Effect of Brexit on the Financial Sector

Effect of Brexit on the Financial Sector Brexit: A bleak future for the financial sector? Abstract The word â€Å"Brexit† evolves from Britain and exit which is an unforeseeable situation that the UK is now facing. Brexit could cause damages to the UK economy in the long term, especially those in financial sector. The solutions to lessen the impacts of Brexit have been illustrated in this essay. This essay also aims to discuss the impacts of Brexit on asset management services and the banking industry. It will then evaluate these impacts on different aspects: international students, UK housing market, stock market and Britons who live in EU countries. Introduction On 23 June 2016, the United Kingdom held a referendum whether to leave the European Union (EU) or not. Most Britons believed beforehand that the UK would not leave the EU. Surprisingly, the result was 52% of the voters decided to leave the EU (CFA INSTITUTE, 2017). As a result, David Cameron who, at that time, was the prime minister of the UK had to resign. Subsequently, the position in charge was taken by Theresa May. Following this step, on 29 March 2017, the UK government has formally announced its invoking of Article 50 which is the initial step to formally exit from the EU. Thus, the word â€Å"Brexit† evolves from Britain and Exit. The process must be finalized within two years. This means, in March 2019, the negotiation has to be done. However, from a very recent Guardian article, this process could be postponed because there are new variety of regulations which need to be implemented and many institutions that require new staffs to operate (Miller, 2017). It appears highly likely that once Brexit occurs, Britain will lose its right to tariff-free access to the EU market. In other words, UK-based firms, especially those in the financial sector, may be unable to conduct their operations throughout the EU. As a result, overseas financial institutions whose European headquarters are located in the UK must reconsider their decision on whether to continue operating their management from the UK or not. This could cause long-term negative consequences to the UK economy. Therefore, this essay will discuss the impacts of Brexit on financial services, particularly asset management and the banking, moving on this essay will also evaluate these impacts on Britain’s post-Brexit future. Financial Services Financial services are the economic activities that are involved in the flow of money in the financial system. The services include asset management which is the service that aims to allocate money to maximize the profit. Additionally, the banking is an institution which mainly provides such services as accepting deposits and issuing loans to clients. Those activities have become one of the crucial parts of the UK economy and it provides an opportunity for the UK to influence world banking industry. According to the House of Lords EU Committee, 7-12 percent of GDP of the UK, 7-12 percent of employment ratio and 11 percent of tax receipts are ruled by the financial services. Furthermore, the largest trade surplus of the UK in 2014 was the financial services which accounted for  £58 billion of which  £19 billion is the trade with the EU country Austen, Hunt, Kelly, Naylor, & Sants, 2016). However, this positive circumstance could possibly be worsened by the referendum which was held on 23 of July 2016. This is also a major concern for the financial services. As a consequence of Brexit, it is forecasted that the UK could lose 31000-35000 job positions in financial services. In addition, the worst scenario, this number could increase to 40000 (Arnold, 2016). This number accounted for 3-4 percent of job position involving with the financial services in the UK (Austen et al., 2016). Asset management services Asset management is referred to an activity of generating returns for investors from the capital which is subsidized by investors. According to the Investment Association and the Financial Conduct Authority, the UK asset under management (AUM) is  £6.9 trillion, approximately, of which  £2.2 trillion is the overseas client. In addition, 55 percent of the overseas client, or  £1.2 trillion, is the European clients (CFA INSTITUTE, 2017). This can be said that the asset management industry has played a crucial part in the UK economy. Moreover, losing the right to access the EU market could possibly cause long-term problems to the UK economy. After Brexit, the UK-based investment firm could witness severe problems supporting the EU clients, as claimed by Christian Nolterieke, managing director at MyPrivateBanking Research (Greenhalgh, Mooney, & Williams, 2017). In order to serve clients and recruit talented people in the EU, they must acquire the tariff-free license to access the EU market which the UK’s license will no longer be valid if they pursue Brexit. Moreover, the advertisement and marketing are also prohibited from the non-european economic area (EEA), as stated by Nolterieke. There might be some solutions to cope with this issue. One of them is to establish an office in Europe. However, to do so, the business must be in a large scale. This is because establishing office in Europe requires high amount of capital, well-corporate structure, office, and people, as stated by Julie Patterson who is the consultant of asset management global Brexit at KPMG (Greenhalgh, Mooney, & Williams, 2017). Furthermore, to establish an office in Europe, the regulation of the Markets in Financial Instruments Directive, known as MiFID, requires 20 or more employers onshore. As a result, finding a partner of business in Europe could possibly be the most moderate method to lessen the effect of Brexit, as determined by Nathan Bostock who is now the executive directors of Santander UK (Gerrard, 2017). This is because the UK-based firm is still benefit from being a partner with Europe-based firm, even though the benefit is not fully equivalent to the past. It is a method called profit-sharing in which it could stimulate the UK and Europe economy in the long-term. Surprisingly, in 2017, the research conducted by the CFA instituted, the institution which is the community of fund managers, have shown that two-thirds of the fund managers have not changed their investment horizon after Brexit. Theoretically, this might be because the fund managers tend to invest in the equity market which the price of the equity could increase when the pound is depreciated. The Banks In this essay, the types of bank will be categorized into three types: commercial