Monday, September 30, 2019

Lester B. Pearson and the Suez Canal Crisis

The Suez crisis was a conflict that could have easily turned into a third World War. With a battle between the Israelis and Egyptians at Sinai, the British and French invasion of Egypt, and nuclear threats from the Soviet Union, all of the elements were present to escalate the conflict and pull other countries into the fray. Canada had no direct ties to the Suez crisis, in terms of control or economic interest. However, Canadian Secretary of State for Foreign Affairs, Lester B. Pearson, persuaded the UN General Assembly to send in the United Nations Emergency Force. Even thoughLester B. Pearson dismayed the Commonwealth with his measures for peace, Canada was recognized for starting the first ever United Nations Peacekeeping mission. In the 1950s the Middle East was affected by four different conflicts; each one separate, but relating in many ways. The first was the rush for geopolitical dominance between the United States and the Soviet Union during the Cold War. The Middle East was one of the regions that were disputed. The second confrontation was between a various Arabian nationalists against the two residual Imperial powers of Britain and France.The third was the ongoing Arab-Israeli dispute, and the fourth was the push by many Arab nations for the control of the Arab world. The tension over the Suez Canal began long before the actual combat. These four conflicts all came into focus during the Suez Canal crisis. Long before the Second World War, Britain saw a bright economic future for the Middle East, mostly due to its valuable oil reserves. The Canal was a vital trade route in the eastern world, as cargo ships could pass though the Suez, from the Mediterranean to the Red Sea, without circumnavigating Africa.The Suez Canal's eo-strategic importance during the Cold War prompted Britain to strengthen its position there. However, it became a topic of controversy in the English and Egyptian relations. On June 23, 1956 an ultra-nationalist by the name of Gamal Abdel Nasser is voted into power, winning 99 percent of the vote. This does not concern Anthony Eden, the Prime Minister of England, as Egypt was always part of Britain's world of influence in the Middle East. As the British Broadcasting Corporation quoted, â€Å"Even though Egypt became independent in 1922, Egyptian kings and presidents have always done whatBritish leaders have told them to do. † However, Eden was unaware of the radical change in Egyptian government, which wanted nothing to do with the oppression of the British. In the 1950s, France was quick to assist its Imperial ally Britain in the occupation of the canal. France was to supply Israel with fghter Jets and weapons in a secret plan to invade and overthrow the dangerous radical government. To Egyptian President Nasser, it looks like a very powerful enemy is at the gate of his country. In light of this, Nasser looks abroad for arms. Just like the loan for the Aswan Dam, he looks upon theUnited States tor the supply ot weapons. Nasser knew i t US Presi en d t Dwight Eisenhower rejected this request, he could turn to their enemy and ask the Soviet Union for weapons. Once the Soviet Union did agree to help, Eisenhower and Anthony Eden saw Nasser as communist for cutting such a deal with the Soviets. As a result, they punished him by putting sanctions on Egypt, cutting off military supply and cancelling the financing of the Aswan dam, in attempt to destroy Nasser's dream of building an independent state. Nasser nationalizes the Suez Canal on July 26, 1956.This infuriates Eden and he wants to invade Egypt. Nasser then issues a statement claiming that he did this to generate revenue for the construction of the Aswan dam. False intelligence relayed from M16 to Anthony Eden tells him what he wants to hear, saying that Nasser is a pawn of the Soviet Union and the Egyptian people would welcome his overthrow. Diplomacy between US, Soviet Union, Britain, France, Israel and Egypt failed, and in the fall of 1956, Britain, France and Israel secretly plan to attack Egypt. Israel, as planned, made the first assault through the Sinai region to the east of Egypt, onOctober 29, advancing in a single day to within 42 km of the canal. The Israeli advance towards the canal is a fake to show the world that Egypt in danger of being overthrown by the Israelis. The British and French then dissimulate as peacekeepers, trying to diffuse then tension between Egypt and Israel. They offer Nasser an ultimatum: â€Å"Israel and Egypt are to cease fighting or the two Western powers will intervene†. On the 31st of October this ultimatum expires and France and Britain attack, bombing Alexandria and sending in thousands of troops. Russia then threatens Britain and France with Nuclear weapons.At this point it looks as though the world is on the brink of another World War. Canada had no interest to the Suez crisis, in terms of control, economic or military interest, but Lester B. Pearson saw an o pportunity to intervene. While the Cabinet in Ottawa debated about the attack on Egypt, the UN Security Council met in New York. Even though Canada did not have a permanent seat on the United Nations Security Council, Lester B. Pearson and the Foreign Affairs delegation of Canada worked towards building an agreement for the proposal to the I-IN, on the Suez Crisis.Encouraged by the US, Yugoslavia makes a â€Å"Uniting for Peace resolution†, which enables a debate to be moved to the General Assembly. The I-JK and France do not block this, however, negative votes would not constitute a veto. The Suez Canal debate is then moved to the general assembly. This is critical moment for Pearson as Canada can now get involved in the debate. Pearson's team began to work on November 1st and labored desperately for four straight days. The first proposal made by Pearson was to change the French and British soldiers in Egypt into actual peacekeepers with a UN mandate.However, the fury of the General Assembly would not allow this to happen. Pearson met with US Secretary of State John Foster Dulles, and they discussed many ideas but it was Pearson's idea of the International police force that they would finally agree upon. Dulles tells Pearson to propose it to the I-IN, and on November 4th, 1956 Pearson d the first ever nited U Nations Peacekeeping torce. The UN General propose Assembly gave support to the proposal made by Pearson as 57 nations voted for and no country voted Against. Lester B. Pearson would deliver this quote in his proposal â€Å"We eed action not only to end the fghting, but to make peace†¦My own government would be glad to recommend Canadian participation in such a United Nations Force, a truly international peace and police force†. After two weeks The UNEF units come into effect in the Suez region. The Peacekeepers would be placed between enemy forces until a cease-fire or settlement was worked out. The members of the UNEF were drawn from middle powers that had no individual interest in the dispute. The force was composed of 6000 soldiers, 1000 of which were Canadians including Major General E. LM Burns of Canada who commanded the UN Force. https://www.youtube.com/watch?v=qRv7G7WpOoUhttp://www.thecanadianencyclopedia.ca/en/article/suez-crisis/ http://www. suezcrisis. ca/http://www.torontosun.com/http://interactivetimeline.com/306/the-united-nations-and-the-israeli-palestinian-conflict/10.phphttps://en.wikipedia.org/wiki/Suez_Crisis

Sunday, September 29, 2019

Social media

All three articles promote the concept of using social media to build and maintain relationships with the public. In the state of emergency all three highlight the significance of social media networks because they allow for Instant communication between lost family members, volunteers and emergency services. Article 1 concludes that companies that are active on social media need to follow 3 strategies: disclosure or openness, Information delimitation and Interactivity and Involvement (Men & Tsar 2011).Both Article 1 and 3 both underline poor use of social medals attention and recommended online Interaction through two-way communication, which Includes replying or acknowledging user posts and comments, and posting content for entertainment purposes rather than just promotion. Article 2 showcases how organizations can better use social media platforms to interact and build relationships with their publics.The studies in all three articles reveal that overall the Chinese level of engag ement with corporate social network sites was rated at the medium level because users on Render (Chinese social media site) viewed social Edie as a platform to ask enquiries not Just view marketing and promotion material. 3) The common theme found in the research surrounding ‘social media' is its rapid transformation over the past ten years and how its use can go beyond its original intention. Backbone, was referred to at the time as a college version of Friends (DRP.Curtis 2013). Backbone and Twitter have developed new features to companies to stay relevant in the new digital age. Social media has changed communication channels and mediums over the last 10 years (Pashas 2013). All of the articles display the significance of creating a ‘sense of community belonging and affiliation' because social media connects and engages people from the comfort of their own home. However, our group learnt that organizations do not utilize social media to its best potential in relation to creating user to company relationships.As seen in the additional two articles ‘Moms for Blobbing' (source 1) and ‘China's Social Medal Fuel Citizen Quake Response' (source 2), social media Is connecting societies and communities around the world. As seen In source 2 the ability of civil society groups o coordinate a relief effort were â€Å"enhanced by Sins Hello, the Twitter-Like microbiology that did not exist in 2008 but now has more than 500 million users â€Å"(c)level society Is much more capable today compared to 2008,† (Levin 2013).All five articles and additional research highlight the evolution of social prom has the ability to influence people's attitudes and behaviors. 4) When it comes to social media and public relations the ability to form, build and maintain affiliations is a pivotal factor and will assist an organization to attain positive public relationships. As Ferguson stated ‘relationships – not the organization, nor the publi c, nor the communication process – should be the unit of study in public relations (Manager 2012).Therefore the relationship theory, which focuses on public relationships, is proposed by a number of scholars. As recommended in all the supporting articles time invested [in creating and maintaining relationships] makes a difference' (Sterner 2012). The relationship theory best demonstrates the conclusions of all articles because it supports the concept of developing ‘a social Edie strategy to grow virtual communities with stakeholders' (Lovely, Waters & Sexton 2012). It also promotes effectively building and maintaining relationships between the organization and the publics.However as illustrated in the articles 1, 2 and 3, the effective execution of this may be limited due to ‘cognitive dissonance' through the instruction received on application of social media. The notion of organizational public relationships as core to public relations is the focus of scholars B urning and Laddering (2000, p. 9) who state that, â€Å"the purpose and direction of an organization (its mission) is affected by relationships with key constituents (publics) in the organizational environment†.The emergence of social media has altered public communication and interaction from human-tachometer to human-to-human and human-to-content. The excellence theory provides a rich and abundance body of knowledge in public relations and a key finding in the study found that PR is a â€Å"unique management function that helps an organization interact with the social and political components of its environment† (des Chic,J & Snotty, G 2009). Social media All three articles promote the concept of using social media to build and maintain relationships with the public. In the state of emergency all three highlight the significance of social media networks because they allow for Instant communication between lost family members, volunteers and emergency services. Article 1 concludes that companies that are active on social media need to follow 3 strategies: disclosure or openness, Information delimitation and Interactivity and Involvement (Men & Tsar 2011).Both Article 1 and 3 both underline poor use of social medals attention and recommended online Interaction through two-way communication, which Includes replying or acknowledging user posts and comments, and posting content for entertainment purposes rather than just promotion. Article 2 showcases how organizations can better use social media platforms to interact and build relationships with their publics.The studies in all three articles reveal that overall the Chinese level of engag ement with corporate social network sites was rated at the medium level because users on Render (Chinese social media site) viewed social Edie as a platform to ask enquiries not Just view marketing and promotion material. 3) The common theme found in the research surrounding ‘social media' is its rapid transformation over the past ten years and how its use can go beyond its original intention. Backbone, was referred to at the time as a college version of Friends (DRP.Curtis 2013). Backbone and Twitter have developed new features to companies to stay relevant in the new digital age. Social media has changed communication channels and mediums over the last 10 years (Pashas 2013). All of the articles display the significance of creating a ‘sense of community belonging and affiliation' because social media connects and engages people from the comfort of their own home. However, our group learnt that organizations do not utilize social media to its best potential in relation to creating user to company relationships.As seen in the additional two articles ‘Moms for Blobbing' (source 1) and ‘China's Social Medal Fuel Citizen Quake Response' (source 2), social media Is connecting societies and communities around the world. As seen In source 2 the ability of civil society groups o coordinate a relief effort were â€Å"enhanced by Sins Hello, the Twitter-Like microbiology that did not exist in 2008 but now has more than 500 million users â€Å"(c)level society Is much more capable today compared to 2008,† (Levin 2013).All five articles and additional research highlight the evolution of social prom has the ability to influence people's attitudes and behaviors. 4) When it comes to social media and public relations the ability to form, build and maintain affiliations is a pivotal factor and will assist an organization to attain positive public relationships. As Ferguson stated ‘relationships – not the organization, nor the publi c, nor the communication process – should be the unit of study in public relations (Manager 2012).Therefore the relationship theory, which focuses on public relationships, is proposed by a number of scholars. As recommended in all the supporting articles time invested [in creating and maintaining relationships] makes a difference' (Sterner 2012). The relationship theory best demonstrates the conclusions of all articles because it supports the concept of developing ‘a social Edie strategy to grow virtual communities with stakeholders' (Lovely, Waters & Sexton 2012). It also promotes effectively building and maintaining relationships between the organization and the publics.However as illustrated in the articles 1, 2 and 3, the effective execution of this may be limited due to ‘cognitive dissonance' through the instruction received on application of social media. The notion of organizational public relationships as core to public relations is the focus of scholars B urning and Laddering (2000, p. 9) who state that, â€Å"the purpose and direction of an organization (its mission) is affected by relationships with key constituents (publics) in the organizational environment†.The emergence of social media has altered public communication and interaction from human-tachometer to human-to-human and human-to-content. The excellence theory provides a rich and abundance body of knowledge in public relations and a key finding in the study found that PR is a â€Å"unique management function that helps an organization interact with the social and political components of its environment† (des Chic,J & Snotty, G 2009).

