Financial Reporting HSBC Bank Essay

HSBC bank is a branch of HSBC Holdings plc and has its headquarters based in London. The bank provides a wide range of financial products and services to individuals, governments, non-governmental organizations and companies. It provides banking products and services in the domestic as well as the international market (Gianaris, 2001). HSBC group of banks is one of the organizations of its kind that offers the largest banking and financial services all over the world. The company has 8,500 offices in 86 countries and territories in Europe, Hong Kong, Asia, Middle East, North America and Latin America. The company has been listed in the stock exchange markets of London, Hong Kong, New York, Paris, and Bermuda (Jao, 2001). The company has about 220,000 shareholders in 119 countries and territories. The company provides a wide range of products to its over one hundred million customers. The company has four categories of customer groups and businesses: Personal Financial Services, Commercial Banking, Global Banking and Markets and private Banking (Gardener & Versluijs, 2001). Financial reporting is the process of compiling the formal records of the financial activities of an organization or an individual. It involves preparing the financial statements of a company. The organization aims at finding out its financial position in the short run or in the long run period. The HSBC bank prepares its financial reports according to the generally accepted accounting principles of Canada (Mcmenamin, 1999). Financial Reporting History The company prepares financial reports annually, semi-annually and quarterly. The company files interim reports after every three or six months, that is, semi annual and quarterly financial reports. These reports reveal the financial performance of the company for the stipulated period of time (Das, 2004). The companies linked with HSBC bank are required to prepare semi-annual reports. On the other hand, quarterly reports are not compulsory for all countries. Regulations regarding the format of interim reports differ in each country. The interim reports may be short or long depending with the country. The date for filing the interim reports also vary with the different countries (Pietrobelli, Ffrench-Davis, Zamagni, & Ocampo, 2000). The history of preparing interim reports by the bank can be traced back to the mid-year of 2002. The quarterly reports started being in operation with the first quarter of year 2003. The financial reports are essential to the researchers and that is why the company requires adequate filing of all financial statements of the bank (Mcmenamin, 1999). The company maintains timely preparation of its financial reports. It uses web crawler technology to track and update the financial records. The system of preparing financial reports is very functional since it uses PDF format. This computer program allows the documents to be searched easily and can be copied into other documents more easily. The size of the PDF documents allows them to be downloaded more easily. The financial reports are presented in full-color native PDF for ease in reading them. The interim reports are easily obtained through the Global Reports Library on Research and Markets (Pietrobelli, Ffrench-Davis, Zamagni, & Ocampo, 2000). The accounting policies of the HSBC bank comply with the International Financial Reporting Standards. The interim consolidated financial statements are prepared according to IAS 34, according to International Accounting Standards Board (IASB) and the European Union (EU) (Das, 2004). The bank has abandoned the IAS 32 since March 2009 since this standard required the bank to offer its shareholders rights so that they could be identified as derivative financial liability. This was done to ensure that the reports presented position of the bank as being true and fair, also, to ensure that the reports give a true and fair view of the assets, liabilities, financial position and profit or loss of the company (Jao, 2001). The International Financial Reporting Standards (IFRSs) endorsed by the IASB may differ with those endorsed by the EU. But recently there have been no amendments on the standards endorsed by IFRS and those endorsed by the EU. The IFRSs make up the standards provided by IASB and the interpretations provided by International Financial Reporting Interpretations Committee (IFRIC). The interim consolidated financial statements must include comparative information. This is a requirement by the IAS 34, UK Disclosure and Transparency Rules and the Hong Kong listing rules (Gianaris, 2001). Estimates and assumptions about the future state of financial affairs are used when preparing financial information. The estimates are prepared from the information available as well as use of judgment of the people preparing them. However, the real results might be different from the estimates in the future (Pietrobelli, Ffrench-Davis, Zamagni, & Ocampo, 2000). The interim consolidated financial statements of the bank consolidate the financial statements of HSBC Holdings and its subsidiaries. The company adopts the revised and amended standards of IASB and endorsed by the EU. The application of the revised standards is done as per the acquisition date of the business or after the beginning of the first annual financial period of the year (Pietrobelli, Ffrench-Davis, Zamagni, & Ocampo, 2000). Accounting Policies Interest income and expense- This refers to all financial instruments except for those classified as held for trading or designated at fair value in the income statement using the effective interest method. Through the effective interest method, the financial liability is calculated and interest income is allocated over the relevant period (Gianaris, 2001). Non-interest income- This comprises the Net trading income which is composed of all gains and losses from changes in the fair value of financial assets and financial liabilities held for trading as well as the related interest income, expense and dividends. Net income from financial instruments designated at fair value and dividend income also comprises the non interest income (Jao, 2001). Segment reporting- The HSBC holdings conduct its businesses in several countries and offer a wide range of consumer products. Segment income and expenses must be transferred accordingly. Gains and losses for each segment must be accounted for separately so as to achieve the profitability of each (Das, 2004). Determination of fair value. Fair value of financial liabilities is determined using the quoted market prices where available or using valuation techniques. The fair values include assessment of market participant concerning the appropriate credit spread to apply to the liabilities of the company (Gianaris, 2001). Loans and advances to banks and customers- These include loans and advances initiated by HSBC which are not grouped as either held for trading or designated at fair value. Loans and advances are recognized when cash is advanced to borrowers (Gardener, & Versluijs, 2001). Impairment of loans and advances. Losses for impaired loans are recognized when there is objective evidence that the loans have been impaired. Impaired loans are recorded as charges to the income statement. Losses expected from future events are not recognized (Jao, 2001). Corporate Governance Analysis The bank has established commitments to maintain high standards of corporate governance. Over the last financial year, the bank has maintained compliance with the Combined Code on Corporate Governance released by the Financial Reporting Council. It has also complied with the Code on Corporate Governance Practices in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (Pietrobelli, Ffrench-Davis, Zamagni, & Ocampo, 2000). The management of HSBC bank has appointed several committees to deal with several corporate activities of the bank. The board committees consist of directors, group managing directors and co-opted non-director members. The principal committees are Group Management Board, Group Audit Committee, Remuneration Committee, Nomination Committee and Corporate Sustainability Committee (Das, 2004). The directors have the duty to conduct internal control within the bank. They also review how effective the internal control system is operating. Controls have been designed to safeguard assets from unauthorized use and disposal. These controls ensure that proper financial accounts are maintained and that the financial information contained in the records is reliable. The system of internal control is designed to prevent frauds, errors, material misstatement or losses in the business. The system also ensures compliance with rules set up by the Financial Services Authority, which is the body which regulates the activities of HSBC (Jao, 2001). There are corporate policies to safeguard the bank against operational and Reputational risks. The bank has set up procedures to ensure that the risks are minimized. These risks are concerned with the issues relating to the environment, social and governance activities. The bank follows guidelines provided by the Association of British insurers concerning the best response to the issues affecting the company and its stakeholders (Das, 2004). The company aims at managing the risks associated with the health and safety standards of its operations. The bank is responsible to get rid of risks concerning fire, injury and accidents that may affect its workers and visitors. Group Corporate Real Estate sets up the rules concerning health and safety of the company. The implementation of these policies is done by Health, Safety and Fire Coordinators who are located in every country the bank operates. The bank has remained prepared to protecting its employees from terrorists. There are security review functions which have been set up to assist manage health and safety of the staff, assets and buildings of the company (Gianaris, 2001). The bank maintains a good communication network with its stakeholders. Individual and institutional customers are regularly informed about the operations of the bank. Timely response to the customer needs is given a priority to ensure good relationship is maintained. Annual general meetings are held to ensure that all stakeholders are informed of all activities of the bank over a given period of time (Gardener, & Versluijs, 2001). Conclusion The general organization of HSBC company stands no doubt that it will remain successful in the future. The corporate governance ensures that the mission and vision of the company are achieved. The accounting policies of the bank are in compliance with the international standards. The accounting policies ensure that the accounting procedures are carried out in a professional manner. The company has performed well in the market and if it continues with these strategies it will achieve much. References Mcmenamin, J, 1999, Financial Management: An Introduction. Routledge. London. Pietrobelli, C, Ffrench-Davis, R, Zamagni, S, & Ocampo, J, A, 2000, Financial Globalization and the Emerging Economies, United Nations. Santiago. Jao, C, Y, 2001, The Asian Financial Crisis and the Ordeal of Hong Kong. Quorum Books. Westport, CT. Das, D, K. 2004, Financial Globalization and the Emerging Market Economies. Routledge. New York. Gianaris, N, V, 2001, Globalization: A Financial Approach. Praeger Publishers. Westport, CT. Gardener, E, P, M, & Versluijs, P, C, 2001, Bank Strategies and Challenges in the New Europe. Palgrave. New York.