bank, retail bank and investment bank. Firstly, commercial bank is a financial institution which mainly provides such services as deposit and withdraw of money and offers loans to big business. Secondly, unlike commercial bank, retail bank or consumer bank provides the same services to customers in a non-business sector. Lastly, investment bank is not the bank who provides such services as accepting money or issuing loans services. On the other hand, it is the bank who provides advises on stock market launch, mergers and acquisition or even taking over other company. The impact of Brexit on these types of banks could cause the similar problems as in asset management services. This is mainly because the EU requires the approval of Markets in Financial Instruments Directives (MiFiD) to allow banks to operate in the EU. In order to maintain MiFiD status, the UK must be part of the European Economic Area (EEA). This circumstance is not likely to occur if the UK favours a ‘hard Brexit’. This is because ‘hard Brexit’ means the UK has to relinquish its MiFid license as it will no longer be valid. As a result, this occurrence causes the world’s leading financial institutions to leave the UK. Paris has been one of the biggest rivals for the European financial centre since the UK referendum. However, due to the high corporate tax rate, 33.3 percent, this effects Paris’s attractiveness to be lessen (Stothard, 2017). In this sense, the opportunity is now belonging to Dublin because 12.5 percent tax rate in Ireland could attract the firms from all over the world. Moreover, those firms who wish to move to Ireland do not need to establish new banking license. This is exemplified by the announcement from the Bank of America, the second largest bank in America by total asset, that the bank has chosen Dublin as the headquarter office for its EU operation after Brexit (Noonan, 2017). Brian Moynihan, chief executive officer of the Bank of America, also told the Financial Times that â€Å"We’ve been working with the Central Bank of Ireland to get it all set up and it’s been a very smooth process so far. The government is trying to help us get through the regulatory process.† (Noonan, 2017). As a consequence of the support from the government and an existing banking license of Dublin, it could support the Bank of America to accomplish its process ahead of Brexit easily. Frankfurt has also competed for the position of post-Brexit financial centre. From the announcement of Deutsche Bank, the largest bank in German, they will transfer most of their assets and operation to Frankfurt in this autumn (Arnold, Martin, & Noonan, 2017). This could be one of the largest transfer of single EU bank, as stated by the chief executive officer, John Cryan. Another decision made by Citigroup’s Europe, Middle East and Afica (EMEA) chief executive office, Jim Cowles, that the bank decided to move theirs main trading operation to Frankfurt (Arnold et al., 2017). This is because Frankfurt is well known for its infrastructure and skilled workers which the bank has already had on ground, as claimed by Mr.Cowles. These actions from two of the largest bank in the world could threaten Britain’s economic in the long term, indeed. Undoubtedly, international banks such as Nomura Holdings, the fifth largest bank by asset and Sumitomo Mitsui Banking Corporation which is the third largest bank in Japan by asset have already published their plan on moving their main operation to Frankfurt after Brexit (Arnold, 2017). Turning to another side of the issue, there are several private banks who are now enlarging their services in the UK. According to the Financial Times, the senior executives at the following banks; Credit Suisse, UBS, Socià ©tà © Gà ©nà ©rale and Pictet announced that the companies will expand their operation and investment in the UK (Arnold, 2017). This is because the UK is still attractive in terms of market potential. In other words, the wealthy clients still find an opportunity in the UK. This idea was also supported by Jakob Stott who is the EU head of UBSs wealth management businesses (Franklin & Gruber, 2016). Britain’s post-Brexit future International Student The UK has been known for its quality of education but this might be extravagant for international student to study in the UK. However, due to the UK referendum, the pound sterling witnessed a huge drop after the vote had been officially announced (Broadbent, 2017). This drop benefits international students directly because the pound depreciated in its value, comparing to other currency. In other words, international students in the UK spend less budget on their course and accommodation. To illustrate, one of Thai students claimed that the cost of their study which includes tuition fee, accommodation and living expense is now 15 percent lower, approximately. This means there would be a soar in a number of international applicants who desire to pursue the quality of the UK education. UK Property Property in the UK has always been a target for overseas investors, mainly London property. Due to the devaluation of pound sterling, overseas investors found that the UK property is reasonably priced. The study conducted by the property investment firm, JLL, showed that 28% of the housing market transaction in 2016 was done by Asian investors (Vaswani, 2017). This could directly affect the Britons because those Asian investors could inflate the housing market by their unlimited demand. This means house prices could be overvalued for British citizen who are in need of the house. Stock Market The referendum also benefits the UK stock market. This is because those multinational companies who are listed in the London Stock Exchange (LSE) receive their revenue in other currencies, mostly in dollars, which means the depreciation of pound could boost the company’s profit (Inman, 2016). As a result, the stock price of the company rocketed after Brexit which means it creates the value for British company in the long term. British Citizens who live in EU country Technically, if Brexit did occur, the British citizens who live in the UK could become the illegal evacuees overnight. This statement was also supported by Dominic Grieve who is the UK former attorney general. Moreover, there is a possibility that British expats could lose their right in the EU Health care system (Bennett, 2017). Thus, the negotiation might involve such issues as the right to work, permitted license to possess the EU property or even the entitlement to access the EU health care system. Conclusion In conclusion, the UK referendum could