Saturday, November 30, 2019

The Gold Fish And The Fisherman Essays - Go, Ko Fight, Fishing

The Gold Fish And The Fisherman Once upon a time there was an old man named `Ko'. Ko was a fifty-year old fisherman. He liked children very much but unfortunately he and his wife Jean did not have any of their own. Sometimes he felt quite lonely at home. Ko and Jean lived close to the harbour. One thing that Ko did not like about Jean was her temper. Very often she yelled at him for no reason at all. One morning while Ko was still sleeping Jean yelled at him, "Wake up! Its very late now. You should go fishing. Every day you go fishing and do not become bored. Why don't you build a house in the middle of the ocean?" said Jean said with much criticism. Ko did not reply. "Hey! do you hear me?" asked Jean. "Yes dear," Ko replied. "Then why didn't you answer me? Some day you're going to drive me crazy", said Jean. "I was waiting for you to finish talking. Don't be so angry. I'm leaving right now", said Ko. Ko quickly got dressed and left for the harbour. On his way to the harbour he met his good friend `Sun'. As they were walking down the trail to their fishing boats they started a conversation. "Hey, today's weather is very good eh? I bet there will be a lot of fish," said Sun. "It's hard to say nowadays. During this season we can't tell if there will be any fish," replied Ko. "Yes, I agree. During the last few days it appeared as though the fish were all hiding. You're lucky that you only have a wife to feed while I have a whole family to take care of. Sometimes my whole family had to starve if there was no fish.", said Sun. "Don't say that. To me I think we're all the same. As a matter of fact I think you are more fortunate than I.", said Ko. "Why? " asked Sun. "At least you have grand children and family members. In fact you don't even have to go fishing anymore," said Ko. "No way! Fishing is my hobby. I've been fishing for many years. If I stop fishing suddenly I just don't feel comfortable," said Sun. "Isn't that the truth? Just look at the ocean. It's beautiful isn't it?" said Ko. "It sure is" answered Sun. Ko and Sun had arrived at their boat. They wish each other good luck. Then they got on to there boats. The day passed very quickly and soon it was sunset. Ko lifted his last net to see if he had caught anymore fish. When he pulled up the net he noticed he had caught a Gold Fish. "This is strange! I didn't know that there were Gold Fish in the ocean.

Tuesday, November 26, 2019

Global Communications Generic Benchmarking Paper

Global Communications Generic Benchmarking Paper Benchmarking: Global Communications PAGE \* MERGEFORMAT 1Running head: GENERIC BENCHMARKING: GLOBAL COMMUNICATIONSGeneric Benchmarking: Global CommunicationsUniversity of PhoenixGeneric Benchmarking: Global CommunicationsAnalysisGlobal Communications is one of many companies facing tremendous economic pressure in today's market. Many companies are looking for ways to decrease costs, and increase their profits. A common practice used today is looking at the best practices of other companies to find creative ways to improve your own. This process, called generic benchmarking, has proven to be very effective. In this paper, the six companies that were examined to find solutions for Global Communications were NEC Corporation of America, Nitsuko Corporation, Sears Holding Corporation, Pier One Imports, Fed EX, and Whirlpool. Each company had their own unique issues, but was similar in the fact that they all recognized the need for change, and found creative ways to overcome their problem s, and the result was a stronger, more efficient business.Sears (Water) TowerIn trying to find the best practices of each of these companies, each one had to be closely examined. This paper will focus on the issues each company was facing, how they overcame them, and how the solutions used by these companies could be beneficial to Global Communications as well.Company SynopsisFederal Express by Ernest Adams IIIThe importance of open communications is underscored by the fact that business leaders cited good communications as the single most important factor in improving workforce productivity in another survey conducted by Watson Wyatt Worldwide (2001, Best Practices). More companies are beginning to find that people are the foundation of a company's success and FedEx is no exception. By communicating with their employees, FedEx has built a company with employees who are well informed and, in turn, perform well as a result.After earnings...

Friday, November 22, 2019

Polymer Definition and Examples

Polymer Definition and Examples A polymer is a large molecule made up of chains or rings of linked repeating subunits, which are called monomers. Polymers usually have high melting and boiling points. Because the molecules consist of many monomers, polymers tend to have high molecular masses. The word polymer comes from the Greek prefix poly-, which means many, and the suffix -mer, which means parts. The word was coined by Swedish chemist Jons Jacob Berzelius (1779–1848) in 1833, although with a slightly different meaning from the modern definition. The modern understanding of polymers as macromolecules was proposed by German organic chemist Hermann Staudinger (1881–1965) in 1920. Examples of Polymers Polymers may be divided into two categories. Natural polymers (also called biopolymers) include silk, rubber, cellulose, wool, amber, keratin, collagen, starch, DNA, and shellac. Biopolymers serve key functions in organisms, acting as structural proteins, functional proteins, nucleic acids, structural polysaccharides, and energy storage molecules. Synthetic polymers are prepared by a chemical reaction, often in a lab. Examples of synthetic polymers include PVC (polyvinyl chloride), polystyrene, synthetic rubber, silicone, polyethylene, neoprene, and nylon. Synthetic polymers are used to make plastics, adhesives, paints, mechanical parts, and many common objects. Synthetic polymers may be grouped into two categories. Thermoset plastics are made from a liquid or soft solid substance that can be irreversibly changed into an insoluble polymer by curing using heat or radiation. Thermoset plastics tend to be rigid and have high molecular weights. The plastic stays out of shape when deformed and typically decompose before they melt. Examples of thermoset plastics include epoxy, polyester, acrylic resins, polyurethanes, and vinyl esters. Bakelite, Kevlar, and vulcanized rubber are also thermoset plastics. Thermoplastic polymers or thermosoftening plastics are the other type of synthetic polymers. While thermoset plastics are rigid, thermoplastic polymers are solid when cool, but are pliable and can be molded above a certain temperature. While thermoset plastics form irreversible chemical bonds when cured, the bonding in thermoplastics weakens with temperature. Unlike thermosets, which decompose rather than melt, thermoplastics melt into a liquid upon heating. Examples of thermoplastics include acrylic, nylon, Teflon, polypropylene, polycarbonate, ABS, and polyethylene. Brief History of Polymer Development Natural polymers have been used since ancient times, but mankinds ability to intentionally synthesize polymers is a fairly recent development. The first man-made plastic was nitrocellulose. The process to make it was devised in 1862 by British chemist Alexander Parkes (1812–1890). He treated the natural polymer cellulose with nitric acid and a solvent. When nitrocellulose was treated with camphor, it produced celluloid, a polymer widely used in the film industry and as a moldable replacement for ivory. When nitrocellulose was dissolved in ether and alcohol, it became collodion. This polymer was used as a surgical dressing, starting with the U.S. Civil War and afterward. The vulcanization of rubber was another big achievement in polymer chemistry. GErman chemist Friedrich Ludersdorf (1801–1886) and American inventor Nathaniel Hayward (1808–1865) independently found adding sulfur to natural rubber helped keep it from becoming sticky. The process of vulcanizing rubber by adding sulfur and applying heat was described by British engineer Thomas Hancock (1786–1865) in 1843 (UK patent) and American chemist Charles Goodyear (1800–1860) in 1844 (US patent). While scientists and engineers could make polymers, it wasnt until 1922 that an explanation was proposed for how they formed. Hermann Staudinger suggested covalent bonds held together long chains of atoms. In addition to explaining how polymers work, Staudinger also proposed the name macromolecules to describe polymers.

