Thief's Journal Essay Example | Topics and Well Written Essays - 750 words

Thief's Journal - Essay Example Doing so, Genet has indeed succeeded in presenting to the target audience a deprived, degrading, shameless, and unethical antithesis to a world harping on moral values and restraint. Genet celebrates the privilege of a convict to inhabit a forbidden universe which only he or others like him are allowed to inhabit, where one can conveniently deny and ignore the constraints of conventional morality, by paying the price for it. Yet the seemingly ridiculous thing is that this forbidden world of the con-artists, thieves and deviants does have its own array of heroes, role models and code of ethics. This in a way makes the scope for a parallel world, which though being a filthy shadow of the real world dominated by bourgeois values, has its own ideals to be diligently pursued, records to be matched or shattered and ethics to be adhered to. However, even a careful perusal of The Thief’s Journal nudges a discriminating reader to question as to the need for this parallel or perhaps an alternate world. Perhaps this parallel world is a well planned construct of an essentially bourgeois society to create a scope for the existence of life styles and values that are either an aberration to its norms and beliefs about the concepts of sexuality, property, conduct and order. Perhaps the society deliberately wants an individual affiliated to even one of these marked or labeled aberrations, say homosexuality, lack of respect for the institution of personal property, a meditated urge to contradict or oppose church dogmas or a talent for making a living through deception to wholeheartedly subscribe to the remaining list because this bourgeois society with its bourgeois values simply could not carve out enough temporal or mental space to accommodate such a talent pool with its individual nuances and specificities. The irony is that irrespective of the best intentions of the bourgeois society, the so called deviants are more than willing to inhabit this parallel world, not onl y because it offers them a space for existence within the larger scope of the overall society, with a freedom to sanctify it with elaborate rituals and ideals, but also a liberty to assert their existence, beliefs and morals, that gets accentuated and highlighted like a sturdy and rusty nail on a whitewashed wall (Hammer 165). So, in a way, irrespective of the methodical and systematic attempts of the bourgeois society to sideline these so called deviants, it ends up doing the opposite that is to recognize and validate their existence through this moral segregation and physical incarceration. The very urge of the dominant social order to treat these deviants as different in a way recognizes, validates and perhaps sadistically celebrates their different identity. In that context, Genet does mention that submission of the deviants do plays a special role in this social recognition (Genet 150). The deviants well know that to resist will not only give an excuse to the society to be open and obvious with its ruthless and callous side, but by doing so they will also end up doing what the society wants them to do. In contrast the deviants opt for the smarter option to be submissive to the social norms, thereby putting the onus on the society to keep up with its obvious sophisticated, liberal

Advanced Corporate Reporting Essay Example | Topics and Well Written Essays - 1500 words

Advanced Corporate Reporting - Essay Example However these are voluntary in nature and not mandatory for the organizations. The triple bottom line approach theory to sustainability stipulates that profit is not the only parameter, based on which performance of a company need to be evaluated and judged. This is a narrow way of performance evaluation. There other â€Å"bottom lines â€Å"which should be taken into consideration for effectively measuring performance of a company. These are: economic, social and environmental performance. John Elkington first coined the term triple bottom line approach in 1997 (Elkington,, 1997). The most important question that comes to mind is why do companies provide information about their role in preserving environment and social responsibility? According to the Committee for Economic Development (1971), it is important for an organization to take care of the demands of its stakeholders which consists of its employees, customers and other sundry shareholders. These demands should be met with by the organizations, within the acceptable limit of legal framework and the one which is socially acceptable in the society. One has to examine whether the provisions of non – financial information is compatible with the view that the social responsibility of a business is to increase profits. This needs to be examined in terms of specific theories. The corporate social reporting is done on the basis of two theories that are Stakeholder theory and Legitimacy theory. According to Stakeholder theory, any group which is part of the organization can influence its decision. The organization and the stakeholders are interconnected and are accountable for their actions to the society. Organization and the stakeholders are also interconnected to take care of the interests of the organization (Villiers, 2006). The legitimacy theory has a different view on the reporting of social responsibility. According to this theory, organizations continuously make attempts to make sure that they work within the parameters of and customs lay down by the society they work in. In other words, their focus is on carrying out those activities which are perceived as legitimate by forces existing in the external environment. (Degan 2000). The legitimacy theory further states that an organization can adopt the following strategies for reporting its social responsibilities. The first one is, educate the stakeholders. This is done by explaining to them, specific tasks being performed by the organization in meeting their obligations towards the society. Advertising and public relations activities play a significant role in fulfilling this task. Educational programs, specifically designed for this purpose would be quite helpful in educating the stakeholders. The second option available with the organization is bring out change in the external expectations of its performance. By continuously publishing in the media, stories of its achievements the expectations of its performance can be changed to a large extent. For example, if a company releases advertisement in the newspaper (and other electronic media) about declaring dividends on a regular basis, then the expectations in the mind of investors would also change and they would expect the company to perform well, year after year. This can have dangerous repercussions for the company because if it is not able to perform well in a particular year, then its image would suffer greatly. By following the strategy of changing the stakeholders’ perceptions of the events, organizations can carry out their responsibilities. These events can range from positive to negative. For example in case of negative event such a report published in the media about

Literature Review on Volatility