Saturday, September 28, 2019

A T-shirt Epic Essay Example for Free

A T-shirt Epic Essay ? Pietra Rivoli’s delightful narrative, The Travels of A T-Shirt in the Global Economy , goes about a surprising journey around the global village to discover an entangled web of economic and political forces that move this piece of clothing around. The book is split into four parts of a t-shirt’s life.   Part one of the book deals with the cotton industry.   Rivoli’s own surprise at learning that the cotton used for her shirt comes from Texas opens up this chapter on the continuing dominance of the American cotton industry.   The book then continues to explain the reasons for these—aside from government subsidies, the larger part of America’s continuing competitive advantage is its â€Å"virtuous cycle† of governance.   Ã¢â‚¬Å"In the United States, the farms work, the market works, the government works, the science works, and the universities work.† (Rivoli 7). The second part of the book is about the textile industry’s so called â€Å"race to the bottom†.   Industrialization is ushered in by the textile industry, and Rivoli gives examples from 19th century England to the Asian economic powerhouses Japan, South Korea and Hong Kong in the 20th century.   The third part is about the complexity of getting a textile import into the United States, with all the confusing legislation brought about by decades of political control held by textile manufacturers in America.   In the final part of the book, Rivoli examines the global market for used t-shirts, which she concedes is the final place where markets actually determine its origin and destination.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The author is not making an argument for either protectionism or free trade.   Obviously, as a trained economist, Rivoli favors free trade, as do all her colleagues in an almost unanimous voice.   However, the book does not argue for either side, and instead illustrates that both sides of this policy divide unwittingly spur economic development. Free trade policies encourage more â€Å"races to the bottom† as production shifts to low cost countries; however protectionist policies also contribute to another type of race.   In the battle for quota imports to the United States, for example, investment has flowed into areas where there is less restriction on trade with the world’s largest consumer of textiles and apparel.   In the modern-day case with China, the relatively low quota limits that China has for its exports to the US before the expiration of the Multifiber Agreement (MFA) (Rivoli 121) has encouraged investments in other developing countries like Pakistan, Bangladesh and even Sub-Saharan Africa.   As the book notes, the exclusion of one creates opportunities for another, and the humble textile industry is the first step towards industrialization for many developing nations.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   As Rivoli further notes, when the MFA was scheduled to be taken down, a lot of other developing countries were scared of China eating everyone’s share of the textile pie.   It represents one of the few actually plausible pro-protectionist arguments in the book, which are not really argued for but just explained. The role of politics in international trade It’s a given fact that politicians will listen more often that not to their constituents first instead of to common sense.   Unfortunate as it may be, politics more often than not counter the market forces that power the global race to the bottom.   Rivoli puts it as â€Å"While the market forces powering the race to the bottom are strong, the political forces pushing back against the markets are strong as well, particularly in the United States.† (Rivoli 115) This clash between the two has made importation of textiles a very complicated business in the United States, and changes the face of international trade with it.   If an item cannot be imported from China, it is imported from Mexico instead, giving an artificial advantage to some countries that will not be there if market forces were solely in control.   The decisions that politicians like congressmen and senators in Washington make often influence the very futures of some countries in the world. Rivoli characterizes American industries that are aging as trying to escape market forces by clinging on to their political supports.   Instead of a paradise of no intervention and perfect competition, what happens is that more often politics exert a big unpredictable force that tilts the equation over completely.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Another example was 18th century England, where to no avail Parliament tried to pass acts that would protect their domestic wool producers.   Instead of having the intended consequences (i.e. eliminating imported cotton), it just pushed international trade to adapt to the circumstances. The â€Å"race to the bottom† phrase used so much in the book is one of the most intriguing ideas of Rivoli. Basically it says that the textile industry, like all industries is governed by market forces.   On the supply side, producers seek more and more productivity for lower costs—a reaction that sparked the original Industrial Revolution.   However, as wages go up along with production costs, producers are keen on reducing costs and preserving low prices with huge markets.   These trends doom an industrial country’s textile production after it becomes less competitive than another aspiring country who is not the leader in the â€Å"bottom† of production costs. The fire of the Industrial Revolution spread to the United States, and then in the last century to Asia, where during the past twenty or so years China has held the spot as top in this ubiquitous â€Å"race to the bottom†. The other side of the argument—those activists who bring about higher minimum wages and better labor standards, hasten the fall of a country from the â€Å"race to the bottom†, but at the same time also hasten industrialization and the development of other more value-added industries.   It also makes another country leader of the race to the bottom, ready to start the cycle all over again. This â€Å"history repeats itself† phenomenon—from Britain to Taiwan leaves the reader enthusiastic of the future, and of how economics will eventually make all the people of the world feel a little bit better. Rivoli, Pietra. The Travels of a T-Shirt in the Global Economy . New Jersey :Wiley, 2005. A T-shirt Epic. (2017, Mar 03).

Friday, September 27, 2019

Complete this as a formal analysis ( There should be three paragraphs Assignment

Complete this as a formal analysis ( There should be three paragraphs to this analysis) - Assignment Example What Terry lacks in the duration of her experience, she more than makes up for in anecdotes, a very practical asset in her presentations. Throughout her talk, Terry gave excellent anecdotes to give emphasis to her points. She used no graphics which, if added, might have made her presentation better. Presentation Two is one delivered by the noted economist, John Kenneth Galbraith, who addressed a convention several years before he died. It is probably obvious that Galbraith can be forgiven for some of the shortcomings of his talk. At 92, he displayed some of the characteristics of his advanced age, but these took away only very slightly from his talk. For example, after his presentation was complete, he took questions from the audience. After he finished with each answer, he would step back to the high stool that he sat himself on until the next question was asked. In a way, however, this added to the meaning of his answers, since after each question was asked, he would put his hand t o his chin, as if in deep thought, and only after he rose and lumbered to the podium did he answer the question. This gesture gave emphasis to the thoughtfulness of the answers he was giving to the questions prior to answering He used no graphics in his presentation, but his knowledge of the subject was first-hand and colorful.

Thursday, September 26, 2019

Review of the movie Outbreak 1995 Example | Topics and Well Written Essays - 250 words

Of the Outbreak 1995 - Movie Review Example This paper will highlight the manner in which the movie is linked to biology, as well as how the virus and antibiotic is carried by the monkey. The new strain of the Motaba virus was caused by a white-headed capuchin monkey that had been stolen from Biotest animal holding facility by one of the employees, James ‘Jimbo’ Scott. Jimbo stole the monkey with hopes of selling it in the black market; however, after failing to sell the monkey he releases it into the jungle (Petersen). Despite releasing it, he is already infected with the virus, and so is the pet store owner whom he wanted to sell the monkey to. He also infects his girlfriend when they kiss. The virus spreads so fast after mutating into a strain capable of spreading like influenza. For instance, several people get infected in the cinema hall after an infected person sneezes into the air (Petersen). It is because of its mutation that the antidote previously prepared cannot be effective to the already infected people. In this regard, the biological nature of the whole situation came into play since the host animal had to be found in order to create an eff ective serum to remedy the situation. In conclusion, Outbreak raises several questions as to what the government would do in case something of the sort happens. Consequently, concerns are raised whether CDC has plans to contain any contagion in case any outbreak occurs. The film combines medical detective work, marital and professional jealousy, military conspiracy, as well as action to create one gripping story

International sale carriege and contract of goods Essay

International sale carriege and contract of goods - Essay Example In the United Kingdom, the nature of a sale transaction, as to whether domestic or international, is determined in accordance with the places where the contracting parties hold their principal places of business. If the parties hold their places of business in different jurisdictions, the sale is characterised as international, otherwise it is domestic. This is the approach taken by the s. 26 of the Unfair Contract Terms Act 1977 as well as Article 1 of the United Nations Convention on Contracts for the International Sale of Goods (CISG hereafter).1 Many types of risks are being borne by long distance sellers in an international sale of goods, which include, inter alia: the uncertainty resulting from the transit of goods by sea; possible political uncertainty; conflict of law, and; payment issues. 1.1 The Uncertainty Brought About by Transit of Goods by Sea It has been said that the management of international business is the management of risk, a fair assessment considering the geog raphical distance between parties and the political and legal disparities between and among various jurisdictions. International sale of goods is complicated by the likely sea transit of goods. The uncertainty of having the goods travel from one point to the other for a considerable period of time from the time the seller brings his goods to the carrier for shipment to the time these goods are actually delivered to the buyer often entails risks that parties are eventually forced to assume. Thus, it is an often told tale in the international business world of goods damaged, spoiled, rusted, contaminated or lost while aboard vessels or when the vessels sink because of bad weather as they are being taken from one point to another. 2 1.2 Conflict of Laws Additionally, when a transaction of sale of goods involves parties coming from different states or countries a conflict of laws is likely to ensue. Thus, when conditions necessitating resolutions of dispute regarding the contract crop u p, the problem of what law should govern the interpretation of the contract as well as the proper forum of the dispute resolution become a problem. After resolution, the problem of enforcing them in the other jurisdiction remains.3 1.3 Problems Pertaining to Payment If the sale, for example, is agreed to be on credit terms the main problem of the seller is how to ensure payment. Allied to this is the problem of currency fluctuation that may occur at any time during the pendency of the transaction, which can potentially change the complexion of the transaction from being profitable to disadvantageous.4 1.4 Political Instability If the other party comes from a state with an unstable political environment and changes in government policies in international transactions occur during the pendency of the transaction, this could lead to changes as well in the nature of the original contract between the parties.5 To minimise risks inherent in