be the beginning of a period of unpredictability, especially for those in financial sector. The asset management industry and the banks whose operations are based in the UK could experience even worse predicament. As a result, some international banks are now seriously considering the proposals of moving their operation to the EU country, namely Frankfurt and Dublin. However, for those in asset management, the strategies have not been changed. Fund managers still optimistic on the UK equity market which directly benefits from weaker pound. Moreover, for those in private bank sector, there is a determination to expand their operations after Brexit. The weaker pound sterling also boosts the number of international students and global investors in the UK, mostly those in housing and stock market. For Britons who live in the EU, there is a concern about losing their status as the EU citizens. References Arnold, M. (2017, July 30). MUFG eyes Amsterdam as post-Brexit EU base. Financial   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Times. Retrieved August 12, 2017 from https://www.ft.com/content/158dcffe-7535-11e7-90c0-90a9d1bc9691 Arnold, M. (2017, August 1). Brexit set to raise UK banks’ costs 4% and capital needs 30%. Financial Times. Retrieved August 5, 2017 from https://www.ft.com/content/9fdf35a4-7610-11e7-a3e8-60495fe6ca71 Arnold, M., Martin, K., & Noonan, L. (2017, July 20). Citigroup and Deutsche Bank give Frankfurt a Brexit boost. Financial Times. Retrieved August 2, 2017 from https://www.ft.com/content/1b38eb1a-6d55-11e7-b9c7-15af748b60d0 Austen, M., Hunt, P., Kelly, D., Naylor, L., & Sants, H. (2016). The impact of the UK’s exit from the EU on the UK-based financial services sector. Oliver Wyman. Retrieved August 2, 2017 from http://www.oliverwyman.com/content/dam/oliver-wyman/global/en/2016/oct/  Ã‚   Brexit_POV.PDF Bennett, A. (2017, March 30). What will Brexit mean for British expats?. The telegraph. Retrieved August 19, 2017 from http://www.telegraph.co.uk/news/0/eu-facts-what-would-leaving-the-eu-mean-for-expats/ Broadbent, B. (2017). Brexit and the pound. Bank of England. Retrieved from http://www.bankofengland.co.uk/publications/Documents/speeches/2017/speech969.pdf CFA institute (2017). What It Means for Investment Management Brexit: A guide for investment professionals. Retrieved from https://www.cfainstitute.org/ethics/Documents/guide_to_brexit.pdf Franklin, J., & Gruber, A. (2016, March 2). UBS considers acquisitions to expand wealth management in Europe. Thomson Reuters. Retrieved August 15, 2017 from http://www.reuters.com/article/us-ubs-wealth-europe-idUKKCN0W41EB Gerrard, B. (2017, July 13). Spanish business leaders suggest UK could be global trade hub post-Brexit. The Telegraph. Retrieved August 12, 2017 from http://www.telegraph.co.uk/ business/2017/07/13/spanish-business-leaders-suggest-uk-could-global-trade-hub-post/ Greenhalgh, H., Mooney, A., & Williams, A. (2017, August 2). Brexit is going to be a mess for UK wealth management. Financial Times. Retrieved August 9, 2017 from https://www.ft.com/content/f2451362-147d-11e7-80f4-13e067d5072c House of Lords EU Committee (2016). Brexit: Financial Services (9th Report of Session 2016–17). Retrieved July 10, 2017 from https://publications.parliament.uk/pa/ld201617/lds elect/ldeucom/81/81.pdf Inman, P. (2016, October 4). Q&A: falling pound, rising markets. Why is Britain’s currency suffering while shares in its biggest companies are soaring ?. The Guardian. Retrieved August 12, 2017 from https://www.theguardian.com/business/2016/oct/04/qa-falling-pound-rising-markets Kelly, J., (2017, July 12). Investment in UK fintech tops pre-Brexit levels in first half of 2017. Thomson Reuters. Retrieved August 1, 2017 from http://uk.reuters.com/article/us-britain-fintech-investment-idUKKBN1AA2VN Miller, G. (2017, August 12). Britain must ask for more time to negotiate Brexit. The Guardian. Retrieved August 16, 2017, from https://www.theguardian.com/ commentisfree/2017 /aug/12/britain-more-time-negotiate-brexit Noonan, L. (2017, July 21). Bank of America choose Dublin as EU base after Brexit. Financial Times. Retrieved August 1, 2017 from https://www.ft.com/content/1fff392a-6e17-11e7-bfeb-33fe0c5b7eaa Stothard, M. (2017, July 7). Paris rolls out ‘red-white-and-blue carpet’ for banks. Financial Times. Retrieved August 12, 2017 from https://www.ft.com/content/464c67d8-630e-11e7-91a7-502f7ee26895 Vaswani, K. (2017, April 28). Brexit not deterring Asian investors from UK property market. BBC. Retrieved August 17, 2017 from http://www.bbc.co.uk/news/business-39732816

Research Project on Financial Crisis

Research Process on Financial Crisis Louis Cappelli 2/18/2012 From the research I have performed so far, I have been able to isolate the main issues that caused the financial crisis in the 2000’s. It seems to be that this whole crisis revolves around the major banks in America. I have been through a good amount of articles based upon the financial crisis so far, with each of them stating at least once something about the crisis relating to the banks.As I was finding this material, I noticed some other similarities in these resources involving the Crisis. For instance I noticed major names like Fannie Mae and Freddie Mac, who both seem to have a major involvement in loans in mortgages in America. From these sources I found the articles specifying what were the main causes of the financial crisis to be most helpful. Since I am not familiar with this subject and economic crisis at all, the articles that were more simplified for the general public were the ones I could better unde rstand.From one article on About. com, I was given some of the major causes that of the recession involving the banks and what they did wrong. For instance I learned that in the beginning the banks didn’t worry about their credit and were giving out loans to people who weren’t qualified for them. Another thing that I took note upon over my research was the constant mentioning of a subprime mortgage. Apparently one of the first initiators of the financial crisis was the â€Å"subprime mortgage crisis†.These mortgages were granted to those with poor credit, but unfortunately the rate of these mortgages skyrocketed, leaving many lenders with financial difficulties resulting in bankruptcy. From the research performed and sources I thought were most reliable and factual, I fell as if the crisis we are dealing with is mainly in fault of the banks and loan mortgage cooperation’s in this country. I seems as if they messed up big time, and in result we all have to pay for their actions.

