Travel Brochure Free Essays

The Pharaohs were the most remarkable and the most notable individuals in the realm. He managed the administration, the military, the religion and every one of his kin. They were the lords and sovereigns of Egypt. We will compose a custom exposition test on Travel Brochure or on the other hand any comparative subject just for you Request Now Numerous individuals likewise accepted that pharaohs were half god. They accepted the Pharaoh was the sun god Re. Pharaohs additionally frequently had numerous spouses yet they just had one sovereign. The Great Pyramids of Giza-There are 3 chambers inside the pyramid. The lower one, is made of limestone bedrock and was rarely finished. The second and third were known as the ruler and sovereigns chamber. Encompassing the pyramid are burial places, sculptures, and different landmarks, this unquestionably would be a site to see! Step Pyramid at Saqqara-This was the first stone structure at any point made. Djoser developed this excellence. Where will we travel? Furthermore, who are the Pharaohs. Erase box or spot a slogan or statement here. Erase box or spot a slogan or statement here. 5555 Street Address City, State 55555 Telephone 555. 555. 5555 Facsimile 555. 555. 5555 DELETE BOX, OR PLACE TEXT OR LOGO HERE www. webaddress. com During the second 50% of the old realm Saqqara was known as the regal covering grounds. The progression pyramid of djoser was made all out of stone. It’s additionally regularly alluded to (as a result of its rectangular base) as the Step Tomb. Its encompassed by stately structures just as numerous enrichments. When Djoser drove, he drove his kin through time of headways and extension. To grow Egypt’s region, he battled remote intruders on both the eastern and western sides. When Djoser administered he additionally finished the starvation that had been cutting down his domain. Before Djoser’s time there was a great deal of difficulty, however he got individuals in the groove again and his endeavors additionally lead to more horticulture and cultivating. He was a great and regarded pioneer. Pioneer Djoser Karnak SUBHEAD Delete box or spot a slogan or statement here. Erase box or spot a slogan or statement here. * HEADLINE Continue handout text here. Proceed with leaflet text here. Proceed with pamphlet text here. Proceed with pamphlet text here. Proceed with pamphlet text here. Proceed with pamphlet text here. Proceed with handout text here. Proceed with handout text here. Proceed with pamphlet text here. Proceed with handout text here. Proceed with handout text here. Proceed with leaflet text here. Proceed with pamphlet text here. Proceed with pamphlet text here. Proceed with leaflet text here. Proceed with handout text here. Proceed with pamphlet text here. Proceed with pamphlet text here. Proceed with handout text here. Proceed with handout text here. Proceed with pamphlet text here. Proceed with leaflet text here. Proceed with leaflet text here. Saqqara t The most effective method to refer to Travel Brochure, Papers

Financial assets are made up of securities

Monetary resources are comprised of protections, stocks and subsidiaries. These are cases to the income produced by genuine, unmistakable resources which are the terrains, structures and apparatuses we use. These bits of paper are the way residents of exceptionally created nations increment their riches. Riches age includes chance, for no business movement is sure to give returns. Monetary markets permit speculators to take part in lucrative endeavors without being genuinely present in the venture site.Most chance open minded people lean toward stocks, for it can possibly yield extremely significant yields, while traditionalist ones go for securities which gives a consistent, fixed salary. In this action, stock exchanging is the principle center. Targets Just like any financial specialist, creating income was the essential objective. The measure of money to be picked up from exchanging ought to repay the hazard attempted. The objective was to accomplish consistent development. The no rmal was return is 40%. In the wake of setting the necessary return, a portfolio procedure was chosen.Assets were then chosen which would involve the proficient portfolio†gives the best yield to a given degree of hazard. Basic investigation was the strategy used to pick the stocks. Enhancement was another strategy used to expand return while spreading the hazard. Build a Portfolio development was a repetitive assignment. I needed to gauge the hazard and returns, and once in a while, to believe my gut feel. Stock costs, as studies have indicated follow an arbitrary walk development. The methodology utilized was a top-down portfolio development. A portfolio is essentially an assortment of venture assets.The sort of advantages for be held was first decided. It was then trailed by security examination to choose the stocks regarded beneficial. Expansion was one rule utilized in picking the stocks. It essentially implied that values from various ventures were held in the portfolio so hazard presentation was constrained. Offers from the product business (RIMM, JAVA), arms(SWHC), pharmaceutical (GERN), PC (PALM), protection (HUM), wellbeing care(HMA), power (FL), SAM, metals and mining(AUY, AA) ,oil and gas(IEO), list fund(SWPIX), cement(CX),AXP Asset Analysis Fundamental examination was primarily utilized in the choices undertaken.This approach utilizes profit and profit possibilities of the firm, desires for future loan fees, and hazard assessment of the firm to decide appropriate stock costs. It depends on the organization's budgetary wellbeing markers. The stocks’ yearly development rate, quarterly profit records, and P/E (cost to-income) proportions were estimated. Verifiable information was additionally utilized. One such measurement is the EPS, or income per-share positioning. PALM stocks were purchased since the firm’s quantifiable profit was expressed at 2470. 70%. Likewise, on the day that it was exchanged, it was lower valued. Smith and W eson, SWHC had a P/E proportion of 5. half, a ROE of 19.7%. Accordingly, a sum of 4000 portions of SWCH were purchased. Alcoa, or AA’s ROE was 16. 20%. Its EBITDA was 5. 45 B. In the mean time, its P/E proportion was 11. 60 and its yearly profit was at . 68 for every offer. Alcoa looks monetarily solid, however was costly, so just 1000 offers were bought. Correspondingly, FPL’s ROE was 14. 6%. Its P/E proportion was 12. 7%. Its EBITDA was 4. 47 B. The market esteems FPL shares profoundly. Be that as it may, I discovered it unsmart to put resources into profoundly esteemed stocks, since showcase discernments vary uncontrollably. Along these lines, I just obtained 700 portions of FPL. RIMM had a ROE of 30. 60%. Its P/E proportion was half. For me, RIMM shares were truly costly.In reality, it was has the greatest expense per share in my portfolio. In any case, I was pulled in to its money related conjecture. Moreover, its multi week high was at $148 so I found the $80 per share alluring. I along these lines purchased 1000 offers from RIMM. Murmur had a ROE of 19. 9% and a P/E proportion of 18. 00. It was very overrated, so I just purchased 1000 offers. HMA was the most minimal evaluated stock in my portfolio. Be that as it may, I chose to buy it accepting that interest for social insurance administrations will increment sooner rather than later. CX, contrasted and its rival, Heidelberg concrete had higher profit and generally showed returns higher than the market average.I purchased 1000 offers. I additionally purchased SWPIX, a record subsidize as an examination for the arrival of my exchanging exercises. Occasion Selection One of the most exceptional news was the starting of PALM’s Pre. With the conviction that the Pre will be hot in the market, much the same as Apple’s I-case, I purchased 4,000 offers from PALM. I consider that the future estimation of PALM will build more than two-overlay once the Pre is presented. The promotion wi ll push the cost of its stock. From there on, I can sold my offers at a benefit. What's more, the notoriety of PDAs, or telephones which serve something beyond talking gadgets was anticipated to increment consistently in the close future.Aside from buying PALM stocks, I chose to purchase shares from BlackBerry’s creator, RIMM. Updates on the worldwide pig influenza flare-up provoked me to buy HMA shares. HMA , a medicinal services supplier would have more benefits if this season's cold virus would get broad. Likewise, Citigroup overhauled HMA shares from hold to purchase. In the interim, the news on the pending offer of JAVA drove me to sell my 1000 offers. Beast stocks which were distinguished fourteen days straight included AUY. The data asked me to purchase 3000 portions of AUY.

