Financial Analysis Of Vtb Bank Russia Finance Essay - Free Essay Example

VTB Bank is the largest financial institution in Russia. It is the main entity of the VTB Group, a leading universal Russian banking group offering a wide range of banking products and services in Russia, the CIS, Western Europe, Africa and Asia. In 2007 disposable household income grew by 10.4%. The average salary reached RUB 13,527; its real growth was 16.2%. These indicators are reflected in the development of the banking sector. Positive economic trends and rising household income led to increased activity of Russian citizens on financial markets. VTB was in a strong position to meet this growing demand as witnessed by the positive growth in all key areas of the Banks business. Last year the Russian economy faced a series of problems. First and foremost, the most pressing problem was inflation, which was tied to a significant degree, to the rising prices for certain goods on world markets. Our country, which is already highly integrated into the global economy, felt the effect of the negative developments in the economy. Thanks to effective delivery of its strategy, VTB managed to neutralize the consequences of these trends and significantly decrease the level of macroeconomic risks. The outcome of these efforts is VTBs impressive results, which are reflected in this report. The key indicators of banking activity in Russia allow us to characterize 2007 as a very successful year for the banking sector. The rate of growth of most indicators was the highest in recent years. Banking sector assets grew by 44.1%, while the rate of capital growth was 57.8%. Even in this context, VTBs success stands out. Its growth significantly outstripped the market average. For example, VTBs assets grew by 76.7% due mainly to the IPO carried out this year, the largest among European banks in 2007. VTBs contribution to the development of the banking sector and the Russian economy, as a whole, is increasing with every year. VTB is among the leaders in virtually all spheres of financial activity, and is one of the fastest growing banking groups in the country. Key Financial Operational Indicators: Financial Results I n t e r e s t i n c o m e 1 9 6 6 5 5 3 0 I n t e r e s t e x p e n s e 1 9 ( 3 4 5 ) ( 1 8 2 ) ( P r o v i s i o n f o r ) r e l e a s e o f l o a n i m p a i r m e n t 7 , 8 ( 7 8 ) 3 6 G a i n s l e s s l o s s e s a r i s i n g f r o m t r a d i n g s e c u r i t i e s 1 0 5 3 6 G a i n s l e s s l o s s e s a r i s i n g f r o m i n v e s t m e n t s e c u r i t i e s a v a i l a b l e f o r s a l e 1 0 5 1 6 8 G a i n s l e s s l o s s e s a r i s i n g f r o m d e a l i n g i n f o r e i g n c u r r e n c i e s 3 4 1 7 G a i n s l e s s l o s s e s f r o m d e r i v a t i v e f i n a n c i a l i n s t r u m e n t s 2 7 2 4 7 F o r e i g n e x c h a n e t r a n s l a t i o n g a i n s l e s s l o s s e s 2 2 ( 2 3 ) F e e a n d c o m m i s s i o n i n c o m e 2 0 7 4 4 4 F e e a n d c o m m i s s i o n e x p e n s e 2 0 ( 6 ) ( 6 ) O t h e r o p e r a t i n g i n c o m e 2 1 6 1 2 0 O p e r a t i n g e x p e n s e s 2 2 ( 3 9 1 ) ( 2 6 3 ) I n c o m e t a x b e n e f i t ( e x p e n s e ) 2 3 1 7 ( 1 0 6 ) M i n o r i t y i n t e r e s t 1 7 ( 2 3 ) ( 1 7 ) CAMELS ANALYSIS The banking sector has been undergoing a complex, but comprehensive phase of restructuring since 1991, with a view to make it sound, efficient, and at the same time forging its links firmly with the real sector for promotion of savings, investment and growth. Although a complete turnaround in banking sector performance is not expected till the completion of reforms, signs of improvement are visible in some indicators under the CAMEL framework. Under this bank is required to enhance capital adequacy, strengthen asset quality, improve management, increase earnings and reduce sensitivity to various financial risks. The almost simultaneous nature of these developments makes it difficult to disentangle the positive impact of reform measures. Keeping this in mind, signs of improvements and deteriorations are discussed for the three groups of scheduled banks in the following sections. CAMELS Framework Supervisory framework, consistent with international norms, covers risk-monitoring factors for evaluating the performance of banks. This framework involves the analyses of six groups of indicators reflecting the health of financial institutions. The indicators are as follows: CAPITAL ADEQUACY ASSET QUALITY MANAGEMENT SOUNDNESS EARNINGS PROFITABILITY LIQUIDITY SENSITIVITY TO MARKET RISK The whole banking scenario has changed in the very recent past on the recommendations of Narasimham Committee. Further BASELL II Norms were introduced to internationally standardize processes and make the banking industry more adaptive to the sensitive market risks. The fact that banks work under the most volatile conditions and the banking industry as such in the booming phase makes it an interesting subject of study. Amongst these reforms and restructuring the CAMELS Framework has its own contribution to the way modern banking is looked up on now. The attempt here is to see how various ratios have been used and interpreted to reveal a banks performance and how this particular model encompasses a wide range of parameters making it a widely used and accepted model in todays scenario. Capital Adequacy Capital base of financial institutions facilitates depositors in forming their risk perception about the institutions. Also, it is the key parameter for financial managers to maintain adequate levels of capitalization. Moreover, besides absorbing unanticipated shocks, it signals that the institution will continue to honor its obligations. The most widely used indicator of capital adequacy is capital to risk-weighted assets ratio (CRWA). According to Bank Supervision Regulation Committee (The Basle Committee) of Bank for International Settlements, a minimum 8 percent CRWA is required. Capital adequacy ultimately determines how well financial institutions can cope with shocks to their balance sheets. Thus, it is useful to track capital-adequacy ratios that take into account the most important financial risks-foreign exchange, credit, and interest rate risks-by assigning risk weightings to the institutions assets. A Capital Adequacy Ratio is a measure of a banks capital. It is expressed as a percentage of a banks risk weighted credit exposures. Also known as Capital to Risk Weighted Assets Ratio (CRAR). Capital adequacy is measured by the ratio of capital to risk-weighted assets (CRAR). A sound capital base strengthens confidence of depositors. This ratio is used to protect depositors and promote the stability and efficiency of financial systems around the world. Capital Adequacy ratio: For year 2007, 2005, 2004 2003 was 14.5%, 14.1%, 12.0% 19.6% respectively which are exceeded minimum 8% recommended by Basel Accord. Asset Quality: Asset quality determines the robustness of financial institutions against loss of value in the assets. The deteriorating value of assets, being prime source of banking problems, directly pour into other areas, as losses are eventually written-off against capital, which ultimately jeopardizes the earning capacity of the institution. With this backdrop, the asset quality is gauged in relation to the level and severity of non-performing assets, adequacy of provisions, recoveries, distribution of assets etc. Popular indicators include non-performing loans to advances, loan default to total advances, and recoveries to loan default ratios. The solvency of financial institutions typically is at risk when their assets become impaired, so it is important to monitor indicators of the quality of their assets in terms of overexposure to specific risks, trends in nonperforming loans, and the health and profitability of bank borrowers- especially the corporate sector. Share of bank assets in the aggregate financial sector assets: In most emerging markets, banking sector assets comprise well over 80 per cent of total financial sector assets, whereas these figures are much lower in the developed economies. Furthermore, deposits as a share of total bank liabilities have declined since 1990 in many developed countries, while in developing countries public deposits continue to be dominant in banks. In India, the share of banking assets in total financial sector assets is around 75 per cent, as of end-March 2008. There is, no doubt, merit in recognizing the importance of diversification in the institutional and instrument-specific a spects of financial intermediation in the interests of wider choice, competition and stability. However, the dominant role of banks in financial intermediation in emerging economies and particularly in India will continue in the medium-term; and the banks will continue to be special for a long time. In this regard, it is useful to emphasis the dominance of banks in the developing countries in promoting non-bank financial intermediaries and services including in development of debt-markets. Even where role of banks is apparently diminishing in emerging markets, substantively, they continue to play a leading role in non-banking financing activities, including the development of financial markets. One of the indicators for asset quality is the ratio of non-performing loans to total loans (GNPA). The gross non-performing loans to gross advances ratio is more indicative of the quality of credit decisions made by bankers. Higher GNPA is indicative of poor credit decision-making. NPA: Non-Performing Assets Advances are classified into performing and non-performing advances (NPAs) as per RBI guidelines. NPAs are further classified into sub-standard, doubtful and loss assets based on the criteria stipulated by RBI. An asset, including a leased asset, becomes non-performing when it ceases to generate income for the Bank. An NPA is a loan or an advance where: Interest and/or installment of principal remains overdue for a period of more than 90 days in respect of a term loan; The account remains out-of-order in respect of an Overdraft or Cash Credit (OD/CC); The bill remains overdue for a period of more than 90 days in case of bills purchased and discounted; A loan