Financial perspective Essay

As seen balanced scorecards does not totally disregard financial measures of performance. Thus, timely and accurate data is essential to the successful implementation of balanced scorecard. This implies that handling and processing of financial data should be swift and centralize perhaps fully automated. The financial data should be integrated with corporate databases and especially data regarding risk assessment and cost benefit analysis (Stewart, 2000). Learning and growth perspective This category recognizes that people are the only repositions of knowledge i. e. people posses intangible assets of the company. In this information age intelligence is the heart of organization success and hence Ned to ensure continuous learning through employee training. This is because technology changes rapidly as aloes people exiting an organization for greener pastures. (Lipe & Salterio, 2000) As a result, corporations’ culture and attitude need to be shaped to ensure that people within the organization pursue self-improvement and reverse brain drain to other companies. The cost of recruitment and training people is usually high and measures of allocating the funds to reap maximum benefits need to be developed. Knowledge sharing is equally important. Notably not all training translates to learning but the most effective learning occurs, using mentors and group discussions and communication within the organization. Intranets may contribute towards facilitating communication and learning (Norton, 2001) Process perspective This category identifies two kinds of process within the business one, the mission oriented processes and two the support process. Support processes are repetitive in nature and nature and hence easier to measure on the other hand mission oriented involve government offices and hence difficult to measure. Attention to these perspectives enables managers to know how well the operations of the business are and whether they are in tandem with customer requirements and expectations. (Kaplan & Norton, 1996) Problems associated with financial measures. The move to adopt the balanced scorecard at Intel has been triggered by the inefficiency of financial measures to link corporate strategy and goals to measurement it ahs been difficult for Intel to link the strategies used in say marketing and advertising campaigns to the effects or anticipated results. Thus a shortfall in gauging performance has been experienced.. As pointed out, Intel faces strong competition from Microsoft and there has been to re-strategize its operations in order to gain competitive advantage and adopt with the changing technology. The previously used financial measures are outdated as the PC industry how shifted from the industrial age to become more knowledge based. White previously, Intel management of the company’s property equipments and plant was adequate to accord the company competitive edge, now a days the intangible asset i. e. the employee’s knowledge plays a great role in ensuring that Intel stays ahead of its game. The company’s income statements, and balance sheets are still used to capture revenues and profits but they still account very little to the company’s market value hence the need for balance scorecard. The balanced scorecard becomes handy for Intel to link its strategy i. e. deploying its intangible assets to the company’s goal i. e. dominate the PC industry. The problem of financial measures utilized at Intel is its failure to measure how effective customer relationship operating process product innovation skill of the workforce culture and other variables are in contributing to the company’s goal of maintaining lead in the PC industry. The financial measures i. e. balance sheets and incomes statements fail to assist management describe its asset and link it to strategy and goal. The pitfall of this measure is that without a clear description of the situation and the company’s possessions in terms of assets then it is difficult to know what to manage or measure. Recommended design and implementation of Intel’s balance scorecard Intel balance scorecard design will incorporate strategy aimed at increasing the company’s revenues by twenty percent in a period of 18 months. In order to do so the balance scorecard components will be used in designing the strategy. The invaluable contribution of the employees at Intel is recognized in this design. They contribute indirectly to the company’s revenue investment in the employees will improve their functional competence and hence lead to better quality products and innovations hence greater customer satisfaction. This satisfaction in turn will translate to higher sales and thus increase in revenue and profit margins. Rewards systems for hardworking employees will be given in form of cash incentives and recognition awards. More importantly, dead wood employees will not be retained in the company, as they are liabilities to the company. The workplace culture and climate will also be representative of the company’s goal; hence performance appraisals will also be used to boost hard work. The no-office policy at Intel will be retained in order to ensure equality among the company’s employees. Communication and knowledge sharing will be boosted by upping Intel intranets and using monthly meetings in departments to achieve this end. Intel will have to upgrade its internal processes to improve its customers and shareholders satisfactions hence achieve revenue. The way to do this will be by availing its microprocessors speedily to its customer’s at the time when needed. Intel will need to keep track of releases of operating systems by software hence increase sales and revenues. Intel should also develop new products and services that are relevant to meeting customers’ wants and needs. Perhaps, there is need to identify new markets in order to broaden its customers base also promote satisfaction among customers. Grievances and complaints will handle with immediacy and accuracy. Additionally, Total quality management and zero tolerance production techniques will be used in its manufacturing plant to ensure that consignment delivered to customers have zero defects. Intel will also ensure that it exercises social responsibility and that its activities benefit the greater society and don’t harm the immediate environment. The customers’ perspectives components of Intel balance scorecard will work towards creating a image of value and distinction in its customers. Intel will achieve this by incorporating a mix of different products and service that uniquely identify the customers to the company. Intel will sustain intimacy with its customers by being a representative of the customers’ diverse traits. It will ensure indiscriminate customers service to customers regardless of race, gender or religion its branding and advertisement campaigns will be acceptable to the customers. Intel will employ competitive pricing to attract and retain customers. At the same time Intel will assure great performance and auxiliary features in its products so that customers get value for their money, hence boost revenue. Delivery lead times will equally be reduced by half in order to encourage customers to buy more from them. The financial position of Intel will be influenced by the effects o customer’s internal process and the learning perspectives of the company’s workforce. Ultimately, if the positive changes on these sections are effected then the company will realize profitability and increased revenues. In effect, the company’s value in the eye of the shareholder will also improve, more to that; an increase in company assets value will be evident.

English Class Reflection Paper Essay

It’s hard to believe that my amazing journey in English 104 is coming to an end. The journey has been so much more enjoyable than I initially expected. I have tried to avoid taking English 104 numerous times because reading and writing have not been my strong points. Each time I attempted to take this course, I dropped it due to a particular instructor style, or a boring set of literary materials. This time around was different, as I set my goal to obtain my bachelor degree in Business Administration by the end of this summer. Therefore, I was determined to force my way through this class no matter what challenges I had to endure. To my pleasant surprise, this class was much better than the others. I felt the information and learning come much easier. I enjoyed the class materials and the professor did a very good job responding in earnest to my submissions. Because of the much better experience, I truly believe I have become a better writer and a better critical thinker. Through the discussion board and the professor‘s guidance of our writing assignments, I have improved my analytical skills as well as developed a greater organizational skills. The discussion board was an important tool in developing my understanding of different aspects of the literature reviewed in this course. This new discussion format allowed me to read other students contributions on the same topic, as well as Professor Duclos-Yourdon’s direct and prompts for a deeper analysis. For example, in week five discussion three, we discussed Sister James‘ character, as I said â€Å"Father Flynn offers reasonable explanation about the situation and his involvement with Donald and Sister James’ doubt is appeased. This shows that Sister James is easily persuaded and has no eager to actively seek the truth on her own†(Vickery DB) Following my thread, Kimberly raised a very interesting question by adding, â€Å"who is the real criminal in this play Is it Father Flynn with what reported or is it Sister Aloysius as she manipulates Sister James for her own benefit?†(Voss DB) Through engaging discussion with students on a regular basis, I was able to develop a more detailed understanding of literature work. Additionally, alternative views helped me to incorporate logic and critical thought into my arguments. As a result, I am better equipped to gather necessary information to begin writing my assignments. Professor Duclos-Yourdon’s guidance was crucial in helping me develop my critical thinking skills. Our first literary analysis essay was the most difficult one for me in this course as I had not written an academic paper in nearly ten years. I decided to write my first paper on â€Å"The Yellow Wallpaper† and wanted to submit my rough draft for initial feedback. For fear of not achieving the minimum 1000 word requirement, I began to construct random ideas in my paper, as the professor commented, â€Å"Your argument should stay focused on the story. These larger implications can be raised in the conclusion if they come naturally from your argument.†(Dulcos Essay1) Later, she suggested, â€Å"To develop this argument, you could first write a paragraph establishing the wallpaper as a symbol for entrapment (as you have done). Move from there to the narrator’s loss of individuality, and finally explore the narrator’s transformation into this shadow woman.†(Duclos Essay1) These comments resonated with me and gave me great ideas on the direction I wanted to take the paper. I began to interpret the evidence in a deeper way and rethought my thesis statement to be more focused. Moreover, I deleted the unnecessary paragraphs, reorganized my ideas and supported with factual evidence. As a result, the comments I received from Professor Duclos-Yourdon were so insightful it helped not only develop confidence, but also resulted in a perfect grade. With the additional practice of literary analysis in this course, I conclude that writing is a lot like mathematic. Like mathematics, where there is a specific formula to follow to get a result, so there is also a formula in literary analysis to construct an organized essay. I learn in my previous English class that an essay consists of some very basic elements, for example, an introduction, three body paragraphs, and conclusion. It all sounds really easy, but without following some formula, the result wanders and is difficult to follow. What helped me in this course was learning to break paragraph down into more detail. For example, the topic sentence should clearly tell the reader what the paragraph will explore. Then, simple lead in sentences should be followed by evidence from the literature work. Finally, I complete the prograph with my own interpretation of the evidence. It’s a pretty straight forward method and I can relate to it more as I love formulas. So every time I got baffled, I think of my paper as this giant math equation to solve. Taking these baby steps has helped me in completing all my assignments without feeling defeated. Finally, I realize the importance of taking English classes during the first two years of one’s college career because it prepares a person to communicate well in written words as well as spoken. Although I waited till the final year of college to take this course, the analytical, writing, and organizational skills I learned will benefit me for many years to come. I am looking forward to utilizing these newfound skills in my next career opportunity as well as graduate school. Work Cited Duclos-Yourdon, Melissa. Vickery_ Essay# 1. May 13, 2012 Vickery, Susie. Discussion# 3 Sister James. May. 29, 2012 Voss, Kimberly. Discussion# 3 Sister James. May 31, 2012

My Experience as a Writer Essay Example | Topics and Well Written Essays - 500 words

My Experience as a Writer - Essay Example I do not know much about writing. Bringing out thoughts through writing is never as easy as speaking ideas freely. What you say may be of the same content as to what you will write but making it come through professional write-ups takes practice and sufficient training. And, I took the opportunity and gave all of my best ability to grow as a writer. Learning the skills and equip a person to become a writer requires patients because you have to learn the basic processes in writing. While writing involves processes, this means that there are certain techniques that a writer can apply to do the writing approach. Actually, there are no specific or general processes that I follow. I write freely, yet considering the format and use of grammar of course. I know that professional writers do not write without effort and getting perfect output from their first draft. Revisions are always welcome with the drafts. After learning the processes in writing, we also come to know about different styles of essay writing. What I personally like to write are autobiographical essays. This is a writing style which the life of an individual is narrated in the essay. It is always based on the writer's memory about the details of what to write and no pressure to do much research. On the other hand, I find a concept essay to be difficult for a writer to write because it requires extensive research.

