Role Of A Company Chairman Within A Public Limited Company And The Content of The Chairman’s Report of Reckitt Benckiser Plc. The WritePass Journal

Role Of A Company Chairman Within A Public Limited Company And The Content of The Chairman’s Report of Reckitt Benckiser Plc. Introduction  Ã‚   Role Of A Company Chairman Within A Public Limited Company And The Content of The Chairman’s Report of Reckitt Benckiser Plc. ). It is the responsibility of the chairman to set the agenda of the board and ensure that there is enough time for discussing all the items in the agenda with specific emphasis placed on strategic issues that affect the company.   The chairman should facilitate the effective contribution of NEDs in particular and ensure that constructive relations exist between executive directors and NEDs. This ensures that a culture of openness is prevalent in the board. In addition, the chairman should ensure that directors receive accurate, timely and clear information. In addition, the chairman should promote effective communication with shareholders. . The chairmans statement of Reckitt Benkiser Plc contains some important information. It contains information regarding the performance of the company during the year ended 2011. It provides details of the difficult environment in which the company operated and the strategies that the company implemented. For example, the Chairman begins by stating that the company performed well in a turbulent business environment. The chairman also notes that a new CEO was appointed during the year. This was a significant event for the company because the CEO is very important in implementing the companys strategy. The chairman further notes that the company witnessed an improvement in its cash flows during the year which enabled it to pay down part of its debt. The strong cash position also enabled the company to increase its dividend by 9% from the year 2010 figure to 125 pence per share. The chairmans statement also focused on the companys strategy. The chairman notes that considering the changing business environment, the company has redefined its vision and purpose to align itself with the opportunities and challenges of the environment in which it operates. The chairman believes that the new vision and purpose are fundamentally sound and will result in the creation and growth in shareholder value. The chairman concludes by making a statement on corporate governance. Accordingly the chairman notes that the Board conducted its regular reviews of the performance and results of the business including reviews with management on strategy, brands, geographic area and functional performance as well as detailed reviews of human resources, corporate responsibility and reputation, controls and business risks (Reckitt Benkiser Plc, 2011). Critical Evaluation of the IFRS Foundation’s convergence Agenda The IFRS foundation is working through its subsidiary body, The International Accounting Standards Board (IASB) to develop a global set of accounting standards that can be used across different. The foundation is making efforts to promote the convergence of national standards with International Financial Reporting Standards. For example, the IASB has been working on a Joint Conceptual Framework project with the US Financial Accounting Standards Board to ensure the convergence of US GAAP standards with IFRSs. In addition, the IASB has made significant progress in achieving convergence of national accounting standards of different countries with IFRS. For example, in 2002, the European Union (EU) issued Regulation EC No. 1606/2002 of the European Parliament and of the Council requiring all EU listed firms to adopt International Financial Reporting Standards on or before 1st January 2005 (European Union, 2002; Jermakowicz and Gornik-Tomaszewski, 2006; Epstein and Jermacowicz, 2007). Thi s meant that more than 7000 firms were required to prepare financial statements that complied with IFRS standards during the year ending 31st December 2005. Moroever, in 2007, the United States (U.S) Securities and Exchange Commission (SEC) which regulates the trading of securities in the U.S decided to waive the requirement that foreign firms listed in the U.S should reconcile their financial statements with U.S Generally Accepted Accounting Principles (GAAP) (SEC 2007; Street and Linthicum, 2007). Moreover, the SEC has considered proposals to allow U.S firms to prepare financial statements that are in compliance with IFRS (GAAP) (SEC 2007; Street and Linthicum, 2007). IFRS is increasingly gaining recognition as a global set of accounting standards. Zalm (2008) observes that the number of countries that had replaced their national GAAP with IFRS was approximately 100 in 2008. The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board have been working on a joint project to harmonise IFRS with U.S GAAP. The objective is to enhance the comparability of financial statements prepared under both standards and to improve the understandability, relevance and reliability of financial reports prepared using either U.S GAAP or IFRS. In order to evaluate the convergence project, this paper benefits and costs of convergence. Benefits of Convergences Improvement in FDI flows One of the benefits of convergence is that it will result in an increase in cross-border capital flows such as foreign direct investment (FDI) (Chen et al., 2010). Convergence will result in a reduction in the degree of information asymmetry between home country and foreign users of the information reported in financial statements (Chen et al., 2010). Users of financial statements will be able to compare financial statements prepared across different countries and thus make better investment decisions. It has also been argued that widespread adoption of IFRS will reduce or eliminate differences in accounting standards across the globe. This will result in a reduction in information processing costs and to an increase in cross-border economic transactions (Chen et al., 2010). According to the European Commissioner, McCreavy for example, adopting IFRS standards as a global set of accounting standards will result in more efficient allocation of resources and greater cross-board investment which will enhance economic growth in the EU (McCreavy, 2005). Enhancement of the quality of Financial Reports A potential benefit of the adoption of IFRS standards is that it will result in high quality and more corporate reporting practices. This will in turn improve market liquidity, lower costs of capital and enhance resource allocation. Greater market liquidity is consistent with a more efficient capital market. Improving market liquidity will result to a decline in transaction costs and increase the