum through the crowd and out of sight. â€Å"You'd better hurry up!† Ron called loudly after her. â€Å"The carriages'll be here in a minute!† He let Harry keep a watch for the carriages, however, and spent the next few minutes craning his neck over the crowd to try and see what Krum and Hermione might be up to. They returned quite soon. Ron stared at Hermione, but her face was quite impassive. â€Å"I liked Diggory,† said Krum abruptly to Harry. â€Å"He vos alvays polite to me. Alvays. Even though I vos from Durmstrang – with Karkaroff,† he added, scowling. â€Å"Have you got a new headmaster yet?† said Harry Krum shrugged. He held out his hand as Fleur had done, shook Harry's hand, and then Ron's. Ron looked as though he was suffering some sort of painful internal struggle. Krum had already started walking away when Ron burst out, â€Å"Can I have your autograph?† Hermione turned away, smiling at the horseless carriages that were now trundling toward them up the drive, as Krum, looking surprised but gratified, signed a fragment of parchment for Ron. The weather could not have been more different on the journey back to King's Cross than it had been on their way to Hogwarts the previous September. There wasn't a single cloud in the sky. Harry, Ron, and Hermione had managed to get a compartment to themselves. Pigwidgeon was once again hidden under Ron's dress robes to stop him from hooting continually; Hedwig was dozing, her head under her wing, and Crookshanks was curled up in a spare seat like a large, furry ginger cushion. Harry, Ron, and Hermione talked more fully and freely than they had all week as the train sped them southward. Harry felt as though Dumbledore's speech at the Leaving Feast had unblocked him, somehow. It was less painful to discuss what had happened now. They broke off their conversation about what action Dumbledore might be taking, even now, to stop Voldemort only when the lunch trolley arrived. When Hermione returned from the trolley and put her money back into her schoolbag, she dislodged a copy of the Daily Prophet that she had been carrying in there. Harry looked at it, unsure whether he really wanted to know what it might say, but Hermione, seeing him looking at it, said calmly, â€Å"There's nothing in there. You can look for yourself, but there's nothing at all. I've been checking every day. Just a small piece the day after the third task saying you won the tournament. They didn't even mention Cedric. Nothing about any of it. If you ask me. Fudge is forcing them to keep quiet.† â€Å"He'll never keep Rita quiet,† said Harry. â€Å"Not on a story like this.† â€Å"Oh, Rita hasn't written anything at all since the third task,† said Hermione in an oddly constrained voice. â€Å"As a matter of fact,† she added, her voice now trembling slightly, â€Å"Rita Skeeter isn't going to be writing anything at all for a while. Not unless she wants me to spill the beans on her.† â€Å"What are you talking about?† said Ron. â€Å"I found out how she was listening in on private conversations when she wasn't supposed to be coming onto the grounds,† said Hermione in a rush. Harry had the impression that Hermione had been dying to tell them this for days, but that she had restrained herself in light of everything else that had happened. â€Å"How was she doing it?† said Harry at once. â€Å"How did you find out?† said Ron, staring at her. â€Å"Well, it was you, really, who gave me the idea. Harry,† she said. â€Å"Did I?† said Harry, perplexed. â€Å"How?† â€Å"Bugging,† said Hermione happily. â€Å"But you said they didn't work -â€Å" â€Å"Oh not electronic bugs,† said Hermione. â€Å"No, you see†¦Rita Skeeter† – Hermione's voice trembled with quiet triumph – â€Å"is an unregistered Animagus. She can turn -â€Å" Hermione pulled a small sealed glass jar out other bag. â€Å"- into a beetle.† â€Å"You're kidding,† said Ron. â€Å"You haven't†¦she's not†¦Ã¢â‚¬  â€Å"Oh yes she is,† said Hermione happily, brandishing the jar at them. Inside were a few twigs and leaves and one large, fat beetle. â€Å"That's never – you're kidding -† Ron whispered, lifting the jar to his eyes. â€Å"No, I'm not,† said Hermione, beaming. â€Å"I caught her on the windowsill in the hospital wing. Look very closely, and you'll notice the markings around her antennae are exactly like those foul glasses she wears.† Harry looked and saw that she was quite right. He also remembered something. â€Å"There was a beetle on the statue the night we heard Hagrid telling Madame Maxime about his mum!† â€Å"Exactly,† said Hermione. â€Å"And Viktor pulled a beetle out of my hair after we'd had our conversation by the lake. And unless I'm very much mistaken, Rita was perched on the windowsill of the Divination class the day your scar hurt. She's been buzzing around for stories all year.