Day in the Life of an Illini Graduate Medical School

Day in the Life of an Illini Graduate Medical School Sivani is back for another post! This time she’s bringing you along for a busy day in the clinic as a third-year medical student on her Obstetrics and Gynecology (OB/GYN) rotation. For anyone considering a profession in the medical field, Sivani’s routine represents how much work and sacrifice it takes to become a physician. Even though she wakes up dreading to start her day before sunrise, her excitement about teratomas and gown and gloving before surgery outweighs her exhaustion: My medical school follows a very typical 4 year plan. The first 2 years are preclinical, with the majority of learning taking place in the classroom with lectures and one longitudinal clinical experience, where we’re paired with a physician mentor and attend their clinic with them for half a day each week. The third year of medical school is entirely clinical, where we have to rotate through a series of mandatory clerkships (Surgery, OB/GYN, Anesthesia, Psychiatry, Family Medicine, Pediatrics, and Internal Medicine). Our fourth and final year of med school is to take several rigorous “Acting Internships/Sub-Internships”, where we’re treated like first year residents in the fields we are interested in pursuing. I was on my OB/GYN rotation when I wrote this post, specifically my two weeks of Gynecology, which is a surgical service known as ‘Gyn Surg’ at my school. A surgical service tends to be fast paced and extremely busy, requiring long hours on our part, but full of excitement and adventure! Here’s what an average day in my life looks like during this time. I combined pics from the course of a week because this actual day was so busy, I couldn’t get as many as I needed! 4:30 a.m.: Wake up cursing my decision to go to med school. Every morning. Turn off the selected alarms I have for the day (usually set at random times) and snooze just one so I don’t end up sleeping through AM rounds. 4:48 a.m.: Try again and eventually make it out of bed. I have a pretty busy and varied day today so I focus on looking presentable/professional. I make sure I have all my stuff; coffee and greek yogurt included. Grab my bags and head out the door. 6:15-6:25 a.m.: Drive to school and walk to team room.I live super close to our medical school and hospital campus, the Milwaukee Regional Medical Center. We can get placed all over the Southeastern Wisconsin region for rotations (my next 2 rotations are around 25-30 mins away from where I live), so I’m thankful for my short commute that lets me “sleep in. It’s a bit of a walk from the student parking lot to our team rounding room. 6:30-6:45 a.m.: One of my patients from yesterday stayed overnight in the hospital. I have to check on her (interview and physical exam) and write a progress note on her by our 6:45 am morning rounds. She’s a super pleasant lady, but I always feel bad about having to wake up patients for a post-op exam first thing in the morning. At least it’s not my surgery rotation, where I’d be waking up patients around 5:20 am to prepare for rounds at 5:45 am! I go through my series of post-op questions, inquiring about her pain and progress since her surgery. I then listen to her heart and lungs, perform a short abdominal exam (inspect her incision sites, auscultate, and palpate light touch and deep touch), and review her leg edema. I then head back to our team room to write a progress note in the patient’s chart on Epic. 6:45-7:15 a.m.: AM Rounds Each medical student updates our residents (1 upper level resident (PGY-IV) and 1 lower level resident (PGY-II)) about their patient. This is called ‘presenting’ the patient. There is a very standardized format to do this, depending highly on what service/rotation you are on. The presentation format allows us to systematically discuss our patient’s care, making sure that important issues are highlighted and no area is missed. Sometimes, we present directly to the attending physicians. While I definitely get nervous during my presentations, it’s something that we continue to work on throughout M3 and M4 year, and even early into our residencies. Then, the residents will update our attending physician with what the day’s plan is. This is what our rounds looks like from my vantage point today. 7:30 a.m.-noonish: ClinicIdeally, we are in surgeries (we call them “cases”) from around 7:30 in the morning to as late as 4 p.m. in the evening on this service. However, we have to do five half-days in clinic with our assigned clinic mentor. I actually really love working in the OB/GYN clinic, seeing both obstetrics patients (management of pregnancy) and gynecology (female reproductive organ health) and having a super varied day. I also love my clinic mentor, and I have a lot of fun with this clinic and it’s wonderful staff (I’m Facebook friends with some of our MAs!) The night before clinic, I always prep all of my patients by reading their charts in Epic and making sure I’m aware of why they are coming to clinic today and if there is any relevant testing they need done. Since clinic moves so fast between patients, there’s not enough time to learn about a patient for the first time one minute before you’re supposed to go meet them. With a heavy practice, this can take anywhere from one to two hours for me. My clinic mentor is seeing around 15 patients today, which isn’t out of the ordinary for his super busy practice. My role is to see patients before him, interview them and determine what information is relevant. If they are in their second and third trimesters of pregnancy, I use a tape measure to determine their fundal height (from pubic bone to the top of their uterus), and use a Doppler to listen to their fetus’ heartbeat. The fetal heart tones are my favorite part of the visit, as I get to figure out where baby is inside mom, and it’s fun to see babies move away from the stimulus. Then, I present the patient to my attending, and we go in to the room together for the rest of the visit. As a student, I’m allowed to perform any physical exam maneuvers that the patient is comfortable with me doing. At a teaching hospital, faculty really make it known that med students are here to learn by doing, not just observing. No breaks between patients â€" clinic is always an intense ex perience but I love getting able to chat with the patients. Side note: if I can get away with it, I prefer going sans white coat. This is why I’m not wearing my coat in the picture from clinic, in case you were wondering. It’s great for holding all my gear in the pockets (pens, pen light, stethoscope, notebook, cell phone, and all the dressing supplies on surgery), but it can definitely be a barrier from helping the patient feel relaxed, especially since they are sharing their story with not just their doctor but also the student. 1 p.m.Oops we are 1 hour behind! I admire my clinic mentor’s refusal to skimp on conversations with patients just because he is running behind. Each patient deserves the full amount of time allotted to them. After clinic, I run to the locker room to change into my scrubs and stuff my face with a turkey sandwich at my desk (the one with the white coat over the chair) in the Gyn team room. It’s time to head to the OR! 1:30-3:30 p.m.SurgeryA patient I saw with my clinic mentor earlier in my rotation was found to have a rare tumor known as a teratoma. It’s a tumor made up of germ cells (the cells that make up gametocytes) that is made up of different types of tissue, typically hair and sebum! They can also have muscle and bone cells in them. I was waiting for this case for weeks because it interested me so much. It’s one of those topics you learn in med school that you never think you’ll have the chance to see! The surgery to remove the tumor (known as a dermoid cyst given its size) was done laparoscopically, and I was straight up mesmerized the whole time; it was definitely one of the coolest surgeries I’ve seen so far. Laparoscopic procedures are fantastic because the student gets the best seat in the house, close to the screen that is showing the camera’s viewpoint into the pelvic cavity. My job in these cases is to insert the foley catheter to empty the bladder, insert the speculum to visualize the cervix, and then place and use the uterine manipulator tool inside the uterus. We manipulate the uterus to keep it out of the way for the surgeons, helping them avoid any potential perforations. Especially when dealing with a tumor that holds caustic contents, clear visualization is a MUST. After the case, I got to sew up some of the laparoscopic port sites in the patient’s abdomen, which is always a thrill for me. We can’t really take pictures inside the OR so here’s a picture of one of our scrub sinks, complete with shoe covers and eye protection. I don’t know about other med students, but for me, scrubbing and then walking into the OR getting ready to get gowned and gloved will never get old. It’s the anticipation, the excitement of the wonder I’m about to witness and be privileged to participate in. 4-5 p.m. StudyIf there’s any time at the end of the day when we are not helping residents with their afternoon continuity clinics or heading to the ED to see consults paged to us, I try to do some practice questions if I can. For each rotation, we take a comprehensive exam at the end that helps us work toward the completion of our degree. These are known colloquially as ‘shelf’ exams. I was actually dealing with a bit of a migraine today, so hence the extra coffee. I also have my Anki flashcard app and the UWorld question app on my phone so I can study in any 5 minute downtime period I may have. Since third year of medical school isn’t like college or the first two years of med school, where you have structured lecture time and time off to study, we have to find time when we can. 5-6:30 p.m.: HOME After getting off from service at 5 p.m., I like to head straight home and start the process of unwinding from the day. I shower, eat dinner, and call my mom; she wasn’t too thrilled to hear about my teratoma but I was too excited to not share the news. I’m actually re-watching Grey’s Anatomy from the beginning, and I watch an episode while eating dinner (it’s the one where Christina is operating on Derek after he got shot in the hospital, for those loyal Grey’s fans.) 6:30-8:30 pm: StudyIt’s getting close to my OB/GYN shelf, which is also the same day as our Anesthesiology exam (the rotations are combined at my school). I try to work on some practice questions and review some of the mandatory homework assignments we are assigned. Doing a little bit of work every day is the only way to stay on top of rotations. It’s so hard to focus on studying when you’re exhausted from a long day, but it’s really important. 9-10:30 pm: Done for the dayI pack up my things and get everything ready for tomorrow. While this gives the impression that I am organized and tidy, don’t mistake me; I just want the extra time in the morning to sleep! After some pudding for dessert, it’s time to brush my teeth and call it a day. I like to watch a little more Netflix or YouTube in bed before setting my alarm for tomorrow and calling it a night. Time to do it all over again tomorrow! Fiza Class of 2022 My major is Molecular and Cellular Biology (more commonly and lovingly known as MCB) in the College of Liberal Arts and Sciences. I'm on the pre-med trackâ€"I’ve dreamed of becoming a doctor since I could spell the word!