number of people participating in the market. An increase in the number of market participants will result in more efficient markets because more people will ensure that securities are always trading at their equilibrium prices (Bodie et al., 2007). Costs of Convergence Despite the potential benefits cited for convergence some investor groups believe that it is still very early to determine whether IFRS can effectively serve as a global set of accounting standards (SEC, 2010). The main argument offered is that IFRS is yet to be sufficiently developed or applied in practice to the extent that one can judge its ability to serve as a global set of accounting standards. According to the SEC (2010) IFRS lacks guidance in certain significant areas. In areas where there is guidance, such guidance tends to require much latitude before it can be comparable with US GAAP. There are jurisdictional variants in the application of IFRS which pose significant challenges to the adoption of IFRS. In order for IFRS to be applied globally, countries will need to converge in many other areas such as auditing, taxation, legal systems, etc. According to commentators, existing US GAAP standards are already universally accepted as high quality financial reporting standards. In addition, not all firms in the US require capital from global capital markets or market securities internationally. Therefore, the convergence agenda is likely going to result in increased costs for US companies. Investors and large firms in the US also felt that there were significant challenges and risks associated with having an international institution as the ultimate body that would issue accounting standards for issuers of securities in the US. Significant concerns were raised over whether this was likely going to be a wise policy taking into account the long standing role of the SEC as the oversight body over the financial reporting process in the US. Another concern raised is that incorporating IFRS standards into the financial reporting system in the US will have a negative impact on the compliance with corporate governance requirements in the US. For example, the Sarbanes Oxley Act prescribes a number of corporate governance rules that US companies with comply with such as ensuring that the audit committee has at least one independent non-executive director with financial expertise. Investor groups in the US feel that the IFRS agenda may affect the ability of US companies to comply with these rules and as such the convergence agenda of the IFRS foundation is likely not going to be feasible in so many countries. In addition, Hail et al. (2009) argue that accounting standards play a limited role in improving the quality of financial reports. There are other institutional factors that contribute to the enhancement of financial reporting quality. For example, the reporting incentives of firms and the enforcement of standards have been cited as important factors that determine the quality of financial reports. Hail et al. (2009) further contend that comparability of financial reports cannot be guaranteed by the adoption of a single set of accounting standards across different countries. Comparability can only be fully achieved if the reporting incentives of firms are similar. Therefore, the argument that comparability of financial statements will improve as a result of the adoption of IFRS remains questionable. Furthermore, it is not correct to view accounting standards in isolation from other important factors of a country’s institutional framework. There must be a match between the institutional framework and accounting standards. This means that if a country adopts accounting standards that do not properly match with the elements of its institutional framework can result in undesirable consequences for the economy as a whole irrespective of whether the new accounting standard unambiguously improves the element itself. SECTION B Environmental Reporting By Reckitt Benkiser Plc. According to the Sustainability report of the Reckitt Benckiser Plc, the companys strategy incorporates a commitment to run the business in a manner that is responsible, environmentally sound and sustainable. With respect to the environment, the company is committed to ensuring that the workplace environment is safe and healthy. It is also committed to ensuring that the employment environment attracts, developed and retains the right talent of people to manage the business. The company has a life cycle carbon management program and a sustainable operational excellence program. With respect to the life cycle carbon management program, the company is committed to reducing its carbon dioxide emission. The life cycle management approach is used to reduce CO2 emission right across the product life cycle. This approach is used because the largest emissions occur when consumers use products. For example, Air Wick launched a ground-breaking air fresher product which replaced the traditional propellant gases with compressed air. The natural propellant delivers a cleaner fragrance experience in a safer way than butane or nitrogen. The propellant is non-flammable and non-hazardous. Using compressed air in place of butane saves 5,000 tonnes of butane per year which in turn saves 20,000 tonnes of CO2 emissions (Reckitt Benckiser Plc, 2011b). It should be noted that there is no specific legislation that governs environmental reporting in the UK. The only legislation that governs the reporting of CO2 emissions in the UK is the Climate Change Act of 2008 and the Energy Act of 2010. The Climate Change Act aims at reducing CO2 emissions. The Climate Change Act and the Energy Act led to the implementation of the Carbon Reduction Commitment, which represents a mandatory climate change and energy saving scheme. The scheme aims at enhancing energy efficiency and CO2 emissions. The sustainability report of Reckitt Benckiser Plc is to some extent in compliance with the Climate Change Act and the Energy Act 2010 (Gray et al., 2010). Despite the absence of legislation on environmental reporting in the UK, a significant number of attempts have been made to encourage businesses to provide sustainability and environmental reports on a voluntary basis. Businesses are often encouraged through codes of practice and environmental reporting guidelines. Reckitt Benkiser Plc might have been influenced by these encouragements to disclose information relating to its environmental and social performance. Despite the absence of legislation, it has been argued that voluntary disclosure of environmental and social performance helps in enhancing firm value. For example, McGuire et al. (1988); Davis (1960); and Roberts (1992) provide evidence suggesting that there is a