Global Trade Essay Example | Topics and Well Written Essays - 250 words

Global Trade - Essay Example th reference to the guardian, the governments will be in a position to pass international restrictions that protects domestic industries (The Guardian, pp. 1-3). Furthermore, the governments will be promoting national security. It will be a means of implementing a foreign policy targeting enemy states. According to Reimer, by intervening in trade, the governments are trying to adhere to the strategic trade policy (Reimer, pp. 1-50). By encouraging domestic employment, governments may raise their tariffs to influence trade. Additionally, they may use the strategic policies to mitigate influences of big corporations. It will be assisting growing companies domestically. Governments may raise taxes on goods that trade with enemy country to implement their foreign policies (Reimer, pp. 1-50). Trading in the past mostly dwelt in trade politics. Nowadays international trade has advanced and trade laws have replaced trade politics. Additionally, trade has transformed gradually till nowadays countries trade with a body called World Trade Organization supervising the activities. According to Pauwelny, trading system has developed from power based to rules based trade (Pauwelyn, pp. 1-20) Poverty is an issue that affects current global trading. The major cause of poverty is structural adjustments by the World Bank. Additionally, the loans to third world country are another issue in trade. The loans undermine developments and reduce trade

Medecine Personal Statement Example | Topics and Well Written Essays - 750 words

Medecine - Personal Statement Example I exuberantly thought I would be showing my companions a wonderful sight of fireworks and they will be thankful they were with me. Nevertheless, my enthusiasm turned into a nightmare when our eyes started to burn. We bawled our eyes out because of the dreadful event and as a result of the tear gas fired by the army. I quickly turned back, pulling my brother and cousin who were already shrieking. As the older person among us, I strove to have my wits intact. I took my brother and cousin home. I went out again with a purpose in mind. On my way out, I saw several women, children and elderly people crying and screaming by the roadside as policemen scoured the area, striking civilians who fought. There were fear and cries of anguish all around and the sight was just unbearable. Covering my eyes with a cloth, I went to the nearest vegetable shack. I once read that onion bulbs can be used as protection against tear gas and so I bought as many as I can carry. I cut the onions in half and handed them to my family and some people who were suffering, crying for help outside our home. I instructed them to squeeze the onion s near their eyes so that the gas released from the onions will irritate their eyes and help get rid of the tear gas. When I was sure that my family members were safe in our house, I went out to see how things were going outside. There was chaos everywhere. Policemen were checking every person’s belongings as they tried to go home safely, vehicles were stopped for hours for the policemen to complete their inspections and those who fought against them were hurt. Masked, uniformed men were scattered around the area. They had shields to protect themselves from people who protested against such inhumane actions. Behind them were tanks where tear gases were expelled from. The army was in stark contrast with the unarmed civilians who wanted nothing but to stop the bloodshed and live peacefully. Bloody victims, destroyed cars, suffering and angry people, women

The indian FMCG sector

The indian FMCG sector Chapter 1 1.1 Indian FMCG Sector in a nutshell: The Indian FMCG sector is the fourth largest sector in the economy with a total market size in excess of US$ 13.1 billion. It has a strong MNC presence and is characterized by a well established distribution network, intense competition between the organized and unorganized segments and low operational cost. Availability of key raw materials, cheaper labor costs and presence across the entire value chain gives India a competitive advantage. The FMCG market is set to treble from US$ 11.6 billion in 2003 to US$ 33.4 billion in 2015. Penetration level as well as per capit consumption in most product categories like jams, toothpaste, skin care, hair wash etc in India is low indicating the untapped market potential. Burgeoning Indian population, particularly the middle class and the rural segments, presents an opportunity to makers of branded products to convert consumers to branded products. Growth is also likely to come from consumer upgrading in the matured product categories. With 200 million people expected to shift to processed and packaged food by 2010, India needs around US$ 28 billion of investment in the food-processing industry. The Indian FMCG sector gives employment for three million people in downstream activities. Within the FMCG sector, the Indian food processing industry represented 6.3 per cent of GDP and accounted for 13 per cent of the countrys exports in 2003-04.A distinct feature of the FMCG industry is the presence of most global players through their subsidiaries (HLL, PG, Nestle), which ensures new product launches in the Indian market from the parents portfolio. 1.2 What is in India for FMCG: FMCG Sector is expected to grow by over 60% by 2010. That will translate into an annual growth of 10% over a 5-year period. It has been estimated that FMCG sector will rise from around Rs 56,500 crores in 2005 to Rs 92,100 crores in 2010. Hair care, household care, male grooming, female hygiene, and the chocolates and confectionery categories are estimated to be the fastest growing segments, says an HSBC report. Though the sector witnessed a slower growth in 2002-2004, it has been able to make a fine recovery since then. For example, Hindustan Unilver Limited (HUL) has shown a healthy growth in the last quarter. An estimated double-digit growth over the next few years shows that the good times are likely to continue. 