Narrative Writing & Tupac Essay

American rapper, actor, activist, poet 2Pac was truly one of hip hop’s most distinctively talented artists and indeed, a dynamically influential figure who conveyed his introspective thoughts through such vibrantly resonating music and lyrics. However, 2Pac’s journey to glory and recognition was filled only with many intricacies and hardships but fuelled only by gifted ability, wit, heart and sheer passion. Many could either label him from anywhere as both a thug and gangster or a natural born leader and poet—but 2pac emphasized: â€Å"Measure a man by his actions fully, with his whole life from the beginning to the end† (qtd. in Lazin). Born Tupac Amaru Shakur (June 16, 1971) in East Harlem, New York, 2pac was named after a proud Inca chief from South America by his mother who was a key member of the Black Panther. Due to her significant affiliation with the movement, Afeni Shakur was incarcerated during her pregnancy to her son. 2pac admits the absolute admiration he has for his mother for being able to withstand all adversity and eventually giving birth to him, affectionately mentioning her as a â€Å"strong black woman†(Lazin). 2pac values his mother’s teaching of raising him and his sister to be community-oriented and socially aware, amidst the financial shortcomings they faced. 2pac categorizes their financial status then as being â€Å"stone broke† as they did not have luxuries or even necessities which he thought they needed. Growing up, 2pac had no real father figure to look up to—he stresses such longing in saying that â€Å"You need a man to teach you how to be a man† (qtd. in Lazin). Due to his troubles to gain a steady source of income, his mother decided to move to Baltimore. There, 2pac was enrolled in the Baltimore School of Arts and spent three years there learning assorted facets of art and meeting various individuals-turned-friends. In the process of education, 2pac pin points one major flaw of lack of shedding light into life’s reality. In his observation of the social and economic inequality, he states, â€Å"Rich people should live like poor people, and poor people should live like rich people. They should change every week† (qtd. in Lazin). In attempt to escape poverty and violence, 2pac moved to California only to realize the same poverty element shared by the â€Å"black community. † Yet, amidst it all, he stayed strong. After having decided to move out of his mother’s house and authority, with no other choice, 2pac resorted to the ways of street life in which he cites how he found father-figures in the form of drug-dealers, pimps, and criminals. It was in the streets that his rather sharp tongue was cultivated: â€Å"The words that I say are the words that don’t come out from a mother’s mouth or a father’s mouth† (2Pac qtd. in Lazin). Eventually dropping out from high school, 2Pac had a short turn in selling drugs but was advised later on by the same people— his co-drug dealers, who later stood as financial sponsors for him to follow his dreams in music. 2pac professionally started in an early nineties hip hop group known as the â€Å"Digital Underground. † Shock G, leader of the group, gave opportune chances for 2Pac as he was starting out—free style raps during performances and songs, having him belong in the group as a roadie and taking him in. After having some songs under his belt and being recognized for his talent by major music labels and prominent figures such as Interscope and Ted Field, â€Å"2Pacalypse Now† was released as his first platinum album in which he tackled major social issues and expressed and stimulated the pain he dealt with throughout his childhood. This was the beginning of a series of albums that were not only of commercial and critical success but also were of social significance. As 2Pac’s fame grew, he opted to stretch his skills for the silver-screen, through films such as â€Å"Juice† (1992), â€Å"Poetic Justice† (1993), and â€Å"Above the Rim† (1994) which displayed both his aggressive and sensitive strengths in his character and also, acting prowess. As his messages of social awareness come across even more, 2Pac stressed his personal take and concept of how he wants to empower the youth, the oppressed, and the ill-fated through his idealistic but rather controversial theme of â€Å"Thug Life. † However, there were rather social distortions in between 2Pac’s and the media’s meaning. Hence, in a subjective interpretation, 2Pac explains that this idea has nothing to do with the dictionary’s definition of thug; rather, it pertains to the underdog who chooses to overcome each life’s seemingly hopeless obstacles with pride, dignity, and courage. His fame was often accompanied by many sorts of controversy which included a violent altercation with a limousine driver, clashes with rightist group members like C. Dolores Tucker and William Bennett, to the news and media pertaining to his lyrics content, and even assault, which took quite heavy blows upon him. Most especially on life and freedom threatening occurrences, after being a victim of a shooting, he was later convicted to serve a prison sentence due to losing to charges of rape. His prison stint, only gave rose to strength and experience in him becoming a better man of insight in life’s truths. In addition, while serving his sentence, his music still crossed-over to the hearts and minds of millions. With all of these, he realized his irresponsible actions, mistakes, and rather wrong decision making of what to say, what to do, and how to act. After being bailed out through a record deal with CEO with a criminal past, Suge Knight and his music label, Death Row Records, 2Pac was freed and at once focused on getting his music on the rise again. Despite having freedom, 2Pac had to face an assortment of financial battles, just as so as he would not to go back to jail. As 2Pac music rode the Death Row banner high and proud, together with peers such as Dr. Dre and Snoop Doggy Dogg, a feud between East Coast and West Coast rapper grew, but 2Pac stresses that such tension was rooted only and mainly on two men—him and East Coast rapper Notorious B. I. G. 2Pac understood the effects of such strain of which he felt responsible for and said that â€Å"I hope we would exercise greater restraint,† pertaining to the situation (qtd. in Lazin). Amidst all the past difficulties and pressing danger, 2Pac kept a strong outlook on life: â€Å"I felt that the only thing that could kill me is death, and even then, my music will live forever† (qtd. in Lazin). While in Las Vegas, after a Mike Tyson-Bruce Seldon bout, a car pulled up alongside were Suge Knight, and 2Pac was positioned then open fired upon by four gunmen as they were supposedly headed to a night club. After undergoing two surgeries, having a lung removed and despite having a surge of praying fans outside the hospital of which were he stayed, 2Pac passed away with his truth message and true music of which he left behind to us. His legacy would never be forgotten for his music captured continuing struggles of the common man who only demanded for change, progress, and the right to have a better future. Tupac Amaru Shakur indeed was a warrior and prophet, despite the controversy, despite the media frenzy he had to go through, and despite everything else. Indeed, his message is powerful: â€Å"I’m not saying I’m going to change the world, but I guarantee you that I will spark the brains that will change the world. So, keep you head up† (2Pac qtd. in Lazin). Works Cited Lazin, Lauren. Tupac: Resurrection. Los Angeles, California: Paramount Pictures, 2003.

Patriarchy and the System

Patriarchy is a society system that large than oneself, which means not just about a person’s idea or one’s life. It is something larger than that. It tends to be organized around specific kinds of social idea and relationship. And restrictions on the establishment of regular, while the social relations of what is supposed to happen a common understanding of what is allowed and what is the expected behavior of individuals within the system. Race, sex, race, age, class, which was seen as patriarchy is based on the understanding of individualism, which need to increase and modify the action of a major type of personal social characteristics. As stated in Allen G. Johnson’s, Patriarchy, the System, â€Å"To live in a patriarchy culture is to learn what is expected of men and women—to learn the rules that regulate punishment and reward based on how individuals behave and appear. † (p. 74) As we can see, people are generally regulated by a unvisual concept which is patriarchy. This system is subject to personal choice, and only allow each person to choose to participate or in the expected behavior, relationships, and with understanding. These unwritten content has been produced and training with the patriarchal system to shape and guide the acceptance of actions, behaviors and individual experiences. Within the private and public relationship in the structure of patriarchy, patriarchy does use different strategies to maintain gender inequality and these strategies have achieved the status of women's subordination. Household strategy is considered to be the strategy of exclusionary and inequality. As Kirk and Okazawa-Rey wrote in their article â€Å"Making a Home, Making a Living†, â€Å"The father is the provider while the wife/mother spends her days running the home. This family if regularly portrayed in ads for food, cars, cleaning products, or life insurance, which rely on our recognizing—if not identifying with this symbol of togetherness and care. †(p. 303) This is an example of exclusionary strategy in the private area which is based on household production. The most common situation that women will face can be sexual harassment, age discrimination and against women with disabilities. What is more, women have to balance home and work flextime, such as part-time job, home and mommy track. Also they have to take care of children when they have families. It is unfair to not be able to do both, which stand for successful career and house wife, they have to make decision. Being underestimate the value of women and regulated with patriarchy privilege and oppression, people always expect women to take care of families but to work like a man. The household has a different structure to other institutional form. For example, the workplace. According to Joni Seager, â€Å"women are both â€Å"segregated† and â€Å"concentrated† in the workforce. They are employed in different occupations from men, and are over-represented in a limited number of occupations. † (p. 64) Under the construction of patriarchy, there are â€Å"women’s jobs† and â€Å"men’s jobs†, although the definition of these has changed over time, there still lot of limit for women to work. Usually, women just take a small rang of jobs, their jobs are lack of varieties and are used as low-wage service and industrial labors. Public institution can not oppress or exclude women directly from public structure, this situation force women go back to home and do what people expect them to do. Moreover, the system also regulates the students in universities. In the video â€Å"Playing in the closet: Homophobia in Sports†, the basketball team in Pennsylvania State University exerted pressure on their female basketball players of not to be a lesbian. This is another kind of patriarchy privilege and oppression. What happened in this team was that the coach, who is called Rane Portland, told her players that being a lesbian was forbidden in this team and dislodged some players who were considered to be the lesbian from their basketball team. Under the oppression, female players in this team not only failed their academic and basketball career, but also were traumatized in their bodies and soul. They were asked to fellow the standardization of behavior and were misled to a wrong way of gender differences. This is the way in which public institutions and individuals use their power to reveal how related the structures of patriarchy are. Gender inequality is an outcome of Patriarchy. Radical feminists defined as the patriarchal social system in which all social roles for women are in a subordinate position. Community is divided, being ruled. From this perspective, men are the main class, women are the ruling class. As Johnson Points out in his article, â€Å"because of patriarchy is, by definition, a system of inequality organized around gender categories, we can no more avoid being involved in it than we can avoid being female and male. †(p. 76) Patriarchal attitudes come into being in the family through the socialization process. The family, as a social institution, is a producing area for patriarchal practices by socializing the young people to recognize gender differentiated roles, so ideological factors is the roots of patriarchy. Men in society have a dominant temperament. With the development of socialization, this provides a higher social status of men which in turn led them to fill a social role in which they can exercise mastery over women. Patriarchy probably has the biggest part of gender inequality, it is continuance in this century is result from the reluctance of society to adapt to gender equality. People are fighting against the inequality in the system of privilege and oppression. As stated in Allen G. Johnson’s, Patriarchy, the System, â€Å"We need to see new ways to participate by forging alternative paths of least resistance, for the system doesn’t simply â€Å"run us† like hapless puppets. It may be larger than us, it may not be us, but it doesn’t exist except through us. Without us, patriarchy doesn‘t happen. And that’s where we have power to do something about it and about ourselves in it. † People created human society and developed it, at th e same time people establish a system to control peopel’ s activities and build their though. That means people can change the situation they are in and make it better. According to Seager, J. â€Å"The Penguin Atlas of Women in the World, Sports†,. the author listed the examples that â€Å"the French Open equalized payments to women and men tennis singles champions in 2006, the US Open stared offering equal prize money to women and men in 1968† As we can see, people, especially the female athletes, are challenging the rules that have been established to regulate them. While the female athletes acknowledging the existence of limitations and restrictions, each person has come up with their own efforts, in behavior, to change and improve the reality. Follow the crowd to the path was usually acceptable in the past, but now they choose taking the path of least resistance although it is hard. Independent action or behavior, our personal choice is to create an acceptable and positive against the oppression of patriarchy in our society the only way to change.