Wednesday, September 25, 2019

RTI^2 - Response to Intervention in Tennessee Schools Research Paper

RTI^2 - Response to Intervention in Tennessee Schools - Research Paper Example Decisions regarding the interventions’ duration and intensity are founded on the individual responses of the students being evaluated. Also, their designation for utilization in special and general education categories develops excellently integrated systems reliant on the outcomes of children. This paper explores the impact of Response to Intervention on schedules and direct instruction receivership in K-8 level schools in Tennessee. Response to Intervention processes use a universally accepted model that is widely practiced and scientifically researched that is divided into three tiers incorporating behavioral and/or academic intercessions. The first tier involves qualified personnel giving similar instructions to the students for screening to identify students with behavioral and academic needs as to their respective learning rates and performance levels. The second tier involves evaluating the individual progress of the participating students at increased intensity of the instructions provided. The third tier entails giving exhaustive intercessions targeting the identified skill deficits to ascertain whether each student satisfies the standards set to refer them for special education or general education. Besides, schools can use other implementation approaches such as functional assessment, problem-solving or standard protocol (Buffun, Mattos and Weber, 2009). The use of instructional processes in response to intervention is the pillar of the approach. Although assessment components are essential to the program’s implementation, it is the instructions appearing as a function of the assessments’ outcome that propels the desired changes in students found to have problems with academic performance; students at a danger of not scoring beyond the established standards. The tiered instructions describe a model in which instructions are presented to each student in

Tuesday, September 24, 2019

How relevant are pluralist theories of the state in todays world Essay

How relevant are pluralist theories of the state in todays world - Essay Example With the practice of democracy in the United States as the principal basis of such a claim by pluralists, is it safe to say that equality under the law is enforced in the face of political, social, and religious diversity among men, and the conflicting interests of their representatives? Common sense, defined by Cambridge Dictionaries, as the â€Å"basic level of practical knowledge and judgment that we all need to help us live in a reasonable and safe way† is deemed the starting point of pluralism. As our forefathers labored their way towards civilization, they became conscious of the diversity among men in terms of philosophical and religious concepts, and learned the ways to make use of such reality in the acquisition of their basic needs and protection from the forces that they had no control over (Chaurasia 2001). With the assortment of interests taken into consideration, they began to acknowledge the role of each group representing those interests, and endeavored to pursue a common good. Religion is one aspect that confirmed the separate inclinations of men, and in fact a subject of many confrontations among races today. Although it introduces the supremacy of one God, Protestantism encompasses several denominations as a result of variations in the method its followers demonstrate the faith. Even Islam of the Arab communities, although practiced in almost uniformed way by the devotees, encompasses doctrines that are somehow construed inconsistently. However, even before their advent, pluralism of the deities has been prevalent amongst the indigenous population of the American territory. Professor Catherine Albanese of the University of California asserts that â€Å"the colonial period in U.S. history was marked by religious pluralism, as Native Americans, African slaves, and European settlers practiced their own diverse forms of religion†

Monday, September 23, 2019

Global Business Situation and Opportunity Analysis [Marketing Plan Essay

Global Business Situation and Opportunity Analysis [Marketing Plan Part 1] - Essay Example Scanning the potential business environments and analyzing business opportunities and strengths with threats and weaknesses are critically important components in developing and establishing a market. Kraft Foods is one of the largest food processor in North America and has now emerged to be the second largest food processor of the world as it went global and made its presence in more than 100 countries. As part of its further marketing development, the company proposes to launch one of its most successful brands- namely Philadelphia- in India and therefore the company requires careful assessing and effective analyzing of situational and environmental factors that may impact the company. Marketing plan is an important success pathway to building any market. This paper presents a brief analysis of global business opportunity and business situation of Kraft Foods in relation to its prospect to launch a new brand in prevailing market, India. Introduction Globalizing the market has becom e a strategic effort to defend or promote competition, because globalized markets endogenously intensify competition between firms and force them to be highly competitive, innovative and to use latest technological developments (Blossfeld, Klijzing and Mills, 2012, p. 5). Almost all the fortune 500 companies have globalized their business to seize greater opportunities from foreign markets. This paper analyzes global business situation and opportunities for Kraft Foods Group Inc in relation to its business prospect to launch one of its most reputable brands, namely Philadelphia to one of its existing markets, India. Company structure, Capabilities and Resources . Kraft Foods Group Inc. is 50th largest Fortune 500 companies (CNN Money, 2013) and is renowned to be a global snacks-powerhouse with varying brands that seem unrivaled for the reputation they gained. It operates food and beverages in North America considerable market position in Canada and other countries. It manufactures a s well as markets refreshment beverages, liquid concentrates, coffee products, confectionary and grocery products and convenient meals in more than 100 countries (Reuters.com, 2013). It is a highly successful company in the way it has differentiated the products. It offers its products in a number of different brands such as Cadbury, Jacobs, Nabisco, Philadelphia, Trident, Maxwell House, Kraft etc (Reuters.com, 2013). Kraft Foods Group Inc. is very keen about preparing its recipe for positive change by reducing, reusing and recycling water and other important resources. The company put in efforts to make the difference by using less water for manufacturing and to reduce product packaging so as to produce less wastes (Kraftfoodscompany.com, 2013). Forbes (2013) ranks Kraft Food as the 46th world largest company for most powerful brand and as 63rd largest for most innovative firm. It employs more than 126,000 employees throughout the world. Products, Markets and distribution of Kraft Foods Kraft Foods offers mainly 7 different lines of products, namely baking & desserts, cheese & diary, coffee & beverages, deli meat & hot dogs, sauces & condiments, side dishes

Sunday, September 22, 2019

The Innocent Man Essay Example for Free

The Innocent Man Essay â€Å"The Innocent Man† apparently is the story of Ron Williamson, who spent 12 years on Oklahomas death row after having been convicted of a murder he did not commit; the book is more than Williamsons touching story. Co-defendant Dennis Fritz was wrongfully convicted of murder but sentenced to life in prison. Together with Williamson he was eventually vindicated by DNA evidence. Two other inmates, Karl Fontenot and Tommy Ward, whose cases were interconnected with Williamson and Fritz, remain imprisoned in Oklahoma serving life sentences regardless of substantial evidence of actual innocence. Ron Williamson, the lead character in the story was wrongfully convicted of Carters killing. Williamson is not the benevolent character. He appeared as a high school athlete in baseball and was chosen by the Oakland Athletics in the 1971 Major League draft. His professional baseball career never realized the promise displayed by his youthful potential, and he returned home to lead a life reduced by divorce, drugs, alcohol and small-time crime. Loaded by mental illness, his attitude added in many respects to his conviction. But the author’s portrayal makes perfectly apparent that Williamsons conduct in no way warranted the outrageous actions of law enforcement, prosecutors and judges. It is possibly one of the ironies of the law that while lawyers and judges botched Williamson, it would be others in those same professions who saved him only five days before he was calendared to be executed from imposition of his sentence of death. Lawyers from the Oklahoma death penalty assistance program and a courageous federal judge eventually held a new trial for Williamson. During the flow of the investigation and preparation for that trial, Williamson underwent DNA examinations that would prove his innocence. It was one of the first considerable DNA exonerations in American courts. â€Å"The Innocent Man† commences by unfolding the disappearance of Mr. Williamson’s and Mr. Fritz’s supposed victim from the parking lot of the nightclub where she worked. But she was later found dead at her home. By the time he has written 13 pages, the author has presented 22 witnesses, relatives, law officers and forensic experts, with many more to occur. If it takes a time for Ron Williamson to materialize, because it is clear in Mr. Grisham’s mind: Mr. Williamson had no direct relationship to the crime. The book illustrates the tortured process by which Mr. Williamson, with a reputation for being drunk, moody and troublesome, in the long run caught the interest of the police. The book offers much evidence of Mr. Williamson’s mental weakening. His behavior becomes violently inconsistent. His substance abuse intensifies. His habits turn progressively stranger. Meanwhile the author takes his extensive legal expertise to the job of being staggered by what he portrays as the law’s systematic breaking of Mr. Williamson’s rights and by the brutal handling of his suspicion. In the face of such blatant mistreatment of a suspect, the author has a difficult time keeping sarcasm at bay. Of the intense circumstances surrounding the death of Mr. Williamson’s mother, and that he was kept constrained even at her funeral, the author writes: â€Å"Such precautions were obviously needed for a felon who forged a $300 check. † Far worse than her son’s embarrassment is that Mr. Williamson’s mother died believing that she had ascertained to the police that her son was home watching videos with her on the night of Debbie Carter’s murder. Though her lawyer said he watched her make this testimonial to a police detective, a video camera evidently failed to register what she said. No evidence of it appeared in the legal proceedings that resulted. â€Å"The Innocent Man† is plural, despite its title because it is a story of four men, four average white guys from good families, all crushed up and abused by the system and locked away for a combined total of 33 years. This is a lot for a nonfiction narrative to deal with, and this book sometimes injures under the burden of so much harsh, frustrating data. Mr. Grisham’s information on the formation of an underground, completely daylight-deprived prison provides the most egregious hall of horrors in a book that is symbolically full of them. On occasion â€Å"The Innocent Man† provides a touchable souvenir of Mr. Grisham’s novels. Take Barney Ward, Mr. Williamson’s court-appointed lawyer, who appears as if he walked right out of the author’s fiction. This is Mr. Ward’s first death penalty case. He is a passionately colorful character. He is also blind; and just as the case revolves on forensic evidence that demands visual examination, his assistant leaves him in the motion. Mr. Ward’s relationship with Mr. Williamson is so touchy that Mr. Ward’s son is prepared to challenge the client physically should trouble take place. The author has an Olympian ability to launch thunderbolts. His book causes a plague of vipers upon the head of Bill Peterson, the Ada district attorney who managed both these investigations and is still in office. â€Å"The Innocent Man† forces readers to take an interested look at and ask some serious questions about a legal system that, in important criminal cases, seems to be malfunctioning in every corner of our nation. Reference: Grisham, J. (2006). The Innocent Man: Murder and Injustice in a Small Town. 1st ed. New York: Doubleday Books.

