The Minimum Wage Approved By Law Rates Essay - 1268 Words

Labor. This word is such a small word, however it has a huge meaning. Labor is taken advantage in every country, whether it is a professional occupation, like doctors or manual labor, like chopping wood. China is well known for its low cost labor and this is also the reason most of our clothing and furniture come from China, but this comes with a cost. Most government organizations have more power than the individual in controlling the labor laws, wages, work-related injury compensation, and overtime. . Throughout the past decade, China has been an engaging end for worldwide enterprises because of its low pay rates, however China is still unable to carry out the guidelines for international labor laws. Regardless of the insufficiencies of Chinese law, the legislature now permits strikes. (AFL-CIO 2016) The minimum wage approved by law rates might consider the particular exchanges of a each state, and diverse the lowest pay permitted by law rates might be settled for regions with different financial progress levels and for various exchanges. (Lehman, Lee Xu November 24, 1993) Therefore, Chinese wages are rising. This is something worth being thankful in both Chinese working families and for laborers in different nations that compete with China in the clothing industry. (AFL-CIO 2016) This shows that even though China is not yet following labor laws for the wages dispersed to their workers, they are continuously improving. Clothing manufacturing consists of more than justShow MoreRel atedAmerica s Minimum Wage At Arizona s Current $ 8.05 Per Hour Essay1174 Words   |  5 Pagesâ€Å"A yes vote on Proposition 206, also called the Healthy Working Families Initiative, would increase the minimum wage from Arizona’s current $8.05 per hour to $10 per hour by 2017 and eventually to $12 per hour by 2020† (Rau). While the first part of Prop. 206 seems to be getting more attention in the media and form the business community, the second part will trigger the most disruptive changes for Arizona employers, especially small employers. Recent polling indicates that nearly 60 percent of likelyRead MoreLink between Higher Minimum Wage and Higher Unemployment1179 Words   |  5 PagesIn theory when an increase in minimum wage increases the cost of low-wage workers firms should want to hire less workers, however in reality this basic theory might be wrong according to Plumer B. (2013) While some studies found a link between higher minimum wage and higher unemploym ent level many others such as a recent paper from U.C. Berkeley that exploited differences across state borders did not find a link between higher minimum wage and higher unemployment. A study by John Schmitt of theRead MoreShould Minimum Wage Lift Millions Of Families Below The Poverty Line? Or Cause A Drop?1206 Words   |  5 Pages Will raising minimum wage lift millions of families above the poverty line? OR cause a drop in unemployment? Minimum wage today in Ga is 7.25 an hour, if a business has 6 or more workers then this minimum wage applies to the employees. â€Å"The Fair Labor Standards Act (FLSA) and Georgia labor law requires all employers in Georgia to visibly display an approved Georgia minimum wage poster, and other Georgia and federal labor law posters, to ensure that all employees are aware of federal and GeorgiaRead MoreMinimum Wage And The Wage1437 Words   |  6 Pages Minimum wage was established on October 24, 1938 after President Roosevelt signed the Fair Labor Standards Act. (Grossman) Minimum wage was set to allow working class citizens an opportunity to work a reasonable amount of hours for pay that would enable individuals to maintain a minimal quality life. In today’s economics minimum wage is used as a price control or price floor that the government enforces. A price floor is a minimum price for a product or service above the market’s equilibrium priceRead MoreThe Great Recession Of The United States905 Words   |  4 Pagescitizens. Although today many consider the recession to be over the effects of it can still be felt today specially by many middle class families like my own. I come from a small family of three which includes my parents and me. My family comes from minimum wage salaries and have been part of same line of work for many years however, the amount of necessities the family can afford has definitely changed. For example, the amount of groceries you can buy nowadays with a $20 bill is much less than those ofRead MoreA Brief Note On The Myanmar Garment Industry Essay1693 Words   |  7 PagesNowadays, buyers’ belief that the workers can be trained for collaborative partnerships with them to improve efficiencies and compliance. The Myanmar garment also has some advantages over other regional garment producers, and authors again point to low wages (lower than everywhere except Bangladesh) and a supply of relatively well-educated labor. In the Myanmar garment sector, as present, production with CMP contracting system with reasonable reasons included with reduce taxes, easy of finance flows withinRead MorePros And Cons Of The Minimum Wage1620 Words   |  7 PagesIncreasing the federal minimum wage has been a controversial topic around the United States; many people are in favor of raising the minimum wage, while others heavily oppose the idea. While everyone is entitled to their own opinion, statistics have shown that the minimum wage is closely correlated to public health, and it shows that this topic is a much bigger and broader picture than simply economics. The federal minimum wage has a history that dates all the way back to 1938, and the strong debatesRead MoreThe Minimu m Wage Policy During The United States1714 Words   |  7 Pagesincrease the federal minimum wage. Headlines throughout the country highlight recent minimum wage policy changes in major cities such as Los Angeles and Seattle. Last month, Governor Andrew Cuomo of New York announced an approved minimum wage increase to $15 an hour for all fast food workers in the state (McGeehan). Even the website for the White House has a separate page, â€Å"Raise the Wage,† advocating for Congress to increase the federal minimum wage to $10.10 an hour (Raise the Wage). The most commonlyRead MoreComplaint Of Compensation Of The Family And Medical Leave Act Of 1993 Essay1233 Words   |  5 PagesComplaint: Employee A has returned from 11 weeks of approved FMLA leave. Prior to his return, employee A spoke to the new manager of his department and submitted a request to return to work from his FMLA leave and for payment of unpaid wages accrued during his leave. The employee’s manager h as returned him to his previous work status and rate of pay, but has denied his request for monies â€Å"earned† during his leave. Employee A feels he is owed wages for the time he was off from work. Review of FMLA:Read MoreLegal Aspects of Compensation and Industrial Relations1665 Words   |  7 PagesLEGAL ASPECTS OF COMPENSATION AND INDUSTRIAL RELATIONS Indian labor laws are the laws that regulate employment. These are broadly divided into 5 categories: working conditions, industrial relations, wages, welfare and social securities. Under the Constitution of India, Labor is a subject in the Concurrent List where both the Central amp; State Governments are competent to enact legislation subject to certain matters being reserved for the Centre. The Ministry of Labor and Employment has the responsibility

The Freedom Riders A Powerful And Inspiring Documentary...

The â€Å"Freedom Riders† was a powerful and inspiring documentary on the six months of 1961 that altered America’s history. More than four hundred African Americans and whites put their lives in danger, bearing mob beatings and incarceration, as they travelled through the Deep South in numerous buses from May until November of 1961. As the freedom riders knowingly violated Jim Crow laws, they were confronted with cruel racism and violence which painfully pushed against their mindset of nonviolent activism. Their strong, passive attitude informed me that the correct method of communicating our opinions is always without violence. This enables our voice to be heard clearly without it being overshadowed by the disturbances of violence. The destruction and the uproar only cause the opposite party to be deaf to our beliefs. There were two Supreme Court decisions that desegregated all interstate travel facilities. But African Americans still faced much bitterness and racism when they travelled through the south. It disheartened me to see the injustice that colored people had to face when the law clearly called for their equality. They were suppressed on the basis of continuing culture for the sake of the few southern, conservative white Americans. The Kennedy administration was too distracted by the Cold War and the possibilities of international nuclear threat to discuss the civil rights issues that arose within their borders. It appeared as if the civil rights leaders had to take