Traditional Views of Nature Essay Example | Topics and Well Written Essays - 250 words

Traditional Views of Nature - Essay Example Shintoism is a religious form of nature worship that originated from Japan. The fundamental belief of Shintoism holds that the nature deities created the world and that everything, animate and inanimate objects, has a spiritual essence residing in them. The spirits within are said to be part of or created by the gods of nature. This would result in the belief that respecting the environment would mean reverence to the gods, while disrespect would mean dishonor to the deities. In philosophy, there is the idea of pantheism. Pantheism is the idea that everything is a part of the divine and that all things are extensions of the divine. This notion is shared by many ancient philosophies from Western and Eastern cultures. This relates to the fact that ancient cultures view nature as the way it is because the universe is moved by divine forces. For pantheism, everything in this world is an integral and unified extension of the divine in the

Discuss the controversies that have occurred around the issue of race Essay

Discuss the controversies that have occurred around the issue of race and intelligence - Essay Example According to scientists, the relation between the two constructs race and intelligence cannot be defined accurately (Sternberg, 2005). Psychologists and sociologists have come up with different views on what the constructs imply. In their attempt to correlate them, researchers have only given way to more contradictory ideas. It is a common belief that level of intelligence varies from race to race. This belief has fuelled controversy over the issue of racial discrimination on the basis of intelligence quotient or IQ. Nisbett (2005) states that there is a difference of intelligence level among the Blacks and the Whites. He further claims that the Whites have scored over the Blacks in intelligence testing by one deviation point. However, Nisbett’s point is countered by the view that intelligence testing methods vary depending on the socio-cultural context of the individual (Sternberg, 2005). There have been a lot of debates and discussions over the analysis of intelligence and its genetic bearing. Though it is an abstract concept but can be measured by means of a number of techniques that keep on evolving. Experts are of the opinion that as intelligence is multi-dimensional in nature and conceptually vary from society to society it calls for different conceptual methods of measuring it (Neisser et al, 1996). Of late there happens to be a disagreement over the authenticity and validity of IQ test patterns as it has been declared to be outdated in ascertaining the intelligence level or mental ability of different races. It is because of the simple reason that the conceptual construct varies culturally and socially. As a result the attributes that make for intelligence within the Chinese might not be so for the Americans. Therefore it could be said that the IQ test’s predictability is limited (Neisser, 1996). Neisser’s views though

Leadership in the Globalised Firms Research Paper

Leadership in the Globalised Firms - Research Paper Example The research paper "Leadership in the Globalised Firms" discusses different types of internal and external challenges of the globalized firms. These threats are reducing the potentials of growth and sustainability in the international market. Leadership is one of the key traits of the managers and administrative level of the firms.There are different types of leadership ethics like the golden rule, stakeholder approach to ethics and four-way test. Being the global leader, I use stakeholders approach in order to maintain a balance between the welfare of both senior management and subordinates. In this scenario, I have to follow the order of senior management as well as I have to answer the query of the employees. I cannot inform the employees regarding the reduction in pending staffing by 10%, as it will harm the motivational level of staff or team members. I will try to react against rumors in a positive manner. In the staff meeting, it is one of the most crucial ethical issues. I wi ll inspire my staff to provide their best contribution and fight to sustain in the firm. It will be a healthy competition, which will enhance the overall performance of the firm. This ethical strategy will help me to maintain my responsibility from both ends. Global leaders are adopting a different type of approaches to managing diversity among their followers and subordinates. The global organizations are facing an intense challenge in terms of maintaining cross cultural diversity and socio economic differentiation among the people.

Reflective writing Essay Example | Topics and Well Written Essays - 1000 words - 3

Reflective writing - Essay Example It is therefore SOSE is becoming an essential part of almost all educational institutions to rear the new generation within a culturally diverse society. The primary purpose of the Studies of Society and Environment learning area is to help young people develop the ability to make reasoned and informed decisions for the public good as citizens of a culturally diverse, democratic society in an interdependent world. (discover.tased.edu.au/sose/whatintr.htm, Sep 8, 2004) Tasmania is an important Australian state containing amalgamation of many ethnic groups and cultures. It is estimated that Tasmania was joined to the main land nearly 10,000 years ago. (Wikipedia Encyclopaedia) The arrival of European nations in the state, in 17th Century, introduced acculturation between the Europeans and the local Aborigines leading towards changes in traditions, language, living style, cults and political and economic conditions turning Tasmania into a diversified region. Moreover, clemency in immigration policies and comfortable sources of travelling in modern times of globalization has brought remote areas and cultures nearer to one another. Though, all the ethnic groups, including Aborigines and others, abide by law while interacting with other individuals, yet differences in cultural values existing in environment creates difficulties. Keeping in mind the socio-cultural situation, educationalists laid stress in providing children with such learning during the ir initial school years that may help them in making adjustments according to their diversified cultural and social set up. Many educators have favoured models such as SOSE because they do not believe that all the students are suited to, or interested in secondary studies. (The Australian, 2007:11) Thus, it was decided that a well-planned, comprehensive and rigorous education must have been provided

The Dilemma of Selecting a Suitable Recipient Case Study

The Dilemma of Selecting a Suitable Recipient - Case Study Example The 2 million-dollar donation of Dr. Jonathan Doe will greatly benefit the hospital. It will improve the facilities of the hospital and increase the scope of research on the cause and treatment of different illnesses. Thus, it will enable the hospital to respond to the needs of a greater number of patients. In addition, it is expected that more patients will be given appropriate treatment and medications if I conduct a heart transplant to Lisa. However, my decision to conduct a heart transplant to Lisa denies Jerry and Ozzie of the chance of survival. The three children of Jerry aged 14, 16 and 19 will be denied by a provider and a father. However, they may receive monthly support from the death insurance and pension of their father. Two of Jerry’s children can still avail financial support from his pension, while all of them can survive through his insurance. In addition, there is still a higher likelihood that Joanie can find a job or start a business through the insurance that she will receive after Jerry’s death. This justifies my decision to conduct heart transplant to Lisa instead of Jerry. The heart transplant to Lisa also denies the youth of knowledge and experience possessed by Ozzie in overcoming substance problems. He has agreed to serve as a counselor-mentor for a year in a particular organization if he gets the heart transplant. Undeniably, this will benefit a great number of youth who are confronted with drug and alcohol problems. This number is incomparable to the patients that will be benefited if Dr. Jonathan Doe donated 2 million dollars to the hospital. In addition, there is no assurance that Ozzie will be effective as a counselor-mentor in inducing change among the youth. Thus, it makes it reasonable to undertake heart transplant to Lisa rather than to Ozzie.

The Audit of the Multinational Listed Company ABC Ltd Essay - 1

The Audit of the Multinational Listed Company ABC Ltd - Essay Example Abnormal items representing the loss on sale of investments $ 17,050. Details of investments and sale are required to check against the market value that prevailed at the time of sale and reason why they had to be sold at loss should be ascertained. There has been an increase of $ 77,318 in property, plant, and equipment and $ 76,737 in brand names and a decrease of $ 13,595 in investments. The increase in the value of property, plant, and equipment needs to be physically verified with reference to the relative purchase invoices and a comparison with market rates conducted. The increase in brand names also needs to be physically checked with new brand names acquired or it should be ascertained whether increase has been due to the revaluation of the brand names. Policy regarding treatment of brand names in the balance sheet has been separately dealt with. As regards decrease in investments, it should be investigated, the reason for there being no correlation with the loss reported and the decrease. Whether the values reported in the balance sheet represent a cost of acquisition or market value has also to be ascertained. The increase in creditors and borrowings represents an amount of $ 186,041. This is to be ensured against any possible inclusion of proforma purchase invoices without corresponding entry in the value of inventories. Policy regarding payment based on proforma invoices without receiving stocks has also been separately dealt with. The net increase of $ 44,240 in total non-current liabilities should be analyzed. While there is the increase in creditors and borrowings, provisions have reduced. Whether there is under a provision of liabilities to avoid the possible reduction in profits or liabilities have been terminated requiring no further provisions, need to be ascertained.