Friday, September 20, 2019

Human Resource Management and Organizational Performance

Human Resource Management and Organizational Performance Introduction The study of HRM has come a long way in a relatively short period of existence. In a society that has become increasingly dependent on knowledge and skills it is clear that the companies training perform an important role in overall organization performance. This training comes from Human Resource Management practices. HRM practices are defined as the activities intend to enhance the performance of organizations and employees ability to achieve the goals of organization. HRM practices raise the outcomes of HRM to influence the organization performance This study focus on the relationship between HRM practices variables and organizational performance, impact of HRM practices on organizational performance and productivity. The performance of an organization depends on many factors and employees contribution. Impact of combined performance of employees on organization performance is greater than individuals. Explanation, importance of relationship and the impact of the HRM practices on the performance of organization. Different approaches of HRM practices and business strategy. It reflects the approach and different factors of the HRM practices. Effect of the individual and shared climate levels of organization Different Studies have emphasized the contribution of Human Resource Management practices to the organizational performance. These studies focused on HRM practices. There is shared idea that HR practices are only effective when bundles are considered including incentive system, training, flexible job assignment, high selectivity and performance management. These practices contribute to increase employee and organization performance by increasing the level of productivity and financial performance. HRM practices have an effect of motivating employees to adopt the required behaviours, it links to the organizational climate, service environment and customer satisfaction. Outcome of investment on employees training each year, this finding is generally shown to be stronger when an organization provides employees with opportunities for the involvement in decision making and organises work in ways that allows employees a higher level of discretionary efforts in the way work is done HRM practices and Organizational performance According to studies of Boselie, Paauwe and Jansen (2000), that relationship between relevant dependant and independent variable will vary according to such influences as technology, unionization, industry, company ownership and location, capital intensity, company age and size. Contingency arguments imply potentially complex interactions between HRM variable, between performance and contingency factors, between HRM variables and performance indicators and contingency factors. Commitment HR practices are based on the idea that the closer an organizations HR practices resembled the correct prototypical system, the greater the performance gain Nicolai and Dana (2009), focus on the impact of individual and bundles of HRM practices. The focus of the empirical research has been divergent and it is clear that reward and training have attracted disproportionate. These are important HRM practices, but it is hard to argue on a priori grounds that positive impact of, for example job design variables. They found that practices such as the use of selective hiring, the extent of training and active participation of the employee in decision making were conducive to organization learning, while group performance-based compensation was not found to be significant for organization learning A number of HRM researchers have argued that synergies are likely to exist among individual HRM practices. These studies indicate that when HRM practices are applied as coherent systems, they have greater effects on organization productivity than the sum of the individual effects from each practice alone Cristina (2007), explain the relationship and impact of HRM practices in organizational performance. People management should be matter of discussion and investment on the part of companies. As for as the theoretical approaches are concerned, the conceptualization of the relationship among HRM practices and business strategy has given birth to three main approaches, named universalistic, contingent and configurational. Under the common relationship among HR Practices and organization performance or outcome, these models hypothesize different set s of variable and relations among them eventually influence corporate results In the view of Peter and Donna (2008), firstly approach which reflects the early work examining the impact of HRM practices implicitly assumed a universalistic, rational model of work organization yielded significant performance dividend. This has been closely associated with a best practice model of HRM. Secondly HR practices are required to have consistency with other organizational factors to be effective. These factors include the nature of market and legislative change. Climate of organization both as individual level attribute and as a set of shared beliefs and values have effect of motivating employee to adopt desired attitudes and behaviour that in the collection, help to achieve organizations goals. HRM system can be read as communication between employer to employee. The effectiveness of HRM system as communication to employee will depend on those features that define HRM system strength. These features are distinctiveness, consistency and consensus. Rita and Miguel (2004) , research has shown that HRM practices contribute to organizational performance. Early studies emphasized the impact of several separate HRM practices, such as compensation, performance management system and training. Later studies reported the positive impact of HRM practices on organizational performance as well as the virtuous impact of HR sophistication, measured by investment in HR planning, in hiring and in employee development on productivity, particularly in capital intensive organization. These latter studies have a common idea that bundle of HR practices improve employee and organization performance. Overall set of HRM practices developed the employees skills, ability and motivation. High performance work system contribute to improve employee and organization performance by increasing the level of productivity Organizations Demand and outcome for HRM practices According to Bo Hansson (2002), in estimating the impact of training on the probability of the organization being a top performer in the industry, controlling for the past profitability is an effort to measure the net contribution of training to the profit op the organization. Percentage of wage bills spent on training is significantly and positively associated with the profitability in an organization. The proportion of employee being trained is positive but not significant. Most significant factor to indicate current performance is the past performance The measure of internal promotion is significantly and positively associated with profitability only in the presence of how much is invested in training and not in the estimates of how many employees are trained every year. Focusing on internal promotion seems to be a good strategy for organization profitability as this strategy reduces the training. Because measure of internal promotion is significantly in the presence of how much is invested in training Bruce and Benjamin (2009), explain the individual organizations decision regarding the extent of the investment in HRM practices. Following the mainline of HRM practices they assume the organization short-run objective is maximum financial return, which is simply treating as maximum profit. This assumption limits to private sector for profit organizations. The HRM practices are treat as an input factor in production. That is the organizations output is assumed produced with labour, capital and HRM practices. HRM is utilized therefore, because of its boost productivity. HRM helps to produced more output and profit Strength of HRM Practices and Turnover Rita and Miguel (2004), presents the links between HRM feature and outcome at organizational level, such as financial performance and productivity. HRM system or practices creates the conditions to achieve organizational goals by influences employee attribution. Individual practices intended to achieve objectives, such as promoting innovation, process deals with how the HRM practices is designed and administrated to send signals to employees that allow them to create a shared meaning about the desired response and collective sense of what is expected. According to one study (B Hansson, 2002), turnover is significantly and negatively associated with being a top performing organization. A large amount spent on employee every year. It is crucial for an organization to retain their employee in that turnover reduces the returns to training. This reasoning is in accord with the rational that mobility lowers an organizations training investment in that reduces the return on these training i nvestments. However, an explanation for the finding that mobility is not determining the provision of training is that the economic benefits to the organization from training their employees outweigh the cost of lost human capital investment that are caused by personal turnover. Important determination of training is personal turnover as it affects the ability of organization to benefit from training Aims and Objectives Following are the aims and objectives of this study To show the Impact of HRM practices on the performance of organization Effect of HRM practices on employees performance, ability and behaviour. Contribution of HRM practices in organization performance. what package of HRM practices affect performance. The Relationship between HRM and Organizational Performance. Organization Performance and HRM practices Conclusions We can conclude that there are possibilities for including the institutional setting in theoretical framework in order to have a full coverage of the relationship between HRM practices and performance. On a number of HRM practices the individual organization cannot differentiate itself from competitors. The best practices are already enforced for majority of organization due to role. Highlight the impact of the individuals and bundles of HRM practices on the productivity and performance on organization The purpose of study is to explore relationship between HRM polices human capital and organization performance at business and individual level by considering different variables. From the concept of the strength of the HRM system, we can suggest that workplace climate provide a high credible mechanism in creating the basis on which practices are institutionalised into the inimitable asset for the organization. Workplace climate appears to act as a significant mediator between HRM system and performance

Thursday, September 19, 2019

Joseph Stalin Essay -- Russian History, Politics

Joseph Stalin ruled the Soviet Union from 1922 until his death in 1954. He is widely recognized as a dictator, an oppressor, and a ruthless ruler who took the Soviet Union from economic shambles to a superpower, but with the high cost of human sacrifice and his paranoia of opposition. Stalin saw himself as the natural successor of Leninism-Marxism, but in actuality he created a system of his own which did not go according to the philosophy of Karl Marx and Engels. Stalin’s early political career began just like everyone else who gained prominence in the Bolshevik takeover of the Russian Empire. Lenin had successfully launched his revolution in October, 1917 and became the leader of the Russian Communist Party until his death in January 1924. Stalin played only a minor role in the October Revolution and a relatively inconspicuous part in the Civil War (Lee 1). Stalin was sent to exile in Siberia for committing crimes in Russia, and after his return he became a member of the Cen tral Committee of the Bolshevik Party in 1912. Stalin worked to gain support in the Communist party during its early stages. He created close contacts that he would later betray, and others which he would use to help him become the next leader of the Soviet Union. He accumulated the posts of People’s Commissar for Nationalities in 1917, liaison official between the Politburo and the Orgburo in 1919, and General Secretary of the Party in 1922 (Lee 1). Soviet books and propaganda always portrayed Stalin having a close relationship with Lenin, as seen in textbooks, propaganda posters, and Stalin himself who always spoke highly of his friendship with Lenin. However, Lenin and the Bolsheviks thought differently of Stalin. The 1920s and early 1930s saw the rise a... ...’s unorthodox rise to power, to his brutal economic policy, it was a form of true dictatorship and turned the Soviet Union into a totalitarian state. Karl Marx wrote that the techniques of exploitation by the bourgeoisie would lead to a violent revolution by the proletariat, and it would change the economic and social order of the state. In this case, Stalin exploited his proletariat and acted as a bourgeoisie, using the labor force for his personal gain and what he thought would be the best way the Soviet Union would ever become a superpower. Joseph Stalin took the idea of Marxism and added his own theory to it, distorting it and creating a new system of politics that is coined â€Å"Stalinism.† It has its similarities, but largely it is a split in ideology that would cause the deaths of 20 million people during his rule, something Karl Marx, or Lenin never intended.

Capital Punishment Essay - True Justice Through Application of the Deat

True Justice Through Application of the Death Penalty      Ã‚  Ã‚   The death penalty, as administered by states based on their individual laws, is considered capital punishment, the purpose of which is to penalize criminals convicted of murder or other heinous crimes (Fabian).   The death penalty issue has been the focus of much controversy in recent years, even though capital punishment has been a part of our country's history since the beginning.   Crimes in colonial times, such as murder and theft of livestock were dealt with swiftly and decisively ("The Death Penalty...").   Criminals were hanged shortly after their trial, in public executions. This practice was then considered just punishment for those crimes.   Recently though, the focus of the death penalty debate has been on moral and legal issues.   The murderers of today's society can be assured of a much longer life even after conviction, with the constraints of the appeals process slowing the implementation of their death sentence.   In most cases, the appeal pro cess lasts several years, during which time criminals enjoy comfortable lives.   They have television, gym facilities, and the leisure time to attend free college-level classes that most American citizens must struggle to afford.   Foremost, these murderers have the luxury of time, something their victims ran out of the moment their paths crossed.   It is time this country realized the only true justice for these criminals is in the form of the death penalty.   The death penalty should be administered for particularly heinous crimes.    Opponents of capital punishment are outspoken and vehement in their arguments.   They believe the death penalty does not does not deter crime.   They also hold the opinion that endin... ...l Punishment:   Give It a Chance."   Pro-Death Penalty.    http://www.clas.virginia.edu/~fdc4k/brinkers.html   (7 Apr. 00) "The Death Penalty - An Eye for an Eye"   ACLU.   http://www.aclu.org/library/pbp8.html   (17 Apr. 00) Fabian, Nicholas   "A Review of Capital Punishment:   Is the Death Penalty a Deterrent Against Crime?"   Pro-Death Penalty.   http://webcom.net/~nfhome/capital.htm  Ã‚  Ã‚   (20 Apr. 00) "Issues and Controversies:   The Death Penalty"   Issues and Controversies on File. http://www.facts.com/cd/i00015.htm#100015_b   (20 Apr. 00)    Sharp, Dudley   "Death Penalty and Sentencing Information in the United States"   Pro-   Death Penalty.   http://www.prodeathpenalty.com/DP.html   (17 Apr. 00) Snell, Tracy   "Capital Punishment 1995"   U. S. Department of Justice.   http://www.ncjrs.org/pdffiles/cp95.pdf   (20 Apr. 00)

