Public Pension Promises Assignment Example

Essays on Public Pension Promises Assignment The paper "Public Pension Promises" is a great example of an assignment on finance and accounting. Why have employers wanted to shift from DB to DC plans? What is the difference in accounting treatment for a public traded company sponsoring a DB plan versus a DC plan?When viewing from the employee perspective, the Defined Benefit (DB) plan is advantageous because the employer funds the plan. The employers realize the rewards of the DB plan upon the retirement of the employee because they keep and spend the money earned by the employees. For the DB accounting plan, the accounting system applied is accrual accounting. The present value of the future benefits is set equal to the pension plan liability. On the other hand, the DC pension plan employs the cash accounting system. Â  Why have employees accepted and often embraced the shift from DB to DC plans? What are the potential negative effects of this shift for employees?Defined contribution plans are inefficient if compared with defined contribution plans. This is amidst the assumption that the defined contribution plan saves money. The DB Plan is considered to have benefits of higher returns on investment, economies of scale and risk pooling.This shift from DC to the DB has negative impacts as the employers mistake cost savings for cost-shifting. (Novy, Robert, Rauh, 1212 ) This misguidance causes the overall costs to rise steadily, as the retirement security plummeted.The DC plans do not exist in the public sector; therefore, the workers in this sector are contributing to the payment of pension. This shift in plans does not act to save the taxpayers from spending more money. Despite the minimal transaction costs, the participants required to contribute two times, more than the traditional defined be nefit.Is employer stock an appropriate investment alternative for DC plans? Should there be a limit to the amount of employer stock held in any participant's account?The contributions that are employer directed are the dominant source necessary for the participants to hold a concrete position on the company stock. (Novy, Robert, Rauh, 1215)In addition to this, there should be a limit to the employer stock, as the participants are more likely to hold the concrete company position. This limit is stipulated at 20% more than the investment made by the employer stock. The odds that accompany having a concentrated position rise with employers directing other non-matching contributions into the company stock.How many funds are too many for a 401(k) plan? Should 401(k) plans allow trading in individual securities as well as mutual funds? (Discuss requirements of the number of funds that must be offered as well)The 401(k) plan that has 25 investment choices has too many funds. This is becau se the availability of many funds possibly paralyzes the investors, and this causes massive losses when the investors lack advisors. The 401(k) plan should allow trading in the individual securities, and this plan should offer not more than seven funds. The fund should have two or three bond funds, with an offer of three or four equity funds. (Novy, Robert, Rauh, 1223) In addition, the plan should have an investment option exposure platform for various assets and commodities.

The Secret Circle The Divide Chapter 13 Free Essays

Cassie and Nick heard fire trucks in the distance as they walked toward Cassie’s house. To extinguish the burning trees, Cassie figured. They sped up their pace to be safely out of the line of suspicion for arson. We will write a custom essay sample on The Secret Circle: The Divide Chapter 13 or any similar topic only for you Order Now There was no telling what angle the hunters would take in order to destroy them. Once they were safely shut into Cassie’s house, Nick went into overdrive. â€Å"We should tell the others,† he said. â€Å"We should get them all over here right now.† His clothes were soaked through from the rain, and his hair dripped down in front of his face. â€Å"Wait,† Cassie said, moving from the kitchen to the living room. â€Å"There’s time for that.† She retrieved two large bath towels from the linen closet and tossed one at Nick. â€Å"Dry yourself off,† she said. He laughed. â€Å"I guess we are a little wet.† In one swift motion, he pulled his T-shirt over his head and wrung it out over the kitchen sink. Cassie caught herself gaping at his muscular torso and quickly turned away. â€Å"I’m going to go change,† she said, running off to her bedroom. â€Å"I’ll be right back.† When she returned, Nick appeared mostly dry, and his shirt was thankfully back on. But so were his shoes, and Cassie knew Nick was about to bolt. â€Å"You know what?† Nick said, moving toward the door. â€Å"I’m going to go home and take a hot shower. Then I’ll let â€Å"I’m going to go home and take a hot shower. Then I’ll let the others know what happened.† As much as Cassie wanted Nick to stay there with her, she knew she had to let him go. â€Å"A hot shower does sound nice,† she said. Nick paused with his hand on the doorknob. â€Å"I assume you’ll take care of telling Adam.† Cassie nodded. But once Nick was gone, all she could do was sink into the couch. She lost track of how long she was sitting there, but it was long enough that when her mother came home, she startled as if woken from a dream. â€Å"It’s such a nice day outside,† her mother said. â€Å"You should be out by the water.† â€Å"No, I shouldn’t.† Her mother had just been to the farmer’s market. She hauled overstuffed bags of fruits and vegetables onto the kitchen countertop, oblivious to Cassie’s mood. â€Å"Are you hungry?† she asked. â€Å"I’ll make some lunch.† â€Å"Mom,† Cassie said, and the way she said it finally captured her mother’s attention. â€Å"What is it?† she asked, and joined Cassie on the couch. â€Å"What happened?† â€Å"Just a scare. But I’m pretty sure it was the hunters.† Her mother’s face paled. â€Å"So they’re not stopping with Constance.† Cassie shook her head. â€Å"I’m afraid not. I need you to tell me what you know about them.† Cassie could hear the pleading in her own voice. Her mother was visibly uneasy. â€Å"I don’t know much,† she Her mother was visibly uneasy. â€Å"I don’t know much,† she said. â€Å"But there is one story from when I was much younger.† Cassie drew in her breath as quietly as possible. â€Å"Go on.† â€Å"Back when I was with your dad.† Cassie tried to remain perfectly still, to not make the slightest sound, nothing that could disturb the delicate balance of this moment – a story about her father. â€Å"We were on a road trip,† her mother said, staring straight ahead. â€Å"With some friends. And we had a run-in with a hunter family. One of our friends was marked with an ancient hunter symbol.† Cassie thought back to the symbol she saw on Constance’s forehead. â€Å"The W inside the hexagon,† Cassie said. â€Å"Yes.† Her mother swallowed hard. â€Å"It’s the way the hunters determine their victims. Once you’ve been marked, it’s nearly impossible to escape ultimate death.† Cassie made no reaction. She let her mother continue. â€Å"But your father saved my friend. And we all escaped.† â€Å"So he wasn’t all bad,† Cassie said. Her mother tried to smile. â€Å"He was powerful. People were afraid of his intensity, but when he cared about something, he was fiercely loyal to it.† Her voice quivered. â€Å"And he was charming. I couldn’t resist him, and I loved that I was all his, and he was all mine. I was special in his eyes. That’s how I got him to save my friend from the witch hunters. He did it all for me. He would have done anything for me.† A single tear fled down her cheek like a winding river. She quickly wiped it away with the top of her finger. â€Å"Ultimately, he put his desires in front of everyone else’s, but there was a reason I was with him in the first place.† This was a totally new side of Cassie’s father, a side she had never known, never even considered. And she suddenly realized something. Her mother had genuinely loved John Blake. Real love. The way Cassie loved Adam. The kind of love that doesn’t go away just because the person turns out to be different than you thought. When Cassie reflected on this, she understood why it was so difficult for her mother to talk about him. It wasn’t that she was being distant or secretive; she was still hurting. Cassie threw her arms around her mother and squeezed her too hard. â€Å"Thank you for telling me,† she said. â€Å"About him.† Cassie sat thinking, trying to process all she’d just learned. She tried to picture what her mother was like when she was happy and in love. And she imagined what it would be like now if her parents were still together. But in this mental picture her father was a regular man, a husband, and a father – not a force of evil. It was wishful thinking, in no way useful to Cassie now. Whether or not he was ever good, Cassie had to remind herself of what her father had done. â€Å"I wish I knew more about the hunters that would be helpful,† her mother said. Her eyes glazed over for a moment, and Cassie assumed their conversation was over. But then her mother said, â€Å"We can leave, you know, if you want to. We don’t have to stay in this town.† â€Å"I can’t leave,† Cassie said, taken aback. â€Å"And you know that.† â€Å"I thought that once, too,† her mother said. â€Å"But it isn’t true. You can always leave.† Cassie moved carefully toward her mother. â€Å"You’re the one who brought me here, remember?† â€Å"And I can be the one to take you away.† Her mother met her eyes sharply now. â€Å"I won’t run away,† Cassie said, her voice cracking with emotion. â€Å"You won’t run away because of Adam.† Her mother said it as a statement rather than a question. As if it were a weakness that she knew too well. â€Å"I won’t run away because I took an oath,† Cassie said. Her mother started crying again, not just one single tear this time but many, as if a dam had broken inside her. â€Å"I never wanted this for you,† she said. â€Å"This is exactly what I’ve spent my entire life trying to protect you from.† â€Å"I know.† Cassie strived to sound unafraid. â€Å"But the best way you can protect me now is to keep talking to me, keep telling me things I need to know from the past, even if they’re hard to talk about. Because I don’t have anyone else to tell me these things but you.† Her mother opened her arms, and Cassie let herself be held. â€Å"I promise you, Cassie,† her mother said. â€Å"All I want is for you to be safe.† They cried together for a little while, holding each other. It felt to Cassie like they were in mourning, grieving a death, and perhaps in a way they were. The death of the protective silence between them, and of their secrets and lies. The death of normalcy. Her mother rubbed soft circles into her back and told her everything would be okay, that they were in this together. For the first time, Cassie felt like a daughter. Later that night, Cassie went to Adam’s to tell him about the hunter’s attack on the beach. They rarely hung out at his house, and she was happy for the change of scenery. She loved being in his bedroom. Lying on his bed, she couldn’t help but imagine him sleeping there, wrapped in those same sheets, with his features softening innocently as he dreamed. She gazed around the room and observed his things, everyday items that would have no meaning to her if they didn’t belong to him – his schoolbooks stacked on his desk, his sneakers piled haphazardly in the closet, and a pair of jeans strewn on the floor. She could almost see him coming home from school, tossing the books down, kicking off his shoes, and stepping out of his jeans into something more comfortable. She felt an affection for the whole scene as she imagined it, and for every object he touched – by extension, it was all a part of him. Adam returned to the room with some snacks and drinks in hand. He closed the door behind him. â€Å"Sorry it’s a little messy in here,† he said. â€Å"I tried to clean it up, but . . .† â€Å"It’s perfect just like this,† Cassie said. He joined her on the bed, and she had the sudden urge to start rubbing his shoulders, to kiss his face and his neck – to forget all about the awful storm on the beach. Adam’s breathing slowed, and Cassie could sense he was thinking the same thing. He swept his fingers suggestively across her thigh. â€Å"You look beautiful tonight,† he said. â€Å"But I’ve been worried about you. What happened today?† His hand slid from her thigh up to her hipbone, which was his favorite place to touch her. Cassie took a deep breath and sat up. â€Å"I went for a walk on the beach, and I ran into Nick,† she said. Cassie paused to read Adam’s expression, but his face remained neutral. â€Å"And I was glad to see him,† she continued, â€Å"because you know I’ve been trying to repair my friendship with him any way I can. But we’d just got to talking when the sky turned black and this awful storm started. We knew immediately by the looks of it that it was something supernatural.† â€Å"The hunters,† Adam said. Cassie nodded. â€Å"We couldn’t get away fast enough. Lightning bolts were flying straight for us. One would have . . .† Cassie felt herself get choked up. She struggled to swallow down the knot that had formed in her throat. â€Å"Nick risked his life to save me, Adam. I would have been hit if he hadn’t acted so quickly to push me out of the way.† Lines formed on Adam’s forehead, but he stared straight down at the bedspread. â€Å"He proved himself a real friend in that moment,† Cassie said. â€Å"To both of us. Don’t you think?† Adam continued looking down for a moment before raising his eyes to meet hers. â€Å"Yes, you’re right,† he said, and then shifted uncomfortably. Cassie could see by the way he tightened his jaw that he was bothered it was Nick who had saved her, but he would never say that. â€Å"I wish I’d been there, but I’m glad you’re okay.† Adam took her hands and massaged them in his own. He brought them to his lips and kissed them. â€Å"I don’t know what I would have done if you’d been hurt.† He kissed the inside of her wrist and up her forearm. Cassie knew where this was leading. As difficult as it was, she forced herself to remove her arm from his grasp. â€Å"There’s more,† she said. â€Å"I talked to my mom. Really talked to her.† Adam refocused his attention and sat up straight. â€Å"And?† â€Å"She told me about my father. You know he wasn’t all bad, Adam. She really loved him.† Adam seemed unsure of how to react. Black John was always a touchy subject between them. â€Å"I know how that sounds,† Cassie said. â€Å"But try to imagine it. Being in love with someone the way we are, truly in love, and then losing that person to the dark side.† Adam shook his head. â€Å"I don’t want to imagine that.† â€Å"Neither do I, so think about how awful it must have been for my poor mother.† Cassie could feel her emotions getting the best of her, and she fought the urge to start crying. Adam reached for her hands again. â€Å"I can hardly think of anything worse,† he said. â€Å"But it’s good that you can understand it now. I’m glad you had this breakthrough with your mom.† Cassie let her eyes wander around Adam’s room. For some reason it was difficult to look at him just then. Instead, she focused on the poster taped to his wall, of some band she’d never heard of. â€Å"I’m sure your father was easy to fall in love with,† Adam said. â€Å"He was a charismatic man, a natural leader. Your mother’s smart – she wouldn’t have been with him otherwise. It wasn’t her fault, what happened.† Sometimes Adam knew just what to say. It was a subtle shift in Cassie’s mind, but all of a sudden she felt at ease. If Adam didn’t blame her mother, in a way that meant he didn’t blame Cassie either. She locked eyes with his and reached for him. â€Å"The important thing is that you’re okay,† Adam said, allowing himself to be drawn in. â€Å"And that we’re together.† Cassie lay back, and Adam curled up next to her, pulling her close. She loved him so much, it almost ached. She felt she could never get enough of him. Adam kissed her passionately and then paused for a moment. â€Å"With everything going on,† he said. â€Å"I’m just relieved – â€Å" Cassie put her fingers over his mouth to quiet him. â€Å"Enough talking,† she said, and pulled him closer. How to cite The Secret Circle: The Divide Chapter 13, Essay examples