Othello (2470 words) Essay Example For Students

Othello (2470 words) Essay Othelloâ€Å"If Othello didn’t begin as a play about race, history has made it one.†The Venetian society that Othello is set in is representative of the writers context. The attitudes and values that Shakespeare reveals through the text are those same attitudes and values of Elizabethan society in England in the sixteenth-century. Although Othello is set in Venice and Cyprus, the attitudes and values shared in the text are probably reflective of the attitudes and values of Shakespeares own society. It is difficult to assess the attitudes and values of people in sixteenth-century Britain to the relatively few blacks living amongst them. We are given an insight into those attitudes and values through the representation of race and gender in the text of Othello.These attitudes and values are indicative of what a culture believes in and supports. By the time Othello was written the English were becoming more and more aware of the existence of other races in the world beside s themselves. There had been a lot of travelling and blacks were beginning to be used in Europe for the slave trade. During the time the play was written, the Queen of England had banned all blacks from entering the city. She spoke of them as â€Å"Negars and Moors which are crept into the realm, of which kind of people there are already here too many†. It seems that Shakespeare is almost mocking the Queen by characterising Othello as a black man who has a high ranking position in the Army and who marries a white aristocratic women, against her fathers will. Ruth Cowlig suggests that the presentation of Othello as the hero must have been startling for Elizabethan audiences. This may have been the case, but through the representation of Othello we are able to see that some members of society such as the Duke, looked over his colour to assign him his position whereas, others such as Iago, look on his colour as a way to mock him. Hostility is shown to Othello by characters such as Iago and Roderigo. This attitude may have been encouraged by the widespread belief in the legend that blacks were descendants of Ham in the Genesis story, punished for sexual excess by their blackness. The Elizabethans discussed at length whether this skin colour was due to life in a hot climate or whether it was a punishment for sin. To the Elizabethans, who thought hierarchically, fair skin was the epitome of beauty and therefore dark skin ranked below it. The term black was used in a variety of texts to stand for sin, filth, ugliness, evil, and the Devil. This value is ascribed to Iago when he describes Othello as the â€Å"black moor† hinting at something other than just colour. Attitudes to race aren’t the only attitudes revealed in the text though. Attitudes and values about gender are also revealed in the portrayal of women and their actions in the text. A prime example of this is when Desdemona elopes with Othello without her father’s permission, which during that time would have been socially unacceptable. This is revealed to us through Brabantio’s reaction as Shakespeare uses Brabantio as a vehicle for the representation of higher society’s views on matters. Another value revealed in the text is that of marriage. In the Elizabethan era marriage was not just a spiritual union but also a property transaction; the bride brought a dowry from her father and the groom’s father (or the groom if he had already inherited his estate) had to settle lands on her in return, as a jointure. Therefore, to marry without the brides fathers permission could be seen as an act of theft. This may explain why Brabantio reacted so strongly t o the union of Othello and Desdemona.These attitudes and values contrast quite drastically to those ascribed to society today. Nowadays coloured skin is a common occurrence and a character such as Othello would be quite socially accepted. Race is both more accepted and more abused than in Shakespeares time. With the feminist movement values given to women have also changed quite drastically. This is because women are now seen less as property and more of an equal. Marriage has also changed. In the sixteenth century girls tended to be married off rather young in their teens and to have their husbands chosen for them by their fathers. Now girls tend to get married in their late twenties and are free to choose their own partner. These attitudes and values that are revealed in the text are done so through the representation of race and gender. Race and gender are revealed in the text by the uses of imagery, characterisation, plot, stylistic techniques, and language. Dear Bethany... EssayAct II scene i shows Iago’s strongest views on women. Iago makes generalisations of women, when he says â€Å"you are pictures out of doors, bells in your parlours, wildcats in your kitchens; saints in your injuries, devils being offended; players in your housewifery, and hussies in your beds.† (II.i.109-112). He also presents a common view of that era when he says â€Å"You rise to play, and go to bed to work†. (II.i.115) This presents the sixteenth-century view of women being held to be unstable, potentially or actually unchaste, and morally frail. Their sexual desires were represented as unnatural appetites. They were also thought to be â€Å"unstable sexual creatures, likely to betray men† with â€Å"Appetites never satisfied† . The history of the handkerchief also suggests the power of female sexuality over men: â€Å"That handkerchief Did an Egyptian to my mother give; She was a charmer, and could almost read The thoughts of people: she told her, while she kept it, Twould make her amiable and subdue my father Entirely to her love.†(III. iv. 55-60) . Brabantio who represents higher society’s views of women has an idealised view of them. To him daughters have to be subservient, and obedient, by making her own decisions in marriage, Desdemona represents betrayal in his eyes. To the people of Elizabethan times it would probably seem that Desdemona undermines her position in society and changes gender politics by marrying without her father’s consent. Emilia is a dramatic contrast to Desdemona, and she is the only character who seems to offer a different view of women. She herself is quite a strong character as a woman as she is realistic, pragmatic, capable of courage, loyal and self sacrificing. In act IV scene iii she delivers a feminist speech that questions society. â€Å"But I do think it is their husbands faults if wives do fall†(IV.iii. 87) . She is a realist and accepts humans by seeing their faults but still accepting them. She also has a feminist view of men â€Å"They are all but stomachs and we all but food; They eat us hungerly, and when they are full they belch us† (III.iv. 108-110). How society felt about women is shown by their influences on Othellos behaviour and who he believes about Desdemona’s infidelity. Othello believes Iago over Desdemona, who is his wife. The women in this play dont seem to possess very much power, but in fact they have much more power and control than most people think. They hold the play together like glue to paper. If Desdemona never had the power to commit adultery then it would never have been thought of and Othello would never have fallen. Each of the women in the play are abused by men and a victim of the green eyed monster which doth mock the meat it feeds on(III. iii. 168-169). Othello is a perfect example of where the women are made to seem inferior to the men through the use of stylistic techniques, plot, and use of language. But why is this so important?It is important because women in Othello make up the backbone of the play. Without them there to antagonise the men and generate intense feelings of love, hatred and jealousy, the play could not and would not exist. The supposed inferiority of women follows from the fact that human societies have been dominated by men. This may not be so true now, but in Elizabethan times which is the â€Å"particular time and place† that the attitudes and values are revealed from it was especially true. How these representations reflect the attitudes and values of Elizabethan society is through the way that women are portrayed in the text as I have discussed earlier. In Elizabethan society there was a myth of womens insatiable lustfulness and women were seen as voracious monsters. It was thought that female sexuality was a threat to the patriarchal society, and must be safely contained. In the Encyclopaedia of World Mythology it says â€Å"Women in male eyes, are supposed to be contrary and mysterious creatures, bewilderingly combining all sorts of characteristics, as changeable as chameleons, and yet somehow vexingly in touch with reality through intuition.† Brabantio is a vehicle for society’s views on gender and he shows how society at the time of Othello would have thought of women. In conclusion, values and attitudes of a particular time and place are revealed in Othello through the representation of race and gender. How these attitudes and values are revealed is through the the way they are portrayed, the character construction, the stylistic techniques, the language, the content of speech and the symbolism. Shakespeare