† â€Å"When we saw Malfoy under that tree†¦Ã¢â‚¬  said Ron slowly. â€Å"He was talking to her, in his hand,† said Hermione. â€Å"He knew, of course. That's how she's been getting all those nice little interviews with the Slytherins. They wouldn't care that she was doing something illegal, as long as they were giving her horrible stuff about us and Hagrid.† Hermione took the glass jar back from Ron and smiled at the beetle, which buzzed angrily against the glass. â€Å"I've told her I'll let her out when we get back to London,† said Hermione. â€Å"I've put an Unbreakable Charm on the jar, you see, so she can't transform. And I've told her she's to keep her quill to herself for a whole year. See if she can't break the habit of writing horrible lies about people.† Smiling serenely, Hermione placed the beetle back inside her schoolbag. The door of the compartment slid open. â€Å"Very clever. Granger,† said Draco Malfoy. Crabbe and Goyle were standing behind him. All three of them looked more pleased with themselves, more arrogant and more menacing, than Harry had ever seen them. â€Å"So,† said Malfoy slowly, advancing slightly into the compartment and looking slowly around at them, a smirk quivering on his lips. â€Å"You caught some pathetic reporter, and Potter's Dumbledore's favorite boy again. Big deal.† His smirk widened. Crabbe and Goyle leered. â€Å"Trying not to think about it, are we?† said Malfoy softly, looking around at all three of them. â€Å"Trying to pretend it hasn't happened?† â€Å"Get out,† said Harry. He had not been this close to Malfoy since he had watched him muttering to Crabbe and Goyle during Dumbledores speech about Cedric. He could feel a kind of ringing in his ears. His hand gripped his wand under his robes. â€Å"You've picked the losing side, Potter! I warned you! I told you you ought to choose your company more carefully, remember? When we met on the train, first day at Hogwarts? I told you not to hang around with riffraff like this!† He jerked his head at Ron and Hermione. â€Å"Too late now. Potter! They'll be the first to go, now the Dark Lord's back! Mudbloods and Muggle-lovers first! Well – second – Diggory was the f-â€Å" It was as though someone had exploded a box of fireworks within the compartment. Blinded by the blaze of the spells that had blasted from every direction, deafened by a series of bangs, Harry blinked and looked down at the floor. Malfoy, Crabbe, and Goyle were all lying unconscious in the doorway. He, Ron, and Hermione were on their feet, all three of them having used a different hex. Nor were they the only ones to have done so. â€Å"Thought we'd see what those three were up to,† said Fred matter-of-factly, stepping onto Goyle and into the compartment. He had his wand out, and so did George, who was careful to tread on Malfoy as he followed Fred inside. â€Å"Interesting effect,† said George, looking down at Crabbe. â€Å"Who used the Furnunculus Curse?† â€Å"Me,† said Harry. â€Å"Odd,† said George lightly. â€Å"I used Jelly-Legs. Looks as though those two shouldn't be mixed. He seems to have sprouted little tentacles all over his face. Well, let's not leave them here, they don't add much to the decor.† Ron, Harry, and George kicked, rolled, and pushed the unconscious Malfoy, Crabbe, and Goyle – each of whom looked distinctly the worse for the jumble of jinxes with which they had been hit – out into the corridor, then came back into the compartment and rolled the door shut. â€Å"Exploding Snap, anyone?† said Fred, pulling out a pack of cards. They were halfway through their fifth game when Harry decided to ask them. â€Å"You going to tell us, then?† he said to George. â€Å"Who you were blackmailing?† â€Å"Oh,† said George darkly. â€Å"That.† â€Å"It doesn't matter,† said Fred, shaking his head impatiently. â€Å"It wasn't anything important. Not now, anyway.† â€Å"We've given up,† said George, shrugging. But Harry, Ron, and Hermione kept on asking, and finally, Fred said, â€Å"All right, all right, if you really want to know†¦it was Ludo Bagman.† â€Å"Bagman?† said Harry sharply. â€Å"Are you saying he was involved in -â€Å" â€Å"Nah,† said George gloomily. â€Å"Nothing like that. Stupid git. He wouldn't have the brains.† â€Å"Well, what, then?† said Ron. Fred hesitated, then said, â€Å"You remember that bet we had with him at the Quidditch World Cup? About how Ireland would win, but Krum would get the Snitch?† â€Å"Yeah,† said Harry and Ron slowly. â€Å"Well, the git paid us in leprechaun gold he'd caught from the Irish mascots.† â€Å"So?† â€Å"So,† said Fred impatiently, â€Å"it vanished, didn't it? By next morning, it had gone!