Wednesday, November 20, 2019

Primate Observations Research Paper Example | Topics and Well Written Essays - 1250 words

Primate Observations - Research Paper Example Different species of the order primates responded differently to their respective subsequent environments thereby resulting in unique adaptive features thereby becoming completely different animals. Humans are the most civilized of the primates and possess distinct features from the rest of the non-human primates such as monkeys, chimpanzees, and apes among others. However, some of the non-human primates possess characteristics similar to those of humans thereby corroborating the common ancestry theory and the theory of evolution all of which seek to explain the origin of the different animals (Waal and Frans 55). Apes are arguably the largest arboreal animals implying that they are the largest mammals living in trees. The primates are of the biological family known as Hominoidea of the family Homo thereby making them very closely related to humans. They therefore have numerous personality traits similar to those exhibited by humans. The primates are herbivores and natives of Africa and East Asia owing to the existence of large tropical services that provided adequate habitation. Currently, they live in different parts of the world owing to animal transportation by humans and their own migrations as conflict between them and humans heighten. However, some of the apes can eat other animals a feature that quantifies the primates as being both carnivores and herbivores. Monkeys on the other hand are a category of primates of the family cacopithecidae. Just as any other primate, they are natives of Africa and parts of East Asia and are of numerous species. The deferment species possess different features with a majority of the species being arboreal while others leave on the ground. Monkeys have tails that they use frequently in their daily survival activities. They are smaller than any other primate is and live in groups consisting of both males and females. Apes and monkeys as observed during the tour of the zoo exhibit a number of traits similar to those of huma ns while others are strange and therefore set them apart from the rest of human primates. Their different characteristics are results of their different habitats occurrences that validate the evolution theory and its elated adaptations. Apes and monkeys live in groups, they are social animals a feature that distinct the primates from the rest of other mammals. The animals are social and therefore live in societies consisting of males, females, and children. In their societies, the adults protect the young ones and provide them with food. This is typical of humans who are also very social and coexist peacefully with one another despite the constant competition for food among other resources. Additionally, humans show affection and protection to their children. The monkeys and apes showed great protection to their babies often carrying them below their bellies. In case they released their babies, the mothers ensured that the company was safe and only among other monkeys or apes. This way, the other apes teased the baby and played with it before sharing their meals with it. Additionally, the apes and the monkey showed affection to the old amongst them. While they fought for the food thrown at them, they never scrambled for those that fell close to the old. This is synonymous to human who are the most civilized primates and show great affection to both their old and the young. The theory of evolution and the evolution of humans assert that before inventing the upright position, humans just like the rest of the non-human primates carried their babies on their underbellies (Kinzey 34). This position proved convenient for walking on the four feet and for handling both food and tools. The primates at the zoo corroborated this claim. With their babies in

Tuesday, November 19, 2019

IMF (International Monetary Fund) from 2007 to present using Research Paper - 1

IMF (International Monetary Fund) from 2007 to present using international business perspective - Research Paper Example But, with changing world scenario, various European countries, Japan as well as emerging economies like India, China, Korea, etc. have reduced the dominance of USA as they are following the same footprint (Hill, 2010). For example, share of FDI of the companies of developing world have increased from less than 1 percent in 1980 to as high as 15 percent in 2008, while the share of USA based companies have declined from near 40 percent in 1980 to 18 percent in 2008(approximately) (Hill, 2010). The political scenario has also changed in this changed economic situation. The political dominance of US is no under great threat in this increasing market economy. Many European countries that were Communist earlier and Some Asian countries have undertaken democratic politics and stressed on building free market economies. Hence, international businesses are getting more and more opportunities to enter these economies that have in turn strengthen these economies. (Hill, 2010) In this globalized world, importance of global institutions has increased significantly in maintaining order in various economical and political fields. IMF is one of such institutes which hold an important position in this changing economic and political environment. In fact, it is helping this process of change by its policies. IMF is responsible for maintaining order and stability in the international monetary system. The performance of international businesses to a large extent depends on the operation of international monetary system. If this system operates properly, then, the risks associated with international business operation reduce significantly. This paper will place its focus on some important issues relating to IMF policies and its scandals since 2007 as IMF activities is closely related to the performance of international businesses. (Hill, 2010) Since 2007, a number of issues relating to IMF activities is worth mentioning

Saturday, November 16, 2019

Horror Of War In Two Poems The Dug-Out and Breakfast Essay Example for Free

Horror Of War In Two Poems The Dug-Out and Breakfast Essay Compare the ways on which two poems from this section convey powerful pictures of life in the trenches. Both of the poems The Dug-Out and Breakfast try to convey a message that is the futility and horror of the war. The Dug-Out shows the horror of the war by accentuating the fear of death in the poem. However, Breakfast transfers the meaning of triviality by describing the hardship in the breakfast time in the trenches. The Dug-Out is written as a single stanza with simple structure and sentence. The poet has chosen this structure to convey striking imagery and therefore to reflect the reality of the war. The poem begins with the adverb why to intrigue the reader and also creates a sense of uneasiness with words ungainly huddled. The poet chooses to use the metaphor of a candle to portray the solders dying as the burning out of a candle. The alliteration guttering gold emphasizes the candle imagery and also shares the pain with the reader. You wonder why is in narrative voice shows the rejection putting a sense of hopeless. The last two lines are in italic and this highlights its importance. The metaphor of fall asleep for ever symbolizes the death and this remind[s] the poet of the other dead[s]. The emotive language such as sullen, drowsy states the fact that these soldiers are bordering on insanity as the fear of death has scarred them mentally. Sassoons view therefore becomes clear, that death has become as commonplace as sleep and war creates fear especially the fear of death for every soldier in any mundane condition. The title of the poem Breakfast has been chosen to put a sense of ordinarily and triviality. Gibson chooses to use a simple verse on Breakfast as well as The Dug-out. The poem begins a simple statement: we ate our breakfast lying on our backs. This straightforward account creates a sense of immediacy and also it begins with a second person narrative we to include the reader. Gibson chooses to use imagery of everyday life to represent the terror and horror of the war. In a betting of a rugby game, Ginger is dead because he raised his head. The killing of person in a betting during the breakfast time clearly illustrates the dreadfulness of the life in trenches. The effect of contrast is emphasized by the semi-colon this makes action more dramatic. The poem begins and ends with the same lines emphasizes that war is in everyday life just as the eating of breakfast and the shelling are also linked. Unlike The Dug-Out, there is no melancholy or emotive language in the poem whereas Giblson frequently use the simple word and slang to create a matter-of-fact tone and this generates a more horrific feeling upon the reader. Both poems portray the horror and fear of the war and make their point that war is futile by conveying powerful imagery in trenches. Both of them use the simple stanza and structure to express the feeling of fear and the sense of immediacy in trenches. The Dug-Out is set in a mood of melancholy by using the pathos language such as the guttering gold candle and describing the dankness that is surrounded with. Nevertheless, Breakfast achieves the same level of horror only by simple language as Gibson cleverly connects the war to the eating of breakfast and therefore emphasizes his idea of triviality and fultility.