Literature Review on Volatility Literature Review What is Volatility? Volatility is defined as the spread of all likely outcomes of an uncertain variable (Poon, 2005). Statistically, it is often measured as the sample standard deviation (as seen below), but can also be measured by variance. Where rt = return on day t, and ÃŽÂ ¼ = average return over the T-day period. The common misconception is to equate volatility to risk. However, whilst volatility is related to risk, it is not the same. Risk represents an undesirable outcome, whilst volatility is a measure for uncertainty that could arise from a positive outcome. Furthermore, volatility as a measure for the spread of a distribution contains no information on the shape, this represents another reason for volatility being an imperfect measure for risk. The sole exception to this being a normal distribution or lognormal distribution where mean and standard deviation are appropriate statistics for the whole distribution (Poon, 2005). In dealing with volatility as a subject matter in financial markets, the focus is on the spread of asset returns. High volatility is generally undesirable as it indicates security values are unreliable and capital markets arent functioning efficiently (Poon, 2005; Figlewski, 1997). Financial market volatility has been the subject of much research and the number of studies continues to rise since Poon and Granger (2003)s original survey first identified 93 papers in the field. A whole host of drivers for volatility have been explored (including political events, macroeconomic factors and investors behavior) in an attempt to better capture volatility and decrease risk (Poon, 2005). This study will add to that list, hoping to contribute something novel to the field by scrutinizing the appropriateness of different volatility models for different country indexes. The Importance of Volatility Forecasting Investment strategies, Portfolio Optimization and Asset Valuation Volatility when taken as uncertainty transforms into an important component in a wide range of financial applications including Investment strategies for trading or hedging, Portfolio optimization and Asset price valuation. The Markowitz mean-variance portfolio theory (Markowitz, 1952), Capital Asset Pricing Model (Sharpe, 1964) and Sharpe ratio (Sharpe 1966) signify three cornerstones for optimal decision-making and measurement of performance, advocating a focus on the risk-return interrelationship with volatility taken as a risk proxy. With Investors and portfolio managers having limits as to the risk they can bear, accurate forecasts of the volatility of asset prices for long-term horizons is necessary to reliably assess investment risk. Such forecasts allow investors to be better informed and hold stocks for longer rather than constantly reallocating their portfolio in reaction to movements in prices; an often expensive exercise in general (Poon and Granger, 2003). In terms of st ock price valuation French, et al. (1987) analyse NYSE common stocks for the period of 1928-1984 and find expected market risk premium to be positively related to the predictable volatility of stock returns, which is further strengthened by the indirect relationship between stock market returns and the unexpected change in the volatility of stock returns. Derivatives pricing Volatility is a key element in Modern option pricing theory that enables estimation of the fair value of options and other derivative instruments. According to Poon and Granger (2003) the trading volume of derivative securities had quadrupled in the recent years leading up to their research and since then this growth has accelerated with the global derivatives market now estimated to be around $544 Trillion excluding credit default swaps and commodity contracts (BIS, 2017). As one of five input variables (including Stock Price, Strike price, time to maturity and risk-free interest rate), expected volatility over the options life in the Black-Scholes model theorized by Black and Scholes (1973) is crucially also the only variable that is not directly observable and must be forecast (Figlewski, 1997). Implied volatility and realized volatility can be computed by referencing observed market prices for options and historical data. Whilst the former is attractive for requiring little input data and delivering excellent results when analysed in some empirical studies compared to time series models utilizing just historical information, it is deficient by not having a firm statistical basis and different strike prices yielding different implied volatilities creating confusion over which implied volatility to use (Tse, 1991; Poon, 2005). Lengthening maturities of derivative instruments also weakens the assumption that volatility realized in the recent past can be used as a fairly reliable proxy for volatility in the near future. (Figlewski, 1997). With recent developments, derivatives written on volatility can now also be purchased whereby volatility represents the underlying asset, thus further necessitating volatility forecasting practices (Poon and Granger, 2003). Financial Risk Management Volatility forecasting plays a significant role in Financial Risk Management of the finance and banking industries. The practice aids in estimation of value-at-risk (VaR), a measure introduced by the Basel Committee in 1996 through an amendment to the Basel Accords (an international standard for minimum capital requirement among international banks to safeguard against various risks). Whilst many risks are examined within, volatility forecasting is most relevant for Market risk and VaR. However, calculating VaR is necessary only if banks choose to adopt its own internal proprietary model for calculating market risk related capital requirement. By choosing to do so, there is greater flexibility for banks in specifying model parameters but with an attached condition of regular backtesting of the internal model. Apart from banks, other financial institutions may also use VaR voluntarily for internal risk management purposes. (Poon and Granger 2003; Poon 2005) Christoffersen and Diebold (2000) do however contend the limits of relevance of Volatility Forecasting for Financial Risk Management, arguing that for reliable forecastablity much depends on whether the horizon of interest is of a short term or long-term nature (taken to be more than 10 or 20 days) with the practice deemed more relevant for the former than the latter due to the limitations in forecastability. Policymaking Financial market volatility can have wide-reaching consequences on economies. As an example, large recessions create ambiguity and hinder public confidence. To counter such negative impacts and disruptions, policy makers utilize market estimates of volatility as a means for identifying the vulnerability of financial markets, equipping them with more reliable and complete information with which to respond with appropriate policies. (Poon and Granger, 2003) The Federal Reserve of the United States is one such entity that incorporates volatility of various financial instruments into its monetary policy decision-making (Nasar, 1991). Bernanke and Gertler (2000) explore the degree to which implications of asset price volatility impact monetary policy decision-making. A side-by-side comparison of U.S. and Japanese monetary policy is the basis of the study. The researchers find that inflation-targeting is