Self Reflection Paper - 760 Words

I wonder if everyone, despite their varying backgrounds from one another, has experienced â€Å"imposter syndrome† at some point in their life. There are numerous ways in which one can feel out of place, as I can firmly attest to. I feel like an outsider all of the time. Dating back as far as my early childhood, my personality and my interpretation of my personality, has lead me to believe that something is very wrong with me. Why am I so different from the outgoing and energetic people I see in movies and even in my everyday life? Why are there so many misconceptions about people like me, and why am I starting to actually believe that they are true? I can recall many experiences in my life in which I have felt inadequate compared to my†¦show more content†¦For example, I volunteered at an organization called Tutoring Plus, where I provided helpful tutoring and valuable mentorship to a sixth grade student. Eventually, I created my own private tutoring â€Å"companyâ €  in which I provide tutoring and mentorship to students in grades 3-8. Similarly, I am the oldest of five children, and I truly embrace the role of a big brother to all of my siblings. From helping them with homework, or cheering them up when they are down, to simply providing a shoulder to lean on. At one point in my life I would have thought that that I was unable to provide such great support to my community, but now I have realized that not only can I provide support but I can provide extraordinary support that truly makes my community a better place. In the spring of my junior year of high school I even campaigned for student council president, solidifying the fact that leadership can come in all shapes and size, and more importantly, all personality types. After a successful campaign, I ended up winning the position for president and immediately began preparing for all the changes I would work on to improve my school. Following my election there were many who were very proud of me and excited for the changes that I plan on working towards, while there were others who believed I was not the right guy for the job. â€Å"How do we have a president who doesShow MoreRelatedReflection Paper On Self Reflection757 Words   |  4 PagesSelf-Reflection paper I cannot help but think how useful this course has been. Reflecting on the content covered over the course of this semester I have seen growth, and how changes on my lesson plan that not only benefited every student but also changed my focused in using different methods of instruction to fit the needs of every individual student. I truly enjoyed that the course was divided into main topics to help me grow on a professional level. Each topic attempted to provide specific examplesRead MoreReflection Paper On Self Reflection1514 Words   |  7 PagesSelf-Reflection paper I cannot help but think how useful this course has been. 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Self-Reflection is going to make you a b etter person and help you makeRead MoreSelf Reflection Paper1067 Words   |  5 Pagesachieve if you believe that you will be successful; I found this statement to be true pertaining to myself over the process of these past few months. And that more than ever, if you really want to do something you’ll go ahead and do it. Motivation is self induced and drive is something that will come naturally when you’re doing the things that you love. Being a stage manager is a very interesting task (that could be because 95% of the time I had no idea what I was doing), however, it taught me moreRead MoreSelf Reflection Paper896 Words   |  4 PagesSelf-awareness is important in everyday life, for certain individuals, it can conduct an entire day of activities and decisions. This reflection of my self-awareness is based off personal positive and negative attributes which are a direct reflection of who I am as a person. 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It also states that I am very creative, verbal, artistic, understanding and I have musical abilities. I saw this even before the test, but I never fully accepted it until recently and now I know it’s something that I want to have within my career. The one common theme I keep getting throughout these self-assessments and activities is that I am extremely creative and

Evaluation And Calculation Of Cost Accounting - 3443 Words

Executive summary: This assignment deals with the evaluation and calculation of cost accounting. In this assignment, we will discuss about the different types of costs that is related with the company, different methods of cost evaluation, appropriate techniques of cost accounting, preparation of routine cost report, to Use performance indicators to identify potential improvements, improvements to reduce costs, enhance value and quality, the purpose and nature of the budgeting process in business, appropriate budgeting methods for organization, Preparation of budgets according to the chosen budgeting method, Preparation of cash budget, Calculation of variances, identify possible causes and recommend corrective action etc. Table of contents Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...3 1.1 Different types of cost based on the following company information†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦3 1.2 Use different costing methods applied in your chosen production/Manufacturing company†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.3 1.3 Calculate costs using appropriate techniques-FIFO, LIFO, AVCO from the given company data†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..4 1.4 Analyze cost data using appropriate techniques from your chosen company data†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.5 2.1 Prepare and Analyze routine cost reports for your company†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.6 2.2 Use performance indicators to identify potential improvements of your company Operation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...6Show MoreRelatedReturn On Investment ( Roi )1502 Words   |  7 Pagesorganization establish realistic goals and provide a clear method of accounting for training in relationship to the business strategy? 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U.S. Gaap vs. Ifrs Free Essays

Thao Vu Accounting 303 October 9, 2012 US GAAP vs. IFRS The Financial Accounting Standards Board (FASB) developed the United States Generally Accepted Accounting Principles (GAAP) has been used in US corporations for over 75 years. It allows financial statements from all corporations to be compared accurately and efficiently, and serves as a guideline for accountants. We will write a custom essay sample on U.S. Gaap vs. Ifrs or any similar topic only for you Order Now GAAP is slowly being taken out for the International Financial Reporting Standards (IFRS) as global business goes across the world. GAAP applies only to United States financial reporting. GAAP and the international rules have close similarity. The differences can lead a financial statement user to believe incorrectly that a company A made more money than company B because they report using different rules. The difference between GAAP and IFRS is the means of inventory valuation. In this case, GAAP permits accountants to use Last-in First-out, First-in First-out, and weighted average. Under IFRS, LIFO is not allowed. If United States corporations are forced to switch to LIFO under a universal accounting standard, they will have large increases in income tax. The use of LIFO allows them to avoid larger income taxes in times of inflation. Another example of the different procedures between IFRS and GAAP is in the evaluation of intangibles. GAAP focuses mostly on recording them at a set price, and amortizing that value over the amount of useful life of the intangible. IFRS stresses constant re-evaluation of the price, and recognition at the intangible’s fair value (Miska). One of the greatest benefits of adopting IFRS is the fact that the Securities Exchange Commission (SEC) and the International Accounting Standards Board (IASB) would be working together to develop the best, most effective accounting principles. Converting to an accounting standard that is less rule-based, and more principle oriented would definitely save American businesses trouble as well. IFRS authorize three basic accounting models: I. Current Cost Accounting, under Physical Capital Maintenance at all levels of inflation and deflation under the Historical Cost paradigm as well as the Capital Maintenance in Units of Constant Purchasing Power paradigm. II. Financial capital maintenance in nominal monetary units, i. e. globally implemented Historical cost accounting during low inflation and deflation only under the traditional Historical Cost paradigm III. Financial capital maintenance in units of constant purchasing power, i. e. , Constant Item Purchasing Power Accounting – CIPPA – in terms of a Daily Consumer Price Index or daily rate at all levels of inflation and deflation under the Capital Maintenance in Units of Constant Purchasing Power paradigm and Constant Purchasing Power Accounting – CPPA â⠂¬â€œ during hyperinflation under the Historical Cost paradigm. What are the advantages of IFRS? First, it allows a company to compare itself to competitors overseas, because they will all be using the same financial language (IFRS FAQs). Second, a company that has offices all around the world will be able to use one set of standards rather than many different sets unique to each country. Third, it may make it easier for companies to grow globally because the accounting methods will be the same everywhere and time won’t need to be spent learning new rules. The projects listed below are a move toward achieving a common accounting framework, a step in the globalization of business and investment. Financial instruments * Revenue recognition * Leases * Statement of comprehensive income * Fair value measurement * Derecognition * Consolidations * Post-employment benefits| * Balance sheet – Netting * Financial statement presentation * Discontinued operations * Financial instruments with characteristics of equity * Insurance contracts * Emissions trading schemes| Currently , the first three projects (in bold) are priority projects – due to the existing divergence of US GAAP and IFRS and the need for improvements in the standards they replace. In conclusion, going from GAAP to IFRS will take time, money, training, and patience, but it will be well worth it in the long run for the United States and international businesses. Globalization of business is growing and students and professionals need to become aware of what the IFRS will mean in their careers. As of 2011, IFRS will be eligible for testing in the CPA exam; so, it is important for students to understand the implications of the newest set of global standards (IFRS FAQs). In a profession that needs a lifetime commitment to learning, IFRS is not different than Sarbanes-Oxley (SOX) and GAAP before it; it is one more academic step for accountants to overcome and master during their professional career. Sources â€Å"IFRS FAQs. † IFRS. com. 2011. Web. 09 Nov. 2011. Imhof, Rori. Accounting Standards Go Global. Articlebase. com. Web. 10 Nov. 2011. Kaiser, James G. â€Å"US GAAP ; IFRS Convergence. † PWC. com. Web. August 2012. Miska, Kevin. US GAAP vs. IFRS. Articlebase. com. Web. 20 Nov. 2010. How to cite U.S. Gaap vs. Ifrs, Essay examples