Dramaturgy and Social Interaction free essay sample

Josiah Platt Soc 210 1. What is Goffman’s principle of â€Å"impression management†, in your own words? Why is it often called the dramaturgy model of social interaction? (Look at chapter 5! ) Goffman’s principle of impression management means that we always try to give that good impression of ourselves, even if that means lying to do it. It’s often called the dramaturgy model of social interaction because people put a facade on depending on the person they’re with. For example, my brother was born here, while most of my family was born in New York. When we go up to New York, my little brother Zach has the biggest New York accent you have ever heard in your life. 2. How is technology changing social interaction? Has it changed the interactions you have with family and friends, how? Are there more distractions that interfere with your social interactions? (Make sure to reread and incorporate concepts from pages 120-124 â€Å"interaction in cyberspace† in your answer. ) I believe that technology has changed face to face interaction. It’s a lot different talking to someone face to face than it is to message them on Facebook. My Dad always talks to me about this. He doesn’t have a Facebook; in fact he doesn’t know how to turn on a computer. A lot of my friends have smartphones, and when there is an awkward moment in public, it’s straight to twitter, Facebook, texting, or some new app. I don’t have a smartphone or texting, so I either endure the pain of the awkward moment, or I act like I’m texting someone. Online social interaction does do some good though. I have a brother in law who is a loner, but I can talk to him on Facebook. There are more distractions that interfere with social interactions in my life, though they usually don’t come from me. As I said earlier, I may pretend that I have the ability to shut the world out via my phone, but I really can’t. 3. Do you see these new forms of social interaction as positive, negative, or both? Explain. As I said in the second question, I see these new forms of social interaction as both positive and negative. There are moments when I wish I could get on my smartphone that I don’t have and I could play words with friends or jump on twitter when an awkward moment arises, but I usually try to live through that gap. Some people live on their phones though. I have a friend who is always doing something new on his phone. Instead of asking someone where to eat, he can shake his phone and it’ll act as a slot machine and magically come up with a place. Interaction in cyberspace has eliminated a lot of social interaction, which can’t be good. There is a flipside, though. I really do have a brother in law who as our society would say, is socially awkward. He often would come over and not say a word. There are times that I go babysit for their family and it’s just us in the living room and you could hear a pin drop. He added me to a fantasy football league a couple of years ago and now we have something in common to talk about. We still haven’t found much common ground but when all else fails, we just talk about sports. 4. How do you respond to the argument that these new technologies produce more alienated people, instead of bringing them together? By alienated, I mean withdrawn or emotionally disconnected from normal society) I think that the argument of more alienated people from society is right. Even talking on the phone is becoming old and outdated. I can’t text, so I’m always talking to my friends on the phone. I have friends who tell me that I’m the only person they talk on the phone with. Everyone else gets a text. I actually had a conversation with one of my best friends for 39 minutes two weeks ago. I was so proud of myself. There is a fear of awkward moments in our society and we will do whatever it takes to avoid that moment. Right now that means eliminating social interaction with strangers. 5. Look at the social networking site (i. e. MySpace, Facebook, LinkedIn) of a friend, co-worker, or your own, and apply Goffman’s dramaturgy/impression management theory of social interaction. After writing down an overall review of elements that you see on the page (even the use of cultural elements such as a subculture, dress, language use, norms), discuss the impression this person giving off. How might their/your friends interpret that impression? How might a potential employer interpret that impression? This profile uses the new timeline layout. There is a picture of an MLS soccer game from a good seat as his banner picture. For his little profile picture, there’s a picture of him with two of his friends at an N. C. State football game. He has his job listed underneath his profile picture along with his birthdate, where he was born, and the college he goes to. He is closing in on 1000 friends, so I’d say he’s a popular guy. A lot of his posts are about sports. He stays out late I can see since he checked in on four square at waffle house at 3:00 AM. He posts a lot of song lyrics on his page as well. He doesn’t curse on Facebook, which is good if an employee looked at his page. He usually dresses in a t-shirt and jeans. He’s giving off this impression that he’s always in a good mood and watches a lot of sports. I think an employer wouldn’t mind at all if he looked at his profile (unless he’s a duke fan).