International Space Station Essays - Space Medicine,

International Space Station The International Space Station is the doorway to the future of mankind and the world as it is known. The scientific and medical discoveries that will be made on the station could create billions of dollars annually. A plan like this, arranged to benefit the whole world economy, should sound like a good idea to every person, but some believe that the ISS is too risky, too ineffective, or too costly to create. Whether or not the space station is worth the money, time, and effort, one thing is clear, everyone is interested in this virtual floating laboratory and what assets or liabilities it will bring. The future of scientific experimentation and exploration may be located, not on earth, but on the man made island called the International Space Station. Of all the factors that go into building a space station, construction of the massive object is the most tedious objective. During the building of the ISS, tensions have run high several times when deadlines were missed or funds were not available. This space station is the most expansive mission the world has ever encountered. The International Space Station will be a fifteen country mission. When finished, it will boast over an acre of solar panels for heating and energy, have a volume roughly sizable to two jumbo jets, and contain four times the electrical power of the Russian space station, Mir. It will take approximately forty-five flights over the next five years to assemble the one hundred pieces of the station while circling the orbit of the earth (Goldin 11). This floating station, the size of a large football stadium, which is traveling at over 17,500 miles per hour around the earth, will have a minimum life expectancy of only ten years, although scientists hope for a much longer time. The station is so large that it will sometimes be visible by the naked eye during the night (Chang 12). Many people agree with the idea of some sort of space laboratory, but wonder why it has to cost so many tax dollars. Some estimates for the station confirm that the cost has been underestimated by billions of dollars. Late last year Boeing beat out several other competitors for the prestigious position of main contractor. NASA agreed to sign a 5.6 billion dollar contract with Boeing to build many of the essential parts of the space station. Russia is also placing trust in this airplane superpower. They signed a 180 million dollar contract to build the Functional Cargo Block, the unit that will provide power to stabilize the station (Bizony 87). The International Space Station may provide many scientific discoveries, but everyone will pay for it. This project will become the most expensive project in space since the 1969 mission of Apollo 13 to the moon. The total estimated cost will be over twenty billion dollars (8). On the International Space Station, there will be a large variety of experiments ranging from improvements of industry to medical advances. The largest portion of time will be devoted to scientific experimentation and discovery. The ISS will create advances that will assist scientists to better understand the mysteries of the physical, chemical, and biological world. Without gravity they may conceive the technological discoveries that will boost all economies (Goldin 11). One thing the astronauts will use in their pursuit of knowledge is remote telescience. It is an advanced technology that allows scientists on the ground to monitor the progress of the experiments on the station. This will keep people on Earth up to date on the data collection that is occurring in space. Telescience will use interactive data and video links to make the connection as realistic as possible ("Science Facilities" 7). The populous sometimes asks what the station will do scientifically. The International Space Station will try to answer questions that have bothered deep thinkers for years. The affect of no gravity on living things, any mental and physical affect on humans in space, and the growth of better materials in space that will create better products on Earth will all be explored in hopes of becoming better understood. Hopefully, scientists will be able to answer these questions and many more on the International Space Station (Chang 12). NASA has confirmed that microgravity, the almost weightless condition of space, is one of the largest factors in the experiments that will occur aboard the International Space Station. The affects of gravity and microgravity on animals, plants, cells, and microorganisms will be studied on the station. Artificial gravity can be

Crude Oil and Week Three Tapped Movies

Crude Oil and Week Three Tapped Movies Introduction Environment refers to the sum total of the conditions that surround people and other living organisms. The thriving or survival of many organisms, including human beings, depends on the conditions of the environment. A poorly conserved environment presents great hazards to its inhabitants. However, if well conserved, environment gives invaluable benefits to those it supports. Advertising We will write a custom essay sample on Crude Oil and Week Three Tapped Movies specifically for you for only $16.05 $11/page Learn More The energy crisis that the world is currently facing is due to the pollution, over exploitation and depletion of natural resources; therefore, there is an urgent need for the concerned parties and organizations all over the world to endeavour to conserve the environment to ensure its sustainability. This essay focuses on efforts that the Crude Oil film and Week Three Tapped movie apply to sensitize the population about environmen tal conservation. The Crude Oil Film Summary Directed by Wang Bing, the Crude Oil movie is a documentary whose main theme revolves around the need to conserve the environment. To conserve the environment, the documentary advocates for the urgent need to prevent pollution of the environmental resources. In particular, the movie focuses on pollution that most companies and renowned corporations cause in quest for energy. It gives the Ecuadonian Amazon (rainforest Chernobil) as one of the natural resources that large organizations have destroyed in the pursuit for energy. It seeks to inform such companies and organizations of the dangers of using crude oil as energy sources without coming up with measures aimed at preventing pollution to the natural oil resources. Through this movie, Wang Bing argues that if the current trend continues for a considerably long period, then a major crisis is inevitable. The environment will not be habitable, which will make life and living unbearable. Therefore, those who are sensitive towards the environment should not only make direct efforts to conserve it, but also sensitize the rest of the world about the need to conserve it. Opinion I vehemently agree with what Wang Bing is trying to put across through his documentary. It does not require much conviction for one to realize that the modern society faces a major crisis emanating from the wanton depletion of natural resources for short-term benefits such as production of energy. Advertising Looking for essay on environmental studies? Let's see if we can help you! Get your first paper with 15% OFF Learn More With time, more and more industries are emerging and the population exhibits an ever-increasing trend; consequently, people continue to destroy natural resources like crude oil resources to meet their energy requirements. Therefore, the natural resources are becoming insufficient and the situation worsens by the day. In order to avoid the looming e nvironmental crisis, individuals and organization have to observe strict measures during the use of natural resources to prevent pollution and unnecessary depletion. Besides, there should also be efforts to use alternative sources of energy to avoid overdependence on crude oil whose exploitation leads to environmental destruction. In addition, governments should protect natural resources like the Ecuadonian Amazon by imposing strict guidelines on companies using coal products as their sources of energy. As a result, the environment and its resources would be able to sustain the needs of the current generation and generations to come. Week 3 Tapped Summary The director of the movie, Week 3 Tapped, seeks to sensitize the world about the harmful effects of using crude oil and its products as the main source of energy. The movie also awakens the audience about the potential harm that bottled water has on human health. It focuses on companies for example Nestle and Coca-Cola that obtain water on a free basis and sell it to people after cleaning it. Clean water forms only 1% of the earth’s surface but due to the exploitation of crude oil resources, some of the harmful substances contained in the crude oil find their way to water resources. PET, for example refers to a chemical substance called parazyline from crude oil and this chemical normally finds its way to water products such as coke, dasani and nestle. In addition, PET contaminates air, soil and underground water. Therefore, the director of this movie suggests that the exploitation of crude oil results in contamination of natural water resources, which is a constituent of many consumable liquid products. The director further reveals that the immediate effects of these chemicals on the human body are minute and initially unnoticeable; however, these minute amounts accumulate and harm the body after considerable period. Therefore, it is important that governments be aware of the potential effects tha t the exploitation of crude oil has on human health. Advertising We will write a custom essay sample on Crude Oil and Week Three Tapped Movies specifically for you for only $16.05 $11/page Learn More Oil has become a necessity for most activities ranging from car construction to industrial production. Oil has even attracted wars, for example, the Iraq hinges on the desire by nations to control oil reserves as a means of gaining power. People around the world therefore need to halt the exploitation of oil resources and adapt alternative energy sources. Opinion I concur with the message that the director of this movie sends to the audience. First, it is worthy to note that indeed, oil as a source of energy has forced nations to scramble for power. America, for example, has in the past tried to control the oil rich Iraq, which ended up in war. The Bush administration fostered good relations with oil companies to control this rare resource. If things stay unch anged, then a major global crisis is imminent. The demand for oil will escalate to supersede the supply and the world will plunge into uncalled crisis. Consequently, prices for the little available oil will shoot up making it affordable for only the rich people in the society. The future generation will suffer greatly since an energy crisis usually affects all sectors of the economy. People will not be able to afford basic commodities and industries that depend on oil as the main source of energy for example air transport will stall resulting into a global crisis. Indeed, there is need to seek alternative sources of energy other than oil. Conclusion The use of crude oil as a source of energy has become a common practice in the modern world. The reason behind this trend is population increase and emergence of many industries. Overdependence on crude oil as a source of energy has led to energy crisis due to high demand and limited supply. The exploitation of this energy resource has also led to the degradation of the environment. Some harmful chemicals present in crude oil find their way to consumable resources like water. Unfortunately, such chemicals are known to affect the health of the human beings negatively. If nations continue depleting crude oil resources for energy production, then a global energy crisis is imminent. Therefore, there is a dire need to sensitize governments to put stern measures that either restrict exploitation of oil reserves, or ensure that people take important measures that seek to conserve the environment and protect human health.Advertising Looking for essay on environmental studies? Let's see if we can help you! Get your first paper with 15% OFF Learn More