Jane Ayre Analysis Essay Example For Students

Jane Ayre Analysis Essay English 360Final Draft/ Paper 1February 25, 1999Jane Eyre Analysis of NatureCharlotte Bronte makes use of nature imagery throughout Jane Eyre, and commentson both the human relationship with the outdoors and human nature. The following are examples from the novel that exhibit the importance of nature during that time period. Several natural themes run through the novel, one of which is the image of a stormysea. After Jane saves Rochesters life, she gives us the following metaphor of their relationship: Till morning dawned I was tossed on a buoyant but unquiet sea . . . I thought sometimes I saw beyond its wild waters a shore . . . now and then a freshening gale, wakened by hope, bore my spirit triumphantly towards the bourne: but . . . a counteracting breeze blew off land, and continually drove me back(Bront? 159). The gale is all the forces that prevent Janes union with Rochester. Bront? implies that Janes feelings about the sea driving her back remind her of her heart felt emotions of a rocky relationship with Rochester and still being drawn back to him. Another recurrent image is Bront?s treatment of Birds. We first witness Janes fascination when she reads Bewicks History of British Birds as a child. She reads of death-white realms and the solitary rocks and promontories of sea-fowl. One can see how Jane identifies with the bird. For her it is a form of escape, the idea of flying above the toils of every day life. Several times the narrator talks of feeding birds crumbs. Perhaps Bront? is telling us that this idea of escape is no more than a fantasy-one cannot escape when one must return for basic sustenance. The link between Jane and birds is strengthened by the way Bront? adumbrates poor nutrition at Lowood through a bird who is described as a little hungry robin. Bront? brings the buoyant sea theme and the bird theme together in the passage describing the first painting of Janes that Rochester examines. This painting depicts a turbulent sea with a sunken ship, and on the mast perches a cormorant with a gold bracelet in its mouth, apparently taken from a drowning body. While the imagery is perhaps too imprecise to afford an exact interpretation, a possible explanation can be derived from the context of previous treatments of these themes. The sea is surely a metaphor for Rochester and Janes relationship, as we have already seen. Rochester is often described as a dark and dangerous man, which fits the likeness of a cormorant; it is therefore likely that Bront? sees him as the sea bird. As we shall see later, Jane goes through a sort of symbolic death, so it makes sense for her to represent the drowned corpse. The gold bracelet can be the purity and innocence of the old Jane that Rochester managed to capture before she left him. Having established some of the nature themes in Jane Eyre, we can now look at the natural cornerstone of the novel: the passage between her flight from Thornfield and her acceptance into Morton. In leaving Thornfield, Jane has severed all her connections; she has cut through any umbilical cord. She narrates: Not a tie holds me to human society at this moment(Bront? 340). After only taking a small parcel with her from Thornfield, she leaves even that in the coach she rents. Gone are all references to Rochester, or even her past life. A sensible heroine might have gone to find her uncle, but Jane needed to leave her old life behind. Jane is seeking a return to the womb of mother nature: I have no relative but the universal mother, Nature: I will seek her breast and ask repose(Bront? 340). We see how she seeks protection as she searches for a resting place: I struck straight into the heath; I held on to a hollow I saw deeply furrowing the brown moorside; I waded knee-deep in its dark growth; I turned with its turnings, and finding a moss-blackened granite crag in a hidden angle, I sat down under it. High banks of moor were about me; the crag protected my head: the sky was over that (Bront? 340). It is the moon part of nature that sends Jane away from Thornfield. Jane believes that birds are faithful to their mates. Seeing herself as unfaithful, Jane is seeking an existence in nature where everything is simpler. Bront? was surely not aware of the large number of species of bird that practice polygamy. While this fact is intrinsically wholly irrelevant to the novel, it makes one ponder whether nature is really so s imple and perfect. .u3685cf20e33f000951fb567276df2054 , .u3685cf20e33f000951fb567276df2054 .postImageUrl , .u3685cf20e33f000951fb567276df2054 .centered-text-area { min-height: 80px; position: relative; } .u3685cf20e33f000951fb567276df2054 , .u3685cf20e33f000951fb567276df2054:hover , .u3685cf20e33f000951fb567276df2054:visited , .u3685cf20e33f000951fb567276df2054:active { border:0!important; } .u3685cf20e33f000951fb567276df2054 .clearfix:after { content: ""; display: table; clear: both; } .u3685cf20e33f000951fb567276df2054 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u3685cf20e33f000951fb567276df2054:active , .u3685cf20e33f000951fb567276df2054:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u3685cf20e33f000951fb567276df2054 .centered-text-area { width: 100%; position: relative ; } .u3685cf20e33f000951fb567276df2054 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u3685cf20e33f000951fb567276df2054 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u3685cf20e33f000951fb567276df2054 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u3685cf20e33f000951fb567276df2054:hover .ctaButton { background-color: #34495E!important; } .u3685cf20e33f000951fb567276df2054 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u3685cf20e33f000951fb567276df2054 .u3685cf20e33f000951fb567276df2054-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u3685cf20e33f000951fb567276df2054:after { content: ""; display: block; clear: both; } READ: Child Development EssayThe concept of nature in Jane Eyre is reminiscent of the majoritys view of the world: the instantiation of God. The Lord is My Rock is a popular Christian saying. A rock implies a sense of strength, of support. Yet a rock is also cold, inflexible, and unfeeling. Nature is an essential quality and a sense of inflexibility. Janes granite crag protects her without caring; the wild cattle that she fears are also part of nature. The hard strength of a rock is the very thing that makes it inflexible. Similarly, the precipitation that makes Jane happy as she leaves Thornfield, and the rain that is the life-force of everything in the heath, is the same preci pitation that led her to narrate this passage: But my night was wretched, my rest broken: the ground was damp . . . towards morning it rained; the whole of the following day was wet(Bront? 347). Just like a benevolent God, nature will accept Jane no matter what: Nature seemed to me benign and good; I thought she loved me, outcast as I was(Bront? 341). Praying in the heather on her knees, Jane realizes that God is great: Sure was I of His efficiency to save what He had made: convinced I grew that neither earth should perish, nor one of the souls it treasured(Bront? 342). Unsurprisingly, given Bront?s strongly anti-Church of England stance, Jane realizes at some level that this reliance on God is unsubstantiated: But next day, Want came to me, pale and bare(Bront? 342). Nature and God have protected her from harm, providing meager shelter, warding off bulls and hunters, and giving her enough sustenance in the form of wild berries to keep her alive. It is Janes nature, defined above as vital force, functions, or needs, that drives her out of the heath. In the end, it is towards humanity that she must turn. Nature is an unsatisfactory solution to Janes travails. It is neither kind nor unkind, just nor unjust. Nature does not care about Jane. She was attracted to the heath because it would not turn her away; it was strong enough to keep her without needing anything in return. But this isnt enough, and Jane is forced to seek sustenance in the town. Here she encounters a different sort of nature: human nature. As the shopkeeper and others coldly turn her a way, we discover that human nature is weaker than nature. However, there is one crucial advantage in human nature: it is flexible. It is St. John and his sisters that finally provide the charity Jane so desperately needs. They have bent what is established as human nature to help her. Making this claim raises the issue of the nature of St. John-has he a human nature, or is he so close to God that his nature is God-like? The answer is a bit of both. St. John is filled with the same dispassionate caring that Gods nature provided Jane in the heath: he will provide, a little, but he doesnt really care for her. We get the feeling on the heath, as Jane stares into the vastness of space, that she is just one small part of nature, and that God will not pay attention to that level of detail. St. John exhibits definitely human characteristics, most obvious being the way he treats Jane after she refuses to marry him. He claims he does not treat her badly, but hes lying to himself. That night, after he had kissed his sisters, he shrugged Jane off in a cold manner by leaving the room without speaking to her. What is important here is that St. John is more human than God, and thus he and his sisters are able to help Jane. .u93c29fc536b97afd64e81869e44032b6 , .u93c29fc536b97afd64e81869e44032b6 .postImageUrl , .u93c29fc536b97afd64e81869e44032b6 .centered-text-area { min-height: 80px; position: relative; } .u93c29fc536b97afd64e81869e44032b6 , .u93c29fc536b97afd64e81869e44032b6:hover , .u93c29fc536b97afd64e81869e44032b6:visited , .u93c29fc536b97afd64e81869e44032b6:active { border:0!important; } .u93c29fc536b97afd64e81869e44032b6 .clearfix:after { content: ""; display: table; clear: both; } .u93c29fc536b97afd64e81869e44032b6 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u93c29fc536b97afd64e81869e44032b6:active , .u93c29fc536b97afd64e81869e44032b6:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u93c29fc536b97afd64e81869e44032b6 .centered-text-area { width: 100%; position: relative ; } .u93c29fc536b97afd64e81869e44032b6 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u93c29fc536b97afd64e81869e44032b6 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u93c29fc536b97afd64e81869e44032b6 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u93c29fc536b97afd64e81869e44032b6:hover .ctaButton { background-color: #34495E!important; } .u93c29fc536b97afd64e81869e44032b6 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u93c29fc536b97afd64e81869e44032b6 .u93c29fc536b97afd64e81869e44032b6-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u93c29fc536b97afd64e81869e44032b6:after { content: ""; display: block; clear: both; } READ: Much Ado About Nothing: An Overview EssayFrom the womb, Jane is reborn. She takes a new name, Jane Elliott. With a new family, new friends, and a new job, she is a new person. And the changes go deeper than that. The time she spent in the heath and the moors purged her, both physically and mentally. Jane needed to purge, to destroy the old foundations before she could build anew. It is necessary to examine these scenes of nature in the context of the early to mid nineteenth-century. A significant aspect of nineteenth-century England relevant to nature in Jane Eyre was the debate over evolution versus Creationism. The evolutionary theory was being developed while people were questioning higher powers and this provided opposition for the Creationists of the first half of the nineteenth century. One of evolutions principles is survival of the fittest, and this is exactly what happens to Jane in the heath. Her old self is not strong enough, and must die. The new Jane she is forging is a product of natural selection. In fact, Jane is echoing the victory of evolution over Creation by the fact that it is humans who save her, and not God. Works Cited PageBronte, Charlotte. Jane Eyre. Oxford World Classics. Oxford New York, 1998. Book Reports