The Story Behind the Nazi Gold Essay Paper Example For Students

The Story Behind the Nazi Gold Essay Paper The Story Behind the Nazi Gold Nazi Gold: Hard currencylooted from treasuries of countries occupied by the Axispowers during World War II. Ingots consisting of goldmelted down from the teeth of murder victims andweddings bands and jewelry. About two thirds of anestimated $660 million ($7.8 billion in todays dollars) instolen Nazi gold passed through Switzerland during thewar. And like any sharp businessmen with hot goods, theSwiss disposed of much of their gold quickly throughPortugal mainly, but also to Sweden, Spain, and othercentral banks (Hirsh 48). Probably no more that $140million remains unaccounted for, and a good portion of thatwas probably sold onward as well. But what remains of theknown Nazi hoard (none of which has been returned to theJewish community) is worth no more than about $65 millionaccording to the Brussels-based Tripartite GoldCommission, set up after World War II to return stolengold to national treasuries. Recently the Clintonadministration created a com! mi ssion to search for anyNazi funds that might have ended up in U.S. FederalReserve vaults. We have to be willing not only to focus thespotlight on Switzerland, says Under Secretary ofCommerce Stuart Eizenstat. We have to be willing tofollow the trail of assets into our own treasury (qtd. inHirsh 47). This trail though, suggests that there is no hugestash of Nazi gold in Switzerland. The loot has scatteredworldwide through numerous transactions and is probablyirretrievable. Also, because so many banks were involved,the amount of gold left in Wieckowski 2 Switzerland isprobably negligible, contrary to what investigators haveuntil now presumed. At this point the cost or returning theNazi Gold to its rightful owners is not worth the trouble andinconvenience it would create. Documents released inrecent months have made it clear that Swiss banks tradedin looted Nazi-gold, and that Swiss businesses made afortune selling arms to the Nazis. In a historical reportpublished around May 9,1997, i t was said that there wasno evidence that the Swiss or other neutral countries knewthat gold from the central banks had been smelted togetherwith gold fillings, wedding bands, and other jewelry stolenfrom Holocaust victims (Sanger). But, Eizenstat foundincontrovertible evidence that Swiss bankers knew theywere trading in gold that Germany had looted from thetreasuries of states it occupied, and also a handwrittenledger sheet from the Reichsbank showed a deposit of29,996 grams of dental gold into a Swiss account (Aharsh). This confirms that the Nazis melted down andrecirculated gold extracted from the teeth of murderedJews and other death camp victims. It also proves theinvolvement and knowledge of dealings with gold extractedfrom tee! th of murdered victims by the Swiss in that therewere deposits made into their accounts. Germany also sentSwitzerland via diplomatic pouch packages of jewelry,looted from Jewish persecutees, to be exchanged forindustrial diamonds and foreign currency e ssential to theGerman war effort (Sanders). From this evidence we seethat the Swiss acted as the Nazis principal bankers andafter the war took a legalistic stance to hold onto theirill-gotten gains, returning only $58 million worth of gold(Chesnoff). Some argue that the Swiss should have givenup all of the gold, but why should they? It was businessafter all. Many Swiss argue that what Switzerland did wasdone for survivals sake, but their critics assert that it wasWieckowski 3 done of opportunism and amorality andshould be paid for in both moral and financial terms(Cowell). During WWII, the German threat to Switzerlandwas real, not imaginary or exaggerated. After the collapseof France in 1940, historically neutral Switzerland wasvirtually surrounded by axis-dominated territory. After theGermans occupied Vichy, France in the fall of 1942,Switzerland was entirely cut off from the outside world. .u4e98e4c28b40dac0306a7664750c0843 , .u4e98e4c28b40dac0306a7664750c0843 .postImageUrl , .u4e98e4c28b40dac0306a7664750c0843 .centered-text-area { min-height: 80px; position: relative; } .u4e98e4c28b40dac0306a7664750c0843 , .u4e98e4c28b40dac0306a7664750c0843:hover , .u4e98e4c28b40dac0306a7664750c0843:visited , .u4e98e4c28b40dac0306a7664750c0843:active { border:0!important; } .u4e98e4c28b40dac0306a7664750c0843 .clearfix:after { content: ""; display: table; clear: both; } .u4e98e4c28b40dac0306a7664750c0843 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u4e98e4c28b40dac0306a7664750c0843:active , .u4e98e4c28b40dac0306a7664750c0843:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u4e98e4c28b40dac0306a7664750c0843 .centered-text-area { width: 100%; position: relative ; } .u4e98e4c28b40dac0306a7664750c0843 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u4e98e4c28b40dac0306a7664750c0843 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u4e98e4c28b40dac0306a7664750c0843 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u4e98e4c28b40dac0306a7664750c0843:hover .ctaButton { background-color: #34495E!important; } .u4e98e4c28b40dac0306a7664750c0843 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u4e98e4c28b40dac0306a7664750c0843 .u4e98e4c28b40dac0306a7664750c0843-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u4e98e4c28b40dac0306a7664750c0843:after { content: ""; display: block; clear: both; } READ: DRUG ABUSE Essay We will write a custom essay on The Story Behind the Nazi Gold Paper specifically for you for only $16.38 $13.9/page Order now

Health Care in Southeast Asia during the 1500s Essay Example

Health Care in Southeast Asia during the 1500s Essay Example Health Care in Southeast Asia during the 1500s Paper Health Care in Southeast Asia during the 1500s Paper The use of tobacco and bindis in SE Asia are explored with regard to their medicinal, leisure and negative physiological affects in this book. Prakash and colleagues look also to past practices of the use of tobacco and other smoking sticks in this region across history to identify health consequences from a biopsychosocial viewpoint. It is clear that even during the 16th century health practitioners were aware of the life threatening consequences of the use of cigarettes; cancers of the mouth, lung, larynx, pharynx and oesophagus; diseases of the heart, circulatory system and lungs. At this time it was not recognized that if used during pregnancy, smoking in whatever its form would have adverse effects on the fetus. The authors highlight the ongoing economic, agricultural and social importance tobacco and other smoking sticks can have on a nation and individual perceptions of being. Widodo, J. (1996) The urban history of the Southeast Asian coastal cities. Retrieved Widodo evaluates socio-cultural practices of the southern part of the South China rim: Thailand, Malaysia and Indonesia, which are located at the crossing point for the maritime trade between India and China in the 16th century. Going beyond the general studies which have investigated sociological institutions of this are, Widodo seeks a context to the social value placed on health and delivery of health care services. He is particularly concerned with the way in social practices such as health care changed with a globalizing world. As major cities along the coast (e.g., Tuban, Surabaya, Pattani and Malaka) became centers of the international exchange of goods and services, entreports were created. Noted is the slow adherence to western forms of medicine amongst those in the populace who were especially orthodox in their religious beliefs (i.e., Islamic, Hindu and Buddhist). Leslie, C. M. (1998) Asian Medical Systems: A Comparative Study. Madrid: Motilal Banarsidass Publications. Leslie reviews the age of commerce that existed in SE Asia during the 16th century. He emphasizes the dominance of Arabic and Islamic medicine in the region, noting that India and Pakistan were really the only nations at the time to formally record the specific scientific practices at this time which were interweaved with medicine. Arabic medicine, known as Unani, or â€Å"Greek†, identifies where the Arabic form of medicine was drawn from. Thus Islamic practitioners at the time took over Greek medicine when they were exposed to it at an earlier social age. However, Leslie points out that many orthodox Islamic worshippers refused to endorse this hybrid form of health care. Overall, it is reported in the book that the SE Asian region saw fierce competition amongst the medical practices of the time, with Islamic extremists choosing to adopt practices that they considered were â€Å"sanctioned† by The Prophet. The book also compares the coexistence of the variety of health practices at the time and the influence that large and long established populations such as those of China and India had on medical traditions that were maintained. Importantly, Leslie points out those dietary guidelines about â€Å"hot† and â€Å"cold† foods were abided by the general population to aid digestion and so exhibited social-selection of disease preventing behavior. Amrith, S.S. (2001) Decolonizing international health: India and Southeast Asia, 1930-65.

Plato\s Republic Essays - Socratic Dialogues, Dialogues Of Plato

Plato?s Republic is a profound philosophical treatment of the meaning, nature, and application of justice by way of describing the perfect city-state and the use of comprehensive allegory. As Ancient Athens was the prototype for the modern ideas of Democracy, Republic is still incredibly relevant. The discussion of justice is not only explored from a political standpoint, but it also informs Epistemological views on nature, beauty, and truth, adding even more weight and importance to the term. During the time of Republic (circa 380 B.C.E.) Two prominent philosophical groups were splitting Athens apart, a rivalry from which the beginning of Republic is spawned. Plato belonged to epistemology, a branch of philosophy dedicated to the nature of knowledge. Plato and his colleagues believed in logic and reason as a means of reaching the truth while criticizing emotions and sensory perceptions. The Sophists, the archenemy of Plato?s ideas, were merely concerned with rhetoric and applying la nguage in any means necessary to gain a desirable outcome. The effect that these differences rendered on the topic of justice is brilliantly displayed in ?Book 1? through dialogue by Plato?s analogue, Socrates, and a temperamental Sophist called Thrasymachus. The argument between Socrates and Thrasymachus sets the tone for the remainder of the book and gives Plato a place from which to start explaining justice, and specifically what justice is not. ?Book 1? of Republic is distinctively different than the remainder of the book, both stylistically and in intent. Plato established the logistics of his argumentative tactics and engages in a heated discussion about justice that will necessitate the explanations and proofs provided in ?Books II ? X.? The so-called meat of ?Book I? begins with a confrontation between the hotheaded Sophist, Thrasymachus, and Socrates as they enter into a disagreement about the worth of justice; a diversion from Socrates? original task to define justice itself. Thrasymachus? assertion can be encapsulated in the phrase, ?Justice is the advantage of the stronger.? He believes that justice is unnaturally imposed upon humans and is contrary to their desires, as well as entirely unprofitable. In terms of external gain, Thrasymachus points out that the perfectly unjust will necessarily profit where the just will not because they will be unfettered by a notion of morality. Perfect injustice will allow one to a cquire more money, power, status, etc. at the expense of the unjust. This follows the basic Sophist idea that no such thing as morality really existed, but only what was advantageous or disadvantageous to a person. It stands to reason, then, that if a man were to be faced with cheating his way into greater profit or honestly gaining less, the unjust path would make more logic sense. The intrinsic value of injustice, Thrasymachus thinks, is also far greater than that of justice. A person who is able to gain money and power, even through disreputable means, will be happier as a result having the spoils of his injustice to enjoy. Though Thrasymachus? confidence is deceiving, there are considerable flaws in his ad hominem argument, specifically the wording and his fluctuating and interchangeable definitions of ?justice? and ?injustice.? Socrates wastes no time cleverly evaluating the statements of Thrasymachus and then using them for his own benefit to prove that justice has significant worth and necessity. One of the most important things to note about the argument posed by Thrasymachus is his attempt to use rhetoric instead of logic. It is even noted in ?Book I? that Thrasymachus is equating justice with injustice. Likening opposites to make a point is clearly the weaker strategy as it doesn?t actually make sense, and this is something Socrates must work around, as he is objecting to the idea the justice is the advantage of the stronger. Rhetoric aside, the first objection by Socrates lies in human fallibility. Because all humans are fallible (and this can not be disputed by even Thrasymachus) an unjust person would eventually make a mistake that may undermine his own success. For instance, an unjust man might kill someone he suspected to be an enemy and that man actually could have been an ally; this would be a mistake that could ultimately reduce the unjust man?s power. Socrates second objection is

Commercial Management Essay Example | Topics and Well Written Essays - 2500 words

Commercial Management - Essay Example However the first stage of the project brought certain problems in the competition and thus before beginning of the second phase of the project it is important to address these for successful execution of the project. The lessons learned include: 1. Project Management The management of a project requires discrete attention to the managers i.e. the actions at an individual level. Spekman, Theodore, Lynn, & Thomas, (1998) claim that â€Å"little is known about the managerial requirements of the different life cycle stages through which alliances pass† and too little attention is given to the alliance manager as a central figure in determining the success/failure of an alliance†. Similarly, heavy reliance on the firm level analysis and the relationships between the parent companies often leaves out of consideration the actions of the individuals that are embedded in these relationships (Granovetter, 1985). Considering the above argument the project management team establish ed comprised mainly of the senior resources from both the companies however the overall in-charge of the project was from Inter-Optics plc where the Chief Engineer was reporting to the project manager. Since, the project was initiated the initial stages of the project were very slow and there turned out to be a lot of differences when working on site. The project manager was merely involved in the whole process and the decisions and solutions were taken by the on-site engineers in agreement with the local contractor. The overall project management essentials were not practiced and the project was late 7-8 weeks. In such situations it is the responsibility of the project manager to oversee all the activities in the so that everything goes well as planned and if problems may arise as it did in this case, a resolution is immediately implemented. In order to do so the eight essential steps for project management should be adopted for its successful execution these include (Westland, 201 0): i. Team Assembly - In project management the proper assembling of a team is quite crucial as it is a collaboration of different minds working together and they work together to come up with cohesive ideas and mutual strategies that are required for successful execution of the project. Although the teams were formulated for the project however it lacked collaboration and cohesiveness as the selection of the team members was not appropriately planned. ii. Project Initiation – The project initiation phase requires a complete understanding and identification of the project definition, objective and approaches to be used in the project. This project lacked planning and scope as when it was initiated the foreman did not have any direction, there was no understanding of the country and hence problems arose. iii. Project Planning - This phase of the project management is quite crucial and often serves as the backbone of any project. A complete and thorough planning serves as a me ans to prevent the chances of setbacks and problems along the course of the project. The project between Inter-Optics and SOI lacked planning as the project