desirable, however, monetary policy decisions based on changes in asset prices should only be made to the extent that such changes help to forecast inflationary or deflationary pressures. Meanwhile, Bomfim (2003) investigates the relationship between monetary policy and stock market volatility from the other perspective. Interest rate policy decisions that carry an element of surprise appear to increase short run, stock market volatility significantly with positive surprises also having a greater effect than negative surprises. Empirical stylized facts of asset returns and volatility Any attempt to model volatility appropriately must be done with an understanding of the common, recurring set of properties identified from numerous empirical studies carried out across financial instruments, markets and time periods. Contrary to the event-based theory in which it is hypothesized different assets respond differently to different economic and political events, empirical studies show that different assets do in fact share some generalizable, qualitative statistical properties. Volatility models should thus seek to capture these features of asset returns and volatility so as to enhance the forecasting process; herein lays the challenge. (Cont, 2001; Bollerslev et al 1994) Presented are some of these stylized facts, along with their corresponding empirical studies that have contributed to the evolving literature aimed at improving volatility-forecasting practices and which this study will also look to capture. Return Distributions Stock Market returns are not normally distributed and it is therefore an unsuitable distribution for modeling returns according to Mandelbrot (1963) and Fama (1965). Returns are approximately symmetrical but can display negative skewness and significantly have leptokurtic features (excess kurtosis with heavier tails and taller, narrower peaks than found in a normal distribution) that see large moves occur with greater frequency than under normal distributions (Sinclair, 2013). Cont (2001) asserts that these large moves in the form of gains and losses are asymmetric by nature with the scale of downward movements in stock index values dwarfing upward movements. He further argues that the introduction of GARCH-type models to counter the effects of volatility clustering can reduce the heaviness of tails in the residual time series to some small extent. However, as GARCH models can at times struggle to fully incorporate heavy-tail features of returns, this has necessitated the use of alte rnative distributions such as the students t-distribution employed in Bollerslev (1987). Alberg et al (2008) employ a skewed version of this distribution to various models with the EGARCH model delivering the best performance in forecasting the volatility of Tel Aviv stock indices. Cont (2001) does however also highlight an important consideration with the notion of aggregational gaussianity that as one increases time scale (t) for calculation of returns, the distribution of returns seems more normally distributed in appearance. Leverage effect/Asymmetric volatility In most markets, volatility and returns are negatively correlated (Cont, 2001). First elucidated by Black (1976) and particularly prevalent for stock indices, Volatility will tend to increase when stock price declines. The justification for this is because a decline in equity stock price will increase a companys debt-to-equity ratio and consequently its risk and volatility (Figlewski and Wang, 2000; Engle and Patton, 2001). Importantly, this relationship is asymmetric, with negative returns having a more marked effect on volatility than positive returns as documented by Christie (1982) and Schwert, (1989). However they also argue that the leverage effect is not enough on its own to explain all of the change in volatility with Christie (1982) incorporating interest rate as another element that has a partial effect. Hence, whilst, ARCH (Engle, 1982) and GARCH (Bollerslev, 1986) models do well to account for volatility clustering and leptokurtosis, their symmetric distribution fails to account for the leverage effect. In response to this, various asymmetric modifications of GARCH have been developed, the most significant of these being Exponential GARCH (EGARCH; Nelson, 1991) and GJR (Glosten et al, 1993). Other models like GARCH-in-Mean have also endeavored to capture the leverage effect along with the risk premium effect, another concept that has been theorized to contribute to volatility asymmetry by studies such as Schwert (1989) (Engle and Patton, 2001). Volatility Distribution The distribution of volatility is taken to be approximately log-normal. Various studies such as Andersen et al (2001) have postulated this. More significantly than the actual distribution is the high positive skewness indicating volatility spends longer in lower states than higher states. (Sinclair, 2013) Volatility-Volume correlation All measures of volatility and trading volume are highly positively correlated (Cont, 2001). Lee and Rui (2002) show this relationship to be foundationally robust, however what is more complex is determining the causality between the two. Strong arguments can be made either way. As an example, Brooks (1998) utilizes linear and non-linear Granger causality tests and finds the relationship to be stronger from volatility to volume than the converse. He concludes by highlighting that for forecasting accuracy, predicting volume using volatility is more productive than forecasting stock index volume and using such forecasts in trading. According to Gallant et al (1992) this relationship is also closely linked with the leverage effect and incorporating lagged volume weakens the effect considerably. Non-Constant Volatility Volatility is not constant. The changing nature of volatility occurs in a particular manner; Merton (1980) was critical of researchers who failed to incorporate this feature in their models. Firstly volatility is mean reverting. Indeed LeBaron (1992) found a strong negative relationship between volatility and autocorrelation for stock indices in the United States. Secondly, Volatility clusters. This is a phenomenon first noted by Mandelbrot (1963) that allows a good estimation of future volatility based on current volatility. Other studies such as Chou (1988) have also empirically shown the existence of clustering. Mandelbrot (1963) wrote, large changes tend to be followed by large changes of either sign, and small changes tend to be followed by small changes. In other words, a turbulent day of trading usually comes after another turbulent trading day, whilst a calm period will usually be followed by another calm period. Importantly, the phenomenon is not exclusive to the underlying product and can be seen in stock indices, commodities and currencies. It also tends to be more pronounced in developed than emerging markets. (Taylor, 2008; Sinclair, 2013) Engle and Patton (2001) argue that volatility clustering indicates volatility goes through phases whereby periods of high volatility eventually give way to more normal volatility with the contrary also holding. Engles (1982) landmark paper incorporated these features of volatility persistence using his ARCH model, whereby time varying, non-constant volatility that persists in high or low states is taken account of.