My trip to Rome (Roma)

It was the night of my dad's birthday that my godmother Jill explained how she had free air miles, and wondered if there was somewhere I'd most like to visit? Jill had already invited my mother to go with her. I replied, â€Å"I'd love to go anywhere†. â€Å"What about you where would you like to go the most,† I said. Her answer to this was â€Å"I would love to go to Rome† and I said, â€Å"That's where we should go†. By the time we got to the airport I was feeling rather hungry. I kissed and said good-bye to dad. Jill, mum and I waved goodbye to dad and headed in to the airport. Once we got in side it was really busy. It was hard to get through the people queuing up waiting to check in, so we squeezed through the people to the right checking desk. As we waited for our turn, even though it was busy we got our tickets and passports ready to show the lady behind the desk. When we finally made it to the desk we handed in everything and we where checked in in no time. After doing this Jill led us to the exclusive lounge. This is because she uses this airline a lot, which means she can sit in the lounge and have food and drink depending on what time of day it is. Here we waited and ate our breakfast before we were called for boarding. After an hour and half's wait we were called to board our flight. I grabbed my case and braced my self for the flight as we walked to the boarding area. We showed our tickets at the boarding desk and walked down the tunnel to the plane and took our seats. As I sat there looking out through the small window I started to feel nervous, but it was ok because mum and Jill reassured me. However, I was still a bit nervous and I found it hard to breathe as it was quite packed. When we started to takeoff I could feel my heart pounding in my chest and felt as if was going to pass out but luckily I didn't. I stared out the window as the land below became smaller and smaller. A little while in to the flight they hostesses came round with food and drinks for us, which was really enjoyable and tasty. For the rest of the flight I fell asleep and by the time I woke up we were in the motion of landing. Once we had landed and it was safe to leave our seats we left the plane and went to collect our cases. Then we boarded the airport train, which took us to the main train station where we went on a train to Rome. When we arrived at Rome's train station we had to walk down along platform, which was very busy, and we had to avoid being trampled by the herds of people that were heading towards us. Luckily once we were outside the train station we didn't have far to walk before we were at our hotel as it was only a couple of roads away. When we arrived at the hotel we went straight to the front desk to sign in and get the key to the room we were staying in. We took the lift to the third floor. Mum opened the door and I went in first and sat my case on the floor. Jill and mum followed after me. Jill and mum decided it would be a good idea if we unpacked and have a rest before we went out for our meal. We walked down the stairs to the ground floor and handed our key in before we left the hotel. As we walked we discussed where we were going to eat. Jill suggested that we eat at the restaurant just round the corner and that's where we went to eat that night. When we arrived there was an old man playing beautiful Italian music on his violin. We sat out side, as it was a warm night and there was good music. Jill tried to order dinner in Italian but to our surprise the waiter spoke better English than we did. For our appetiser we had thin dried ham and juicy orange melon. I wasn't sure about it but once I tasted it was really delicious. The second course I had pizza, which was delicious also because it had a buttery cheese topping on a really thin crisp base. By the time we had finish our meal it was late and we were all tired so we went back to the hotel to sleep. The morning after arriving in Rome my deep sleep was interrupted by the loud chiming of the church bells. I got up and went to see mum and Jill in the other room. I went into their room. They looked at me tiredly and I smiled at them. I said morning and went into the bathroom. When I came out they were dressed and ready to go down and have breakfast, so I changed into my clothes and followed them down to the restaurant. After we had eaten we went back to our room and got our things ready for the day ahead. Mum and Jill had planned what we were going to see the night before. The first thing we were going to see was the Trevi fountain and that's where we headed. When we arrived at the Trevi fountain it was swarming with people selling goods, advertising their restaurants, people who giving tours and people who had just come to see the fountain. Once we were closer I understood why there were so many people who had come to see the fountain. It was a wonderful and beautiful sight. The sculpture and the size were amazing. But there was one thing missing which would of given the full affect of the fountain ‘the water'. There was no water to be seen in it at all because it was being cleaned. We took a few pictures and headed to the next thing on our list, which was The Spanish Steps. When we arrived there the first thing that grabbed our attention were the monumental steps. As I looked up the steps I could see the church of SS. We walked up the steps to the church and had a look inside. After looking round the church we come out and walked back down the stairs and headed back to the hotel. As headed back we past the Trevi fountain that was now full of water and as it had gotten dark it was all lit up. This made it even more beautiful than be for and we stood and looked at it and toss a coin into the water of the fountain and made a wish. Over the next four days we were woken up at seven in the morning to the church bells chiming and going out at about half nine. We visited many of the main tourist attractions such as, Vatican City where we saw St. Peter's church and walked up the 320 steps to the top of the building, which was hard work, but the view was breath taking. We also walked around St Peter's square where people were having tours into The Vatican, which we joined. Inside The Vatican it was huge and the detail and sculptures were incredible. We also visited the Sistine Chapel after it had been restored to its original colours and the paintings were astonishing. When you looked up at the ceiling you could tell that each painting got bigger and bigger. This is where Michelangelo realised that the first scene was too small and made the next one bigger and so on. Then we went to The Colosseum where they were restoring it to its original state. But they've had to redo I what they had done because they had restored it wrong. We walked in and around The Colosseum where we took pictures and took in the remarkable building. We went from there to The Roman Forum where the remains of ancient Temples of all ages were still standing at incredible highs. The next thing we visited was the Monument to Victor Emmanuel ll. The size of this monument was the size of the houses of parliament. Then we went in to the Pantheon, which is also a monument. As we went inside this building the sculpture was startling. When I looked up, I noticed this hole in the roof that actually lets in the rain when it does. Following the Pantheon we visited Piazza Navona. This is a square with three big fountains going down the middle of it. We also visited the Villa Bognese garden, which was enormous. We walked through the garden as the sun shone through the leaves on the trees which sent a warm happy felling though my body. It such a beautiful day we found a mini restaurant in the garden, which we sat out side of with a cold glass of water each. We walked around the garden we notice that the pond had lots of terrapins rest on rocks in the sun. We took a few pictures of them and then sat by a little fountain and rested in the shaded to cool down. We on through the garden and found our selves out side of a zoo. We then decided to sit down and read a book but Jill when to sleep instead. Once we were relaxed and hungry we went into the town and had lunch. When we had finished our lunch we head back to the hotel. After visiting each of these places we would have meals at different Italian restaurants where we ate proper Italian foods and wines. The food was filling and really got you taste buds tingling. Jill and I had Italian ice cream whenever we had the chance. We tasted all sorts of flavours which where really yummy. At the end of our trip we still couldn't speak great Italian but we all enjoyed our selves. We will treasure the time we had there.

A2 Essay Example | Topics and Well Written Essays - 2250 words

A2 - Essay Example The choice of the procurement strategy is justified and maintained throughout the report. The project involves construction of road for the large factory site; the road plan also includes two bridges. As the design phase of the project is complete the next step is to move forward and devise a procurement strategy. Selection of the procurement strategy is the very first phase for the construction of the project. 1. Design and Build: A design and build contract is a unique type of project delivery system used in construction and renovation projects. The client starts with the architectural design after which the tendering is done for the general contracting companies. The client awards the entire contract to a single company which is responsible for all the design and construction work required to complete the project. This system allows the client to deal with a single source throughout the duration of the contract rather than coordinating between various parties. This type of contract simplifies the work of the client. 2. Design, Build and Operate: The design build and operate approach to contracting combines design, construction and long-term operation if a facility into one single contract awarded to a single contractor. The contractor usually is a joint venture or consortium representing all the disciplines and skills required for the DBO arrangement. 3. Design, Build, Operate and Maintain: In this approach the asset is also operated and maintained by the contractor for an extended period of time of 5-15 years or more. It is most likely that the contract conditions are to maintain the asset in a certain state. 4. Traditional Approaches: In addition to these, there are several traditional approaches for a procurement strategy contract under the ECC, these include TSC (training services contract), TSSC (Technical Support Services Contract), PSC (Professional Services Contract) but

Identity Theft Research Paper Example | Topics and Well Written Essays - 2000 words - 2

Identity Theft - Research Paper Example Identity theft can be of several types and in order to know what steps to take about it, the victim must first know what type of identity theft has been committed. Financial Identity Theft: This is the most common type of identity theft which takes place. Whenever an identity theft takes place, the first reason which comes to mind is due to financial reasons. Money is the main resource after which everyone is running nowadays. Through this type of identity theft, the thief gains the financial benefit in the name of the victim. The thief may get access to the victim’s credit cards, loans, bank details, or other financial details and use them for his personal economic benefit. Medical Identity Theft: Medical identity theft is one of the most dangerous forms of identity theft as recorded by the WHO that it’s the type of crime which can kill. This type of identity theft is the hardest to recover. The definition of medical identity theft mentioned by researcher Pam Dixon in her report was that this theft occurs when the thief takes advantage of medical care through the name or identity of the victim. There is a risk of financial harm in this type of theft as well just like all other types but in addition, there are risks of the thief's medical history to be added to the permanent medical records of the victim. Inaccurate information is difficult to correct from these medical records and may be dangerous in future when the doctors rely on the wrong information to deliver the victim appropriate medical care.