Admiralty law Coursework Example | Topics and Well Written Essays - 3250 words

Admiralty law - Coursework Example The nature of the rights and remedies, as well as the repercussion of the claims greatly differs, based on who presents the claims, and the nature of such presented claims. For example, the claim that a passenger presents have very different remedies, from such claims presented by the members of the crew (Charles, 2008 p11). Admiralty Law is very dynamic and amorphous, in that it changes the nature of defenses issued, through incorporating into the defense system some defenses that are not stipulated in the common laws, or by removing some standing laws that previously guided this practice. Consequently, the in-depth knowledge of Admiralty Law is necessary for any individual wishing to raise a claim under the law (Frakes, 2003 p22). This law consists of a combination of domestic laws governing the internal maritime activities and the private international laws, which guides the activities and the interactions of private entities that are operating within the seas (Eliot, 1963 p20). T he component o this law are major international treaties which have been enacted in the recent decades, to guide the relationships and business undertakings between countries and the private entities on the seas. The flag that a ship flies in the high seas determines under which jurisdiction of the law such a ship falls. The jurisdiction of the ship, and thus all the consequent cases arising from its activities and interactions with others fall with the country that the flag possessed by the ship belongs. However, the substance and the authenticity of such flag is a paramount issue, in Admiralty Law, in that some ships may fly flags that do not truthfully reflect the country they emanate from (Davis, 2008 p10). In our case, O charted its ship, the Costa Lotta, to go and carry a consignment of crude oil from Greece to the UK. The vessel was to carry the cargo that belonged to VC, which is domiciled to Greece, without any of its business operations in the UK. During the process of tra nsporting the crude oil, the vessel, Costa Lotta developed a problem, which arose from bad weather in the Mediterranean, when it was near the coastline of Italy. As a result of this problem, the cargo that was carried by the vessel got damaged, losing substantial of the crude oil into the sea. The master of the ship sought help from a salvage company, since the ship had been refused to dock in any port of Italy. With the assistance of the salvors, the remaining cargo of crude oil was salvaged, and the salvors helped in the clean up procedure that saw the clearance of the oil that spilled into the sea. Having been assisted, the savors are seeking compensation for helping salvage the cargo held by Costa Lotta. On its part, O, the company that owns the Costa Lotta is avoiding the salvors, by failing to compensate them for their salvage mission. More to this, O has gone ahead and sold Costa Lotta, the vessel that was salvaged to Bruno. This makes the subject of dispute in this case unav ailable. The master of the vessel was arrested and detained in France, required to explain the incidence that led to the sea pollution, which affected the coastline of France, rendering it inappropriate for visit by tourists. On the other hand, VC, the company that owned the cargo that was being transported by Costa Lotta has failed to complete the payment. VC argues that the loss of cargo that was incurred by the company should be set off against the remaining payment to O. Additionally; VC argues that the loss occurred due to the incompetence of the master of Costa Lotta. Thus, there are many legal issues underlining this case, which can be traced to the Admiralty Law. The first legal issue is whether O will succeed in raising a claim

Violence on Television is Harmful to Children Essay Example for Free

Violence on Television is Harmful to Children Essay Violence is fast becoming a common theme in television shows of today. Series that involve cops and other branches of the police force are continually multiplying on air. For this reason, it is inevitable for kids to be able to watch these kinds of shows. They are exposed to violence at a young age and this has been proven to not have a very good effect on them. Effects of TV Violence Violence these days does not only pertain to heinous crimes happening outside the walls of the house. Even beyond closed doors people are exposed to violence via the materials they read, the shows they see and listen to. Not only are adults exposed to these things, the children of the household are also exposed. These shows pose as a threat to their innocent minds. This is because their young minds might not be able to comprehend the reality from the show itself (TV Violence , 2010). According to studies conducted, most households always have their television sets on from morning to late evening. The worst part is that even childrens rooms have its own television set inside from which they may watch without the guidance of their parents. While watching TV violence does not make criminals out of children, findings show that the children who are often exposed to TV violence are those who fight kids at school or turn oyt to be bullies. The shows cloud childrens minds making them believe that bringing harm to others is not bad. It also makes the children believe that it is but natural for some people to become victims of bad habits or crimes (TV Violence , 2010). This is definitely not healthy. It can hinder the normal flow of their studies and may lead to early delinquency in the next school terms. Further studies analyzed,, indicated that the rate of children being exposed to violence on television shows have significantly increased in the in the last decade. From the year 1998 to this year. The statistics also indicated that about 10 percent of youth violence may be blamed on children being exposed to violence on television. These findings support the thesis that violence on television can only lead to harm of the childrens minds (Violence in Media, 2003). The children are driven to act aggressively or violently because most of violent shows presented on television do not show the truth behind the violent acts. It does not give the effect of the action. For instance, the crime movies show the protagonist being a very good shooter even of innocent people. Being a protagonist in the story, people commend his excellence in the field and neglect the reality that shooting people can cause lives and make the relatives of the victims aggrieved. Violent shows also do not imply how the law punishes the act. It only gives emphasis on the act itself and the machismo it can bring to the protagonist. More importantly, violence on television makes crimes look easier to be done than it really is. For these reasons, children are lured into emulating the actions despite the reality that they should not (Kaufman, 2004).

Essay --

Although I knew a little bit about blood borne disease before starting the nursing program, I learned much more as I started my career. I never really understood why the majority of people get infected with disease such as Acquired Immunodeficiency Syndrome (HIV) and Hepatitis C. It was made clear to me when I started my nursing career, that people who get infected with these diseases are drug users because they share needles with someone else. Even though there are several routes of transmission of these diseases, sharing needles with a partner is one of the routes. As a current Public Health Nurse (PHN), this topic is very important and the only way to prevent outbreaks and stop the sharing of needles is by referring patients to needles exchange programs (NEP) and educating people as much as possible. Even though we cannot completely stop the outbreak, minimizing the amount of people who get infected through sharing needles will help decrease that mode of transmission. After a study was a performed in Canada, researchers found that preventing HIV is by needle exchange programs (NEPs). These program drastically diminish spread of blood borne disease. NEPs are programs where drug users can safely dispose of old syringes and exchange them for new, sterile ones. The services that NEPs provide is essential for drug users that are more vulnerable to these diseases. NEPs are the most successful interventions for preventing HIV. Studies show that changes in HIV risk behaviors after NEPs were implemented reported reductions in syringe sharing and other high risk injecting behaviors. There are some controversies that NEP programs distribute needles when in fact, in order to get new sterile needles drug users have to return used ones (Ma... ...cate our clients, we are telling them the truth about the risks involved with sharing needles. By telling them the truth our intentions are not to scare them, but to tell them everything they need to know in order to make the best option for themselves when it comes to needle sharing. Fidelity means keeping promises (Allender et al., 2010). This is very essential for a PHN when it comes to trustful patient client relationship. If a nurse promises the patient that they will help them obtain sterile needles or refer them to NEP, then he/she has to follow through with that. If the PHN doesn't follow through with the promise that he/she makes, then the client won't trust the PHN in the future. All in all, needle exchange programs are very essential and beneficial for reducing blood borne disease, and we as nurses have to educate our clients because if we won't who will? Essay -- Although I knew a little bit about blood borne disease before starting the nursing program, I learned much more as I started my career. I never really understood why the majority of people get infected with disease such as Acquired Immunodeficiency Syndrome (HIV) and Hepatitis C. It was made clear to me when I started my nursing career, that people who get infected with these diseases are drug users because they share needles with someone else. Even though there are several routes of transmission of these diseases, sharing needles with a partner is one of the routes. As a current Public Health Nurse (PHN), this topic is very important and the only way to prevent outbreaks and stop the sharing of needles is by referring patients to needles exchange programs (NEP) and educating people as much as possible. Even though we cannot completely stop the outbreak, minimizing the amount of people who get infected through sharing needles will help decrease that mode of transmission. After a study was a performed in Canada, researchers found that preventing HIV is by needle exchange programs (NEPs). These program drastically diminish spread of blood borne disease. NEPs are programs where drug users can safely dispose of old syringes and exchange them for new, sterile ones. The services that NEPs provide is essential for drug users that are more vulnerable to these diseases. NEPs are the most successful interventions for preventing HIV. Studies show that changes in HIV risk behaviors after NEPs were implemented reported reductions in syringe sharing and other high risk injecting behaviors. There are some controversies that NEP programs distribute needles when in fact, in order to get new sterile needles drug users have to return used ones (Ma... ...cate our clients, we are telling them the truth about the risks involved with sharing needles. By telling them the truth our intentions are not to scare them, but to tell them everything they need to know in order to make the best option for themselves when it comes to needle sharing. Fidelity means keeping promises (Allender et al., 2010). This is very essential for a PHN when it comes to trustful patient client relationship. If a nurse promises the patient that they will help them obtain sterile needles or refer them to NEP, then he/she has to follow through with that. If the PHN doesn't follow through with the promise that he/she makes, then the client won't trust the PHN in the future. All in all, needle exchange programs are very essential and beneficial for reducing blood borne disease, and we as nurses have to educate our clients because if we won't who will?