Wednesday, September 18, 2019

game :: essays research papers

Gigabyte has finally unveiled their new video card based on the Radeon 8500. The Radeon 8500 has been recieving good press from other review sites and users with the latest drivers. Gigabyte has decided to jump on the bandwagon and released their 8500 based card with a core/clock of 275/275MHz. The Maya Serial as it will be called will feature 3.6NS ram which is on par with the retail ATI Radeon 8500. It also features Gigabyte's V-Tuner which allows temperature monitoring and overclocking. This should allow users to monitor temperatures of the Graphics Card more accurately then when measured with devices such as a Compunurse. Gigabyte Announces All New Graphics card Called ?g MAYA Serial ?h With ATi GPU Gigabyte has always concentrated the efforts in bringing top-of-the-line and admirable product to the global market. MAYA Serial 3D graphics accelerator, the masterpiece with newly released ATi Chipset, offers numerously genius designs and utilities you have never seen. It also supports high-speed DDR SDRAM memory?iAP Serial?j, ensured a outstanding 3D graphics performance even in the high loading of 3D Applications or 3D multi-work. As the MAYA Serial required a better heatsink, not surprisingly the card is fitted with a bigger fan-sink as well as heatsinks High performance on the RAM module?iAP/AR Serial?jto make the overclocked components run as stable as possible. All MAYA Serial utilizes the recently announced DirectX 8.x driver, providing unprecedented levels of 3D game performance and animation quality, enable users to experience a rich 3D environment. Gigabyte patented graphics accelerator driver / V-Tuner Utility In order to meet market requirement, the patented driver included a driver interface specific designed for MAYA Serial graphics accelerators called ?gV-Tuner?h. When users install the V-Tuner, the driver icon will be appeared and exists in the desktop. As long as you right click the icon, V-Tuner will generate a full-function optional menu immediately. game :: essays research papers Gigabyte has finally unveiled their new video card based on the Radeon 8500. The Radeon 8500 has been recieving good press from other review sites and users with the latest drivers. Gigabyte has decided to jump on the bandwagon and released their 8500 based card with a core/clock of 275/275MHz. The Maya Serial as it will be called will feature 3.6NS ram which is on par with the retail ATI Radeon 8500. It also features Gigabyte's V-Tuner which allows temperature monitoring and overclocking. This should allow users to monitor temperatures of the Graphics Card more accurately then when measured with devices such as a Compunurse. Gigabyte Announces All New Graphics card Called ?g MAYA Serial ?h With ATi GPU Gigabyte has always concentrated the efforts in bringing top-of-the-line and admirable product to the global market. MAYA Serial 3D graphics accelerator, the masterpiece with newly released ATi Chipset, offers numerously genius designs and utilities you have never seen. It also supports high-speed DDR SDRAM memory?iAP Serial?j, ensured a outstanding 3D graphics performance even in the high loading of 3D Applications or 3D multi-work. As the MAYA Serial required a better heatsink, not surprisingly the card is fitted with a bigger fan-sink as well as heatsinks High performance on the RAM module?iAP/AR Serial?jto make the overclocked components run as stable as possible. All MAYA Serial utilizes the recently announced DirectX 8.x driver, providing unprecedented levels of 3D game performance and animation quality, enable users to experience a rich 3D environment. Gigabyte patented graphics accelerator driver / V-Tuner Utility In order to meet market requirement, the patented driver included a driver interface specific designed for MAYA Serial graphics accelerators called ?gV-Tuner?h. When users install the V-Tuner, the driver icon will be appeared and exists in the desktop. As long as you right click the icon, V-Tuner will generate a full-function optional menu immediately.