The Army is a Profession free essay sample

Is the Army a profession? Today, the Army is composed of brave men and women who have volunteered to serve our country. American citizens accept the Army’s code of ethics during their process of becoming an American soldier. The Army promotes professional development through military occupation specialties, education, and expertise. The Army develops soldiers into experts, proficient within defending our nation and the protection of human rights. Army professional development is a culture that is applied through ethics, leadership and loyalty. Throughout my experiences, service members of the Army are mostly motivated by the proficiency of craft and the outcome of self-discipline. Should the Army be considered a profession based on its code of ethics, professional development and culture? The Army’s Oath of Office, Army Values and Soldiers Creed promote the Army’s â€Å"code of ethics†. Men and women entering the Army swear to â€Å"support and defend the Constitution of the United States against all enemies, foreign and domestic†¦Ã¢â‚¬  (U. We will write a custom essay sample on The Army is a Profession or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page S Army Center of Military History, 2014). The Oath of Office is the foundation for men and women entering into the Army. The seven core Army Values are a benchmark of standards soldiers must uphold whether on or off duty. Loyalty, Duty, Respect, Selfless Service, Honor, Integrity and Personal Courage describe what it cost to be an American soldier. Service members are required to learn, recite and live the Oath of Office, Army Values and Soldiers Creed upon assuming the risk and responsibility of an American Soldier. Is the Army considered a profession to those who view it as a springboard into a civilian career? Many American’s serve our nations military for an initial enlistment. Some argue that every American should serve a minimal term. During an initial enlistment do soldiers fully indulge into the Army’s culture and professional development? How does this affect the Army as a profession? The Army White Paper specifies the Army as being a â€Å"Profession of Arms† in which the â€Å"Professional Soldier is an expert†. (Dempsey, 2010, p. 4). Is it possible for the Profession of Arms to occur without the Professional Soldier? Is it possible to become an expert within the profession of the Army without professional development? Professional development is the heartbeat of the Army. Senior leadership devote themselves to developing subordinate leaders and conveying expertise at the operational level. Published doctrines, regulations and policy letters are created from within and are used to relay knowledge of how the Army operates. Professional development is key to Army promotions. Army leaders measure the professionalism of subordinates and promote on the potential for increased responsibility. Army leaders uphold a strong code of ethics and promote its culture through professional development. Leadership is paramount to our Army profession. The Army’s greatest assets are the men and women wearing the uniform motivated by the proficiency of craft and the outcome of self-discipline. Service members accept the Army’s culture by assuming the risks and responsibilities associated with being a soldier. I believe it is virtually impossible to serve in the Army without being fully immersed. The professional soldier makes the Army a profession.

Why After School Jobs Are Benificail (Pursausive S Essays

Why After School Jobs Are Benificail (Pursausive S Essays Why After School Jobs Are Benificail (Pursausive Speech) AFTER SCHOOL JOBS In a world where getting ahead less of what you know and more of what youve done, I think that after school jobs for students are increasingly beneficial. I dont believe the myths that with a job there is no time for school work of extracurricular activities. I am a junior, I have had jobs since I was 15, I have never had my G.P.A drop below 3.2, and I have always been involved in at least three school activities. A teenager that has a job is more apt to be taught responsibility, learns more about money and gets a jump start on the real world after high school. One challenge that I have had to overcome, but ultimately grown stronger from is that of finding an appropriate time to finish my homework. I no longer take class time to work on my assignments for granted. While most of my friends who dont work usually go home and sit on their sofa for four hours before opening their bookbag, I have found that Friends and ER can still run their show without me watching, something I am afraid many of my peers have yet to discover. And shockingly enough it is possible to go for weeks without watching any television! Having a job has also taught me to respect authority. I have held jobs as a carhop, a waitress, and a grocery checker and sacker. Like most jobs that high schooler have, I am constantly around people. After being yelled at for undercooked steak or smashed bread, it is much easier to deal with rude people in other situations, I am much less likely to lose my patience and I understand that many problems and attitudes depend on circumstance. Many adults are also extremely impressed that is is automatic for me to address people older than me as maam or sir when I have a question or request. I think another positive was that jobs impact teenagers is that it teaches them about money. At the risk of sounding like a codjity old man, kids these days dont know the value of the dollar. I know many kids that are going to be in a world of hurt when Mom and Dad aren't there with their wallet to give them money to go out or buy their clothes and CDs. I now think twice before spending $115 dollars on a pair of shoes when I realize that will cost me thirty hours of working. I also have a better idea of what money buys and what things cost. After reading countless grocery totals everyday I am very aware that if I dont land a job in collage, I will be living off of Raman Noodles and the occasional Always Save hot dog. I look at taxes much different now, before I worked I didnt understand what all of the fuss was about. But after watching my meager paycheck melt away more every week, I understand why sometime the certainty of taxes seems like the more appealing option. After school jobs are great to prepare for life after high school. While I believe it is important to maintain healthy social life during high school, there aren't many collages or jobs that will accept you just because you are involved in every club offered. If you pick jobs responsibly, there is no reason while you cant stay active in school and work. I have not missed a football game yet in high school and I have been in every play put on by the school. Jobs prepare you for the world after school. After being a waitress I know I can find work in virtually any decent sized town in America. Because of my job I know that I cant just wake up in the mourning and go somewhere that I have not planned. Just like in the real world things must be planned weeks or even months in advance. If I need a job I know how to apply; I know how to pass an interview; I know how to impress authority figures, all skills I will need after I graduate. So for all of

Analyze Thomas More's Utopia in terms of his purposes and Essay

Analyze Thomas More's Utopia in terms of his purposes and characteristics he assigns to the state of Utopia What does he have to - Essay Example Hythloday talks about Utopia’s history and geography and tells that Utopia was once Isthmus before General Utopus conquered it. Hythloday puts forth a very civilized image of the Utopian society. He says that Utopians are rational in their thinking and dealing with one another. Property is communal. People of utopia are highly productive and do not run after money or gold. They value human life and etiquettes more than power and money. Class distinction is non existent in Utopia and so is the poverty. People are tolerant in religious matters and crime and offence is negligible. The society is better than any society in Europe. Finally, (More) says that he would appreciate it if few of the Utopian policies were inculcated in the European system, though he sees little to no chance of it in reality. Works Cited: More, Thomas. Utopia. UK: Bibliolis Books Ltd, 2010. Print.

Banking sector ( PESTLE and SWOT analysis) Essay

Banking sector ( PESTLE and SWOT analysis) - Essay Example The bank has integrated its investment banking, wealth management and asset management services with the Swiss operations to provide high quality financial solutions (UBS-a, 2011). The bank is relatively new. It came into existence in 1998 with the merger of Swiss Bank Corporation and Union Bank of Switzerland. Today the bank has grown as a global firm with a strong market position in Europe, US and Asia and a higher employee base in US than Switzerland, despite a dominant presence in the Swiss retail market. Most of the growth achieved has been through the M&A (mergers and acquisitions) deals. PESTLE Analysis of UBS The PESTLE analysis of the banking sector examines the various factors that affect the industry thereby impacting the companies operating in the industry. PESTLE is an acronym of political, economic, social, technological, legal, and environment analysis. The factors relating to economy include interest rates, economic growth, rate of inflation and exchange rates. The so cial factors include changes in buying patterns, culture, changes in consumer preferences etc. Technological factors include R&D, advancement in technology, innovation, new inventions etc. The legal factors include the legal framework of the country i.e. whether the legal environment in a country is conducive to conducting business activity, the banking rules and regulations in the country whether it is stringent or liberal etc. The environmental factors generally do not have any influence on the performance of the banking sector. Political- The political condition in Switzerland is quite stable. In fact some economists assigned the political stability of the country as an important factor that propelled the country’s economic success. The political system of the country is very effective as is evident from the high authoritative powers granted to the county and state governments. As compared to the Federal government the state level offices are in a position to react more ef ficiently and are equipped with better decision making power. The success of the banking sector in the area of asset management is owing to a traditionally stable political condition, reliability and high efficiency of banks and the overall good performance of the investments (Swiss Bankers Association, 2004). A stable political environment is conducive for the operations of the banks. Economic- The country enjoys the status of tax haven that makes it an attractive destination for making investments. Switzerland is renowned as the most prosperous and advanced countries in the world. The per-capita income of Switzerland is one of the highest across the globe. The prosperity of the country is on account of its trade with exports being a source of income and import of necessary raw materials contributing to the wide range of indigenous supply of goods and services. The domestic currency is among the soundest currencies in the world. Moreover the country is reputed for high quality fina ncial and banking services. The investment in a country thrives on a stable exchange rate. As mentioned above the country attracts good investments on account of a strong domestic currency. The performance of the banks depends strongly on this factor. The banks can draw good investments from the overseas as the clients are convinced about the value of their investments. Besides the added benefits of tax haven is also one of the reasons that make the region an