positive link between corporate social responsibility (CSR) disclosure levels and firm performance. The evidence also suggests disclosure of environmental performance is positively related to firm value. This explains why Reckitt Benkiser Plc has made an effort to d isclose information about its environmental performance. Advanatges a Company may gain by adopting and disclosing voluntary environmental Accounting Practices Adopting voluntary environmental accounting can help a company improve its reputation (ICAEW and EA, 2010). Voluntary environmental accounting can be viewed by users of financial statements as a positive signal that the company is using efficient and low cost manufacturing techniques which results in efficient use of resources. As such the company’s share price can increase if it discloses positive information. In addition, customers and can view the company as having concern over its environment. customers are not interested in buying from companies that do not have regard for their external environment. Consequently voluntary disclosure of environmental information can result in an improvement in the company’s sales and financial performance (Gray et al., 2010). How Future Environmental Accounting will continue to support accrual accounting and going concern. Accrual accounting is essential because not all transactions are settled in cash. It enables organisations to record transactions that have not been settled in cash as credit transactions. The going concern assumption assumes that the business will continue to exist for the foreseeable future. Environmental accounting will support accrual accounting in that it will enable businesses to continue recording all transactions irrespective of whether they are settled in cash or not. With respect to going concern, environmental accounting will enable users of financial statements to assess the impact of the company on its environment and determine whether the company will be able to continue as a going concern. Section C. Classification of the Convertible Bond The convertible bond in question is a compound financial instrument because it has both debt and equity characteristics. According to IAS 32, Financial Instruments, Presentation, the instrument’s component parts should be accounted for separately. The accounting should be done according to their substance based on the definitions of liability and equity. The entity is required to make the division between equity and debt at issuance and is not allowed to make any amendments in response to changes in market conditions such as a change in the market interest rate, share prices, or other event (Deloitte, 2012). Therefore, the instrument will be classified as a compound instrument including debt and equity components. The debt component is the contractual obligation of the company to pay cash and the equity component is the option of the holder to convert the bond into common shares of the issuer (Epstein and Jermakowicz, 2007; Deiloitte, 2012). Calculation of the Equity Component The present value of the bond is calculated as follows: Year Discount Factor (9%) Interest/Principal Present Value 1 0.9174 0.08 0.073392 2 0.8417 0.08 0.067336 3 0.7722 0.08 0.061776 4 0.7084 0.08 0.056672 5 0.6499 4.08 2.651592 Debt Element 2.910768 Equity Element 1.089232 The bond pays a coupon of   $.08million (2% x $4million) per annum. At the end of the year, the bond is expected to repay the coupon plus principal of $4.08million. The cash flows need to be discounted at the market interest rate of 9% on similar non-convertible bonds. The present values are based on the discount factors for the 9% interest rate. It can be observed that the present value of the bond is $2.91million. This represents the debt component of the financial instrument. The equity component is calculated by subtracting the debt component from the amount raised from the issue of the security. Therefore, the equity instrument is equal to $4million less $2.91million. This gives $1.19million. Closing Figure in the Statement of Financial Position The closing figure in the statement of Financial Position is based on the following amortisation Schedule: Year Cash Paid Interest Expense Discount Amortised Liability ($millions) 0 2.91 1 0.08 0.36 0.28 3.19 2 0.08 0.29 0.21 3.40 3 0.08 0.31 0.23 3.62 4 0.08 0.33 0.25 3.87 5 0.08 0.35 0.27 4.14 References Gray, R., Collins, D., Bebbington, J. (2007) Environmental and Social Accounting Reporting, Centre for Social and Environmental Accounting Research. ICAEW and EA (2010) TURNING QUESTIONS INTO ANSWERS ENVIRONMENTAL ISSUES AND ANNUAL FINANCIAL REPORTING, available online at: environment-agency.gov.uk/static/documents/Business/TECPLN8045_env_report_aw.pdf [accessed: 25th April 2013]. Deloitte (2012) IAS 32 Financial Instruments: Presentation [online] IAS Plus: Available at: iasplus.com/en/standards/standard31 [accessed: 26th April 2013]. McGuire, J. B., Sundgren, A., Schneeweis, T. (1988), â€Å"Corporate Social Responsibility and Firm Financial Performance†, The Academy of Management Journal, Vol. 31, No. 4, pp. 854-872; Academy of Management, Available online at: jstor.org/stable/256342 Davis, K. (1960, Spring). Can business afford to ignore social responsibilities? California Management Review, 2, 70-76. Roberts, R. W. (1992), â€Å"Determinants of corporate social responsibility disclosure: An application of stakeholder theory†, This article is not included in your organizations subscription. However, you may be able to access this article under your organizations agreement with Elsevier. Accounting, Organizations and Society, Vol. 17, No. 6, pp. 595-612 Bodie, Z. Kane, A., Marcus, A. J. (2007). Investments. 6th Edition. McGraw-Hill Duangploy, O., Gray, D. (2007)   ‘‘Big Bang’’ Accounting Reforms In Japan: Financial Analyst Earnings Forecast Accuracy Declines As The Japanese Government Mandates Japanese Corporations To Adopt International Accounting Standards Advances In International Accounting, vol. 20, pp. 179–200 Epstein, J. B., Jermakowicz, E. K. (2007), â€Å"Interpretation and Application of International Financial Reporting Standards†, Wiley. European Union, 2002. Regulation (EC) No 1606/2002 of the European parliament and of the council of 19 July 2002 on the application of international accounting standards. Official Journal of the European Communities September 11, 2002, L. 243/1 L. 243/4. Zalm G. (2008), Prepared statement of Gerrit Zalm, Chairman of the International Accounting Standards Committee Foundation, before the Economic and Monetary Affairs Committee of the European Parliament, available online at: iasb.org/NR/rdonlyres/A318265C-10E4-4051-A7D1-DCC9E4D763C5/0/Prepared_statement_Gerrit_Zalm.pdf [accessed: 9th April, 2012].

