Should we make lobbying in government illegal Research Paper

Should we make lobbying in government illegal - Research Paper Example This is not the case. The most powerful lobby in the United States is the American Association of Retired Persons, which serves the interests of the aging population (McCarter). Removing lobbying would leave segments of the population without a unified voice for expressing their concerns. Other lobbyists look after education, Jewish people, and minority groups. Lobbying is not solely the practice of corporations; they also perform very necessary and important services. The constitutional basis of lobbying is the First Amendment, which guarantees the right to free speech. Lobbying is a form of free speech, albeit very structured, very closely tied to government, and quite expensive. Every individual person has the right to express his grievance with his government; this is fundamental to the American democracy. However, some recognize that this is a laborious and tricky process, which is why they contract that responsibility to experts, just as one would contract computer repair to a technician. Lobbying is free speech made on behalf of someone; to attack lobbying is the exact same threat as attacking free speech. Lastly, lobbyists (whether from for-profit or non-profit organizations) contribute to the offices of Federal representatives from both major parties—Democrats and Republicans (Ronayne). They are not unfairly boosting one party at the expense of another. Therefore, there is no way one lobbyist can change Federal policy single-handedly, since there is always competing interests in Congress. Given all of these reasons, there is no need (or basis) to ban lobbying. McCarter, Joan. "GOP takes on the most powerful citizens lobby, AARP." 28 March 2011. Daily Kos. 29 September 2011 . Ronayne, Kathleen. "Dueling Donations: Lobbyists Lining Pockets of Both Democratic and Republican Party Committees." 22 June 2011. Open Secrets. 28 September 2011

Rabies Virus Research Paper Example | Topics and Well Written Essays - 1000 words

Rabies Virus - Research Paper Example The RNP complex along with the the viral RNA is comprised â€Å"of the proteins L (transcriptase), N (nucleoprotein), and NS (transcriptase-associated)† (Rupprecht). â€Å"These aggregate in the cytoplasm of virus-infected neurons and compose Negri bodies, the characteristic histopathologic finding of rabies virus infection. The M (matrix) and G (glycoprotein) proteins are associated with the lipid envelope. The G protein forms the protrusions that cover the outer surface of the virion envelope and is the only rabies virus protein known to induce virus-neutralizing antibody† (Rupprecht). Rabies virus can be either the fixed type or street (wild type) (Rupprecht). Incubation period In dogs, the incubation period is usually 3-6 weeks but it may range from 10 days to a year. In man, the incubation period is usually from 1-3 months though it may be as short as 10 days or as long as 3 years. Incubation period is usually short in persons bitten on the face or head and long in those bitten on the legs. Incubation period is shorter in children. (Ananthnarayanan) Reservoirs of infection and host range The rabies virus infects a wide range of hosts, including dogs and cats, raccoons, coyotes, skunks, foxes, bats, and human beings. Any warm-blooded animal can be infected with rabies; however, some animals like wolves, foxes, and coyotes are more susceptible (Ananthnarayanan) Transmission About 99.8% of reported cases of rabies are due to bites of animals. The â€Å"other forms of transmission that have been reported includes contamination of mucous membranes, faulty vaccines, corneal transplants, and aerosol transmission† (Rupprecht) Signs and symptoms Rabies virus affects primarily the central nervous system, and causes an acute infection. In humans, there are five clinical stages: â€Å"the incubation period, prodrome, acute neurologic period, coma, and death† (Rupprecht) The prodromal period usually lasts from 2 to 10 days and clinical sympt oms are first noticed during this stage. The symptoms may include fever, general malaise, fatigue, cough, sore throat, dyspnea, nausea, vomiting, anorexia, dysphagia, abdominal pain, diarrhea, irritability, vertigo, headache, anxiety, nervousness and apprehension (Rupprecht). Some significant features like â€Å"insomnia, nightmares, depression, increased agitation, photophobia, priapism, and increased libido, may also occur† (Rupprecht). In that case, it suggests the presence of psychiatric disturbances encephalitis, or other brain abnormalities (Rupprecht). A pathognomonic feature in the acute neurologic period is difficulty in drinking together with intense thirst. Attempts to drink brings painful spasms of pharynx and larynx, producing choking that patients later develop a dread for even the sight or sound of water (hydrophobia) (Scheld & Whitley) In the acute neurologic period, the disease is categorized as dumb rabies if paralysis is the main clinical feature and as fur ious rabies if the symptom of hydrophobia is the main clinical feature. Both types of rabies may show signs like â€Å"focal and generalized convulsions, muscle fasciculations, hyperventilation, paresthesia, hypersalivation and nuchal rigidity† (Rupprecht) After the acute neurologic period ends, the patient may develop a rapid, irregular type of breathing. Very soon, paralysis and coma develops. Unless ventilator support is instituted, the patient may

Operations Management and Productivity Essay Example for Free

Operations Management and Productivity Essay Service and product design decision is one of the very important issues of operations management. Indeed this decision determines the health and fate of any organization (Krajewski Ritzman, 1998). A company that designs products and services that are of superior quality and that click with the intended market, definately succeeds. Hard Rock Cafe’s operations management has been successful in designing products and services in entertainment hospitality sector. This sector is one of the most competitive sectors, but they have been able to design and offer quality products and superior services in cafes, hotels, casinos and lately in music venues, Rock museum and Rock concerts (Evans, 1996). To respond to changing customer needs and expectations, they have continuously changed their menus and the services they offer. Hard Rock’s success comes as a result of continuous monitoring of quality of their products and services (Saheli, 2007). Their Quality Management Department has devised techniques to continuously monitor quality so as to improve quality of products and services and also make timely