Archetypes in Apollo and Daphne

Every single person goes through changes that are either positive and/or negative in their lives. Changes in life come for many reasons and the metamorphosis archetype give the tools for explaining these changes. In the story â€Å"Apollo and Daphne† a Greek myth translated by Role Humphreys, the reader can Identify the changes that can be explained by the metamorphosis archetype.The metamorphosis archetype â€Å"Is a two-way street'; the change can be positive and/ or negative† (class notes). When Cupid shoots his arrows at Apollo and Daphne they both have a change of heart about love, â€Å"at once he loved and she at once fled from the name of lover† (178). While Apollo now loves and wants to be married, Daphne runs away from the thought of love. The changes seen In these characters can be viewed both positive and negative for each. Apollo changes from being a tough warrior to someone with a kind and loving heart.However this change can also be viewed negative ly, in the sense that his newfound love for Daphne is his only priority. Daphne on the other hand changes into someone who is incapable of love. This incapability drives her to run away from love itself, which is a negative change. â€Å"Metamorphosis stories defy the long list of human limitations; they allow humans to do and be things thought impossible† (class notes). In the story the character Daphne is not able to love and Apollo can only think about love due to Cupid's arrow.Once Apollo laid his eyes upon Daphne he was instantly in love. His love drove him to infers his feeling towards her, which caused Daphne to feel frightened and run away from the scene. While running away in fear Daphne asks the river to â€Å"change and destroy the body' (108). This resulted in Daphne turning into a tree â€Å"her hair was leaves, her arms were branches, and her speedy feet rooted and held† (181). A human asking for help from a river and turning into a tree is impossible bu t in a metamorphosis stories the impossible is defied. Many metamorphoses are actually either rewards or punishments† (class notes). At the beginning of the story we see the character Apollo as someone who Is a strong warrior when he says, â€Å"the bow Is for my shoulders; I never fall In wounding beasts or mortals† (1 78), to Cupid. Apollo also says to Cupid â€Å"the torch, my boy, Is enough for you to play with† (178). Apollo Is telling Cupid that unlike him he Is not old or strong enough to use the bow an arrow. Cupid responds to this by telling Apollo, â€Å"your bow shoots everything-maybe-but mine will fix you† (178).At this point Cupid Is fed up tit Apollo and decides to give him a punishment. He shoots Apollo with an arrow that makes him fall In love with Daphne. He also decides to shoot an arrow at Daphne, which causes her to avoid love at all costs. Apollo at this point is chasing someone who he will never have as his punishment. The story â₠¬Å"Apollo and Daphne† has many changes that can be analyzed with the shows the characteristics of changes that the metamorphosis archetype views. There is change all around us and it is something that cannot be avoided.

British Poetry Essay

The comparison and contrast of Wilfred Owen’s and Rupert Brooke’s approaches to the subject of war The Soldier by Rupert Brooke and Dulce et Decorum Est by Wilfred Owen were both written during world war one. War and death are the themes of both poems but they are written from different perspectives. The two poets take different approaches in portraying the effect that war has on the people involved. The Soldier by Rupert Brooke idealises and glorifies war while Dulce Et Decorum Est by Wilfred Owen highlights the horror and cruelty of war. Wilfred Owen gives the reader the impression that war is horrible and that dying for one’s country is not all the glory and honour that it seems, and that in reality, dying in a war, no matter for what cause, can be both painful and full of suffering, while Rupert Brooke, on the other hand, gives the reader the impression that dying in war for one’s country, is very honourable, and glorious. In ‘Soldier’, Brooke expresses his love for England and how he believes it is right to fight and die for his country. However, Brooke never knew what war was like, as he died in 1915. Therefore, his poem is very idealistic. This is expressed when he writes, â€Å"†¦ there is a corner of a foreign field that is forever England†. Here, he sees the English soldiers’ bodies as parts of England. If they die on foreign soil, that land will be forever part of England because their soul remains there along with their values and love for England. Brooke does not describe the horrible nature of death in war and only tells how the soldier honors England by dying while defending the nation. He evokes positive feelings toward the war and describes optimistically the soldiers’ thoughts once the war has finished by using words like â€Å"happy dreams† and â€Å"laughter† By contrast, Wilfred Owen uses irony to portray war not as a glorious duty but as a barbaric massacre. â€Å"Dulce et decorum est/ pro patri mori† which mean: â€Å"it is sweet and honorable to die for one‘s country†. He considers this a lie for most soldiers after they see and live the reality of the war as soldiers. War can not be called sweet but horrible. Owen opposes to the idea of fighting in a war. Wilfred Owen focuses on the tragedy of war and the conditions of the soldiers. For example, he depicts the soldiers as â€Å"Bent double, like old beggars under sacks†. Generally, one thinks of a soldier as a man full of strength, who looks brave with his uniform and marches confidently to war. In contrast, Owen tries to make the soldiers look like penniless men and gives a sense of their non-glorified reality. Their uniforms, their psychological and physical health are destroyed. That shows how the battle has severely damaged the spirits of the soldiers. As can be easily seen, Brooke’s poem supports fighting for one’s country and patriotism, whereas Owen’s poem questions the reasons for fighting a war.

Free Essays on The Gold Rush And Its Impact On California

The Gold Rush and it’s Impact on California The Gold Rush had a major impact on California economically, demographically, and socially. â€Å"The boom† a term used in a time of quick growth and prosperity was the ideal definition for the gold rush. It certainly paved the way for California to be the most prosperous and diverse state in the union. The American dream had moved out west and was now redefined. It was the California dream that now enticed immigrants from all over the nation and even the world to flock to California. Without the Gold Rush the history, as we know it today, would have been changed. In the early 1840s, California was a terrain that yet needed to be developed. San Francisco was a small port town of about a few hundred residents. This all changed when James W. Marshall a man working for John Sutter has discovered on Sutter’s land â€Å"some kind of mettle†. It was later discovered that the metal that they found was indeed gold. At that moment the word that gold was in the hills of California spread like a disease. The opportunity of instant wealth gave men across the nation and even the world a reason to move to California. Many prospectors made it rich and those who didn’t helped California to prosper economically. They helped by construction and other services that strengthen California’s economy. There was a great migration during the Gold Rush and those who migrated were said to have â€Å"The Fever†. â€Å"The Fever† was the thirst for gold and prosperity. It was also the determination to get to California just to have the opportunity. It was â€Å"the fever† that affected California demographically. After the announcement of gold had been confirmed, over 40,000 prospectors came to California within the first two years. It was a revelation, but development fell behind. In San Francisco there would be â€Å"thousands upon thousands of dollars worth of every kind rotting in the st... Free Essays on The Gold Rush And It's Impact On California Free Essays on The Gold Rush And It's Impact On California The Gold Rush and it’s Impact on California The Gold Rush had a major impact on California economically, demographically, and socially. â€Å"The boom† a term used in a time of quick growth and prosperity was the ideal definition for the gold rush. It certainly paved the way for California to be the most prosperous and diverse state in the union. The American dream had moved out west and was now redefined. It was the California dream that now enticed immigrants from all over the nation and even the world to flock to California. Without the Gold Rush the history, as we know it today, would have been changed. In the early 1840s, California was a terrain that yet needed to be developed. San Francisco was a small port town of about a few hundred residents. This all changed when James W. Marshall a man working for John Sutter has discovered on Sutter’s land â€Å"some kind of mettle†. It was later discovered that the metal that they found was indeed gold. At that moment the word that gold was in the hills of California spread like a disease. The opportunity of instant wealth gave men across the nation and even the world a reason to move to California. Many prospectors made it rich and those who didn’t helped California to prosper economically. They helped by construction and other services that strengthen California’s economy. There was a great migration during the Gold Rush and those who migrated were said to have â€Å"The Fever†. â€Å"The Fever† was the thirst for gold and prosperity. It was also the determination to get to California just to have the opportunity. It was â€Å"the fever† that affected California demographically. After the announcement of gold had been confirmed, over 40,000 prospectors came to California within the first two years. It was a revelation, but development fell behind. In San Francisco there would be â€Å"thousands upon thousands of dollars worth of every kind rotting in the st...

Costing and Traditional Costing Essay Example | Topics and Well Written Essays - 2750 words

Costing and Traditional Costing - Essay Example Activity based costing affects only overhead costs i.e. direct labour and direct materials are the same under Absorption Costing Method. A single activity pool of cost is referred to as a â€Å"cost bucket† where cost outlays for a specific activity are garnered. A measure for an activity is applied as a basis for allocation while using overhead costs. A rate of activity rate refers to the predetermined rate of overhead in Activity based costing. Activities’ Hierarchy: Guides the way costs are supposed to be grouped into various pools as well as the nature activities assigned per given cost pool Unit-level activities – done every moment a unit is produced. Batch- level activities – performed each time a batch is processed. Product- level activities – must be done regardless of the number units or batches of the output are being manufactured. Facility-level activities- have to be done regardless of the products to be produced. Task 1 Full costing and Activity based costing A) Calculations using Full costing Revenue and direct costs of products Skel Foss Total Units produced and sold 15000 units 18000 units 33000 Selling price/unit 52 91 Direct labour cost/unit (2hrs*10=20) (5hrs*10=50) Direct Material cost/unit 25 30 Sales revenue (1*2) 780000 1638000 2418000 Direct labour cost (1*3) 300000 900000 1200000 Direct Materials cost (1*4) 375000 540000 915000 Total direct cost (6+7) 675000 1440000 2115000 Calculations on Overheads and indirect costs. Indirect component Products (Skel + Foss) % of Total products Bought in parts handling costs 96000 40% Materials handling costs 38000 15.83% Sales invoicing costs 20000 8.33% Machine set up costs 26000 10.84% All other overheads 60000 25%... The paper tells that costs objects take in activities and activities take in resources. Resource cost outlays are allocated to activities based upon their utilisation of the mentioned resources, while activity cost outlays are allocated to cost outputs with the basis being cost objects in proportion to utilisation of those activities. Activity based costing puts into account causal relationship between costs and activities and between activities and resources. Using activity based costing management technique can considerably improve the financial health of a firm as it presents the real picture or the factsheet, as the activity based costing technique tracks the cost objects utilized in the activities and, thus, the factors consumed in the same activities, to determine correct individual overheads instead of simply linking on the volume. The activity based costing concept as a costing technique takes into consideration both factors. That is, the activity drivers as well as the resou rce drivers to come up with the product’s price or service. It is essential to realize that the profitability of a firm not only relies on the sales of the service or product, but also on the expenses concerned in the making of that specific service or product. In a given case study of parts of an automotive manufacturing firm located in the nation by the name Norway, it was then proven that just a minute portion of their line of products had a positive economic profit as well as return upon sales. As a matter of fact when the economic profit and operational profitability of their line of products were classified and columned side by side, that was an eye opener.