Julian Abele

Julian Abele Julian Abele (born April 29, 1881 in Philadelphia, Pennsylvania, according to the University of Pennsylvania University Archives and Records Center) is best known in Durham, North Carolina as the architect of the Duke University campus. The story of Julian Francis Abele is not rags-to-riches but a tale of hard work and dedication. In college Abele called himself Willing and Able. A brilliant and accomplished student, Abele became the first Black graduate of the University of Pennsylvanias School of Architecture. Although not Americas first architect of color, Julian Abele was one of the first prominent Black architects in America, finding success with the Philadelphia architecture firm led by Horace Trumbauer. The Duke University Chapel may be Abeles most famous building. Died: April 23, 1950 in Philadelphia Education, Training, and Professional Life: Institute for Colored Youth and Brown Preparatory School, Philadelphia1898: Pennsylvania Museum and School of Industrial Art1902: B.A. in Arch. - University of Pennsylvania1902-1903: Pennsylvania Academy of the Fine Arts; worked for Philadelphia architect Louis C. Hickman while in school1903-1905: traveled to Western US, worked on a house for his sisters family, Elizabeth Rebecca Abele Cookcirca 1905: three years of travel in Europe and study in France1906: began work for Horace Trumbauer; became chief designer in 1909 until Trumbauers death in 1938. The Office of Horace Trumbauer continued under the leadership of its principals, Julian Abele and William O. Frank1942: Admitted to the American Institute of Architects (AIA) Notable Buildings as Trumbauers Chief Designer: 1909-1912: James Buchanan Duke House, New York Cityc. 1912: Frank P. Mitchell house (Argentine Embassy), Washington, DC1915: Miramar (The George D. Widener Cottage), Newport, RI1915: Widener Library, Harvard University, Cambridge, MA1921: Whitemarsh Hall, Chestnut Hill, Pennsylvania1925: Philadelphia Museum of Art, Philadelphia, PA1927: Central Library, Free Library of Philadelphia, PA1928: James B. Clews Residence, Long Island, NY1930: Perkins Library, Duke University West Campus, Durham, North Carolina1935: Duke University Chapel, West Campus, Durham, North Carolina1938: Duke University Dormitories, West Campus, Durham, NC1940: Cameron Indoor Stadium, Duke University West Campus, Durham, NC At the turn of the twentieth century, many American architects made a good living building Great Homes of the Gilded Age. Horace Trumbauers commission to build a New York City estate for tobacco tycoon James B. Duke really paid off with the much larger projects at Duke University, where Julian Abele made his mark in architecture. Personal Life: 1925: Married to Marguerite Bulle, a French musician; three children, Julian, Jr., Marguerite Marie (died in childhood), and Nadia Boulanger. The marriage dissolved by 1936 when the younger Marguerite became involved with another musician. They never divorced.Julian, Jr. and Abeles sisters child, Julian Abele Cook (1904 - 1986), both became architects Duke University Architecture: In 1892 Trinity College moved 70 miles east to Durham, North Carolina and the Duke family began funding campus building. By 1924, the Duke Endowment was established and Trinity College transformed into Duke University. The original East Campus was renovated with Georgian-style buildings, after the Collegiate Georgian Architecture popular at other universities. Beginning in 1927 a West Campus was added, built in a Gothic-revival architectural style also popular at large, established Ivy League institutions. Architecture was used to bring students, faculty, and prestige to the new Duke institution - if it looked like a university, it must be one. The Philadelphia architecture firm led by Horace Trumbauer began the transformation of Trinity into Duke. Trumbauers head designer Julian Abele, along with William O. Frank, tackled the Duke projects from 1924 to 1958. The pià ¨ce de rà ©sistance of Abeles designs is the iconic Duke Chapel, which became the centerpiece of the West Campus. Collegiate Gothic style is a revival of 12th century Gothic architecture, with soaring ceilings, pointed arches, and flying buttresses. For Dukes Chapel, begun in 1930, Abele employed modern building techniques and materials to eliminate the need to buttress the walls. Steel trusses and structural Guastavino ceramic tile gave strength to the 210 foot structure, while local volcanic Hillsborough bluestone distinguished the distinctive facade of the neo-Gothic design. The Chapel tower, modeled after Englands Canterbury Cathedral, became a prototype for many of the future towers of Duke University. Olmsted landscape architects, from the prestigious firm founded by Frederick Law Olmsted, were employed to create a walkable campus, connecting the architecture with the surrounding natural beauty. If the intent of Duke was to rival the great universities of the northeast, this twentieth century campus, designed in part by a prominent Black architect, accomplished the task. In the Words of Julian Abele: The shadows are all mine. - commenting on the unsigned architectural drawings for the Gothic Revival Duke University Chapel, Duke University Archives Learn More: Out of the Shadows by Susan E. Tifft, Smithsonian Magazine, February 2005Philadelphia Area Architecture of Horace Trumbauer (Images of America) by Rachel Hildebrandt and the Old York Road Historical Society, 2009American Splendor: The Residential Architecture of Horace Trumbauer by Michael C. Kathrens, rev. 2012Duke University: An Architectural Tour by John M. Bryan, 2000Duke University: An Architectural Tour (The Campus Guide) by Ken Friedlein and John Pearce, 2015Friends of Julian Abele Park, Philadelphia, PA Sources: Penn Biographies, University of Pennsylvania University Archives and Records Center; Julian F. Abele, Architect, Free Library of Philadelphia; Biography and Projects from the American Architects and Buildings database, The Athenaeum of Philadelphia; Dukes Architecture, Office of the University Architect, Duke University; Black U.S. Architect Designed a Bond with Argentina, IIP Digital, Bureau of International Information Programs, U.S. Department of State; Frank P. Mitchell House, African American Historic Places Database, National Trust for Historic Preservation; History, The Building at http://chapel.duke.edu/history/building, Duke University Chapel. Websites accessed April 3-4, 2014.