granted for short duration crops will be treated as an NPA if the installments of principal or interest thereon remain overdue for two crop seasons; and A loan granted for long duration crops will be treated as an NPA if the installments of principal or interest thereon remain overdue for one crop season. The Bank classifies an account as an NPA only if the interest imposed during any quarter is not fully repaid within 90 days from the end of the relevant quarter. This is a key to the stability of the banking sector. There should be no hesitation in stating that Indian banks have done a remarkable job in containment of non-performing loans (NPL) considering the overhang issues and overall difficult environment. For 2008, the net NPL ratio for the Indian scheduled commercial banks at 2.9 per cent is ample testimony to the impressive efforts being made by our banking system. In fact, recovery management is also linked to the banks interest margins. The cost and recovery management supported by enabling legal framework hold the key to future health and competitiveness of the Indian banks. No doubt, improving recovery-management in India is an area requiring expeditious and effective actions in legal, institutional and judicial processes. Management Soundness Management of financial institution is generally evaluated in terms of capital adequacy, asset quality, earnings and profitability, liquidity and risk sensitivity ratings. In addition, performance evaluation includes compliance with set norms, ability to plan and react to changing circumstances, technical competence, leadership and administrative ability. In effect, management rating is just an amalgam of performance in the above-mentioned areas. Sound management is one of the most important factors behind financial institutions performance. Indicators of quality of management, however, are primarily applicable to individual institutions, and cannot be easily aggregated across the sector. Furthermore, given the qualitative nature of management, it is difficult to judge its soundness just by looking at financial accounts of the banks. Nevertheless, total expenditure to total income and operating expense to total expense helps in gauging the management quality of the banking institutions. Sound management is key to bank performance but is difficult to measure. It is primarily a qualitative factor applicable to individual institutions. Several indicators, however, can jointly serve-as, for instance, efficiency measures do-as an indicator of management soundness. The ratio of non-interest expenditures to total assets (MGNT) can be one of the measures to assess the working of the management. . This variable, which includes a variety of expenses, such as payroll, workers compensation and training investment, reflects the management policy stance. Efficiency Ratios demonstrate how efficiently the company uses its assets and how efficiently the company manages its operations. Asset Turnover Ratio=Revenue/ Total Assets Indicates the relationship between assets and revenue. Things to remember Companies with low profit margins tend to have high asset turnover, those with high profit margins have low asset turnover it indicates pricing strategy. This ratio is more useful for growth companies to check if in fact they are growing revenue in proportion to sales. Asset Turnover Analysis: This ratio is useful to determine the amount of sales that are generated from each dollar of assets. As noted above, companies with low profit margins tend to have high asset turnover, those with high profit margins have low asset turnover. Earnings Profitability Earnings and profitability, the prime source of increase in capital base, is examined with regards to interest rate policies and adequacy of provisioning. In addition, it also helps to support present and future operations of the institutions. The single best indicator used to gauge earning is the Return on Assets (ROA), which is net income after taxes to total asset ratio. Strong earnings and profitability profile of banks reflects the ability to support present and future operations. More specifically, this determines the capacity to absorb losses, finance its expansion, pay dividends to its shareholders, and build up an adequate level of capital. Being front line of defense against erosion of capital base from losses, the need for high earnings and profitability can hardly be overemphasized. Although different indicators are used to serve the purpose, the best and most widely used indicator is Return on Assets (ROA). However, for in-depth analysis, another indicator Net Interest Margins (NIM) is also used. Chronically unprofitable financial institutions risk insolvency. Compared with most other indicators, trends in profitability can be more difficult to interpret-for instance, unusually high profitability can reflect excessive risk taking. ROA-Return On Assets An indicator of how profitable a company is relative to its total assets.ÂÂ  ROA gives an ideaÂÂ  as to how efficientÂÂ  management isÂÂ  at using its assets to generate earnings.ÂÂ  Calculated by dividing a companys annual earnings by its total assets, ROA is displayed as a percentage. Sometimes this is referred to as return on investment. The formula for return on assets is: ROAÂÂ  tells what earnings were generated from invested capital (assets). ROA for public companies can vary substantially and will be highly dependent on the industry. This is why when using ROA as a comparative measure,ÂÂ  it is best to compare it againstÂÂ  a companysÂÂ  previous ROA numbers or the ROA of a similar company.ÂÂ   The assets of the company are comprised of both debt and equity. Both of these types of financing are used to fund the operations of the company. The ROA figure gives investors an ideaÂÂ  of how effectively the company is converting the moneyÂÂ  it hasÂÂ  to invest into net income. The higher the ROA number, the better, because the company is earning more money on less investment. For example, if one company has a net income of $1 millionÂÂ  and totalÂÂ  assets of $5 million, its ROA is 20%; however, if another company earns the same amount but has total assets of $10 million,ÂÂ  it hasÂÂ  an ROA of 10%. Based on this example, the first companyÂÂ  is better at converting its investment into profit. When you really think about it,ÂÂ  managements most important job is to make wise choicesÂÂ  in allocatingÂÂ  its resources. Anybody can make a profit by throwing a ton of money at a problem, butÂÂ  very few managers excel at maki ng large profits with little investment Liquidity An adequate liquidity position refers to a situation, where institution can obtain sufficient funds, either by increasing liabilities or by converting its assets quickly at a reasonable cost. It is, therefore, generally assessed in terms of overall assets and liability management, as mismatching gives rise to liquidity risk. Efficient fund management refers to a situation where a spread between rate sensitive assets (RSA) and rate sensitive liabilities (RSL) is maintained. The most commonly used tool to evaluate interest rate exposure is the Gap between RSA and RSL, while liquidity is gauged by liquid to total asset ratio. Initially solvent financial institutions may be driven toward closure by poor management of short-term liquidity. Indicators should cover funding sources and capture large maturity mismatches. The term liquidity is used in various ways, all relating to availability of, access to, or convertibility into cash. An institution is said to have liquidity if it can easily meet its needs for cash either because it has cash on hand or can otherwise raise or borrow cash. A market is said to be liquid if the instruments it trades can easily be bought or sold in quantity with little impact on market prices. An asset is said to be liquid if the market for that asset is liquid. The common theme in all three contexts is cash. A corporation is liquid if it has ready access to cash. A market is liquid if participants can easily convert positions into cash-or conversely. An asset is liquid if it can easily be converted to cash. The liquidity of an institution depends on: the institutions short-term need for cash; cash on hand; available lines of credit; the liquidity of the institutions assets; The institutions reputation in the marketplace-how willing will counterparty is to transact trades with or lend to the institution? The liquidity of a market is often measured as the size of its bid-ask spread, but this is an imperfect metric at best. More generally, Kyle (1985) identifies three components of market liquidity: Tightness is the bid-ask spread; Depth is the volume of transactions necessary to move prices; Resiliency is the speed with which prices return to equilibrium following a large trade. Examples of assets that tend to be liquid include foreign exchange; stocks traded in the Stock Exchange or recently issued Treasury bonds. Assets that are often illiquid include limited partnerships, thinly traded bonds or real estate. Cash maintained by the banks and balances with central bank, to total asset ratio (LQD) is an indicator of banks liquidity. In general, banks with a larger volume of liquid assets are perceived safe, since these assets would allow banks to meet unexpected withdrawals. Credit deposit ratio is a tool used to study the liquidity position of the bank. It is calculated by dividing the cash held in different forms by total deposit. A high ratio shows that there is more amounts of liquid cash with the bank to met its clients cash withdrawals. Sensitivity To Market Risk It refers to the risk that changes in market conditions could adversely impact earnings and/or capital. Market Risk encompasses exposures associated with changes in interest rates, foreign exchange rates, commodity prices, equity prices, etc. While all of these items are important, the primary risk in most banks is interest rate risk (IRR), which will be the focus of this module. The diversified nature of bank operations makes them vulnerable to various kinds of financial risks. Sensitivity analysis reflects institutions exposure to interest rate risk, foreign exchange volatility and equity price risks (these risks are summed in market risk). Risk sensitivity is mostly evaluated in terms of managements ability to monitor and control market risk. Banks are increasingly involved in diversified operations, all of which are subject to market risk, particularly in the setting of interest rates and the carrying out of foreign exchange transactions. In countries that allow banks to make trades in stock markets or commodity exchanges, there is also a need to monitor indicators of equity and commodity price risk. Interest Rate Risk Basics In the most simplistic terms, interest rate risk is a balancing act. Banks are trying to balance the quantity of repricing assets with the quantity of repricing liabilities. For example, when a bank has more liabilities repricing in a rising rate environment than assets repricing, the net interest margin (NIM) shrinks. Conversely, if your bank is asset sensitive in a rising interest rate environment, your NIM will improve because you have more assets repricing at higher rates. An extreme example of a repricing imbalance would be funding 30-year fixed-rate mortgages with 6-month CDs. You can see that in a rising rate environment the impact on the NIM could be devastating as the liabilities reprice at higher rates but the assets do not. Because of this exposure, banks are required to monitor and control IRR and to maintain a reasonably well-balanced position. Liquidity risk is financial risk due to uncertain liquidity. An institution might lose liquidity if its credit rating falls, it experiences sudden unexpected cash outflows, or some other event causes counterparties to avoid trading with or lending to the institution. A firm is also exposed to liquidity risk if markets on which it depends are subject to loss of liquidity. Liquidity risk tends to compound other risks. If a trading organization has a position in an illiquid asset, its limited ability to liquidate that position at short notice will compound its market risk. Suppose a firm has offsetting cash flows with two different counterparties on a given day. If the counterparty that owes it a payment defaults, the firm will have to raise cash from other sources to make its payment. Should it be unable to do so, it too we default. Here, liquidity risk is compounding credit risk. Accordingly, liquidity risk has to be managed in addition to market, credit and other risks. Because of its tendency to compound other risks, it is difficult or impossible to isolate liquidity risk. In all but the most simple of circumstances, comprehensive metrics of liquidity risk dont exist. Certain techniques of asset-liability management can be applied to assessing liquidity risk. If an organizations cash flows are largely contingent, liquidity risk may be assessed using some form of scenario analysis. Construct multiple scenarios for market movements and defaults over a given period of time. Assess day-to-day cash flows under each scenario. Because balance sheets differed so significantly from one organization to the next, there is little standardization in how such analyses are implemented. Regulators are primarily concerned about systemic implications of liquidity risk. Business activities entail a variety of risks. For convenience, we distinguish between different categories of risk: market risk, credit risk, liquidity risk, etc. Although such categorization is convenient, it is only informal. Usage and definitions vary. Boundaries between categories are blurred. A loss due to widening credit spreads may reasonably be called a market loss or a credit loss, so market risk and credit risk overlap. Liquidity risk compounds other risks, such as market risk and credit risk. It cannot be divorced from the risks it compounds. An important but somewhat ambiguous distinguish is that between market risk and business risk. Market risk is exposure to the uncertain market value of a portfolio. Business risk is exposure to uncertainty in economic value that cannot be marked-to-market. The distinction between market risk and business risk parallels the distinction between market-value accounting and book-value accounting. The distinction between market risk and business risk is ambiguous because there is a vast gray zone between the two. There are many instruments for which markets exist, but the markets are illiquid. Mark-to-market values are not usually available, but mark-to-model values provide a more-or-less accurate reflection of fair value. Do these instruments pose business risk or market risk? The decision is important because firms employ fundamentally different techniques for managing the two risks. Business risk is managed with a long-term focus. Techniques include the careful development of business plans and appropriate management oversight. book-value accounting is generally used, so the issue of day-to-day performance is not material. The focus is on achieving a good return on investment over an extended horizon. Market risk is managed with a short-term focus. Long-term losses are avoided by avoiding losses from one day to the next. On a tactical level, traders and portfolio managers employ a variety of risk metrics -duration and convexity, the Greeks, beta, etc.-to assess their exposures. These allow them to identify and reduce any exposures they might consider excessive. On a more strategic level, organizations manage market risk by applying risk limits to traders or portfolio managers activities. Increasingly, value-at-risk is being used to define and monitor these limits. Some organizations also apply stress testing to their portfolios. Profitability Ratios Million US $ No Description 2002 2003 2004 2005 2006 2007 Trends 1 Net Worth 2194 2478 2709 5269 6992 16501 ÂÂ   2 Profit After Tax 278 287 208 511 1179 1514 ÂÂ   3 Total Assets 7272 11228 17810 36723 52403 92609 ÂÂ   4 Interest Income 530 665 1049 1759 3606 5387 ÂÂ   5 Interest Expenses 182 345 475 920 1892 2831 ÂÂ   6 Deposits 3722 6071 9278 19396 27575 51892 ÂÂ   7 Borrowings 694 707 1729 2937 4468 5176 ÂÂ   8 Non-Interest Income 419 263 546 779 1538 1702 ÂÂ   9 Net Interest Income 348 320 574 839 1,714 2,556 ÂÂ   10 Operating Expenses 263 391 628 850 2011 1460 ÂÂ   11 Provision Against NPAs ÂÂ   ÂÂ   196 103 442 526 ÂÂ   1 Return on Equity = (2/1) 12.67% 11.58% 7.68% 9.70% 16.86% 9.18% 3.08 2 Return on Assets = (2/3) 3.82% 2.56% 1.17% 1.39% 2.25% 1.63% 2.92 3 Net Interest Margin = (4-5)/3 4.79% 2.85% 3.22% 2.28% 3.27% 2.76% 2.99 4 Interest Income Ratio = (4/3) 7.29% 5.92% 5.89% 4.79% 6.88% 5.82% 3.03 5 Interest Expense Ratio = 5 / (6+7) 4.12% 5.09% 4.32% 4.12% 5.90% 4.96% 3.05 6 Non-Interest Income Ratio = (8/9) 120.40% 82.19% 95.12% 92.85% 89.73% 66.59% 2.91 7 Operating Expense Ratio = (10) / (8+9) 34.29% 67.07% 56.07% 52.53% 61.84% 34.29% 2.78 8 NPA Provision Ratio = (11/9) 0.00% 0.00% 34.15% 12.28% 25.79% 20.58% 3.35 Mostly flat or declining Trend Few Financial Data Analysis 2003 2002 2001 Assets increased to US$92,609 million, up 76.7% from 2006, and net loans and advances to customers increased to US$58,549 million, up 100.1% from 2006. The proportion of the net loan portfolio to total assets has increased to 63.2% from 55.8% in 2006. At the same time as we increase assets, we are maintaining a firm grip on credit quality. The share of overdue and rescheduled loans in the gross loan portfolio decreased to 1.4% by the end of 2007 from 2.1% at the end of 2006, while the provisioning rate decreased to 1.3% from 1.8%. Coverage of overdue and rescheduled loans by allowances for loan impairment stood at a comfortable level of 176.5% as of December 31, 2007. VTB Groups consolidated net profit for 2007 amounted to US$1,514 million, up 28.4% from 2006, as a result of strong loan portfolio growth. Core income, which includes net interest and fee and commission income before exceptional item, rose by 48.0% to US$ 3,056 million, reflecting strong growth throughout the Groups key strategic areas. Net interest income grew by US$842 million (49.2%), and net fee and commission income, adjusted for the IPO-related depositary appointment fee, grew by US$149 million (42.5%) compared to 2006. Net interest margin remained broadly stable at 4.4% with increased contribution from our retail business. Operating costs increased by 42.2% in 2007, reflecting the investment in growing the business, particularly in retail, as we rolled out the branch opening programme for VTB24. As a result our cost to income ratio increased to 53.6% from 50.8%, but this investment will help us achieve our long-term objectives. With a consolidated BIS Tier 1 capital of US$15,594 million, compared to US$6,357 million at December 31, 2006, and total BIS capital of US$16,978 million, compared to US$7,646 million at December 31, 2006, the bank has been able to continue to capitalise on its advantage in the fragmented domestic financial services market to win new customers and increase volumes. By the end of December 31, 2007, our total capital adequacy ratio was at 16% up from 14% one year ago. Given the current economic climate, VTBs strategy of diversifying its funding sources has been particularly important. With its strong brand and financial stability, VTB was able to increase customer deposits by 85.6% to US$37,098 million. Wholesale funding (which includes debt securities issued, other borrowed funds and subordinated debt) increased by 32.7% to US$ 22,836 million. In 2007, VTB successfully completed a number of planned funding transactions. Landmark fund raising deals include a Series 11 issue for EUR 1 billion, the largest Eurobond in EUR among Russian banks, and a Series 12 issue for GBP 300 million, the first ever GBP issue from Russia. Despite the uncertainty in the international financial markets in the second half of 2007, in October VTB issued a double-tranche Eurobond offering for the aggregate amount of US$2 billion within the new EMTN programme. This operation is the largest international Eurobond issuance by a Russian non-sovereign borrower. This issue received strong support from the international investment community in a number of different financial markets, demonstrating confidence among international investors in the strength of VTBs credit, and the stability of the Russian banking sector.