Ancient Near East Reaction Paper †History Essay

Ancient Near East Reaction Paper – History Essay Free Online Research Papers Ancient Near East Reaction Paper History Essay The Epic of Gilgamesh is a legendary tale of the once ruler of Uruk that takes place about 2700 B.C. Gilgamesh’s story begins when he hears of Enkidu, an animal-like human who essentially challenges Gilgamesh’s manhood. Gilgamesh and Enkidu engage in a battle that results in a draw, and ultimately the two become friends. Gilgamesh goes on to reject the goddess Ishtar’s request for love, and in response to Gilgamesh, Ishtar summons the Bull of Heaven. Gilgamesh and Enkidu defeat the bull, Enkidu insults Ishtar and she casts him to the underworld for eternity. The death of Enkidu reminds Gilgamesh that he is mortal and he commits the rest of his life to obtaining immortality. Gilgamesh searches for Utnapishtim who is said to know the secret of obtaining immortality. Utnapishtim can be paralleled to Noah of the Bible, he is warned of a great flood and builds a ship to live through it. Because Gilgamesh would unfortunately never find the secret of immortality and would eventually die. His death marked the last epic emperor to rule Sumer. During the Old Babylonian period from about 2000-1600 B.C. messages of social justice and morality became more prominent. The sun god, Shamsh, emerged as the preeminent god of justice in Babylonian culture. During the Old Babylonian period Hammurabi came to power. When Hammurabi came to power the Old Babylonian Empire it was a very turbulent period. Hammurabi worked to improve on these ideas of social justice and morality. During the same age of Old Babylon existed another empire, Egypt left behind a great deal of texts inscribed on the walls of the tombs of kings and nobles. They left behind no epics, but their beliefs of what would lead them to worldly success. Egypt lacked moral principle at this point in time, but it didn’t last. Ptah-hotep’s lack of concern with the afterlife was soon overshadowed by a deep concern with the afterlife around 2300 B.C. Egyptian religion was now very concerned with preparation for the afterlife. Religious reform had long been at the forefront of Egyptian policy and it had resulted in a loss of territory. It was the goal of Ramses II to restore the areas of the empire that were lost, but it doing so he ran into the Hittites. After a short struggle the two civilizations came to a compromise. From the times of Gilgamesh to Hammurabi, from Hammurabi to Ramses II there was a great deal of change occurring throughout the Near East, but what remains constant is religion at the centerpiece of all this change. In the case of Hammurabi the new laws promoting morality and social justice worked to help the Old Babylonian Empire. Unfortunetly for Egypt this was not the case. Egpyt let their guard down to focus their attention on religion as well, but it resulted in problems. They began to lose territory and ultimately faced annihilation at the hands of the Hittites. Research Papers on Ancient Near East Reaction Paper - History EssayCanaanite Influence on the Early Israelite ReligionBook Review on The Autobiography of Malcolm XComparison: Letter from Birmingham and CritoBringing Democracy to AfricaHarry Potter and the Deathly Hallows EssayCapital PunishmentAssess the importance of Nationalism 1815-1850 EuropeRelationship between Media Coverage and Social andLifes What IfsGenetic Engineering

Two choose one. will upload later Essay Example | Topics and Well Written Essays - 1000 words - 1

Two choose one. will upload later - Essay Example Internationalization, as a key current business trend is vital is promoting political reforms based on diverse perspectives. Further internationalization of business has environmental and political impacts. This paper provides a succinct discussion of the economic, political, social, and environmental implications of internationalization of business. Internationalization may be in diverse forms. A business can opt for foreign or direct investments in a foreign country and set up its subsidiaries from which it operations. A business may opt to form partnerships or business arrangements with interest business in a foreign country. It may involve allocation of subcontracts to foreign businesses or experts. It may also involve a business entity’s participation in foreign networks. Internationalization of business has accelerated economic progress in less-industrialized countries compared to any other development factor according to Penrose (1956). An example is the case of General Motors (GM). The firm started in Australia in 1926 and operated in the country until 1954. After 1954, the firm had plans to expand to other markets. In essence, GM’s operations in foreign markets outside Australia promoted industrial development, both in Australian and foreign destination markets. Growth of foreign investments through internationalization of firms contributes to economic progress. Hymer, Cohen and Dennis, 1979,  address the internationalization of capital by multinational corporations. Multinational corporations may engage in three key aspects. First, the can engage in capital movements across different countries. Second, multinational corporations can engage in capitalist production. The third aspect is engagement in international governments. All the three are vital to promoting economic progress by multinational corporations through internationalization of capital (Williamson, 1981). Improvement in

Economics case assignment module 01 Essay Example | Topics and Well Written Essays - 500 words

Economics case assignment module 01 - Essay Example In the contrary, trifling manufactures which provides small amount of needs of a small number of people also employ small number of workmen. Division of labour is much observed since all of them are working in one workhouse. To take an example, B dressmaking that was operated by Mr. Joe employed 3 dressmakers. His business location was in the heart of a small town. Long before, his 3 dressmakers were used to finish a maximum of 5 or a minimum of 3 dresses a day. However, there produce was insufficient enough, so he came up to the idea of dividing the whole work into branches instead of hiring additional dressmakers. His dressmakers were task to do a particular part of the dress instead of sewing it alone. The work was divided to around 6 so each of the workers was assigned to do 2. The first one shaped and cut the cloth; the second one made the collar, the third sewed the sleeve and so on until all the parts were sewed together and the dress was made. After couple of weeks, the diffe rence was quiet obvious, from the minimum of 9 dresses to around 30 dresses daily. And the work showed much excellent! Hence the division of labour increases the productivity of the workmen because employing a simpler and particular task enhances their skill. Repeating one or two tasks is not as difficult as doing the whole work. Perhaps, a particular dressmaker who was used to sew dresses may not feel difficulty in doing his job but became lazy in using different machines in completing a dress. The several stages undergone may become complicated for him; he may put less concentration on them; whereas, if he only focused shaping and cutting the cloth, its repetitions would result to a greater part of his dexterity. Secondly, Smith’s idea about invisible hand is linked to his concept of self-interest. Every individual struggles to get what he wants. He works hard to fulfill his dreams.