International Trade Theory and Policy Essay Example for Free

International Trade Theory and Policy Essay Multilateral trade negotiations forums are organizations established to regulate trade between many countries of the world. The agreement involves establishing organizations which regulate trade in the entire world. The increase in globalization has forced many countries to form regulatory organizations to avoid bad trade practices. To enhance trade many countries have created trade agreements to remove barriers to trade. Economic integration is the most important aspect discussed by the trade agreement organizations. The organizations aim at achieving an integrated economy where countries can trade with each other. After the World War II many leaders of the world felt that the economies of the destroyed countries could only be improved through trade. One of the proposals to improve trade was to create a laissez-faire global economy but this was rejected since it was not applicable. The leaders agreed to establish global trade organizations which would enhance trade by reducing the barriers to trade which had been placed by the countries. During the war many countries created strict barriers to trade to protect their economies from external influence (Anderson, 2005). The General Agreement on Trade and Tariffs was the first agreement to be established. The agreement was established to enhance trade between the member countries but was later converted into World Trade Organization (WTO). The International Monetary Fund was also created to regulate the economic status of the developing nations as well as regulate international economic activities (Smith, Sumner Rosson, n. d. ). Reconstruction of the damaged economies after the World War II was the priority of these organizations. For many years several amendments have been made to accommodate the changing economic climate. Trade liberalization has been the most important aspect during the amendments. For example, according to Anderson. (2005, pg. 414), the Uruguay Round of multilateral trade negotiations led to agreements signed in 1994 that contributed to trade liberalization over the subsequent 10 years. † Despite the many advantages accompanied by the establishment of the international trade organizations, there have been several disadvantages accompanied by the activities of opening up of domestic markets to international trade. An example is the global economic recession of the 2007-2009 that was experienced by the world economies after the banking industry and the mortgage industry collapsed due to poor financial practices by the U. S. banks. Importance of multilateral trade institutions The multilateral trade organizations were created to enhance trade and stability of the economies of the member countries. Initially they were established to reconstruct the economies which had been destroyed during the World War II. Many countries realized the importance of trade in improving the economies after the war. Trade was the only tool that could restore the original status of the economies. Before and during the war many countries had put a lot of trade barriers to prevent trade with other countries. Opening up domestic economies required negotiations with all countries of the world to enhance a more open economic system (Warnke, 1996). Multilateral trade institutions improve international trade since they encourage member countries to open up their domestic markets to international trade. Trade disputes are resolved more easily between and among conflicting countries, hence leading to a good relationship between countries. Production according to comparative advantage has been encouraged by the improvement in international trade. Countries are encouraged to produce goods which they can produce most economically. Different countries have different resources which give them the potential to create income generating products. Through international trade resources are utilized optimally since an economy will specialize in the production of products which it has greater advantages (Bernard et al. 2007). International trade has encouraged countries to specialize in the production of goods and services. The mobility of factors of production has been accelerated by globalization. More industries are encouraging division of labor to increase the productivity of labor factors of production. More industries have developed with the expansion of international trade. These industries create more employment opportunities to the citizens of a country. As the par capita income of the people increases their living standards is improved. Poverty alleviation campaigns have encouraged improved international trade as one of the strategies to enhance development of nations (Bernard et al. 2007). Opening up the domestic market to international trade creates more advantages than disadvantages. The international prices are lower than the domestic prices. The consumers obtain goods and services at lower prices. The competition created by the international trade encourages the domestic firms to be efficient in their production systems. The customers are provided with a wide variety of products to select from (Bernard et al. 2007). Multilateral trade organizations control the globalization of economies. Globalization refers to the international operation of business activities and the transfer of information between countries. Globalization has affected business activities both positively and negatively. Global markets have emerged and many companies are operating in several countries. This has created competitiveness of the companies since the global markets are larger than regional markets. Globalization is the process of integrating the global economies, societies and cultures by connecting communication and trade networks. Economic globalization refers to the integration of global economies by enhancing trade, foreign direct investment, sharing of technology, movement of people and flow of capital. The factors which influence the rate of globalization are the world economies, technology, and socio-cultural, political and biological aspects (Warnke, 1996). Globalization has improved the exchange of technologies and knowledge. This has increased the capacity of businesses to expand on the number of innovative products in the market. The public sector alone cannot accommodate all the skilled labor in a country and trade provides more employment opportunities for the people in a nation. As economies become more global people with skills can move to countries where there is high market potential for their labor. The introduction of internet has increased efficiency in trade by enabling people transfer information more easily. Trade attracts private investment and this generates more capital in the economy. The gross domestic product of a country increases with increase in trade. Growth and development of an economic is accelerated by trade since more income is generated and the living standards of the people are improved (Daniels, Radebaugh Sullivan, 2007). Poverty levels in both developing and developed countries have declined by greater margins due to participation of countries in the international trade. Economies have acquired more wealth and the gross domestic product of countries has improved. WTO has become the custodian of international law on trade. The enforcement of trade laws about good trade practices has been possible after the creation of WTO. The establishment of regional and multilateral trade agreements was experienced after WTO was created. This has encouraged many countries remove barriers to trade (World Trade Organization 2010). Weaknesses of multilateral trade institutions Most of the multilateral trade organizations are affected by the political climate in the member countries. Any political war between the member countries can ruin the operation of the organizations. When the organizations support some political organizations; they affect the interests of the members and this reduces the delivery of the required obligations. Politically strong countries have dominated the operations of the multilateral organizations and this is causing a lot of concern to the global trade communities. Decision making at the trade organizations has become very difficult since many participants are not willing to accept rules which affect their economies negatively. Anderson (2005, pg. 417) suggests that although trade can and should play an important role in allowing developing countries to lift themselves out of poverty, in reality international trade agreements and institutions have more often than not contributed to the continuation of global social and economic injustice. The developed nations have dominated the multilateral trade organizations. For example, according to Anderson (2005, pg. 31) with decision-making based on a consensus system, so each member has equal decision-making power, the WTO is held to be the most democratic of all the international institutions with a global mandate. In practice, however, the working methods of the WTO lack transparency, inclusiveness and equity. There have been conflicts as the developing nations are becoming concerned about the great influence the developed nations have on the decisions in these organizations. Multilateral trade agreements are complicated to establish since many countries are involved. The interests of each country should be represented during the negotiations to ensure that conflicts do not arise afterwards (Amadeo, 2010). Despite the establishment of the trade organizations many countries continue to place more trade discrimination measures upon other countries. They include not just trade taxes-cum-subsidies but also contingent protection measures such as anti-dumping, regulatory standards that can be technical barriers to trade, and domestic production subsidies Anderson (2005, pg. 415). Many trade distortions have occurred since the global economies were established. Multilateral trade organizations have encouraged the opening up of economies to international market influence. The opening up of domestic markets has affected the global economies. Several disadvantages have been accompanied by the opening up of the domestic markets, for example, the global economic meltdown of the 2007-2008. The crisis started with the rise in prices for basic products due to the international increase in fuel prices. The prices of oil and food products increased within a short duration leading to an economic crisis which affected many people in US. The prices for many products increased and inflation was experienced all over the country. Many subprime borrowers had low incomes and the rise in prices for basic products increased the expenses for their living. Many companies retrenched employees to accommodate the increasing production costs. The borrowers were unable to repay the loans resulting to massive defaults. More than 100 subprime mortgage intermediaries filed for bankruptcy. Reacquisition of the houses from the defaulters caused a lot of people to become homeless (Platt, 2008). Subprime mortgages are policies which have a high risk of default. Subprime borrowers are the people with low incomes and have a poor credit history. They have higher risk of default compared to the prime borrowers. The US government had deregulated the real estate mortgages leading to massive investment in subprime mortgages. This caused the risky lending of subprime mortgages. The subprime mortgages were not popular initially but they became widely used in the 1990s. The climax of the sub prime mortgages was in 2006 when they accounted for more than 21 percent of all mortgages traded in the US market. The value of subprime mortgages in 2006 was valued at $600 billion. Many subprime mortgage intermediaries were established to reap the benefits of the expanding industry (Helleiner, 2009). The world economies have experienced a major decline due to poor performance of many industries. This is a crisis which has affected all sectors of the economy. Williams (2009) claims that the crisis was initiated by the subprime mortgage lending crisis in US. The banking sector issued many loans to subprime mortgage intermediaries. Due to the expanding market in the sub prime mortgage market many banks issued unsecured loans to the intermediaries. The climax of the boom was reached in 2007 when the prices of products started to increase and many subprime mortgage lenders were unable to repay their loans. This led to massive default of debts and banks registered huge losses. This reduced the lending capacity of many banks. The resulting effect was lack of credit in the economy and the collapse of many companies (Stapledon, 2009). The government of US is to be blame for the crisis. The 102nd Congress under the leadership of George W. Bush deregulated the housing sector in 1992 (Guttmann, 1994). The main aim was to increase the availability of money for buying housing. Fannie Mae and Freddie Mac companies were deregulated and could spend $97. 50 to buy housing loans. Banks with $100 could spend more than $90 buying mortgage loans. The companies had been ordered by the congress to retain more capital to for risk allowance but this was not practiced. Since 1992 the mortgage sector experienced the highest boom with many companies investing heavily in the sector. Subprime mortgage intermediary companies were developed to assist homeowners acquire loans from the banks (Stapledon, 2009). The banking sector was the worse hit by the crisis. Inter-bank lending declined and banks had no money to issue to their customers. Most of the banks collapsed while others registered huge losses. This was as a result of failure by many subprime mortgage intermediaries which defaulted the huge loans they had acquired from the banks. The central bank could not lead to all the banks due to the massive crisis that affected the entire country. Since US is a market for many commodities from other countries there was an extension of the crisis to other economies causing a global economic meltdown. Many economies declined since they had no market for their goods. Inflation increased as prices persistently increased. The entire world encountered economic crisis which resulted into failure by all sectors of the economy in the world (Stapledon, 2009). Many international organizations have intervened to eradicate the problem. The intervention by the World Bank has created better results in the efforts to reduce the impacts of the crisis. World Bank has issued loans to many countries to increase the income levels of the people. Many companies have been able to access loans due to the fun ding by World Bank. The availability of loans has increased since last year and many companies have regained their capacity (Bayne, 2008). The World Trade Organization has negotiated with the oil producing countries to reduce the oil prices as one of the measures to reduce the effects of the crisis. The global oil prices increased causing the prices of many products to rise. The high product prices caused inflation in the whole world. WTO has also encouraged trade by persuading some countries remove the trade barriers they had placed upon their trade partners when the crisis was at the climax (Stephen, T. 2008).