English Contract Law Case Study Example | Topics and Well Written Essays - 1000 words

English Contract Law - Case Study Example Invoice sent by the company included the note which stated that the terms of the contract shall be adhered according to the original quotation. As per the original quotations Gordon has clearly specified that the servers with latest processors and maximum storage capacities are to be delivered within one month of the order and also sent the payment under the contract with the specific instruction that 'contracting under my specification'. Therefore the company is under an obligation to deliver within one month and since the delivery is not made within a month there is a clear violation of the contract. In addition there is the violation of the contract specifications as to the quality of the servers also. Since the company has sent servers which did not meet the requirements of Gordon with respect to energy sufficiency and without latest processors the company has made a second violation of the contract. The company Dodgy has fulfilled only the maximum storage capabilities requirements of the servers. The failure on the part of the company to supply the servers with the required specifications gives rise to different remedies under the contract law to Gordon. ... In this instance Gordon is entitled to the right of withdrawing from the contract since he has expressly made his desire to procure servers with energy efficiency and latest processors. Therefore these terms of specifications to the servers become the terms of prime importance to the contract and the failure to meet these terms entail the cancellation of contract by Gordon. In an alternative situation if Gordon has not made specific request for the supply of servers with energy efficiency and latest processors, he cannot repudiate the contract as there will be a case of breach of warranty only. The issue that Gordon has specified the requirements and Dodgy has not fulfilled them has resulted in a breach of the condition and therefore has altered the nature of the contract. In addition the contract would be treated as void as it is made by misrepresentation. Dodgy has made misrepresentation about its products to Gordon and Gordon has ordered the supply in utmost good faith. Since by the supply of servers not meeting the specifications Gordon has been misled by the company and Gordon therefore is entitled to treat the contract void. An additional point to consider here is that the misrepresentation by the company as regards the quality of the product is not an innocent misrepresentation but one made with the specific intention of making Gordon believe that. It is unlawful on the part of Dodgy to enter into a contract with Gordon for the goods which the company may not be able to supply at all. Even though there are mistakes committed by both the parties with regard to the terms of the contract, the contract needs to be terminated as there is no identity of minds ('consensus ad

Frequency Distribution Assignment Example | Topics and Well Written Essays - 250 words

Frequency Distribution - Assignment Example A project needs to be measureable and therefore frequency distribution helps in assessing the frequency distribution. In the process of measuring the work output of different people we could make use of mean and correlation to get the right figures (Meredith,  2011). Frequency distributions allows for measuring of specific results for different people within a project. We could use of means and correlation analysis for the purposes of analysing the output of different employees in a company. Many projects are planned with timetables in the analysis of frequency distributions. As a result, frequency distribution allows for the analysis of time taken by different employees in undertaking their jobs even in cases of people undertaking the same job (Meredith,  2011). Project management involves undertaking various jobs and duties in the process of accomplishing certain tasks that are relevant and therefore, we could make use of frequency distributions. Graphs and tables show disparity to detail on different measures undertaken by different employees

Critical response Essay Example | Topics and Well Written Essays - 750 words

Critical response - Essay Example After staying in the background for decades, both countries are now open to business with America and have added their low-cost labor forces into the world’s labor pool, not only dramatically decreasing wages of Americans but in fact pushing many of them out of employment. American companies are forced to hire cheap foreign labor to remain favorable in terms of dividends and thus competitive for their shareholders. I f they do not, their dividends will remain low and stockholders will compare them to companies with low costs. The interesting fact is that these stock holders are not just huge corporate giants but average Americans as well. â€Å"The American middle class has become an army of investors whose tough demands are translating into more layoffs among their own ranks† (Meredith 2007: 193.2). In the short term this benefits investors but in the long run loss of jobs makes them worse off. Another interesting phenomena paradox is the â€Å"Walmart† culture (Meredith 2007: 191.3). Walmat stocks abundant supply of cheap Chinese and India goods that benefits average consumers by giving them extremely low prices and a high range of products. So where Americans are being laid off as high cost factories in America shut down, they are at the same time benefitting as consumers. The reading points out that while the globalized era is posing to be a huge threat, it is at the same time bringing lots of benefits. Trade with china keeps down interest rates and inflation in America. Chinese Government has the world’s largest dollar reserves which it buys in US treasury bonds in order to keep its own exchange rate stable (Meredith 2007: 194.2). Demand for bonds raises their prices and forces interest rates to remain low due to their negative relationship. This has led to average Americans to enjoy lower amounts of credit and a larger affordability for loan, enabling them to buy houses more often than before. China

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Reflection - Case Study Example In addition, the author has explored the roles of managers, CFO’s, and strategists in ensuring that the aspects of competitive advantage and shareholder value coexist well in their companies. The author of this article has also discussed the aspects of short-term and long-term measures of earnings in a company. According to the author, most managers believe in short-term measures and dismiss the long-term. However, the author proves that it is important for a manager to focus on long-term valuations of cash flow. A major reason is that long-term orientation takes into account various important aspects in the market; include the pricing mechanism of the market. This article has a considerable relationship with basic financial management. Overall, the article addresses an aspect that involves planning and directing the use of the financial resources of a company. This includes all cash acquired from lenders and investors, as well as the cash obtained through the operations of the company. The author has tied this role to the Chief Financial Officer and other managers responsible. The responsibility of financial management in a company belongs to senior financial officers and/or owner of the company. Therefore, the author has tied this role to the responsible and relevant parties. The content of this article also to a larger extent addresses the aspect of cash management, which is important in Financial Management. For instance, in the article, the focus on cash flows in a company and how it affects company productivity and competitive advantage sheds light on the important practices that financial managers should adopt in order to ensure increased productivity, competitive advantage, and shareholder value for the company. The content of the article also addresses an important aspect in financial management, planning and forecasting. For instance, in the long-term orientation, the author notes that in order to have an accurate view of market pricing,

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Abortion - Article Example The author points out that forcing an unwilling mother to have a child is like forcing the kidnapped person to stay connected to the violinist for as long as he needs it. This scenario immediately strikes us as unfair, why should any-one be unwillingly obliged to spend nine years on a bed so that some-one else can live. The point is that even though the violinist has the right to live, he does not have the right to make use of your kidneys when you have not willingly agreed to it. A similar argument can be drawn up in the case of the mother and the fetus. The fetus has a right to live but does he have any rights from the mother that she is unwilling to give. This argument is specially powerful in the case of a rape pregnancy or even in the case of a pregnancy that is unwanted and has happened despite appropriate precautions. An important crux of the argument given by the author is that even if the demands are small and it would be almost indecent and despicable to refuse that still does not imply a right over the mother if she is not willing to take on the responsibility. Although the Good Samaritan principle might be used by anti-abortionists the author points out that it is only in this particular scenario that we are forcing a human being to act as a Good Samaritan and not leaving it to their

IP address Final Essay Example for Free

IP address Final Essay WAN Design lt;namegt; Axia College The ACME Manufacturing company, headquartered in Atlanta, Georgia, is growing at a fast pace. Located at the Atlanta campus are two offices, one houses the operations, marketing, administration, and accounting sections. The other building has offices for the engineering and sales departments. ACME is spread throughout the United States; with offices in New York, Chicago, and Phoenix. They have also recently acquired a facility in China. With the recent expansion, ACME will need a new wide area network (WAN) and a state-of-the-art phone system to ensure the company operates at optimal levels. To make administration of the ACME WAN easier the network should be designed using the star topology. With this configuration, each branch office will have only a direct connection back to the headquarters in Atlanta. The type of connection to each location stateside can vary on the size of the remote office. I would recommend going with a minimum of a full T1 line or even a T3. The China location can be connected via a satellite connection leased by the company. The following figure is a graphical representation of the WAN configuration. Atlanta T1 T1 T1 New York Phoenix Chicago China Satellite WAN Layout for ACME Manufacturing IP Ranges For modeling purposes, let’s assume ACME is using a class B network address; for example 192. 168. x. x. To help keep the individual departments separate, the network administration will need to configure a few subnets. Each subnet on the network will be a VLAN, or virtual local area network. In order for us to have the proper amount of subnets, the subnet mask will be set to 255. 255. 240. 0. This will give ACME a maximum of sixteen subnets and 4,094 hosts in each subnet. Hardware Requirements New Cisco switches and routers will supply the routing necessary for Acme’s data. Cisco Catalyst switches will provide VLAN functionality; these switches can accept broadcast packets and forward them only through the ports that are designated by the VLAN configuration; this enhances security by keeping interdepartmental traffic from reaching other departments. Using VTP, all VLANs will only need to be configured from the switch acting as the VTP server. The Cisco routers will define broadcast domains and will use the link-state routing protocol OSPF that works well with the IP addressing scheme in use. STP, configured on the Cisco switches, will allow us to build redundancy into the network and avoid data loops (Regan, 2004). Wireless technologies promote productivity by allowing network users to remain connected to the network when using wireless devices. The installation of wireless access points will grant high-speed network connectivity to wireless devices. Because Acme will be leasing dedicated network media, a CSU/DSU will be required to terminate those lines at each of the distribution locations and at the headquarters building. CSUs/DSUs also place digital signals on the line, control transmission strength, support loopback tests, and synchronize the timing received on the line. Leased lines require a different frame type to be used for data than is regularly used in a LAN environment; a CSU/DSU also converts LAN frames into frames usable on the leased lines (Regan, 2004). Telephony With all of the new technology sprouting up daily, and the cost of long distance calls dropping, a feasible solution would be to install a private branch exchange (PBX) at each location. But with the addition of China into the company’s holdings, a voice over internet protocol (VoIP) system would be the better choice to avoid international charges. With a VoIP system, each location can be set up on a three or four digit dialing plan so users can communicate easier. For example, John in Atlanta can dial a four digit number and reach Chang in China. Security After the infrastructure is set up and the network is online, the security of the network is the most important job of the network team. By keeping all devices up to date with the latest security patches, anti-virus, and spyware removal tools will help eliminate malicious bugs from infecting your system. By installing firewalls at each location and only opening the ports needed for email, http, ftp, etc will keep hackers out of your system and your data safe. Set up a policy that forces users to change their passwords every 90 days using an alpha-numeric and special character code. Even going as far as adding a PKI system to your login will help keep your network limited to authorized users. References Regan, P. E. (2004). Wide area networks. Upper Saddle River, N. J. : Pearson/Prentice Hall. Ou, G. (2006, June 28). IP subnetting made easy. Retrieved August 2, 2010, from TechRepublic: http://articles. techrepublic. com. com/5100-10878_11-6089187. html Yudkowsky, C. (2002, July). Voice Over IP vs PBX. Retrieved August 2, 2010, from VoIP News: http://www. voip-news. com/byte2. htm