1.3 Growth: With the presence of 12.2% of the world population in the villages of India, the Indian rural FMCG market is something no one can overlook. Increased focus on farm sector will boost rural incomes, hence providing better growth prospects to the FMCG companies. Better infrastructure facilities will improve their supply chain. FMCG sector is also likely to benefit from growing demand in the market. Because of the low per capita consumption for almost all the products in the country, FMCG companies have immense possibilities for growth. And if the companies are able to change the mindset of the consumers, i.e. if they are able to take the consumers to branded products and offer new generation products, they would be able to generate higher growth in the near future. It is expected that the rural income will rise in 2007, boosting purchasing power in the countryside. However, the demand in urban areas would be the key growth driver over the long term. Also, increase in the urb an population, along with increase in income levels and the availability of new categories, would help the urban areas maintain their position in terms of consumption. At present, urban India accounts for 66% of total FMCG consumption, with rural India accounting for the remaining 34%. However, rural India accounts for more than 40% consumption in major FMCG categories such as personal care, fabric care, and hot beverages. In urban areas, home and personal care category, including skin care, household care and feminine hygiene, will keep growing at relatively attractive rates. Within the foods segment, it is estimated that processed foods, bakery, and dairy are long-term growth categories in both rural and urban. 1.4 Indian Competitiveness and Comparison with the World Markets: The following factors make India a competitive player in FMCG sector: Availability of Raw Materials: Because of the diverse agro-climatic conditions in India, there is a large raw material base suitable for food processing industries. India is the largest producer of livestock, milk, sugarcane, coconut, spices and cashew and is the second largest producer of rice, wheat and fruits vegetables. India also produces caustic soda and soda ash, which are required for the production of soaps and detergents. The availability of these raw materials gives India the location advantage. Labour cost comparison: Low cost labour gives India a competitive advantage. Indias labour cost is amongst the lowest in the world, after China Indonesia. Low labour costs give the advantage of low cost of production. Many MNCs have established their plants in India to outsource for domestic and export markets. Presence across value chain: Indian companies have their presence across the value chain of FMCG sector, right from the supply of raw materials to packaged goods in the food-processing sector. This brings India a more cost competitive advantage. For example, Amul supplies milk as well as dairy products like cheese, butter, etc Chapter 2 Introduction of Hindustan Uniliver Limited (Formerly Hindustan Lever Limited) Brief History: Hindustan Unilever Limited, erstwhile Hindustan Lever Limited (also called HLL), headquartered in Mumbai, is Indias largest consumer products company, formed in 1933 as Lever Brothers India Limited. Its 41,000 employees are headed by Mr.Harish Manwani, the non-executive chairman of the board. HLL is the market leader in Indian products such as tea, soaps, detergents, as its products have become daily household name in India. The Anglo-Dutch company Unilever owns a majority stake in Hindustan Lever Limited. Recently in February 2007, the company has been renamed to Hindustan Unilever Limited to provide the optimum balance between maintaining the heritage of the Company and the future benefits and synergies of global alignment with the corporate name of Unilever. Prominent Brands: Kwality Walls ice cream, Lifebuoy, Lux, Breeze, Liril, Rexona, Hamam, Moti soaps, Lipton tea, Brooke Bond tea, Bru Coffee, Pepsodent and Close Up toothpaste and brushes, and Surf, Rin and Wheel laundry detergents, Kissan squashes and jams, Ponds talc and creams, Vaseline lotions, Fair Lovely creams, Lakmà © beauty products are some of the prominent brands of the company. Power Brands: In mid-2000 after M.S. Banga took over the reins at HLL, the company decided that it would focus on 30 odd Power Brands and carefully plan its entry into new businesses. Intuitively this made sense, instead of spreading your resources all over the place concentrate on a few brands. But what it meant was that power brands had to grow at higher rates to compensate for the loss of sales from other brands. Unfortunately, the other brands have shrunk faster vis-à  -vis the rate at which the power brands have grown. This has hit the top line of the company. The companys Vanasapti brand, Dalda, is a case in point Appointment of Doug Baille : The appointment of an expat, Doug Baillie, as the CEO of consumer heavyweight HLL is seen as an indication of the parent companys desire to hasten the process of Unileverising the Indian subsidiary, it is reliably learnt. Informed sources said Unilever was not very satisfied with the pace of harmonization of HLL vis-à  -vis other global subsidiaries. Within Unilever, it was felt that there was some opposition from HLLs senior management who wanted HLLs Indian ness to be maintained. Project Shakti: It is an initiative take by the group as a way of fulfilling its social responsibility by empowering the less privileged sections of the society we live in. The objectives of Project Shakti are to create income-generating capabilities for underprivileged rural women by providing a small-scale enterprise opportunity, and to improve rural living standards through health and hygiene awareness. Hindustan Lever Network: In February 2003 Hindustan Unilever Limited has launched a new division called Hindustan Lever Network. This division markets a wide range of Fast Moving Consumer Goods through Network Marketing. Network Marketing was pioneered in the United States of America in the 1940s by companies like Amway Corporation and operates by recruiting individuals as consultants. These consultants are paid a commission on the purchases made by them and on the purchases made by those recruited by them. Performance Trends of the company: This table has been taken