corrective measures and hence reduce quality costs. In the cafe, regular surveys are done to evaluate quality of food and services, where a scale is devised to measure scores (Ibid, 2007). To ensure quality products and services, production processes and capacity have been enhanced by using state-of-the-art equipment in catering, entertainment services in casinos, hotels and music venues. Technology is also embraced to increase production capacity in cafes and hotels (Krajewski Ritzman, 1998). Hard Rock started its operations in London. However, in 1988 it moved its headquarters to Orlando, Florida as it targeted the booming US market (Evans, 1996). It has later spread its cafes and hotels to more than 40 locations in US. The decision of spreading its wings to many states is to tap into unsaturated markets as well as diversify operation risks (Ibid, 1996). Due to increasing customers and hence operations, Hard Rock has expanded their cafe facilities to handle their clients. For example at Orlando Universal Studios, their cafe serves over 3,000 meals a day with about 400 employees and the number is expected to grow especially during high tourist seasons (Saheli, 2007). To ensure high labor productivity, Hard Rock Cafe has provided their workers with excellent working conditions. This is achieved through good industrial relation management and employee-management relations. Human Resource Management has ensured that the company has the best of employees who are competent, skilled and fit for their positions, hence Hard Rock expects the best out of their labor force (Krajewski Ritzman, 1998). Productiveness is the main task of the supply chain management in Hard Rock. The department has developed supply chain strategies aimed at reducing procurement costs and value adding the process. Hard Rock has entered into strategic partnership with suppliers to improve efficiency and effectiveness of this activity (Evans, 1996). To effectively manage inventory, the company has inventory management system that guides the managers on when to order inventory and how much (Saheli, 2007). To increase efficiency and reduce costs, they have embraced Just-In-Time philosophy where the materials required are procured in time and used in time (Saheli, 2007). During low season, Orlando Cafe staff is scheduled down to 15-minutes intervals to meet seasonal and daily demand changes in tourist environment. Annual Routine maintenance is exercised in all their facilities. Maintenance department is charged with responsibilities of ensuring that Hard Rock Cafes, hotels, casinos, music venues and rock museum are renovated and machines maintained at good conditions (Krajewski Ritzman, 1998). The productivity of the kitchen staff and wait staff can be measured by dividing the number of meals they prepare and serve by the number of labor hours they input (Saheli, 2007). During low seasons wait staff may serve fewer meals as demand gets low and also kitchen staff prepares fewer meals. Nevertheless, they will also use less labour hours as they are scheduled and down-sized to respond to low operations (Evans, 1996).

An Analysis Of the Financial Situation of TESCO PLC

An Analysis Of the Financial Situation of TESCO PLC Introduction: Reason for selection of this topic The selection of topic is based on my reading about Tesco rapidly growing articles and its strategy for growth topic is based on four vital playing parts: Growth in the UK To expand by growing internationally To be as strong in non-food as in food To follow customers into new retailing services From the list of suggested topics an analysis of the financial situation of an organization seems to be attractive and interesting topic. The making of this report help me in different ways like improvement in analytical skills and time management. Company Profile Jack Cohen established Tesco in 1919, when he began to sell surplus groceries from a stall in the East End of London. In 1924, the first own-brand product sold by Jack was Tesco Tea. In 1932, Tesco became a private limited company. In 1983, Tesco stores (Holding) Ltd became PLC. Tesco became Britains biggest independent petrol retailer in 1995 Tesco became the number one in this country with 17% of the market share in 1995. Tesco is one of the largest food retailers in the world, operating around 2,700 stores. The group operates through multiple store formats, including Extra, Superstore, Metro, Express and hypermarkets. Tesco operations UK (1,900 stores) European countries Asia Tesco Products Electrical goods Home entertainment Clothing Phones Broadband Health Beauty Stationery Kitchen utensils Soft furnishings Seasonal goods level of products Value Finest Branded Tesco and Retail industry profile Grocery market is one of the most evolving markets. Tesco is the third largest supermarket in retail industry world. Competition is directly with the small and independent chains and with other big names of retail industry. Todays consumer is changing their shopping patterns with the changes in marketing strategies by the grocery market. Tescos is innovative in its marketing strategy and maintain its impressive figure of market share by huge spending on marketing and fulfilling the wants and needs of customer. (RETAIL INDUSTRY REPORT 2007) It is 60 years since Tesco was first listed on the London Stock Exchange, as Tesco Stores (Holdings) Ltd, with a share price of 25 pence. It was only ten years ago that it laid out a new strategy for growth, a strategy which looked to find new customers, new markets, new products and new opportunities,thriving international business and assessing markets with over two billion people. Source:http://www.tescocorporate.com/annualreview07/01_tescostory/tescostory.html Tescos market share has surpassed 30% for the first time in 2005, providing further ammunition for consumer groups who want its dominance curbed. Source:http://www.thisismoney.co.uk/news/article.html?in_article_id=401840in_page_ id=2 Aims Objectives of the Report Analysis of recent performance of Tesco Analysis for the benefit of all stakeholders and shareholders Future performance prediction Methods of analysis Method to analysis the performance of Tesco is based on the competition with Sainsbury (leading British retailer). The main reason is to understand the concern of shareholders about their dividend income and growth of capital. Therefore the report is mainly focused on the following aspects: SWOT anaalysis SWOT analysis of Tesco is about the internal and external factors, which helps me to understand the current position of company. Profitability Comparison of the profit with their rivals Liquidity This is the most concerned factor for the investor to know about. Usually