Creative writing Essay Example for Free

Creative writing Essay Now this is a story all about me, when my life got twist turn upside down, if you like to take a minute just reading right here, Ill write you how I became a prince of a town called New Jersey could you find a word that rhymes with New Jersey? In East London Im born and raised on a playground is where Ive spent the most of my days chilling out, relaxing all cool and all kicking some football outside of school when a couple of guys, they were up to no good started making trouble in my neighbourhood I got in one little fight and my mum got scared and said youre moving with your aunt and uncle in New Jersey here, have this Hershey that kind of rhymes. If you didnt know Hershey is a chocolate bar that is sold in America. Although I would like to think that I was the fresh prince, my story didnt exactly start out like that. Instead of my parents sending me to my relatives because of academic problems, I went because I have been nagging them for a really long time. Im not saying that my academic level was reaching its fullest potential before I went, but the main reason I went was to have a taste of things to come. For as long as I can remember I have always wanted to live in one of those semi-detached American houses with the large front garden, golden retriever, two kids and a large garage. When most people watch American films they are focused on the storyline, but when I watch them not only am I watching the story, but also at the back of my mind I am constantly absorbing the American background. Finally in the summer of 2000 July 3rd, I got the chance to have a taste of my dream. Even though it was just a small taste, it was enough to last me however long it will take to finally move there. When my parents did decide that it was o. k. to send me there, it was there idea of making me have a taste of the real world. There idea of a taste of the real world was my idea of a taste of a dream. At the time I had just finished my GCSEs, and my grades were not that great. My parents had planned that America would change my course; I guess it did in the end but my biggest change was with my personality. When I did return I felt more confident, independent, funny and larger (thanks to those large American portions of food). Everything leading up to the day I left flew by and before I knew it I was in the airport sitting at the waiting room with my dad. I remember my dad being really calm and cool about everything, he never really got sad in front of me especially with good-bys. He told me stories about when he went to New York for the first time: Now this is a story all about your dad, back in the day I also was bad, Your old man also had the American dream, thinking that it would be so cool and supreme, I stayed there for a while to learn the truth, that America was best lived in the movies, what a poof! I never knew my dad could rap, looks as though he has a problem with finishing it as well. To sum up my dads rap; he also had the American dream being brought up on James Dean movies. Throughout his teenage years he had dreamt up an image of what America would be like, unfortunately when he stayed there, it did not match his dream. That is how my dad tells the story, but I think theres something he is not telling me. I also believe that my parents dont want me to live far away from them because they regret moving far away from their parents when they were younger. On the plane, I sat next to an empty seat, which wasnt bad as I wasnt really good with the airplane conversations. I travelled on Virgin Atlantic and the in-flight entertainment was great, they had a video screen in front of each seat with which I could play games, watch films and programmes. Anyway back onto America, I remember as we approached the New York coast I heard a passenger in the seat in front of me, look theres the statue of liberty I looked to my right out of the window and saw her. She was a bit smaller then I had imagined (in Ghostbusters 2 she was huge! ), and she was green. I never actually realised that she was green before; I always thought she was grey. I wasnt disappointed though; looking at the New York skyline for the first time was great. However I still felt as though I was in England, maybe it would change when we land. After I collected my luggage, I went through the inspection terminal where policemen checked your passports. I found this strange but the strangest was to come, when I reached the gate where my aunt would be waiting for me. Oh yeah if I didnt mention it before, I would be staying with my auntie there, like my parents were really going to let me stay there by myself. Anyway along with the story, the last time I saw my aunt was when she visited England when I was 2 so I was the first out into the arrival room and there was a crowd so large I felt like I was in one of those wheres Wally books. I looked at the crowd and then a man taped my shoulder and pointed out my aunt to me. They were waving out to me trying to get my attention with a big sign with my name on it. I said thanks to the first American I made contact with and walked over to them. We did the usually Portuguese custom and did the kiss on the cheeks thing. I originally thought that communication between us would be easy, but boy did I wish I brought my translator. They could barely understand me, and the fact that my ears were still popped from the plane journey didnt help either. I felt like a deaf, posh Wally (as in Wheres Wally). The next day when I woke up, I had that weird feeling when I wake up in a different room and dont know where I am (it was like that film Memento). Then I got up and looked at the picture of the statue of liberty on the desk and remembered when I was on the plane. I woke up to Independence Day and before I knew it I was on my way to a barbecue. It was a beautiful sunny day and boy was it hot! I wore light cloths but it was way hotter then I thought it would be. When I arrived there I met The Martins, they suited the typical average American household family everything apart from the golden retriever. Not that my aunt and uncle didnt suit the typical American household image, but they lived in an apartment which was more like an episode of Friends. At the barbecue I piged out big time, I dont think I have ever eaten so much in such a small time. I even got to drink my first bottle of Budweiser, I never really liked beer but after that I had chosen my favourite drink. I had also bonded really well with Bruno Martin and his friend Chris. Bruno showed me his loft that he lived in under his house; he had his own shower, living room. After the barbecue we went for a drive in the city, on my second day I was already in New York. We drove around for a while, but there was too much traffic so we had to stop and park near the Brooklyn Bridge (it was in the end of Godzilla). From there we watched the fireworks, there were lots of people that were watching with us. After that we finally drove into the city and walked around in Time Square (too many films too mention). I have never seen so many people from different countries in one place. That night I slept well knowing that when I wake up tomorrow I will definitely know where I am. A couple of weeks later I went out with Bruno and Chris again for a whole day out. First up was a visit to his high school, where we would play baseball on the field. I was looking forward to seeing what his school looked like, after all those years of seeing a typical American high school in TV programmes. It was huge and the sports facilities were expensive. They had a huge football field (as in American football), and three outdoor tennis courts! It made the sports facilities back at my school look basic. We played baseball on the field, which is when I began to really feel American. Bruno and Chris were impressed with my skills, especially as I had hit more home runs then both of them. After that we went to the beach, which is when I began to feel as though I was David Hassolhof in an episode of Bay watch. The weeks generally flew by, however there were some bad weeks when things were just going all wrong. When my aunt leaves for work each morning she would leave something that I could pop in the microwave. I however was not to sure on the rules of using a microwave and used a non-microwave plastic container to re-heat some chicken from the night before. I was just watching TV eagerly anticipating my meal, when I smelt smoke. I rushed into the kitchen; smoke was everywhere, opened the microwave and saw that the container had melted with the chicken inside it! I threw it into the bin opened all the windows and turned the A/C to full power. I went for the air conditioner, hoping that I could diminish the smell of burnt plastic. When my aunt returned from work she could smell the burnt plastic straight away but thought that maybe the dogs litter tray needed to be cleaned out. I actually thought that I might get away with it until my mum realised the burn stain in the microwave, DUM DUM DUMM (that was meant to be when in movies when something bad happens). She caught and shouted at me for having both the windows open and the A/C on. If you think that was bad, that is nothing compared to when I was taking Pepper (our dog) for a walk and a huge dog attacked him. That was really scary, the owner of the big scary dog, couldnt even release his own dog. The dogs jaws were looked tightly on Peppers neck all I could was watch. Luckily Pepper survived and was treated for minor bite wounds. Towards the end of my visit my vacation began to look up greatly. I visited New York more often and went on the Statue of Liberty and on the World Trade Centres. I remember when I went to the twin towers the tour guide on the lift told us that the lift was travelling at 30 mph (or something like that) and I could feel my feet feel light as we got closer to the top. The top three floors were accessible to tourists including the roof. To get to the roof you would take a escalator, all you could see when you were going up was bright blue sky and I felt as though when the escalator reached the top I would go over the edge. When I finally plucked up the courage to get on the roof the view was beautiful. You could see for miles, all the wonders of New York were in view from one place. When I returned showing my photos from the roof, my friends thought that I was on a helicopter. On my visit to the big green woman, I actually realised clearly how large she was up-close. I thought about how long she has been there for, everything she would have seen. Throughout seeing all the sites a common image would occur to me of re-visiting these sites when I move to America. For me New York was a place to visit not to live in. I have always wanted to live in the house from Home Alone, which is set in Chicago. I have always like the Christmassy look. Returning back to England was weird as when I went to America. Once again no-body could understand me (by now I have an American accent), I had to get use to the money as well. The weird thing about America is that when you get use to it you dont even realise that you are living in America. Although you are use to it, you still notice differences here and there. My American dream is still there, its just a matter of until I make it into reality.