Ptlls 008 Roles, Responsibilities Essay Example for Free

Ptlls 008 Roles, Responsibilities Essay Important to define the terms prior to listing the entities which may impact on my work: Legislative requirement: A duty to act according to the law as defined in an Act of Parliament and usually enforceable through the courts. Code of Practice: A set of rules outlining how a person in a particular profession or situation is expected to behave. Statutory Code of Practice: A Code of Practice approved by Parliament and admissible as evidence in any legal action. The Children Act (2004) – Every Child Matters underpinned the Change For Children agenda. The Act came into being following the death of Victoria Climbie. The Act is applicable to children and vulnerable adults up to the age of 25. Focused on five specific outcomes for children: Be healthy Stay Safe Enjoy and Achieve Make a positive contribution Achieve economic well-being Protection of Children Act (1991) – gave local authorities to investigates cases of child abuse. Safeguarding Vulnerable Groups Act (2006) – introduced a vetting and barring service for those working with children and vulnerable adults. Disclosure and Barring Service (DBS) checks (previously CRB checks). Code of Professional Practice (2008) – introduced by the Lifelong Learning Sector. The code is based on 7 behaviours expected of teachers. Copyright Designs and Patents Act (1988) – relates to copying and adapting materials. The Data Protection (1998) – relates to information held on people by others. Education and Skills Act (2008) – aimed at increasing participation in learning. The Equality Act (2010) brought all the areas of discrimination: race, sex, disability, race into one Act. The 2010 Act identifies 9 areas of discrimination. Freedom Of Information Act (2000) – individuals can ask to see the information held on them Health and Safety At Work (1974) – imposes obligations on all to operate within a safe and healthy environment Human Rights Act (1998) – basic rights for all The Further Education Teacher’s Qualifications (England) Regulations (2007) – professional status for teachers in FE and a qualification route GRAVELLS, A. (2012) Preparing To Teach In The Lifelong Learning Sector 1. 2 Analyse own responsibilities for promoting equality and valuing diversity The definition of equality is to treat everybody equally, especially in terms of status, rights and opportunities. The 2010 Equality Act brought together a number of different pieces of legislation which means it is unlawful to discriminate against people on the grounds of pay, sex, race and disability. Diversity means being aware that every person is unique, not only because of their visible differences such as race, age or disability, but also non visible differences, religion, social background, economic status or political beliefs. Inclusion is about being objective and looking beyond first impressions. It’s about diversity and breaking down barriers, changing lives and promoting equality. Within my role it’s important for me to base my practice around the concepts of equality, diversity and inclusion and keep an open mind. Without an open mind I may not support all people equally to recognise their potential and achieve their aspirations. Discrimination could then be argued to have occurred as students would not have been treated equally.

Small and Large Business Differences

Small and Large Business Differences

Military, Army and War - Military Down Sizing and the Fall of a Great N

Military Down Sizing:   The Possible Fall of a Great Nation       America is one the most powerful nations in the world.   Being a strong nation includes having a strong military as well as economy.   As one can observe, the U. S. economy is growing by leaps and bounds.   However, the military is being down sized, and if we do not do something about it, it will continue to be down sized until we have an armed force that will no longer be capable of protecting this great nation.   Not only will this down sizing affect our ability to protect ourselves, it will also cause a substantial loss in economic strength and power abroad.   Because military down sizing lessens our power abroad, opens the United States up to a possible invasion, and hurts our economy, the military must be maintained in order to ensure a strong, healthy nation both abroad and on the home front for many centuries to come.    Military down sizing is increasing at a rapid rate.   This down sizing is primarily due to budget cuts.   Since the peak of Korean war spending in 1953, military spending has declined in twenty-five of the last thirty-seven years.   The build up for Vietnam was short and followed by an equivalent build down.   The Carter-Reagan buildup was longer but smaller than the one for Vietnam, and is currently being succeeded by a new build down (Brauer 299).   If history keeps repeating itself, the United States military will continue to build up and then hinder this build up with an even greater build down.   As a result the U.S. sustains a weaker more vulnerable armed force.    The military's inability to provide its men and women with sufficient transportation is also a problem caused by budget cuts.   Many military trucks represent technolo... ...must always be ready for the least expected.       Works Cited    Brauer, Jurgen, and Manas Chatterji, eds.   Economic Issues of Disarmament.   New York:   New York University Press, 1993. Federation of American Scientists.   Ed. Marcus Corbin. "The New Threats Argument."   February 2000.   27 February 2000  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  <http://www.fas.org/pub/gen/mswg/msbb/new.html>. Hinkle, Jeffrey J.   "Funding the New, Fixing the Old holds the Future for Tactical Trucks."   National Defense 82 (1997-1998): 32-34. Kaminski, Paul G.   "Building a Ready Force for the 21st Century."   Defense Issues 11 (1996): 1-4. Rosello, Lieutenant Colonel Victor M.   "Predicting the Unpredictable."   Military Review 75 (1994-1995): 127-129. Sandler, Todd, and Keith Hartley, eds.   The Economics of Defense.   New York:   Cambridge University Press, 1995.      

The Decline of Family in Modern Britain Essay -- Sociology, Family Val

The Decline of Family in Modern Britain Family- â€Å"a group of people who are related to each other such as a mother, a father and their children â€Å"(Cambridge Dictionaries Online, Cambridge University Press (2008)), Is this the view of a family in 2008, clearly it could be said that this definition is somewhat outdated but does it point to the family being in decline? In Britain today the family has certainly undergone a lot of changes compared to the 1950s where the family was predominately a nuclear family where the man of the household went out to work and the woman stayed at home to cook, clean and look after the children. Today there are a number of ‘new’ structures to a family such as single parent families, reconstituted families and same sex families all of which consider they to be what constitutes a family. But how did these ‘new’ structures come about, to answer this we have to look at the changes the family has undergone in recent years. Divorce is a big influence on the structure of a family as it is today. Divorce is easier to obtain than in previous years with the introduction in 1971 of the Divorce Reform Act that established irretrievable breakdown of marriage as grounds for divorce. Another act was passed in 1984 that allowed married couples to divorce after one year of marriage that ultimately increased the number of divorces. Legal aid is now more accessible and ends in most cases the expense of a divorce. Divorce is also far less stigmatised than previously where the likelihood of knowing someone who is divorced as opposed to not knowing anyone (as in previous years) is rare and on the whole accepte... ...ly has its own structure dependant on who you are and as long as it functions to the best of its ability, it is about change ‘with the times’ rather than decline. Bibliography ------------ Moore, S., Chapman, S. and Aiken, D. (2001) Sociology for AS-Level, Families and Households Topic 2 (1-6): 36-55, London: Collins. New Right and Changes in the Family (Class Handout 07.10.04) Changing Patterns of Marriage and Divorce (Class Handout 21.10.04) Contemporary Changes in the Family (Class Handout 08.10.04) Cambridge Dictionaries Online (accessed 24.10.04) Available: http://dictionary.cambridge.org/results.asp?searchword=family S-cool Student Site As & A2 Level Sociology Family Ideology-Introduction, Type of Family, Diversity and A View from 1950 (accessed 21.10.04) Available: http://www.s-cool.co.uk

Andrew Carnegie: The Man Behind the Steel :: American History Essays

Andrew Carnegie: The Man Behind the Steel I chose to right about Andrew Carnegie for the two following reasons. The first being his Scottish heritage, and second being his close ties with the city of Pittsburgh. I happen to have some Scottish blood in me but more importantly I am from Pittsburgh. Andrew Carnegie’s story of rags to riches is slightly more inspiring than that of Henry Clay Frick, his partner. As a Scottish immigrant Carnegie made his ways through the ranks of the Pennsylvania Railroad Company. Upon passing on an offer for the superintendent of the Pittsburgh division of the Pennsylvania Railroad; Carnegie and his brother Thomas purchased an already running mill (Burgoyne 6). From here Carnegie built up the largest and most lucrative iron and steel works in the world. His character was often challenged by certain individuals and defended by others. It is common knowledge that Carnegie viewed himself as a man of the people since he came from humble beginnings. Conversely labor historian Harold Livesay was quoted in saying, â€Å"that certainly by the standards of ethics and conduct to which we would like to hold businessmen today, he indeed operated extremely ruthlessly (www.pbs.org).† Carnegie’s character, views on labor and actions regarding Homestead will be discussed more in depth further. The Homestead Strike of 1892 is known as one of the bloodiest and most bitter labor strikes in American history. Many though would consider it to a necessary progressive movement even taking into account the many lost lives. In order to understand what exactly occurred in Homestead during the summer of 1892 it is first necessary to understand the town of Homestead itself. It is important to point out the fact that without the mill there would be no Homestead, therefore making the mill the nucleus of the town. The mill was located along the Monongahela River in the south of Pittsburgh. Not having seen the mill myself I’m sure that it would have been a beacon to Pittsburghers, encompassing 600 acres of the river’s bank (Burgoyne 1-2). The entire of economy of Homestead was centered on the mill with all other businesses depending on the revenue dispersed by the mill. Store owners, bartenders, and seamstresses all alike depended on paychecks from the mill to spend at their respective proprietorships. There for the lockout of the mill did not simply affect the mill workers but rather all 12,000 residents of Homestead (Burgoyne 1). As for Andrew Carnegie, well he became the richest man in the world. In the year 1900 Carnegie sold the company to J.P Morgan for $480 million.