companies are not forced into liquidation for not making profit,but when they cannot pay their debts off. Growth Expectations of shareholders in highly competition Financing Financing should be accurate and appropriate towards their objectives. Investment Analysis on investment towards future profitability Shareholders return Analysis on how effective the group is returning shares of shareholders. The few key factors Gearing ratio Gearing is a measure of financial leverage, demonstrating the degree to which a firms activities are funded by owners funds versus creditors funds and is the key indicator of the share prices. ROCE (return on capital employed) To examine the total long-term funds invested in the group to earn the return. EPS (Earning Per Share) Earning per share (EPS) is widely used by both present and future investors to gauge the profitability of a company. Gross profit margin Compares a companys performance with its competitors in terms of profit margin. Limitations of Analysis Ratios are static and it does not reflect the future trends normally. Ratios are based on information in different articles and websites. It ignores the affect of inflation. Financial statements themselves have limitations IAS 16 also allows a choice between measuring non current assets at cost less amounts written off, or at revalued amount (FTC Foulks Lynch Paper 2.5, 2004). On the other hand IAS 17 leaves somewhat vague the distinction between finance leases and operating leases. By classifying a lease as an operating lease, it is possible for a lessee to keep leased assets and their corresponding liabilities off the balance sheet (FTC Foulks Lynch Paper 2.5, 2004). The earning power of a business may well be affected by factors, which are not reflected in the financial statements. Executive Summary Tesco has shown improving results during the recent years and an excellent result this year as well compared to previous performance of the company. Tesco Groups result for the year 2006/07 is as follows Turnover à ¢- ²10.9% Operating profit à ¢- ²17.7% Profit before taxationà ¢- ²20.3% Group underlying profità ¢- ²13.2 % Group trading profità ¢- ²11.1 % Underlying diluted earning per share increased by 11.6% on comparable basis, to 22.36p (last year-20.04). Final dividend has been proposed 6.83p per share (last year-6.10). This represents an increase of12%. Gearing level remained at 48% as last years. Cash outflow is 265m compared to last year Cash inflow 165m last years. Above results represent the story of progress of the group, which reflects the consumer satisfaction, shareholders and stakeholders confidence in Tesco. Tesco generates their profits faster than revenue and the improvement in production. Information gathering Primary research Primary information is data, which is, collected specifically by or for the user, at source for example the management accounts of a company (BPP Success in your Research Analysis Project 2005). Most of my work is based on secondary sources. Secondary research Most of my research is based on secondary type of research. Academic Reading the textbook provided the initial outline, approach, research suggestions and structuring for the project. Subscription publications such as Accounting and Business Conventional library research Going to the British and Corydon Library enabled me to gain access to the academic publications on research methods for business, as well as industry-specialist publications. Electronic research Financial Journals and Tesco website, which enabled me to obtain last three years annual and interim reports, and company presentations to analysts, investors and portfolio. ACCA website (http://www.accaglobal.com/) provided an easy-to- search database of articles Using Internet search engines (Goggle, Yahoo Finance) enabled me to collect a lot of information about Tesco and its competitors. Other Methods to Collect Information Specialist Accountancy Publications (Accountancy Age) Annual Accounts of Company Telephone calls, Email Analysts reports Newspaper articles Discussions with superiors Analysis and Presentation (Note: All the figures used below are taken from Tesco and Sainsburys annual accounts, except where mentioned) Strategic Analysis Cost Leadership Cost leadership is a generic strategic thrust that emphasizes providing products and services at the lowest per unit cost within an entire market. Porter notes (1980) Cost leadership requires aggressive construction of efficient-scale facilities, vigorous pursuit of cost reductions from experience, tight cost and overhead control, avoidance of marginal customer accounts, and cost minimization in areas like RD, service, sales force, advertising, and so on (p. 35). from Porter, M. Competitive Strategy: Techniques for Analyzing Industries and Competitors, New York: The Free Press, 1980. Michael Porter suggested four generic business strategies that could be adopted in order to gain competitive advantage. The four strategies relate to the extent to which the scope of businesses activities are narrowing versus broad and the extent to which a business seeks to differentiate its products. The four strategies are summarized in the figure below: This strategy is usually associated with large-scale businesses like Tesco offering standard products with relatively little differentiation that are perfectly acceptable to the majority of customers. Occasionally, a low-cost leader will also discount its product to maximize sales, particularly if it has a significant cost advantage over the competition and, in doing so, it can further increase its market share. Source: http://tutor2u.net/business/strategy/competitive_advantage.htm SWOT Analysis STRENGTH Leading British Market Customer research and its careful positioning Economy of scale WEAKNESSES Limitations in opening new outlets in UK OPPORTUNITIES Growth in Non-Food retails Investment in international market THREATS Threats from rival Competition in overseas market Extension in business makes it difficult to manage Reputation risk STRENGTHS Britains Market Leader Tesco is the market leader of retail industry in UK and holds 31.5%share of whole market as compared to its competitors ASDA Sainsburys who hold 16.7% and 16.0%. Source: http://scotlandonsunday.scotsman.com/business.cfm?id=68862007 Customer Research and its carefulpositioning Tescos ability to empathies with its customers is the result of in-depth research, and has been key to its resoundingly successful entries into so many new markets. Their market research doesnt stop at new customers, but covers existing customers buying habits too. Tesco has expanded its customer base by its increased efforts to embrace customers from all levels