Pros and Cons of Globalization Essay Example for Free

Pros and Cons of Globalization Essay Former CEO of Vodafone Group, Mr. Arun Sarin, at the 2009 Global Business Forum debated that there is a profound change occurring in the world today. The world is becoming more interconnected due not only to physical infrastructure but also the intellectual and software infrastructure that is being built; moreover, the way in that trade is being done today. For him, the United States is still the most powerful country in the world; however, if the country wants to have global excellence in the future, innovation is a most. Since its earliest appearance, about three decades ago, the term globalization has been used to describe a process, a condition, a system, a force, and an age. The term signifies a social condition characterized by the existence of global economic, political, cultural, and environmental interconnections and flows that make many of the currently existing borders and boundaries irrelevant. Globalization suggests dynamism best explained by the idea of change and the transformation of present conditions. In other words, globalization is an ongoing process rather than a static condition. According to Manfred Steger, author of the book: Globalization: A Very Short Introduction, globalization refers to a multidimensional set of social processes that create, multiply, stretch, and intensify worldwide social interdependencies and exchanges while at the same time fostering in people a growing awareness of deepening connections between the local and the distant. In the other hand, globalization is a complex and contradictory phenomenon that encompasses progress and degradation, opportunity and compulsion, freedom and restrictions. These countless contradictions are points of political contestation. Advantages of Globalization * Countries around the world have made the choice of establishing trade relationships with each other in order to improve their economy. Past hostile experiences were left behind, and globalization has announced an era of international peace and security. In addition, there has been propagation of democratic ideas among countries. * Countries have resolved to test free trade with some regions. Eliminating taxes, duties, and export/import quotas has allowed consumers to buy goods and services at a lower cost. * Globalization is encouraging the use of international connectivity such as the internet. Exchanging thoughts and ideas is helping interlink people around the world. * Several companies are investing in other markets providing better employment opportunities for skilled and unskilled labor all around the world. Globalization is helping in increasing the standard of living of the developing world; and at the same time is helping to reduce poverty. * Competition among different countries is leading to international innovation and quality goods. Consumers are benefited in the process because they get quality products at a cheaper rate and from a large variety available in the market. * Mutual trade has brought an understanding of the importance of protecting the environment and natural resources. Global environmental problems are being discussed. Disadvantages of Globalization * Many people from develop nations are losing jobs since corporations are outsourcing work to developing countries due to savings in cost of labor. There is a lot of pressure in the develop world; people are always under the threat of their job being outsourced. Outsourcing has resulted in unemployment. * Any sort of economic disruption in one nation will have a domino-effect on other nations that are closely related to that country in terms of trade and commerce. * Influence of local cultures and traditions will slowly start to wear down. Western ideas will impose over other cultures. * Globalization may lead to more environmental problems. A company may want to build factories in other countries because environmental laws are not as strict as they are at home. * Income distribution within countries is becoming less equal. The rich is getting richer and the poor is getting poorer. * Transnational integration and increased mobility has simultaneously strengthened and diminished the protection of individual rights and the dignity of individuals. Globalized markets have facilitated more monitoring of social conditions but have also opened up more opportunities for economic exploitation. Example of the pros and cons of globalization The Philippines is one of the countries in Asia that has been affected by the contradictions of globalization. The country is taking part in the process since it became part of the World Trade Organization in 1995. Globalization has allowed major changes in the nation like more labor, more Filipino foreign companies, high levels of education, and high per capita income. Philippines have four regions that globalization has targeted and these four are: liberalization, mobility of capital, technology, and management of organization through private and public sectors. Nevertheless, the Philippine state has failed in organizing a socioeconomic environment that would have prepared the country for global competition. Many Filipinos believe that globalization has done nothing for their country. And this is due to the poverty that has been becoming worse each year. The Philippines is still corrupt and still faces economic and political problems, therefore, the nation and its people does not trust the process of globalization. About 60% of the population lives in poverty and poverty levels are still increasing. The institutional framework of a country, its political culture and the quality of its leadership play an important role in fostering economic development and in promoting social welfare. For some, globalization can make the Philippines a better nation if the Philippine leaders get involve in allowing for more global trading and more foreign investors to the help boost the economy. And by accomplishing those goals, the Philippines should be able to reduce poverty levels. The Future of Globalization Globalization is transforming the structure of worldwide interaction and people are changing along with it. The positives aspects of globalization are becoming more significant than the negatives ones. In the long term, the world will be transformed into a more prosperous, democratic, and peaceful environment. This may means that cultural conflict and global chaos will occur in the short term but large economic growth and democratic governance will prevail in the long term. Globalization is making the way for free trade and international business. It is also improving communication around the world. The biggest advantage is that globalization has the potential to make the world a better place to live in. Globalization cannot be stopped; however, leaders should always be on the top of its spread and outcomes. Work Cited Steger, M. B. (2004). Globalization, a very short introduction. New York: Oxford University Press, USA. Retrieved from http://library.books24x7.com.dml.regis.edu/SearchResults.aspx?qdom=authorscol={all}qstr=Manfred B. Steger Hill, C. (2010). International business. (8 ed., Vol. 5). New York City NY: McGraw-Hill Irwin. Rupert, M., Solomon, S. (2006). Globalization international political economy. Rowman Littlefield Publishers INC.

The Age of Reason Essay -- history

The Age of Reason The Age of Reason was a period in time that took place from the Peace of Utrecht (1713), to the French Revolution of 1789. It was a period when reason basically replaced religion as the guiding principle in art, thought, and the governance of men. Unquestioned acceptance of the old order of society and the old ways of statecraft yielded to a new spirit of critical inquiry which demanded some rational justification for the existing social system. People thought that the general application of reason would free Europe from the artificialities, restrictions, injustices, and superstitions which that was inherited from the Dark Ages. Reason would create a society of law and order. The traditions, customs, and autonomous rights of the nobility and the church were essentially alien to the spirit of rationalism and operated to block the establishment of centralized, well ordered states. In central and eastern Europe and many minor states of the continent, the main contenders against the powers of the nobility and the clergy were the dynastic sovereigns. Competition between the great states was ruthless and the monarchy which failed to overhaul its internal administration, faced dismemberment. Seeking to focus on their own authority, the crowned heads struggled with the separatism of provinces, which their royal houses had inherited through medieval and 17th century wars and marriages. They tried to introduce uniformity in law and administration th...