Tesco Credit Risk And Analysis Report

Tesco Credit Risk And Analysis Report As members of Credit Analysis division, our line manager has asked us to prepare a comprehensive credit analysis report for Tesco Plc, as it comes out with a new long-term bond issue, to fund its acquisition of Hilton Foods. This credit risk report focuses among other things, on the business background and strategy of Tesco and Hilton Food, analysis of its annual reports, company websites and other sources, a discussion of the techniques used in the analysis, justification of techniques/ major assumptions used in our analysis and rationale behind our teams recommendation on the credit rating of the bond issue. 2. Tesco Business Description and Strategy: Tesco Plc was founded by Jack Cohen in 1919. It employs about 470,000 staff globally. It is the largest British  retailer  by both global sales and domestic market share, with profits exceeding  £3  billion. It is currently the third largest global retailer based on revenue, behind   Walmart and Frances  Carrefour, but second largest based on profit, ahead of Carrefour.(Ryan 2004). Originally specializing in food and drink, it has   diversified into areas such as  clothing,  consumer electronics, financial services, telecoms,  home,  health  and  car insurance,  dental plans, retailing and renting DVDs,  CDs,  music downloads,  Internet services  and  software. Tescos operations are divided into UK and International operations. In the UK, Tesco stores are differentiated by size and the range of products sold. (wikipedia.org). Tesco also retails through its online shopping channels, tesco.com and Tesco Direct. Tesco has international operations in the following countries- China, Croatia, Czech Republic, France, Hungary, Republic of Ireland, Indonesia, Japan, Malaysia, Poland, Slovakia, South Korea, Thailand, Turkey, United States (Annual Report 2009 hereby referred to as -AR2009). Business strategy: Tesco follows the concept of The Tesco Way. It is aimed at improving its competitive position in the market by becoming more customer focused and concentrated on differentiating itself from other retailers through the services it provides. Tesco has developed principles like Better for Customers, Simpler for Staff and Cheaper for Operations.(Tesco website) Its present operations are based on its strategy laid down in 1997 which focuses on these 5 key objectives: To be a successful international retailer To grow the core UK business To be as strong in non-food as in food To develop retailing services-such as Tesco Personal Finance, Telecom and Tesco.com; and To put communities at the heart of what we do. (AR 2009) It is the pursuit of this five-part strategy that has allowed the business to diversify into new emerging markets. Tesco as a business operates a Steering Wheel a balanced scorecard process whereby goals are set for different areas of the business and overall progress is assessed on a quarterly basis in all countries, to help manage performance and deliver business strategy. The Steering Wheels key areas of focus are: financial, customer, operations, and employee. Every store gets a monthly steering wheel update, a summary of its metrics within each of the four arcs, so that all employees in Tescos multiple regions and formats get feedback on their performance. The steering wheel has helped the company stay focused on its strategy even as it experienced rapid growth over the past two decades (AR2009). Please note- For Business Description and Business Strategy og Hilton Food please see Appendix A. 3. Factors affecting credit rating of Tesco: For the purpose of this credit analysis report I would be analyzing three factors influencing the credit rating of Tesco: They are namely: 1) Business Risk 2) Corporate Governance Risk 3) Financial Risk Definitions Table of Factors affecting credit rating of Tesco Business Risk According to wisegeek.com, A business risk is a circumstance or factor that may have a negative impact on the operation or profitability of a given company. Sometimes referred to as company risk, a business risk can be the result of internal conditions, as well as some external factors that may be evident in the wider business community. When it comes to outside factors that can create an element of business risk, one of the most predominant risks is that of a change in demand for the goods and services produced by the company. If the change is a positive one, and the demand for the offerings of the company increase, the amount of risk is decreased a great deal. Internal factors may also result in the development of significant business risk for the investor. Corporate Governance Risk According to SearchFinancialSecurity.com Corporate governance is a term that refers broadly to the rules, processes, or laws by which businesses are operated, regulated, and controlled. The term can refer to internal factors defined by the officers, stockholders or constitution of a corporation, as well as to external forces such as consumer groups, clients, and government regulations. A well-defined and enforced corporate governance provides a structure that, at least in theory, works for the benefit of everyone concerned by ensuring that the enterprise adheres to accepted ethical standards and best practices as well as to formal laws. To that end, organizations have been formed at the regional, national, and global levels. Risk management factors are employed to manage Corporate Governance Risk. Financial Risk According to Wikipedia.org, The risk that a company or project will not have adequate cash flow to meet financial obligations; thus causing the business to file for bankruptcy. Financial risk is the additional risk a shareholder bears when a company uses debt in addition to equity financing. Companies that issue more debt instruments would have higher financial risk than companies financed mostly or entirely by equity. Bilateral barter can depend upon a mutual coincidence of wants. Before any transaction can be undertaken, each party must be able to supply something the other party demands. To overcome this mutual coincidence problem, some communities had developed a system of intermediaries who can warehouse and trade goods. However, intermediaries often suffered from financial risk. 4. Discussion of Techniques and Methods Employed for Credit Rating 4.1 Analysis of Tescos Business Risk SWOT ANALYSIS OF TESCO PLC(For Definition and Explanation of SWOT Analysis please refer Appendix E) Swot Analysis of Tesco Strengths Increasing market share Insurance Tesco online Brand value UK market leadership reinforced Opportunities Non-food retail Health and beauty Further international growth (Source: Datamonitor) (1) Strengths (a) Sales Growth With the recent Global Financial Crisis (hereby referred to as GFC) retail sales have fallen, but Tesco does not seem to be affected as its sales revenue grew by 10.92% in 2008 and 11.86% in 2009. (b) Market share Tesco still holds the largest share of the UK retail market. It maintains this by constantly diversifying into new sectors and consolidating its existing position as a market leader. (2) Weaknesses Tesco Finance profit levels were impacted through bad debt, credit card arrears and household insurance claims. Tescos position as a price leader in UK markets can lead to reduced profit margins in order to retain the key price points on must have commercial items. Grocer outlets are not set up to operate as specialist retailers in specific areas of product which can be capitalised on by other smaller bespoke retailers. Although international business is growing and it is expected to contribute greater amounts to Tescos profit over the next few years. The company is still highly dependent on the UK market. (3) Opportunities The development of Tesco Direct through online and catalogue shopping will grow the use of technology, providing the launch pad for larger non food based products with moderate to high margin returns and less focus on sales and margin per foot return to space. Further international growth. (4) Threats Increasing foreign exchange exposure with international growth. Rising raw material costs from both food and non food items will impact profit margins overall. Continuous price wars between other retailers e.g ASDA, Sainsbury and WM Morrisons. (Source:businessteacher.org.uk) P.T.O (Please turn over) PESTLE ANALYSIS OF TESCO PLC TABLE( for explanation of PESTLE, please see Appendix F) P E S T L E A N A L Y S I S O F T E S C O P L C Political Tescos organic growth internationally into countries in Europe, Asia and America means it is influenced by the political conditions of these countries. Tesco is subject to a wide variety of regulations in the different countries in which it operates because of the diverse nature of its business. Tesco may be impacted by regulatory changes in key areas such as planning laws, trading hours, and tax rules as well as by scrutiny by the competition authorities. Tesco is influenced in the UK by employment legislations such as the minimum wage requirement Economical Economic factors and the state of the economy affects Tesco, because these influence the business environment of operation, business expectation of investors and the consumption level of Tescos customers which all translate into the levels of demand, supply, and pricing of Tescos goods and services. The economic factors have been seen to have caused the decrease in profit growth rates being experienced by Tesco. Tesco has responded to these issues by ensuring that its product variation strategy is upheld in all their stores. i.e having the same product with varying quality and price for the different target markets in the same store. Socio-Cultural Factors Tesco considers the diversity of its customers in terms of culture and tries to meet their varied expectation by having most food and non food items that are required. This strategy is obvious with aisle for world foods, clothes etc. Benefits from cultural diversity and globalization are also evident in staffing of their stores. Technological Technology as a major driver of efficient resource utilization which has allowed Tesco staff to be more efficient at their jobs with the use of a wide variety of scanners for their sales at their tills and for stock/inventory management. A new invention are self service machines where customers can scan and pay for their shopping, this innovation has also lead to a reduction in staff cost. Legal In the UK, the Financial Services Authority (FSA) which is the regulator of all providers of financial services requires Tesco Personal Finance to be able to meet its sterling obligations without recourse to the wholesale markets for a period of at least five business days. To meet regulatory requirements a diversified portfolio of high quality liquid and marketable assets is maintained. Cash flow commitments and marketable asset holdings are measured and managed on a daily basis Environmental Tesco has been able to manage its environmental impact by adopting a number strategies, some of which are; an energy saving initiative lead, to opening of environmental store in a quest for zero-carbon, carbon labelling of products, green club card initiative which encourages customers to recycle. 4.2 Analysis of Corporate Governance Risk An analysis of the Directors report on corporate governance clearly defines the Directors roles and goals for Tesco Plc, as its main aim is to generate shareholder value and safeguard their long-term interests. Tesco, follows the Combined Code on Corporate Governance, especially Section 1, as defined by the Financial Services Authority (FSA), on compliance of the Code throughout the year. The Executive Board , complied with the Code, with the exception of the provision that at least half the Board, excluding the Chairman, should comprise Non-Executive Directors determined by the Board to be independent. This was as a result of the resignation of Carolyn McCall and E. Mervyn Davies as Non-executive Directors due to conflicts of interest. Tesco appointed Laurie McIlwee as the new Group Finance Director, and Jacqueline Tammenoms Bakker and Patrick Cescau and Ken Hanna as Non-executive Directors, thus becoming fully compliant again with the code. Laurie McIlwee has been with Tesco for ni ne years and has a very strong track record in both finance and operations. In his most recent role as Distribution Director Laurie was responsible for transforming the whole network a tremendous achievement, which reflects careful management succession planning at Tesco. The structure of the Board and the integrity of the individual Directors ensure that no single individual or group dominates the decision making process. All Directors have to submit themselves for re-election at least every three years if they wish to continue serving and are considered by the Board to be eligible. The Non-executive Directors bring a wide range of skills and experience, as well as independent judgement on strategy, risk and performance to the Company. The Board has set out a clear Schedule of Matters Reserved for Board Decision in order to ensure its overall control of the Groups affairs. These include the approval of: à ¢Ã¢â€š ¬Ã‚ ¢ the Companys strategic and operating plans; à ¢Ã¢â€š ¬Ã‚ ¢ annual and interim financial statements; à ¢Ã¢â€š ¬Ã‚ ¢ major acquisitions and disposals; à ¢Ã¢â€š ¬Ã‚ ¢ authority levels for expenditure; à ¢Ã¢â€š ¬Ã‚ ¢ treasury policies; à ¢Ã¢â€š ¬Ã‚ ¢ risk management and internal control systems; à ¢Ã¢â€š ¬Ã‚ ¢ group governance policies; and à ¢Ã¢â€š ¬Ã‚ ¢ succession planning for senior executives P.T.O Additional Corporate Governance Role- Table Audit, Remuneration and Nominations Committees The Board governs through a number of statutory Board Committees the Audit, Remuneration and Nominations Committees to which certain responsibilities and duties are delegated. These Committees are properly authorised under the constitution of the Company to take decisions and act on behalf of the Board within the parameters laid down by the Board. The Board is kept fully informed of the work of these Committees