Essay --

FORTIS: GROWTH AT BREATHTAKING PACE "We want to be big," How big? "No clue how big†¦,"...just... big." 1 Shivinder Mohan Singh (2001) â€Å"The opportunity [in India] is large but we don’t want to be limited to being a healthcare player confined to a market†. â€Å"Compare a US$500 billion Asian healthcare market with a US$50 billion Indian market. I clearly see a lot more opportunity and a lot more growth happening in international markets.† Malvinder Mohan Singh (2011) â€Å"We have intensified our focus on India as we see strong demand for healthcare delivery services in the country over the next many decades† Malvinder Mohan Singh (2013) Fortis which began as a single hospital with 300 beds in Mohali in the year 2001 is a fast growing integrated service provider in Asia. The healthcare verticals of the company span diagnostics, primary care, day care specialty and hospitals, with an asset base in 7 countries, many of which represent the fastest-growing healthcare delivery markets in the world. The company operates its healthcare delivery network in Dubai, Hong Kong, India, Mauritius, Singapore, Sri Lanka, and Nepal with 76 hospitals, 12,000 beds, 600 primary care centers, 191 day care specialty centers, 230 diagnostic centers and a talent pool of over 23,000 people. Fortis is managed by erstwhile promoters of Ranbaxy Laboratories – Malvinder Mohan Singh (Non-Executive Chairman) and Shivinder Mohan Singh (Managing Director). The promoters have a strong background in the pharmaceutical industry and more than a decade of experience in the healthcare services industry. Shivinder Singh looks after the Indian operations as the Managing Director of Fortis Healthcare (India) Ltd. Malvinder Singh runs the Singapore-based Fortis Healthcare In... ... a fairly aggressive expansion before 2009, they are not relying on debt for expansion as before. The Mumbai project was financed with internal accruals. Wockhardt chose to build the Mumbai and Delhi hospitals one after the other and not simultaneously, so as not to put pressure on its cash flows. Wockhardt Hospitals is determined not to repeat its mistakes as it expands again. Industry leaders Fortis and Apollo Hospitals are far ahead of Wockhardt. But Wockhardt is not targeting scale, nor do they wish to be a pan-India player. The company plans to focus on Maharashtra and Gujarat, and Tier-II cities. The company’s current strategy is being a niche player which makes business sense. Having a regional focus has logistical benefits - it is easier to move doctors from one hospital to another in times of emergency. â€Æ' â€Æ' Appendix 5: Fortis stock price

Sample Guide Sketchup

1- Close ALL Applications and go offline 2- Open GoogleSketchUpProMEN. DMG and Install (This is version 8. 0, in Trial mode, downloaded directly from the Sketchup website – May 2011) 3- Once Installed, but not Opened: A- Goto HD / Applications / Google Sketchup 8 / SketchUp B- Right-click Sketchup and select – Show Package Contents C- Goto Contents / MacOS / D- Replace the SketchUp file with Sketchup from the Cracks folder 4- Do the same procedure on both LayOut and Style_Builder – Right click, Show Package Contents, goto Contents/MacOS and replace the respective files with the Cracked versions. – Making sure you are still offline, open Sketchup and keep a note of the exact Time you opened it! A- Goto SketchUp/File/Preferences/General and un-tick Automatically Check for updates. 6- Close Sketchup Sketchup will have now created hidden files for which it depends on to expire the Trial. For the following you will need to show hidden files in Finder. If you do n't know how to do that, best do your own research. 7- With hidden files shown in Finder: A- Goto HD / Library / Application Support / In Finder, order the files column by Date Modified, you should find a hidden file looking something like this . hkzftzgrc It may have a different variation of lettering but if it was Modified the same time you ran Sketchup then that's the file you want to Lock. (Select the file, Press Command-I, and tick the Lock box) B- Goto HD / (your username) / Here again you should find another hidden file looking like . hkzftmgrc . Making sure it was created the same time you opened Sketchup, lock this one too. – Extra precautions – it's been suggested to lock – HD / (your username) / Preferences / com. google. sketchuppro8. plist – but this will also lock ALL your preset options within Sketchup. I'm not sure this is necessary. Also a file to Lock may be created here – HD / (your username) / Caches / com. google. sketchuppro8 /Cache. db – but it was not generated on my installation And It wouldn't hurt either to un-tick ‘Check For Updates' in LayO ut and Style_Builder That's it, hope it works for you, Enjoy!