Effects of Poor Diet and Obesity on Heart Essay

A good diet consists of consuming a full range of all the various nutrients needed for proper function of the body and bodily systems. When someone consumes the correct nutrients in the correct proportions, they are considered to have a â€Å"Balanced Diet†. However, when someone is not consuming the correct nutrients or not consuming the correct amount of nutrients they are said to have a poor diet or â€Å"malnutrition†. Malnutrition is often misconceived to be just the lack of nutrients in the body causing illness and Anorexia; however this is in fact incorrect as malnutrition can also be defined as the excessive consuming of nutrients which contain more energy than the body uses. This is most commonly known as â€Å"Obesity†. In Britain and most first world countries, obesity is one of the most serious effects of malnutrition. It can be extremely dangerous due to the build up of a certain fat known as â€Å"Adipose Tissue† under the skin and around maj or bodily organs. Someone can usually be defined as being obese if they have a BMI of over 30 (BMI can be calculated by dividing mass in Kg by height in Meters, squared). Coronary Heart Disease (CHD) is a common disorder of the blood vessels that supply the heart muscle with oxygenated blood. It is a major cause of death in developed with Reports in the UK suggesting that 3-4% of men aged between 35 and 74 die each year due to the effects of CHD. In the reports for women, the risk appears to be about half of this figure. Each year around 156000 people in England and Wales die from CHD. The heart is used as a pump to pump blood around the body; this is done via the contracting of the hearts muscles. This process needs a continuous supply of oxygen in order to function, however if this oxygen supply is cut off or slowed down the muscle cannot contract and therefore the muscle will soon die. One of the processes that can restrict the amount of oxygen getting to the heart is called â€Å"atherosclerosis† alternatively known as â€Å"Hardening of the Arteries†). This can lead to the coronary arteries to be blocked due to the build up of mater ials inside the artery walls. This causes the amount of space available for the oxygen to pass through the artery to become heavily constricted. Atherosclerosis is a very slowly developing problem and people who contract it normally do not show any signs until they are at least 40 years of age. However in some people, the process can be caused to happen much faster. This is normally due to things such as high blood pressure, the presence of low-density lipoproteins (LDL’s) or even excessive amounts of harmful chemicals in the blood cuased by things such as the excessive consumption of tobacco. Damage from the presence of these substances will build up inside the coronary artery and exist as deposits known as an atheromatous plaque. Once this plaque has restricted the wideness of the lumen by 50% or more, flow of oxygen into the heart muscle will not meet required amounts and will cause a pain to be felt during exercising known as â€Å"angina†. This pain is felt in the left shoulder, chest and arm, but can still be felt in the neck and left side of the face for some people. Another danger from the presence of an atheromatous plaque in the coronary arteries is the danger of a blood clot being formed around the plaque. These blood clots are known as a â€Å"Coronary thrombosis† and are caused by fibrous protein Collagen coming into contact with the platelet which causes the platelet to secrete a chemical that react with the blood and cause a clot to form. These blood clots further slow down the flow of blood through the artery. This could cause the part of the heart receiving the oxygen from this artery to fail in receiving enough blood and therefore shut down or stop the heart from beating altogether. When this happens it is called a â€Å"myocardial infarction†. A myocardial infarction is a very serious condition in which the heart fails to beat. Around 90% of all cases of myocardial infarction are direct effects from the problems aroused by Coronal thrombosis. Myocardial infarctions are potentially fatal if a large amount of muscle is affected. Cardiac arrests are a result of myocardial infarction due to the lack of beating from the heart. During a cardiac arrest, no pulse can be felt on the victim and also the victim will lose consciousness (faint). If the heart is not restarted before the muscle cells starts to die off, then the victim will also die. A reconstruction of the effect an Atheromatous Plaque can have upon the wideness of the Lumen inside a blood vessel (self made image) Cholesterol is an important substance in the structure of cell membranes and we must have a certain amount of it in our body or the liver will produce its own form of cholesterol to be transported and used by cells. However, evidence from tests completed by scientists suggests that having an excessive amount of cholesterol in the blood increases the risk of suffering from CHD. It is still unclear whether or not ones levels of cholesterol in the blood stream can be controlled by ones diet although, data does show that eating large amounts of saturated fats can increase your chance of having a high cholesterol blood content. Excessive cholesterol can be dangerous as it is not soluble in water so therefore it cannot be transported using the blood plasma transportation system. Instead it must be transported around the body in something called â€Å"lipoproteins† which are tiny balls made up of various lipids, cholesterol and proteins. There are many varieties of lipoproteins which are normally categorised into 3 main sub-sections. These sub-sections are defined by the amount of protein they contain (also known as their density) and consist of: High Density Lipoprotein (HDL): High protein content and low lipid content Low Density Lipoprotein (LDL): High Lipid content and lower Protein content Chylomicrons: a very high lipid content and very low protein content HDL’s are usually given the job of picking up cholesterol from around the body and transporting it to the liver. On the other hand, LDL’s are usually given the job of transporting cholesterol from the lover to other parts of the body. LDL’s play a part in the formation of an atheromatous plaque due to the tendency for them to deposit cholesterol into the damaged walls of arteries; in contrast HDL’s seem to actually help in preventing CHD. This is because they remove cholesterol from tissues including those of blood vessel walls. Therefore a person who has a high HDL: LDL ratio in their body would be much better protected against CHD than someone who does not. The structure of a lipoprotein (this one could be a LDL due to its High Lipid content and lower Protein content) (http://ta.wikipedia.org/wiki/%E0%AE%AA%E0%AE%9F%E0%AE%BF%E0%AE%AE%E0%AE%AE%E0%AF%8D:Structure_of_a_Lipoprotein.jpg) Blood pressure can be defined as the pressure that blood inside vessels applies onto the walls of the vessel in which it is being transported. If a person has an exceptionally high blood pressure, they are said to have â€Å"hypertension†. This increases ones risk to CHD by causing the walls of the arteries to thicken and stiff much like atherosclerosis causes the blood vessels to become hardened. The cause of high blood pressure is not always clear in every case. However scientists have suggested that a high intake of salt or the excessive consumption of lipids may be aiding in the creation of a high blood pressure, this is due to the high water affinity of salt itself which could be drawing in water via osmosis, increasing the volume of blood and therefore pressure upon the blood vessels. High blood pressure is normally combated naturally by the body via the kidneys which would excrete more liquid containing the salt solution; however this process does not always work therefore leading to people with high blood pressure being either advised to just eat a low- salt diet or be given diuretics which will make the kidneys complete the process. In conclusion, It can be seen that both poor diet and obesity can both have a certain effect upon the chances of someone contracting Coronary Heart disease, however it can also be seen that the effects from both of these problems could easily be combated by simply eating a healthier diet containing all of the nutrients needed in the body and also in the correct proportions allowing for a balanced diet and a healthy lifestyle.