and any issues requiring resolution are referred to the full Board as appropriate. A summary of the operations of these Committees is set out. The performance of the Board is a fundamental component of the Groups success. The Board regularly reviews its own performance. Relations with stakeholders Tesco maintains a close relationship with all its stakeholders including customers, staff, suppliers, investors, non-governmental organisations and others, to ensure that its long-term strategy is sustainable. These include corporate social responsibility targets towards- Environment Community Suppliers and Ethical trading Customers Choice Health People and Key Performance Indicators (KPIs)of the Steering Wheel. Internal controls The Board is responsible for the Companys system of internal control and for reviewing the effectiveness of such a system. Tesco has a Group-wide process for clearly establishing the risks and responsibilities assigned to each level of management and the controls which are required to be operated and monitored. Both the internal and external audit, PricewaterhouseCoopers LLP, contribute towards maintaining effective internal financial control systems. Whistleblowing Policy The Group operates a whistleblowing policy and has a confidential Protector Line service accessible to concerned employees where they can report, anonymously if necessary, on issues of malpractice within the business. These issues include unethical behaviour such as fraud, dishonesty and any practices that endanger their staff, customers or the environment. Complaints made are treated as confidential and are investigated. Where appropriate, matters will be escalated to the Director of Group Security for further action. Management At Tesco, trading is tracked on a daily and weekly basis, financial performance is reviewed weekly and monthly, and the Steering Wheel is reviewed quarterly. Steering Wheels are operated in business units across the Group, and reports are prepared of performance against target KPI s on a quarterly basis enabling management to measure performance. Shareholder engagement Tesco is committed to maintaining a good dialogue with shareholders through proactively organising meetings and presentations as well as responding to a wide range of enquiries. During the year, the Chairman, Chief Executive and Finance Director meet with most of the leading shareholders to discuss issues relating to the board, strategy and governance matters, as well as new developments within the business. In addition to this the Company Secretarys office, Investor Relations and other teams within the business engage with shareholders on a regular basis, and on a wide range of issues. Directors remuneration Disclosure Tesco is already a large and profitable company. A 10% increase in Company value equates to some  £3bn in additional shareholder value, equivalent to a FTSE 50 organisation. Continuing to grow and expand profitability from such a high base is challenging but forms the core of Tescos strategy, and its supporting processes including executive remuneration. The result for 2008/9 included improvement on most of the underlying performance measures relating to productivity and growth. More than two-thirds of total remuneration (excluding pension) is linked to performance. Long-term performance is rewarded through delivery of shares and short term performance through a combination of cash and compulsory deferred shares. The Remuneration Committee believes that the majority of total remuneration should be performance-related and delivered largely in shares to closely align the interests of shareholders and Executive Directors. When setting the remuneration of Executive Directors, the Commi ttee considers the Groups performance on environmental, social and governance (ESG) matters. Specific ESG performance targets are applied to certain elements of the remuneration structure, in order to reinforce positive and responsible behaviour by senior management. (Source for all Corp Governance notes: AR2009) Tesco Board of Directors- Table Name Job Title Board Name Job Title Sir Terry Leahy CEO Executive Board Jacqueline Tammenoms Bakker Non-Executive Director Richard Brasher Commercial and Trading Director Executive Board Rodney Chase Deputy Chairman and Senior Non-Executive Philip Clarke International and IT Director Executive Board Charles Allen CBE Non-Executive Director Andrew Higginson Finance and Strategy Director Executive Board E. Mervyn Davies Non-Executive Director David Potts Retail and Logistics Director Executive Board Dr. Harold Einsmann Non-Executive Director Laurie McIlwee Group Finance Director Executive Board Ken Hydon Non-Executive Director Lucy Neville-Rolfe Corporate Legal Affairs Director Executive Board Graham Pimlott Non-Executive Director Tim Mason Marketing, Ecommerce, Property and Republic of Ireland Director Executive Board Patrick Cescau Non-executive Director David Reid Chairman Non Executive Board Karen Cook Non-executive Director (Source-AR 2009) 4.3 Analysis of Tescos Financial Risk For the financial analysis of Tesco, traditional ratio analysis (For Definition and Explanation of Ratio Analysis please refer Appendix C) has been used Profitability Liquidity Financial Gearing Investor and Efficiency ratios. PROFITABILITY Ratio 2009 2008 2007 Return on Equity (ROE) 16.66% 17.89% 17.96% Return on Capital Employed (ROCE) 6.96% 9.25% 10.67% Net Profit Margin 3.98% 4.5% 4.45% The analysis of the Return on Equity shows that the return slightly fell in 2008 to 17.89% from 17.96% in 2007, it further decreased in 2009 to 16.66%. Further investigation of this shows that though the retained earnings in 2008 of  £6,871m is an increase from 2007 level of  £5,693m, the management of Tesco was prudent in the use of available resources, due to the recent GFC. Return on Capital Employed reveals a consistent and steady decline in this rate of return from 10.67% in 2007 to 9.25% in 2008 and 6.96% in 2009. This trend was primarily due to a consistent rise in the current assets of Tesco: it rose in 2007 from  £4,576m to  £6300m in 2008, then in 2009 to  £14,045m. The Net Profit Margin remained almost the same, from 2007 with 4.45% to 4.5% in 2008, but decreased in 2009 to 3.98% for each pound of sales. This can be attributed to the recession, where people tend to spend less and save more. LIQUIDITY Ratio 2009 2008 2007 Current Ratio 0.76 0.58 0.56 Quick Ratio 0.61 0.35 0.32 The Current ratio shows a consistent growth from 0.56 in 2007 to 0.58 in 2008 and then highest of 0.76 due to a 127.15% growth of current assets in 2009, this shows a continuous improvement in Tescos liquidity. Even though a good growth is observed the ratio is a reflection that Tesco is highly exposed to its liabilities. This ratio also shows an increased tendency of liquidity problems since it current assets cannot cover its current liabilities. The Quick ratio is similar to that of the current ratio, with much lower ratios of 0.32 in 2007 to 0.35 in 2008 and highest ratio of 0.61 in 2009. These results also show increasing liquidity as well as a poor coverage of current liabilities by the quick assets. Cashflow Analysis Tescos Free Cashflow Cashflow detail 2009  £In millions 2008  £In millions Cashflow from Operating activities 4978 4099 Net cash used in investing activities 5974 2954 Dividends paid 883 792 Interest paid 562 410 Tax paid 456 346 Free Cashflow -2897 -403 Cashflow Ratios 2009 2008 2007 Cash Return on Sales 9.16% 8.66% 8.28% Cash Debt Coverage 19.39% 25.22% 25.82% Cash-Flow Coverage 63.21% 91.04% 94.66% On analysis of Tescos free cash flow), it dropped significantly from 2007 to 2009, it is in negative of - £199m in 2007, increasing to - £403m, and sharply increasing to - £2897m respectively.. The increase in dividend payout accounts for  £91m (between 2008 to 2009) and explains a small portion of the drop . But the total drop in the cash flow from 2008 to 2009 is a sharp - £3300m. The analysis of Cash Return on Sales determines that from 2007 to 2009 it has increased by 8.3%, to 8.66% and then to 9.16% respectively. Tescos cash return on sales in 2009 of 9.16% is higher than its Net Profit margin of 3.98% in 2009, which is a good sign. The Cash Debt Coverage also shows that Tescos cash position worsened from 2007 to 2009 (i.e) the cash to debt coverage was 25.82%, 25.22% and 19.39% respectively. One of the reasons is that Tescos long-term debt increased between 2007 to 2009 by  £8934m. The CashFlow Coverage shows that the cash generated by Tesco from its operations, to meet its obligations, decreased from 94.66% in 2007, to 91.04% in 2008 , to 63.21% in 2009. To cover the rest of its cash needs, Tesco had to use cash on hand at the beginning of the year, to make up the cash shortfall. P.T.O FINANCIAL GEARING LEVERAGE Analysis Ratio 2009 2008 2007 Interest Cover ratio 6.71 times 11.16 times 12.26 times Debt to shareholders equity 2.54 times 1.53 times 1.35 times Debt to Capital 55.86% 40.36% 35.03% The Interest Cover ratio shows a decline from 12.26 times in 2007 to 11.16 times in 2008 and the lowest ratio of 6.71 times in 2009. The Analysis of the finance cost shows the drop in 2009 was primarily due to an 87.75% increase in non-current liabilities which lead to a 91.2% increase in finance cost. Debt to shareholders equity, shows the usage of creditors by Tesco for every  £1 from investors, increased from 2007 to 2009, by  £1.35,  £1.53 to  £2.54 times respectively. This reflects that the dependence of Tesco on money raised by borrowing has sharply increased in 2009, from 2007 compared to its usage of money raised by selling shares to investors. This also reflects that in 2009, Tesco had a high amount of debt at 2.54, which means it will have to pay higher interest rates to finance its capital activities. Tescos Debt to Capital increased from 35.03% in 2007, to 40.36% in 2008 and rose to 55.86% in 2009, which is very high, and indicates an increasing cost of operating, as it tries to meet its obligations of paying higher interest rates. P.T.O INVESTOR RATIOS Ratio 2009 2008 2007 Dividend Payout Ratio 26.8% 24.4% 21.6% Earnings per Share (EPS) 27.50p 26.95p 23.84p Price/Earnings (P/E) Ratio 16.30 times 16.73 times 18.91 times The analysis of Dividend Payout Ratio shows the payout ratio has been increasing from 21.6% in 2007 to 24.4% in 2008 and 26.8% in 2009. Earnings per Share shows that it is increasing year to year, with EPS in 2007 of 23.84p, in 2008 of 26.95p and 2009 of 27.50p, with the largest increase between 2007 and 2008. The profit for the year in 2008 was higher than in 2007and there was also a reduction of shares in issue from 7,947m to 7,863m in the same year. The analysis of the Price/Earnings shows a continuously declining P/E ratio, with 18.91 times in 2007, 16.73 times in 2008, and 16.30 times in 2009, probably due to a decreasing growth rates in profits- 12.16% growth in 2008 and 1.69% growth in 2009. P.T.O EFFICIENCY Ratios Ratio 2009 In days 2008 In days 2007 In days Inventory Turnover Period (ITP) 19.44 days 20.31 days 17.89 days Trade Receivables Period (TRP) 12.08 days 10.12 days 9.24 days The analysis of the Inventory Turnover Period shows an increase from 17.89 days in 2007 to 20.31 days in 2008 and fell to 19.44 days in 2009. The Trade Receivables Period shows a consistent increase in the TRP: in 2007 9.24 days to 10.12 days in 2008 and a higher increase to 12.08 days in 2009. This could be due to stiff competition in the retail industry and increased credit sales demands of customers. Please note- For Analysis of Financial Risk of Hilton Food, please refer to Appendix B. 5. Justification of assumptions made and techniques used: 5.1 Justification of assumptions made: -Table a) It is assumed that Tesco will takeover Hilton Food and fund its acquisition by the potential issue of long -term bonds. This assumption is taken to conduct this particular credit risk analysis. b) Tesco Financial Year (FY) ended on Feb 28, 2009, and Hilton Food FY ended on 31 December 2008, so despite the accounting year differences, we have maintained that all accounting conditions still remain the same for the sake of comparative study. c) Tesco is one of the biggest retailers in the world with a diversified business, and the assumed acquisition is due to Hilton Food (HF) being a customer of Tesco in the real world, where HF supplies packed meat to Tesco stores across UK and Europe. So this acquisition, would make economic sense to Tescos business expansion, by supplying packed-meat under its own brand name, and economies of scale. P.T.O 5.2 Justification of techniques used: -Table a) We have only conducted Business Risk and Corporate Governance Risk Analysis for Tesco, and not for Hilton Food (HF), as with the future acquisition HF would either be a subsidiary or merge with Tescos entity, and come under Tescos management. Therefore, it would be Tescos Business and Corporate Governance risk which would influence Hilton Food. b) We have analyzed both Tescos and HFs Financial Risk, because when an investor would look at Tescos long-term bond issue, he would like to know about the business and financial risk of both Tesco and HF. c) Financial Risk Analysis (FRA) of Tesco has been done for 2007, 2008 and 2009 and FRA has been done for HF only for 2009, because we have presumed after the acquisition, HF would be a part of Tescos business, so only current2009 FRA is done for HF. d) We have not designated any credit rating like AA, BB etc. according to SP, Fitch or Moodys, because, they use sophisticated credit risk models, and calculations for default and recovery rates, and credit scoring system, Our analysis is based on studying the Business, Corporate Governance and Financial Risk by simpler analytical tools. 6. Rationale Behind Recommendation- Highlights Table a) The analysis of Tesco Plc, reveals that the company has shown good profitability and revenue growth, with good sales growth even in difficult times (GFC). Tesco as a business has revealed further expansion plans across different countries. The SWOT Analysis of Tesco reveals that Tesco, is following a sound business model.