What are the political beliefs of the American people in the year 2012 Essay

What are the political beliefs of the American people in the year 2012 - Essay Example The definition of liberalism is the following: the importance of liberty and equal rights are high on the agenda for liberals. Moreover, they are much more concerned about liberal elections, human rights, capitalism and freedom of religion. The ideas of liberalism are the most attractive for me in the 21st century. Nowadays the world is too complex and it is necessary to find the best balancing policy, which will cover economic and social aspects. The power of liberalism is able to perform all these functions on the background of freedom and equality. We can also underline that the ideas of liberalism are deeply rooted in historical developments of the American Constitution. This country has been always been a template of excellence of liberalistic views and considerations. I claim that America is full of liberalist senses. Freedom is the central concern of the liberal party. The principles of political innocence are deeply rooted in the American liberalism. In such a way, even Locke claimed that the entire world initially was America. Of course, this statement is a kind of exaggeration, but America was free from feudalism. The absence of this oppressing power underlines the nature of free country, which is the main benefit of America above all other European country. There is a free basis for the development of the modern America and there is a chance to develop in accordance with the principles of freedom and equality, promoted by liberals. Moreover, liberalism in America is of a social nature and it differs from liberalist concerns promoted in Europe. Currently, liberals alter their principles in the name of the government. The state of a social welfare is the most attractive feature for the modern citizens in America. In order to reach this goal it is relevant to cooperate at economical, social and political levels. In spite of the fact that there are many opponents of liberalism in the country, we can claim that

Ethical Theories identified in (bazerman) and the Essay

Ethical Theories identified in (bazerman) and the - Essay Example The Johnson clearly adores teaching, and his work was intended to give learners and educators a wide-ranging overview of issues in ethics and leadership. The metaphor his book adopts, light and dark, claims the point that followership and leadership can be either toxic or beneficial. In the contemporary world, leaders can seriously be unethical. Examples of such unethical practices range from the American legislators who fiddled their own expenses to the ‘Masters of Universe’ whose monetary creativity almost led to the downfall of banking system but still got rewarded with huge bonuses (Johnson, 2015). However, this unethical behaviour is offset by few remarkable leaders who, in his own words, â€Å"brighten lives of people around them†. Johnson further gives an inspiring instance of this ethical leadership by citing the effort of Dr P. Farmer, who founded Partners in Health – an organization with a mission to combat drug-resistant tuberculosis within priso ns walls and around the globe. According to Johnson (2015), we see analogy of villains and heroes when conversing how leaders try to affect change. Johnson asserts that the power which comes with being a leader may also be utilized for evil and good. When we undertake the merits of leadership, we assume ethical burdens at the same time. In making ethical choices, the leader attempts to cast more â€Å"light† not â€Å"shadow.† Even though a graphic and unfriendly comparison, envision of Hitler and Ghandi. If one subscribes to outmoded definitions like influencing persons toward accomplishment of common goals, both Hitler and Ghandi were leaders though their ethics were dissimilar. For many ages, corporate America has always been stained by unethical decision and disreputable behaviour. For instance, one can remember false advertising by Jenny Craig and Nutri-System, fraud and unlawful cash

Unfair Dismissal Essay Example | Topics and Well Written Essays - 2500 words

Unfair Dismissal - Essay Example Dismissal DefinedDismissal DefinedDismissal is certainly a fundamental concept in the employment law so to explore the subject first define the term ‘dismissal’.It is defined for the aims of redundancy and unfair dismissal in Employment Rights Act 1996, sections 95 as well as 136 respectively. Although the definitions are identical and conceive of dismissal developing in any of given three situations:†¢ In case the employment contract has been ceased by the employer after notifying or without notifying;†¢ In case a limited –term contract terminates or expires devoid of renewal;†¢ In case if the contract has been terminated by the employee, after notifying or without notification, in conditions providing him the entitlement to terminate without notifying the employer due to employer’s conduct.The last clause of the dismissal definition entails â€Å"constructive dismissal† where an employee is forced to resign due to certain actions of the employer.Unfair dismissal term unfair dismissal in context to the law is used for termination of an employment contract for inadmissible or unfair reasons. In case, such an act is challenged in a court, by the affected employee, then the employer is needed to establish that the termination was based on a significant reason such as deficiency of qualification, gross misconduct, and incapableness to execute assigned responsibilities or redundancy. While deciding such cases, the statutory rights of employees are taken into consideration by the court.The terms ‘unfair dismissal’ and ‘wrongful dismissal’... Unfair dismissal The term unfair dismissal in context to law is used for termination of an employment contract for inadmissible or unfair reasons. In case, such an act is challenged within a court, by the affected employee, then the employer is needed to establish that the termination was based on a significant reason such as deficiency of qualification, gross misconduct, and incapableness to execute assigned responsibilities, or redundancy. While deciding such cases, the statutory rights of employee are taken into consideration by the court4. Unfair and Wrongful Dismissal The terms ‘unfair dismissal’ and ‘wrongful dismissal’ seems similar but within the United Kingdom, the terms are rather unalike as wrongful dismissal is referred to when the employment contract is terminated by the employer in order to dismiss the employee or forcibly causing an employee leave. It is established on the basis of contract law. While unfair dismissal involves without notifica tion termination of employment by the employer. Thus resigning from an employment under constructive dismissal may be regarded as a wrongful dismissal case. Historical Development of Unfair Dismissal Statute in United Kingdom The history of the formulation of law of unfair dismissal dates back to year 1971, since it was made a part of Industrial Relations Act. It is a statutory creation. Therefore the right of avoiding from being unfairly dismissed only subsists if legal conditions are fulfilled. The unfair dismissal statute was re-enacted in the initial Schedule to the Trade Union and Labour Relations Act 1974, modified by the Employment Protection Act 1975. This statute was amalgamated in 1978 with the Contracts of Employment Act 1963 along with the Redundancy Payments Act 1965