Tuesday, September 17, 2019

Financial statement analysis

Most notable products from Apple include the Phone, Pod, Pad, ND Imax personal computers. Apple is also involved in computer and web based application developments, which support their essential products such as Tunes, Safari, and Cloud. Through its innovative, streamlined, user-friendly designs, Apple has achieved a meteoric rise to industry domination since 2002. This growth, however, has recently come to a relative standstill following its peak in 2012 and has investors speculating if this marks the end of Apple's bullish behavior, or just a minor setback because of the company's change of management.Apple Inc. Saw a 9% total increase in revenue this sat year from SSL 56,508 million in 2012 to $170,910 million in 201 3(Apple Inc. , 2013). This growth is in part due to the release of the Phone â€Å"As† and â€Å"c† models, the introduction of the Pad â€Å"Mini† retina display as well as the company's normal day to day sales. This 9% growth may be some cause f or concern though, as prior years increase in revenue saw a 45% average growth from year to year (44% in 2012 and 65% in 2011).Apple's annual release of new products typically yields a 30% overall growth in revenue, which potentially indicates there is stagnation of growth overall in the current racket. This stagnation may be attributed either to heavy saturation of products within the current market, leaving little opportunity for expansive growth, or that consumers are unimpressed with the current product line. Apples peer firm Microsoft (MOST) has seen a modest 5% increase in total revenue from $73,723 million to $77,849 million from 2012 to 213 respectively (Microsoft Corporation, 2013).This increase is consistent with prior 3 years which have each yielded a 4-5% increase in revenue. Compared to Apple, Microsoft has a relatively stable growth and be attributed to the elatedly consistent flow of products from year to year. The â€Å"earnings per share† ratio (PEPS) reflect s the decline in overall profitability as well, with a 10% decline in Apple's PEPS from $44. 43 to $40. 29 in 2012 and 2013 respectively (Apple Inc. , 2013).This can be attributed to two factors: a decrease in net profit margin and a paralleled decrease in gross profit margin. There was an 11% decrease in net profits because of an increase in overall inventory. Increasing inventory will also increase a company s operating expenses as they accommodate new production. Companies typically raise their inventory evils as they release new products in anticipation for projected consumer demand for these products.As is the case with Apple, this will have a negative impact on a company's net profit when there is less than anticipated demand for their new product. The depreciation of older inventories can also be responsible for an overall decrease in profitability. Microsoft has conversely seen an increase in PEPS from $2. 03 per shard to $ 2. 63 per share as a result of an increasing profit margin ratio from 23% to 28% in 201 3(Microsoft Corporation, 2013). Overall this increase can be attributed to an increase in ales over the period as new technologies are release.Overall PEPS increase as a result of Microsoft's lower CEQ duty/investment into their company where as Apple has put much more equity into the release of their new releases in 2013. The increase in cost of sales is reflected in the decline of the gross profit margin ratio which is an additional indicator for a comprehensive decrease in profitability. Apple's total gross profit fell from $44. 00 to $38. 00, in 2012 to 201 3 respectively, which is below the $42. 00 industry average as their cost of sales experienced a 22% increase from 587,846 million to 1 06,606 million dollars.The decrease in gross profit is explained by a number of factors according to Apple: â€Å"introduction of new versions of existing products with higher cost structures and flat or reduced pricing; a shift in sales mix to products w ith lower margins; introduction of pad mini with a gross margin significantly below the Company's average product margins; higher expenses associated with changes to certain Of the Company's service policies and other warranty costs; price reductions on certain products, including pad 2 and phoned; and an unfavorable impact room foreign exchange fluctuations. (Apple Inc. , 2013). An intangible effect that could positively impact Apple's gross profit in the long run is an increase in the number of product consumers as well as a potential increase in consumer loyalty. When compared to Microsoft smaller 2% decrease of gross profit margin from 76% to 74% in 2013. Microsoft decision to decrease sales price of windows 8 and decrease margins for the Oxbow One is responsible for the decrease in gross profit margin much like Apple. Tooth Apple inch's and Microsoft's overall decrease of gross profit margin can be said o increase consumer satisfaction because more advanced technologies are sol d at a lower margin thus giving a customer more value to their purchase. By lowering the price on certain high value items, such as the phone 4 and the pad 2 mentioned in Apple's statement, Apple has made these products more accessible to potential customers with lower incomes or frugal spending habits.Furthermore, if there is an increase in Apple product consumers as a result of the change in price, there will likely be an increase in customer loyalty and satisfaction with these products. The PEPS decline and he increase in cost of sales can further be explored through an analysis of the company's balance sheet. There was a significant increase in Apple's inventory from $791 million to SSL . 76 billion from 2012 to 2013 respectively. This 123% increase in inventory demonstrates a wholesale investment in anticipated consumer demand and loyalty.Apple typically announces product releases long before the actual release date in order to build market â€Å"hype† and also sets rele ase dates to coincide with times of historically greater spending in the market, such as the Christmas holiday season. This â€Å"hyping† recess, however, can go both ways in terms of sales by either positively building up consumer anticipation or by allowing time for consumers to second guess the product before it is released. There is also an inherent risk in inventory expansion based on projected sales; consumers may just not be in the market for new products.An indication that this may be the case is found by looking at the inventory turnover ratio which experienced a decrease from 11 1 times per quarter to significantly lower 83 times per quarter. Microsoft, like Apple, has seen a significant decrease of inventory turnover of 14% from 15. 2 times to 13. 13 times per quarter. This decrease in overall turnover much like, Apple is due to customer anticipation of newer release. However, these changes were significantly different for Microsoft as their offerings have less vol atility, especially in sales of operating systems, and usually see less adoption by consumers in starting stages.Apple acid test ratio, involving current assets over current liabilities, stands at 1. 64 in 2013 which is an increase of approximately 8 points from 2012. This is much higher than the industrial average of 1. 0, indicating Apple is a relatively safe investment and has enough in current assets to cover its debt Obligations. This sets Apple as one of the safer blue chip stocks that can provide consistent wealth for their share holders. Microsoft has experienced a increase acid test ratio from 2012 to 201 3 from 2. 57 to 2. 66 respectively this is significantly higher than Apple Inc. ND can be said to be a safer investment. Microsoft overall keeps their balance of ratios to asset very consistent and insures that they can meet their bottom line as well as provide security for their investors, more so than Apple In the third quarter of 201 3 Apple accrued total of 1 6,960 mil lion dollars in debt. The long term debt was used to offset the repurchase of stock of $22. 9 billion as well as dividend equivalent rights of $10. 6 million dollars. This accrued debt helps Apple Inc avoid taxes of upwards of $9. 2 billion dollars (Burrows, 2013) meanwhile Apple will only incur a $308 million interest a year.Had they used their offshore cash Apple would have had to pay a 35% tax and will save another $1 00 million as these interest payments are tax deductible (Burrows, 2013). Apple's move to take on this debt to finance $55 billion dollars in stock repurchase is an effort to increase overall earnings per share as well as increase total value to the consumer meanwhile adding to overall company value. The statement of cash flows revealed that In 201 2 Apple board of directors authorized a $10 billion stock which was later raised to a total of $60 billion in 2013.Apple repurchased/retired a total of $22,860 million dollars worth of stock in 201 3 as opposed to issuanc e of 665 million in 2012. Apple stated that this repurchase was a move to increase end value to shareholders. Shareholders that are offered buy back will in turn gain profit and will decrease the overall outstanding shares. By decreasing the total shares the company's earnings per share ratio will consequently increase, and given the current plan should increase PEPS by around $4 over the following fiscal year (Hughes, 2013) and adding to the company's overall worth.The overall decrease in outstanding shares also decreases the total amount of dividends paid to investors thus cutting expense and adding to company revenues. Apple began issuing dividends toward the end of 2012 and has since seen a significant raise in dividends issued to its stockholder. Apple has since issued $10,564 million of vividness to shareholders representing a 324% increase dividends paid for 2013 from the $2,488 of dividends paid in 2012. Quarterly dividends were raised by 15% from SO. 65 per share to $3. 05 per share in 2013.The price to earnings ratio also increased from 9% to 13 % as well as the increase in payout ratio from . 29 to. 06 reflects this change value to stockholders as a consequence of stock retirement and increased dividend payout.. A very lucrative opportunity presents itself for current stockholders as the prospective raise of PEPS due to buy back will ultimately add incredible attention value due to increased dividend yield. Microsoft's plan to buy back a total $40 billion plan began in 2008, they began this buy back to increase overall PEPS and PIE as well as increase the companies payout ratio.Buyback has thus far increase PEPS however subsequent drops in PIE ratio from 12. 36 to 10. 24 and stagnant dividend yield make investment into Microsoft a riskier endeavor than Apple as the decrease in P/E does not bode well for buyer confidence. Though the higher dividend yield is still attractive to investors and is higher than that of Apple Inc. Apples market share in sma rt phones should e of particular concern to interested investors as of recent events. Market share, especially for key products, gauges the company's current position amongst its competition and overall pull within the market.It can effectively gauge if the company is meeting the needs of its consumers and prospective growth. Within the past year the Phone only gained around a 13% overall growth in sales, however this is miniscule compared to overall Smartened market growth of 44% in 2013. Apples market share shows further struggles as overall mobile market share decrease by a full 4% from 19% market share n 2012 to a 15% in 2013. (Gardner, 2013) However, other companies like Microsoft and Samsung saw significant increases in SO use and hardware use with Samsung clearing 31% total market share from its 30% in 2012.This may be worrisome as Apple may not providing what customers want and can account for a decrease in overall prospective growth. However, this may be remedied by Apples breakthrough to markets china and Japan late in 2013. The departure of Steve Jobs and the arrival of Tim cook in august of 2011 has been a cause for a weaker overall product line. The recent introduction of ewe products have spawned a lackluster response by consumers especially in the release of the Phone 5 variants (as and c) as well as the improved retina display pad mini.These products neglected to offer anything new or revolutionary to set Apple apart, they were just mere improvements to tested product. The lack of ingenuity has potential to cause a decline Apples growth in sales and may cede market share competitors who have more to offer to the consumer. Microsoft on the other hand has remained consistent in its product offerings throughout the years. This is expected of Microsoft as hey re key product involves enterprise systems that provide basic needs for businesses. Financial Statement Analysis (2004-2008) Course Title: Managing Financial Resources Course: MSc. Finance Date: 11th January 2010. TABLE OF CONTENT Executive Summary This report shows the analysis of the financial performance of Centrica Plc, one of the top energy business providers in UK. Based on my analysis from this report I can conclusively state that: Centrica Plc has an upper hand in the energy and gas market than it s competitor; Scottish Power. Centrica Plc’s turnover was very high in 2008 which shows that it made better sales than its competitor. Although Centrica’s sales turnover was high in 2008 but the profit margin dropped drastically. In the overall financial performance Centrica Plc made a loss of ? 645million in 2008 compared to the previous year 2007 when the company had a retained profit of ? 1088million. This was considered to be an impact of the global financial crises that hit the UK and US economy causing increase in oil prices and a drastic fall again as the level of global oil demand rises and at the same time causing a tight supply position. Centrica Plc’s Total shareholders return has an upper hand when compared with other 99 members of the FTSE 100 in 2008. INTRODUCTION evaluate the impact of financial accounting concepts on corporate reporting of Centrica Plc. evaluate the limitations of ratio analysis discuss the role of management accounting in the evaluation of Centrica’s business performance. I have been motivated to choose Centrica Plc because of the type of product they deal in, which is energy. It is a product that is essential for all, not just households. And it will be good to know if this company is actually doing well in terms of profitability and customer’s satisfaction. LITERATURE REVIEW *PROFITABILITY RATIO ANALYSIS *OF CENTRICA PLC AND SCOTTISH POWER (Reference: FAME (Financial Analysis Made Easy) FINANCIAL RATIO ANALYSIS OF CENTRICA PLC AND SCOTTISH POWER (Reference: FAME (Financial Analysis Made Easy) GRAHPICAL PRESENTATIONS OF RATIOS {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} ANALYSIS AND DISCUSSION FINANCIAL PERFORMANCE ANALYSIS BASED ON THE GRAHPS According to Barry Elliot and Jamie Elliot, ratios show different items in the financial statements. A ratio is not useful in isolation and its usefulness depends on what aspects of the firm’s business affairs are being investigated. Ratios, according to them are a powerful tool in interpreting and understanding a company’s account. Therefore, the graphs above show the performance of the Centrica plc and its competitor; Scottish Power over a period of 5years and will be analyzed below. DEBTORS TURNOVER: This ratio shows how long it takes debtors of a company to pay back credit purchases. In as mush as credit facilities enhances sale turnover in a competitive market, it is very important to take adequate control of it because it is an essential part of working capital management. (Buz/ed, 2009) It is calculated as: Debtors' Turnover*= Average Debtors * ? 365days Centrica Plc has been able to achieve a positive stock turnover ratio over the years with a 55% less time between 2004 and 2008 compared to its competitor that has a longer time of 18% to sell off its products. This shows that Centrica Plc has more sales turnover than Scottish Power. The trend on the graph show that Centrica Plc has been more liquid than Scottish power because the higher the ratio, the more liquid the business is said to be. It is obvious from the graph that Centrica Plc is more liquid than Scottish Power. That is Centrica Plc has a better capacity to pay it short term debt than Scottish Power, with reference to their current ratio of 1. 12 to 0. 