† â€Å"But – it must've been an accident, mustn't it?† said Hermione. George laughed very bitterly. â€Å"Yeah, that's what we thought, at first. We thought if we just wrote to him, and told him he'd made a mistake, he'd cough up. But nothing doing. Ignored our letter. We kept trying to talk to him about it at Hogwarts, but he was always making some excuse to get away from us.† â€Å"In the end, he turned pretty nasty,† said Fred. â€Å"Told us we were too young to gamble, and he wasn't giving us anything.† â€Å"So we asked for our money back,† said George glowering. â€Å"He didn't refuse!† gasped Hermione. â€Å"Right in one,† said Fred. â€Å"But that was all your savings!† said Ron. â€Å"Tell me about it,† said George. â€Å"‘Course, we found out what was going on in the end. Lee Jordan's dad had had a bit of trouble getting money off Bagman as well. Turns out he's in big trouble with the goblins. Borrowed loads of gold off them. A gang of them cornered him in the woods after the World Cup and took all the gold he had, and it still wasn't enough to cover all his debts. They followed him all the way to Hogwarts to keep an eye on him. He's lost everything gambling. Hasn't got two Galleons to rub together. And you know how the idiot tried to pay the goblins back?† â€Å"How?† said Harry. â€Å"He put a bet on you, mate,† said Fred. â€Å"Put a big bet on you to win the tournament. Bet against the goblins.† â€Å"So that's why he kept trying to help me win!† said Harry. â€Å"Well – I did win, didn't I? So he can pay you your gold!† â€Å"Nope,† said George, shaking his head. â€Å"The goblins play as dirty as him. They say you drew with Diggory, and Bagman was betting you'd win outright. So Bagman had to run for it. He did run for it right after the third task.† George sighed deeply and started dealing out the cards again. The rest of the journey passed pleasantly enough; Harry wished it could have gone on all summer, in fact, and that he would never arrive at King's Cross†¦but as he had learned the hard way that year, time will not slow down when something unpleasant lies ahead, and all too soon, the Hogwarts Express was pulling in at platform nine and three-quarters. The usual confusion and noise filled the corridors as the students began to disembark. Ron and Hermione struggled out past Malfoy, Crabbe, and Goyle, carrying their trunks. Harry, however, stayed put. â€Å"Fred – George – wait a moment.† The twins turned. Harry pulled open his trunk and drew out his Triwizard winnings. â€Å"Take it,† he said, and he thrust the sack into George's hands. â€Å"What?† said Fred, looking flabbergasted. â€Å"Take it,† Harry repeated firmly. â€Å"I don't want it.† â€Å"You're mental,† said George, trying to push it back at Harry. â€Å"No, I'm not,† said Harry. â€Å"You take it, and get inventing. It's for the joke shop.† â€Å"He is mental,† Fred said in an almost awed voice. â€Å"Listen,† said Harry firmly. â€Å"If you don't take it, I'm throwing it down the drain. I don't want it and I don't need it. But I could do with a few laughs. We could all do with a few laughs. I've got a feeling we're going to need them more than usual before long.† â€Å"Harry,† said George weakly, weighing the money bag in his hands, â€Å"there's got to be a thousand Galleons in here.† â€Å"Yeah,† said Harry, grinning. â€Å"Think how many Canary Creams that is.† The twins stared at him. â€Å"Just don't tell your mum where you got it†¦although she might not be so keen for you to join the Ministry anymore, come to think of it†¦.† â€Å"Harry,† Fred began, but Harry pulled out his wand. â€Å"Look,† he said flatly, â€Å"take it, or I'll hex you. I know some good ones now. Just do me one favor, okay? Buy Ron some different dress robes and say they're from you.† He left the compartment before they could say another word, stepping over Malfoy, Crabbe, and Goyle, who were still lying on the floor, covered in hex marks. Uncle Vernon was waiting beyond the barrier. Mrs. Weasley was close by him. She hugged Harry very tightly when she saw him and whispered in his ear, â€Å"I think Dumbledore will let you come to us later in the summer. Keep in touch, Harry.† â€Å"See you. Harry,† said Ron, clapping him on the back. â€Å"‘Bye, Harry!† said Hermione, and she did something she had never done before, and kissed him on the cheek. â€Å"Harry – thanks,† George muttered, while Fred nodded fervently at his side. Harry winked at them, turned to Uncle Vernon, and followed him silently from the station. There was no point worrying yet, he told himself, as he got into the back of the Dursleys' car. As Hagrid had said, what would come, would come†¦and he would have to meet it when it did.