Essay about The United States and The Soviets The Cold War

Towards end of the Second World War II was not just the end of long hard fought battle, but also the start of an oversensitive and vibrant stage that moved culture on all levels. The post war phase, as it became known, formed the world we live in; the era was created itself both by the war that had lead it, and dominant forces that encased it. As the energy of primarily different ideas Socialism and Equality collapsed with improvements in science as for instinct nuclear bomb, a hazardous situation resulted that produced an atmosphere of fear throughout the world and particularly, inside American walls. The Cold War played out one by one between the United States and the Soviets, it was instantaneously playing out in the ordinary†¦show more content†¦The American policy of â€Å"containment,† and the general fear of Communist spreading in unbalanced areas of the world. After the Soviet’s achieved the nuclear bomb, fears concerning the progress of Communism became inseparably entwined with the threat presented by the bomb itself. The more legislators talked about â€Å"traitors within our ranks,† the more terrified the public became of impending doom from the atomic bomb. Furthermore, was worsened by the fact that political characters, like Brewster and the notorious Joseph McCarthy, were advising we look not only overseas for our enemy, but also to our neighbors. William Douglas, a Supreme Court Associate Justice at the time, made a strong observation of this trend: Maybe one of the great mockeries of the time is that, in our fear of Communism, the setting in America during the peak of the Soviet Union took on an air of disbelief comparable to that which occurred within the countries on the other side of the â€Å"Iron Curtain.† Heda Kovaly, which she stated in her book Under A Cruel Star, commonly defines the suppressive environment of fear that endured in postwar Czechoslovakia. 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Essay On How Do We Change The Climate Of Law Enforcement

My view on what the discussion panel stated on â€Å"What keep them up at night† is they all have the same fear in regards to terrorism, which is interesting since they are all in intelligence to some degree. What this shows me is the threat is real and viable, if its keeping people awake at night. The panel explained that an attack on the homeland is the greatest threat, and I do have to agree with their statements, especially after looking at who they are in their respected agency within DHS. I see both sides of the answer to this question. On one side, the saying of â€Å"too many hands in the cookie jar†, holds true, which can cause issues between the multiple intelligence agencies, especially at the lower level of field agents. On the other†¦show more content†¦I’m not surprised about Hezbollah, they are a well funded, strong organization with a large amount of individuals within the group, and have a safe haven in Lebanon. It does not influence my outlook on the local and federal law enforcement. It just shows the two can work together and successfully bring down a terrorist cell within the U.S. Video: Who, in your view, presents the clearest argument? With which of the two arguments presented in the debate do you align yourself? I think Michelle Malkin presented the better argument. She presented relevant facts and was not trying to pull on the heartstrings of the audience, like Geraldo did. She also came across more professional and well versed in the topic, even writing a book on immigration. I align myself with Michelle Malkin and not with Geraldo Rivera. My view is they, illegal immigrants, committed a crime and did not follow the laws of the U.S., instead took the time to break the rules in order to cheat the system. In almost every other country, Immigration is very strict and illegals would not be allowed and they would be deported. 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Marketing and Health Care Systems Essay - 1168 Words

Dwana Kelley Strayer University Professor Kevin Williams HSA305 April 29, 2012 Marketing and Health care Systems The central concept of marketing is the exchange of something of value between the provider and the purchaser. Determining what the consumer need, want and desire and delivering it better than the competitors is the goal of marketing (Longest, Rakich and Darr, 2000). Healthcare is becoming more business oriented and using marketing tactics to increase consumer use of the services and products the health care system offers. Ensuring marketing of the right products and services is successful the organization’s mission and marketing need to be in alignment. This alignment begins with the strategic planning process, which†¦show more content†¦The Department of Public Relations and Marketing Both internal and external communications for Jackson Health System is provided by the Department of Public Relations and Marketing (Jackson Health System, 2012). This department is responsible for media relations, publications, marketing, and special events (Jackson Health System, 2012). Media relations work with local, national and international media, both broadcast and print, to showcase JHS physicians, staff, and services. Much of what is done is patient care centered, with the exception of marketing, and special events (Jackson Health System, 2012). Marketing is responsible for advertising campaigns, which markets JHS as an integrated health network (Jackson Health System, 2012). Marketing and Mission The concept of health services marketing is centered on â€Å"the analysis, planning, implementation, and control of carefully formulated programs designed to promote voluntary exchanges of values with target markets with the purpose of achieving organizational objectives (Longest et al. 2000, p 358). The marketing department of any health care organization requires knowledge of the current and future needs and desires of the target market, which will allow strategic planners to determine services and products that can be offered. An assessment of the target marketsShow MoreRelatedEssay On Marketing In Health Care1094 Words   |  5 PagesMarketing Concepts in Health Care and other Industries Proper marketing in healthcare is necessary in the sense that it helps healthcare organization to market their services, promote their products and services and improve the overall health of the community (Codourey, 2013). It is also a critical factor in improving delivery and quality of service provided by a healthcare organization, thus enhancing effectiveness and patient satisfaction in general. 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Ethics and Research in Professional Contexts Free Essays