Thursday, November 14, 2019

Harriet Tubman Essay -- essays research papers

Early Years Her real name was Harriet Beecher Stowe. Born as a salve on June 14, 1820 on a plantation in Maryland. There were 8 children in her family and she was the sixth. When she was five, her Mother died. Her Father remarried one year later and in time had three more children. Her Father always wanted her to be a boy. When Harriet was only 13 years old, she tried to stop a person from being whipped and went between the two people. The white man hit her in the head with a shovel and she blacked out. From then on she had awful migraines and would sometimes just collapse on the ground while she was working. She served as a field hand and house servant on a Maryland plantation. In 1844 she married John Tubman, who was a free black. In 1849 she escaped to the North, where slaves could be free before the outbreak of the American Civil war. In 1861 she made 19 trips back to help lead other slaves. She led them to freedom along the clandestine route known as the Underground Railroad. She also led a n estimated 300 slaves to freedom including her mother and father and six of her 11 brothers and sisters. Adult Years Harriet ¡Ã‚ ¦s first rescue was in Baltimore, where she led her sister, Mary Ann Bowlet and her two children to the North. In 1849, Harriet was to be sold to a slave trader. She was taken from her husband and didn ¡Ã‚ ¦t know where she was going to end up. She escaped that night. She traveled only when it was dark and slept during the day. She would hide in haystacks, barns, and houses. Harriet would always carry a revolver during her many trips to the South because a slave who returned to slavery could reveal people who facilitated the passages of escapees by offering them food ad shelter. Harriet would threaten to shoot anyone who out of fear of being caught decided to return during the trip north. Slave owners offer a $40,000 reward to release the free slaves. Harriet was a legendary figure. The black children would call her  ¡Ã‚ §Aunt Harriet ¡Ã‚ ¨. Harriet got a letter from Queen Victoria in the mail. She was the Queen of England. She invited Harriet to her birthday and also sent her 2 boxes filled with a black silk shawl, and a medal which showed the queen ¡Ã‚ ¦s family. It was her Diamond Jubilee Medal. Towards the end of the war Harriet went to the hospital at Fort Monroe. She cleaned up the hospital... She made claims against the government for black soldiers pay and/or pension. „h Harriet was sold and separated from her family, so she ran away at age twenty-eight and found her way to freedom on the  ¡Ã‚ §Underground Railroad. ¡Ã‚ ¨ There she led slaves out of the South to freedom in the North or Canada. These fearless blacks were called  ¡Ã‚ §Conductors ¡Ã‚ ¨ on the Underground Railroad. Blacks called her  ¡Ã‚ §Moses ¡Ã‚ ¨ because she led her people to freedom. „h Harriet appeared as a guest speaker with Elizabeth Cody Stanton and Susan B. Anthony, pronouncing the rights of women ¡Ã‚ ¦s suffrage and control of property and wages. „h Harriet made over nineteen trips to the South in which she led over three hundred slaves to freedom. She never lost one person and was never captured. „h After the Civil War Harriet continued to devote her life to others and spoke for the rights of women as well as the newly freed blacks. She opened a home for the elderly and needy blacks. In conclusion, Harriet Tubman was an influence on everyone because of her courage, strength, and efforts. Harriet ¡Ã‚ ¦s wits, brains, and strength helped her live as long as she did and survive through the cold, dark world for blacks.

Monday, November 11, 2019

The Ancient Art of Parenthood

Children walk home from school every day and never realize what lurks beyond their protected space (Miller 105). In today†s world the acceptance of latch key children should not be tolerated. Unfortunately, our society condones such behavior from the adults. As a result, these children wear a chain around their neck with a house key attached, in order to enter into their home. As the youngsters leave school, they enter a silent world (Kay 94). To illustrate, children enter into an empty house which has been abandoned since breakfast that morning. Therefore, television when turned on, replaces the absence of their parents. At this time, children experience serious conditions which they may not be able to handle (Gaines 94). For example, they encounter the introduction of smoking a cigarette, drinking alcohol, and using harmful illegal drugs. Also, children are exposed to more violent crimes which usually happen in the first 60 minutes after school. Consequently, some children walk home, through undesirable areas where they may see someone being killed right in front of them. Therefore, alone and unsupervised, the youngsters make their own food while waiting for their parents to return home from work (Brazelton 44). The art of parenthood has diminished, like an extinct animal which could be reinstated into the family unit; especially when parents need to teach and nurture their offspring, detour their young ones from negative peer pressure, and, work within a financial budget. Parents bring children into the world to educate these individuals on how to care for themselves (Braverman). However, children become influenced by their friends especially when spending money is involved (Krol 16 ). Ultimately, they make decisions on the purchase of their clothing, the music they listen to, and even the movies they watch, all based on their friends† opinion. On the other hand, young people realize how their parents have many years of experience in the area of spending money. Therefore, they listen to the advice from their parents on the dealings of financial matters. However, young people have always faced heavy financial demands as they reach maturity (Blankstein 133). The difference today is the sheer diversity of the choices, few of them inexpensive. Therefore, they should become skilled and well educated in money management (J. L. 48). In addition, parents teach their young to eat the right meals, to absorb enough sleep, and to do their best in school. Also, as children reach the age of eight years old, their strict discipline and respect for elders should have already been implanted by their parents (Ogle). Eventually, these young people acquire jobs to obtain a true sense of responsibility of work ethics and the supreme independence from parents. Ultimately, the sheer existence of children blueprinted by their parents creates vibrant individuals who can master the world. For instance, young people know how to respond in case of fire or electrical emergencies. Also, they understand the techniques of first aid and how to get help fast. Again, young people earn money from part time employment which is combined with the allowance from parents. Therefore, their income per week could be drastically increased by a substantial amount (Fischer 51). Consequently, children can benefit financially by being creative with their free time (Briles 108). For instance, young people project enthusiasm toward part time employment especially when the work creates lively activity. Even though parents try to guide their off spring right, there may be an unplanned development to reroute these individuals in another direction. While on the other hand, young people should be accountable for their misbehavior. Young people strive hard at school to achieve acceptance among their friends (Warburton). To illustrate, students pride themselves on having many friends, even if they introduce harmful habits. In addition, peer pressure explodes dramatically with socializing in school and being accepted in certain groups, especially during their adolescent years (Ignatz). Furthermore, students may experiment with illegal drugs which establish popularity among their friends. Unfortunately, these young people, when exhibiting interest in these deadly drugs, isolate themselves from family members and associates. Ultimately, they feel depressed about school work and their social life takes a leaping plunge. In other words, young people regrettably surrender to the illegal substance which eventually takes control of their life. Also, alcohol flourishes rapidly among young people, particularly between the ages of ten to seventeen (Flohr, P. ). For example, groups of adolescents creatively sneak alcohol to a party which has taken place after school. Secondly, the alcohol is poured into a reservoir of punch which alters the taste. Eventually, when the other children drink the spoiled punch they are introduced indirectly to the alcohol. After a while, the substance slowly flows into the bloodstream, then ultimately overwhelms their body into a habit forming addiction which could last a life time. Furthermore, smoking a cigarette seems to be the easiest and least conspicuous item in which students can gain popularity (Bower 391). As they smoke, destructively the nicotine engulfs their lungs like a virus. For example, Tennessee Williams† â€Å"The Glass Menagerie,† Tom said, â€Å"I am getting a cigarette† then Amanda, his mother replies, â€Å"You smoke too much† (212). Sadly, young people conceal cigarettes from their parents and teachers. Also, they sneak around the school just to get a puff of smoke. In addition, they retire to the school bathrooms or hide behind trash reciprocals. Because many students smoke on high school campuses, the administration decided to designate areas for the smokers. Therefore, these young people smoke across the street from their high school. Finally, the cost of the cigarette bites out a healthy chunk of the student†s income, because their earnings would only be at a minimum wage. Many parents work all day and do not realize the damaging effect created by their absence when the children are home from school (Granfield 46). Unfortunately, money generates a hypnotic trance surrounding the parents, which clouds the use of their brains (Florist 20). In fact, greed consumes the life style of the family. For example, parents, as well as children, needlessly spend money without realizing the price they have to pay. Because both parents work, the children are left home to fend for themselves. Although, money generates many items the family wants, the absence of the parent can never be replaced. Because parents offer moral support when their children need that shoulder to cry on. Therefore, children are subjected to a world which opens difficult situations they must be able to handle (Way 73). After all, money does contribute to food, shelter, and, clothing in order for the human race to survive. But should the consumption of this commodity also sacrifice the unity of the family (Christiansen). In other words, when families curtail their extravagant spending for expensive cars, luxury boats, and, numerous travel expenses, there would be no need for a two-income family. Therefore, children could enter into their home with at least one of the parents waiting patiently for their arrival from school. Reluctantly, manufactures refuse to give up their profits for the sake of a nurturing home life for the children. Assuming, these establishments operate in the world by making money. Ultimately, parents contribute many important characteristics which make up the individuality and personality of their children (Working Mother 88). For instance, they instill mortality which guides their children to decide right from wrong as well as their ability to accept responsibility when a situation occurs. Could they respond quickly enough (Campbell). Finally, parents remind their children to have respect for themselves (Dunhill). They need to understand that their decisions are important; therefore, they are able to regard other people†s opinion. Granted, single parents work all day, feeling guilty that their youngsters must stay at day care facilities. Eventually, the children adapt to these routine situations of being in a day care and continue with their daily lives. Customarily, children stay in these facilities more often than usual because parents tend to leave them there in order to take care of other business. In any case, children should not be sacrificed for money (Daniels 318). Therefore, parents should learn to live within their financial budget. Parenthood should take precedence in today†s society (Flohr, J. . Ultimately, parents instill the basics of life into their children. Creatively, children draw images from their parents, which determines their unique individual styles and personalities. Finally, these children will address the world with self confidence and security which strengthens the human race. Therefore, parents must take responsibility of the human life which they have brought into the world. Equally important, they ought to focus more on their children, not the money they can make at work (Pardue). After all, children discover the world through their parents (Lentze). For example, children watch their parents take pride in their personal belongings. Then, as the children mature and become young adults they tend to take great pride in their own possessions, especially when the parents take the children on several different excursions (Morin). Ultimately, when youngsters are introduced to new and exciting areas, such as going to the local zoo, being exposed to the public library, and attending a school play, the door to their world opens with imagination, which can be compared to a trip to Disneyland. Furthermore, the prices of these excursions run far less expensive than the purchase of extravagant toys for the family. After a while, the toys lose their novelty, then they are discarded, literally tossed aside for a new toy. If children had the power to decide, which they would prefer would their decision be parents over money rather than money over parents. In conclusion, children need the appropriate guidance from their parents and the day-to-day interaction with at least just one.