Evaluation Impact On Financial Operations Cadburys And Kraft Marketing Essay

Evaluation Impact On Financial Operations Cadburys And Kraft Marketing Essay Choosing the Topic After completion of all my fundamental papers in August 2010, I waited till the next session to decide to submit a research and analysis project for the Oxford Brooke University. The reason for such delay was the pressure to complete three professional papers in December session. This report is also important to me because I believe by having combination of both Profession qualification and a degree will uplift my career. To base my project on ACCA provided me with a list of 20 recommended topics to choose from. After reading through the list, the topic that immediately attracted my attention was topic 19 which was The financial and operational consequences of a merger between two organisations or of the acquisition of one organisation by another. What attracted me the most about this topic was that, it was all very relevant to my studies as I am thinking to pursue financial management after ACCA. I knew this topic will allow me to try out and learn the all important, analytical skills. Other reason to choose this topic was the much talked about acquisition of KRAFT and Cadbury therefore it encouraged me to choose this topic. Another reason was availability of the vast amount of information through the internet and press release because of recent release of Krafts recent fourth quarter in the month on February 2011. Choosing the organisation Once I chose my topic, I had to choose an organisation to base my research on. I chose Kraft and Cadbury for my analysis; it was an obvious choice as this was the acquisition that impelled me to select this topic. This was one of the most controversial and largest takeovers in the year of 2010. I believed the takeover by the 2nd Largest Food Giants in its industry would accomplish the objective I had in mind for the project. Aims Objectives The main objective of this report is to evaluate the consequences of the acquisition on the finance and operations aspect of KRAFT FOODS. The financial statements by themselves only provide the quantitative data which need to be analysed by drawn graphs. The main focus of this report, therefore, is as follows: To analyse the reasons for Kraft to make a strategic choice of acquiring Cadbury and whether it satisfy the strategic fit as claimed by the CEO of KRAFT FOODS in terms of financial and business operations. The second part of the research aims to analyse whether Kraft is on the track to achieve its targets it promised its stakeholders at the time of acquisition. Since financial information wasnt sufficient for my research, I need to review the strategic decisions made by Kraft for its subsidiary Cadbury after the acquisition along with the friction identified while integrating both business. The anticipated future of Cadbury under Kraft Group. In order to achieve the aims mentioned above, I have done qualitative analysis using SFE (Suitability, Feasibility Acceptability) and Ashridge model along with quantitative analysis using financial ratios and linking both to get an overall picture. THE ORGANISTAION Company Profile Kraft Kraft Foods is the worlds second largest food company headquartered in North Field, Illinois manufactures and market packaged food products, including biscuits, confectionery, beverages, cheese, convenient meals and various packaged and grocery products.( KRAFT FOODS INC, 2009)The business was formed by James L. Kraft and his four brothers who began by wholesaling door to door cheese business in Chicago. Kraft then achieved growth by merging with other companies and increases the size of the business by expanding more product lines.( Wikimedia Foundation,2011) Being listed on NYSE, Kraft now has approximately 127,000 employees worldwide. Kraft sells products to consumer in approximately 170 countries. At 31 December 2010, Kraft had operations in more than 75 countries and made products at 223 manufacturing and processing facilities worldwide. Kraft portfolio included eleven brands with annual revenues exceeding $1 billion each: Oreo, Nabisco and LU biscuits; Milka and Cadbury chocolates; Trident gum; Jacobs and Maxwell House coffees; Philadelphia cream cheeses; Kraft cheeses, dinners and dressings; and Oscar Mayer meats. Kraft portfolio included approximately 70 brands which each generate annual revenues of more than $100 million. (KRAFT FOODS INC, 2010) Cadbury Cadbury was a leading global independent business in the exciting world of confectionery, a large, growing, brand-led industry. With an outstanding portfolio of chocolate, gum and candy brands, the largest emerging markets business and a focused and experienced team, Cadbury is committed to its long-term vision to be the worlds biggest and best confectionery company. Cadbury operated in more than 60 countries with a workforce of 46000. (Cadbury, 2008) Cadbury made its beginning by opening one single shop by John Cadbury. As time progressed John Cadbury moved into the manufacturing of drinking chocolate and cocoa. Cadbury grew bigger through some organic growth and some mergers. During the first world war Cadbury started to achieve great success, its products were regarded as necessities and Cadbury were at their peak. Cadbury kept investing in technology, new factories and in new products to remain ahead of competition. With factories all over the world and a host of well known brand names it has become a household name in many countries. (Birminghamuk, (n.d.)) INFORMATION GATHERING Sources of Data Data can be collected for any research by the following ways: Primary Research: Under primary research new information is collected via interviews, survey or questionnaire etc; hence information is collected first hand. Secondary Research: Also known as Desk Research is gathered from information which has already been provided but may not be for the same purpose. Such information are easy to access and are my cheaper than carrying out primary research. Such information gathered should be analysed and screened properly so that it fits for the purpose. Kraft and Cadbury both being listed companies although listed in different countries were required to issue annual accounts for its stakeholders by Sarbanes Oxley and Companies House respective. These companies especially Kraft issued Interim Reports as per the stock list requirement. Therefore much of the quantitative and qualitative date was readily available for analysis. Hence I chose to use secondary data over primary. The only complication I faced apart from time pressure was obtaining latest financial information for Cadbury (2009 accounts). Fortunately Kraft public relation team co-operated and emailed me 2008 and 2009 Cadbury annual accounts on my request. The following are the sources of secondary information I used for my project: Annual and Interim Financial Accounts and Reports This is the main source I used for financial aspect of my business and to draw graphs. I had to use interim reports even to demonstrate impact of Cadbury acquisition on Kraft at each and every quarter due to complexity of the business. Krafts annual accounts were available to view and download on Krafts Investors Website. However Cadbury financial statement isnt easily available. Internet This is the source of limitless information; hence it took me a lot of time to extract information which was relative to the point. Firstly it provided me the qualitative information which was missing or less in the financial statement of both entities. Secondly it also provided me information from a third party or neutral point of view. Letters and Reports Under this source, I analyzed the documents sent by Kraft to Cadbury management or reports addressed to Kraft shareholder explaining them the strategic fit of Cadbury acquisition. These documents were available over the internet. Library I used study text published by Kaplan for ACCA to brush my skills and be of aid when I got confused during an analysis phase. Apart from my course books I visited local library for reference books. As I mentioned earlier I didnt had an opportunity to visit British Library for the access of database such as Datamonitor and Mintel. However I was able to get access to Euromonitor through internet and used it as a tool to aid understanding of the application of analytical tools regarding acquisition and both the entities. Data Collection Methods Its easy to collect data, but skills are required to make sense of data and using it for the purpose. It was a fiddly job to collect reliable authentic information to base my reports on. Any negligence on my behalf may cause me a failure in achieving the report objectives. I was cautious and took my time to read through all the information once before starting with my project. As this acquisition was of the biggest acquisition in the year 2010, too much was written by the newspapers and media about it. Reading about the merger in 2011 gave me this idea to do a project on Kraft and Cadbury, as Kraft were about to issue its fourth quarter results. I started my data collection by reading articles from local newspapers as well as papers or journal published in other counties. I viewed them retrospectively. The most prominent newspaper I viewed was Financial Times, Guardian, Reuters, Wall Street Journal and Economists. After I got a general idea behind the acquisition and critics claiming the acquisition as a failure. I downloaded the fourth quarter as well as annual report. I need to know what did CEO responded on the acquisition as it had been a year. Then I looked at financial data provided to support any statement by the CEO. Internet provided me great deal of help in my project. I type in the keywords such as Cadbury Kraft in etc at www.google.com . Find the relevant articles and making notes as well as bookmarks of the WebPages if I needed to read it again for qualitative part of my research. I even visited many libraries in my local areas; the librarian helped me by giving me advice on referencing as I had no idea on references. Unfortunately I couldnt make a trip to British Library to access database which could help me in my project. But I was pretty content with the amount of information I already collected to carry out my analysis. Referencing I have used the HARVARD REFERENCING SYSTEM for the referencing in my research and to aid readability, I have cited the source below the paragraph if the whole paragraphs were written based on the same single source. Acquisition for Kraft Pre Acquisition To systematic analyse the strategic choice by Kraft to acquire Cadbury, I will be using Johnson and Scholes framework (Suitability, Feasibility and Acceptability Model). (Wu, 2010) Suitability Kraft Foods Inc. being the second largest food company still looks for opportunities to grow and try to remain one of the market leaders in the industry and and to spread risk by a diversified portfolio. Kraft believes in rapid expansion by acquiring other businesses. Kraft adopted new strategy implemented by new CEO who believed low growth segment should be disposed of and adopt those strategies that will achieve rapid growth even by means of acquisition .Kraft will look for businesses that will build on its strengths and guide against its threats. Kraft has a successful track record of acquiring iconic brands and businesses and effectively using it for its expansion. We will be using one of the criteria of Ashridge model under suitability. Under Ashridge model we will be examining two criteria; whether Kraft has sufficient skills, resources and understanding of the Cadbury business and whether there are opportunities for helping to achieve critical success factors. (Steiner, 2009) Source: Euromonitor One key reason for Kraft to acquire Cadbury was to penetrate in those growing markets where Cadbury has good base such as China, India and Mexico. Brands such as Cadbury Dairy Milk dominated such markets by a vast length compared to its rivals. Cadbury did receive 40% of its revenue from fast growing emerging market. Cadburys acquisition of Adams played a vital role to increase their market share in Latin America. Cadbury has experienced 12% growth in revenue in emerging market over five years (EUROMONITOR, 2008) this can be beneficial for Kraft as it intends to use Cadbury s distribution network to sell its brands. (Cadbury, 2008) (Cadbury, 2009a) Kraft being aware of Cadbury s heritage and its strong confectionery business ranking and its iconic brands makes Cadbury globally number one in chocolate, gum and candy. By attaining all these eponymous brands Kraft will become a global powerhouse in snacks, confectionery and quick meals with exceptional portfolio of leading brands in the world. Hence will be one step closer in achieving organic growth objective. Feasibility Under feasibility we would evaluate Krafts position before acquisition in terms of internal resources of the organization this can even be connected to Ashridge s model criteria of possessing sufficient resource by Predator Company. Kraft being second largest business in its industry has huge cash reserve which reflects in its Cash flow Statements of 2008 and 2009 ($1.24 billion and 2.10 billion respectively). Buts its worth mentioning the disposal of Krafts North American Pizza to Nestle for total consideration of $3.7 billion contributed majorly to its high cash reserve. High cash reserve helps them to with acquisition cost and integration cost and any other abnormal cost. Apart from cash reserve Kraft does have reasonable current ratio of 1.04 reflecting its above average liquidity position then its peers. Although Cadbury has a strong hold on overall emerging markets Kraft have a greater position in some markets such as Brazil and Russia. As Kraft being a huge conglomerate busine ss it has vast amount of resources in terms of specialist staff, a highly invested research and development teams and finance etc to back up Cadbury to face competition from other rivals such as Hershey and Mars. Kraft can eve use its power over major supermarket chains such Wal-Mart to increase shelf value of Cadbury as majority of its sales come from small convenient store. Kraft is even able to promote Cadbury heritage brand more rigorously due to available of immense resources. It would be worth mentioning the fact that billion dollar Kraft empire has been experiencing an average growth of impressive 5 % over period of four years to 2008 (where it achieved 13% growth than previous year).