Finance - Budgeting Assignment Example | Topics and Well Written Essays - 1000 words

Finance - Budgeting - Assignment Example A comparison of the actual and budgeted costs should be closely monitored to determine the efficiency of the system in place. If the current technique does not always reflect the true cost of operation or reports wide gaps between budgeted and actual costs, a change in technique could be a solution. The company has been employing process costing to budget and monitor its various costs. This method is a widely used tool in costing of its products. In order to do this, the company recognizes the following cost pools: The production budget of the company is set before the production period usually for one year. Traditional costing method and variance analysis are used to adjust the different costs incurred. At the end of each quarter, the company computes the different variances to determine whether the company is above or below the set level. However, no effort is made to correct the budgeted costs. As the size of the company is relatively small, it currently doesn't employ any software in order to efficiently track costs. The data for production is gathered for each pool center manually and is sent to each department involved such as purchasing, billing, and inventory. It is also apparent that the company has no formal monitoring system as the budgets are never adjusted. It should be noted that the price of materials being used by the company often vary with their availability. For instance, the price of LPG is directly related to the price of fuel in the world market. The volatility of the price of fuel is not taken into account as the company's budget is already set for a year's period. Recommendations for Improvement A company's budget as discussed above is one of the most significant information for managers as it reflects its expectations on its future operations. The company under consideration reports declining profitability within the past five years. The reported reasons for this are unexpected rise in material inputs which are not anticipated and reflected on pricing and additional costs due to lost of administrative and paper works. The company also admitted that as its competitors seem to be gaining market share through production efficiency, they seem to be lagging off. This is reflected by their declining profits and high production costs. It is recommended that the company reevaluate its value chain. This evaluation is needed in order for them to ascertain the processes which add value to their products and eliminating those which do not. This will lead to a leaner manufacturing system and will surely help the company in cutting down unnecessary costs. The company should also create an information system in order to

Corporate finance 2 Essay Example | Topics and Well Written Essays - 5750 words

Corporate finance 2 - Essay Example Last but not the least the third group lauds large dividends as positive signal to shareholders that all is well. So where does the modern shareholder satisfaction stand in relation to dividend policies? Another query which relates to this discussion is how signaling models attempt to explain the proportion of equity retained by an entrepreneur, the type of financing used for an investment and the amount of equity issued or repurchased. The issue then pertains to information asymmetry (availability of information).Firstly if we look at Dividend policy it was well put by Black 1976 (cited by Frankfurter 2002), â€Å"That the nearly universal policy of paying substantial dividends is the primary puzzle in the economics of corporate finance.† Thus the proposition leads us to the query whether shareholders should be paid sufficient dividends whether or not they are making sizeable profits on the stock market. Over the last half century academics have spoken in great depth over this issue and suggested conflicting theoretical frameworks to explain their point of view.(Frankfurter 2002).The problem is that these assertions often lack empirical depth to the criticism and stumble upon self contradictions in an attempt to explain corporate dividend behaviour.(Frankfurter 2002).Today academic opinion is divided as to whether dividends are attractive to shareholders and will have a positive impact in stock prices.(Fran kfurter 2002 )Another school of thought contends that prices are negatively correlated with dividend payout levels.(Frankfurter 2002).The third view is that firm dividend policy is irrelevant in stock price valuation. (Frankfurter 2002).My paper will discuss and try to reconcile all these views towards a better theory and understanding of this issue.These views are best summed up as being based upon,the tax effect ( Litzenberger and Ramaswamy

The Old Man and the Sea Essay Example for Free

The Old Man and the Sea Essay â€Å"The Old Man and the Sea:† A Tale of Betrayed Brotherhood In Ernest Hemingway’s novella â€Å"The Old Man and the Sea,† an old fisherman named Santiago faces the challenge of catching the largest fish of his life, an act he hopes will bring immortal greatness to his name. The accomplishment of this goal, however, hinges on the act of killing a creature Santiago often deems his equal, as exemplified by his recurring reference to the fish as a brother. The old man’s longing for greatness negates any moral considerations he may have, though, until he realizes his own mortality, extends that into a feeling of equality with the fish, and the fish’s body is destroyed by sharks. Then he understands what he has done: stripped the noble fish, his equal, of its pride. From that point on, he regrets his actions of betraying his brother. Therefore, throughout a majority of â€Å"The Old Man and the Sea,† Santiago’s desire to achieve immortal greatness overshadows the immorality of his actions, but when the sharks destroy the physical embodiment of this achievement, the fish, he realizes that the end does not justify the means; immortal greatness is not obtained. Santiago, who is nearing the end of his life, has a preoccupation bordering on obsession with greatness. He continually speaks and thinks of Joe DiMaggio, the embodiment of greatness in the form of a baseball player, and his roots as a poor fisherman’s son strengthen the attachment. He dreams of lions, the kings of the jungle, enjoying their domain on a beach. Greatness is clearly on Santiago’s mind. In addition, he longs for the type of greatness that transcends human life; he dreams of achieving immortality through the remembrance of his name in association with something great after his death. After battling the fish for many days, Santiago thinks, â€Å"I am not good for many more turns. Yes you are, he told himself. You’re good for ever† (Hemingway 70). His inner speech, particularly the last sentence, demonstrates his lofty, idealistic mindset. He views his existence as eternal; thus, the type of greatness for which he yearns inferably fits this view and is therefore eternal as well. For Santiago, immortal greatness can only be achieved through fishing: â€Å"You were born to be a fisherman and the fish was born to be a fish. San Pedro was a fisherman as was the father of the great DiMaggio† (Hemingway 81). By extension, Santiago labels the rest of the subjects of the sentence as great due to the reference to DiMaggio, and because he specifically refers to his role in life (a fisherman) in this context, he believes it to be his means toward achieving this greatness. What better chance does he have than to bring in the greatest fish of his life, alone and in old age? Therefore, the fish he catches in the story is his chance at immortal greatness. Early in the story, before Santiago has even seen the fish, he thinks, â€Å"If he will jump I can kill him. But he stays down for ever. Then I will stay down with him for ever† (44). This thought also illuminates the connection he feels between the fish and his glory: If he does not catch the fish and bring it home, hope for his immortal existence dies because this greatness depends entirely on the fish, this fish. Throughout most of the novella, Santiago views the fish as beneath him, as something he is entitled to subdue. For example, he takes possession of the fish, the fish he thus believes he is destined to catch, by referring to it as his before anything even nibbles on his line (Hemingway 24). Also, during Santiago’s battle with the fish, he thinks, â€Å"But, thank God, they are not as intelligent as we who kill them; although they are more noble and more able† (Hemingway 47). In the first half of this passage, he clearly places himself mentally above the fish; however, the second half introduces the respect Santiago holds for the fish, which brings into question his asserted feelings of superiority. In addition, he often refers to the fish as his brother, introducing a sense of kinship he feels with the creature (Hemingway 44, 47, 57, 71, 73). Yet the air of supremacy remains, despite these outward expressions of equality, because the old man’s desire for greatness is so blindingly dominant. Santiago speaks aloud: â€Å"‘I’ll kill him though,’ he said. ‘In all his greatness and his glory. ’ Although it is unjust, he thought. But I will show him what a man can do and what a man endures† (Hemingway 49). In this quotation, Santiago recognizes the greatness of the fish and even contemplates the moral implications of his quest to kill it, but his conclusion that he needs to finish what he set out to do to prove man’s dominance over the creatures of the sea, specifically his dominance to satisfy his hunger for greatness, overshadows his brief moral questioning. Also, Santiago’s references to the fish as a brother initially do not always signify kinship and equality. Once, he makes the claim that his two hands and the fish are brothers; the fish is only related to two small parts of his body (Hemingway 47). Albeit the hands are important parts to the fisherman, he still equates the fish to a portion of his body, not the whole self, which implies there is more to than man than to the fish. A little later, he calls the stars his brothers and expresses gratitude for not having to kill such great, distant beings (Hemingway 58). This minimizes both the fish’s greatness and supposed brotherhood because Santiago clearly longs to be one amongst the stars (immortal greatness), despite, or perhaps because of, their admittedly ungraspable nature, in addition to battling a mere mortal fish. For these reasons, throughout much of the novella Santiago puts the fish’s greatness below the quest for his own, despite selected words to the contrary. When Santiago comes to terms with his own mortality, however, he truly recognizes his equality with the also mortal fish. After days of battling the fish, his inescapable mortality rises to his mind for the first time: â€Å"‘Fish,’ the old man said. ‘Fish, you are going to have to die anyway. Do you have to kill me too’† (Hemingway 70)? Here, Santiago realizes that more than the ability to obtain greatness lies in the hands of this fish; his physical existence also hinges on the fish’s actions. This thought humbles the old man, and minutes later he thinks, â€Å"You are killing me, fish, the old man thought. But you have a right to. Never have I seen a great, or more beautiful, or a calmer or more noble thing than you, brother. Come on and kill me. I do not care who kills who† (Hemingway 71). For the first time the word â€Å"brother† carries the weight it implies because Santiago sees both himself and the fish as mortal beings in a struggle for life. No longer does he assume superior rank over the fish; instead, he recognizes the nobility of both beings as equal in his expression of unconcern for which dies. Shortly after this realization, Santiago succeeds in landing the fish; however, only an hour later, sharks begin to attack the dead fish tied to the side of his boat, ripping flesh from bone, stripping it of its physical mortal greatness. At this point, the question of the morality of killing the fish once again surfaces: â€Å"You did not kill the fish only to keep alive and to sell for food. You killed him for pride and because you are a fisherman. You loved him when he was alive, and you loved him after. If you love him, it is not a sin to kill him. Or is it more† (Hemingway 81)? Because Santiago had previously established a kinship with the fish, he questions his pride-motivated actions, whether or not his obtaining of immortal greatness justifies killing a noble brother. It soon becomes clear that these means are not justified. Santiago begins to apologize to the fish numerous times, first for the sharks that mangle its body, then for killing it in the first place (Hemingway 85). Eventually, Santiago says, â€Å"‘I shouldn’t have gone out so far, fish,’ he said. ‘Neither for you nor for me. I’m sorry, fish’† (Hemingway 85). In this quotation, Santiago laments his quest for greatness (â€Å"I shouldn’t have gone out so far†¦Ã¢â‚¬ ) and asserts that it destroyed both him and the fish. Therefore, despite the completion of his goal to catch a great fish, Santiago fails in his quest for immortal greatness because he realizes that killing a creature equal in greatness and nobility to himself, a creature he calls his brother, is ignoble. He even acknowledges this failure after he returns to shore, when he recognizes that nothing outside himself actually beat him in his quest: â€Å"And what beat you, he thought. ‘Nothing,’ he said aloud. ‘I went out too far’† (Hemingway 93). Only his desire for immortal greatness defeated him and barred him from achieving it, that is, if it was ever possible for him to achieve it at all. Therefore, in Ernest Hemingway’s â€Å"The Old Man and the Sea,† Santiago fails in his quest to acquire immortal greatness. He begins by thinking of the fish as his to take, the means by which he can obtain greatness, but after realizing his own mortality he understands the fish’s equality to himself and regrets taking its life, which led to the stripping of its flesh, its physical greatness. Thus, the nobility of both the old man and the fish are ruined, and he certainly fails to seal his name as an eternal presence of greatness. Perhaps his quest was doomed from the beginning; immortal greatness was never possible for the old man.