string(109) " in dignity and rights’ \(Williams, 1981\) that establishes human rights as inherent to every human being\." Introduction Ethics play a pivotal role in a variety of contexts, such as decisions in personal contexts (e.g. family, friends) and professional contexts (e. We will write a custom essay sample on Ethics and Research in Professional Contexts or any similar topic only for you Order Now g. workplace). This essay considers the role of ethics in the case study of a woman’s decision to have an abortion. Drawing on and synthesising work from philosophy, law and current medical practice, the essay will discuss ethical issues on abortion from three different viewpoints. These viewpoints will be reviewed and discussed in order to reach a conclusion. Case study Mrs K is a 37-year-old woman and has four children. She consults her doctor for irregular periods. She had been using a diaphragm as contraception after having stopped taking birth control pills because of their negative side effects. Her doctor informs her that she is pregnant. She does not want another child. She breaks down and says she already has as many children that she can cope with. Mrs K also suffers from depression. Her doctor considers her circumstances that fall within the Abortion Act 1967 and refers her to a clinic. However, her husband (Mr K) disagrees with the abortion. This essay will investigate ethical issues central to this case study. Ethical issues arise from situations in which there is no satisfactory solution that can be applied to an ethical dilemma. Opposing courses of action may seem equally desirable or all possible solutions may seem undesirable. In the aforementioned case study, the ethical dilemma addresses two opposing views on abortion and discusses whether it is the right decision given the circumstances. This essay will explore this ethical dilemma by outlining three different viewpoints and discussing whether each viewpoint is justified. Discussion There are three key individuals involved in this case study: Mrs. K, Mr. K and the doctor. Mrs K. is at the centre of the dilemma as she wishes to have the abortion, Mr K. is Mrs K’s husband and disagrees with the idea of abortion, and the doctor assesses and guides Mrs K’s decisions. Mrs K Prior to assessing Mrs K’s viewpoint, it is important to outline her circumstances. Mrs K had been on contraception because she was very clear that would not be able to cope with the responsibility of having one more child. However, her contraception failed and the doctor notified Mrs K that she was indeed pregnant, prompting her to take a decision on having an abortion. Firstly, under the philosophical principles of Utilitarianism, it may be argued that Mrs K is justified in taking the decision to have an abortion for a number of reasons. Utilitarianism was first conceived by Jeremy Bentham (1748-1832), and was later developed by John Stuart Mill (1806-73) in the middle of the Industrial Revolution. Mill established the â€Å"greatest happiness principle† which posits that actions are right when they promote happiness, and wrong when they produce the opposite (Tschudin, 1994). According to Mill’s principle, with regard to people’s own lives and bodies, pe ople can do whatever we want, so long as others are not harmed (Feiser, 2009). In other words, each individual has the ability to choose what they feel is moral or immoral. In fact, virtue ethics does not hand out specific rules of behaviour that need to be adhered to but instead develops characteristics that help individuals decide on moral decisions, e.g. whether or not to have an abortion. Virtue ethics does not see abortion as right or wrong as it depends fundamentally on a person’s character. In accordance with this theorising, Mrs K’s decision to have an abortion is justified as it is an action that that involves her own life and her own body and therefore, rests on her decision. Secondly, in Utilitarianism, â€Å"Act Utility† states that the greatest good is that which brings most happiness and least pain (Feiser, 2009). Using a â€Å"Hedonic Calculus†, individuals can calculate which decision produces the greatest balance of good over evil and the refore, apply this reasoning to individual dilemmas (Bentham, 1789). With this Act Utilitarianism in mind, Mrs. K’s decision to have an abortion can be seen as the right decision as having a child would cause her unhappiness and pain in the future, as well as be a huge risk in exacerbating her existing depression and anxiety. Additionally, bringing a baby into a home of four children would take away time and attention from her other children which could be potentially traumatic for them and impede their development. Therefore, if Mrs K were to use a hedonic calculus, an abortion would certainly amount to the right decision as it maximises the quality of her well-being and that of her children.A third argument in favour of Mrs K’s decision is the fact that as an autonomous human being, Mrs K has to right to make decisions about her own life and body without coercion by others (Beauchamp Childress, 2001). Although researchers have suggested that autonomy is not a Ã¢â‚¬Ë œunivocal concept’ (Beauchamp and Childress, 2001), in the context of respect for reproductive choice, it does have a specific meaning. At a minimum, autonomy affords respect to an individual when making certain choices and taking actions based upon their personal values and beliefs. If a pregnant woman is forced, against her will, to endure nine months of physical, psychological and emotional turmoil, it is difficult to describe her as an autonomous individual. This argument also draws on philosophical principles on free will. That is, free will considers humans as agents who have the ability to make their own choices freely (Caruso, 2012). Therefore, in the case of Mrs K, it can be argued that as a free agent, she should have the final say in her actions and decisions that includes her pregnancy. If she chooses to end her unwanted pregnancy for her own reasons, then she has the right (and the free will) to do so. This reasoning is in fact, reflected in the Universal Declara tion of Human Rights Act (1948) article 1, ‘all human beings are born free and equal in dignity and rights’ (Williams, 1981) that establishes human rights as inherent to every human being. You read "Ethics and Research in Professional Contexts" in category "Essay examples" However, it must be noted that this article may also be used as an argument against an abortion if a foetus is considered to be a human being, and therefore having its own individual right to life. Many anti-abortion supporters (i.e. pro-life) do indeed support this argument and highlight that an unborn child is an innocent human being and abortion is therefore wrong. However, pro-choice supporters have retorted this position by upholding the concept of â€Å"personhood†. In other words, supporters argue that a foetus does not meet the criteria of personhood and therefore does not have a right to life. This position is echoed in philosophy by Mary Ann Warren who outlines a set of criteria for personhood that include: 1) consciousness of objects and events external and internal, 2) reasoning, 3) self-motivated activity, 4) a capacity to communicate, 5) the presence of a self-concept (Warren, 1996). By these criteria, it is clear that foetuses, although they have the ability to eventually meet these criteria, would not have a right to life until they are born. Similarly, Peter