of society, and all income brackets. For example, two popular food product ranges the luxury range called Tesco Finest and the budget version, Tesco Value are both carried within all of its stores. Source:http://www.growthbusiness.co.uk/expansion/259636/what-tesco-can-teach-us.thtml Economy Of SCALE Tescos has massive buyer power over suppliers; these economies of scale allow Tescos to compete fiercely on price without imperiling its own margins in a mature industry in which aggregate revenue growth is unspectacular. WEAKNESSES LIMITATIONS IN OPENING NEWOUTLETS The massive volume of sites under development and owned by the supermarket groups, and particularly by Tescos, is a central plank in a new Competition Commission investigation into the grocery sector. The Commission is considering to review the rules that govern store openings. Under current guidelines, a retailer keen to open in a particular town must simply prove that the location needs a new supermarket. The national market share of that supermarket chain is not taken into account. The Commission will also take a close look at the controversial issue of land banking retailers supposed practice of buying vast tracts of land merely to thwart rivals from opening on them. Source: http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/04/30/cctesco30.xml OPPORTUNITIES Growth in non-food sector According to Retail research company Verdict, in 2007, for every  £10 spends on non-food shopping,  £1 will be spent at the supermarkets. And Tesco is set to become the UKs number one non food retailer, with Verdict predicting it will capture 3.6 percent of the non-food shopping market this year, overtaking the current number one GUS (owner of Argos and Homebase) which currently has 3.5 percent market share. Source: http://www.clickajob.co.uk/news/tesco-to-become-uk-s-largest-non-food-retailer3675.html Tesco stores sell some non-food, it is Tescos Superstore and Extra formats that offer the biggest choice. These offer electrical, home entertainment, clothing, health and beauty, stationery, cook shop and soft furnishings, plus seasonal goods such as barbecues and garden furniture in the summer. The company has launched a highly successful range of own brand goods from microwaves to garden furniture. Source: http://www.999today.com/homeandgarden/news/story/1804.html Investment in International Market International growth forms a key element of Tescos four-part strategy and the business currently trades in 12 countries outside the UK, mainly in Asia and Central Europe. Over half of Tescos selling space is now outside the UK. Source:http://www.tescocorporate.com/page.aspx?pointerid=14163CB2412F41B1BD7765AC8DBE49EB Total international sales grew by 5.3% to  £11.0 billion. On a comparable 52-week basis, sales increased by 17.9% at actual rates. International contributed  £564 million to trading profit, up 10.8% at actual rates (up 18.0% on a comparable 52-week basis). (Annual Report) The US represents the biggest job for Tesco expansion in international world.The fact that the USA has been such an embarrassing graveyard for almost every British retailer that has opened there merely adds an extra frisson to Tescos plans. J Sainsbury, Marks Spencer and Dixons have all returned from stateside adventures with their tails between their legs. With this in mind Tesco has gone to extraordinary lengths to keep its plans secret. It has also carried out one of the most thorough pieces of market research in corporate history to ensure that its efforts are not lost in translation Source: http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/06/10/cntesco110.xml Tescos new US convenience store chain is struggling to attract shoppers. If Fresh Easy fails, it will add to the list of UK retail brands unable to break into the US and also be very dilative to international returns. Threats Threats from Rivals Tesco is facing a lot of competition from its local and international rival. It has diversed its business in different products, which increased its competitors so it requires more efforts and attention to deal with the competition and to secure its position in the market. Competition faced in overseas markets Consistently maintaining the No 1 position in the UK, Sir Terry and Tesco are looking overseas for growth. Over the last decade Sir Terry has led Tesco into Asia and Europe, opening stores in different countries. America is the major item on the table and India is expected to follow. Managing the international business takes up an increasing amount of attention and clear understanding of political, spending, religious and many other factors. Reputation risk Tesco is the largest retailer in the UK; expectations of the Group are high. Failure to protect the Groups reputation and brand could lead to a loss of trust and confidence. This could result in a decline in the customerbase and affect the ability to recruit and retain good people. (Annual Accounts) Extension in makes it difficult to manage Tescos extension itself is big challenge. The competition commission is enquiring about Tescos land bank holding and in some areas not approval for store development is one example. Tescos diversified its business in different segment which means downfall in one will have impact on other business area as well. Review of 2007 results Group Summary Group sales, including VAT, increased by 8.1% to  £46.6bn (last year  £43.1bn) and by 10.9%on a comparable 52-week basis. At constant exchange rates, sales increased by 7.9% and10.8% respectively. Group operating profit rose by 17.7% to  £2,648m. Total net Group property profits were  £139m, comprising  £98m in the UK, a  £6m loss in Asia and a  £47m profit within Joint Ventures and Associates. Return on capital employed In April last year, Tesco renewed its commitment to increasing their post-tax return on capital employed (ROCE), having exceeded their 2004 aspiration two years early. The strong performance of the business delivered slightly higher ROCE in 2006/07 at 12.6% (last year 12.5%), (Including the one-off benefit from Pensions A-Day, ROCE was 13.6%). This represents good progress and was achieved despite carrying the extra start-up costs and investment in the US and Tesco Direct as well as the integration costs and capital employed in their International acquisitions and increased stake in Hymall. This means that ROCE is on track to meet their new target. (Annual Accounts) Whereas, Sainsbury has shown magnificent improvement in their ROCE (2.76% in 2006 and 6.3% in 2007) (refer to Appendix) but still has to do a great deal of effort to challenge the market leader in terms of absolute figures. Return on capital shareholders fund The Groups total