59 respectively in 2008. DISCUSSION IMPACT OF FINANCIAL ACCOUNTING CONCEPT UPON CORPORATE REPORTING OF CENTRICA PLC Going Concern: The Board of directors of Centrica Plc continues to adopt the going concern basis in preparing the financial statement because they have a reasonable expectation that the company has adequate resources needed to continue operational existence for the foreseeable future Business Entity: Centrica Plc operates as a separate business entity from its investors. Cost: Centrica Plc reports the market value of its assets. Sincerity: The financial Statement of Centrica Plc is prepared and audited by auditors from the Pricewaterhouse coopers Monetary Unit: The financial statement of Centrica Plc shows a single monetary unit dominated in GBP (? ) because the parent company is in the UK. Dual concept: Centrica presents it total assets as liabilities (debt finance) plus equity (shares). Accrual: The revenue or income of Centrica Plc are recorded when they are actually earned. (Asmii V. 2009) ROLES OF MANAGEMENT ACCOUNTING ON THE BUSI*NESS PERFORMANCE OF CENTRICA PLC According to Institute of Management Accountants, Management accounting can be defined as â€Å"the internal business building role of accounting and finance professionals who work inside the organizations† They are concerned about the growth of the business in terms of evaluating the business prospects, budgeting and forecasting, implementing and monitoring internal controls for the purpose of achieving economic value. The Board of Directors of Centrica Plc believes that there must be high standards of corporate governance which are relevant to the overall integrity and performance of the business. The Company adopted a new set of Articles of Association which states the power of the Board of directors at the 2008 Annual General Meeting and stated below are few of the responsibilities of the Directors with respect to the managerial accounting of the company. the Group’s corporate governance and system of internal control development of strategy and major policies nterim dividend payments and recommendation of final dividends the appointment and removal of Directors and the Company Secretary the Group’s corporate responsibility arrangements including health, safety and environmental matters reviewing management performance approval of the annual operating plan, the financial statements and major acquisitions and disposals The Board gives thorough monitoring to the development of the co mpany’s strategies and also during the year 2008, the Board had a full review of the company’s overall strategy with the assistance of an independent external consultant. The Board also place value on their investors and promote communication program in order to hear their views of their shareholders as regards the key matters affecting the company. The Chief Executive and Group Finance Director held regular meetings with the Company’s major shareholders during the year and the Company’s Rights Issue which was the main topic of discussion was successfully completed during December 2008 after which an approval was given at the Company’s General Meeting held on 21 November 2008. The company’s Executive Committees also established a control infrastructure to ensure proper monitoring and management where major risks have been identified. *THE NON-FINANCIAL PERFORMANCE* OF CENTRICA PLC The fluctuation in demand and prices of oil worldwide as well as the global financial crises in 2008 made Centrica Plc face series of challenges and the Chairman of the company (Roger Carr) tagged the year â€Å"a difficult year†. But despite the difficulty, the company still performed well because it is a company that aims at delivering stability and growth for the benefit of their customers, employees and shareholders. Centrica Plc’s non-financial performance can be outlined in terms of the following: *BUSINESS PERFORMANCE OF CENTRICA* PLC LIMITATIONS OF RATIO ANALYSIS Ratios are useful methods of analyzing the performance and financial position of a business but they have their flaws which are seen as limitations and will be analyzed below. THE IMPACT OF THE CHANGE FROM UK GAAP TO IFRS ON THE CORPORATE REPORTING OF CENTRICA PLC that IFRS has improved the company’s 2004 operating profit and statutory Earnings Per Share (EPS) reduction in shareholder’s fund as a result of pensions deficit Adjustment the company’s policy to link dividend to earnings thereby increasing pay out ratios. Some assets and liabilities will be treated differently which will affect timing of profit. CONCLUSION With reference to the ratios analyzed above, Centrica Plc has an upper hand in the energy and gas market than it s competitor; Scottish Power. Centrica Plc’s turnover was very high in 2008 which shows that they made better sales than its competitor. Although Centrica’s sales turnover was high was high in 2008 but the profit margin dropped drastically. In the overall financial performance Centrica Plc made a loss of ? 645million in 2008 compared to the previous year 2007 when the company had a retained profit of ? 088million. This was considered to be an impact of the global financial crises that hit the UK and US economy causing increase in oil prices and a drastic fall again as the level of global oil demand rises and at the same time causing a tight supply position. Finally, we can say that from the record of 2007, the financial performance in 2008 was good despite the economic instability. Centrica Plc made strong progress against the strategic priorities set out at the end of year 2006. The global financial crises which remain very challenging in the UK till date could pose as a problem for many of the company’s customers. But Centrica Plc promises to continue to place their customers’ needs at the forefront of their agenda, alongside the determination to deliver increasing long-term value for our shareholders FUTURE OF CENTRICA PLC According to the Chief Executive’s Review, some priorities have been set for the future growth of Centrica which would help measure performance in year 2009. Some of which are: To build on the company’s growth platform: Increasing the value of their customer base by expanding the overlap between the energy and services business. Also establishing a centralized service platform and the acquisition and construction of gas and power assets which will enable the company to compete efficiently in the energy market. To reduce risk through integration: There will be more focus on UK in the coming year 2009, due to the high demand. Therefore more production has to be made by integrating/building closer relationship with the National Oil Companies. To transform British Gas: In order for Centrica Plc to succeed, British Gas Residential which seems to be the core backbone of Centrica’s business has to deliver high level of profitability. Therefore, there will have to be an integration of the British Gas Residential, British Gas Business and British Gas Services into a single customer-focused organization. Amidst all these future plans briefly mentioned above, I can now conclusively say that the future performance of Centrica Plc is not 100% certain of profitability as they are not exempted in the effect of the global financial crises which is still hitting the UK economy. Although demand for product might rise causing increase turnover but consumers might not be able to meet up with financial obligations of paying cash. So, Centrica must be prepared for more credit sales which might decrease its debtor turnover. Also, prices of product must be put into consideration despite the goal of maximizing profit not forgetting its competitors. And finally, the leadership of Centrica Plc will be playing major role in delivering stability and growth for the benefit of customers, employees and shareholders. REFERENCES Asmii Vernekar, 2009. Available at: http://www. buzzle. com/articles/basic-accounting –concepts-and –principles. html. Assessed on 15th December, 2009 Buz/ed, 2009. Available at: http://www. bized. co. uk/compfact/ratios/sdc5. htm Assessed on 13th December, 2009. Centrica Plc, 2005. International Financial Reporting Standards. Available at: http://www. centrica. co. uk/files/results/2004_ifrs_transcript. pdf. Assessed on 15th December, 2009 FAME (Financial Analysis Made Easy), 2009. Available at: http://www. fame. bvdep. com/version-20091130. Assessed on 11th December, 2009 Peter Atrill, and Eddie McLaney (2008), Accounting and Finance for Non-Specialists, 6th ed. Prentice Hall, financial times. David Alexander and Christopher Nobes. (2007), Financial Accounting, An International Introduction, 3rd ed. Prentice Hall, financial times. Financial statement analysis Most notable products from Apple include the Phone, Pod, Pad, ND Imax personal computers. Apple is also involved in computer and web based application developments, which support their essential products such as Tunes, Safari, and Cloud. Through its innovative, streamlined, user-friendly designs, Apple has achieved a meteoric rise to industry domination since 2002. This growth, however, has recently come to a relative standstill following its peak in 2012 and has investors speculating if this marks the end of Apple's bullish behavior, or just a minor setback because of the company's change of management.Apple Inc. Saw a 9% total increase in revenue this sat year from SSL 56,508 million in 2012 to $170,910 million in 201 3(Apple Inc. , 2013). This growth is in part due to the release of the Phone â€Å"As† and â€Å"c† models, the introduction of the Pad â€Å"Mini† retina display as well as the company's normal day to day sales. This 9% growth may be some cause f or concern though, as prior years increase in revenue saw a 45% average growth from year to year (44% in 2012 and 65% in 2011).Apple's annual release of new products typically yields a 30% overall growth in revenue, which potentially indicates there is stagnation of growth overall in the current racket. This stagnation may be attributed either to heavy saturation of products within the current market, leaving little opportunity for expansive growth, or that consumers are unimpressed with the current product line. Apples peer firm Microsoft (MOST) has seen a modest 5% increase in total revenue from $73,723 million to $77,849 million from 2012 to 213 respectively (Microsoft Corporation, 2013).This increase is consistent with prior 3 years which have each yielded a 4-5% increase in revenue. Compared to Apple, Microsoft has a relatively stable growth and be attributed to the elatedly consistent flow of products from year to year. The â€Å"earnings per share† ratio (PEPS) reflect s the decline in overall profitability as well, with a 10% decline in Apple's PEPS from $44. 43 to $40. 29 in 2012 and 2013 respectively (Apple Inc. , 2013).This can be attributed to two factors: a decrease in net profit margin and a paralleled decrease in gross profit margin. There was an 11% decrease in net profits because of an increase in overall inventory. Increasing inventory will also increase a company s operating expenses as they accommodate new production. Companies typically raise their inventory evils as they release new products in anticipation for projected consumer demand for these products.As is the case with Apple, this will have a negative impact on a company's net profit when there is less than anticipated demand for their new product. The depreciation of older inventories can also be responsible for an overall decrease in profitability. Microsoft has conversely seen an increase in PEPS from $2. 03 per shard to $ 2. 63 per share as a result of an increasing profit margin ratio from 23% to 28% in 201 3(Microsoft Corporation, 2013). Overall this increase can be attributed to an increase in ales over the period as new technologies are release.Overall PEPS increase as a result of Microsoft's lower CEQ duty/investment into their company where as Apple has put much more equity into the release of their new releases in 2013. The increase in cost of sales is reflected in the decline of the gross profit margin ratio which is an additional indicator for a comprehensive decrease in profitability. Apple's total gross profit fell from $44. 00 to $38. 00, in 2012 to 201 3 respectively, which is below the $42. 00 industry average as their cost of sales experienced a 22% increase from 587,846 million to 1 06,606 million dollars.The decrease in gross profit is explained by a number of factors according to Apple: â€Å"introduction of new versions of existing products with higher cost structures and flat or reduced pricing; a shift in sales mix to products w ith lower margins; introduction of pad mini with a gross margin significantly below the Company's average product margins; higher expenses associated with changes to certain Of the Company's service policies and other warranty costs; price reductions on certain products, including pad 2 and phoned; and an unfavorable impact room foreign exchange fluctuations. (Apple Inc. , 2013). An intangible effect that could positively impact Apple's gross profit in the long run is an increase in the number of product consumers as well as a potential increase in consumer loyalty. When compared to Microsoft smaller 2% decrease of gross profit margin from 76% to 74% in 2013. Microsoft decision to decrease sales price of windows 8 and decrease margins for the Oxbow One is responsible for the decrease in gross profit margin much like Apple. Tooth Apple inch's and Microsoft's overall decrease of gross profit margin can be said o increase consumer satisfaction because more advanced technologies are sol d at a lower margin thus giving a customer more value to their purchase. By lowering the price on certain high value items, such as the phone 4 and the pad 2 mentioned in Apple's statement, Apple has made these products more accessible to potential customers with lower incomes or frugal spending habits.Furthermore, if there is an increase in Apple product consumers as a result of the change in price, there will likely be an increase in customer loyalty and satisfaction with these products. The PEPS decline and he increase in cost of sales can further be explored through an analysis of the company's balance sheet. There was a significant increase in Apple's inventory from $791 million to SSL . 76 billion from 2012 to 2013 respectively. This 123% increase in inventory demonstrates a wholesale investment in anticipated consumer demand and loyalty.Apple typically announces product releases long before the actual release date in order to build market â€Å"hype† and also sets rele ase dates to coincide with times of historically greater spending in the market, such as the Christmas holiday season. This â€Å"hyping† recess, however, can go both ways in terms of sales by either positively building up consumer anticipation or by allowing time for consumers to second guess the product before it is released. There is also an inherent risk in inventory expansion based on projected sales; consumers may just not be in the market for new products.An indication that this may be the case is found by looking at the inventory turnover ratio which experienced a decrease from 11 1 times per quarter to significantly lower 83 times per quarter. Microsoft, like Apple, has seen a significant decrease of inventory turnover of 14% from 15. 2 times to 13. 13 times per quarter. This decrease in overall turnover much like, Apple is due to customer anticipation of newer release. However, these changes were significantly different for Microsoft as their offerings have less vol atility, especially in sales of operating systems, and usually see less adoption by consumers in starting stages.Apple acid test ratio, involving current assets over current liabilities, stands at 1. 64 in 2013 which is an increase of approximately 8 points from 2012. This is much higher than the industrial average of 1. 0, indicating Apple is a relatively safe investment and has enough in current assets to cover its debt Obligations. This sets Apple as one of the safer blue chip stocks that can provide consistent wealth for their share holders. Microsoft has experienced a increase acid test ratio from 2012 to 201 3 from 2. 57 to 2. 66 respectively this is significantly higher than Apple Inc. ND can be said to be a safer investment. Microsoft overall keeps their balance of ratios to asset very consistent and insures that they can meet their bottom line as well as provide security for their investors, more so than Apple In the third quarter of 201 3 Apple accrued total of 1 6,960 mil lion dollars in debt. The long term debt was used to offset the repurchase of stock of $22. 9 billion as well as dividend equivalent rights of $10. 6 million dollars. This accrued debt helps Apple Inc avoid taxes of upwards of $9. 