Home Theater :: Television Media Entertainment Technology Essays

Home Theater What is a home theater? There are three main components of a home theater system, which are a video display, a source, and sound systems. A basic home theater has a television (at least 27†), a good DVD player, and a surround sound system with at least 4 speakers. Today, we can benefit from recent breakthroughs in electronic such as progressive scan DVD players, flat panel TV and Dolby Digital surround sound. And also the packaged systems make assembling home theater easier than you can imagine. Video Display The video display is the most important component of your home theater. If the picture doesn't look good or isn't big enough, it will lower the impact of the movie considerably. The display is also probably the most expensive piece of a home theater, generally covering half of the total value of the system. There are so many types of displays but the ones to look at are traditional tube TVs for the lower end systems, rear projection TVs for mid range systems and front projection systems for high end system. There are several things you need to look to buy a TV: 1. Fit in the room Screen size is the most important factor in choosing a TV because you'll still want the most immense pictures you can get, which generally means you want to sit 1.5 times the screen's diagonal measurement away from a wide-screen HDTV. For example, a 42-inch HDTV should be placed at least 63 inches from the couch. You need to consider viewing distance too in order to get full performance of your television. 2.Size and display type Most sets up to 40 inches diagonally are direct view, meaning they use the common glass to display the image. Direct-view TVs remain the most popular thanks to their smaller sizes but also because they generally provide a brighter picture with a wider viewing angle than larger rear-projection TVs. The main advantage of a rear-projection set is size because they range between 40 and 82 inches diagonally. 3. Choosing Aspect Ratio If you watch mostly television, like news and sports, you are better off with conventional 4:3 aspect ratio, but if you watch mostly movies, you are better off with wide screen 16:9 aspect ratio. But, it always depends on what you watch and what you need the most. Wide-screen sets also let you stretch the image horizontally to eliminate the window-box bars or otherwise broaden or crop the picture to fill the wide screen.

History 7a Mid- Term Essay

The Era of Exploration witnessed the rapid political, economic, and social intrusion of Europe into the New World. Between the 15th and 17th Centuries several countries influenced the developement of the Americas. Select the most successful and infleuntial colony and compare it with another European Colonial structure. Be sure to include historical themes in your written argument. 3. The key to the colonial, structure of the United States in firmly established in 17th Century England. In reality, the foudation of the United States is a reflection of this country. Trace the economic/political/cultural influences of Britain on our colonial structure. In your a nswer include important individuals, governmental structures,events, social policies and historical themes. 4. Analzye and contrast the historical development of the Southern Colonies 1603- 1783. In your answer, include historical themes, reasons for colonial impementation, regional development, economic structure, religious importance or lack of it, the instittution of Slavery and the ramifications of these colnies on the development of the United States. 5. New England is the mother culture of Modern United States. Analyze thsis statement by describing the Colonial Foudation of, Massachusetts, Rhode Island, Connecticut and New Hampshire 1620-1783. How have their histories infleunced the development of contemporary United States? How have these areas impacted our society’s