shareholder return performance (i.e. share price movements plus dividends reinvested) for the year 2006 and 2007 relative to the FTSE 100 index of companies is 143:116 for FEB 06 and 195:132 for FEB07. This index has been selected to provide an established and Broad-based comparator group of retail and non-retail companies of similar scale to Tesco, against which the Groups TSR performance can be measured. There has also been a very strong performance in TSR over the last three and five years against a comparator group of our major retail competitors in the UK, Europe and the US. Source: http://www.tescocorporate.com/annualreview07/pdf/review/annual_review_and_sfs_2007.pdf Gross Profit Margin Profit earned is the sales revenue less cost of goods sold. The relation between them is the gross profit margin, which in terms of percentage shows profit made out of sales. Gross profit margin is obtained by dividing gross profit by sales. Tesco Group sales, including VAT, increased by 8.1% to  £46.6 billion (2006  £43.1 billion) and by 10.9% on a comparable 52-week basis. At constant exchange rates, sales grew by 7.9% and 10.8% respectively. Group profit before tax increased by 18.7% to  £2,653 million (2006  £2,235 million) and by 20.3% on a comparable 52-week basis. Underlying profit before tax (excluding IAS 32 and IAS 39 and the non-cash elements of IAS 19, which are replaced by the normal cash contributions) increased to  £2,545 million, up by 11.8% (13.2% on a comparable 52-week basis Gross Profit Margin is 10.24% which increased by 4.70% compared to Sainsburys Gross Profit Margin of 10.29% which increased by 7.41%. This shows that Tesco has well control on cost cutting and productivity programme and focusing on the sales growth trying to keep the prices at lower margin. While, Sainsburys improvement demonstrates well pursue of their recover plan in which they include cost control as well. Asset Turnover Asset turnover is the relationship between sales and assets i.e. sales per nominal value of Asset. This ratios has dropped from 2.62 for 2006 to 2.58 for the year 2007 indicating slight inefficiency of asset utalisation.(Appendix B) compared to Sainsburys which improved from 2.02 to 2.50(Appendix C). Tescos figure has decreased but it still is better than Sainsburys that shows Tesco is utilizing its assets more efficiently. Gearing and Liquidity Gearing represents long-term debt in relation to shareholders funds. A gearing ratio of about one-third is usually regarded as acceptable for a company, suggesting that it is not over-reliant on external borrowing. A figure in excess of this indicates a higher-geared company. High gearing ratios are most suitable to those companies with steady and reliable profits, whose earnings are sufficient to cover interest payments and where total dividends are low. However, wide fluctuations in profitability would make a highly geared company extremely vulnerable t market conditions Source: http://vig.pearsoned.co.uk/catalog/uploads/Griffiths_C02.pdf High gearing indicates a high proportion of debt in the capital structure. High-geared companies are deemed to be financially risky, because interest payments have to be met, regardless of profitability. Tescos gearing ratio has increased slightly from 60.39 to 62.87, on the other hand Sainsburys gearing ratio decreased by 44.74%. But with a high interest cover good current and forecast profitability and low level of net debt the high gearing ratio should not present Tesco with any problems. (See Appendixes) A combination of retained profits, long and medium-term debt, capital market issues, commercial paper, bank borrowings and leases finance Tescos operations. The objective is to ensure continuity of funding. The policy is to smooth the debt maturity profile, to arrange funding ahead of requirements and to maintain sufficient undrawn committed bank facilities, and a strong credit rating so that maturing debt may be refinanced as it falls due. The Groups long-term credit rating remained stable during the year. Moodys and A+ by Standard and Poors rate Tesco Group A1. New funding of  £1.8bn was arranged during the year, including a net  £0.5bn from property joint ventures and  £1.2bn from medium-term notes (MTNs). At the year-end, net debt was  £5.0bn (last year  £4.5bn) and the average debt maturity was nine years (last year six years). (Annual Accounts 2007) Current ratio This ratio shows indicates the companys ability to meet its short-term obligations. The higher the ratio, the more liquid the company is. Current ratio is proportion between current assets and current liabilities. If the proportion between current assets and current liabilities is more than 2 then that company is generally considered to have good short-term financial strength. If current liabilities exceed current assets, then the company may have problems meeting its short-term obligations. The current ratios of Sainsburys group are better than that of Tesco group. For 2007, the ratios were .56:1 and .71:1 for Tesco and Sainsburys respectively. (See Appendix) This means there is less assurance that Current liabilities of Tesco could be paid quickly comparative to Sainsbury. But the other point of concern is that Tescos has shown an improvement by 7.69% whereas Sainsburys current ratio shows a decline of 11.25% that again indicates not very effective management and utilization of assets as compared to Tesco. Interest cover It states how many times a company can repay the interest from the current earning. The higher the cover, the safer the company is from liquidity crisis. Tesco improved its interest cover from 9.48 to 12.32(Appendix B) whereas; Sainsburys improved its interest cover from 1.47 to 4.76(Appendix C). Tescos increased profits have improved its interest cover. Tesco is a highly geared company but it delivers great return to investors so there is no threat that it would not be able to cover its interest cost. LIMITATIONS specific to the ratio analysis There are limitations to the usability and understandability of these rations and the analysis made from them. Almost all of these ratios are inter-linked and interdependent and shows fluctuations if a few variables are gauged. Also, there are more than one agreed criteria for the choice of nominators and denominators so care must be taken while considering them in absolute figures (e.g., as more than 2 Quick ratio is considered excellent) and for comparisons between two or more entities. A better asset turnover ratio might as well be because of the under valuation of assets and a decline might as well be because of acquisition of assets of increase in the market value f the assets as most of the assets held by retailers as Tesco