Globalization in Malaysia: Advantages and Disadvantages

Globalization in Malaysia: Advantages and Disadvantages The term globalisation has many understanding from different people. Hill, (2005) as cited in Stuart, et al (2010), mentioned it refers most countries would shift toward a more integrated and interdependent world economy by the merging of historically and separated national markets into one huge global market place. Gavin C(2009)stated that it had replace those economic expressions such asinternationalization and transnationalism. Sadegh B.,et al,(2006) citied as Cheng (2000), mentioned that nowadays of people have great opportunity to learn from other countries. The globalisation could be superior grow that main driver key is there exiting many of preferences and the need of consumers from the worldwide (Pierre,D., 2006).Catherine ,D(2005) agreed that it could be reach an unexpected phenomena with high technology , advance communication and free trade market. 124 The impact of globalization has bring success of business to new level, where many countries have been go through it(EconomyWatch.,nd). In research based on Economy Watch team that found the globalization has bring forward on each industry and meanwhile it has destroy some of industry where its cannot survival though the impact of globalization. Their research have shown the financial industry could gain more benefit after the emergence of financial markets on global rather than local market, and be more efficient entrance the finance facility at other countries. With the free trade principle exercises on worldwide, it has result in boost up the finance flow. Economy of country will also increase whereas gain more business trade and investment from foreign investments, which has mentioned by Adam Smith, as cited in Ferraro (1998). 132 What are advantages and disadvantages of globalization? In generally , globalization has give advantage to company such as opportunity of develop new market for consumers have more variance choose the best quality product. It also provides educated understanding between different nationalities(bangkoklogistics,n.d.). Besides, companies can outsourcing their part of project that reduce time, uncertain factors and fail product. They can find more profit base on manufacturing rather than charge high price on consumer. Thus, they offer reasonably price for attach different type of consumer with good quality. Government has encouraging MNE invest directly on country that reduces unemployment by new investment and industrial ventures.(bangkoklogistics,n.d.) Disadvantages of globalisation Generally, for domestic supplies have to compete with international suppliers that lose the competitive advantage even fight with price. Thus, there would a lot of stress and threat of new type of colonization comes with much power and money from foreign player. Meanwhile, with the outsourcing concept, there would be increase jobless that is working middle class in developed country such as U.S(bangkoklogistics,n.d.). Among many companies have success in financial industrial though globalization, one of company can be more precise explain how reaction on impact of globalization and create new solution at nowadays which is Hong Kong and Shangai Banking Corporate holding plc(HSBC holding plc) The case study Justify why HSBC is MNE before history. Hong Kong and Shangai Bank Cooperate is one of examples success go though globalisations effect in financial industry. Thomas Sutherland was founder the HSBC while he was working in the Peninsular and Oriental Steam Navigation Company[history]. He found that financial service management has huge demand in Hong Kong and China so that he and his group opened bank and established the HSBC in March 1865 at Hong Kong and Shangai. Chuan Li (n.d) stated that the World Bank operates the finance on worldwide but their goods, services were not satisfied, and inefficiency to local market need. Whereas, the World Bank unable afforded heavy debt and lead to a harsh economic imbalances. [111] By this lesson, Thomas had adopted the joint venture concept to operate business at different location(annual report). Thus, HSBC can reduce the uncertain from internal and begin a good relationship at local citizen and government. [35] Management of HSBC HSBC used the ethnocentric approach that easy communication between parent and subsidiary company at early stage. After subsidiary company has stability, then management structured can applied the polycentric method that efficiently and at short term to fit in the cultural and political of that country. With these approaches, HSBC has good start the step in their vision, which is the world local bank. It reminds people who want due to finance related with international and local that HSBC will be their first optional. Besides, HSBC also purchased those companies who specify area on financial field that can reduce costing, and decrease the uncertain risks. Nowadays of HSBC is one of the biggest banking and Service Company in worldwide and headquarter allocated at London. To reflect their vision, it has not ignored power of international network which has 8,000 properties in 88 countries and territories have include Europe; Hong Kong; Rest of Asia-Pacific; the Middle East; North America and Latin America.(annual report 2009)[116] With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by over 220,000 shareholders in 121 countries and territories. According to annual report 2009, HSBC has good maintained performance and well management convinced to shareholders during downturn periods. Because all shares are trading on the New York Stock Exchange in the form of American Depositary Shares(annual report2009).142 Production To fulfill consumers common need and differential preference, HSBC offer a wide range of production and diverse into four categories such as Personal Financial Services (including consumer finance), Commercial Banking, Global Banking and Markets, and Private Banking. Need shown how effect to world.Categories Personal financial services Commercial banking Global banking and markets Private banking *I will focus these three ,suit title need clear easily gopal. Impact of globalisation to HSBC [summary] Lead Emerging market , HSBC has gain excellent of results through emerging markets on past few years. HSBC has good aim on those potential countries, which would boost up the economic, after change the political and other direct factors. The brand of HSBC was not being easily for entered at foreign market because education of consumers was so weak at early century. HSBC have to send a respective for understanding on real situation and reaction on it. Thus, HSBC provided training at local citizen to build up local teams that enable reduce conflicts and create more jobs which is will accepted by their government. With a good relationship of government, HSBC has confidence gained good result and do further plan in future. Internet age Arrive on Internet Age, HSBC has adopted IT concept, which applied on their branches. Consumers were not willing accepted the changed at begin period because the network services have not mature yet and unconvinced to consumers. For generation X, they were no confidence with unphysical of documentations and lower of education. However, generation Y has willing be learns new things and can adopt this new phenomenon. HSBC required all stuff be patetion and polite handle this type of consumers. Financial crises HSBC has well management and be aware of worse on US shares before financial crises. Subsiders of HSBC companies have not totally full influence from financial crises especially Malaysia, and other Asian countries. Top management of HSBC believed that not all eggs should put in one basket. They have enough resource to support those other countries, which has be damaged during downturn. They also willing lend their hand to help on those companies had worst impact with limited resource. Reason why did they success on these issues? Solution those arise from Lead emerging market issues Problems: time scales, burden cost, risk on purchased company, failure response from consumers, will production enable suit to consumer need ,WTO issues, Globalization and market ?the forces of globalization would establish global market for standardised product purchased in huge volumes by consumers worldwide [ot] .while global market do indeed exist for some standardized product but where little product differentiation is feasible or wanted by users, with other product and services varying international tastes and preference mean that product differentiations vital to appeal to local markets. HSBC research team found that success in emerging market has need good timing and more information collection to make precise decision. With new tools of communication, HSBC can easily communicate to other location in efficiency that reduced costing on research, failure response based on customers. To avoid conflicts and risk, they had designed production in wide range that from common characters for general need of consumers until local differential preference. Free trade, less regulation international , Solution those from Internet Age Problem : instability network services, afraid on new technology (ATM), perception of consumer , Globalisation and production ? however it may not only be the cost based advantages of alternative production location which might lead to such outsourcing but possibly less tangible factor , HSBC believed the internet banking will became world trend by following improved the stability network services and evolution of technological. They has outsourcing the machine of auto transfer money where can launch on public in early that it will be competitive advantages. This new pattern of business transaction will increase perception of consumers toward HSBC in developed countries, but it seems need more time for developing countries citizen to adopted the change. Solution those from financial crises: Problem: confidence consumer toward HSBC , dropped expenditure suddenly, cash inefficient, Globalization and the role of the nation state? Loss of competence The impacts of financial crises have serious damaged on economic, government policy taken action for decrease influence on people. Thus, finance industrial suddenly shortage of capital, cash inefficient and withdrawn out huge amount of cash by customers. Fortunately, HSBC has well prepaid enough resource to handle this situation and still borrow out money as usual that it can proofing HSBC has capability go through this recession . Footnotes: 1: 0 = very high, 10 = very low Source: The IMD World Competitiveness Yearbook, 2010, Switzerland, www.imd.ch/wcy. According to Business in Sydeny and NSW (2010), third ranked fallen on Australia that shown has a lower risk and uncertain on political. Thus, mostly investors invest on Australia where safe and stable political framework is. United Kingdom: United Kingdom has very little on political risk because of the efficiency on the Westminster system whereby adopted by Australia government (Business in Sydeny and NSW, 2010). During recession, the government of UK has applied some incentive solution even though changed loosening fiscal policy to tightening fiscal policy that grape those attention of public finances (AMB Country Risk Report, 2010c). Malaysia: Malaysia ranked on 13th that has moderate of political risk (Business in Sydeny and NSW, 2010). Malaysia has three major groups of people likes Malay, Chinese and India who are living in peaceful and understanding on each culture(Malaysia truly Asia,2009) .They also working together handle problems that avoid happen serious conflict against on May 1969. The national front consists of UMNO is the Malaysia government which included others races parties as MCA (Malaysian Chinese Association) and MIC (Malaysian Indian Congress) are collaborating for peaceful civilization(Malaysia truly Asia,2009). However, according to AMB research (2010b), found that the government is slowly applying inventiveness which citizen enable accept public contract in more transparency, less subsidies and involvement from government. Besides, government also has encouraging foreign invest in economic sectors (Malaysia truly Asia, 2009). Thus, Malaysian can be achieving the dream of being develop country on 2020. Tax policy : company has paid 28% of tax per yearly Well structure protection employees under Employment Act 1995( stable and good frame structure and can complain labor office http://www.pesaraonline.net/eatutorial.htm) Industrial Relations Act 1967 (major manufacturing law) http://www.pesaraonline.net/ir-guides.htm Trade unions act 1959 (major shareholder and director law) http://www.pesaraonline.net/tua-guide.htm China: China has a high risk of political even ranked after United Kingdom, because it has strongly stability of government and social based on summary A.M.Best Company(2010a).In report mentioned that government look for balance toward communist central with the capitalist- style economic center where can cooperate East industrial. China is a large and huge of population, but considers as developing country with terms of GDP (gross domestic product), infrastructure, and others (A.M.Best Company, 2010a). If advance of industrial keep on expand, it will increase unemployment rate that become useless toward GDP. The government has majority power to control it that avoid happen. According table 1.a[ GDP, GDP growth, inflation ] the growth of GDP has stable increase because consumer spending more actively on these few years . Then, average of inflation is moderate. The GDP has boost up over than 200 billion which means average of business were doing well. The government has increased inflation rates during high peak of GDP, but it has decrease rate during turn down that increased consumer spending. Industrial sectors, [agriculture, industry, services ] Industrial sector has growth up after but it seems slow down before year 2008.the emerging market has bring benefit to industrial such as lower labour cost ,but them faced many competitors form worldwide. Exprorts and important of good and serives [the exporting percentage has lower than import percentage that business loss some absolute advantages, Gross capital ,revenue , cash surplus or deficit ] the gross capital allocated average 17% and 18%. The revenue percentage of GDP has reach more than 35% Economic Risk: Very Low à ¢Ã¢â€š ¬Ã‚ ¢ The United Kingdom (UK) has the second largest economy in Europe behind Germany. Service industries represent three quarters of economic production, particularly financial services and real estate activities. London is a global financial center and businesses there account for nearly half of the countrys financial services industry. à ¢Ã¢â€š ¬Ã‚ ¢ While positive economic growth has resumed in 2010, the Bank of England is unlikely to raise interest rates until late 2011 at the earliest. United Kingdom has very low in economic risk by report ABM. One of biggest industrial that service can diverse into production, finance services and real se Financial System Risk: Very Low à ¢Ã¢â€š ¬Ã‚ ¢ The Financial Services Authority (FSA) regulates the UK financial services industries, including insurance. à ¢Ã¢â€š ¬Ã‚ ¢ The UK is widely seen as a major center for international insurance and reinsurance and is home to the London Market, a wholesale market that writes risk around the world. Lloyds of London accounts for over half of the business on the London Market. Financial System Risk: Low à ¢Ã¢â€š ¬Ã‚ ¢ The insurance industry in Malaysia is regulated by the central bank, Bank Negara Malaysia. à ¢Ã¢â€š ¬Ã‚ ¢ The Malaysian government continues to support the takaful and retakaful sectors as part of its strategy to make the country a global hub for Islamic financial services Source: IMF and A.M. Best Economic Risk: Moderate à ¢Ã¢â€š ¬Ã‚ ¢ At independence, in the 1960s, the Malaysian economy depended upon rubber and tin. Since then, the economy has transformed to become a regional manufacturing center, services provider and offshore financial center. à ¢Ã¢â€š ¬Ã‚ ¢ The government encourages foreign investment but maintains approval rights for individual investments, often opting to restrict foreign equity or encouraging the transfer of technology from foreign firms. Economic Risk: Low à ¢Ã¢â€š ¬Ã‚ ¢ China, the worlds most populous country, is home to the worlds third largest economy. à ¢Ã¢â€š ¬Ã‚ ¢ Rapid growth rates are driven by a strong export sector, state expenditures, construction and infrastructure development. à ¢Ã¢â€š ¬Ã‚ ¢ The government was able to respond to global economic downturn by launching stimulus programs, which brought a strong recovery in 2010. à ¢Ã¢â€š ¬Ã‚ ¢ Expansionary policies have resulted in massive increases in bank lending, stimulating the economy but bringing rise to fears of increases in non-performing loans. Financial System Risk: Moderate à ¢Ã¢â€š ¬Ã‚ ¢ The insurance industry is regulated by the Chinese Insurance Regulatory Commission (CIRC). à ¢Ã¢â€š ¬Ã‚ ¢ China is partially liberalizing its financial sector, which is a long and drawn out process but essential for the long-term sustainability of the economy. à ¢Ã¢â€š ¬Ã‚ ¢ The Insurance Law was amended in 2009 to enhance regulation in core areas such as the strength of the supervisory authority and solvency and investment guidelines. Regional Summary: Western Europe à ¢Ã¢â€š ¬Ã‚ ¢ Western Europe is a highly developed and affluent region. The European Union (EU) is an economic and political union of 27 countries that accounts for 30% of world gross domestic product (GDP). The EU is facilitating a single European market with standardized regulatory systems and free movement of people, goods, services and capital. à ¢Ã¢â€š ¬Ã‚ ¢ The euro-zone is made up of the 16 EU members that have adopted the euro as their currency. à ¢Ã¢â€š ¬Ã‚ ¢ Most, if not all, of Western Europe has been experiencing a severe economic slowdown and several countries remain in recession. While the European Central Bank has cut interest rates to spur demand, economic growth in the region has been generally modest. Regional Summary: Southeast Asia à ¢Ã¢â€š ¬Ã‚ ¢ Southeast Asia is a critical part of the world trading system and while the regions economies remain somewhat dependent on agriculture, manufacturing and services have been the engine for growth. à ¢Ã¢â€š ¬Ã‚ ¢ The region has been remarkably resilient to the global economic slowdown. While regionally growth slowed as the economies of their large trading partners (notably the U.S. and Europe) went through recession, the slowdown was in most cases moderate and the recovery in 2010 has been very strong. Regional Summary: Eastern Asia à ¢Ã¢â€š ¬Ã‚ ¢ Eastern Asia is home to some of the worlds largest and most advanced economies. China and Japan are both in the worlds top five countries measured by gross domestic product (GDP). à ¢Ã¢â€š ¬Ã‚ ¢ In the aftermath of the Southeast Asian financial crisis in the late 1990s, much of the region underwent a restructuring of traditional economic and financial practices to match international best practices in regulation. à ¢Ã¢â€š ¬Ã‚ ¢ The region as a whole weathered the global financial crisis well, with local demand powered by government stimulus helping to maintain positive economic growth. Reference: Business in Sydeny and NSW ,2010. Political stability. [Online]Available at : [Accessed 14 November 2010]. A.M.Best Company, 2010a. AMB Country Risk Report, China. [Online] (Updated 29 October 2010) Available at : [Accessed 16 November 2010]. A.M.Best Company, 2010b. AMB Country Risk Report, Malaysia. [Online] (Updated 29 October 2010)Available at :[Accessed 18 November 2010]. A.M.Best Company, 2010c. AMB Country Risk Report, United Kingdom. [Online] (Updated 29 October 2010) Available at : [Accessed 16 November 2010]. Malaysia Truly Asia ,2009. Political stability. [Online] Available at:[Accessed 15 October 2010]. Conclusions Recommendations Summarise your findings from parts 1,2 and 3. Outline a future strategy that would face up to your most important findings. Part 1 Background Marks 20%, 600 words Part 2 Theoretical framework Marks 20%, 600-800 words Part 3 Analysis application of theory to evidence Marks 30%, 900-1100 words Part 4 Conclusions Recommendations Marks 20%, 600 words Part 5 Referencing , Bibliography , Presentation Marks 10%, not in word count Summary