Ensorship and mass culture in Bradbury’s Fahrenheit 451 Essay

Of the famous dystopian literatures of the 20th century Ray Bradbury’s Fahrenheit 451 offers perhaps one of the more interesting suggestions to the historic causality of censorship.   While subtle hints of ignorance is power for a tyrannical government is mentioned by some characters ala 1984, most of the text instead suggests that in the dystopian world of Fahrenheit 451 that censorship is not so much intentional as it is a side-effect of a postmodern predilection toward, as Frederic Jameson notes, a cultural waning of affect and a world of signs without signifiers, a pastiche of histories without meaning (Jameson, 2001). The books being censored then, in Fahrenheit 451’s dystopian America, then have less of an impact on the society than the drama and entertainment created from their discovery and destruction and that more than the censorship therein this blissful ignorance is the dystopian element in Bradbury’s novel. Fahrenheit 451 is a dystopia for the intellectual.   Within the story is presented an (assumed) United States where people live reasonably happy lives.   From everything we see in the novel they are well fed, live in wonderful fireproof houses, have jobs, families and plenty of entertainment.   Yet, as main character Guy Montag dwells on, people kill themselves still and a constant threat of war seems to loom in the background of the novel. Yet there is never any discussion of why, and no matter how many â€Å"picture walls† or radios are turned on throughout the course of the book no more information is ever truly recovered as to how or why the country finds them in this mess.   Yet no one outside Montag and a handful of outsiders seem to think there is any problem with this. People in Montag’s world seem encouraged to live a life of leisure.   Montag’s boss, Beatty, talks endlessly about sports and his coworkers play hand after hand of poker. Dance faster than the white clown 2 Montag’s wife, Mildred, is addicted to the â€Å"picture wall†, or television, and is constantly begging for a fourth and final wall to be installed.   Violence as entertainment, even, seems to in some way be supported generally by society as Mildred seems to take pleasure at one point from hitting small animals with her automobile.   Yet there also seems to be an urge and encouragement of sameness, as echoes in many other works of dystopian speculative fiction.   Montag notes of his colleagues, â€Å"These men were all mirror images of himself! Were all firemen picked then for their looks as well as their proclivities?† (Bradbury, 1991)   His friend early in the story, Clarisse, falls victim to this sameness as she seems pushed out of public school because she doesn’t â€Å"mix.† (22)   Mildred, although a seemingly perfect member of society also seems to suffer from the strain of sameness as Montag notices a body strained by dieting. When we think of censorship, especially in the context of dystopian narratives, we often think of an oppression of knowledge by the government in order to control the proletariat.   Yet in several sections of the novel Bradbury makes allusions that the government didn’t censor the book initially, but rather the public abandoned the book and the government got rid of it as an after thought.   In his history lesson on the fireman, Beatty explains: The bigger your market, Montag, the less you handle controversy, remember that! [†¦] Authors, full of evil thoughts, luck up your typewriters.   They did.   Magazines became a nice blend of vanilla tapioca.   [†¦]   But the public, knowing what it wanted, spinning happily, let the comic books survive.   And the three dimensional sex magazines of course.   [†¦]   It didn’t come from the Government down.   There was no dictum, no declaration, no censorship to start with, no!   Technology, mass exploitation, and minority pressure carried the trick, thank God! (47) Dance faster than the white clown 3 Beatty explains that a globalized consumer market and an increasing demand to be entertained with bigger and better products is what killed the book and the government made firemen â€Å"custodians of our peace of mind† (48) to prevent unhappiness.   Jean Baudrillard discusses homogeneity in consumer society as â€Å"where everything is taken over and superseded in the ease and translucidity of an abstract ‘happiness,’ defined solely by the resolution of tensions.† (Baudrillard 2004) This seems to fit well with the construction of media and hyperconsumerism in Montag’s world, as all things in his world seem to exist for the purpose of happiness and entertainment.   Baudrillard’s description of the consumer experience could easily come from any number of facets of Montag’s life: Work, leisure, nature and culture: all these things which were once dispersed, which once generated anxiety and complexity in real life [†¦] these activities which were more or less irreducible one to another, are now at last mixed and blended, climatized and homogenized in the same sweeping vista of perpetual shopping. (30) The sadness and dystopia of Montag’s reality is not that the books are banned, but rather, as Montag’s ally Faber notes, â€Å"the public itself stopped reading of its own accord.†Ã‚   Montag’s society believes books are boring, difficult and bring only confusion and unhappiness and are so blindly obsessed with the consumption of happiness that even if books were available they would probably be ignored. If we think of a dystopia as a world where people have no interest in educating themselves or learning about things that may potentially make them unhappy, a world where image and a pastiche of history are all that are important, then we may very well have to worry that our own society is becoming a kind of dystopia.   Of course books are still readily available, but studies show that Americans are taking less time to read and that reading comprehension skills are greatly suffering. (Brown, 2008) As Beatty describes we too are Dance faster than the white clown 4 craving faster, more flashy and more dramatic entertainment.   Internet phenomena like Twitter, where users are limited to messages of no more than 140 characters, and Youtube, where the average video is 5 minutes, are outstanding examples of our ever shortening attention spans.   As a society we are looking ever conspicuous consumers, as Frederic Jameson says, on an unending quest for bigger, faster, better.   (Jameson 2001) Unfortunately in a post-Bush America there’s a lot to be said that we have entered a dystopia.   We are a country possessed by fear and worry, where children who, like Clarisse, â€Å"don’t mix† are being pushed out as safety risks.   Our activities and interests are being more carefully monitored by authorities than they have ever been. In the UK, fears of future terrorist activities have caused authorities to create advertisements encouraging neighbors and family to report suspicious activity, in very similar ways to that of Fahrenheit 451. (Doctorow, 2009)   If we think pessimistically on such events it is very easy to think we are in a doomed and dire situation like in the book and, as Faber says, â€Å"the whole skeleton needs reshaping.† Bradbury obviously wrote Fahrenheit 451 out of a growing concern that the world he lived in was being overtaken by a world of people who chose pleasure over the burden knowledge can bring.   He wrote it hoping that things could be turned around.   I suppose he might be horrified at many of the new ways people are wasting their time, the new distractions that keep us from educational entertainment.   However, the pursuit of knowledge continues on, albeit in sometimes altered ways. The book may be going out of style but knowledge continues on in forms on the internet, is discussed on the radio and (sometimes) television.   While there are dystopian elements to our world there is still hope for intellectualism and literacy.   Bradbury’s book stands as a warning to heed to prevent ignorance and cultural destruction. Dance faster than the white clown 5 References Baudrillard, Jean (2004). The consumer society: Myths and Structures. London, England: Sage Publications. Bradbury, Ray (1991). Fahrenheit 451. New York, New York: Ballantine Books. Brown, Joseph (2008).†As the constitution says†: Distinguishing documents in Ray Bradbury’s Fahrenheit 451. Explicator. 67, 55-58. Doctorow, Cory (Mrch 24, 2009). Boing Boing. Retrieved April 15, 2009, from London cops reach new heights of anti-terror poster stupidity Web site: http://www.boingboing.net/2009/03/24/london-cops-reach-ne.html Jameson, Frederic (2001). Postmodernism, or the cultural logic of late capitalism. Durham, North Carolina: Duke University Press.

Frankenstein

The novel, Frankenstein, contains a number of pressing issues that exposed tragedies in the lives of characters. Victor has found himself at a point where he isnt sure of the correct decision to make. Ultimately, he had to decide to do one thing or another, and it is left to the reader to determine whether or not it was the right choice. Simply developing the creature was an intricate decision, but it led to even more difficult choices. An easily identifiable situation in Victors life was if he should create a mate for the monster. Upon encountering his child, Victor is given the opportunity to rid himself of the creation. It is simple, seemingly. Just create a mate and everyone will live happily ever after, hopefully. The monster makes the promise, trustworthy I believe, that if a companion were made for him, he would take her to the farthest end of the Earth and live there peaceably. If this wish were not fulfilled, Victor would suffer measurable consequences. Almost without consideration, Victor agrees and goes to work. Several things cross his mind during the process that forces him to reevaluate the circumstances. It is considered that maybe he wont keep his promise and choose stay a part of his creators life. This was possibly the least worrisome factor. Next, perhaps the female would not accept the creation, or vice versa. In this case, the effort would be a waste and the life of the creator unchanged from its horrid state. Probably the most compelling reason behind the ultimate decision was th! e concern that the two would breed, multiply, and soon there would be a race of devils. Of course, on the flip side of things, everything could have worked out perfectly and the entire family could have sustained a normal life, with the exception of the deaths of William and Justine. As we know, the second project was destroyed because of the possible results mentioned above. Victor...