Singer posits that only a moral agent is capable of having their rights violated, and as the foetus is not a moral agent, it cannot have its rights violated (Singer, 1995). In other words, as a foetus cannot make moral judgements of what is right or wrong, it does not have the same rights as human beings. Although both Warren and Singer propose controversial ideas, the arguments of personhood and moral agency adds further justification to Mrs K’s decision to have an abortion. Mr K In the case study, whilst Mrs K has decided to have an abortion, her husband is against it. From his perspective, he has always wanted a large family and therefore, feels very strongly against an abortion. Given his views, Mrs K’s decision to have an abortion could lead to considerable anger and resentment in her husband which could manifest in marital discord and eventually divorce, all of which would be extremely harmful for their children. Returning to the hedonic calculus, it is therefore important to take into account these potential consequences as they may outweigh the reasons for having an abortion in terms of the happiness of Mrs K and her children. However, at the same time, if Mrs K chose not to have an abortion because of her husband’s views, this could lead to considerable anger and resentment in her and increase her depression and anxiety, which could all negatively impact her children’s welfare. The decision is therefore not clear-cut.A second reas on that Mr K does not agree with the abortion is because of his own religious views. He believes that human pregnancy happens for a divine reason and that man and woman both create a baby and therefore should have an equal say in what happens to that baby. From the Roman Catholic view, the wrongness of abortion is rooted in the Natural Law view that innocent life (i.e. from conception) must be preserved (Hunanae Vitae, 1965). However, it must be noted that in 1993, the Church of England produced â€Å"Abortion and the Church†. In this document, abortion is described as a great moral evil but can be allowed in circumstances in which the foetus endangers the life of the mother or if there is severe foetal disability. Whilst having a baby does not physically endanger Mrs K’s life, it can be argued that it endangers her mental life given her depression and anxiety, thereby, justifying an abortion. Moreover, it is important to note that legally, Mr K has no right to demand or refuse a termination under the Abortion Act (1967) Human Rights Act (1998) that place the entire responsibility to the woman. Doctor Health care professionals have a number of responsibilities such as a duty of care to provide women with all the information they need in order to make an informed choice about how to cope with their unplanned pregnancy. The doctor in this case study had the responsibility of making an assessment. Specifically, the doctor must assess the potential impact of pregnancy and birth on Mrs K’s physical and mental health. In fact, the Abortion Act 1967, as amended by the Human Fertilisation and Embryology Act 1990 (House of Commons, 2006), clearly says that a registered medical practitioner has the power to lawfully terminate a pregnancy. However, it is difficult to apply blanket rules when dealing with considerably sensitive and difficult decisions, which require a deeper understanding of a woman’s individual needs and desires. Given the difficulties shrouding a pregnancy termination, doctors play an important role in ensuring that a patient always feels supported. Doctors ar e also responsible for giving appropriate information and counselling about all the options available to patients (BMA, accessed 10/01/13).In this case study, Mrs K strongly felt that having an abortion would be the best decision and her doctor should therefore be able to respect her decision. Her doctor should act as a guide and act in the best interest of Mrs K (Pfeffer, 2002). The 1967 Abortion Act also refers to a doctor’s â€Å"rights to follow the dictates of their own conscience† (Pfeffer, 2002). The Doctor therefore, obviously considered Mrs K’s depression and mental capacity and found it suitable to refer her to a clinic. The doctor also was able to see that Mrs K was mentally fit to understand the procedure and its alternatives (BMA, accessed 10/01/13). Conclusion There is no doubt that abortion is a controversial and hotly debated topic in a variety of academic and professional spheres, and different viewpoints are infused with biological, moral and societal complexity. It is clear that there are numerous positions that people can adopt such as a Utilitarian point of view, a religious perspective, or a personal view when seeing an action as moral or immoral. In this particular case study, given Mrs K’s depression, her current family situation and her strong wishes to have an abortion, I believe that her decision is the right one. As a woman, Mrs K has a right to make her own choices and lead her own life in equality with, not under the control of her husband. Moreover, the fact that Mrs K has become pregnant as a result of a contraceptive failure strengthens her decision, as her pregnancy did not come about from carelessness, but from forces outside of Mrs K’s control. References Bentham, J. (1789). An Introduction to the Principles of Morals and Legislation. London. Beachamp, T. L., Childress, J. F. (2001). Principles of Biomedical Ethics (5th Edition). Oxford University Press. British Medical Association, The law and ethics of abortion. Accessed 10/01/13 from: www.bma.org.uk/-/media/Files/PDFs/†¦/Ethics/lawethicsabortionnov07.pdf Caruso, G. D. (2012). Free Will and Consciousness: A Determinist Account of the Illusion of Free Will. Lexington Books. Fieser, J. (2009). Ethics. Internet Encyclopedia of Philosophy. Accessed 10/01/13 from http://www.iep.utm.edu/ethics/ House of Commons: Science and Technology Committee. Scientific Developments Relating to the Abortion Act 1967. (Volume 1). Accessed 10/01/13 from: http://www.publications.parliament.uk/pa/cm200607/cmselect/cmsctech/1045/1045i.pdf Humanae Vitae: Encyclical Letter of His Holiness Pope Paul VI, on the regulation of Births (1965). Pfeffer, N. (2002) ‘Fertility counts: from equity to outcome’ in S. Sturdy (ed.), Medicine, Health and the public sphere in Britain, 1600-2000 (pp. 260-278). Routledge. Singer, P. (1995). Animal Liberation (2nd Edition). Pimlico. Tschudin, V. (1994). Deciding Ethically: A Practical Approach to Nursing Challenges. London: Bailliere Tindall. Warren, M. A. â€Å"On the Moral and Legal Status of Abortion† in T.A. Mappes and D. DeGrazia, (Eds.), Biomedical Ethics (1996), New York, McGraw-Hill, Inc, pp. 434-440. Williams, P. (1981). United Nations. General Assembly. The International bill of human rights. Entwhistle Books. How to cite Ethics and Research in Professional Contexts, Essays

Music Publishing Assesment free essay sample