Why Everybody Is Dead Wrong Regarding Opinion Essay Samples Grade 4

<h1>Why Everybody Is Dead Wrong Regarding Opinion Essay Samples Grade 4 </h1> <p>All individuals would show regard, hear one out another, and get familiar with a few new subjects since they were together. This will dispense with people which don't have a plan. Understudies likewise utilized the discussion segment of the on-line problems.</p> <p>A powerful discourse is furnished with the goal of convincing the crowd to feel a specific strategy to make a specific move or to help a specific view or cause. A metaphor is a way to think about two particular things using the interfacing words like or as to have the option to make a captivating association in the perusers mind. </p> <p>Use a short tale, a concise you're composing. Pick which thoughts are impeccable to be referenced toward the beginning, in the most significant part and at the finish of your paper. Verify that your supporting proclamations coordinate the kind of sythesis you're composing. See that the goal of an enticing discourse resembles the reason for composing a pugnacious or convincing essaythe authoritative structure and sort of data in an influential discourse would be. </p> <h2> Opinion Essay Samples Grade 4 - Overview</h2> <p>Below is a simple coordinator a portion of my understudies may likewise select to utilize. A shadow box is an awesome way to show bigger pooch related things which won't coordinate inside an ordinary casing. Indeed, even the most practiced evaluation grubber can perceive what they should fix in order to support their score.</p> <h2> The Characteristics of Opinion Essay Samples Grade 4 </h2> <p>If you wish to exp loit WordPress you have to use Linux facilitating. It is conceivable to confirm this data on the web. In the event that you are just inclined to make a common site, at that point either Linux or home windows will probably be fine. </p> <p>It is conceivable to likewise get a few limits on our site which will assist you with saving some more cash for future requests or anything you need to spend them on. In this way your decision might be restricted to what you will likely completion. The genuine people profoundly acclaim our exposition help site. In your note depict the specific blessing giving clear particulars.</p> <h2>Opinion Essay Samples Grade 4 </h2> <p>Assignments were done without any problem. Regardless of the way that you pay for schoolwork, we give those choices for nothing out of pocket. In case you're feeling sure about your article composing capacities, you can unquestionably fan out into longer and progressively expand expositions. Concentrating just will help improve your capacities. </p> <p>You are going to need to adopt a comparative strategy to genuine composition. Composing a blueprint is a fairly powerful way to deal with thoroughly consider how you'll sort out and present the information in your article. It is a blessing that falls into place without a hitch. Understudies need to see how to create convincing essaysthis aptitude is basic as it is frequently tried. </p> <h2> The Do's and Don'ts of Opinion Essay Samples Grade 4 </h2> <p>Starting now, taking notes will be a pillar of your child's instruction. Elevated View Imagine you could fly. </p> <p>In case you have any inquiries, you can connect with our benevolent help group night and day and get prompt help. You will cherish our work. Most children are obsessed with any of this, yet should you truly think about it, there are a couple of incredible things about it and some horrendous things. In the occasion the appropriate response is no, it is an art you may decide to deal with your youngster at home. </p> <h2>Top Opinion Essay Samples Grade 4 Secrets </h2> <p>Each part had incredible excitement and thoughts of what is an astounding arrangement for those assignments. You may even go for an accessible essayist to correspondence board, which conveys a quick correspondence between the writer and the client. In the event that you don't rest soundly, you're intruding on the procedure to keep up your general prosperity. </p> <p>The standard of work was superb, and completed reliably. A prepared proficient will make a blunder free task rapidly and can assist you with boosting your evaluations. Our client assistance will happily disclose to you whether there are any uncommon proposals right now, alongside ensure you are getting the absolute best help our organization may convey. Another advantage of our site is the snappiness. </p>

Which College Essay Help, Tips Can Be Helpful

Which College Essay Help, Tips Can Be Helpful?In this article I am going to list a couple of things that I believe are extremely useful in a real school exposition help. My proposal is that you read every one of these recommendations altogether and afterward choose if they may be useful for you. There's no reason for duplicating the proposal verbatim on the grounds that another person has said it was acceptable. Every recommendation can be useful in its own way.Tip one: Read through the same number of school articles that you can get your hands on and discover what individuals are stating about the point. You ought to have the option to locate a couple of better places that you can peruse and choose a couple of thoughts for you to utilize. Along these lines you'll have a superior thought of what works and what doesn't work for the theme you're composing about.Tip two: Use the Internet to discover free tips for you to utilize. There are numerous on the web, free assets accessible that will assist you with writing school expositions. They're anything but difficult to utilize and they'll make you compose the papers that you'll need to write.Tip three: Make sure that you're composing for your evaluation. It's significant that you maintain a strategic distance from any sort of self-importance when expounding on a theme this way. You would prefer not to cause anybody to accept that you're sufficiently egotistical to take the top spot in the class.Tip four: You ought to likewise accept bit of leeway of the counsel that others offer. I realize that you may imagine that you're extraordinary and not ready to peruse others' feelings, however that is just false. You ought to have the option to discover the same number of individuals as you can who are eager to tell you what works and what doesn't work for you.Tip five: Try and be progressively steady in the way that you compose. At the point when you compose a specific way all the time you really overlook how to compose. S o attempt and change a tad to attempt to be predictable with your style.These are a couple of things that I believe are useful in a real school paper help. Remember these tips, and you ought to have the option to compose a decent exposition instantly by any stretch of the imagination.

The Ultimate Good Argumentative Essay Topics 2017 Trick

<h1> The Ultimate Good Argumentative Essay Topics 2017 Trick </h1> <p>An pugnacious article expects you to pick a theme and have a situation on it. Pugnacious compositions is a specific sort of a paper. The postulation gives you a rule on how best to go about with composing the article. Your proposal should be significant so the report can utilize a structure that is adaptable so as to fit in the shoes of the perusers. </p> <p>Regardless of the subject that you're investigating in your pugnacious paper, following standards of the structure should be kept up to have a decent level. In this way, you can ask all the basic inquiries and counsel on certain focuses. The layout is the arrangement which you will use to make your paper. It's imperative to choose easy to refute contentious article themes as you need contradicting focuses you could counter to your own focuses. </p> <h2>Who Else Wants to Learn About Good Argumentative Essay Topics 2017? </h2> <p>You're ready to purchase contentious paper from us whenever you want. Subject of contentious paper shouldn't be self-evident. Moral pugnacious article points are a couple of the least difficult to become overly enthusiastic with. There are a few factious paper subjects. </p> <p>Thinking up a subject without anyone else is very psyche tormenting. Choosing your point isn't unreasonably simple. It is conceivable to pick subjects from grouped arrangements of prepared topics. You will be allocated a subject, or your educator will allow you to choose your own. </p> <p>If you get the opportunity to choose your own theme, that is fabulous. In this manner, the subject should be easily proven wrong! Factious article subjects are so significant since they are debatableand it's imperative to consistently be basically mulling over our general surroundings. Choosing an enthusiastic point is additionally a fantastic thought. </p> <p>Facts, at last, will consistently win out against how people are feeling at a particular second. Most of the people tend to flee from legislative issues and accordingly the governmental issues papers as well, hence it is very imperative to snatch the enthusiasm of the perusers till the finish of the article and that would be a lot of troublesome I know. A few people may imagine that the generally excellent substance could be composed on any theme and the paper achievement is reliant just on the dominance of the author. Presently, many individuals don't have the foggiest idea about the most ideal methods of handling gre article subjects. </p> <p>An explanatory paper is a sort of a scholastic task which requests an understudy to illuminate some thought and show it from an obscure viewpoint. At the point when you have a finished blueprint, you'll have a bit by bit control that you can follow till you're finished composition. Examining the point will empower you to discover progressively about what interests you, and should you pick something you genuinely like, composing the article will be increasingly pleasant. You're ready to watch instances of the factious article layout on the site or turn the upward on the web. </p> <p>There are only a couple of things that characterize whether an article you're taking a shot at will be a decent one. Numerous splendid people who made progress in life demonstrated really scholarly drop-outs. Our life is about words. In the event that you select the inaccurate subject, you may stall out with your composition and make some intense memories pushing ahead. </p>

