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.