Saturday, November 9, 2019

Reasons for Free Trade Essay

Free trade can be defined as the situation whereby governments impose no artificial barriers to trade that restrict the free exchange of goods and services between countries with the aim of protecting domestic producers from foreign competitors. The argument for free trade is based on the economic concept of comparative advantage. Comparative advantage is the economic principle that nations should specialize in the areas of production in which they have the lowest opportunity cost and trade with other nations, so as to maximize both nations’ standards of living. FREE TRADE |Advantages |Disadvantages | |Free trade allows countries to obtain goods and services that the |An increase in short term unemployment may occur as some domestic | |cannot produce themselves, or in sufficient quantities to satisfy |businesses may find it hard to compete with imports. However, the short| |domestic demand. |term rise in unemployment should correct itself in the long term, as | | |the domestic economy redirects its resources to areas of production in | | |which it has a comparative advantage. | |Free trade allows countries to specialize in the production of the |Free trade can create barriers that make it more difficult for new | |goods and services in which they are most efficient. This leads to a |businesses and new industries to emerge as they are not protected from | |better allocation of resources and increased production within |larger foreign companies. | |countries, and throughout the world. | | |Free trade encourages the efficient allocation of resources. Resources |A process called ‘dumping’ may occur wherein production surpluses from | |will be used more efficiently because countries are producing the goods|some countries are sold at  unrealistically low prices on the domestic | |in which they have a comparative advantage. |market, pricing efficient domestic industries out of the market and | | |harming them. | |A greater tendency for specialization leads to economies of scale, |Free trade may produce negative externalities i.e. child labor. | |which will lower average costs of production and increase efficiency | | |and productivity even further. |Free trade may encourage environmentally irresponsible production | | |methods because some producers in some nations may produce goods at a | | |lowest cost due to weaker environmental protections and environmentally| | |damaging practices within that nation. | |International competitiveness will improve as domestic businesses face |Allocation of resources will tend to move to the more efficient and | |greater competitive pressures from foreign producers, and governments |competitive producers. | |will encourage domestic industrial efficiency. | | |Free trade encourages innovation and the spread of new technology and | | |production processes throughout the world. | | |The opening up of global markets leads to higher rates of economic | | |growth and increased real incomes. Hence, free trade leads to higher | | |living standards. This is a result of lower prices, increased | | |production of goods and services and increased consumer choice as | | |countries have access to goods that a lack of natural resources may | | |otherwise prevent. | | REASONS FOR PROTECTION Protection refers to government policies that give domestic producers an artificial advantage over foreign competitors. Infant Industries New industries generally face many difficulties and risks in their early years. They usually start out on a small scale, with costs that are proportionately and relatively higher than the more established films competing in the international arena due to economies of scale. Hence, it is argued that these ‘infant industries’ require protection in the short run to enable them to expand their scale and reduce their costs of production so that they may compete with the rest of the world. For this argument to be valid, protection should only be temporary, otherwise there would be no real incentive for industries to reach a certain level of efficiency so that they can compete viably without protection. Historically, industries that have received assistant as infant industries have continued to rely of this assistance for many years. The infant industries argument has been used as a pretext referring to industries that would never have survived otherwise, hence economists do not generally accept the infant industry argument as an argument in favor of protection. When governments provide help to new industries now, this tends to involve direct assistance and lasts for a very limited time. Prevention of Dumping The process of dumping may be used to dispose of large production surpluses or to establish a market position in another country. These low prices are usually only of a temporary nature however they can harm domestic producers as they cannot compete, forcing them out of business, hence causing a loss in a country’s productive capacity and resulting in higher unemployment. The only gain from dumping is that consumers will benefit from lower prices in the short term, but is is only temporary as producers will put up their prices again once the local competition is eliminated. Under such circumstances, it is generally into economy’s best interest to impose restrictions on such imports. Using protectionist methods to prevent dumping is considered to be the only reason for protection that is widely accepted by economists. Despite this, in recent years the WTO has questioned whether countries might be abusing their entitlement to prevent dumping and falsely accusing efficient low-cost foreign producers of dumping as an excuse to give domestic producers an artificial advantage. Protection of Domestic Employment One of the most popular arguments in favor of protection is that it saves local jobs. If local producers are protected from competition with cheaper foreign imports, the demand for local goods will be greater – labour as a derived demand of the demand for goods and services, will be in higher demand, hence creating more domestic employment. Despite this, there is little support amongst economists for this argument. Protection tends to distort the allocation of resources in an economy away from more efficient production towards areas of less efficient production. In the long run, this is likely to lead to higher levels of unemployment and lower growth rates. On the other hand, by phasing out protection it is is hoped that better and more lasting jobs will be created in sectors that are more internationally competitive. Furthermore, if a country protects its industries, it is possible that other countries could retaliate and adopt similar protectionist policies. The net result could be that the economy would maintain employment in less efficient protected industries but lose employment in more efficient export industries. Defense and Self-Sufficiency Non-economic reasons Defense: so that they can be confident that in a time of war that they would still be able to produce defense equipment. Self-sufficiency of food supplies. Historical reasons†¦ When a country adopts this approach it must accept that it may gain self sufficiency at the expense of higher living standards that would be achieved from specialization and free trade. Other Trade unions often argue that producers should be protected from competition with countries that produce using low-cost labour. This is seen as a means to protect the better living standards of workers in high income economies. It is related to another argument that it is unethical to buy products from countries that may use unethical practices I.e. child slavery, because it would further encourage the exploitation of these people. Countries may sometimes block trade in goods because of environmental factors, such as the environmental harm involved in the production of certain goods. Overseas producers may be able to produce some items cheaply because the producers are environmentally irresponsible and do not have to comply with the tougher environmental standards that apply in advanced economies. Eg: 2011 Live Cattle Export Crisis Australian export restrictions of live cattle were imposed in 2011 because of the deemed unethical treatment that Indonesia treated the live cattle with. Offended by Australian criticisms of its animal welfare standards, Indonesia announced that it would reduce the number of import permits issued for Australian cattle by around 2/3rds, and buy more live cattle from other countries instead. METHODS OF PROTECTION A tariff is a government imposed tax on imports. It has the effect of raising the price of the imported goods, making the domestic producer more competitive domestically. Figure 2.2 reveals the following: The curves SS and DD represent domestic supply and demand. P is the price of imported goods if there was no tariff applied. At this price consumers demand Q1 domestic producers supply Q1 and the quantity imported would be QQ1 If a tariff of PP1 is imposed, all of which is passed to the consumer, demand will contract to Q3, domestic supply will expand to Q2, and imports will fall to Q2Q3 Following the imposition of the tariff the government will raise revenue of ABCD |Economic Effects of a Tariff | |Domestic producers supply a greater quantity of the good. Tree fore the tariff stimulates domestic production and employment | |More domestic resources are attracted to the protected industry. This leads to a reallocation of resources towards less efficient producers | |Consumers pay a higher price and receive fewer goods. This redistributes income away from consumers to domestic producers. | |Tariff raises government revenue | |Retaliation effect can be experienced. In that case any increased production and employment gains for the import-competing industries would be | |offset by losses in the nation’s export industries. | An import quota controls the volume of a good that is allowed to be imported over a given period of time. The quota guarantees domestic producers a share of the market. Figure 2.3 reveals the effect of an import quota: The curves SS and DD represent domestic supply and domestic demand P is the price at which the imported goods would sell if there was no quota imposed. At this price consumers demand Q1, domestic producers would supply Q, and the quantity imported would be QQ1 If the government imposed a quota restricting the imports to Q2Q3, this would have the effect of raising the price of imported goods to P1. This price would allow domestic supply to expand to Q2 |Economic Effects of a Quota | |Domestic producers supply a greater quota of the good. Therefore the quota stimulates domestic production and employment | |More resources in the economy are attracted to the protected industry. Therefore there will be a reallocation of resources from other sectors | |of the economy | |Consumers pay a higher price and receive fewer goods. This redistributes income away from consumers to domestic producers in the protected | |industry, and results in lower overall levels of economic growth. | |Quotas do not generate revenue, however govt can raise a small amount of revenue by administering the quota through selling import licenses | |allowing firms to import a limited number of goods | |As with tariffs, the imposition of a quota on imports can invite retaliation from the country whose exports may be reduced because of the | |quota. This can result in lower exports for the country that initiated the import quota. | Countries may also use tariff quotas. Goods imported up to the quota pay the standard tariff rate, whereas goods imported above the quota pay a higher rate. Subsidies involve financial assistance to domestic producers, which enables them to reduce their selling price and compete more easily with imported goods. In Figure 2.4 this is shown by a rightward shift of the domestic industry’s supply curve from SS to S1S1, which results in a lower market price P1. Businesses will be