Tips of Writing the Essay on the AP Human Geography Test

<h1>Tips of Writing the Essay on the AP Human Geography Test</h1><p>If you have taken the AP Human Geography test, there are sure tips of composing the paper on the AP Human Geography test. Keep in mind, similarly as with most papers, you will need to begin with a particular theme and afterward continue to plot the primary concern. These can either be an occasion in history or something that has happened to individuals today.</p><p></p><p>However, before you can get into points of interest for the subject you should choose precisely what it is that you might want to state. You will discover a few example expositions accessible on the web which you can reorder into your own.</p><p></p><p>The initial segment of the article on the AP Human Geography test is continually going to be the presentation. It should take a gander at the test place's purpose behind contribution the test and how that fits into the universe of geolo gy. You should search for one where you will discover the responses to any of the accompanying questions:</p><p></p><p>The next piece of the exposition on the AP Human Geography test will be a body of the article. This is the place you are going to take a gander at the normal condition of the planet at the present time and investigate the potential changes in the realm of geology that may occur in the coming years. You are likewise going to take a gander at the topographical zones where the populace is developing and taking a gander at the ones that are shrinking.</p><p></p><p>The next piece of the article on the AP Human Geography test will be a blueprint of the idea that you have learned in this area. It will talk about the primary concerns that you have learned over the span of the AP Human Geography course. It will likewise talk about territories where you have gained the most ground, zones where you feel that you have made a few b lunders, and the one that you feel needs more work.</p><p></p><p>Then, the primary concerns ought to be examined and all the zones where they are should have been tended to. At long last, you will include the end. Here, you will clarify what you have gained from the article and why you accept that you have taken in the ideas properly.</p><p></p><p>As you can see, composing the paper on the AP Human Geography test is certifiably not a troublesome assignment. It is anyway going to expect you to recollect a few hints of composing the article on the AP Human Geography test. Keep in mind, when you start perusing expositions on the topography, you will peruse articles on the subjects that you have to cover.</p>

List Out Topics For Essay Writing

<h1>List Out Topics For Essay Writing</h1><p>The initial phase during the time spent article composing is to drill down the themes which will be shrouded in the paper. By and large, you are required to compose an article that discussions about a specific subject.</p><p></p><p>Essay composing is a type of composing that has been completed for quite a while now. This is one of the best methods for communicating your considerations. Exposition composing can likewise be very dreary in the event that you attempt to compose an entire paper on one subject alone. In any case, it is fundamental that you don't permit your article writing to be too long.</p><p></p><p>It is significant that you have a rundown of themes which will be canvassed in your paper. In the event that you get them drilled down for you heretofore, it will be a lot simpler for you to discover what these subjects are.</p><p></p><p>It is of most extreme significance that the point that you decide to compose an exposition about ought to make them intrigue realities and fascinating stories to it. You have to recognize what sort of reaction you will get when you really turn in the last draft of your exposition. Composing an article is an unpredictable errand which includes some significant elements.</p><p></p><p>You should just proceed with a subject that has some intrigue to it. On the off chance that you have a great deal of data that you can provide for your crowd, it will be a lot simpler for you to get the consideration of your crowd. On the off chance that you compose an exposition about a theme that has a great deal of holes in it, it will be hard for you to truly impart your ideas.</p><p></p><p>If you compose a point without first having a thought on what you need to state, it will be hard for you to communicate your own feeling to your crowd. It is fundamental t hat you adhere to the primary concern of your exposition. This is the essential rule of paper writing.</p><p></p><p>When you rattle off the themes for your article, it is significant that you drill down the subject that you need to cover. You might need to compose an exposition about your pet, yet this may not be the theme you needed to concentrate on. With a rundown of points for article composing, you will have the option to concentrate on the theme that you need to discuss.</p><p></p><p>It is fundamental that you center around the subject that you need to be talked about. As I said before, it will be a lot simpler for you to concentrate on the point that you need to discuss. In any case, you ought to never be excessively apathetic to really peruse and comprehend the things that you are talking about in your essay.</p>

Important Dates in Texas Independence From Mexico

Writing High-Performing Persuasive Essays

<h1>Writing High-Performing Persuasive Essays</h1><p>Persuasive papers, considerably higher English convincing articles, are genuinely simple to compose. However numerous understudies and educators are as yet indistinct about how to viably move toward them. The response to this, obviously, is in the very title of this article: 'Influential Essays - Higher English.' People compose powerful papers in a wide range of sorts, including inventive genuine, diary, examine papers, postulation explanations, vignettes, discusses, and more.</p><p></p><p>The higher English writing of the US is loaded up with talented writers who have aced the craft of composing powerfully. While there are a few standard techniques for how to compose a convincing article, one of the most basic is that each peruser won't just acknowledge what you state however will be convinced by it.</p><p></p><p>This is in the most significant level of the English language. The inquiry is, how might you make it work for you?</p><p></p><p>Higher English influential article themes originate from scholarly sources, not a specific classification or subgenre. You can utilize genuine as a source however don't restrict yourself to it. There are more ways to deal with composing a more significant level of composing that can be utilized in an assortment of genres.</p><p></p><p>You can likewise utilize convincing article subjects from an abstract source, especially in the event that you need to transform it into a scholarly paper. Take the case of Beatrix Potter's 'Home mythical beings.' As a component of the exploration for her novel 'Wuthering Heights,' she talked with heaps of white, high society ladies from the privileged societies of England. Potter at that point included statements and recommendations from these meetings all through the novel.</p><p></p><p>This is an abstract investigation of life that everybody can identify with. Since such huge numbers of ladies have related to the characters, the article subjects are totally appropriate to them. Their encounters are superbly lined up with theirs, and these encounters are fundamentally the same as the elevated level of living, working, and caring which are a piece of a run of the mill English way of life. Furthermore, on the grounds that this is an article about a character, this exposition is an extraordinary method to assist you with understanding your own life better.</p><p></p><p>Regardless of your objectives for this paper, convincing article subjects can assist you with surrounding the inquiries that will at last persuade you to compose the paper. Be clear about the primary concerns of the contention. At that point interface it to different parts of the exposition. This is the reason utilizing an artistic asset like 'House-mythical beings' is so valuable.</p><p&g t;</p><p>Finally, recall that with regards to higher English enticing article themes, you're rarely done. You can add an individual contort to the exposition, with the goal that you aren't simply disgorging what's as of now been said. Make certain to consider where you may get your thoughts and transform them into contentions. While the creator of 'House-mythical people's didn't think of every last bit of her thoughts, and Rowling didn't make everything without any preparation, the thoughts and encounters and viewpoint are all hers.</p>

Why Everybody Is Talking About High School English Essay Samples...The Simple Truth Revealed

<h1> Why Everybody Is Talking About High School English Essay Samples...The Simple Truth Revealed</h1> <h2> The Fight Against High School English Essay Samples </h2> <p>You must locate the right assets for your exposition notwithstanding persistence when finding the most appropriate motivation to compose. To begin with, it's the ought to have significant comprehension of the theme being talked about. People tend to pick a scope of topics of what their identity is and endeavor to portray every one of them. In all likelihood, the understudies will genuinely enter a play, and it offers everybody a chance to flaunt their particular ability. </p> <h2> The Appeal of High School English Essay Samples </h2> <p>Our tests should separate you by helping you to compose unrivaled papers and papers. Research papers additionally have composing a proposition. Now and again, you're ready to try and be mentioned to plan papers which are totally obs cure to you. </p> <p>Applicants should either form an article that is no shorter than 800 words or. Exposition themes in English can be difficult to create. Understudies are mentioned to clarify, remark on, or evaluate a subject of study looking like an exposition. </p> <h2> High School English Essay Samples for Dummies</h2> <p>You can make your article lovely by offering thought to two or three things. The subsequent sentence gives distinctive subtleties to deliver the peruser feel like he's there. At that point you should concentrate on your peruser. Your peruser will watch all subtleties all through the crystal of your belief system. </p> <p>Choosing on the web article essayists isn't a bad dream any longer. A paper is only a piece of substance that is composed from the impression of essayist or writer. It shows a critical level of association. Interpretive paper utilizes formal language to go over a person or thing. </p> <p>You will peruse a paper by an understudy who's concerned on the grounds that numerous women. Envision that you're a secondary school understudy. School ought to happen in the nights. All year school is anything but a smart thought. </p> <h2> The Appeal of High School English Essay Samples</h2> <p>Locate the dependable data for the exposition subject you are probably going to deal with. At the point when you buy a paper from us, you're ensured to savor singular methodology since article help offered by our essayists is constantly redone relying upon your prerequisites. Composing a secondary school paper in the event that you have the tips about how to do ex position adequately. At the point when you initially start composing papers in school, it isn't unprecedented to have an entire subject relegated to you. </p> <p>Decide what you might want to pass on in your paper and spot it into words. Thusly, article was characterized from multiple points of view. The exposition comprises of explicit points of interest. A scientific exposition is certifiably not a synopsis! </p> <p>When you're in secondary school, it's distinct that you're relied upon to do a couple reviews and activities which require pen and paper. You may keep on saving your contentious papers for your up and coming employment portfolio in the event that they're profoundly reviewed. Verify that it identifies with the foremost thought of the paper. Many option consistent structures for articles are envisioned as outlines, making them easy to actualize or adjust in the structure of an argument.</p> <p>To start with, you should make sure about the centrality of the interpretive exposition definition and pick the subject you see well or if nothing else think that its fascinating to discover progressively abo ut. At the point when you imagine that it is completely completed, you're set up to edit and organize the article. There are over twelve assortments of articles, consequently it's anything but difficult to get confounded. You don't wish to form an entire paper just to discover you were totally off point. </p> <p>Be aware of the size it must be and begin composing the account exposition layout. Despite the fact that the end section comes at the finish of your exposition it shouldn't be viewed as a reconsideration. The absolute first passage of the human body should advance your most grounded contention to back up your proposal. The last section of the paper specifies the end. </p> <p>It is critical to give select consideration to the initial sentence. The most significant part which makes an influential article in English stand apart from the rest of assignments is the utilization of thinking. Concentrate on your language as it should be sans eerror Imagine your exposition is a valuable stone and produce every one of its faces sparkle utilizing an effectively meaningful and credible language. The perfect thing about Essay is you're ready to utilize any sort of language formal or casual. </p> <h2>The War Against High School English Essay Samples </h2> < ;p>One of the basic roles of school assessments is to improve the nature of instruction. While endeavoring to realize how to make a convincing exposition bit by bit, understudies disregard another essential action. School tests aren't amazing. Building up the likenesses of a kind of conclusion on secondary school. </p>