and Sainsburys are in the real estate. Current ratio has been defined good or worse depends on industries as well, as debt is cheaper than equity Industry such as retail where Tesco has working capital days in negative (i.e. they have a chance to earn interest on the sales they have made as their suppliers finance those sales.) the more a company is geared (but within the safety margin) the better will its performance be, as the interest cover is pretty handsome. Growth and investments Tescos has been investing in new markets overseas, seeking out new opportunities for growth and ways of generating long-term returns for shareholders. Tesco is also investing in diversified nature of business like investment in software; properties and recently investment in gardening are proof of well pursuit of its diversifying strategy. Group non-food sales have grown to  £10.4bn, including  £2.9bn in International. Sales growth, in the UK alone, was11.6% in the year, with total non-food sales increasing to £7.6bn (included in reported UK sales). In non-food product which shown growth include clothing sale grew by 16%, health beauty sales increased by 9%, toys and support sale rose by 35%, stationery and DIY both sales grew up by 23%, consumer electronic sales rose by 35%. (Annual Accounts) Investors Outlook The EPS is primarily a measure of profitability and states earnings/profit earned for one share and so an increasing EPS is seen as a good sign. Tescos Basic earning per share from continuing operations has raised from 20.20p to 23.61p compared to Sainsburys Basic earning per share which has raised from 3.8p to 19.2p which is massive. (See Appendix) Tescos returns are well ahead from Sainsburys basic earning per share thats why Tescos share price gives better return to shareholder. Chart below shows the comparison between the share price of Tesco against one of its competitors namely Sainsbury and against the FTSE 100 index over two years. Tesco has performed slightly better than the FTSE 100 index over the second half of the year but Sainsburys performance is much better which has been amplified by the rumor of takeover bid of Sainsburys by Delta two and Qatar and also the role played by the successful Sainsburys recovery plan. Total shareholder return (TSR), which is measured as the percentage increase in the share price, plus the dividend paid, has increased by 36% in 2006/07, its largest value increase for ten years and the fastest percentage growth rate for three years. Over the last three years, TSR has grown 87% compared with the FTSE100 average of 58%. Over five years, the increase has been 102% compared to the increase in the average for FTSE100 companies of just 50%. (Annual Account) Conclusion Tescos latest results show that it has been another successful year for Tesco. The most encouraging thing about Tescos performance is that Tescos coped well with the head-wind from recovering competitors, rising costs and tough conditions in some markets. Tescos come through in good shape and have done it by staying focused on doing the right things for Tescos customers and at the same time investing for future growth. (Annual Accounts) Tesco chief executive Terry Leahy said, Overall sales growth has strengthened in the period, with international delivering a particularly strong performance, and the UK has again done well, with good growth in our core food categories. Its non-food offering Tesco Direct, and the groups online grocery operation tesco.com had both delivered very strong sales in the quarter, said the company. Source:http://icwales.icnetwork.co.uk/business-in-wales/business-news/2007/12/05/good-progress-for-tesco-in-autumn-sales-91466-20203900/ Tesco has laid solid foundations for future growth. Tesco is always looking to improve the way the owners of the business benefit from that growth. It has also been a good year for shareholders return. Of course, Tescos shares are higher in buoyant markets but Tescos is also doing more to contribute. Dividends are up to approaching  £800 million, driven by last years change in policy, combined with the effect of our rising flow of property profits now ranking for dividend. Tescos also bought back and cancelled almost  £470 million worth of our own shares so far. (Annual Accounts) Tescos financial performance in 2006/07 was excellent. Turnover of  £46,611m grew by 8.1%, diluted earning per share of  £23.31m grew up by 17% and dividend per share £ 9.64 increased by 11.7%, putting Tesco in top place in retail industry in the UK. (Appendix A) Tescos position holds strong position in UK and now Tesco is concentrating towards International markets for improved return for its shareholders and to establish its business and loyalty of customers around the world. Tescos produced very good performace particularly against the background of political uncertainty and economic problems in three of its markets Hungary, Thailand and South Korea. This demonstrates that International now has the size and momentum to get through these things and still deliver.Tescos got much stronger in Central Europe, through rapid growth in new space and acquisition. In Asia as well, having done the groundwork in a couple of our newer markets, weve used acquisition to get on faster.(Annual Accounts) The biggest challenge in international market is its fresh move in the US market. If Tescos get fails in US it would be a disaster for their strategic planner. According to CNN, Tescos is aiming to open 200 Fresh Easy outlets by February 2009, with projections suggesting that annual sales could hit US$4bn, But Michael J Dennis, a senior research analyst with Minneapolis investment bank Piper Jeffrey, described sales at the chain to date as a disaster. Based on interviews with suppliers, he said sales were running at about US$60,000 a week 70% down on targeted weekly revenues of

Personal Narrative- Contributing to Society Essay -- Personal Narrativ

Personal Narrative- Contributing to Society I am one of those people that you’d probably term â€Å"normal†. I attend a normal school, I work at a normal job, I have a normal life. You wouldn’t single me out on the street: there is nothing remarkable about me, I am one of the many. So, what has someone like me got to say that would make any difference to this world? I haven’t fought the important socio-political battles of this century; I haven’t done anything that will be recorded in the world annals. Yet, I believe that I can contribute towards a healthier society. We live in a world that has forsaken the value of small things and deems those who think like me, foolish dreamers who will be left behind in the rat race. Well, so be it. I know I have to keep working and living in thi...