from the annual report of the HUL for the year ended on 31st December 2006. This table contains key financial indicators which show the performance of the company in year 2006 and its performance trend for last 10 years. Chapter 3 LITERATURE REVIEW While green marketing came into prominence in the late 1980s and early 1990s, it was first discussed much earlier. The American Marketing Association (AMA) held the first workshop on Ecological Marketing in 1975. The proceedings of this workshop resulted in one of the first books on green marketing entitled Ecological Marketing (Henion and Kinnear 1976a). Since that time a number of other books on the topic have been published (Coddington 1993, and Ottman 1993). Green marketing incorporates a broad range of activities, including product modification, changes to the production process, packaging changes, as well as modifying advertising. (Polonsky, 1994) World-wide evidence indicates people are concerned about the environment and are changing their behavior accordingly. As a result there is a growing market for sustainable and socially responsible products and services. (Environmental protection agency -2000) Green consumerism is often discussed as a form of pro-social consumer behavi or (Wiener and Doesher, 1991). It may be viewed as a specific type of socially conscious (Anderson, 1988) or socially responsible (Antil, 1984) consumer behavior that involves an environmentalist (Schlossberg, 1991) perspective and may thus be called environmentally concerned consumption (Henion, 1976). A classic definition (Henion, 1976) describes environmentally concerned consumers. Business organizations tend to concern about environments issues due to several reasons such as environmental pressure, governmental pressure, competitive pressure, cost or profit issues (Environmental protection agency -2000) Unfortunately, a majority of people believe that green marketing refers solely to the promotion or advertising of products with environmental characteristics. (Polonsky,1994) and terms like Phosphate Free, Recyclable, Refillable, Ozone Friendly, and Environmentally Friendly are some of the things consumers most often associate with green marketing. . (Polonsky,1994) While these t erms are green marketing claims, in general green marketing is a much broader concept, one that can be applied to consumer goods, industrial goods and even services (Roberts and Bacon, 1997). Hopes for green products also have been hurt by the perception that such products are of lower quality or dont really deliver on their environmental promises. And yet the news isnt all bad, as the growing number of people willing to pay a premium for green products from organic foods to energy-efficient appliances attests. (DSouza et al. 2004)Green or Environmental Marketing consists of all activities designed to generate and facilitate any exchanges intended to satisfy human needs or wants, such that the satisfaction of these needs and wants occurs, with minimal detrimental impact on the natural environment. [Polonsky 1994b, 2] Green marketing has not lived up to the hopes and dreams of many managers and activists. Although public opinion polls consistently show that consumers would prefer to choose a green product over one that is less friendly to the environment when all other things are equal, those other things are rarely equal in the minds of consumers. (Hackett, 2000) They must always keep in mind that consumers are unlikely to compromise on traditional product attributes, such as convenience, availability, price, quality and performance. Its even more important to realize, however, that there is no single green-marketing strategy that is right for every company. (Prothero,, and McDonagh, 1992) Despite the increasing eco-awareness in contemporary market economies, it is generally recognized that there are still considerable barriers to the diffusion of more ecologically oriented consumption styles. In lay discourse as well as in much of consumer research, these barriers are usually attributed to the motivational and practical complexity of green consumption (Hackett, 2000). Increased use of Green Marketing is depending on five possible reasons. (Polonsky 1994b) Organizations perceive environmental marketing to be an opportunity that can be used to achieve its objectives [Keller 1987, Shearer 1990] Organizations believe they have a moral obligation to be more socially responsible [Davis 1992, Keller 1987,] Governmental bodies are forcing firms to become more responsible [Davis 1992]; Competitors environmental activities pressure firms to change their environmental marketing activities [Davis 1992] Cost factors associated with waste disposal, or reductions in material usage forces firms to modify their behavior [Keller, K.L. (1993] Moreover, environmentally responsible behavior usually involves difficult motivational conflicts, arising from the fundamental incompatibility of environmental protection-related collective goals and individual consumers personal or self-interested benefits and the resulting free-rider problem (Wiener and Doesher, 1991) Public policymakers will continue to develop more efficient ways to regulate waste and pollution, and scientists will continue to gather information about the environmental risks from various substances or practices. As they do, pricing structures will evolve that communicate even more accurate information to manufacturers and entrepreneurs about the true cost of commercial activities and the potential rewards from innovative solutions to environmental problems. This definition incorporates much of the traditional components of the marketing definition that is All activities designed to generate and facilitate any exchanges intended to satisfy human needs or wants (Sc hlegelmilch et al,1996). There are usually severe external constraints to green consumerism, arising from the cultural, infrastructural, political and economic circumstances in the markets and society (McIntosh, A. 1991). Both individual and industrial are becoming more concerned and aware about the natural environment. In a 1992 study of 16 countries, more than 50% of consumers in each country, other than Singapore, indicated they were concerned