Event Facilities and Management

There are no sporting events that rival the scale and profile of the Olympic Games (Faulner, Spurr, Chalip, Brown 2000). Its substantial impact on economic and social aspects of national and international levels, international event tourism, marketing strategies, provides plenty of points for study and insight. Moreover, officially the Games of the XXIX Olympiad, the 2008 Beijing Summer Olympics is primarily a major international multi-sport event, which required plenty of technical, marketing, and event planning.Hosted by the People's Republic of China however, the sporting event was also or perhaps translated into, a national economic strategy and was subject into an international political debate and public scrutiny. Clamor against the games were rampant and widespread, various political issues hounded event organizers and sponsors. Nonetheless, the Games were participated by 11,208 athletes from 205 countries in 302 athletic events. Interest of the PRC to host Olympics is quite c lear. Aside from the new jobs that could be created in the tourism industry, worldwide publicity of the Games will change the way the rest of the world views China.Thus, the Beijing Olympics is a good case study for large events that requires vast logistical management and planning, and present prospects for future State-sponsorship of large special events. Costs of the Games fell largely on Government funds, on the grounds of tourism benefits. To justify spending of the national purse and to thwart cynicism among the public is relevant in pursuing State-sponsored special events (Burgan, Mules, 2000). Evaluating on the benefits of a special event is relevant not only for accountability reasons but to guide future public fund spending; as well as the feasibility of sponsoring mega-events.This paper will provide some insights and analyses on the impacts of the Beijing Olympics, and marketing strategies utilized. Long-term economic impacts of the Games in China are not yet evident. Alt hough some sectors may have benefited from a momentary influx of tourists, hard industries suffered losses due to factory closures to ease air pollution. Social impacts however, tell two sides. While national pride rode high upon the ability of the Chinese economy and technology, there are sectors who suffered from the feat.Mass dislocations and disruption of everyday lives also took toll on the national mood. Internationally, China proved itself as an economic giant, despite negative propaganda and calls to boycott the Games. Marketing for the event is another interesting aspect of the event. Done amid considerable negative publicity, political turmoil, the global financial crisis, and inexperience of the Chinese government in international marketing, marketing for the games fared well. An effective marketing strategy or fortunate circumstances may have contributed to its achievement.With increasing frequency, hosting of international events has been used as a platform for States t o bolster economic and development activities (Burgan, Mules, 2000). The potential for national development, media attention, tourism, community involvement and national pride, the Olympic Games calls for a systematic research and analysis. Impacts To fairly analyze and gauge the impacts of the Beijing Olympics, assessment will include economic and non-economic values of the event; covering preparations, actual outcomes, and potential benefits.The costs of the event is estimated to have reached an astounding $40 billion–exceeding the elaborate 2004 Athens Olympics by $25 billion–with costs lying heavily on investments on infrastructure and improvements on transport systems to keep up with the expected influx of spectators and tourists. Event organizers renovated and constructed 37 Games venues and 66 training centers, the largest of which are the Beijing National Stadium, Beijing National Indoor Stadium, Beijing National Aquatics Center, Olympic Green Convention Center , and the Beijing Wukesong Culture and Sports Center.Expenditure on the Beijing Olympics depended largely on government spending: government-owned banks, local government, and institutions funded more than half of total costs. Subject to criticisms by locals and economists around the globe, China’s willingness to spend public money seemed to be fueled by its determination to prove itself among the most important nations. However, it could be argued that there are also substantial cultural returns and international exposure benefits of hosting the Games.The targets being inflow of consumers outside China, producer surplus could be a more appropriate and descriptive measure to determine success. Producer surplus is derived from the increase in production levels due to a special event, which are assumed to be taken from the opportunity cost of producers (Burgan, Mules 2000). In this case, influx of outside tourism should be placed in high priority. The Games were set to accommod ate 2 million tourists–from this number, 500,000 were projected to come from overseas.However, turnout during the Games were below expectations. Hotel occupancy was only at 70% in 5-stars and below 50% in 4-stars, surprisingly even lesser than hotel occupancy at 2007 of the same month. Despite these numbers, the organizers insisted that the 6. 8 million tickets printed were sold out. This could be explained, speculatively, at the low number of foreign tourists: the heightened security, negative propaganda, and strict visa acquisition could all factor in the failure to attract foreigner spending.Considering the amount of money, planning, and logistical requirements of the Beijing Olympics, event tourism through the Beijing Olympics did not meet its ? 8 billion profit from actual event. Nevertheless, impact of an event does not bank solely on fiscal benefits in a cost-benefit evaluation (Dwyer, Mellor, Mistillies, Mules 2000). Other non-tangible benefits are also taken into acc ount.

Becker’s Rational Theory

Gary Becker is both a sociologist and economist although he won the Nobel Peace Prize in 1992 for his rational theory for economics.   The lecture he gave for the Nobel was divided into six points: his economic approach to life, his view of the discrimination against minorities, his theories on crime and punishment, his understanding of human capital, his perspectives on family ties and how he believes people will accept the theories he had proposed. Becker’s ideas are refreshing, if not altogether new and worth understanding. First of all, he distinguishes his analysis from the Marxian perspective.   He explained that the communist concept is purely based on utilitarian terms while his concept of rationality is a method of analysis and not an â€Å"assumption about particular motivations.† (38) His approach is founded on the idea that time has its own cost.   He argues that many human developments have been made to extend life expectancy but no one can alter the pace of time from twenty-four hours to another pattern.   Thus, time has its cost and also affects the choices that people make because of its price. Becker takes hiring of workers and discrimination into a new light with his idea that the employers may usually be the source of discrimination but in truth, the employees and customers of a company also contribute to the decisions being done on employment. He cites that some workers refuse to be assigned under a woman and certain clients may prefer to deal with white instead of black sales agents. One of his theories on discrimination is that when the quantity of the majority of a prejudicial relationship is greatly higher, the income of the mentioned party will be much higher while those of the minority group will be very limited.   However, Becker also believes that if the prejudicial group is smaller in quantity compared to the group they have chosen to outcast, then the prejudice will be harmful to the prejudicial people. Becker also controversially cites that the popularized beliefs of employers, teachers and other persons of influence on the community can create stereotypes that are harmful or counter-productive.   He bases his assumptions on the premise that education is an investment because previous studies show that putting more time and money in getting academic training boosts a person’s chances to become economically successful. Stereotyping people causes these minorities to lessen their educational investments both academically and career-wise.   This makes them less productive to society. It is worthy to note that Becker highly believes that education is a very good investment for the economy and that learning can be hindered by prejudice. Another institution Becker chose to analyze is society’s view on crime and punishment.   Becker sought to explain that crimes like stealing may not seem to cost the society very much but criminals also invest on weaponry and premeditated planning which could have been put to better communal use.The Nobel winner explained that in the mid-twentieth century, crimes were viewed as originating from mental illness and social oppression to the point that criminals were made to look like victims of society. These, therefore, affected social policies by giving criminals more rights, reducing the chances of apprehending and convicting criminals while lessening the security of the rest of the innocent. In his economic point of view, Becker believes that policies must be geared towards higher costs of punishment for criminals to deter them from making their crimes a livelihood.   He believes that to lessen crime, the economic and social environment formed by public policies (e.g. expenditures for punishments, employment opportunities, educational programs) must be taken into consideration.   If the legal jobs were paying much higher than what would have been gotten from a quick crime, then it would lessen the probability of criminal acts. It was Becker’s ideas that have inspired Law Professor, David Friedman (1995) to propose other ways of fighting and preventing crime.   Based on the Nobel awardee’s theory, the professor suggests that instead of paying policemen regular salaries, these officers should just get what has been collected from the criminals he had apprehended and caused to be convicted. In this scenario, the victim shall pay for the investigation of the crime to the police so that investigative jobs will be allocated well to the uniformed men. According to Friedman, this will lessen the cost of taxes that ordinary law-abiding citizens pay for protection and judicial courts. When the criminal is able to pay the damages he had brought about, then the victim and police have been paid. In this way, the policeman are not   tempted to accept bribes from criminals while the cost of implementing justice is greatly lowered. Another point of view was given by Dr. Mark Thornton, Senior Fellow at the Ludwig von Mises Institute, this time contradictory to Becker’s.   After his winning the Nobel, Becker became a staunch believer in the legalization of drugs to lessen its harmful impact on society.   On the other end is Dr. Thornton who made a paper entitled, Harm Reduction and Sin Taxes: Why Gary Becker is Wrong, to state his points.   According to Becker, legalizing drugs would bring in positive results if excise taxes will be created to make the price of these drugs less affordable.   However, according to Dr. Thornton, the taxes will still not eliminate the consumption of dangerous drugs but will only encourage production and consumption of more potent forms of these drugs.   Marking legal drugs as harmful will only make these even more attractive to young teens and adults.   Putting excise taxes will make the drug too costly for those who truly need it which might lead to consumers preferring a less expensive yet more harmful kind of solution and the formation of a black market.   Thornton further argues that there is no proper way to calculate the tax rate. (12) I In Thornton’s light, he reveals that Becker’s ideas may be highly theoretical but not practical because it does not take its effects on society as critically as it should. One subject that may give Becker a Marxian link is his use of the term â€Å"human capital.†Ã‚   Although the term he uses is Marxist, he does not intend it to mean something utilitarian.   Instead, Becker chose to use the term as a name for an analysis that bases its assumptions on how individuals choose their education, career training, medical care and other additions to knowledge and health by weighing the benefits (cultural and non-financial) and costs (value of time spent on these founding investments). (43) Becker identifies two theoretical concepts used in human capital analysis which are the general and specific training or knowledge.   Becker believes that general training is simply knowledge of how to make things work but specific training or knowledge refers to an individual’s skill in climbing up and down the authority structure of the company he or she works for and includes the talents that may be necessarily giving this employee more value to the company. With this proposition, human capital becomes an asset of a company as part of accounting principles. He further explains human capital investment in the light of marital relationships. He believes in the idea that marriages are unions that are based on the theory that putting together two people’s resources would make them stronger economically. Thus, divorce rates are affected by the financial stability of husbands and wives.   This also explains why the rich have lower divorce rates compared to couples who are problematic in their finances. Although romantics may want to challenge this idea, the statistics will provide Becker with more evidence rather than refute his contentions. Human capital is founded on the idea that education is an investment. Becker offers his human capital analysis to explain the gender gap in earnings of men and women.   Traditionally, women were more likely to get poorly-paid jobs because they spend time taking of children first before they can invest more attention to getting better education or training.   However, the decline of family size in the past decades, growth of divorce rates that leave single mothers to work for a living, increase in the fulfillment of job vacancies brought about by industrialization and legislation has been able to give women more opportunities for career and financial stability. Becker believes that his rational choice way of analyzing life can also explain the formation, dissolution and structure of families. The family is the oldest and most basic of all institutions. Becker already mentions that marriage is a union that is made between individuals who believe that staying together would benefit them both. Divorce, then, would be made if the two individuals believe that economic stability would be achieved without the other. One of the controversial principles regarding family and economics came from Malthus who believes that fertility would rise as incomes increase and would decline as incomes decrease.   This theory failed when the modern era showed that as industrialized countries were becoming super economic powers, birth rates started to dwindle. According to Becker, the only problem with the Malthusian principle is that it was not adaptable to modern life. Modern people put great value in time and so taking care of children costs greatly. Parents also recognize that the success of their children are based on the good quality education and training they are able to get. This raises the cost of investments even more which leads to couples having fewer children. This explanation also addresses why more and more women are entering the labor force. With fewer children to tend to, women are freer to pursue their careers. Becker also sought to analyze why there are societies wherein gender roles seem to attribute to women the child-rearing and agricultural activities compared to the men who are delegated to do the fighting and market work.   He believes that these are because of biological differences and cultural conditioning. He incorporates his human capital analysis by saying that any investment in education requires practice and that since men have more time to delve into the sporty and marketing skills, they are the ones given the gender role.   Women, on the other hand, are too busy with children to develop their own talents and skills and would do better in simply doing what else should be done to uphold the family. Becker believes that the way one is raised has a lot of bearing on how one thinks and acts as an adult.   Choices adults make in life are based on their childhood experiences.   Therefore, the family is a very important institution in society because the preferences that are at work in his rational theory are formed when people are growing up. Another aspect of family life Becker chose to single out was the issue of altruism.   Based on the â€Å"Rotten-Rid Theorem,† selfish individuals use altruistic behavior to ensure their own welfare. Therefore, parents and children can strive to uphold altruism within their families because of their own selfish purposes. For example, parents who are not planning to leave bequests to their children strive to uphold love, guilt and assistance among family members to ensure their welfare once they grow old.   By imbibing values such as caring, older children are made to feel guilty when they cannot take good care of their old parents. Parents who do not plan to leave bequests to their kids tend to strive to work or assist their children in housekeeping to compensate for their lack of financial contribution. With children who have been taught to give back something in return while they were young, the kids will be obliged to take good care of the old parents. Parents who are not planning to leave bequests can also give their children the best investment they can have – education – to ensure that when they are already old, the young ones will be able to provide for their needs. With these in mind, Becker makes a funny proposal for parents to have contracts with their children to oblige them to take care of the old couples once they are too weak to work. With his analysis of familial relationships, Becker also realizes that social institutions like homes of the aged are contributing to the breakdown of families. With the government taking care of what could have been someone’s responsibility, the family members communicate less and become estranged from each other. Other sources of this problem are greater geographical mobility, increased wealth due to better national economy, better capital and insurance markets that create financial endowments for these responsibilities, higher divorce rates that separate family members from each other and even health care which also takes care of things so that people can continue to work instead of taking care of each other. Becker concludes his lecture by summarizing the main points he had so far mentioned.   He also predominates any oppositions to his claims by saying that since his concepts are based on economic or rational choices towards behavior, many critics have already raised issues about individuals not acting consistently all the time and that behaviors are not always forward-looking (especially the ones of criminals). Becker counters these allegations also by explaining that his rational choice theory is not simply an economic approach limited to the micro level.   He believes that the theory can be a very good and powerful tool to use to understand and derive implications on the macro level. Backer believes that using assumptions about technology and other determinants of opportunities, market and non-market situations, laws, norms and traditions can help obtain better results about group behaviors. Becker’s ideas are truly remarkable. Some are simply a review of what has been happening to society (e.g. family dissolution) while others like his view of crime and punishment are refreshing and obviously revolutionizing social policies and perspectives. His view on crime, particularly, raises many controversial questions towards practicality especially because it concerns the security of many innocent people. Controversial or not, his rational choice theory shines a new light towards how humans keep adapting to the society he is forming at every moment and this makes him worth of the Nobel Prize. Works Cited Becker, Gary. â€Å"The Economic Way of Looking at Life.† Nobel Lecture. 09 December 1992 Economic Sciences.(1992): 38-58. Friedman, David. â€Å"Rational Criminals and Profit-Maximizing Police: Gary Becker’s Contribution to the Economic Analysis of Law and Law Enforcement.† 23 March 2008. < http://www.daviddfriedman.com/Academic/Becker_Chapter/Becker_Chapter.html> Thornton, Mark. â€Å"Harm Reduction and Sin Taxes: Why Gary Becker is Wrong.† 23 March 2008.         