Essay --

What is a model? â€Å"A model is a simplified representation of reality it does not constitute reality itself. Models purposely ignore certain aspects of reality and focus on selected and related sets of crucial factors† (Segal and Spaeth 2002). In this paper, I will be discussing the three models and which model explains how justices behave the best: the legal model, the attitudinal model, and the rational model. The legal model justices vote on their preference but when given the opportunity they would vote to overturn the precedent because it does not fit their personal opinions. The attitudinal model justices are provided with the best prediction on a given case to determine how to vote. The rational model is the last model that feeds off the other models. The justices for this model vote on their preferences and not on sides. I will describe how each model links into each other. The legal Model is the behavior of judges explaining the law while making decisions. Justices tend to make judgments based off past precedent. Judges subscribe to the legal model for public consumption. J...

Ethics Greek Essay

The greater the knowledge and freedom, the greater the voluntariness; and the greater the voluntariness, the greater the moral responsibility.† – Alfredo Panizo MODIFIERS OF HUMAN ACTS a) Ignorance b) Passions c) Fear d) Habit e) Violence A) IGNORANCE – Absence of knowledge which a person ought to possess â€Å"Ignorance of Law exempts no one† – implies that one who has done wrong may not simply and directly claim ignorance as defense or justification or to be freed from sanction attached to the Law that was violated – implies that one should not act in the state of ignorance but always strive to dispel it 1) Vincible Ignorance – form of Ignorance which can be easily remedied through ordinary diligence and reasonable efforts 1.a) Affected Ignorance – a person possess this kind of Ignorance when a person employs positive efforts to be ignorant in order to be escape responsibility – it is Vincible Ignorance explicitly wanted = studied ignorance 2) Invincible Ignorance – kind of Ignorance which a person possesses without being aware of it or lack the means to rectify it PRINCIPLES: 1) Invincible Ignorance renders an act involuntary – a person is not liable or cannot be culpable if he is not aware of his ignorance or when there is nomeans of rectifying his ignorance 2) Vincible Ignorance does not destroy but lessens voluntariness and the corresponding accountability over the act – when a person becomes aware of one’s ignorance, he/she has the moral obligation to rectify it- and to act with this is a form of imprudence 3) Affected Ignorance though it decreases voluntariness, increases theaccountability over the resultant act – it interferes intellect – decrease voluntariness – it is willed to persist – increases accountability – refusing to rectify ignorance is malicious – and malice is graver if ignorance is used as an excuse for not doing the right thing B) PASSION – Either tendencies towards desirable objects (positive emotions like love, desire, delight, hope, bravery etc) or tendencies away from undesirable or harmful things (negative emotions like horror, sadness, hatred, despair, fear, anger etc) Passions – psychic responses –neither moral nor immoral – however, man is bound to regulate his emotions and submit them to the control of reason 1) Antecedent Passions – precedes the act – predisposes a person to act 2) Consequent Passions – those that are intentionally aroused and kept – voluntary in cause; the result of the will playing the strings of emotion PRINCIPLES: 1) Antecedent Passions do not always destroy voluntariness but they diminish accountability for the resultant act – they weaken the will power without obstructing freedom completely – therefore, crimes of passion are always voluntary although accountability is diminished because it interferes with the freedom of the will 2) Consequent Passions do not lessen voluntariness but may even increase responsibility – consequent passions are direct results of the will which fully consents to them instead of subordinating them to its control C) FEAR – disturbance on the mind of the person – being confronted by an impending danger or harm to himself, to his loved ones or to his property – one is compelled to decide to perform an act so as to avoid threat of future or imminent evil 1) Act done with fear – certain actions which by nature are dangerous or risky – in theses cases, fear is a normal response to danger – these actions are voluntary because the doer is in full control of his faculties and acts inspite of fear- fear here is an instinct for self-preservation (we even fear new experiences or situations) ex. Being left alone in a strange place, being asked to speak before a group of people 2) Act out of fear or because of fear – fear here becomes a positive force compelling a person to act without careful deliberation – fear modifies the freedom of doing, inducing the person to act in a certain predetermined manner, even without his full consent Ex. A child – studies/reads his books – out of fear of his mother A man – stops smoking – fear of contracting cancer PRINCIPLES: 1) Acts donewith fear are voluntary – acting inspite of his fear and is in full control of himself 2) Acts done out of fear are simply voluntary although conditionally involuntary – simply voluntary = person remains in control of his faculties – conditionally involuntary = if it were not for the presence of something feared, the person would not act or would act in another way – Intimidating or threatening as person with horror is an unjust act â€⠀œ Legally speaking, acts done out of fear – invalid acts Ex. Contract – made out of fear – voidable – later be annulled 3) Acts done because of intense fear or panic are involuntary – panic – obscures the mind – in this mental state, the person is not expected to think sensibly D) HABIT – permanent inclinations to act in a certain way – lasting readiness and facility born of frequently repeated acts or for acting in a certain manner – acquire the role of second nature – moves a person to perform certain acts with relative ease Habit – not easy to overcome or alter – requires a strong-willed person to correct a habit Voluntary Habits – those caused by the repetition of voluntary acts Involuntary Habits – a habit becomes such if the will is resolved to remove it and there is a struggle to overcome it PRINCIPLES: 1) Actions done by force of habit are voluntary in cause, unless a reasonable effort is made to counteract the habitual inclination  œ Bad Habits – voluntary in cause because they are results of previously willed acts done repeatedly – as long as the habits are not corrected, evil acts done by force of habit are voluntary and accountable – can be not accountable – if a person decides to fight his habit. For as long as the effort towards this purpose continues, actions resulting from such habit may be regarded as acts of man because the cause of such habit is no longer expressly desired E) VIOLENCE – any physical force exerted on a person by another free agent for the purpose of compelling the said person to act against his will Ex. Bodily torture, maltreatment, mutilation, etc PRINCIPLES: 1) External actions or commanded actions performed by a person subjected to violence, to which reasonable resistance has been offered, are involuntary and are not accountable – active resistance should always be offered to an unjust aggressor – if resistance is impossible and there is a serious threat to one’s life, a person confronted by violence cab offer intrinsic resistance DETERMINANTS OF HUMAN ACT: 1. ACT IN ITSELF – nature of the act itself ( cheating is bad itself in its nature) 2. MOTIVE OF THE AGENT (intention/purpose) 3. CIRCUMSTANCES Who=Person What=Quantity or quality Where=Place How=Manner, Means or instrument When=Time Why=Motive DETERMINING A GOOD ACTION ACT MOTIVE/END Good + good =GOOD Good + bad =BAD Bad + good =BAD Bad + bad =VERY BAD ETHICAL THEORIES 1. Deontological 2. Teleological 3. Divine Command Ethics 4. Virtues Ethics DEONTOLOGY Deos – â€Å"what is binding, right and proper† Duty-oriented appeals to obligations, laws, rules or orders 1. STOICISM Stoics : nature is good Good – surrendering/denying/accepting nature or whatever happens Self-denial/simplicity/frugality Wrong- contradict nature Three moral convictions: 1. Nature is innately good and man is part of nature 2. Man does good by following nature and evil by contradicting 3. Man ought to accept everything that is happening to him w/o question in order to live a good and tranquil life EPICTETUS: everything is governed by nature : determinism: things come as they do : â€Å"the essence of good and evil lies in that attitude of the will† : absolute obedience – greatest virtue : resignation and tranquility 2. KANT’S DEONTOLOGICAL THEORY Immanuel Kant Morality is based on â€Å"A PRIORI†( pre knowledge) of the imperative of human acts Pure reason – consistency of valid knowledge of the mind Practical reason – valid knowledge of the mind Basis: FREEWILL ïÆ'  moral duty IMMORTALITY OF THE SOUL ïÆ'   sanctions EXISTENCE OF GOD ïÆ'   ultimategiver of sanctions Kant: good without any qualification is based on GOOD WILL â€Å"a person with good will acts with moral duty† (businessman/politician) KANT’S CATEGORICAL IMPERATIVE ïÆ'   Like golden rule: command every human rational agent to cons istently abide with moral duties 1. Principle of Universality ïÆ'   â€Å"Act only on that maxim through which you can at the same time will that it should become a universal law† (evil if it cannot be universally willed. Sample: killing) 2. Principle of End in Itself ïÆ'   â€Å"act in such a way that you will always treat humanity, whether in your o wn person or the person of any other, never simply as a means, but always at the same time as an end.†( self-preservation/selfrealization/charity) 3. CONVENTIONALISM OR CONTRACTARIAN THEORY THOMAS HOBBES What is good is agreed by the society through social contract TELEOLOGICAL THEORIES Telos- end Consequence oriented theory Good is based on the result of the act 1. HEDONISM Hedos – pleasure â€Å"eat and be merry for tomorrow you will die† Good is personal experience of pleasure ARISTIPPUS – The greatest pleasure/ pain is the greatest evil – The only norm of determining what is good is â€Å"the most intense sensual pleasure of the moment.† – Sexual act between lovers give one of the most intense sensual pleasure EPICURIUS – Man is material and spiritual (death is disintegration) – Man by nature seek pleasure – â€Å"good and evil consist in sensation but it should be directed by reason and virtue. – Real pleasure – moderation decided by the mind – Prudence – wisdom and capacity to control oneself – Social injustices source of pain in human relation 2. UTILITARIANISM Greatest good for the greatest number of people JEREMY BENTHAM – Good if it promotes greater good (generic law/ofw) – Bad – suffering – Quantitative utilitarianism – Utility or usefulness of an act JOHN STUART MILL – Qualitative utilitarianism – Not the act and its end but more on the dignity of the person but the dignity of the human agent. – â€Å"better to be dissatisfied than a pig satisfied† – Action is right if it promotes happiness/ bad-unhappiness – VIRTUE ETHICS Virtue- moral practice or action in conformity to a standard of right Wisdom based on knowledge of what is good Good is the possession of moral characters or virtues Reason elevates and leads man to things true and good Aristotle: good is based on function : rational faculty of man achieves excellence through exercise of virtue : moral virtue is a result of habit :ARETAIC ETHICS (ARETE – excellence or virtue) : focus on heart and character of the moral agent :Virtue ethics- disposition/motivation or trait of being good : self-actualization – doing good as a part of being a rational animal Golden mean or moderation SOCRATES: INTELLECTUALISM ïÆ'   knowledge is virtue / virtue is knowledge : â€Å"know thyself† : unexamined life is not worth living PLATO: PHILOSOPHICAL LIFE -contemplation of true and good is best for life DIVINE COMMAND THEORY Religious idea Rules and commandments provide moral guidance St. Thomas Aquinas: Natural law ETHICS OF CONSCIENCE Subjective norm of morality Based on natural law Voice of God / inner voice / other self Practical judgment of reason Types: 1. 2. 3. 4. 5. 6. Right conscience – correct ethical evaluation good as good/ evil as evil Erroneous – good as evil and evil as good Certain – firm judgment of the validity and morality of an action Doubtful/dubious – uncertain Lax – bahala na / Scrupulous- sees evil or wrongness even though there is none