Why Are Cause-Related Essays Such A Tough Sell?

<h1>Why Are Cause-Related Essays Such A Tough Sell?</h1><p>Have you at any point asked why causation expositions will in general have such an extreme time getting acknowledged by far most of schools? The truth of the matter is that understudies invest most of their energy perusing and reading for their general school or college placement test, which is commonly the SAT or the ACT. On the off chance that you are taking a shot at a theory or some sort of exposition and you have to get into a school to do as such, your most solid option is to go with the least demanding point that you can work with.</p><p></p><p>Causation composing is perhaps the simplest subject to work with. It is simple enough for understudies to see, however it is additionally significant. This implies, in the event that you accomplish something like recommend that somebody had an impact on their parent's separation, odds are that you won't burn through much time chipping aw ay at your paper, since individuals will as of now have the option to comprehend what you are attempting to convey.</p><p></p><p>Another motivation behind why causality expositions neglect to get acknowledged is that there is no genuine reason. There is no genuine direct reason, yet rather various variables that added to the activities of an individual that lead to a specific outcome. For instance, an individual may get fixated on a specific measure of chocolate in their life, and this will presumably prompt changes in their dietary patterns that make them progressively inclined to overeat.</p><p></p><p>As an obvious certainty, causality article subjects are probably the hardest thing to compose. They are normally reliant on the peruser, in light of the fact that they depend on close to home translation, and they regularly depend on various sorts of information to fit into a specific example. This frequently implies understudies need t o inspect a wide assortment of thoughts, so as to show up at a conclusion.</p><p></p><p>So, understudies regularly wind up breaking down a few things, before going to a last answer. This can frequently make contentions emerge, particularly when another understudy says that the examination of the information utilized for the situation was defective, or that the subject was never a central matter of the case by any means. In such cases, understudies will wind up returning their contention to the teacher and ask for clarification.</p><p></p><p>Causation expositions likewise make some hard memories getting acknowledged on the grounds that understudies have an extremely troublesome time getting a handle on the legitimacy of the information used to build up the case. Their own relationship with the other two gatherings can regularly assume an enormous job in whether they accept that their motivation has any legitimacy, and commonly, the tran slation of the information is very arbitrary.</p><p></p><p>In different words, causation subjects are frequently hard for understudies to comprehend, just as they are hard to decipher. To exacerbate the situation, they additionally will in general be difficult to get acknowledged, as understudies are not constantly fruitful in aiding themselves.</p>

Benefits of Research Papers Online

<h1>Benefits of Research Papers Online</h1><p>More businessmen are utilizing research papers online to assist them with accomplishing their objectives. What's more, no doubt you also will need to spare time by utilizing these sites to get to more data. In any case, there are sure things that you have to remember before you begin using the web for your exploration papers.</p><p></p><p>First of all, you have to locate an online asset that offers different kinds of data. There are times when we know a great deal about a subject however don't have adequate information to settle on the correct sort of data. The most ideal approach to discover is to investigate the locales that offer articles and give you the important data on the subject of your choice.</p><p></p><p>Articles about looking into can likewise be helpful. More often than not, we have a thought of the point as of now. For instance, the items that we convey have a name expressing the materials utilized for the creation. At that point in the event that we attempt to peruse the name, we can get a thought of the materials that the item uses.</p><p></p><p>You can likewise utilize the exploration papers online to get familiar with the item. This is useful particularly with regards to items that have been made utilizing some specific materials. On the off chance that you don't know of the materials utilized, you can generally counsel the examination papers on the web. You can likewise utilize this technique to figure out which materials are acceptable and which are not very great for your product.</p><p></p><p>Online sources don't just give data. Now and then, you will be required to surrender your thoughts and attempt to contact the specialists for more data. This can be of extraordinary assistance particularly when you are attempting to think of a choice. Additionally, you might need to request he lp from others who are knowledgeable in the subject that you are researching.</p><p></p><p>It may appear to be a simple assignment yet once in a while it is hard to assemble all the data you need. In some cases, you will have the option to get all the subtleties by visiting the workplaces of the organization and even address somebody. In any case, these can be costly and you may not get all the subtleties you require. Utilizing on the web sources, you will have the option to set aside cash and time.</p><p></p><p>There are numerous advantages of utilizing the exploration papers on the web. One advantage is that you can spare a ton of time. So as to acquire information about a specific subject, you need to go to where the data is put away. In any case, with the assistance of online sources, you will have the option to get all the data on the subject in the solace of your home. Furthermore, you will have the option to set aside cash and t ime as you won't need to deal with any physical work so as to scan for information.</p><p></p><p>The last interesting point is that you can either get the data in print or in electronic structure. In the event that you are not happy with both of these, you can likewise get the data on the web. On the off chance that you don't know of which one to pick, you can generally decide on the paper type that suits your need the best.</p>

Editing Services Online

Editing Services OnlineEditing services online are now widely used for editing video and images. We have all seen all of the websites that offer video editing for free, and it is a wonder that these sites are still around. Well, in most cases they are not.Editing services online may be used to edit, create, trim, remove, or insert video footage and images. There are also many editing services online for music productions. This means you can create a professional finished product, or an amateur one, with the click of a button.Online editing is so popular because it is easy to use. You don't need any special skills in the video editing area and can really save time and money. That is a huge plus, especially when you are trying to make a movie that requires hours of editing to get it just right.Editing services online can help you get started with video and image editing. You will find all kinds of videos on the internet that are very amateur in nature, but it doesn't mean that the fini shed product isn't good. Editing services online can help to make it look better, making it seem professional.Online editing has become more than just a 'do it yourself' projects. It has become a required skill for many business and personal websites. In fact, there are many video editing packages available to the consumer online. There are many different types of video editing that you can use.If you decide to go with an online video editing, you will need to have the right software on your computer. Some people use Quicktime and other programs that are already installed, but there are other people who choose to use a program that is downloaded and installed. This way, they will always have it with them.Editing services online offer many different types of editing packages. It depends on what type of project you are working on, and what style of video you want to do. Some of the packages you can use include text, audio, and speech editing, video editing, and many others.Editing ser vices online can give you a professionally edited video for you to use on your website, or for personal use. They are really easy to use, and just need to be plugged in. If you have never used editing services online before, you will want to check them out today!