Global Demand For Energy Has Increased Environmental Sciences Essay

Global demand for energy has increased from 1979 to the twelvemonth 2005 at a growing rate of 1.5 per twelvemonth. But from 2005 onward the planetary energy demand per twelvemonth has increased to 2.4. Keeping the same energy ingestion tendencies, it has been predicted that these demands would increased to 50 by 2030 as shown in the figure [ 2.1 ][ 1 ].1.jpg Fig. 2.1 Global Energy Consumption Growth is increased at 2.4 per twelvemonth after 2006 The developed states already consumed the most of the universe energy, but the energy demands in developing states are turning at much faster rate. Among developing states, China and India have the fastest turning rate. The energy demands in both states have increased at a fast rate ( 8 to 18 ) during 1980 to 2005. It has been estimated that China and India are projected to devour 25 of the universe energy by 2030[ 2 ]. These energy demands have increased due to rapid addition in population and rapid economic growing. In developing states per capita energy consumed has increased but still their ingestion is far behind the developed states like OECD Countries, as shown in Figure [ 2.2 ] . Entire universe energy demand demoing part of Non-OECD states and parts. Beginning: BP Statistical Review of World Energy. Fig. 2.2 Energy Consumption in developing states has been increased at a fast rate so developed states By and large the universe energy demands are fulfilled with assorted energy resources including crude oil, Coal, Gas, Nuclear energy, Hydro energy etc. But the chief part is coming from Petroleum, Coal & A ; Gas. Petroleum is the universe ‘s premier beginning of energy, with oil carry throughing more than 30 of entire universe energy demands. Coal is going the 2nd largest and fast turning energy beginning, lending 25 of the planetary energy demands during the recent old ages, as shown in the Figure [ 2.3 ][ 3 ].Untitled-1.jpg Fig. 2.3 Global Energy Consumption is chiefly based on Non-renewable resources ( Oil, Coal & A ; Gas ) 2.2 Adverse Impacts of Energy Consumption on Earth After the industrial revolution in the eighteenth cantury, most of the industrialised states have used non-renewable energy resources ( fossil fuels ) . As a consequence now more than 80 universe energy is derived from these non-renewable energy resources. The current energy ingestion forms are non-sustainable and besides consuming at a fast rate. At the same clip the usage of these non-renewable resources have assorted inauspicious impacts on our environment, with the uncontrolled emanation of GHG gases ( Green House Gases ) . In the current scenario, if no farther action is taken to cut down the energy ingestion, energy related CO2 emanations will increase 49 by 2030 as compared to in the twelvemonth 2005 as shown in the Figure [ 2.4 ][ 4 ].Untitled-1.jpg Fig. 2.4 Global CO2 emanations will increase 49 by 2030 as compared to in the twelvemonth 2005 This addition in GHG emanations due to lifting energy ingestion is ensuing in â€Å" Global Heating † .2.2.1 Global WarmingGlobal heating is the alteration in clime caused by the increased mean temperature of the lower ambiance due to inordinate sum of GHG ( nursery gases ) . Global heating is caused by assorted factors but the most ascendant is concerned with the human intervention peculiarly the inordinate emanation of GHG by devouring energy generated from fossil fuels. The chief Green House Gases in the Earth ‘s ambiance are ; Water Bluess Carbon Dioxide ( Co2 ) Methane Azotic Oxide and Ozone Greenhouse gases ( GHG ) , including C dioxide, methane, and H2O bluess act like a nursery around the earth.A These gases allow the heat from the Sun rays into the Earth ‘s ambiance, but non leting the heat to get away back into the infinite as shown in the Figure [ 2.5 ] .A The more nursery gases there are, the larger the per centum of heat that is trapped inside the Earth ‘s ambiance[ 5 ]. global20warming20diagram.jpg Fig. 2.5 Graphic Representation of Greenhouse Gases Emission Process With inordinate GHG emanations, the unnatural rise in Earth ‘s atmosphere temperatures cause the Global Warming. Global Warming has assorted inauspicious effects on Earth including ; Rise in Earth Temperature ( Earth Temperature will lift up to 3 grade Centigrade by 2030 ) Rise in Sea degree ( The sea degree due to runing of polar ice cap & A ; other glaciers will lift 21 inches by 2050. Melting of polar ice cap & A ; Glaciers ( From the twelvemonth 1979 to 2005 the 21 of the polar ice cap has already gone ) Abrupt alteration in clime ensuing inundations & A ; hurricanes ( Due to alter in clime rain falls timings has been disturbed, rain falls are non coming at their coveted timings ) Decrease in air quality ( The Co2 constituents maximal bound is 350 p.p.m. â€Å" parts per million † , presently this figure has already reached to 388 p.p.m )[ 6 ] Break of H2O supplies will hold farther inauspicious impacts including ; Impacts on Economic Development Decrease in Agricultural Merchandises Disease epidemic 2.3 GHG Emissions by assorted Sectors As has been described earlier, the GHG emanations are caused by the energy ingestion by the assorted sectors. Building sector including residential and commercial is responsible for at least 40-50 of energy usage in most of the states[ 7 ]as shown in the Figure [ 2.6 ] . Presently this tendency is lifting fast due to present building roar in developing states such as China, UAE and India. Fig. 2.6 GHG emanations are caused by the energy ingestion by the assorted sectors The other sectors are Industrial and Transportation, devouring 31 and 28 severally. As industrial sector is besides associated with edifices, it has been identified that edifices sector, infact is devouring about 70 of universe energy for their operations. In other words, edifices are the major beginning of GHG emanations. Fig. 2.7 GHG emanations caused by assorted sectors2.4 Energy Consumption TrendsEnergy is one of the major inputs for the economic development of any state. The energy sector assumes a critical importance in position of the of all time increasing energy demands necessitating immense investings to run into them. Economic growing is desirable for developing states, and energy is indispensable for economic growing. However, the relationship between economic growing and increased energy demand is non ever a straightforward linear one. In developing states the ingestion of coal, oil, gas, and electricity is expected to treble within the following 30 old ages.