Contiki Tours : Marketing Strategy Analysis Essay

Contiki Tours is an organisation that offers packaged holidays to a variety of local and international destinations. Their targeted market is limited by age. Clients must be between 18 and 35 years old. The analysis will focus on Contiki *s Australian market for international holidays. Contiki have adopted a concentrated marketing strategy in identifying market segments. This means that they have elected to focus their marketing efforts on gaining a high share of one particular segment of the market (i.e. 18-35 year olds). The advantage of such a strategy is that it allows specialisation which may produce economies in production, distribution and promotion. However, it does entail some risks in that market needs can change or competitors may enter the segment. The risks and benefits of this strategy will be examined more closely in the analysis of the marketing mix. Product In order to assess the effectiveness of Contiki’s marketing strategy it is important to understand the n ature of the product offered by the organisation in terms of the benefits that it provides. Broadly, it is a service product (eg. flight, bus trip, food preparation) although elements of the product are physical (eg. food, t-shirts). It is a specialty product given that it meets a specialised need and consumers are willing to spend quite some time searching for and evaluating. It is also purchased infrequently. It would also be considered a high involvement product due to the relatively high risks of purchase. The notion of purchase risk will be explored in more detail in an analysis of consumer behaviour. Price The nature of the product, characteristics of the target market, and consumer behaviour each have important implications for pricing. It should be noted that the price paid for the product by the consumer involves more than the nominal price (i.e. the ‘price tag’). As well as the money paid for the product, consumers endure time costs and must expend behavioural and cognitive effort. Cognitive effort may involve the customer dealing with some of the risks of purchase (Ross, 1984). There are a number of implications of this analysis for Contiki. Firstly, the organisation can manage the price t hat consumers pay by minimising the time, behavioural and cognitive effort that is used purchasing the product. By decreasing the costs to the consumer, Contiki is able to increase the perceived value of their product to consumers. Over-the-phone or internet information and booking services would decrease the time taken in actually purchasing the product, and therefore the cost of the product to the consumer. Also, convenient agent locations would minimise the behavioural effort for consumers. Contiki attempt to coordinate with a wide range of travel agencies who are educated by Contiki sales staff on product attributes (the distribution channel and its implications for pricing with be covered more thoroughly in a later section of this analysis). It should be recognised, however, that many consumers derive utility from extensive cognitive involvement in the purchase process. For example, some customers may enjoy discussing at length with consultants, their itinerary and travel options. To the extent that this occurs, friendly and knowledgeable travel consultants should be an integral part of Contiki’s product offering. In order to achieve this, promotion (i.e. personal selling) to the distribution channel should be emphasised. From this discussion it is evident that the interaction between consultant and customer is a key aspect of the value delivery sequence. Increasing perceived value involves managing the people or participants in the consumption process (Berry, 1980; Booms & Bitner, 1981).

Analysis of the Poem “Genesis”

Bruce Dawe, an Australian poet, has written the poem ‘Genesis'. The poem compares the beginning of school to Adam and Eve's expulsion from the Garden of Eden, hence the title ‘Genesis'. Dawe has put the context of the poem into a modern day theme. Using the comparison of Adam and Eve's loss of innocence, he describes how the innocence of children is lost at school. This correspondence to the story of God expelling Adam and Eve from the Garden of Eden because they had eaten fruit from the tree of knowledge. In the poem ‘Genesis', children are expelled from innocence into the harsh realities of the world by partaking of the tree of knowledge – education at school. Dawe has used various techniques to convey his message across. Throughout the poem, there is an underlying criticism of what society does to children by sending them to school, leading us to question the wisdom of â€Å"education† as provided at school. He has achieved this critical commentary by lightly incorporating the technique of gentle satire into the poem to attack the human folly. This satire implies that society has not learnt from Adam and Eve's mistakes and condones the sinful behaviour in the name of â€Å"education†. His idea has been put forward by the interpretations that God created Adam and Eve, of whom lost their innocence from the tree of knowledge, but society created the cause of the loss of innocence through education. In the lines â€Å"Ah, what ink-stained webs we weave†(1.23), Dawe implies that the adults of society have created a trap (that cannot be untangled) for their children, in their desire for their children to know more, almost pushing them into losing their purity of heart. This satire has made possible by the technique of irony because the Garden of Eden is supposed to harmonise paradise, but school is far from paradise; yet is respected and designated as a ‘good' place by society. The predominating mood created by Dawe is quite paradoxical for he has put forward a serious inner meaning, in an informal manner. The tone of the poem is cynical and sarcastic, occasionally using wry humour to express the feelings of entrapment and unwillingness of the children â€Å"Stabbing first flies with new biros† (1.8). In the poem you can almost sense the children's lack of freedom when the poet describes them â€Å"Watching corner-eyed, the sun, No longer at their beck and calling† (1.10-11). The school bell has replaced their freedom of control over the day. Using sarcasm, Dawe describes the different classrooms as prison cells. This implication is made by the words â€Å"Like old ‘lags' to whom all's one!† (1.7). ‘Lag' was the name given to a convict in the early days of Australian's history and refers to the children who are â€Å"imprisoned† in their classrooms. The fact that all cells look the same illustrates their lack of interest in their classrooms. It all symbolises the loss of freedom. The children's loss of freedom innocence is shown throughout the poem and is illustrated by examples of them choosing bad over good. â€Å"Dumping wholesome snacks Mum makes, In the school incinerator† (1.22) and eating â€Å"tooth-rotting cakes† (1.19) and drinking â€Å"Mind-destroying Fizzi-cola† (1.20). With the help of his mindful selection of words such as, ‘mincing' and ‘cocky' he has built up the imagery that incorporates the sense of flirtatiousness and rebelliousness in the students. Other effects of imagery include the use of metaphor where Dawe compares the delay of sound from a jet-plane to the delay of understanding from the school children when faced by the information in their new text-books. â€Å"Like jet ‘planes so far above them, Waiting for the sonic boom† (1.16-17). The use of simile is also closely connected with the metaphor, where Dawe compares the difficulty of schoolwork to the difficulty of reaching a jet-plane. â€Å"Text-book whose right answers loom, Like jet ‘planes so far above them†(1.15-16). By using both techniques, Dawe enables the reader to visualise more clearly the poet's impressions. The words used by Dawe are vivid and image is substantial, yet simplistic. This allows readers of all levels to appreciate and understand his writing even those who do not normally care for poetry. He has accomplished this in ‘Genesis' by using compound words throughout the whole poem, which allow him to describe ideas promptly and concisely, producing a clear image of his intentions: â€Å"†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦tooth-rotting cakes, Mind-destroying fizzi-cola† Along with these compound adjectives his rhyming pattern and regular rhythm futher enhances ease of reading and permits the poem to become almost harmonious. Dawe's negative connotations of school, aroused emotions of sadness. This is because I believe the poem speaks of truth of that innocence is lost in school, a place that provides one of the most important aspects to life, education. Dawe has created this poem to comment on the tragedy of the human race, that is to say, what children have become since Adam and Eve. However, I find that his negative attitudes are not necessarily accurate. Despite my disagreeing view with Dawes beliefs, he has nevertheless been successful in conveying his intentions – to satirise the human obsession with education and the emphasis placed on school learning. He has achieved by incorporating many techniques into his work.