2 billion dollars (Burrows, 2013) meanwhile Apple will only incur a $308 million interest a year.Had they used their offshore cash Apple would have had to pay a 35% tax and will save another $1 00 million as these interest payments are tax deductible (Burrows, 2013). Apple's move to take on this debt to finance $55 billion dollars in stock repurchase is an effort to increase overall earnings per share as well as increase total value to the consumer meanwhile adding to overall company value. The statement of cash flows revealed that In 201 2 Apple board of directors authorized a $10 billion stock which was later raised to a total of $60 billion in 2013.Apple repurchased/retired a total of $22,860 million dollars worth of stock in 201 3 as opposed to issuanc e of 665 million in 2012. Apple stated that this repurchase was a move to increase end value to shareholders. Shareholders that are offered buy back will in turn gain profit and will decrease the overall outstanding shares. By decreasing the total shares the company's earnings per share ratio will consequently increase, and given the current plan should increase PEPS by around $4 over the following fiscal year (Hughes, 2013) and adding to the company's overall worth.The overall decrease in outstanding shares also decreases the total amount of dividends paid to investors thus cutting expense and adding to company revenues. Apple began issuing dividends toward the end of 2012 and has since seen a significant raise in dividends issued to its stockholder. Apple has since issued $10,564 million of vividness to shareholders representing a 324% increase dividends paid for 2013 from the $2,488 of dividends paid in 2012. Quarterly dividends were raised by 15% from SO. 65 per share to $3. 05 per share in 2013.The price to earnings ratio also increased from 9% to 13 % as well as the increase in payout ratio from . 29 to. 06 reflects this change value to stockholders as a consequence of stock retirement and increased dividend payout.. A very lucrative opportunity presents itself for current stockholders as the prospective raise of PEPS due to buy back will ultimately add incredible attention value due to increased dividend yield. Microsoft's plan to buy back a total $40 billion plan began in 2008, they began this buy back to increase overall PEPS and PIE as well as increase the companies payout ratio.Buyback has thus far increase PEPS however subsequent drops in PIE ratio from 12. 36 to 10. 24 and stagnant dividend yield make investment into Microsoft a riskier endeavor than Apple as the decrease in P/E does not bode well for buyer confidence. Though the higher dividend yield is still attractive to investors and is higher than that of Apple Inc. Apples market share in sma rt phones should e of particular concern to interested investors as of recent events. Market share, especially for key products, gauges the company's current position amongst its competition and overall pull within the market.It can effectively gauge if the company is meeting the needs of its consumers and prospective growth. Within the past year the Phone only gained around a 13% overall growth in sales, however this is miniscule compared to overall Smartened market growth of 44% in 2013. Apples market share shows further struggles as overall mobile market share decrease by a full 4% from 19% market share n 2012 to a 15% in 2013. (Gardner, 2013) However, other companies like Microsoft and Samsung saw significant increases in SO use and hardware use with Samsung clearing 31% total market share from its 30% in 2012.This may be worrisome as Apple may not providing what customers want and can account for a decrease in overall prospective growth. However, this may be remedied by Apples breakthrough to markets china and Japan late in 2013. The departure of Steve Jobs and the arrival of Tim cook in august of 2011 has been a cause for a weaker overall product line. The recent introduction of ewe products have spawned a lackluster response by consumers especially in the release of the Phone 5 variants (as and c) as well as the improved retina display pad mini.These products neglected to offer anything new or revolutionary to set Apple apart, they were just mere improvements to tested product. The lack of ingenuity has potential to cause a decline Apples growth in sales and may cede market share competitors who have more to offer to the consumer. Microsoft on the other hand has remained consistent in its product offerings throughout the years. This is expected of Microsoft as hey re key product involves enterprise systems that provide basic needs for businesses. Financial Statement Analysis (2004-2008) Course Title: Managing Financial Resources Course: MSc. Finance Date: 11th January 2010. TABLE OF CONTENT Executive Summary This report shows the analysis of the financial performance of Centrica Plc, one of the top energy business providers in UK. Based on my analysis from this report I can conclusively state that: Centrica Plc has an upper hand in the energy and gas market than it s competitor; Scottish Power. Centrica Plc’s turnover was very high in 2008 which shows that it made better sales than its competitor. Although Centrica’s sales turnover was high in 2008 but the profit margin dropped drastically. In the overall financial performance Centrica Plc made a loss of ? 645million in 2008 compared to the previous year 2007 when the company had a retained profit of ? 1088million. This was considered to be an impact of the global financial crises that hit the UK and US economy causing increase in oil prices and a drastic fall again as the level of global oil demand rises and at the same time causing a tight supply position. Centrica Plc’s Total shareholders return has an upper hand when compared with other 99 members of the FTSE 100 in 2008. INTRODUCTION evaluate the impact of financial accounting concepts on corporate reporting of Centrica Plc. evaluate the limitations of ratio analysis discuss the role of management accounting in the evaluation of Centrica’s business performance. I have been motivated to choose Centrica Plc because of the type of product they deal in, which is energy. It is a product that is essential for all, not just households. And it will be good to know if this company is actually doing well in terms of profitability and customer’s satisfaction. LITERATURE REVIEW *PROFITABILITY RATIO ANALYSIS *OF CENTRICA PLC AND SCOTTISH POWER (Reference: FAME (Financial Analysis Made Easy) FINANCIAL RATIO ANALYSIS OF CENTRICA PLC AND SCOTTISH POWER (Reference: FAME (Financial Analysis Made Easy) GRAHPICAL PRESENTATIONS OF RATIOS {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} ANALYSIS AND DISCUSSION FINANCIAL PERFORMANCE ANALYSIS BASED ON THE GRAHPS According to Barry Elliot and Jamie Elliot, ratios show different items in the financial statements. A ratio is not useful in isolation and its usefulness depends on what aspects of the firm’s business affairs are being investigated. Ratios, according to them are a powerful tool in interpreting and understanding a company’s account. Therefore, the graphs above show the performance of the Centrica plc and its competitor; Scottish Power over a period of 5years and will be analyzed below. DEBTORS TURNOVER: This ratio shows how long it takes debtors of a company to pay back credit purchases. In as mush as credit facilities enhances sale turnover in a competitive market, it is very important to take adequate control of it because it is an essential part of working capital management. (Buz/ed, 2009) It is calculated as: Debtors' Turnover*= Average Debtors * ? 365days Centrica Plc has been able to achieve a positive stock turnover ratio over the years with a 55% less time between 2004 and 2008 compared to its competitor that has a longer time of 18% to sell off its products. This shows that Centrica Plc has more sales turnover than Scottish Power. The trend on the graph show that Centrica Plc has been more liquid than Scottish power because the higher the ratio, the more liquid the business is said to be. It is obvious from the graph that Centrica Plc is more liquid than Scottish Power. That is Centrica Plc has a better capacity to pay it short term debt than Scottish Power, with reference to their current ratio of 1. 12 to 0. 59 respectively in 2008. DISCUSSION IMPACT OF FINANCIAL ACCOUNTING CONCEPT UPON CORPORATE REPORTING OF CENTRICA PLC Going Concern: The Board of directors of Centrica Plc continues to adopt the going concern basis in preparing the financial statement because they have a reasonable expectation that the company has adequate resources needed to continue operational existence for the foreseeable future Business Entity: Centrica Plc operates as a separate business entity from its investors. Cost: Centrica Plc reports the market value of its assets. Sincerity: The financial Statement of Centrica Plc is prepared and audited by auditors from the Pricewaterhouse coopers Monetary Unit: The financial statement of Centrica Plc shows a single monetary unit dominated in GBP (? ) because the parent company is in the UK. Dual concept: Centrica presents it total assets as liabilities (debt finance) plus equity (shares). Accrual: The revenue or income of Centrica Plc are recorded when they are actually earned. (Asmii V. 2009) ROLES OF MANAGEMENT ACCOUNTING ON THE BUSI*NESS PERFORMANCE OF CENTRICA PLC According to Institute of Management Accountants, Management accounting can be defined as â€Å"the internal business building role of accounting and finance professionals who work inside the organizations† They are concerned about the growth of the business in terms of evaluating the business prospects, budgeting and forecasting, implementing and monitoring internal controls for the purpose of achieving economic value. The Board of Directors of Centrica Plc believes that there must be high standards of corporate governance which are relevant to the overall integrity and performance of the business. The Company adopted a new set of Articles of Association which states the power of the Board of directors at the 2008 Annual General Meeting and stated below are few of the responsibilities of the Directors with respect to the managerial accounting of the company. the Group’s corporate governance and system of internal control development of strategy and major policies nterim dividend payments and recommendation of final dividends the appointment and removal of Directors and the Company Secretary the Group’s corporate responsibility arrangements including health, safety and environmental matters reviewing management performance approval of the annual operating plan, the financial statements and major acquisitions and disposals The Board gives thorough monitoring to the development of the co mpany’s strategies and also during the year 2008, the Board had a full review of the company’s overall strategy with the assistance of an independent external consultant. The Board also place value on their investors and promote communication program in order to hear their views of their shareholders as regards the key matters affecting the company. The Chief Executive and Group Finance Director held regular meetings with the Company’s major shareholders during the year and the Company’s Rights Issue which was the main topic of discussion was successfully completed during December 2008 after which an approval was given at the Company’s General Meeting held on 21 November 2008. The company’s Executive Committees also established a control infrastructure to ensure proper monitoring and management where major risks have been identified. *THE NON-FINANCIAL PERFORMANCE* OF CENTRICA PLC The fluctuation in demand and prices of oil worldwide as well as the global financial crises in 2008 made Centrica Plc face series of challenges and the Chairman of the company (Roger Carr) tagged the year â€Å"a difficult year†. But despite the difficulty, the company still performed well because it is a company that aims at delivering stability and growth for the benefit of their customers, employees and shareholders. Centrica Plc’s non-financial performance can be outlined in terms of the following: *BUSINESS PERFORMANCE OF CENTRICA* PLC LIMITATIONS OF RATIO ANALYSIS Ratios are useful methods of analyzing the performance and financial position of a business but they have their flaws which are seen as limitations and will be analyzed below. THE IMPACT OF THE CHANGE FROM UK GAAP TO IFRS ON THE CORPORATE REPORTING OF CENTRICA PLC that IFRS has improved the company’s 2004 operating profit and statutory Earnings Per Share (EPS) reduction in shareholder’s fund as a result of pensions deficit Adjustment the company’s policy to link dividend to earnings thereby increasing pay out ratios. Some assets and liabilities will be treated differently which will affect timing of profit. CONCLUSION With reference to the ratios analyzed above, Centrica Plc has an upper hand in the energy and gas market than it s competitor; Scottish Power. Centrica Plc’s turnover was very high in 2008 which shows that they made better sales than its competitor. Although Centrica’s sales turnover was high was high in 2008 but the profit margin dropped drastically. In the overall financial performance Centrica Plc made a loss of ? 645million in 2008 compared to the previous year 2007 when the company had a retained profit of ? 088million. This was considered to be an impact of the global financial crises that hit the UK and US economy causing increase in oil prices and a drastic fall again as the level of global oil demand rises and at the same time causing a tight supply position. Finally, we can say that from the record of 2007, the financial performance in 2008 was good despite the economic instability. Centrica Plc made strong progress against the strategic priorities set out at the end of year 2006. The global financial crises which remain very challenging in the UK till date could pose as a problem for many of the company’s customers. But Centrica Plc promises to continue to place their customers’ needs at the forefront of their agenda, alongside the determination to deliver increasing long-term value for our shareholders FUTURE OF CENTRICA PLC According to the Chief Executive’s Review, some priorities have been set for the future growth of Centrica which would help measure performance in year 2009. Some of which are: To build on the company’s growth platform: Increasing the value of their customer base by expanding the overlap between the energy and services business. Also establishing a centralized service platform and the acquisition and construction of gas and power assets which will enable the company to compete efficiently in the energy market. To reduce risk through integration: There will be more focus on UK in the coming year 2009, due to the high demand. Therefore more production has to be made by integrating/building closer relationship with the National Oil Companies. To transform British Gas: In order for Centrica Plc to succeed, British Gas Residential which seems to be the core backbone of Centrica’s business has to deliver high level of profitability. Therefore, there will have to be an integration of the British Gas Residential, British Gas Business and British Gas Services into a single customer-focused organization. Amidst all these future plans briefly mentioned above, I can now conclusively say that the future performance of Centrica Plc is not 100% certain of profitability as they are not exempted in the effect of the global financial crises which is still hitting the UK economy. Although demand for product might rise causing increase turnover but consumers might not be able to meet up with financial obligations of paying cash. So, Centrica must be prepared for more credit sales which might decrease its debtor turnover. Also, prices of product must be put into consideration despite the goal of maximizing profit not forgetting its competitors. And finally, the leadership of Centrica Plc will be playing major role in delivering stability and growth for the benefit of customers, employees and shareholders. REFERENCES Asmii Vernekar, 2009. Available at: http://www. buzzle. com/articles/basic-accounting –concepts-and –principles. html. Assessed on 15th December, 2009 Buz/ed, 2009. Available at: http://www. bized. co. uk/compfact/ratios/sdc5. htm Assessed on 13th December, 2009. Centrica Plc, 2005. International Financial Reporting Standards. Available at: http://www. centrica. co. uk/files/results/2004_ifrs_transcript. pdf. Assessed on 15th December, 2009 FAME (Financial Analysis Made Easy), 2009. Available at: http://www. fame. bvdep. com/version-20091130. Assessed on 11th December, 2009 Peter Atrill, and Eddie McLaney (2008), Accounting and Finance for Non-Specialists, 6th ed. Prentice Hall, financial times. David Alexander and Christopher Nobes. (2007), Financial Accounting, An International Introduction, 3rd ed. Prentice Hall, financial times.