[ 8 ] Although the maximal universe ‘s population ( 80 ) lives in the development states ( a fourfold population addition in the past 25 old ages ) , their energy ingestion sums to merely 40 of the universe entire energy ingestion as shown in the Graph [ 2.1 ] .WORLD ENERGY CONSUMPTIONGraph 2.1 Energy Distribution between Developed and Developing States from 1980-2005 The energy ingestion of assorted developed and developing states are shown in Graph [ 3.1 ][ 9 ]. It may be seen that developed states like USA, Canada, France, UK consume more energy in contrast to the developing states like China, India & A ; Pakistan. It can besides be observed from the Graph [ 2.2 ] that developing state like Pakistan, the primary energy ingestion is merely 1/217th of the universe, 1/51th of USA, 1/11.6th clip of Japan and 6.5, 5.8, 5.0 times that of Canada, France and U.K severally. Graph 2.2 Prime Energy Consumption by 2005 In both developed and developing states the energy is consumed in four major sectors including domestic, commercial, industrial and transit. The part of each sector depends on their prevailing energy ingestion tendencies.Energy Consumption Trends in Developed CountriesThe most energy devouring sector in developed & A ; developing states is the edifice sector. In USA the residential and commercial edifices are grouped together because they use energy in the same ways for warming and chilling, illuming, heating H2O, and runing contraptions. Together, abodes and commercial edifices consume more than a 3rd of the energy 39 used in the United States 2007, as shown in Graph [ 2.3 ] .[ 10 ] United Kingdom ( U.K. ) the universe ‘s 5th largest energy devouring state, both residential and commercial sector is devouring maximal energy of 49[ 11 ]as compared to in USA 39 as shown in the Graph [ 2.3 ] . But the common tendency in both USA and Canada remain same and indicates that edifice sector is devouring maximal energy. Graph 2.3 Energy Consumption by USA and UK 2007Energy Consumption Trends in Developing StatesIndia is presently one of the fastest turning economic systems of the universe with more than one billion population. India is 2nd thickly settled state of the universe and stood fifth in the universe with respect to primary energy ingestion in 2009. With regard to assorted sectors, the edifice sector including residential and commercial become the largest consumer of the energy in footings of electricity, histories for 59. The industrial and agricultural sectors accounting for 31 of the entire energy consumed, followed by conveyance sector lending 10, as shown in the Graph [ 2.4 ] .[ 12 ] The adjacent state China ‘s economic growing is responsible for its lifting energy demand, and projections assume that reasonably rapid growing will go on. Gross domestic merchandise ( GDP ) grew at a rate of 9.8 per twelvemonth during the period 1985-1995 and is expected to average 6.6 per twelvemonth until 2020. China ‘s energy ingestion has grown and will go on to turn along with its economic system. China energy ingestions are about 10 of the entire universe energy in the twelvemonth 2009. The Industrial sector is the chief consumer of energy, accounting for 50, residential and commercial sector is responsible for 38 and conveyance sector is devouring about 12 of the entire energy produced as shown in the Graph [ 2.4 ] .[ 13 ] Graph 2.4 Total Energy Consumption in India Sector wise, 2009 It has been established from the treatment that edifice sector is a major consumer of energy. Therefore there is an pressing demand to conserve energy to extenuate GHG emanations every bit good as to run into the current and future energy demands.2.5 Decrease of Green House Gases ( GHG ) EmissionsIt has already been identified that edifice sector usage more than 50 energy and 70 of electricity produced. Buildings are the major subscriber of GHG emanations and every bit responsible for the addition in Global heating. It is of import to minimise the energy usage in edifices to diminish the inauspicious impact of GHG and the Global heating. The GHG Emissions produced by edifices can be reduced significantly by utilizing energy more expeditiously and by utilizing energy from renewable beginnings of energy. Therefore, there is demand to plan and construct energy efficient edifices to get the better of the flourishing environmental crises.2.6 Energy Situation in PakistanPakistan faces really serious energy jobs particularly for the last one decennary. Its energy resources base is limited. Its domestic production is non maintaining gait with the rise in demand ; its population is turning at a rate of 1.8 per twelvemonth[ 14 ]. Harmonizing to the Economic Survey of Pakistan during the twelvemonth 2006-07, the rapid growing in the Industrial/Manufacturing zones of Pakistan has created a large spread between demand and supply of the electricity during the recent old ages. It is besides concluded that the demand in electricity will be increased at a rate of 7.9 annually from 2008 to 2020.[ 15 ]The tabular array below summarizes the sector wise power demand till the twelvemonth 2020 as shown in the Fig. [ 2.8 ][ 16 ]. Demand AND SUPPLY Fig. 2.8 Supply and Demand of Electricity in Pakistan from 2008 to 2020 Presently the installed capacity of electricity by WAPDA & A ; KESC can carry through the current energy demand of the state, but they are unable to bring forth the maximal capacity during the twelvemonth 2008-09, go forthing a immense spread of 4500 Megawatts between supply and demand. Untitled-1 Fig. 2.9 The electricity spread between demand & A ; supply during the twelvemonth 2009 Fig. 2.18 The electricity coevals through assorted resorts, twelvemonth 20092.6.1 Energy ingestion in PakistanThe residential sector represents 40 of the entire electricity, with industry 31 and agricultural 15 accounting for the remainder,[ 17 ]as shown in the Graph [ 2.5 ][ 18 ]. Pakistan commercial sector includes private and authorities not residential edifices. The commercial sector represents about 5 of the electricity ingestion. Graph 2.5 demoing the electricity ingestion in assorted sectors, twelvemonth 2009 In the commercial sector electricity demand is increasing 14 every twelvemonth, which is higher than the entire energy growing of merely 6. The faster growing of electricity ingestion can be attributed to the increasing incursion of air conditioning, fans and other electric contraptions.