Is it glorious to die for youre country essays

Is it glorious to die for youre country essays Is it glorious to die for your country?.... This question has been posed to many young people about to embark on war although the answer has usually been yes in response to their country due mainly to the fact that the government instills it in the people of the country to support one's country and one way is to send young abled bodied men into the army. If you were one individual that was not in favour of fighting for your country you would surely become an outcast by the countries people. To avoid ridicule and becoming outcasted by the people living around you, you would join the army just in the thought that you were obligated to for the sole sake of your country. Such thoughts were reinforced by the government promotion of propaganda. Glorifying death is not needed to be taught and should be up to the sole individual. School systems should teach an unbiased point of view of war to enable the child to make their own decision to fight for one's country. Is it Glorious to Die for your Country? Within the education system it was instructed to the teachers to teach the children at a young age during the brink of war to instill that their the life of the country and for them to defend their country against the enemy. Teachers showed being in a army was representing honour and the pride of the country. Guilt was laid on the students who showed rebellion by the teacher. Many times the teacher would try to show a soldier that looks happy and content trying to represent being a soldier makes you happy and content. Many young inexperienced soldiers were sent to training camps near the battle fields that they would soon be sent to fight, for their country and their life. The training camps were situated on similar enviroments that resembled the battle fields of where the fighting would take place. Reinforced displine to the young and ignorant men. Trench warfare is ...

Migrants vs. Refugees

Migrants vs. Refugees Migrants vs. Refugees Migrants vs. Refugees By Maeve Maddox A reader wonders about the use of these words in the media: Please explain the difference between migrants and refugees. The news has provided nonstop coverage of migrants flocking to Europe from the Middle East and northern Africa. It seems to me these people should be more accurately described as refugees. Why are they suddenly considered migrants? Applied to human beings, the word migrant has a basic meaning of â€Å"a person who moves temporarily or seasonally from place to place.† The noun is also used attributively, as in â€Å"migrant camps† and â€Å"migrant policies.† In the United States, the most common use of migrant is in the context of agricultural workers: Between one and three million migrant farm workers leave their homes every year to plant, cultivate, harvest, and pack fruits, vegetables and nuts in the U.S.    In Australia, the word migrant is commonly applied to immigrants who have come to make a permanent home in the country: Settlement services are intended to assist new migrants to participate as soon and as fully as possible in Australia s economy and society. A migrant chooses to leave home, but a refugee is forced to seek a place of safety elsewhere, often in a foreign country. People flee their homes for causes that include war, religious persecution, political troubles, and natural disaster. The earliest use of the word refugee in English was in reference to Protestants who fled France in the seventeenth century. In the media, the word migrant is sometimes used alone in reference to the hordes of people presently moving into Europe, but increasingly, the two words are used together: Tens of thousands of  migrants and refugees  have entered Germany in recent weeks after making arduous journeys through multiple countries. All of the people flooding into Europe from Syria and elsewhere are migrants, but not all are refugees according to the international legal definition. As defined by international law, a refugee is a person who has fled a country to escape war or persecution and can prove it. Refugees are entitled to basic protections as defined by a United Nations convention. Verified refugees cannot be sent back to countries where their lives would be in danger.   Migrants, on the other hand, move from one place to another for reasons that may be understandable, but are not sufficient to classify them as refugees. For example, some migrants are fleeing poverty. Others may have been living above poverty in their home countries, but decide to emigrate in search of better economic opportunities. Note: Although people fleeing the devastation of natural disasters are often referred to as refugees, they are not at present included in the international legal definition. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:30 Religious Terms You Should KnowWhat's a Male Mistress?20 Names of Body Parts and Elements and Their Figurative Meanings