about the environment (Ottman 1993). A 1994 study in Australia found that 84.6% of the sample believed all individuals had a responsibility to care for the environment. A further 80% of this sample indicated that they had modified their behavior, including their purchasing behavior, due to environmental reasons (EPA-NSW 1994). Owing to the conceptual and moral complexity of ecologically responsible consumer behavior and to the perplexity of ecological information, different consumers have different conceptions of ecologically oriented consumer behavior and, thus, myriad ways of acting out their primary motivation for being green consumers (Antil, 1984). These innovations arent being pursued simply to reduce package waste. (Prothero, 1990) Food manufacturers also want to improve food preservation to enhance the taste and freshness of their products. The cost of the foods would be lower; consumers could enjoy the convenience of pre-sliced ingredients, and waste peelings (Prothero, 1990). It can be assumed that firms marketing goods with environmental characteristics will have a competitive advantage over firms marketing non-environmentally responsible alternatives. There are numerous examples of firms who have strived to become more environmentally responsible, in an attempt to better satisfy their consumer needs. (Schwepker, and Cornwell, 1991) While governmental regulation is designed to give consumers the opportunity to make better decisions or to motivate them to be more environmentally responsible, there is difficulty in establishing policies that will address all environmental issues. (Schwepker, and Cornwell, 1991). Hence, environment-friendly consumption may be characterized as highly a complex form of consumer behavior, both intellectually and morally as well as in practice. Chapter 4 Objective of the Study To study the growth in FMCG sector in India. Interpret the results using graphs and calculating various ratios to show growth in FMCG sector with regards to HUL. Research Methodology Research methodology used for calculating the growth rate in FMCG sector is trend analysis in which various important ratios have been calculated and shown by graphs and interpreted. Data collection:- Research has collected necessary information to fulfil this report through secondary data. Secondary Data: The data in this study are derived from the CAPITALINE database. Some of the data has been collected from various other company websites. Chapter 5 Ratio Analysis: Time Series Analysis Liquidity Ratios: Liquidity Ratios indicate the companys ability to meet its short-term liability. These ratios indicate the availability of liquid asset to meet short term obligations. Creditors usually check this ratio to assess the ability of firm to meet its short term obligations. Current Ratio: Current ratio is obtained by dividing Current Assets by Current Liabilities. Current ratio gives a quick understanding of the companys liquidity position but is subjected to window dressing. Current asset consists of Cash, Inventory and Debtors as major items. Though Inventory and Debtors are considered liquid asset, the company may find itself unable to collect debt at right time and convert inventory into cash when it has to pay its creditors. Hence this ratio alone can not provide a clear picture of firms liquidity position. Liquid Ratio: Liquid ratio is a better measure of Liquidity because inventory, which might not get converted into cash when required to do so, is taken out of the current asset for calculating this ratio. Absolute Cash Ratio: It is the best measure of the liquidity since only cash and near cash items are taken for calculating this ratio. Debtors and Inventory are taken out of the Current Asset and thus left part of current asset give a better idea of liquidity of the firm. Working Capital: It is net current asset that a company has to have in order to smoothly run its day to day operation.Net Current Asset is difference between CA and CL. It also indicates how the firm is financing its assets. For example if a company has CL more than CA, i.e. Negative Working Capital, it implies that the company is financing its long term asset from short term funds. Generally CL does not carry any cost and hence it increases the profitability of the firm. Working Capital Days: Working capital days indicate the time taken in completion of the operating cycle. It is a measure of firms policy of collecting debt, making payment to creditors and average inventory holding period. The goods are purchased either in cash or on credit, then it remains with the firm as inventory for some days, then it is sold and debtors are created, then the cash is collected from debtors. So, WCD is Debtors Days + Inventory Days- Creditor Days. Debtors Days: Time taken to convert debtor into cash. It indicates how efficiently the firm is collecting its debt . Creditor Days: It indicates how fast the firm is paying back to its creditors. Inventory Days: How efficiently the firm converts its inventory into debtors, i.e. how efficient the sales are. It also indicates for how long (on an average) goods are stocked. Analysis of Liquidity Ratios: Current ratio of HUL has been less than 1 for all the 3 years taken for analysis. This implies that working capital of HUL is always negative. This is generally considered an aggressive strategy i.e. to financing its long term asset by short term sources that increases profitability because current liabilities are non interest bearing items. There is significant difference between CR and LR which indicates that the current asset of HUL consists of good amount of inventory. Value of sundry debtors is quite low since there is minor difference between LR and ACR. The liquidity ratios have decreased from previous year which shows that HUL has reduced its liquidity further. On analyzing the operating cycle it can be said that HUL takes good amount of time to pay its creditors and this is how it manage to run its operations with negative working capital. Solvency Ratio: Solvency Ratios indicate the companys ability to meet its Long-term liability. These ratios indicate the ability of the firm to return the investment made by its owners and debt providers in the business, in