[ 19 ] It has identified that the form of energy ingestion in Pakistan has a resemblance with the regional every bit good as the International energy ingestion tendencies where edifice sector is the chief consumer of energy except China where Industrial sector is devouring maximal energy as compared to the edifice sector as shown in the graph [ 2.6 ] below ; Graph 2.6 Comparison of Energy Consumption Trends in Pakistan with Regional & A ; International Energy Consumption Trends, twelvemonth 20092.7 National Policies for Energy Efficiency2.7.1 Importance of Energy PolicyOn the energy demand and supply side, Pakistan is confronting terrible deficits. More than 75 of the entire crude oil merchandise demand is being met by imports, enforcing a heavy load on foreign exchange. Country is besides confronting Peak power and mean energy deficits of 12 and 7 severally. In the current scenario Pakistan requires an energy policy to is seeking to its energy demands to speed up the developments procedure. In the current state of affairs Pakistan is fighting for the last one decennary to speed up its development procedure with the limited energy resources. The lone possibility of its economic growing is to conserve energy by following an energy policy formulated by the Government Authorities. This energy policy should move as a fanciful motion for energy preservation which can significantly cut down the energy ingestion in the coming old ages and can minimise its energy issues. It is of import to do attempt for its consciousness on national degree. It should be the duty of every Pakistani to lend in the execution of such energy policy. The Pakistan Government is seeking to develop and implement such policy for energy efficiency in assorted sectors, in a sustainable mode. The Pakistan National Policy for energy preservation has been prepared by The ENERCON. It is an attempt to advance the effectual usage of national energy resources by presenting different schemes & A ; guidelines. These guidelines act as a roadmap for the Government to command the serious energy issues in the nearest hereafter. The policy explores the energy & A ; environmental related plans to advance patterns & A ; industrial fabrication related to energy preservation & A ; energy efficiency. The policy is intended to bring forth an ambiance and consciousness on national degree to advance energy preservation patterns.[ 20 ]2.7.2 The National Policy Framework GoalsThe National policy for â€Å" Energy Conservation † has the following strategic ends. The lifting degrees of energy ingestion in Pakistan will be fulfilled with the aid of energy preservation without seting extra load on the available energy resources. Energy efficient techniques and schemes can better Pakistan ‘s economic public presentation and positive impact on the energy resources. Energy efficiency and energy preservation policies can develop extra concern chances and can make employment to cut down poorness in the state. Energy preservation policies would be helpful in the extenuation of nursery gases ( GHG ) and to command their inauspicious impact on the environment. The efficient usage of energy in assorted sectors will increase the economic growing.2.7.3 AimsThe National policy for energy preservation has the following wide based aims Energy preservation should be promoted through modulating the energy resources and implementing the energy direction programmes in all economic sectors of Pakistan. To advance the importance of energy efficiency by presenting and marketing presentation undertakings throughout the state. Create an overall environment to cut down the energy ingestion from assorted economic sectors through appropriate policy steps for a sustainable development. Each economic sector should be appreciated by the Government on successful execution of the energy policies.[ 21 ]2.7.4 Guidelines for Buildings and Households SectorsThe National policy of energy preservation has developed a guideline for the commercial, industrial & A ; family edifices are listed below ; Energy scrutinizing in commercial / industrial and house clasp should be introduced to place the job countries. The thermic belongingss of different edifice stuffs in usage should be evaluated with regard to different climatic zones and the edifice energy codifications. Different equipments, fixtures and contraptions used in commercial, industrial and family should be introduced following the energy public presentation codifications. Enhanced Energy efficient constructing systems like HVAC and interior lighting should be introduced to optimise the energy usage in the state. Energy efficient schemes for edifices should be incorporated through relevant governments in building undertakings.2.8 Commercial / Office Buildings Trends in PakistanIn commercial edifices more than half of its energy is consumed in its infinite chilling, warming and interior lighting. During the last twosome of old ages the usage of glass in commercial edifices becomes the hottest tendency in edifice sector. In particularly commercial office edifices glass has become the symbol of edification and high-tech life manner, without sing its impact on the energy ingestion. This freshly emerging tendency can be seen in the modern metropoliss like Lahore, Karachi and Islamabad, where the new skyline is developing. Pakistan is an under developed state, enduring energy crises for the last many old ages in different sectors. In most of the states including Pakistan the edifices including commercial, residential, public and educational are devouring about 40 of their entire energy produced. The commercial sector includes offices, infirmaries, schools, hotels, shopping promenades & A ; eating houses. Each edifice type has its ain alone energy demands. In commercial edifices more than half of its energy is consumed in its infinite chilling, warming and interior lighting. The last few old ages have seen glass go the ‘hottest manner statement ‘ in edifice building. In modern metropoliss like Lahore, Karachi & A ; Islamabad skylines have emerged with high-rise edifices clad in gleaming glass, spelling out richness and manner. Peoples today are willing to fling on glass merely to acquire that ‘hi-tech ‘ and sophisticated expression. The latest tendency to capture the illusion of designers and builders is the usage of glass without sing its impact on the edifice energy ingestion.2.8.1 Common Design Features of Commercial / Office Buildings in PakistanIn Pakistan there is a broad scope of commercial edifices, get downing from a individual floor construction to a high rise multi floor edifice. The commercial edifices which are added during the last one decennary are usually multistoried due to increased land cost. These edifices are designed for multi-functions to suit the activities like Shopping, Offices, and Apartments in order to acquire maximal commercial benefits. hypertext transfer protocol: //www.panoramio.com/photos/original/22689620.jpg Figure 2.10. Jeff Heights with multi map adjustment, Lahore Unfortunately, amongst designers and builders, there appears to be a inclination to restrict the design of commercial office edifices to the external frontage and the circulation system merely. The existent office infinites themselves are no more than readily salable blocks of insignificant infinite. The renters are expected to change over the characterless infinite into useable offices and besides provide the necessary comfortss for their employees. Part of the job lies in the fact that over their life span, office infinites do hold many different users/owners. Hafeez Centre.jpg Figure 2.11. With the alteration of Owners the Facade of Hafeez Centre has changed Foreign coactions / Multi-national Organizations are besides altering the acceptableness criterions in office environment. The new professional building companies both in the private every bit good as the public sectors are, hence, now puting up office edifices and composites with better installations. Now it has been realized that edifices can be designed to expose