Choosing Persuasive Essay Topics For High School Students

Choosing Persuasive Essay Topics For High School StudentsHaving a list of persuasive essay topics for high school students will certainly help the process of learning and writing a persuasive essay. While there are plenty of ways to get this information, it is more advisable to prepare some guides and materials to use in helping high school students to write an effective persuasive essay. This is especially true in regards to essay topics that are difficult for most students to apply to their own experiences.They do not know how to speak about their own experience. The essays will generally look very good when written by a student with the right experience but this can make the reader look down on the essay writer if the essay is written by someone who has had little experience with their own life. It is essential to discuss your own life experience with students so that they can relate to you and understand why the topic is important.There are also times when a persuasive essay is r equired to show something to support a statement. This does not mean to hide the main point of the essay, but instead gives the reader more information about the situation. It is possible to make this easy for students to see if they are able to understand what you have written.When choosing persuasive essay topics, it is best to choose ones that can be easily applied to their own life. Not every topic is applicable to everyone. Every student is different and their own life experience is something they have in common with the writer of the essay.Be aware that if you give them a paragraph of statements, they may struggle to explain the present situation to other people. Instead, you need to give them a specific example from their own life. When giving examples of these things, there are a few guidelines that can help in preparing examples to use:If you decide to use a particular example, then make sure that the examples used relate to the topic at hand. In fact, there are specific ru les that apply to each and every topic that has been accepted by the authors. These rules are established based on the relationship between the topic and the writer.The writing style and article structure that are used should help the readers understand the purpose of the persuasive essay. However, the main aim is to create something unique and impactful with the writing style. The essay needs to stand out from other essays, articles, and presentations that you have written. The audience will look for something different in a persuasive essay so make sure that you are not just writing like any other person.You must know the right format and style of a persuasive essay for it to be successful. The main idea is to make a statement and use supporting evidence to support it. The examples of the life experience should support this statement. When this is done, then you will be able to persuade readers to agree with your opinion.

Colgate Precision Case Analysis - 1318 Words

Case Analysis: Colgate Precision Prepared for Instructor University Prepared by Student University October 19, 2011 INTRODUCTION Colgate-Palmolive has been researching and developing a superior toothbrush, the Colgate Precision, and as the Precision Product Manager I have overseen the development of the Precision from start to finish. We have been developing a technical innovation in the toothbrush industry, and with the product’s launch pending there have been several factors yet to be decided upon. With a tremendous amount of resources pooled into the development of the Precision and the recent competitive market we are launching it in, it is essential the positioning and branding of this toothbrush are executed†¦show more content†¦The brush will still be communicated to consumers as a design by Colgate, it will not be excluded from the packaging; therefore brand equity should not be a concern. The possible threat of a near saturated premium toothbrush market with Johnson amp; Johnson and Proctor amp; Gamble now entering the industry hopefully will be reduced with a brand focused on the spec ific product and not Colgate. Positioning the Precision Taking a multi-step approach to our positioning of the Precision is crucial to ensure that it exceeds initially and continues to thrive when introduced to a larger target market. As one of our competencies, the gum disease prevention and plaque removal effects, needs to be stressed to a target market that is interested in it. While it is also convenient for distribution purposes going to a niche position first can also reach those segments that are interested most in our product. I believe that through our in-depth research of developing a brush for the super-premium segments we should be reaching those interested in paying the premium price as well, which might not do so well initially selling to a mainstream market. Those going to a drug or food store would be more interested in finding a brush that is going to be of distinct value rather than a big retailer where one would find cheaper brushes attached to 2-for-1 deals and coupons. OnceShow MoreRelatedColgate Palmolive Company : T he Precision Toothbrush Case Analysis2312 Words   |  10 PagesColgate-Palmolive Company: The Precision Toothbrush Case Analysis Colgate-Palmolive Company (CP) launched a new toothbrush, Colgate Precision, to the market. But having developed for three years, CP was fiercely competing with other companies in the market. In order to have the power to fight in the highly competitive market with substantial product activity, Colgate-Palmolive Co. was in a problem of considering the how to position its new product--Precision, and to define the market strategy inRead MoreColgate Case Analysis1497 Words   |  6 PagesProblem The focal issue of this case is to determine the best marketing strategy for the launch of the new Colgate Precision. The issue can be divided into the following four major areas: 1. Positioning: Which market should be targeted? 2. Branding: Should Colgate make the most of the company’s brand? 3. Communication Promotion: How does Colgate distribute its advisement expenditures among products? How much should Colgate invest in advertising Colgate Precision? 4. Channel: Which distributionRead MoreColgate Palmolive Toothbrush Case Study1303 Words   |  6 Pagesreport is to analyze the two different launch strategies (as a niche or a mainstream product) for Colgate Palmolive s new toothbrush, Precision, and choose the one that is the most suitable in the face of the market competition and consumer needs. The report also aims to make recommendations for the positioning, branding, communication and promotion of the product under the chosen strategy. Situation Analysis Company: In 1991, CP held 43% of the world toothpaste market and 16% of the world toothbrushRead MoreColgate Palmolive7692 Words   |  31 PagesCOLGATE PALMOLIVE PRECISION TOOTH BRUSH Synopsis :- The analysis of the two different launch strategies 1. Introduction and Company Background. Colgate Palmolive was the global leader in household and personal products, with sales of $6.06 billion and gross profit of $2.76 billion, as in 1991. The company was also the No. 1 in US retail tooth brush market with 23.3% of volume share. The company had 43% of the world’s tooth paste market and 16% of the world tooth brush market. In 1991 there wasRead MoreTodays Segmentation Strategies of Colgate-Palmolive1207 Words   |  5 PagesWS1 Case Study Paper Indiana Wesleyan University WS1 Case Study Paper Colgate-Palmolive Company While many companies provide a similar product there aren’t any that share the same perspective when it comes to the sincere appreciation and willingness to provide like that of Colgate-Palmolive. Their mission statement is unique to them and simply states the following: As a company that strives to be the best truly global consumer product company, we are committed to doing business with integrityRead MoreColgate Palmolive: Marketing Strategies and Programs5256 Words   |  22 PagesCOLGATE PALMOLIVE Marketing Strategies and Programs Introduction Colgate Palmolive Company is a $17.1 billion global company serving people in more than 200 countries and territories with consumer products that make lives healthier and more enjoyable. This American  diversified  multinational corporation focuses on strong global brands in its core businesses – Oral Care, Personal Care, Home Care and Pet Nutrition. Colgate follows a tightly defined strategy to grow market shares for key productsRead MorePoka Yoke Journal7518 Words   |  31 Pagesthe service provider an opportunity to rectify the problem. If they choose not to complain, they may remain with the provider, despite their dissatisfaction, or exit. Alternatively, if they complain they may also choose to stay or they may exit (Colgate and Norris, 2001). In order to balance the need for defect-free service and the inevitability of failure, organizations must be pro-active in anticipating likely areas of failures/complaints as well as anticipating the appropriate needs for recoveryRead MoreGlobal Marketing Summary Chapter 5-106416 Words   |  26 Pages †¢ Challenge is to recognize and respond to national differences that influence the way information is obtained Steps in the Research Process 1. Identify the information requirement 2. Define the problem 3. Choose a unit of analysis 4. Examine data availability 5. Assess value of research 6. Design the research 7. Analyze the data 8. Present the findings Step 1: Identifying the Information Requirement †¢ What information do I need? †¢Read MoreBrand Building Blocks96400 Words   |  386 Pagesnumerous and diverse a brand s images are, the more difficult it is to coordinate them in support of a strong brand. 4. Complex Brand Strategies And Relationships There was a time, not too long ago, when a brand was a clear, singular entity. Colgate, for example, was a brand name that simply needed to be defined, established, and nurtured. Today, the situation is far different. There are subbrands, brand extensions, ingredient brands, endorser brands, and corporate brands. The Coke logo can beRead MoreSamsung and Financial Crisis Case Study11108 Words   |  45 Pagesindicators. Brand-self connection is a core component of attachment since it centrally reflects the definition of attachment as the bond connecting the individual with the brand. However, we suggest that the inclusion of brand prominence adds precision in measuring the â€Å"strength† of the bond connecting the brand with the individual. This is so for two reasons. First, when thoughts and feelings about the brand are highly accessible, prominence may exert a disproportionately strong influence