A Systemic Functional Analysis of the Advertisement of the Cadd

[pic] A Systemic Functional Analysis of the Advertisement of the CADD A statistic in 2008 shows that around one in six deaths on roads caused by drunk drivers. People may have wrong judgment and slower reaction after they drunk alcohols. A traffic accident is most likely to occur in such situations. As a consequence, a variety of campaigns have taken numerous actions to persuade people not to drink and drive. They built websites, and published advertisements and videos to promote their ideas. The Campaign Against Drinking & Driving is one of them.CADD is trying to free people whose relatives have died or injured in drunk driving from sorrows. This short essay will analyze a public service advertisement against drink and drive published in the website of the CADD. The visual images, verbal texts, and the linkage between them will be discussed in systemic functional approaches. The advertisement is displayed in a horizontal angle which involves viewers’ reflection. Two elements, a collection of smashed glasses and the sentence â€Å" What’s the price of a bottle of wine† are most salient in their color and size.In a blank background, the green glasses and the red sentence are enlarged to attract viewers’ attention. Furthermore, the distance between viewers and the visual image become intimate by close shot. Firstly, some visual metaphors can easily observed from the visual image of this advertisement. The shape of broken bottle is identical to a crashed car. The target domain is a collection of smashed glasses, while the source domain is a crashed car. The separated segment can be seen as the tyre of the crashed car. In addition, some small glasses that arranged to two lines can be regarded as car tracks.The designer used a broken bottle to form a scene of a car accident. The connection between the broken bottle and the crashed car is the wine, namely, the alcohol. It warns implicitly that a car accident will happen if the intake of al cohol is excessive. Apart from the connotation the metaphors contain, some other elements abd styles of representation are consisdered as carrriers of connotation (Machin,2007). Firstly, the participant can be analyzed. As there is no participant in the â€Å"crashed car†, it can be concluded that the result of drunk driving is being a victim in a car accident.Then, the color of these visual images also has connotations. The color of headline and text is red, while the wine bottle is green. Since the background is blank, these two contrastive colors form a sharp contrast to attract viewers’ attention. The red color also means warning, so that viewers will put more attention on the headline and text. Additionally, the linguistic messages cause the advertisement’s purpose more explicit. There are two clauses in the advertisement. The first clause is a special question which asks for the viewers’ responses.The designer wanted viewers to give an answer of â⠂¬Å"price†. According to the analysis, the â€Å"price† in the headline â€Å"what’s the price of a bottle of wine† can be analyzed in three levels. The first level is analyzing from its denotation. The â€Å"price† in this level will be the value labeled in the goods shelf. The second and third level meanings are connoted in the background. The â€Å"price† in these two levels are more likely consequences of drunk driving. As this advertisement aimed at persuading people not to drink and drive, the connotation of â€Å"price† can be derived from it.The â€Å"price† paid in the second level is drunk drivers’ health, even the life. In order to understand the third level, the background of the Campaign Against Drinking & Driving should be introduced. One of the CADD aims is providing support to the families of victims killed or injured by drunk drivers (CADD). If a person killed or injured because of drinking alcohol over l egal limit, his relatives will in grief for a long time. As a consequence, the â€Å"price† in the third level is the sorrows of relatives. A word play the designer made can be noticed after analyzed the three levels the headline contains.The viewers will understand the meaning of headline by digging into the word â€Å"price†. After the advertisement having guided viewers to consider the the consequences of drunk driving, the designer raise his idea timely in the following text. â€Å"Don’t drink and drive† is an imperative sentence which expresses the attitude of persuasion. If visual images linked together with linguistics messages, the advertisement will be understood better. The headline and the broken bottle are complementary in achieving the goal of the advertisement. The verbal texts appears in the top, and the image forms an illustration of it.A question is introduced by the headline, and the broken car extended viewers’ understanding of t his question. The viewers are led to the direction of the relationship between the wine and the car. In this way, the visual image extends the understanding of the verbal information. In addition, the second clause also can related with the logo in the advertisement. The logo was comprised of four capital letters: CADD; which is the abbreviation of the Campaign Against Drinking & Driving. The idea that transmitted by the campaign is not drinking and driving, which expresses the same meaning with the text.Moreover, there are a wine glass in the first letter D, while a car key in the latter letter D, and red slashes cut the letters. As a result of special form of letters, the topic of the advertisement is pointed out: do not drink and drive. Additionally, the red slashes echo the color used in the text and the headline, which connects the elements in this advertisement closely. In conclusion, this essay analyzed the visual images, linguistic messages and the connection between them in systematic functional approaches. The purpose of this advertisement is persuading people not to drink and drive.The designer guided people to think about the consequences of drunk driving in visual and verbal messages, then the designer’s purpose is achieved by a persuasive way. However, because the publisher of this advertisement is a campaign that mainly helps the drunk drivers’ relatives, more attention will be attracted, if some information about those people added. Word count:1022 Reference Machin, D. (2007) Introduction to Multimodal Analysis, Hodder Education CADD Retrieved from http://cadd. org. uk/aims. htm This advertisement is retrieved from http://gongyi. hexun. com/2011-08-12/132383278. html