The Need to Study English as a Foreign Language

WHY DO WE STUDY ENGLISH It is necessary to study at least one foreign language today. That’s why pupils have got such subject as a foreign language at school. The problem of learning foreign languages is very important today. Foreign languages are socially demanded especially at the present time. We know that the progress in science and technology has led to an explosion of knowledge and has contributed to an overflow of information. The total knowledge of mankind is known to double every seven years. Foreign languages are needed as the main and the most efficient means of information exchange of the people of our planet. Today English is the language of the world. English isn’t only the national or official language of some thirty states, which represent different cultures, but it is also the major international language of communication in such areas as science, technology, business and mass entrainment. English is one of the official languages of the United Nations Organization and other political organizations. It is the language of literature, education, modern music and international tourism. I learn English because I understand that I can use it. As I’m going to work in the sphere of management in Electronic Equipment Trade, I think that it is very important for a specialist of high qualification to speak at least one foreign language. English is extremely necessary as it is the most popular language of international business communication. I learn English because I want to read foreign literature in the original. Besides, the English language is the language of the great literature. A lot of modern literature and many new films in English come out every year. If you know English, you can understand them without translation. No wonder that most educated people speak English fluently. I like to travel, but it is difficult to visit new places, when you don’t know the language of these countries. And it is much easier to travel when you know the language. If I want to ask something, I can do it in English. Today, one person in seven of the world’s population either knows English or learns it. So a modern and a cultured person must learn foreign languages.

Contribution Durkheim Bullet Points

Contribution of Emile Durkheim (bullet points) Religion Durkheim believed that god concept is collective creation and power that is used by groups to direct the behaviour of its members. The basic principles of religion and rituals is to keep solidarity in the society especially in the periods of conflict. Function of religion is not to worship the god but the society. Within division of labour Durkheim made clear distinction between mechanical and organic solidarity. Mechanical solidarity is characterised in traditional societies with simple division of labour. Individuals are highly constrained by the values, norms and regulation of the society. When member deviates from this norms he might be most probably rejected by the group. Individualism is not supported ad degrees of freedom are few. Organic solidarity is common for contemporary societies where there is higher differentiation of labour. Differentiation of labour is happening in relation to population density. More and more people are living in same area with similar activities. Tension is rising, and the only way to overcome these tensions is to have more specialised activities. Division of labour develops in relation to population density. Individuals are having their own specialities and are mutually dependent. Differentiated societies are creating unique individual. Individual has personal opinion, religion, freedom†¦. and there is clear line between them and society (private problems and public concerns). The division of labour is not making only marked exchange relationship but the feeling of solidarity. Social solidarity consists of integration of individuals and regulation. Social solidarity is social fact that can be observed only by external indicators, like the law. Law tends to be repressive and restitutive. Conformity in mechanic society is held by repressive system, while conformity in organic societies is held by restituitive force. Two abnormal situations in organic societies is anomie and egoism. Suicide He explained suicide in terms of the degree to which a person is joined into social life. At the low end of social unity, there is anomic suicide, in which people destroy themselves because social bonds die and life becomes meaningless to them. Then when people are tightly integrated and there is a threat to the social group, people may sacrifice themselves in order to protect the group. Anomic suicide also proved that suicide increases as society falls apart.