Rulers And Reaction Times Essay Example For Students

Rulers And Reaction Times Essay Rulers and Reaction TimesAbstractThe reaction time of ten subjects was measured. The subjects were asked to catch a ruler ten times under five different conditions. The first condition measured the subjects simple reaction time. Each further condition added an additional stimulus and the reaction times were measured. There was a clear increase in reaction time with the addition of further stimulus, however the expected result of a steady increase in response time with the addition of each condition did not occur. The third condition displayed the highest response time where as the final condition displayed the second lowest (after condition 1). Assuming that no design problems in the experiment affected the results, it cannot be concluded that cognitive processes occur in separate order and do not overlap. Given the average reaction time of condition five was lower than condition three, some cognitive adaption may have occurred to lower the response time of the subjects or another re ason may exist. One aspect not covered by the experiment, but important to the results was the error factor. Pre-guessing the experimenter caused a high rate of error, however it lowered the overall results. Why measure response times?As the world moves forward with technology, increasing pressure is placed upon humans to be quicker, be smarter and to operate more efficiently. As the population increases systems are being put in place to reduce incidences and accidents occurring. An example of this is a study conducted by Cameron, 1995 examining the influence of specific light colors, motor vehicle braking and the reaction time of the drivers to these specific clouds and conditions to avoid rear end collisions. Donders subtractive method holds that reaction times can be obtained by subtracting the simple reaction time; or subtracting type A from type B etc. (Cameron, 1995). Given this, it stands that the more stimulus provided (or thought processes required), the longer the response time of the subjects. This theory is tested in the measurement of ten responses to five test conditions. The trial provides preliminary information to participants and it is expected that reaction times will be shorter than if no information was supplied. (Rosenbaum, 1980.)MethodParticipantsTen participants were selected, four female and six male. Ages ranged from twenty-two to fifty three. All were fully able bodied and from English speaking backgrounds. MaterialsA plastic yard rule was used. The yard rule was six centimeters in width. ProcedureCondition OneThe experimenter sat one subject on a chair and instructed them to place their arm out in front of them at a comfortable height. The yard rule was then placed between the subjects fingers at a height of 10 centimeters. The subject was then told the condition 1 (Appendix A) and given three trials. The subject then completed the ten tries at the condition and the results were recorded. All ten subjects were tested in the same manner. No abnormal results were obtained. Condition TwoThe experimenter sat one subject on a chair and instructed them to place their arm out in front of them at a comfortable height. The yard rule was then placed between the subjects fingers at a height of 10 centimeters. The subject was then told the condition 2 (Appendix A) and given three trials. The subject then completed the ten tries at the condition and the results were recorded. All ten subjects were tested in the same manner. An error rate and abnormal results occurred. Condition ThreeThe experimenter sat one subject on a chair and instructed them to place their arm out in front of them at a comfortable height. The yard rule was then placed between the subjects fingers at a height of 10 centimeters. The subject was then told the condition 2 (Appendix A) and given three trials. The subject then completed the ten tries at the condition and the results were recorded. All ten subjects were tested in the same manner. An error rate and abnormal results occurred. .uc310fa607a2a271c45cef1010701a641 , .uc310fa607a2a271c45cef1010701a641 .postImageUrl , .uc310fa607a2a271c45cef1010701a641 .centered-text-area { min-height: 80px; position: relative; } .uc310fa607a2a271c45cef1010701a641 , .uc310fa607a2a271c45cef1010701a641:hover , .uc310fa607a2a271c45cef1010701a641:visited , .uc310fa607a2a271c45cef1010701a641:active { border:0!important; } .uc310fa607a2a271c45cef1010701a641 .clearfix:after { content: ""; display: table; clear: both; } .uc310fa607a2a271c45cef1010701a641 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uc310fa607a2a271c45cef1010701a641:active , .uc310fa607a2a271c45cef1010701a641:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uc310fa607a2a271c45cef1010701a641 .centered-text-area { width: 100%; position: relative ; } .uc310fa607a2a271c45cef1010701a641 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uc310fa607a2a271c45cef1010701a641 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uc310fa607a2a271c45cef1010701a641 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uc310fa607a2a271c45cef1010701a641:hover .ctaButton { background-color: #34495E!important; } .uc310fa607a2a271c45cef1010701a641 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uc310fa607a2a271c45cef1010701a641 .uc310fa607a2a271c45cef1010701a641-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uc310fa607a2a271c45cef1010701a641:after { content: ""; display: block; clear: both; } READ: A Good Man is Hard to find EssayCondition FourThe experimenter sat one subject on a chair and instructed them to place both their arms out in front of them at a comfortable height. The yard rule was then placed between the subjects hands at a height of 10 centimeters. The subject was then told the condition 4 (Appendix A) and given three trials. The subject then completed the ten tries at the condition and the results were recorded. All ten subjects were tested in the same manner. A high error rate and abnormal results occurred. Condition FiveThe experimenter sat one subject on a chair and instructed them to place both their arms out in front of them at a comfortable height. The yard rule was then placed between the subjects hands at a height of 10 centimeters. The subject was then told the condition 5 (Appendix A) and given three trials. The subject then completed the ten tries at the condition and the results were recorded. All ten subjects were tested in the same manner. A high error rate and abnormal results occurred. ResultsThen ten subjects all recorded faster reaction times for condition one than any of the other conditions (Fig 1). On the surface this result would support the theory that the more stimulus the slower the reaction time of the subject. When examined as a whole, this is not strictly the case. Condition one averaged 180.3 milliseconds, condition two 240.5, condition three 270, however, condition four averaged 254.4 and condition five only 238.2 milliseconds. Fig 1 Average responses of subjects over five conditions. Initially the introduction of more stimuli slowed the reaction time of the subject. The reaction time of the subject did not, however slow from condition three to four and four to five with more additions. The standard deviation for condition one was also lower than any of the other conditions (Fig 2). The deviation for condition one was 26.5, condition two 37.5, condition three 31.1, condition four 31.7 and condition five 28.8. The high variation for condition two may be explained by the fact that it is the first introduction of an additional stimulus over and above the simple response. Fig 2. Average responses of subjects and the standard deviation. DiscussionThe results show that an initial increase in the complexity of a task increases the reaction time. According to Donders Theory (Gottsdanker, R ; Shraap, P., 1985) results for Condition Five (Discrimination + Decoding + Response Selection) should be greater than condition four (Discrimination + Response Selection) and condition three (Discrimination and Decoding). Condition five, however, was faster in reaction time that condition four and three (Fig 1). Shown only these results the conclusion may be drawn that Donders theory is not entirely correct until the source, method and type of experiment is examined. The biggest factor in the reduction of response time between experiments three and four to experiment five was the error ratio. It was clear in the experiment that the subjects were pre-guessing the experimenter. This was providing the subject with a better result than if the subject was legitimately waiting for instructions, as there was no penalty for incorrect respon ses. Nine out of the ten subjects saw the experiment as a competition and therefore concentrated more on speed that correctness. As in the case when the subject drops the ruler himself or herself or when pre-advised of the requirement, the results are shorter as the processing time is shorter when the subject has pre-ordained the response they will make. This limitation was due mainly to the type of experiment conducted. Given the materials and the situation it was not an accurate measure of response times as some subjects had thirty or forty attempts before ten correct responses could be obtained. Although the logic of Donders Theory is relevant, in this case it cannot be ascertained conclusively that an increase in tasks slowed the reaction time of the subjects. BibliographyCameron, D.L. (1995). Color-specificity to enhance identification of rear lights. .uc510bc395a4444e7888eb7bc0371eb7b , .uc510bc395a4444e7888eb7bc0371eb7b .postImageUrl , .uc510bc395a4444e7888eb7bc0371eb7b .centered-text-area { min-height: 80px; position: relative; } .uc510bc395a4444e7888eb7bc0371eb7b , .uc510bc395a4444e7888eb7bc0371eb7b:hover , .uc510bc395a4444e7888eb7bc0371eb7b:visited , .uc510bc395a4444e7888eb7bc0371eb7b:active { border:0!important; } .uc510bc395a4444e7888eb7bc0371eb7b .clearfix:after { content: ""; display: table; clear: both; } .uc510bc395a4444e7888eb7bc0371eb7b { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uc510bc395a4444e7888eb7bc0371eb7b:active , .uc510bc395a4444e7888eb7bc0371eb7b:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uc510bc395a4444e7888eb7bc0371eb7b .centered-text-area { width: 100%; position: relative ; } .uc510bc395a4444e7888eb7bc0371eb7b .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uc510bc395a4444e7888eb7bc0371eb7b .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uc510bc395a4444e7888eb7bc0371eb7b .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uc510bc395a4444e7888eb7bc0371eb7b:hover .ctaButton { background-color: #34495E!important; } .uc510bc395a4444e7888eb7bc0371eb7b .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uc510bc395a4444e7888eb7bc0371eb7b .uc510bc395a4444e7888eb7bc0371eb7b-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uc510bc395a4444e7888eb7bc0371eb7b:after { content: ""; display: block; clear: both; } READ: Drug Addiction EssayPerceptual and Motor Skills, 80(3): 755 769. Gottsdanker, R. Shraap, P. (1985) Verification of Donders subtraction method. Journal of Experimental Psychology: Human perception and performance, 111(6), 765 776. Hackley, S.A., Schaff, R. ; Miller, J. (1990). Preparation for Donders Type B and reaction tasks. Acta Psychologia, 74, 15 33. Rossenbaum, D.A. (1980). Human movement initiation. Journal of Experimental Psychology: Specification of aim, direction, and extent. General 109, 444 474. Weiten, W. (1998). Psychology, Themes and Variations (4th Ed.) California: Brooks/Cole.