Casino taxes Essay Example | Topics and Well Written Essays - 750 words

Casino taxes - Essay Example Casino taxes The basic casino gaming tax laws which are to be followed by all states including Nevada and New Jersey are the following: Winnings from all types of gambling are taxable and should be declared as income on the tax return, while the losses from gambling are to be deducted as an itemized deduction for the spare time players, restricted to the amount of winnings declared. Players who are professional gamblers must hold a file as self-employed business using Schedule C. Schedule C is an Internal Revenue Service form used to file profits and losses by a company (What is Schedule C, 2011). The worth of comps received is considered as gaming winnings and are included in the total winnings. Though, the person is allowed to deduct the losses to counterbalance the income from the comps. The winnings and losses are reported only in the year of occurrence. Excessive losses are not to be carried forward or backward to balance winnings in other years. Married couples who file a joint return shou ld combine their winnings losses, and account only one figure for both. According to the instructions issued by IRS, lumping is unacceptable. Lumping is either reporting only one final win figure and no losses, or reporting nothing if the net value from gambling is a negative. A person must report total of the winning sessions individually from the total of the losing sessions. The Internal Revenue Service requires an accurate record to be maintained to substantiate ones wins and losses. The records must contain at least the following information: the date and type of person’s particular wager; the name of the gaming organization or establishment with its location and address; the names of the other people, if any, present with the player; the amount the person won or lost. A report containing wagering tickets or receipts; W-2Gs; credit card records such as cash advances; cancelled checks; receipts provided by the gambling establishment and bank withdrawals is also require by the IRS to substantiate a person’s diary. A person does not submit these records with return but will be needed if the person is to be audited. As casinos and card rooms are subjected to the money-laundering rules therefore they must report cumulative cash transactions of ten thousand dollars or more in one day to the IRS. They can also make out such reports for amounts as low as two thousand dollars if they are doubtful and apprehensive. Once a casino has a person’s SSN and ID on record, they may issue these Cash Transaction Reports (CTRs) without his/her knowledge. Though the basic rules of casino gaming taxes are almost the same for every state but there are some differences as well. The revenues generated from the taxes in Nevada are used by the local governments and state general fund. In New Jersey the casino revenues provide financial assistance to the disabled and elderly. (State Tax Systems: recreational gambling, 2010) Casino gaming taxes in Nevada: A licens e fee is imposed at both local and state level. The range of County license fees is from $10 to $50 per month, whereas, the range of State monthly license fees is from 3% to 6.25% of the gross revenues. Range of Annual state license fees is from $100 to $6,000 for each year depending on size of the organization. Annually, an additional $80 fee is imposed on every slot machine for an unrestricted state license. Quarterly fee ranges from $45 to $225 plus 90 per machine for a restricted state licence fee (Rafool, 2004). Annually, $ 250 tax is imposed each slot machine. Casino entertainment tax equals to 10% of amounts

American Literature Nella Larsen Research Paper

American Literature Nella Larsen - Research Paper Example Thesis Statement   II. Main Idea (1st control of Thesis)   Larsen used Helga Crane to express her insights about issues of race, gender and social recognition. A. Brief Background B. Supporting idea or research The protagonist in Quicksand reflected Larsen’s early life and struggles. C. Supporting idea or research   Helga Crane expressed Larsen’s insights on self-identity, particularly the difficulties in growing up as a mulatto. D. Supporting Idea or research The gender theme was explained by how Larsen viewed motherhood as one that constrained or enslaved women. III. Main Idea (2nd Control of Thesis)   The numerous ways of â€Å"passing†in Passing symbolized Larsen’s own struggles for self-identity and her insights on each of them. A. Brief Background B. Supporting idea or research How the strategies of passing as a white woman – passing completely or just for convenience - demonstrated the differing approaches toward self-identity.   C. Supporting idea or research   There were the failures of Larsen’s protagonists in their struggles and how these reflected her own and her thoughts in this regard. D. Supporting idea or research   The quest for self-identity as expressed in Larsen’s two novels was characterized by an interplay of race, gender and social recognition. The self-identity handle was effective because it was a theme Larsen was familiar with. E. Opposition Point Larsen’s background may not correctly reflect those experiences she narrated in her works. V. Conclusion   Quicksand and Passing are the evidences to demonstrate Larsen’s view, insights and experiences with regards the theme of self-identity entailed in the issues of race, gender, and social recognition. A. Summary of Arguments Raised B. Thesis Re-worded   C. Concluding Statement: Larsen was not satisfied with being a member of the black elite as well as with the existing alternatives available to her in her ques t for self-identity, she wanted more, and for this she suffered some tragedy. First, she seemed trapped by its narrowness, and because black experiences longed to live in a world. Secondly, the solutions she was able to come up with were all still found wanting as demonstrated by the failures of her characters. She was torn and all her life, she continued to struggle. The author expressed these feelings and perceptions through her writings and her female protagonists. Analyzing the African American Woman: The writings of Nella Larsen Nella Larsen was a famous novelist and short story writer associated with the Harlem Renaissance era, which one writer has aptly called as "an era of extraordinary progress in American black art and literature" (Thadious, 133-145). Although her literary work was limited, it was of extraordinary quality, and earned her recognition from both contemporaries and critics today. In 1928 and 1929, Larsen published two novels, â€Å"Quicksand† and  "Passing†, respectively. Both of which focused on the lives of African American women and their place in society.   She created brilliant female characters in her novels who fought for equal rights and social recognition. Particularly, the extensive study devoted to her characters and the complexity and realism they depicted are widely recognized. Through the roles she explored in them, she was able to explain the intersections of race and gender, and in doing so, she demonstrated how the discussion of black identity, which often restricts the range of