Hacked was young, she always dreamed of having her own independent music publishing company. With such successful companies like MI and Sony, she realized that she wouldnt be content being just another employee, she want be the employer. With her growing knowledge on music publishing, she believes that she is ready to launch my own independent music publishing company called Goldenrod Music along with the help of her business partner, Allan Breach.Below is the step-by-step on how they plan to make Goldenrod Music a successful music publishing company by touching on subjects such as the business Truckee, financing and funding, personnel,roles and departments, 1 . Business Structure: Goldenrod Music will be run as a partnership between Rachel Hacked and Allan Breach. The location of the Goldenrod Music office will be in New York City in the Financial district on Ceded Street. Within this office they will have four main departments and have approximately thirty to forty employees. In order to start Goldenrod Music, Rachel Hacked and Allan Breach must file Goldenrod Music to their local government offices to obtain a business permit (in this case NYC City Hall) (McCoy). Goldenrod Music then will apply to a performance rights organization of their choice, which will most likely be ASAP (since the company is located in the United States), by submitting an application and fee of about $35. The application can be found at http://www. ASAP. Com/Jolt/. D 2. Financing and Funding: Goldenrod Music plans on being funded without loans or grants, since interest fees are on the rise.Rachel Hacked and Allan Breach plan on using the money from their trust funds to pay for the business start up costs. The cost for renting the office space Is $1 ,250 a month. Other start-up expenses not Included In the rent are furnishing, supplies, paying staff, taxes, applying for a performance rights organization(ASAP in this case), legal fees, demo costs, promotion, etc. ;elf Goldenrod Music does not generate enough income for Hacked and Breach to breakable, then they will look into adding a backer that will receive half or what Hacked and Breach will make. . Personnel,Roles and Departments: Goldenrod Music plans on having four different departments. The first key department is the AR/ Creative/ Promotion department. The Job description includes this worker to find new songwriting talent by listening to demos, going to shows, word of mouth from other key players in the industry that they trust ,etc. This company. In order to keep a fresh and current catalog with potentially big money making hits, Goldenrod Music will need to have the best up and coming songwriters at all times.Other Jobs within the department include matching up songwriters or composers with lyricists if needed and to get the songs used in as many different dentures as possible through record companies, performers and broadcasters. Printer)goldenrod Music will generally work with bands where one or more members is the songwriter to the band, however, in the case we sign a songwriter to Goldenrod Music, this department with try to get that songwriters work to be used by m ajor artists. This department can also set up songwriters and lyricists together, preferably ones both signed to Goldenrod Music so the split up of royalties will be easier. 0 Another department that would be part of Goldenrod Music is accounts and royalties department. This department is essential for Goldenrod Music to have because it handles the income as well as distribution of money. Accounts and royalties will take care of number crunching, keeping track of song usage to collect royalties and handle all monies owed.If songwriters want their work to be expanded to other forms of media, then this department would be in contact with the accounts departments of record labels, TV, film and advertising companies. Lastly, accounts and royalties will be in charge of dealing with PROS and AMPS. O Another essential department that Goldenrod Music plans on having is the copyright/ legal department. This department will be in charge of writing agreements between the publisher and Miters. For an explanation on Goldenrods publisher-songwriter contract please go to the Legal section.This department will also handle licensing and synchronization, registering new works to PROS and AMPS, dealing with copyright infringement by taking legal action, and anything else relating to legal or copyright issues. 0 Another department that would be part of Goldenrod Music is a social media department. This will only have a few employees, however, is an important part of the company. With many consumers using the Internet as ways to find and download new music, Goldenrod Music finds it would be important to showcase online recorded Narks from its catalog.More on this topic can be found in the Technology section. Goldenrod Music would also hire several song plungers to get unrecorded songs on Goldenrod Musics catalog recorded. Other staff personnel will include assistants, receptionists and interns. 0 4. Strategy and Services- including details on opportunities, threats and trading partners: Publishers at Goldenrod Music will be a threat to other current publishers. Chosen for having a well rounded resume and a university education, publishers are Goldenrod will have top notch experience for this new company. Publishers atGoldenrod Music will specialize in AR to help bring a full catalog of new up and coming songwriters. They will also strive to find new media outlets to connect the songwriters music with as many people as possible. Publishers will be push their Goldenrod Music will offer three main services for our clients. One service they offer is Creative Services. Goldenrod Musics creative service will help bring together different songwriters on the growing catalog to help expand the songwriters abilities to their fullest potentials. Another service they offer is administration services whichNail handle the different areas of revenue possibly available for the songwriters work. Along with recording Peps and Lips, Goldenrod Music will produce demos for up and coming songwriters without record deals. Goldenrod Music believes that demos are essential for songwriters looking to be signed. For these songwriters, Goldenrod suggests that typically the demo will run about three to four songs. These demos will be protected with copyrights and will not be for sale. Income for Goldenrods songwriters will be collected through mechanical royalties, synchronization royalties, print royalties, performance royalties.Mechanical royalties allows a record company or any other party the right to record or reproduce one of the songwriters works. Songwriters are paid for every record the record company manufactures and distributes that is sold. In the U. K, the AMPS sets the price for how much the songwriter will make per song, but in the U. S the rate is based on a fixed rate either at the full statutory rate or as a reduced percentage of the statutory rate. Composition clauses are now currently 75% of the fixed rate. The AMPS normally Issues mechanical licenses for publishers.Income from mechanical royalties will be plait 50/50 between the publisher and the songwriter. Performance royalties or public performance rights are paid to the songwriter and publisher when others seek to play the song on the