INFLUENZA Essay -- essays research papers

INFLUENZA   Ã‚  Ã‚  Ã‚  Ã‚  A virus called an Orthomyxovirus causes influenza. Often called flu, sometimes-even grippe. It is a very contagious disease, and it infects many parts of our bodies. This also includes are lungs. A person can get influenza if someone coughs, sneezes, or even talks around you while they are infected. Influenza is sometimes considered serious in some cases but can be prevented and treated.   Ã‚  Ã‚  Ã‚  Ã‚   When you get the â€Å"flu† in the lungs, the lining of the respiratory tract is damaged by becoming swollen and inflamed. But the damage is not always permanent, and tissue heals within a couple of weeks. It is a respiratory disease, even though it infects the whole body.   Ã‚  Ã‚  Ã‚  Ã‚  The victims’ symptoms usually are fever, chills, weakness, loss of appetite and body, head, back, arm, and leg ache. If you have the disease you may also suffer sore throat, a dry cough, nausea, and burning red eyes. Usually the victim will have nasal congestion and mucus discharge. The fever can reach to about 104*F but it only lasts about 2-3 days then it recedes. Occasionally in more severe cases there will also be gastrointestinal upset. In short, after all these horrible symptoms the patient still feels exhausted a series of days after the flu is gone.   Ã‚  Ã‚  Ã‚  Ã‚  Healthy people have nothing to worry about really when it comes to influenza. It is a moderately severe illness and people are usually back on...

Morrisons Beloved: A Review :: essays research papers

Morrison's Beloved: A Review Everything in a novel is there only because the author chooses it to be there: characters, plot devices, structure and pacing, tone, etc. all are ways in which the author says what he/she has to say. Morrison implements different characters and ideas to enhance the slavery of the time and its lasting affects. While the story is of heartbreak there are various representations of concepts. Which can be seen through realism and the characters of Mr. Bodwin and Baby Suggs. Mr. Bodwin is a white abolitionist and has high hopes for blacks in the future. He spends the happiest years of his life struggling for emancipation of blacks. Mr. Bodwin represents a time in history where slavery starts to come into question. People (white) started to realize this travesty and begin to speak up and act towards the abolition of slavery. The abolitionists begin a process which will eventually end in the 60's where blacks will attain complete freedom. They begin a legacy of freedom fighters that will not stop till blacks receive the right they so deserved. Future leaders of known fame will be Malcolm X and Martin Luther King which will carry on this battle begun by the abolitionists. Baby Suggs, is Halle's mother and Sethe's mother - in - law, and is an important character in the story in that she brings about many aspects of self- pride and versatility. Suggs lived through the "slavery" and came out of the ordeal with strength of her character alone. Slavery at the time broke down the slaves making them have low self- esteem and low worth. But Suggs brings about the part of resiliency that was needed to beat the "system." Her faith in God and self makes her the prominent legacy. As she rose above slavery so have other individual rose above persecution and hardship across the years. For instance, World Wars, Holocaust, and the depression to name a few. Morrison throughout Beloved offers realism of the times and consequences that occurred with the slaves. Morrison paints a picture post -Civil War life that leaves many black people lost in America. Blacks after the civil War emerged all across the South with no place to go. The South was in ruins in every sense and the Black freed slaves were confused. They had been separated from their families, lost any property they may have had, they wandered in search of a better life. Just because Slavery was abolished didn't mean all was

Lanston hughes comparison of two poems Essay -- essays research papers

In today’s modern view, poetry has become more than just paragraphs that rhyme at the end of each sentence. If the reader has an open mind and the ability to read in between the lines, they discover more than they have bargained for. Some poems might have stories of suffering or abuse, while others contain happy times and great joy. Regardless of what the poems contains, all poems display an expression. That very moment when the writer begins his mental journey with that pen and paper is where all feelings are let out. As poetry is continues to be written, the reader begins to see patterns within each poem. On the other hand, poems have nothing at all in common with one another. A good example of this is in two poems by a famous writer by the name of Langston Hughes. A well-known writer that still gets credit today for pomes like â€Å" Theme for English B† and â€Å"Let American be American Again.† â€Å"Theme for English B† and â€Å"Let American be American again† share some similar elements. These poems both written by Langston Hughes both explain about inequality. Theme for English B revolves around the separation of the black and white man; the differences within each race were segregation was at a high point. Let America be America again revolves around the concept that America is supposed to be the land of the free, but to another race or background; it’s a total opposite. (I guess that being colored doesn’t make me not like the other folks who are other races. - Theme for English B). ...