case the company is closed down. These ratios are usually seen by the debt providers or financial institutions in order to assess the risk involved in the business. If the firm is closed down then first it is liable to pay back its loan and then if it is left with something that belongs to the share holders. Debt Equity Ratio: Debt Equity ratio is obtained by dividing Long Term outside Liability (Debt) by Net Worth. This ratio indicates the risk involved for loan givers. If it is too high then the owner may not be that much concerned for profit making since he has invested less in the business and hence getting less return. If the company makes loss ad closed down subsequently, then the owner does not loose much and loan givers will have to bear relatively more losses. This ratio also determines EPS. Interest Coverage Ratio: ICR indicates the firms ability to pay the interest of the loans taken. It is ratio of PBIT to Interest. Debt to Total Funds: This ratio indicates the share of the debt in total sources used to fund the business. Since total sources are equal to total assets, this ratio is analyzed to assess the firms ability to meet its long term liability i.e. ability to pay back its loan, in case the company is closed down. Reserves and Surplus to Total Fund: This ratio indicates the share of the Reserves and Surplus in total sources used to fund the business. Since total source are equal to total assets, this ratio is used to assess the firms ability to meet its long term liability towards its owner that is, ability to return the share profit made by the business that belongs to shareholders, in case the company is closed down. Analysis of Solvency Ratios: The loans taken by HUL were high in 2004 which is indicated by high debt to total source ratio and this is why its ICR ratio was low (as compared to ICR in 2005 and 2006). It has decreased its loan and currently it is financing its business mostly by net worth and current liability. Debt to equity ratio has decreased over the years as it has reduced the loans. Its RS to Total source has increased which indicates that HUL invests accumulated profit into business with decreasing debt. Now HULs assets are financed by net worth and current liability with debt being a small component of total source. Profitability Ratio: Profitability Ratios show how successful a company is in terms of generating returns or profits on the Investment that has been made in the business i.e. the Profitability ratios indicates the ability of the firm to generate and distribute the profit. It can be broadly categorized into profit generating ability (PGA) ratios and profit distributing ability (PDA) ratios. It can be said the higher these ratios the better it is for the company. PBIT to Sales: This ratio is obtained by dividing Profit before Interest and Tax by Sales. This ratio is a measure of the companys profit generating ability on a given volume of sales. This is the most basic ratio of profit generating ability on sales i.e. sales margin because it does not take into account the interest and taxes which the company has to pay. PBT to Sales: This ratio is obtained by dividing Profit before Tax by Sales. This ratio gives the companys profit generating ability on a given volume of sales. This ratio takes the profit after paying the interest in order to assess profit made (profit margin) after all the expenses except tax. Operating Expenses to Sales: It is a measure of the expenses that are incurred on a particular volume of sales. This ratio can be used to analyze the cost incurred and find out the ways to reduce the operational cost without decreasing the sales volume. Return on Net worth (RONW): This ratio gives an indication about the profit being made by the firm on the investment made by the owner. This ratio is used to analyze the business from the perspective of the owner. RONW is an indicator of profit distributing ability of a firm. Return on Capital Employed (ROCE): This ratio indicates the profit making ability of the firm on total capital employed which consists of owners fund and debt. This is a profit generating ability ratio which is seen by owners and debt providers. Return on Total Asset: ROTA tells how efficiently the firm is using its assets or total sources of fund to generate profit. It is a profit generating ability ratio. Earning Per Share: EPS is an indicator of profit distributing ability of a firm. This ratio tells how much profit the firm is making on owners investment on a single share of the company. Dividend per Share: DPS ratio gives an idea of the actual distribution of profit to the owners i.e. profit distributed to shareholders per share. CFO to PAT: CFO to PAT compares the net cash generated from operational activities with net profit made by the firm. It gives an idea as to how much profit is realized and how it is being used in different activities(Investment, financial, Operational) Some of the profitability ratio in this report do not match with the values given in HULS summary of performance because the sales figures taken here are after excise duty whereas the sales figures taken by HUL for calculating these ratios are before excise duty i.e. Gross Sales. Analysis of Profitability Ratios: PBIT as percentage of sales is moderately good and there has not been any significant change in it during last three years. Similar is the case of PBT/Sales. PBT/Sales are higher than the PBIT/Sales for year 2006 and 2005 which indicate that PBT is more than PBIT. This implies that interest paid by the company is negative. On closely watching the financial statement, it has been found that Net Income from Interest for HUL is positive for the years 2006 and 2005 making PBT higher than PBIT. That is because Income Received by the company is more than that to be paid. There has not been any significant change in operating expense as percentage of sales in last three years. For FMCG business the operating expense to sales ratio around 30% can be considered good as the company has to spend heavily on its distribution network and promotional activities. The profit distributing ability of the firm is excellent with return on net worth (RONW) being around 58 % over the years. The profit generating