able to sell a higher quantity of their product on both domestic and global markets. The quantity produced increases from Q –> Q1 The size of the subsidy in per unit terms is the vertical distance between the S and the S1 curves |Economic Effects of a Subsidy | |Domestic producers supply a greater quantity of the good. Therefore, the subsidy stimulates domestic production and employment in the protected| |industry. | |More resources in that economy are attracted to the protected industry, leading to a reallocation of resources from other sectors of the | |economy where production and employment will fall. | |Consumers pay a lower price and receive more goods, however they pay indirectly whether they buy it or not through higher taxes. | |Subsidies impose direct costs on government budgets. This means that governments have fewer resources to allocate to other priorities | | and health care | |While economists are generally opposed to protectionist policies, they often prefer a subsidy over a tariff because subsidies tend to be | |abolished more quickly since they impose costs on the budget, rather than generating revenue. | Local Content Rules specify that goods must contain a minimum percentage of locally made parts. The return is that the imported component does not attract a tariff. AUS used this to protect its motor vehicle industry in the past. Export Incentive Programs give domestic producers assistance such as: Grants Loans Technical advice (marketing, legal info) Encourage businesses to penetrate global markets or expand their market share The popularity of such programs has grown considerably in recent years as nations have moved to a greater focus on capturing foreign markets, rather  than protecting import-competing businesses, as a strategy to achieve higher rates of economic growth and employment. Technically, export incentives do not protect businesses from foreign competition in the domestic market, but they are nevertheless artificial barrier to free trade. |Overall Economic Effects of Protectionism ($$) | |In addition to the effects that protectionist policies have on domestic economies, they can also have overall impacts on the global economy. | |Global protectionist policies have the overall effect of reducing trade between nations. The WTO has cited research estimating that a | |far-reaching Doha agreement would remove protectionist policies that are currently costing the global economy between $US 180billion to $US | |520billion in exports every year. | |Overall, protectionist policies reduce living standards and reduce global economic growth by shielding inefficient producers. The Institute for| |International Economics in Washington DC has estimated that protectionism is reducing gross world product by between $US 300billion and $US | |700billion each year. | |Protectionist policies make it more difficult for individual economies to specialize in production in which they are most efficient. Businesses| |are less able to achieve economies of scale and therefore have lower profits and lower dividends. With less competitive pressures, prices for | |goods and services in individual economies are higher. | |The negative economic impact of the protectionist policies of trading blocs tends to be greatest for developing economies, which are excluded | |from access to the markets of advanced economies. | Doha agreement: an agreement that is aimed at achieving major reform of the  international trading system through the introduction of lower trade barriers and revised trade rules. A trading bloc occurs when a number of countries join together in a formal preferential trading arrangement to the exclusion of other countries. THE ESSAY Different countries have different factor endowments and intensities. Nations engage in international trade as a means of specializing in production, increasing the productivity of their resources and realizing a larger output and economies of scale than by pursuing self sufficiency or autarky. Free trade occurs when there is an absence of protective barriers such as tariffs, quotas, subsidies and voluntary export restraints, which tend to divert trade, rather than create trade or new trade flows. [economic independence or self sufficiency]. A reason for a country specializing in the production of goods in which it has a comparative advantage–the economic principle that states that even if one country can produce all goods more efficiently than another, trade will benefit both countries if each specializes in areas of production that have the lowest opportunity cost and trade with other nations–is that overall standards of living will be maximized for the nations in which trade is occurring between. Figure 1 shows this. Country X has an absolute advantage in the production of both computers and wheat. According to the principle of comparative advantage, Country X is more efficient in producing computers than Country Y since the opportunity cost of wheat production is 1 unit of wheat in Country X, compared to 2 units of wheat in Country Y. Hence Country X has a comparative advantage in computers. However, Country Y has the comparative advantage in wheat, with an opportunity cost of 0.5 computers per unit of wheat, while Country X has an opportunity cost of 1 computer. Through specialization, Country X can produce 100 computers and Country Y 80 units of wheat, or 90 computers and 10 units of wheat for an overall 90  computers and 90 units of wheat within the hypothetical economy, 20 more than the aggregated 70 computers and 90 units of wheat if each country was to produce with half their resources for one good and half on the other. Free trade has several other advantages: Free trade allows countries to obtain goods and services that they cannot produce themselves, or in sufficient quantities to meet domestic demand due to a lack of adequate resources. Free trade allows countries to specialize in the production of goods and services in which they have a comparative advantage. This leads to a better allocation of resources and increased production within countries, and throughout the world. Free trade encourages the efficient allocation of resources. Resources will be used more efficiently because they are being used in the production of goods in which they have a comparative advantage. Free trade leads to a greater tendency for specialization, which should result in economies of scale as seen in Figure 2 wherein average costs decrease with an increase in output. International competitiveness will generally improve due to free trade as domestic businesses face greater competitive pressures from foreign producers, and because of governments encouraging domestic industrial efficiency. Free trade encourages innovation and the spread of new technology and production processes throughout the world because of increased competition. Free trade typically leads to higher rates of economic growth and increased real incomes, leading to higher living standards; this is a result of low prices, increased production of goods and services and increased consumer choice. Although free trade has clear benefits in theoretical terms, it can lead to a number of disadvantages. The imposition of free trade tends to result in a short term increase in unemployment as some domestic producers may find it hard to compete with imports. However, this generally corrects itself in the long term as the domestic economy redirects its resources to areas of production in which it has a comparative advantage. Free trade may make it more difficult to establish new businesses and new industries if they are not protected from larger foreign competitors as new businesses and industries generally have higher costs in the starting phases because of a lack of scale, hence they would find it harder to compete. Free trade may result in ‘dumping’ wherein foreign countries may sell goods in the domestic market for unrealistically low prices to sell off their production surpluses or to establish a market position, hurting efficient domestic industries. Free trade may encourage environmentally or ethically irresponsible production processes because producers in some nations are able to produce goods at a lower cost due to weaker regulations or enforceability of these deemed irresponsible production practices. Alternatively to free trade is protection. Protection refers to any artificial advantage given by governments to domestic industries to protect them from international competition. Free trade relies upon the interplay of market forces to secure the benefits that derive from it[efficient resource allocation, higher living standards and greater competition from international specialization and exchange]. However, in reality, historically most countries have tended to impose at least some forms of protection to assist local producers in the face of foreign competition. This is primarily for these reasons: ‘Infant Industries’ arguably need temporary protection to expand their scale and reduce their costs of production so that they can compete viably in the global market as they usually start on a small scale with higher costs (see Figure 2). In theory this argument is plausible, however in practice, industries have tended to rely on this assistance for many years without a real incentive to reach a level of efficiency so that they are able to compete without protection. For this reason, governments tend to involve direct assistance when helping infant industries that lasts for a very limited time. Protection is used to prevent dumping that may harm domestic producers, potentially forcing them out of business and causing a loss in a country’s productive capacity and higher unemployment. Using protectionist methods to prevent dumping is considered to be the only reason for protection that is widely accepted by economists. Despite this, in recent years the WTO has questioned whether countries might be abusing their entitlement to prevent dumping as an excuse to give domestic producers an artificial advantage. One of the most popular arguments for protection is that it saves local jobs. This is on the premise that if domestic producers are protected from foreign competition, the demand for local goods will be greater and hence, labour as a derived demand of the demand for goods and services, will be demanded at a higher level. Despite this, protection tends to distort the allocation of resources in an economy away from efficient production towards area of less efficient production and in the long run, this is likely to lead to higher levels of unemployment and lower growth rates. Furthermore, other countries may retaliate with similar protectionist methods. Some arguments used to justify protection may not be solely based on economic grounds. For example, major powers generally want to retain their own defense industries so that they can be confident during times of war that they would still be able to produce defense equipment. Similarly, protection  may be used for self-sufficiency of food supplies – for example, Japan experienced famine twice in the 20th Century due to wartime blockades that prevented imports of food supplies. Trade unions in advanced economies often argue that producers should be protected from competition with countries that produce using low-cost labour. This is to protect the better living standards of workers in high income economies and to not endorse unethical practices that exploit people in less developed nations. Countries sometimes block trade of goods because of environmental factors, such as the environmental harm involved in the production of certain goods in some foreign nations. Environmental regulations across countries are not universal, hence protection is arguably better for the global environment overall. Main protectionist policies include: tariffs, quotas, subsidies, local content rules and export incentives. A tariff is a government-imposed tax on imports, making domestic producers relatively more competitive. [pic]