non merely the wealth but besides the company ‘s merchandises, for showing the societal concerns of the company. The majority of our office infinite is created as bad building and neither the owner/builder nor the designer is able to make much with these edifices. In this state of affairs, most designers concern themselves merely with the seeable elements of design. Mentor Graphics.jpg Figure 2.12. A Multinational Company ( Mentor Graphics ) Head Office Building designed with modern installations & A ; International Standards The biggest ocular job is that of infinite chilling or air-conditioning equipment. Not many constructing frontages have infinite for the scope of air-conditioners and evaporative air-coolers soon available. The few efforts at covering with this job have met with partial success merely, and the job exists even in centrally air-conditioned edifices. No equipment maker has yet come out with an air conditioner that looks nice non merely from indoors but from outside as good. Al Hafeez Plaza.jpg Figure 2.13 Shows the AC Outdoor units are looking at the facade Although the chief ground for Windowss is to guarantee daytime, for assorted grounds, even when they have big Windowss, most office edifices are dependent on unreal lighting. In office edifices on tight urban sites the designer seldom gets to take the edifice orientation. The designer frequently forced to supply Windowss confronting unfavourable waies ensuing in ocular unpleasantness when the users have to put in blinds, sunblocks or solar movies. In large metropoliss of Pakistan the important facet of commercial edifices is fire safety which has been realized for the last twosome of old ages. This straight concerns the proprietors every bit good as the users. In building, the duty for put ining fire safety devices lies with the builder who is, unfortunately, non truly concerned about it. In this state of affairs the designer ‘s function becomes more important. Through appropriate design one can guarantee the built-in fire safety of a edifice, a characteristic which is utile if fire safety devices have non been installed. Dislocations in the supply of electricity are common in all our metropoliss. This requires that edifices should be designed for exigency operation even when power is non available. Lifts and exigency services have to be available all the clip. Yet there are few edifices that can run into this demand. In utmost instances people end up put ining inverters with storage batteries or little single petrol/kerosene generators. There are serious jobs of fire safety, environmental pollution and efficiency with all such devices. With the integrating of assorted activities and services, the office edifice can be made ‘intelligent ‘ . A few such edifices are now either on the pulling board or under building. In position of the above given illustrations it is rather obvious that the building of such multistory edifices to carry through the lifting life criterions are considered to be the causes of increased energy demand in edifice sector. A However, a critical rating is required in position of the local climatic conditions. Excessive usage of concrete and glass, high degrees of light and heavy trust on infinite conditioning equipment are a common characteristic of our edifices.2.9 Research AreaEnergy ingestion in edifice sector has been an of import research country for developed & amp ; developing states due to increasing energy demand worldwide and its inauspicious environmental, economical & A ; societal impacts. In Pakistan the current tendency of commercial/office edifices is to build high rise edifices. These edifices require a immense sum of electricity to run. The demand of electricity in such edifices has increased at the rate of 14 per twelvemonth. The current research will research the energy ingestion in high rise office edifices and expression at the ways & A ; means for efficient usage of energy in such edifices.2.10 Aims of ResearchThe chief aim of the research is to develop schemes for the design of energy efficient high rise office edifices in Lahore. In order to accomplish the above objective the undermentioned affairs besides needs to be addressed ; To place edifice constituents & A ; systems responsible for increased energy ingestion in high-rise office edifices. To place the energy preservation criterions & A ; codifications of pattern to be used as benchmark to find the energy efficiency of high rise office edifices. To look into the energy ingestion tendencies in bing high rise office edifices in Lahore. To develop guidelines for the design of Energy Efficient high rise Office edifices in Lahore.2.11 Research MethodologyA wide scope of information was needed to accomplish the aims of the proposed research. The undermentioned methods are used to roll up the necessary information.Literature ReviewIt is of import to look into the edifice constituents and systems that are important with respect to energy ingestion in high rise office edifices. A list of such constituents and systems is developed after thorough reappraisal of the literature. A figure of energy codifications for edifices are practiced in different states. Different codes & A ; criterions are identified and reviewed to choose the most appropriate codifications to be used as benchmark. Information was besides collected with respect to the techniques and tools that are used for the appraisal of edifice energy public presentation. This information is used to choose the most appropriate tool for the appraisal of energy public presentation of edifices.Field SurveyIt is decided to choose at least two bing tower block office edifices as instance surveies for elaborate probe, maintaining in position the clip available and other restraints. Most of the new commercial / office development are located at Gulberg in Lahore which is being developed as a new concern territory of the metropolis.Selection Criteria & A ; Selection of Case StudiesThe undermentioned choice standards were established to choose the instance surveies ; Building should be complete and in usage at least for one twelvemonth. Building should hold a individual usage. The drawings & A ; design parametric quantities of the selected edifices should be accessible. Most of the edifices surveyed in Gulberg are either multi-functional or under building. In some instances entree to drawings and design informations was non available. Therefore, it was decided to choose one instance survey from another country of Lahore. Harmonizing to the choice standards following edifices were selected. Bank of Punjab Tower, Gulberg Lahore JDEL Building at Descon World Headquaters, 18-Km, Ferozepure Road, Lahore The selected edifices were exhaustively surveyed and investigated. All the necessary drawings and design informations was collected through the adviser. In many instances the advisers were loath to supply the necessary information due to security grounds. However, through many attempts, all the necessary information was collected.