Abortion: Two Sides of the Argument Essay

In today’s society every time a person turns on the television, goes on a computer, turns on a radio, passes a billboard, or picks up a newspaper that person is bombarded with debates. There are many different debates and each debate with two parties both of which have two very different and sometimes conversational opinions. Everywhere a person looks they are faced with arguments such as president Obama’s affordable healthcare act, gay rights, the matters of the death penalty being legalized or illegalized in all states, and many more. In this paper I will not talk about any of the previously stated arguments. I will however talk about one of the most heated and controversial arguments of today. Before I continue with the debate I have chosen I am stating that I will not be sharing any of my personal opinions or views on the matter. I have chosen to discuss the debate regarding abortion and the two sides of the argument. I will explain both Pro Life and Pro choice and the fallacy both sides use when trying to gain followers. Just about every person has an opinion or a side when it comes to the topic of abortion. I have researched percentages based on people who are Pro Life vs. Pro Choice and if abortion is ever Justified. A poll done by Gallup in May of 2013 helps to show some percentages on what side or sides the American people are taking. Based on a one hundred percent model forty five percent of people are Pro Choice, forty eight percent are Pro Life, three percent were mixed, 2 three percent did not understand the meaning of the terms provided, and two percent had no opinion. In the poll a majority of the people who participated had chosen which side of the argument they had agreed with. In another recent model done in May 2013 by Gallup shows the percentages of people’s views on if abortion hould ever be legal and Justifiable. Legal under any circumstances has a vote of twenty six percent, legal under certain circumstances fifty two percent, illegal in all circumstances twenty percent, and no opinion had two percent. Pro Life is a Christian based non- profit anti- abortion organization that was founded in the year 1980 by Joseph Scheidler with the organizations head quarters in Chicago Illinois. The goal of the organization is to protect and save unborn children and their mothers with non violent protests. The organization believes that women are being exploited by the abortion industry. Also that the abortion industry is the main cause of what the organization believes is the murder of an human being. The members of Pro Life have many different tactics implemented to publically protest abortion. The Pro Life organization does not condone any violence in the protesting of abortion, but the organization does use graphic material in the â€Å"Face the Truth: Public Education Initiative†. This educational initiative uses graphic pictures of real aborted fetuses to show the aftermath of the procedure. This protest is described as â€Å"to show our fellow Americans the ugly truth about abortion†. The Pro Life members line the major road ways and intersection while showcasing the graphic images. Pro Life organization also uses less graphic forms of protesting such as sidewalk counseling, youth outreach projects, public, protest, 3 presence at abortion clinics, and confronting abortionists. The majority of protesting takes place at the abortion clinics. Pro Life members will stand outside of the clinics to perform prayer vigils, last minute consulting to women and couples with abortion alternatives, pregnancy resources, as well as confidential counseling. Pro Choice I organized by the National Abortion Federation. It is the national association for professional abortion providers. The N. A. F provides training and services to qualified abortion providers in North America. The goal of the N. A. F is to ensure women’s safety when to comes to abortion whether it is elective or medically necessary. Pro Choice is centered around that women should be able to make private medical decisions with their healthcare providers and to have the right to chose what happens to their bodies. The N. A. F also supports the education for women and youth n different contraceptive methods to help prevent unplanned pregnancies. Also the organization provides resources for women to make inform decisions when it comes to their choices. The organization helps to provide women with the education about abortion, adoption, and parenthood. The organization sets quality standards for abortion care and to make sure the medical providers such as Nurses, Physician Assists, Doctors, and Mid wives are qualified to provide high quality care. N. A. F also helps with legal legislations to keep abortion legal. The organization fears what ould happen to women if abortion was to made illegal. Pro choice does protest to keep abortion legal in the United States. The Pro Choice advertisements are not as graphic as Pro Life’s. Though Pro Choice does have advertisements of what environments women may find themselves in if abortion were to be made illegal. Pro Life also uses education to teach women about what had happened in the 1950’s to the 1960’s before 4 abortion was legal in America. This is used to create awareness so that history will not repeat itself. According to Our Bodies Ourselves a Pro Choice website uses statics o show mortality rate in women to either tried to perform a self initiated abortion. Between 1950 and 1960 before women were legal able to get an abortion 1. 2 million of those women did self performed abortions. In countries where abortion is still illegal unsafe abortion is the leading cause of maternal deaths. This accounts to 219 women dying daily worldwide. Both organizations use medical facts and statics for a large part of their demonstrations, however they both employ of use of a logical fallacy to make their cases. The logical fallacy that Pro Life and Pro Choice both use is appeal to emotion. Appeal to emotion is a fallacy to manipulate the recipients’ views by using an emotional trigger. This means that the parties involved may not be using actual valid intormation to persuade a person. It is very clear botn ot the organizations are against the other. The names are the first thing I had noticed. The names are completely opposite from one another. For example is a person is Pro choice then they are against life or that person is for death or murder. Also if a person is Pro Life then that implies that person is anti-choice. For another example Pro Life members eb advertisement and That I have personally seen driving on 95 is a image of a baby with the saying â€Å"Endangered species. Obviously children are not a endangered species because human beings are not endangered. This is used to evoke a strong emotional response to gain Pro Life members and not using actual facts to prove a point. Pro Choice also use the appeal to emotion to gain members as well. In a advertisement for the Pro Choice Public Education Project it contains a picture of a dirty bathroom thatâ€⠄¢s covered in filth. Above what is the bathtub is a plaque that says † Operating room†. A bathroom is not an operating room this once again used to invoke emotion. The 5 emotions of despair and fear. This is used in the campaign for keeping abortion legal. Also someone the slogans each side uses appeal to emotions a well. For example Pro Life slogan â€Å"You might forgive yourself, but a dead baby sure can’t†. Whether the baby to speak of is dead or alive the said baby does not have the capability to comprehend forgiveness. Both side also use TV adds to discount the other side and to persuade the viewers. The internet video 180 shows how to change a person’s mind about abortion within seconds. The method that was used involved Hitler and his influence on the German people. Ray Comfort is the interviewer in the movie. Comfort asks a few young people about their feeling regarding the killing of the Jewish people. All the participants agreed that what had happened was wrong and that killing a person was wrong. Comfort then moved into abortion after using emotional response to what happened in the holocaust and comparing that to abortion. Comfort put that abortion is America’s holocaust. In conclusion though both Pro Life and Pro Choice have valid points and information both of the rganizations use appeal to emotion to persuade potential followers.

Business Objective

Seeking an entry-level position in marketing utilizing my strong analytical and communication skills combined with a Bachelor of Arts in Marketing. Recent college graduate with a Diploma in Engineering seeks an entry-level position in civil engineering. Recent university graduate seeking an internship with an online media company who can utilize my developed skills in communications and multimedia design. â€Å"To enhance my professional skills in a dynamic and stable workplace†To join a company that offers me a stable and positive atmosphere and inspires me to enhance and therefore to innovate the work culture for the betterment of all parties concerned. To enhance my professional skills in a dynamic and stable workplace. To solve problems in a effective/creative manner in a challenging position. Seeking a job with an opportunity for professional challenges in the field of ABC. To build a long-term career in ‘your profession’ with opportunities for career growth. To keep up with the cutting edge of technologies.To gain employment with a company or institution that offers me a consistently positive atmosphere to learn and implement new technologies for the betterment of the organization. To use my educational skills in the best possible way for achieving the company’s goals. To join a company that offers me a stable and positive atmosphere and inspires me to enhance my skills in the XYZ industry. To join an organization that offers me a constructive workplace for communicating and interacting with customers and people. To obtain an IT position at a top-tier organization and utilize the EDUCATIONAL qualifications I’ve obtained in ABC University.To bring my strong dedication, responsibility, and motivation and to utilize my accounting qualifications obtained through ABC University. Accounting: I am exploring strategic opportunities within an organization focusing on internal audit positions. Specifically, I can bring you experien ce and success in improving business processes, excellent financial analysis. Management:To obtain a Senior Program Manager, Process Management or Quality oriented position with a company committed to continuous improvement and on time delivery of products and/or services.Seeking a challenging position in a warehouse environment where my stock-picking skills can be put to good use. Looking for a job in †¦ Experienced administrative assistant with over three years of supervisory experience, seeks position where knowledge and skills can be applied. To secure a management position in a high growth company with considerable advancement opportunities. Ideally, in a business development capacity with an emphasis on strategic planning. To secure employment utilising my experience and people skills.I would like to obtain a job with long term prospects, preferably in the building and construction industry. To secure a position where my qualities of a fast learner and the ability to take on new challenges can be used. Experienced machinist/shop assistant in the clothing and textile industry seeks a position where six years skills and knowledge can be applied. To secure a position where my ten years experience as a sales representative will assist a sales team reach its sales targets.To secure a position where my existing skills in the areas of administration and customer service can be utilised by a progressive and innovative company. To secure a position where my ability to communicate and liaise effectively with a diverse client group in a friendly and diplomatic manner can be put to good use. To secure a position where by hard work, dedication and the ability to acquire new skills will advantage any company I work for. To find a job where my skills as a metal worker can be put to good use.Obtain a position at XYZ Company where I can maximize my management skills, quality assurance, program development, and training experience. Account executive trainee at ABCD a dvertising agency. Position as clinical practice assistant for health maintenance organization, utilizing writing, research, and leadership skills. Elementary education teacher at small independent school. Customer service management where my experience can be utilized to improve customer satisfaction. Create integrated strategies to develop and expand existing customer sales, brand/product evolution, and media endorsement.Management position where I can effectively utilize my expertise in human relations, project management, and staff recruitment and retention. Marketing position that utilizes my writing skills and enables me to make a positive contribution to the organization. Search engine optimization position where I can use my SEO skills and experience to increase site traffic and search engine placement. To secure a position with a well established organization with a stable environment that will lead to a lasting relationship in the field of finance.To obtain a position that will enable me to use my strong organizational skills, educational background, and ability to work well with people. Experienced HR Coordinator who enjoys challenge seeking opportunity to learn and improve skills. Accountant to Marketing: Accomplished administrator seeking an entry-level marketing position that will leverage background in operational planning, clients needs assessment, and budgeting. Extremely enthusiastic career changer who eager to contribute to a company's marketing division.