ability similar to the profit distributing ability is pretty good with ROCE over 60% during the year 2005 and 2006. ROCE in year 2005 has increased from the figure of 2004, perhaps because of the decrease in debt (change in capital structure) and increase in current liability (non interest bearing item). Return on total asset (ROTA) has been moderately good with almost constant value of around 22% over the years. The face value of Equity Share of HUL is Rs. 1. Analyzing the EPS and DPS, which are profit distributing ability ratios, for HUL we can see that it has been generating more than 500% times profit for its shareholders over the years. The EPS increased over the years from Rs.5.xx in year 2004 to Rs. 8.xx in year 2006. It has been generous in distributing the profit in form of dividend with DPS Rs 6 in year 2004 and Rs. 5 in year 2005 and 2006. The trend of CFO/PBIT is worth analyzing since the companys CFO is close to its PBIT which indicates that almost entire profit of HUL comes from its operation and the profit is realized. In year 2005 the CFO is higher than PBIT indicating the negative CFF or CFI i.e. the company has realized the profit(in form of cash) and invested in long term assets or paid its long term outside liabilities(loans). Market Based Returns: Market based return figures indicate the firms position in the market and the benefits associated with the investment in company. A small investor, if interested in purchasing the shares of a company, first looks at the market capitalization of the company and return that he can expect on the price paid for the share. Price to Earning Ratio: Return associated with the shares on its market price. Since the investors buy the share at its market price and not at face value or book value, this ratio gives information about the actual return on investment. Market Cap to Net worth (Price to Book Value Ratio): Comparison of market value of the firm with the owners fund. This can give an idea about the success of the company in increasing the value of owners investment. Market Capitalization: Market value of the firm. Market capitalization gives an indication of the companys financial status in the market. Market capitalization is used to compare the size of the organization in term of market value. Average Market Capitalization: Average Market value of the firm over the year. Average is taken because the market value of shares keeps on changing and so is market capitalization. Analysis of Market Based Returns: PER ratio for HUL is not so good with values over 30 in year 2006 and 2005 and somewhat better with value around 25 in the year 2004. It means an investor will get return around 1/30 times on his actual investment. Market capitalization of HUL has increased after 2004. Ratio Analysis: Inter Company Analysis -HUL and ITC Comparison of Liquidity Position: Current Ratio for HUL is negative whereas it is positive for ITC. This indicates that HUL has negative working capital and ITC has positive working capital. ITC is funding its short term asset by long term funds and HUL funding its long term asset by its short term non-interest bearing sources (CL). One more difference in liquidity position of the two companies can be seen through the difference between the CR and ACR. There is huge difference in ACR and CR of ITC which shows that it has less cash or near cash items in its current liabilities whereas for HUL the difference is moderate. Working Capital Days for ITC is positive and WCD for HUL is negative. It can be said that HUL has more current liab

Prejudice and Racism - No Racism in Heart of Darkness Essay -- HOD Jos

No Racism in Heart of Darkness      Ã‚   Chinua Achebe challenges Joseph Conrad's novella depicting the looting of Africa, Heart of Darkness (1902) in his essay "An Image of Africa" (1975). Achebe's is an indignant yet solidly rooted argument that brings the perspective of a celebrated African writer who chips away at the almost universal acceptance of the work as "classic," and proclaims that Conrad had written "a bloody racist book" (Achebe 319). In her introduction in the Signet 1997 edition, Joyce Carol Oates writes, "[Conrad's] African natives are "dusty niggers," cannibals." Conrad [...] painfully reveals himself in such passages, and numerous others, as an unquestioning heir of centuries of Caucasian bigotry" (Oates 10). The argument seems to lie within a larger question; is the main character Charlie Marlow racist, and is Marlow an extension of Conrad's opinion? Achebe says yes to both notions. He points to Marlow's speech about the Thames and the Congo as revealing his view of "Africa as "the other world," the antithesis of Europe and therefore of civilization," and notes the description of the Africans as "limbs [and] rolling eyes," or, in Conrad's words, "ugly" (315). When they are not incomprehensible "savages" or "brutes," the Africans are farcical: "[The fireman] was an improved specimen; he could fire up a vertical boiler. [...] to look at him was as edifying as seeing a dog in a parody of breeches and a feather hat" (109). Achebe discusses Conrad's withholding the ability of speech from the majority of the African characters. The Africans are not humanized, as the whites are, having no dimension, no tone or color save an alien black. They are never personified; Conrad refers to them as "black shapes" or "mor... ...ifferent standpoint, the story for the story's sake, much like Sir Arthur Conan Doyle's mysteries which said nothing about society overtly at all. Unlike Mr. Doyle, Conrad's attempts to make social commentary on the pillaging of Africa immediately thrust him into the shoes of his character, and though he attempted to do good by shedding light on the matter, he made only a half-hearted attempt; not racism, merely a lack of strength of conviction.       Works Cited: Achebe, Chinua. "An Image of Africa," from Chant of Saints: a gathering of Afro-American Literature, Art & Scholarship, Michael Harper, ed. University of Illinois Press, 1979 Conrad, Joseph Heart of Darkness and The Secret Sharer, 1902. Signet Classic, New York 1997. Oates, Joyce Carol. Introduction to Heart of Darkness and The Secret Sharer copyright The Ontario Review Inc., 1997.