Thursday, November 7, 2019

History of Swaziland in Africa

History of Swaziland in Africa Early Migrations: According to tradition, the people of the present Swazi nation migrated south before the 16th century to what is now Mozambique. Following a series of conflicts with people living in the area of modern Maputo, the Swazis settled in northern Zululand in about 1750. Unable to match the growing Zulu strength, the Swazis moved gradually northward in the 1800s and established themselves in the area of modern or present Swaziland. Claiming Territory: They consolidated their hold under several able leaders. The most important was Mswati II, from whom the Swazis derive their name. Under his leadership in the 1840s, the Swazis expanded their territory to the northwest and stabilized the southern frontier with the Zulus. Diplomacy with Great Britain: Contact with the British came early in Mswatis reign when he asked British authorities in South Africa for assistance against Zulu raids into Swaziland. It also was during Mswatis reign that the first whites settled in the country. Following Mswatis death, the Swazis reached agreements with British and South African authorities over a range of issues, including independence, claims on resources by Europeans, administrative authority, and security. South Africans administered Swazi interests from 1894 to 1902. In 1902 the British assumed control. Swaziland – A British Protectorate: In 1921, after more than 20 years of rule by Queen Regent Lobatsibeni, Sobhuza II became Ngwenyama (lion) or head of the Swazi nation. The same year, Swaziland established its first legislative body – an advisory council of elected European representatives mandated to advise the British high commissioner on non-Swazi affairs. In 1944, the high commissioner conceded that the council had no official status and recognized the paramount chief, or king, as the native authority for the territory to issue legally enforceable orders to the Swazis. Worries About Apartheid South Africa: In the early years of colonial rule, the British had expected that Swaziland would eventually be incorporated into South Africa. After World War II, however, South Africas intensification of racial discrimination induced the United Kingdom to prepare Swaziland for independence. Political activity intensified in the early 1960s. Several political parties were formed and jostled for independence and economic development. Preparing for Independence in Swaziland: The largely urban parties had few ties to the rural areas, where the majority of Swazis lived. The traditional Swazi leaders, including King Sobhuza II and his Inner Council, formed the Imbokodvo National Movement (INM), a group that capitalized on a close identification with the Swazi way of life. Responding to pressure for political change, the colonial government scheduled an election in mid-1964 for the first legislative council in which the Swazis would participate. In the election, the INM and four other parties, most having more radical platforms, competed in the election. The INM won all 24 elective seats. Constitutional Monarchy: Having solidified its political base, INM incorporated many demands of the more radical parties, especially that of immediate independence. In 1966 Britain agreed to discuss a new constitution. A constitutional committee agreed on a constitutional monarchy for Swaziland, with self-government to follow parliamentary elections in 1967. Swaziland became independent on 6 September 1968. Swazilands post-independence elections were held in May 1972. The INM received close to 75% of the vote. The Ngwane National Liberatory Congress (NNLC) received slightly more than 20% of the vote and three seats in parliament. Sobhuza Declares Absolute Monarchy: In response to the NNLCs showing, King Sobhuza repealed the 1968 constitution on April 12, 1973, and dissolved parliament. He assumed all powers of government and prohibited all political activities and trade unions from operating. He justified his actions as having removed alien and divisive political practices incompatible with the Swazi way of life. In January 1979, a new parliament was convened, chosen partly through indirect elections and partly through direct appointment by the King. An Autocratic Regent: King Sobhuza II died in August 1982, and Queen Regent Dzeliwe assumed the duties of the head of state. In 1984, an internal dispute led to the replacement of the Prime Minister and eventual replacement of Dzeliwe by a new Queen Regent Ntombi. Ntombis only child, Prince Makhosetive, was named the heir to the Swazi throne. Real power at this time was concentrated in the Liqoqo, a supreme traditional advisory body that claimed to give binding advice to the Queen Regent. In October 1985, Queen Regent Ntombi demonstrated her power by dismissing the leading figures of the Liqoqo. Call for Democracy: Prince Makhosetive returned from school in England to ascend to the throne and help end the continuing internal disputes. He was enthroned as Mswati III on April 25, 1986. Shortly afterward he abolished the Liqoqo. In November 1987, a new parliament was elected and a new cabinet appointed.In 1988 and 1989, an underground political party, the Peoples United Democratic Movement (PUDEMO) criticized the King and his government, calling for democratic reforms. In response to this political threat and to growing popular calls for greater accountability within government, the King and the Prime Minister initiated an ongoing national debate on the constitutional and political future of Swaziland. This debate produced a handful of political reforms, approved by the King, including direct and indirect voting, in the 1993 national elections.Although domestic groups and international observers criticized the government in late 2002 for interfering with the independence of the judiciary, parliame nt, and freedom of the press, significant improvements have been made concerning rule of law in the past two years. Swaziland’s Court of Appeals resumed hearing cases in late 2004 after a two-year absence in protest of the government’s refusal to abide by the court’s decisions in two important rulings. In addition, the new Constitution went into effect in early 2006, and the 1973 proclamation, which, among other measures, banned political parties, lapsed at that time.(Text from Public Domain material, US Department of State Background Notes.)