Nike Wacc Case Study

Financial Management Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 2 Case Overview Nike, Inc. NorthPoint Group Investment Decision Current share price of USD 42. 09 ? Declining market share for the period 1997-2000 ? Strategy for revitalizing the company under consideration ? Plan to boost revenue and optimize costs ? Highly experienced management team ? Mutual fund management firm ? Emphasis on large-cap value stocks ? Has been outperforming the market for the past 18 months ? Kimi Ford – portfolio manager seeking to identify undervalued stocks, consistent with the fund’s investment strategy ? Stock valuation based on forecasting future cash flows over a ten year period ? Discounting the UFCFF using a predetermined WACC value ? Calculating the discount factor based on the CAPM approach ? Considering sensitivity analysis 3 Understanding the WACC ? The Weighted Average Cost of Capital is the interest rate (minimal return) at which investor-supplied capital (equity and interest bearing loans) has been provided. Therefore, it is the weighted average minimum expectation, which shareholders and creditors require for their respective investments made with the company under consideration. The WACC reflects both, the cost of equity and the cost of debt. Different sources of funds have different costs and therefore, depending on the capital structure of the organization, the weightings of debt and equity are calculated and assigned. ? The WACC is calculated using the following equation: WACC = [E/(D+E)] x Ke + [D/(D+E)] x Kd (1-t) ? The minimum required return on shareholders’ investment. ? CAPM method has been widely used in calculating the cost of equi ty. ? Ke = Rf + b. (Rm – Rf) ? Risk level and volatility are calculated based on historical data. Cost of Equity Cost of Debt ? The interest rate at which a company can acquire new debt. ? Any fixed rates on outstanding debt are not relevant, since the investors are concerned with what it will cost the company to generate cash from any future investments, which would occur at market rates rather than historical ones. ? After tax cost of debt = (1-t)Kd, since interest is tax deductible. 4 Critique of Joanna’s Calculations Calculating Ke Since Joanna’s FCF forecast reflects a ten year period, it could be argued that, for the sake of consistency, the yield of a risk free ten year security should be used instead. ? An arithmetic mean estimation of the risk premium is generally accepted as an appropriate approach by the investment community. * ? Since Nike is a multinational company, its revenue stream bears additional risk based on the specific allocations to various countries. This should reflect additi onal risk premium such as exchange rate risk, political risk etc. Such calculation goes beyond the scope of this case but it should not be ignored. Beta has been calculated as a historic average but the included value YTD 06/30/01 should be excluded not only since it is not consistent in terms of period length, but the apparels business is seasonal with great portion of the revenues coming during the months of Dec. and Nov. Historic betas prior to 1996 should not be excluded. Calculating Kd ? Cost of debt is not properly calculated since potential shareholders and creditors are not concerned with interest on outstanding debt, but rather the current market rate at which the company could borrow to finance its operations and potential expansion. The technique used by Joanna is useful only to get some rough insight on what Nike is paying on its existing debt. ? Joanna has undertaken an appropriate approach in calculating the after tax cost of debt, since debt is tax deductible. ? Joann a is right to consider debt denominated in foreign currency, however her approach is flawed since she is once again looking at outstanding debt, which arrangements that occurred some time in the past might significantly differ from the current market reality. ? Since existing Nike bonds are trading at discount, we already know that the market yield exceeds the coupon rate. 5 Strong arguments exist for using the geometric mean under certain circumstances. This point will be further elaborated Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regardin g an investment in Nike? Calculating Cost of Equity ? Rf = 5. 39% based on the current 10 year yield for the sake of consistency with the forecasted 10 year FCFF. ? Calculating risk premium based on arithmetic average vs geometric mean: ? Arithmetic average assumes no serial correlation and thus could be overstating the premium. ? Arithmetic average ignores estimation error and available data is limited. ? Arithmetic average works best for forecasting short term periods where long term periods seem to be better captured by the geometric mean. Cost of Equity Yield on 10-year Treasuries Risk premium – developed market (geo. Risk premium – developed market (arit. ) 5. 39% 5. 90% 7. 50% Average risk premium Risk premium – country specific Levered ? Unlevered Cost of Equity 6. 70% 0. 00% 0. 82 0. 77 10. 91% ? Both methods are acceptable and even though the arithmetic mean is widely accepted as the proper method, we are using an average of both since we are dealing wi th a long term period and the geometric mean could be potentially more representative. ? No additional country risk premium is assumed due to lack of data. ? Unlevered beta has been calculated in order to reflect only the amount of business risk. For any future beta projections it will be more appropriate to calculate relevered beta based on the targeted capital structure. Beta 1996 1997 1998 0. 98 0. 84 0. 84 1999 2000 Average 0. 63 0. 83 0. 82 7 Sources: Ibbotson Associates, Aswath Damodaran Calculating Cost of Debt ? To calculate the appropriate yield to maturity we need to take into account that the settlement date (05/07/2011) falls between coupon payments, meaning that the first period will be shorter than the remaining 40 (20 years of semiannual payments). ? We calculate a transaction price (dirty price) of USD 98. 9 using a YTM of approximately 7. 17%. After adjusting for the accrued interest we get the quoted price of USD 95. 60. ? We are not considering the effective YTM for the cost of debt since it is not clear whether the returns could be reinvested at the same rate due to the following reasons (list not exhaustive): ? The yield curve is usually not horizontal. ? The shape of the curve is dynamic and changes over time. ? Some premium should be considered on debt issued in foreign currency, but this goes beyond the scope of this assignment and no debt breakdown has been provided for that matter. Cost of Debt Coupon Years to maturity Periods within one year Total periods Face value of c-bond Market price of c-bond YTM* Effective YTM 6. 75% 20. 03 2 40. 05 100. 00 95. 60 7. 17% 7. 30% Yield to Maturity Days from last coupon date Days to next coupon date Days between coupon dates Transaction price Accrued interest adjustment Quoted price Yield to maturity 171 10 181 98. 79 3. 19 95. 60 7. 17% 8 * Calculations have been made based on a 360 day year Calculating WACC 10. 26% WACC †¢ Calculations of the weightings †¢ We use book value of debt since not Weightings Ke / Kd onsider the market value of equity based on the current price per share and the diluted shares outstanding. 89. 87%* 10. 13%** all interest bearing debt is in the form of bonds maturing on 07/15/21 with a current YTD of 7. 17%. However, since the company has low leverage and is not under financial distress, there should not be a significant difference between the current market and book value of the outst anding debt. Cost of Equity After Tax Cost of Debt 10. 91% †¢ Calculations are based on revised 4. 44% †¢ Before tax cost of debt has been assumptions previously described. †¢ Cost of equity is not to be adjusted reviously calculated at 7. 17%. †¢ After applying tax rate of 38% the for taxes. after tax cost of debt amounts to 4. 44%. 9 * Market capitalization as of 05/07/2001 is USD 11. 5 bn. ** Total interest bearing debt (current + non-current) as of 31/05/2001 is USD 11. 3 bn. Figures as of 05/07/2001 are not provided for a better estimate. Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 10 Other Methods for Calculating Cost of Equity ? Po = Do(1+g)/(r-g) ? Could be used for mature companies, which pay dividends on a constant basis, and it is reasonable to expect that they will also do so in the foreseeable future. ? The DDM model is overly sensitive over the value of assumed growth (g), however it is a very simple and straight forward method of calculating the fair value of a mature company. Since Nike is expected to undergo cost optimization over the next years, as well as shift in sales strategy, we should consider a high growth period of the expected dividends, after which constant growth could be assumed. ? For the purpose of this case, however, we are given than dividends increase by 5. 50% on an annual basis, even though Joanne predicts a CAGR of NOPAT for the period 2002-2011 equal to approximately 10. 4%. Dividend Discount Model Earnings Cap. Ratio ? Po = EPSo(1+g)(1-b)/(r-g), where b is the retention ratio. ? EPS is an accounting figure. The ratio depends on dividend policy. ? Useful and simple approach for mature firms with easily predictable future EPS and constant growth rate and retention ratio. ? For simplicity, we are assuming g = 5. 50%, just like in the DDM method. 11 DDM and Earnings Capitalization Ratio Calculations ? D1 has been calculated as of 30/06/2002, assuming 5. 5% increase in annual dividends paid in both 2001 and 2002. Do captures the period 30/06/2000-30/06/2001. ? Based on the DDM and Earnings Capitalization Ratio, we obtain a cost of equity of approximately 6. 7%-6. 8%. Both estimates seem unreasonably low. ? This is significantly lower than the calculated cost of equity using the CAPM model. Due to the flaws of both the DDM and Earnings Capitalization Ratio methods described above, we should hold the CAPM approach as most reliable in calculating the cost of equity. ? The calculation of the cost of equity using both the DDM and and Earnings Capitalization Ratio methods has been based on assumed constant growth in perpetuity, which will most likely not be the case, especially considering Nike’s new sales strategy and cost optimization over the next few years. Therefore, we are more likely going to observe a higher growth period followed by a stable growth period. Dividend Discount Model g Po 5. 50% 42. 09 Do D1 r 0. 48 0. 53 6. 77% Earnings Cap. Ratio g Po b (retention ratio) EPSo EPS1 r 5. 50% 42. 09 77. 75% 2. 16 2. 28 6. 70% 12 Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 13 Investment Decision Based on the calculated WACC value, using the CAPM approach, and the predicted UFCFF for the period 2002-2011, Nike’s stock appears undervalued Since the purpose of the assignment was to calculate the WACC value only, we have taken all predicted UFCFF levels as given, even though certain adjustments could be appropriate to better reflect the expected boost in sales resulting from the new sales strategy, and the expected cost optimizations. Based on the predicted NPV of UFCFF, we are given that the current price of USD 42. 09 suggests a 11. 17% discount rate. Since our calculations reveal that the actual discount rate ought to be 10. 26%, Nike’s share price is trading under its intrinsic value. Therefore, Kimi Ford should recommend a buy on the stock. 14