(Daltorio, 2009) Acceptability To carry on with a strategic choice it also need to be acceptable by the stake holders. As shareholders are key stakeholders their consent is highly important. Although Kraft assured them the acquisition would result in increase in shareholders wealth as it fits in into its business culture, some shareholders have different opinion. One of the reasons for such conflict of interests is the fear of increase in companys gearing. By 2008 Kraft had a high gearing of 1.34 (ratio) compare to its rival Nestle of (0.36). They fear by acquiring Cadbury, Kraft would issue more long-term debt that may adversely affect the gearing ratio and hence increasing the financial risk of the business and affecting the capability of paying out dividends, hence damaging shareholders interest. The other reason for conflict of interest was the reaction from one of the biggest shareholders Warren Buffett of Berkshire Hathaway who regarded the acquisition as bad deal .He believed Kraft has overvalued Cadbury fo r purchase consideration and the disposal of pizza business to Nestle for $3.7 billion was a mistake. He firmly believed Kraft is paying high premium for the acquisition. One shareholders view didnt affected Krafts strategic choice and Kraft went ahead with the acquisition despite got rejected first time. (Barr, 2010) Ballast Businesses *CADBURY* Heartland Businesses Alien Business Value trap Business Skills Opportunity Low High High According to my analysis I think Kraft values Cadbury as Heartland Business as Kraft has the skills to exploit opportunities from Cadbury. (UNDER ASHRIDGE MODEL) ACQUISITION for Kraft The long clashing 5 month battle between Cadbury and Kraft was finally over on 2nd February 2010 as Kraft clinches control over Cadbury by 72% holding. Kraft then took total control of Cadbury on June 2010. Cadbury shareholders had a deadline of 2nd February to accept Kraft offer of 500 pence in cash for each Cadbury share and 0.1874 new Kraft shares for each Cadbury share which altogether values each Cadbury share at 840 pence including a special 10 pence dividend. This sums up the total valuation of Cadbury business to approximate of  £11.9 Billion ($19.4 Billion). Kraft offered this purchase price on 19th of January after a long negotiation with Cadbury management. Kraft tried to make hostile takeover on 7th September by a bid worth 300 pence in cash and 0.2589 new Kraft shares for each Cadbury share (valuing it 745 pence a share). However Cadbury rejected the bid immediately and regarded it derisory. Kraft sweetened the bid by raising the original offer and increasing the cash component from 40% to 60% to make it more appealing for Cadbury shareholders. (Cimlluca et al, 2010) http://graphics.thomsonreuters.com/0210/EZ_CBRY0210.gifI have extracted this graph from Thomson Reuters to illustrate the impact on the share price for both involved parties after the announcement of take-over. We notice an increase of almost 40% in the market value of Cadbury. The increase in Cadburys share price was triggered by the initial announcement by Kraft of its intention to take over Cadbury in early September of 2009. The announcement was received well by Cadbury Shareholders causing an increase in demand and thereby price of the stock. However we see a fall in the share price of Kraft food at the time announcement (graph below), some analysts believe this was due to Warren Buffet dissatisfaction of Kraft Acquisition. He regarded the acquisition as bad deal, which caused chaos amongst other shareholder hence a price falls. This price fall deteriorated the purchase price offered by Kraft which was immediately rejected by Roger Carr, Chairmen of Cadbury. http://graphics.thom sonreuters.com/0210/EZ_CBRY0210.gif (Wiggins, 2009) Source: Digital Look(Munya , 2010) http://data.moneycentral.msn.com/scripts/chrtsrv.dll?symbol=kftE1=0LPR=2C1=2C5=6C5D=1C6=2009C7=6C7D=1C8=2010D5=0D2=0D4=1DD=1width=612height=258CE=0CF=0palette=2AF=2 KEY POINTS FOR FINANCIAL ANALYSIS Kraft foods acquired Cadbury plc in February2 2010. Hence Cadbury results are restricted to 10 months rather than full 12 years and its subject to fluctuate with moving exchange rates. Cadbury data was adjusted from IFRS (previously applied by Independent Cadbury) to U.S GAAP followed by its new Parent Kraft Foods Inc. Cadbury previous years figures couldnt be compared with unless comparison is made in percentile due to the size difference of both businesses. Kraft even revised its Net Revenue retrospectively 2009 onwards.Post Acquisition Financial Perspective The above graph represents s the growth and decline in sales over a period of 4 years by means of percentage. The 2010 information contains data post acquisition, specifically contribution from Cadbury of $9143 that has been converted using the exchange rate of $1.595 per  £1.00 for the aid of analysis. It can clearly be noted the reason why Cadbury was so desirable by Kraft. Cadbury attained significant growth from 2007. In June 2007 Cadbury introduced their Vision into Action plan which insisted in strengthening their position in emerging market. This strategy was immediately effective and can be reflected in the graph. As stated earlier in this research report one of the key reasons for Kraft to acquire Cadbury was their better position in emerging market as compared to Kraft. Although Cadbury has just been acquired for 11 months under Kraft we see a marginal fall of 4% in Cadbury sales than its preceding years. This maybe because Kraft maybe getting acquainted to Cadburys opera tion and network hence not utilizing Cadburys full potential. (Cadbury, 2009a) This graph explains what did Krafts CEO meant by GLOBAL POWER HOUSE. If we examine the two graphs we see a change in the revenue from developing and North American markets. The main reason for Kraft to takeover Cadbury was to derive maximum benefit of Cadburys strong hold in emerging market. Although Kraft is one of the largest companies in food industry it drives more than 57% of its revenue from its Home Market US. As US market is experiencing economic recession Kraft needed to adopt an effective strategy to broaden its operations globally. Hence Cadbury looked more attractive from Krafts perspective. Its worth mentioning that Cadbury earns more than 40% from the fast emerging markets portraying its position being better than Kraft.. It should be taken into consideration that fact that Kraft hasnt launched any new aggressive marketing scheme or any strategic step via Cadbury in emerging markets. In 2010 Kraft has continued to run Cadbury operation without making any major changes. Talking quantitatively Cadbury boosted Krafts net revenue in emerging markets by $3382 million which can be seen clearly in the graph at the bottom. Krafts strengths in Russia, Brazil and China along with Cadbury great position in United Kingdom, India and Mexico has spread its revenue source which has reduce the risk of a recession affecting Krafts sales .By acquiring Cadbury Kraft enhanced its distribution channel which became effective in the first year of acquisition and clearly be seen in the 2010 net revenue segments. In 2010 revenue from US market contributed less than 50% to Total Net Revenue minimizing the business risk driven by recession. (Farrell et al, 2010) The above illustrated graphs represent the change in Krafts revenue source after the acquisition of Cadbury. Krafts adopt a rational approach and pursue the strategy of selling off less profitable brands and achieving quick growth by acquisition. Kraft faced fierce competition from private label companies in the cheese and packaged meat market. Therefore Kraft acquired Cadbury to diverse its revenue source as there were dangers of fall in revenue from its main segments. There is an increase of 16% in the contribution made by confectionery segment. This segment is a high potential growth segment and Kraft would like diverse its business risk by investing more in promotion of this segment. (Trefis, 2011) The Gross margin shows the amount of gross profit generated by the company as a percentage of the sales revenue. Kraft Gross Profit Margin has been plotted against each quarter from 2009. It can be analyzed by the graph that Kraft tried to maintain its Gross Profit Margin in mid 30s percentile despite economic downturn in US market and increase in raw materials Kraft is able to maintain its objective, the main grounds for such level gross profit margin was the acquisition. By acquiring Cadbury Kraft has widen its distribution network as Cadburys main selling networks are convenient stores open on High Street therefore reach of every individual. Talking in respect on cost of sales (100 Gross Profit Margin) Kraft will benefit from economies of scale especially regarding purchases as Kraft will be bulk buying and using Cadbury suppliers rationally to minimise cost of sales as possible. (Szalai, 2011) Net Profit Margin is an indicator of profitability, calculated as net income or net profit divided by net revenue. As shown by the graph, we see a downward trend in the net profit margin against each quarter in 2010.Despite the fact that there has been a 27% increase in Net Revenue in 2010 as compared to its preceding year, we notice a fall of 23% in net profit especially in the fourth quarters of 2009 and 2010 ($711m and $547 respectively. However in aggregate there has been an increase in the net profit from 2009. The major reason for such deteriorates result for the fourth quarter was the cost associated with integration between Kraft and Cadbury. The pizza business of Kraft did contributed to the net profit in 2009 , by the sale of its pizza business to Nestle ,Kraft has deprived itself from the positive contribution of its disposal component.(BBC, 2011) The Prime objective of making investment in any business is to obtain satisfactory return on capital invested. Hence, the return on capital employed is used as a measure of success of a business in realizing this objective. Return on capital employed establishes the relationship between the profit and the capital employed. It is used to show the overall profitability and efficiency of the business. By analysing we see a fall in return on capital employed although the sales and net profit overall has increased however it hasnt increased by the proportion of investment made by KRAFT FOOD. As Mr. Warren Buffet feared that Kraft did overpay for the acquisition this can be reflected in diminish of return on capital employed. I have also included a graph showing fall in earning per share that illustrate the point of less return for the investors this maybe due to issue of new share to Cadbury shareholders. (Wilson , 2010) I have included this graph in my research report especially to breakdown the positive and negative contribution made by Cadbury to Kraft operating income in 2010 as compared to Kraft in 2009. As announced by CEO of Kraft Foods, Kraft is highly likely to expect $1 billion in incremental revenue synergies apart from $750 million in cost saving by 2013. In order to achieve the synergies Kraft has budgeted to spend $1.5 billion in the first three years following the acquisition to combine and integrate the two businesses and already incurred $657 million in 2010. As stated in Kraft Annual Account 2010, Kraft incurred and expensed transaction related fees of $218 millions in 2010 and $40 million in 2009.Kraft has recorded the mentioned costs under selling, general and administrative expenses in Profit and Loss Statement (Statement of Comprehensive income). However in the above graphs include figures which has been given in the Kraft 2010 annual accounts analysis of operating profit rather than actual incurred cost as some cost have been taken under finance cost which hasnt been included in arriving at operating profit for 2010. This seems a draw back in the acquisition objecti ve and maybe criticizes by its stakeholders as integration cost has reduced Krafts earning by 33%. (BBC, 2011) Liquidity ratio expresses a companys ability to repay short-term creditors out of its total cash. The liquidity ratio is the result of dividing the total cash by short-term borrowings. This Graph represents the two liquidity ratio one normal current ratio and another quick test ratio. Unlike Current ratio, quick ratio focus on the most liquid assets hence it exempt inventory from current asset while calculating ratio. Some of the key points that need to be addressed before analysis of the graph are the disposal of the pizza business and all the working capital relating to it. We should also account for the current assets and current liabilities acquired by Kraft such as Net Receivable of $ 1333 m and Accounts Payable of $ 1605 m etc. Another point to be mentioned is that while calculating Quick ratio I havent excluded the deferred tax asset, while some analyst exclude deferred tax asset as they dont regard it liquid. We see a significant difference between both ratios as inventory has occupied much of the working capital. Comparing it to the last year it is almost consistent with the growing sales. We notice a slight deterioration in both the ratio of 2010. The $3.7 billion cash raised by disposal of the pizza business was used to pay cash component of the acquisition. The rise in the actually figure is in line with the growing and diverse sales (Kraft Foods Inc, 2010) Gearing Ratio is a measure of financial leverage, demonstrating the degree to which a firms activities are funded by owners funds versus creditors funds (investopedia).The above graph represents how much company has borrowed compare to equity raised by KRAFT FOODS. Kraft had issued a long term debt of $9.379 billion (net proceeds) to support the cash component of Cadbury of acquisition along with proceeds from Pizza Business. Kraft even made a repayment $2.1 billion of long term debt during the year. This has increased the total debt of the business from $18990 million to $28724 Million. Kraft has also issued 262 million shares to existing Cadbury shareholder as part of purchase consideration. This has enlarged Krafts share capital affecting the gearing ratio. By taking into consideration the above mentioned circumstances, we see an increase in the gearing ratio of 7%. This may cause some concerns amongst shareholders and lenders of Kraft as the financial risk of the business has increased as more interest will be paid from the profits available to pay dividends to shareholders. (Tradition Financial Concept.). This may even damage the creditability of KRAFT FOOD in lenders market as it has borrowed 80% to Equity, hence it may be charged high interest rate by the lenders in future. (Kraft Foods Inc, 2010) (Hoskins, 2010) Interest cover is a measure of the adequacy of a companys profits relative to interest payments on its debt. This ratio will help to explain the previously mentioned financial due to increase in gearing. Due to the increase in leverage we see a fall of 0.94 in interest cover which means there would be less profit available for dividends. This maybe is one of the reasons why Warren Buffet (one of the major shareholder in Kraft) reduced its stake from 9% to 6%. The ratio is over 2 which is considered strong by analyst and reflects Krafts strong position in borrowers market. However Fitch, one of reputed credit rating agency, has downgraded the default rating on both companies to BBB-. However its rivals havent downgraded the rating as yet but our reviewing if they should follow their peers. Flitch has downgraded the rating due to anticipated increase in financial leverage of the combined Kraft/Cadbury. (Peters et al, 2010) Operational Changes Post Acquisition The significant changes in operations along with their impact on KRAFT FOOD GROUP as a whole: Closure of Somerdale factory Days after acquisition Kraft announced the closure of Cadbury factory in Bristol. During the acquisition struggle, Kraft pledged to retain Somerdale Factory. The announcements created a chaos amongst Cadbury workforce and British Unite trade union as 400 employees were being made redundant. It would be worth mentioning; Cadbury prior to its acquisition (in year 2007) had already announced the closure of its Somerdale factory as they had invested more than  £100million in the production plant in Poland to be cost effective. However at the time of acquisition Kraft assured Cadbury stakeholders that it will keep the Somerdale factory running. Kraft tried to justify the closure by stating that they made a genuine attempt to keep it running but its irrevocable. This had a negative impact on the motivation of 5400 Cadbury employees working United Kingdom as they feared less job security .Kraft faced high criticism from British media which lead to boycot