Monday, November 4, 2019

Analysis Annual Report 2010 Bayer Essay Example for Free (#2010)

Analysis Annual Report 2010 Bayer Essay Which indicators have been brought forward in the annual report of the company? Which specific targets are aimed at? How does the group state and assess the evolution of profitability in the annual report? Is there more recent public information about this issue? Where? Is this information in line with the one mentioned in the annual report? Is it indicating a similar evolution? What are the main propositions of the company to improve its profitability? What is the global financing strategy of the group? What is the evolution of the financing cost (several indicators)? What is the shareholders’ remuneration program? What are your sources (of information) regarding this issue? What are the main investment / disinvestment policies? How are these investments financed? What is the outlook of the company regarding this issue? What are the most important consolidated subsidiaries? (Eventually mention the approximate number of subsidiaries)? Are there associated companies? What is the evolution of the income attributable to shareholders (or result part of the group)? What are the comments of the company regarding this issue? What kind of indicators does the company report about shareholder value? Are those indicators compared with other information? Does the group announce the non-publication of some standards? If yes, for which reasons? Among explanatory notes associated with the consolidated accounts, choose one that is relative to a specific standard. For this note, report essential characteristics that highlight the differences in terms of recording and reporting in the relation to Belgian GAAPs. What is the impact of IAS/IFRS referential (if any) on the account that is concerned by this note? Global diagnostic Is there important recent information about this company? Would you invest in this company? Why? Business sector What is the main business of the group? Firstly, we have to know that Bayer was founded in Barmen, Germany in 1963 by Friedrich Bayer and Johann Friedrich Weskott his partner. It is a global and an inventor company with core competencies in the domain of health care, nutrition and high-tech materials. They produce and provide services to benefit people and improve their quality of life. In addition, they seek to create value with the help of innovation, growth and high earning power. For them, sustainability is very important for their social and ethical responsibilities. Its headquarters are in Leverkusen. This is one of the largest phamarceutical companies in the world and has three sebgroups: Bayer CropScience, Bayer HealthCare and Bayer MaterialScience. Led by the management holding company, they also have three services companies which operate independently: Bayer Business Services, Bayer Technology Services and Currenta. Are there other activities, complementary businesses within the group? Bayer CropScience has products in crop protection and nonagricultural pest control. It also has activities in seeds and plant traits. Bayer HealthCare is Bayer’s pharmaceutical and medical products subgroup. It is involved in the research, development, manufacture and marketing of products. It comprises a further four subdivisions: Bayer Schering Pharma, Bayer Consumer Care, Bayer Animal Health and Bayer Medical Care. Bayer MaterialScience is a supplier of high-tech  ­polymers, and develops solutions for a broad range of applications relevant to everyday life. Bayer Business Services located at the Bayer USA Headquarters in Pennsylvania. It handles the information technology infrastructure and technical support aspect of Bayer Canada and USA. Bayer Technology Services is engaged in process development and in process and plant engineering, construction and optimization. Currenta offers services for the chemical industry, including utility supply, waste management, infrastructure, safety, security, analytics and vocational training. What are the main group’s competitors? The main group’s competitors are Merck & Co, GlaxoSmithKline, Pfizer and Sanofi Aventis. Indeed, GlaxoSmithKline have the second post in the pharmaceutical’s world just behind Pfizer. Sanofi Aventis is in fourth place and Merck & Co and Bayer share the third place. Which main risks (that are inherent to this business sector) does the company mention? Which hedging policies are put in place? Business operations necessarily involve risks. So according to Bayer, effective management of risks is a key factor in sustainably safeguarding a company’s value. Risks are assessed both qualitatively and quantitatively in determining strategies of the strategic business entities. The risk management system is set on the Group Intranet. Directive published explains the basic principles of this management in accordance with German Law.According to Bayer Group, the definition of the risk is represented by events and possible developments within or outside of the group that would decrease the value of the company. These risks are described as follows: Legal risksBayer Group is exposed to numerous legal risks from legal disputes or proceedings to which they are currently a party †¦ So it is therefore possible that legal or regulatory judgments could significantly affect the revenues and earnings of the company.Industry-specific risksSome governments intervene directly in setting prices and the government reimbursement systems favoring less expensive generic pharmaceuticals over brand-name products, which diminish earnings from Bayer’s pharmaceutical products and could potentially render the market introduction of a new product unprofitable. So if it necessary, Bayer’s Group adjusts his business plans according to the significance of governmental intervention. Sales of the Group are subject to seasonal fluctuations and CropScience business particularly affected by weather conditions. Moreover the early identification of trends in the economic market is important elements of the Bayer’s Group business management. Finally where it appears strategically advantageous they may acquire a company or part of a company and combine it with their existing business. The integration processes associated with their acquisitions are steered by integration teams. Appropriate resources are provided to support the integration processes.Product development risksThe Group’s competitive position, sales and earnings depend significantly on the development of commercially viable new products and technologies’ production. So they therefore devote substantial resources to research and development. Furthermore it is possible that effects of their products may be discovered after regulatory approval or registration. So litigations and associated claims for damages due to negative effects can materially diminish their earnings.Regulatory risksOur life science businesses, in particular are subject to strict regulatory regimes relating to the testing, manufacturing and marketing of many of our products. In some countries regulatory controls have become increasingly demanding like in the USA or in EU. That may increase product development costs. So Projects have been initiated to coordinate the implementation of new regulatory controls and mitigate any negative implications for the business. Patent risksA large proportion of Bayer’s products is protected by patents. When a patent defense is unsuccessful, or if one of our patents expires, our prices are likely to come under pressure because of increased competition from generic products entering the market. The legal department, in conjunction with the relevant functional departments, regularly reviews the patent situation. Potential infringements of Bayer’s patents by other companies are carefully monitored so that legal action can be taken if necessary. Production, procurement market and environmental risksProduction capacities at some of their manufacturing facilities could be adversely affected by, for instance, technical failures, natural disasters †¦ This applies particularly to the biotech products because of the highly complex manufacturing processes. If in such cases they are unable to meet demand they may suffer declines in sales revenues. So they address product and environmental risks by way of suitable quality assurance measures. In addition, they are committed to the international Responsible Care initiative of the chemical industry. IT risksMajor disruptions or failure of global or regional business systems may result in loss of data and impairment of business and production processes. As a consequence technical precautions such as data recovery and continuity plans have been established together with the internal it service provider to address this risk. Risk to pension obligations from capital market developmentsThe Bayer Group has obligations to current and former employees related to pensions and other post-employment benefits. Changes in relevant valuation parameters such as interest rates, mortality and rates of increases in compensation may raise the present value of the pension obligations. This may lead to increased pension costs or diminish stockholders’ equity. Financial risksIn this part we are speaking about the management of financial and commodity price risks. As a global enterprise, Bayer is exposed in the normal course of business to credit risks, liquidity