Child Labor Laws Essay

The Department of Labor is the sole federal agency that monitors child labor and enforces child labor laws. The most sweeping federal law that restricts the employment and abuse of child workers is the Fair Labor Standards Act (FLSA). Child labor provisions under FLSA are designed to protect the educational opportunities of youth and prohibit their employment in jobs that are detrimental to their health and safety. FLSA restricts the hours that youth under 16 years of age can work and lists hazardous occupations too dangerous for young workers to perform. Enforcement of the FLSA’s child labor provisions is handled by the Department’s Wage and Hour Division. Summer Jobs+ 2012 Businesses! Non-profits! Government! President Barack Obama has issued a call-to-action to business leaders and communities to join his Administration in Summer Jobs+, a joint initiative to proved hundreds of thousands of summer jobs for low-income and disconnect youth of America. Child labor regulations (Cambodia) The Labor Law establishes 15 years as the minimum age for employment and 18 years as the minimum that is not hazardous to their health and that does not affect school attendance. A tripartite Labor Advisory Committee is responsible for defining what constitutes work that is hazardous to the health, safety, and morality of adolescents, as well as consulting with the mosalvy  to determine which types of employment and working conditions constitute â€Å"light work. Of children between the ages of 5 years and 17 years 53 percent were employed. One-third of these children were over the age of 14 years, and 71 percent of them were engaged in agricultural, farming, or forestry activities; 21 percent of working children were sales or service workers, and 7 percent were engaged in production work. My opinion I’d rather live in the United States because the wage is much higher.

The Role of Mass Media in the World of Politics

The mass media plays a very important role in everyday life. It is often the only form of education which is available to some, and as such has a very powerful influence over people†s beliefs and opinions. This influence is never more evident than when analysing the relationship between the media and politics. Politics can justifiably be described as THE main determining factor in our lives, the major influence over many facets of day to day living, such as finances, healthcare and employment. The media is the major source of information about political affairs, and as such has control over what we actually know about the political system and what we may never find out. As a result of this, it becomes inevitable that the media has a certain ‘hold† over the political arena. The media can judge, approve and criticise. It can make or break political careers, even parties, and the information which the media provides helps the public to form attitudes, responses and opinions towards political events and actors. Thus it becomes very important for the political parties to keep the media ‘on-side†. It is obvious that the media does have some impact on politics, but the main question should be to what extent, how does it manifest itself and why should we care anyway? For the purpose of this essay the media will be described as the press, TV and radio. On the face of it the media is there simply to communicate, or act as a transmitter of information between the political world and the consumer. However, probably since the end of the second world war, it has become clear that the media can often have a hidden agenda when reporting politics. Indeed, one of the most contentious issues over the last few years, at least since I have been ‘consuming† media products, has been the debate over media ownership. This has been particularly evident in the press, the most notable case being the Rupert Murdoch 'empire† – News International. I will start off by discussing the case of the press, as I believe that this is traditionally where much of the impact on politics has occurred, although I will discuss later how this may be changing. One major area of concern about press reporting of politics is the apparent ‘dumbing down† of the coverage, even amongst the broadsheets, and the effect that this may have on politics. In 1993 Labour MP, and current Home Secretary, Jack Straw published a short research report into the press coverage of parliament, ( Negrine, 1998,p1). In doing the report he discovered how Parliamentary issues were now covered to a much lesser degree than in the past, going from between 400-800 lines per day in The Times in 1988, to fewer than 100 lines in 1992. This seemed to show that the broadsheets were following the tabloid example of dumbing down. This has led to the worry that the press is trivialising the political process in the UK. Politics is becoming increasingly personality led, rather than policy led. An event may have political significance or importance, but it will only really be seen as such if the press frames it in a way that makes it interesting and palatable to the reader. It therefore becomes a fact of political life that personalities are more interesting to the majority of the public than policies. This has inevitably led to a change in the political landscape, initiated and perpetuated by the media. There are now several key features to politics in the late twentieth century which were not there before. ‘Political marketing†, the use of ‘negative campaigning† and the introduction of spin doctors have all led to fear of an ‘Americanisation† of the political process. As well as the press, TV has played a major role in ushering in the age of the soundbite. The media has opened up a larger, more accessible audience to the politicians, which many of them find hard to resist. Institutions such as the House of Commons are becoming less and less a way of relaying policy issues and raising concerns, as the political arena is increasingly acted out in the media. Which publicity seeking politician, trying to gain support for their party, would choose the Commons over a highly publicised TV programme such as Question Time, or a high circulation newspaper such as The Sun. There has also been a decline in local party politics, as political communication has become more and more a national