radio, in venues, on television, at live concerts,etc. ASAP(the US version of PROS ), since given the right to license performing rights to all of Goldenrod Musics songwriters, will make deals with Never wants to use the songs in their media outlet ,collect the fees owed, then divide up the pay between the songwriter and publisher.Anyone who wants to use songs from Goldenrod Musics songwriters will have to pay a blanket license, which oversee all works from Goldenrod Musics catalog as well as any other publishing companies under ASAP. The Broadcast Data Service will be used to keep track of songwriters work on the radio. ASAP will pay the songwriters directly( peg 251 ,Pajamas), Synchronization royalties allow the usage of works in visual media outlets like commercials, television, movies, computer games, etc. Income from these types of royalties range depending on where the work of the songwriter is being used.With major motion pictures, the income generated depends on where in the movie the song is being used. Songs used in the main title normally range between$50,OHO to $250,000, in ending credits between $35,000 to $100,000, and out of context usage of the songwriters song( using the song differently then used in films) generate anywhere between $25,000 to $250,000. Instrumental cues in movies will get around Income, however in the US it is completely different. Income from television in the US runs typically depending on if the work is unknown or super popular.Songs in commercials can range anywhere between $50,000 to $200,000 for one-year national usage in the United States( peg 262 All You Ne ed to Know About The Music Business. ) For video/computer games, songwriters get paid a flat fee for the song usage which is generally from$8,OHO to $10,000. The only video games that pay royalties are in music-based games such as Dance Dance Revolution, Rock Band or Guitar Hero. Print music royalties are paid from the sheet musics manufacturer to the songwriter for each unit sold.In the I-J, royalty for single-song sheet music ranges between 10%-15% while in the US the standard rate is 20% for single sheet music and 10% to 12. 5% for folios (songbooks). As an up and coming music publishing company, Goldenrod Music would have he fresh start opportunity. We have are not in debt, not being sued and not currently trying to be bought out by a larger company. Being a new partnership allows Goldenrod Music to build from the ground up a modern catalog, and will hopefully become a threat to current giants in music publishing.Along with having a clean slate comes the opportunity to network without having a bad record against the company. There is opportunity to learn about the changing music industry and adapt with it. Goldenrod Music, being located in New York City, also has many opportunities to meet with many songwriters from New York City and elsewhere. New fork City is home to many different record labels, word renowned recording studios, and fresh talent. One threat that Goldenrod Music will have to overcome is other established publishing companies.Songwriters who are looking to put their trust into someone to get their songs published, recorded and eventually make them money, seek out publishers with experience. Although Goldenrod Music has a lot to offer, songwriters may look to music publishing companies with a good track record. In order to get over this phase, Goldenrod Music will have to break the ice with signing a successful engineer to show other songwriters we are a trustworthy company. Goldenrod Musics main customers are songwriters who are also established artists.Goldenrod Music doesnt focus primarily on mainstream artists, but at the same time strives to get songs on the catalog into as many different media outlets as possible. Goldenrod Music looks to sign songwriter/musicians who are willing to collaborate with other artists and lore put their works in other forms of media than lust purely music. Songwriters/ artists on Goldenrod Musics current catalog include Sonny Moore/ Shriller, EH! 3, Andy Samsung, This Love, Nick Mina] and Kina Grannies. Goldenrods account department will collect revenue from all outlets the song is used. All songwriters will be paid their royalties at different times depending on what 7. Legal When it comes to contracts, Goldenrod Music will try to construct a contract that is both suitable for the songwriter/composer as well as the publisher. Goldenrod Music Nail offer two different contracts. To new songwriters not looking to go mainstream Ninth their music, they will be issued the co-publishing agreement. This is where the songwriter receives 50% of income listed and the publisher receives the other 50%. Goldenrod would also offer an exclusive writer deal to songwriters with a history of making hits.This is where they would control the entire output of works of the songwriter under the Term, promising exclusivity to Goldenrod Music. Songwriters Math Goldenrod will not share monies collected from performance royalties. In this contract, Goldenrod Music will seek the exclusive rights to all original musical compositions and copyrights (which includes the copyright registration and protection) from the songwriter. The transfer of these copyrights allow Goldenrod Music to reproduce the work, distribute copies of work, have work performed publicly, and make a derivative of work.Performances of the songwriters work are allowed in all forms of media, whether for a profit or nonprofit(Exclusive Songwriter Agreement). Goldenrod Music will be allowed to make master recordings of all works of the publisher. In return, Goldenrod Music will protect all works from any copyright infringement from another songwriter/composer/publisher by getting all works a copyright notice. If there is an issue with copyright infringement, Goldenrod Music will get an injunction and try to either get the fair market value, recover the infringe r profits, or cover statutory damages. The fair market value is if the song is worth a certain amount and is stolen from the songwriter, then the songwriter will receive that exact amount of money that the song is worth. If Goldenrod Music seeks to recover the infringer profit then Goldenrod can recover all the infringer profits. If Goldenrod chooses to recover statutory damages then if won, the court will reward Goldenrod Ninth money for damages. 3. IT/ Digital: The developments in the digital world may seem like a struggle to some companies, however Goldenrod Music plans to use it to their advantage. GoldenrodMusic set up a youth account where they would allow Ad-World to have ads on their videos, which will generate income overtime the video for that songwriter is played. Also, Youths Content ID system allows the songs copyright holders to receive profit from any infringement use of their songs(Van Buskins) Goldenrod Music will use social media outlets to its advantage. Social media sites include but are not limited to Twitter, Backbone, Namespace, Prologue and more to department, their employees will find ways to get Goldenrods songwriters work exposed through music blobs, both known and unknown.