risks and various market price risks that could materially affect its net assets, financial position and results of operations. The various risks associated with financial instruments are outlined below together with the relevant risk management systems. In this risk there is a lot of subcategories: Credit risks: arise from the possibility of the value of receivables or other financial assets being impaired because counterparties cannot meet their payment or other performance obligations. To effectively manage the credit risks from trade receivables, Bayer has put in place a standardized risk management system Credit limits are set for all customers. Finally to minimize credit risks, financial transactions are only conducted with banks and other partners of first-class credit standing in line with predefined exposure limits. Liquidity risks: arise from the possibility of not being able to meet current or future payment obligations because insufficient cash is available. Those problems are centrally managed in the Bayer Group. Sufficient liquid assets are held to meet all of the Group’s payment obligations when they fall due, thereby ensuring solvency at all times. The size of this reserve is regularly reviewed and adjusted as necessary to current conditions. Then credit facilities also exist with banks. Markets risks: relate to the possibility that the fair value or future cash flows of financial instruments may fluctuate due to variations in market prices. Market risks include currency, interest rate and other price risks, especially commodity price risks. Currency risks: since the Bayer Group conducts a significant portion of its operations outside the euro zone, fluctuations in currency exchange rates can materially affect earnings. Currency risks are identified, analyzed and managed centrally and systematically. The scope of hedging is evaluated regularly and defined in a corporate directive. Then a significant proportion of contractual and foreseeable currency risks is hedged, mainly through forward exchange contracts and currency options. Interest rate risks: The Bayer Group’s interest rate risks arise primarily from financial assets and liabilities with maturities exceeding one year. Interest rate risks in the Group are analyzed centrally and managed by the central finance department. This is done in line with the duration set by the Board of Management, which implicitly also includes the ration of fixed-rate to floating-rate debt. Then the duration is subject to regular review. Other price risks (especially price risks): The Bayer Group requires significant quantities of petrochemical feed stocks and energy for its various production processes. The prices of these inputs may fluctuate considerably depending on market conditions. This applies particularly tothe MaterialScience business. They have addressed this risk by concluding long-term contracts with multiple suppliers. The operation of their production facilities requires large amounts of energy, mostly in the form of electricity and steam. To minimize the exposure to energy price fluctuations, they aim for a balanced diversification of fuels for steam production and a mix of external procurement and captive production for power generation. As we can see the overall risk assessment is based on a consolidated view of risk each. There were no risks identified may endanger the existence of the group in 2010. And this is the continuation of the previous year. Which indicators have been brought forward in the annual report of the company? Which specific targets are aimed at? The profitability of a company makes the relationship between the results obtained by the company and the means used to achieve this result. The result of a business can be estimated thanks to different criterion, such as:Operating income: Which one measures the earnings generated from the production activity of the company? The profit of the year: Which measures the net result of the company, when expenses and benefits have been taken into account? The Value Added: which measures the wealth created thanks to the production function of the company? Similarly, the means used by a business can be measured by:The total of assets: this corresponds to the measurement of assets used by the company to produce. The equity: measurement of all financial resources used to produce starting. Capital stock: it is all the financial resources made available to the company by shareholders. We must not forget that a business can be profitable but still have a lower profitability of its sector. That’s why its profitability should be compared with the one of its main competitors. Thus a possible lack of competitiveness could be detected. There are 3 kind of profitability: Return on assets ; Return on equity. The profitability indicators highlighted by the Bayer Group in its annual report are the following: EBIT (before special items) & EBITDA (before special items); Cash flow return on investment ; Earnings per share ; ROE (return on equity); ROA (return on assets). So concerning specific targets we believe that shareholders, investors and potential investors, suppliers and staff are the key audiences that are intended profitability indicators. How does the group state and assess the evolution of profitability in the annual report? Is there more recent public information about this issue? Where? Is this information in line with the one mentioned in the annual report? Is it indicating a similar evolution? The group assesses its profitability by focusing on the various indicators mentioned above. In its annual report, the group highlights a number of indicators of profitability, which are: EBIT & EBITDAThese indicators are reported in order to allow a more accurate assessment of business operations. The company considers EBITDA before special items to be a more suitable indicator of operating performance since it is not affected by depreciation, amortization, impairments or special items. By reporting this indicator, the company aims to give readers a clearer picture of the results of operations and ensure greater comparability of data over time. EBIT for 2010 came in at â‚ ¬ 2,730 million whereas it was â‚ ¬ 3,006 million in 2009. This decrease is due to several factors that are: Sales of the Bayer Group rose by 12.6% from the previous year to â‚ ¬35,088 million; in 2009 the amount was â‚ ¬31,168 million, thanks largely to the recovery in the Material Science business. Adjusted for currency and portfolio effects, sales grew by 8.0% ; The cost of goods sold advanced by 13.0% to â‚ ¬17,103 million. This was mainly due to a considerable increase at MaterialScience, which in turn resulted chiefly from the growth in volumes and higher average raw material prices for the year. The ratio of the cost of goods sold to total sales was 48.7%, this ratio increased by 0, 1%, it was 48, 6% in 2009. Selling expenses rose by 11.1% year on year to â‚ ¬8,803million, it was â‚ ¬7,923million in 2009, and were thus equivalent to 25.1% of sales. Health Care accounted for the greater part of the increase. The group raised their research and development expenses in 2010 by a further 11.2%,the amount increased from â‚ ¬2,746million in 2009 to â‚ ¬3,053million in 2010; Analysis Annual Report 2010 Bayer. (2016, Dec 09).

Saturday, November 2, 2019

Social work essay- community care and vulnerable user groups Essay

Social work - community care and vulnerable user groups - Essay Example Health care provisioning in Scotland has been integrated at both the basic primary level and the advanced secondary stage. Moreover, for ease of convenience and excellence in health services delivery, the regional boards have narrowed down to provide the services at community level. Localized subgroups of community health partnerships are very effective in health care provision at the ground level here. All classes of health workers are well represented in the healthcare framework in Scotland. Also in existence are the â€Å"extended community care teams† who work hand in hand with the system of health care and social care teams. They were introduced to ensure the effectiveness of service delivery and management of resources to ensure equitable and efficient utilization of resources at the community level. The health care provisions have been centralized as regards the funding. It is the role of the government to fund the services and as such, the public health care is free. H owever, this does not refute the existence of private sector in medical healthcare provision in Scotland. There is equally a well-pronounced private healthcare system in the country, which helps regulate the public sector and thus control monopoly. The nationals are thus not restricted to the choice of the services that are wholly offered by the public system (Gibbins, 2007, 1-5). These are strategic for those who require the hospitalization services or well too those who cannot access the community health care services when needed. Therefore, the public hospital system, the community based care system and the private sector work hand in hand to guarantee basic health care to the population of Scotland. The NHS (National Healthcare System), providers are commissioned to provide high quality services to the deserving population. By quality, the sector is expected to offer safe, efficient and patient sensitive services. According to â€Å"a Health Services