rather than local event. The American way of leader based, rather than party based politics has become a reality. This has been evident in the way that Tony Blair has become a media star, never more so than when his wife recently became pregnant. The celebrity image of the Prime Minister has also led to accusations that he lacks real political substance. Some would say another example of the ‘trivialising† of politics has been the introduction of TV cameras into the House of Commons. When it was first proposed in 1966 it was heavily defeated on the grounds that TV cameras would ruin the unique and intimate atmosphere of the house. In 1989 the house first appeared on television. Strict guidelines were issued over what could be shown, including the use of head and shoulder shots only and the banning of reaction shots. There was great unease amongst the sitting MPs, including the then Prime Minister Mrs Thatcher, who said at the time: â€Å".. if you are not careful you can freeze with TV there†¦. it is going to be a different House of Commons, but that is that†, (Politics UK, 1991, p208). There was a gradual thawing of hostile opinion towards the TV cameras, with some exceptions. David Amess, MP, protested that the cameras had managed to, â€Å".. trivialise our proceedings and spoil that very special atmosphere that we had here†, ( Politics UK, p208). The main political parties now recognise the crucial role the media has to play in their success and have reacted accordingly. Political strategies now incorporate media strategies. They try to manipulate the media in order to create a favourable image of themselves. In order to achieve this we have seen the introduction of professional media managers. The media dominated world of politics now needs professional management. Peter Mandelson and Alistair Campbell are two such media experts. They have been partly responsible for transforming the Labour Party from being unelectable to gaining a runaway victory in the 1997 general election. Indeed it has been said that Tony Blair spends more time in meetings with his image and media advisors than he spends discussing policies with his cabinet, which may be a worrying trend for UK politics. There are several ways that these people can attempt to manipulate the media. One such way, many would say to the detriment of the democratic process, is the manufacture of debates which are stage managed to ensure a friendly audience and the communication of well rehearsed answers. There is also a great deal of emphasis placed on image management, and specifically the image of the party leader. This is very evident when looking at the current leaders of the two main parties in the UK today. Despite the best attempts of Conservative central office to jazz up the image of William Hague, he still retains the image of a dull, almost incompetent twit. On the other hand Tony Blair has the image of a dynamic, if slightly shallow, leader. This tends to ignore the fact that Hague is possibly a more intelligent and thoughtful politician than Blair. Another good example of this is the differences between Ronald Reagan and Michael Foot. Reagan was a remarkably unskilled politician, but, being a trained actor, he was very good at conveying what was essentially a simple message. Foot, on the other hand, was a very skilled politician and public speaker. However, his unkempt appearance was not at all media friendly, and after defeat in the 83 general election he was cast aside in favour of a more media friendly Neil Kinnock. Reagan had two successful terms as US President. Many fear that this indicates a move away from real political issues towards a fickle political world where image is everything and political substance nothing. It is clear that a personality clash or a sex scandal can now be more damaging to a political party than an actual policy disagreement. But should we be very concerned about this, and exactly how much of the shifting political tide is down to the media. Some observers point to the fact that plain, unassuming politicians such as John Major and George Bush have enjoyed immensely successful political careers. This may suggest that the public can only be fooled to a certain degree by slick media management, and may eventually get sick of being ‘force fed† so called perfect politicians, with little or no political ability.

Rachel Carson essays

Rachel Carson essays Hello, my name is Rachel Lousie Carson. I was born on a farm in Springdale, Pennsylvania on May 27, 1907. My mother, Maria McLean Carson was a dedicated teacher and throughout my childhood she encouraged my interests in nature and in writing. She also encouraged me to publish my first story A Battle in the Clouds in the St. Nicholas magazine while I was in fourth grade. After graduating from Parnassus High School, I enrolled into the Pennsylvania College for Women. I majored in English and continued to write but I also had to take two semesters of science, which changed my life. In my junior year I changed my major to zoology, even though science was not considered an appropriate avenue for women. After graduating college in 1928 I had earned a full one year scholarship to Johns Hopkins University in Baltimore. This scholarship did not relieve me or my family of our financial burdens, so I worked throughout graduate school in the genetics department assisting Dr. Raymond Pearl and Dr. H.S. Jennings and I worked as an assistant teacher in the zoology department at the University of Maryland. In 1932 I received my masters in marine zoology. I continued working part-time as a teacher after graduating to help support my family through the early years of the Depression. In 1935 my father had a heart attack and passed away leaving me to provide for my mother. In 1936, my sister Marion passed away at the age of forty leaving behind two young daughters, and my mother encouraged me to take them in. That same year I took the civil service examination necessary for promotion to full-time junior aquatic biologist. I scored higher than all the other candidates ( who were all male) and became the first female biologist ever hired by the Bureau of Fisheries whom I was employed by for sixteen years as a My article entitled Undersea which had been published in the Atlantic Mont ...