Learn the Parts of the Roman Name

Learn the Parts of the Roman Name In todays international world, you may come across: people who have what we would call the last name before the first namepeople known by a singular name (like Madonna or Lady Gaga, since Lady is a title)people who lack a middle name (George Washington)people with extra middle (saints names)people with the requisite number to fill out most contemporary forms in the U.S.: a first, middle, and last name Ancient Roman Names During the Republic, Roman male citizens might be referred to by the tria nomina 3 names. The first of these 3 names was the praenomen, which was followed by the nomen, and then the cognomen. This wasnt a hard and fast rule. There might also be an agnomen. Praenomina were waning by the 2nd century A.D. Although not shown on this page, there were sometimes additional names, especially on inscriptions, often abbreviated, that gave further indications of social groupings like tribes, and, in the case of slaves and freedmen, their social status. Praenomen The praenomen was a first name or personal name. Females, who didnt have praenomina until late, were called by the name of their gens. If further distinction were necessary, one would be called the older (maior) and the other the younger (minor), or by number (tertia, quarta, etc.) The praenomen was usually abbreviated [See Roman Abbreviations on Inscriptions]. Here are some of the common praenomina with their abbreviations: Aulus A.Appius App.Gaius C.Gnaeus Cn.Decimus D.Kaeso K.Lucius L.Marcus M.Numerius Num.Publius P.Quintus Q.Servius Ser.Sextus Sex.Spurius Sp.Titus Ti.Tiberius Ti. Tib. Latin Grammar Romans could have more than one praenomen. Foreigners granted Roman citizenship by imperial decree took the emperors nomen gentile as a praenomen. This made the praenomen less useful as a way to distinguish men, so by the end of the third century, the praenomen had virtually vanished except to confer high social status [Fishwick]. The basic name became the nomen cognomen. Nomen The Roman nomen or nomen gentile (nomen gentilicum) indicated the gens from which a Roman came. The nomen would end in -ius. In the case of adoption into a new gens, the new gens was indicated by the -ianus ending. Cognomen + Agnomen Depending on the time period, the cognomen part of the Roman name could indicate the familia within the gens that the Roman belonged to. The cognomen is a surname. Agnomen also refers to a second cognomen. This is what you see when you see a Roman general awarded the name of a country he conquered like Africanus. By the first century B.C. women and the lower classes began to have cognomina (pl. cognomen). These were not inherited names, but personal ones, which began to take the place of the praenomina. These might come from a part of the womans fathers or mothers name. Sources Names and Identities: Onomastics and Prosopography, by Olli Salomies, Epigraphic Evidence, edited by John Bodel.Encyclopedic Dictionary of Roman Law, by Adolf Berger; Transactions of the American Philosophical Society (1953), pp. 333-809.Latin Funerary Epigraphy and Family Life in the Later Roman Empire, by Brent D. Shaw; Historia: Zeitschrift fà ¼r Alte Geschichte (1984), pp. 457-497.Hastiferi, by Duncan Fishwick; The Journal of Roman Studies(1967), pp. 142-160.J.P.V.D. Balsdon, ; 1962.

Harm-Based Model Essay Example | Topics and Well Written Essays - 2500 words

Harm-Based Model - Essay Example This paper illustrates that the user-generated content is forms of content which include chats, video, digital images, audio files, debate forums, wikis, and blogs. It is believed that user-generated content is a part of a small portion of a website. Moreover, the majority of content required for making a site is prepared by administrators. The user-generated content provides the opportunity for website administrators to avoid an occurrence of offensive language and content. It is understood that the search engines and user-generated content introduced new ways to make knowledge economics and accumulate knowledge. This facilitation of new ways has created beneficial and problematic for Safari-Google. The advent of a shift from constructing online content to individual content has revolutionized the role of passive listeners and views. This assembling of knowledge through the bypass of security settings has become problematic for Safari users. On the other hand, it benefited Google se arch engine to bombard adverts by tracking browsing habits Safari users. The paper judgmentally engages with the literature subject and defining key terms. The key terms used in the paper are search engines, user-generated content and knowledge economics. The knowledge economy is the part of an economy that is used by decision support structures centered on trading, evaluating and creation of knowledge. Moreover, it is services and productions that effectively contribute towards the augmented pace of scientific and technological advancement. On the other hand, a search engine is a program and software system that is specifically developed to find specific sites requested by users through characters and keywords. The term user-generated content is used to describe different forms of content which includes images, posts, audio files, discussion forums, blogs, etc.

Management Essay Example | Topics and Well Written Essays - 2250 words - 1

Management - Essay Example Gadgets such as Amazon's Kindle and Apple's iPad which also doubles as an eReader are garnering huge popularity among the readers and book lovers alike. Furthermore with the increasing penetration of internet in almost all walks of life, a significant change in the patterns of reading and behavior of book readers is being observed worldwide. The consumers have shown a greater acceptability of such new gadgets and the publishers are cashing in on the popularity to drive their sales and increase their profits. The popularity of e-book readers can be estimated from the rising sales. According to statistics (see figure 1), the sales of eReaders in the first quarter of 2011 rose to 236 per cent, totaling 4.8 million units. It is expected to further rise to 27 million by the year end (Digitimes Research, 2011). Figure 1: According to research, Amazon is expected to be the frontrunner and retain its industry dominance by capturing approximately 60 per cent of the market share, followed clos ely by Barnes & Noble which is likely to settle on the second spot, followed by Sony. Challenges for the industry players The major industry players in the e-book reader market include Amazon, Barnes & Noble, Sony and Apple. Amazon has emerged as a strong player in the market, although Sony was the first company to initiate the product in the U.S. markets with its state of the art technology. The launch of Kindle has since far surpassed the sales of all other electronic book readers available in the market. However, on account of new entrants such as Google for instance, which is taking giant strides in digitizing books from all major libraries the current industry leaders are likely to face serious competition in the near future (DailyMarkets, 2011). With record number of sales observed in the first quarter of 2011 and strong predictions for the rest of the year, it is highly likely that the market for eBooks and eBook readers is going strong and growing steadily. More and more pri nt editions such as newspapers and magazines have also joined in the eReader bandwagon owing to its incredible success. However, one of the greatest challenges faced by this industry is that of rising concerns over piracy. The publishers are wary of the proliferation of pirated copies floating freely on the internet, supported by the ease of pirating such copies and converting them in digital formats. There is a high and urgent need for product differentiation in the industry. Publishers are yet largely unaware of the choices of formats preferred by the readers of online books and the popular sections such as Science, fiction, non-fiction or academic books and target their customers accordingly (Dillehay, 2001). With regard to markets geographically, North America is likely to continue as the biggest market for e-book readers accounting for approximately 72 per cent of the global market share. However, at the same time newer markets are constantly opening up such as Europe, Japan an d China. The global market for eBook readers is likely to reach 63 million units as shipments, by the year 2014 (Digitimes Research, 2011). 2. Comparison between Border Books and Barnes & Noble on the following grounds: a. Approaches taken by Barnes & Noble and Border Books to respond to the changes in the e-book market With the advent of new technologically enabled gadgets and

Benefits of Social Media to an Airport Essay Example | Topics and Well Written Essays - 1000 words

Benefits of Social Media to an Airport - Essay Example This essay stresses that social media provides a platform where the users share what is in their mind freely and even engage in debates and information exchange. Having airports being on social media will therefore mean that the users of the different social media who will view the business page will be able to freely air their comments, grievances and views about the airport. This therefore provides free branding exercise and ideas for the airport. It is also ensure that the airport continues to improve their business and venture by acting on the advice and criticism they are being given. This will also provide a competitive edge over the other airports that are not in the social media in terms of ideas, products, services and even further market venturing techniques including marketing strategies to attract investors, donors and more customers. This paper makes a conclusion that according to the Airline Social Media Outlook Report of 2012 which surveyed 55 airports, it is evident that the airports spend very few hours on social media (hence missing out on the benefits mentioned above or failing to reap all the benefits), they also allocate very little of their budget to social media spending annually, the airports just use the social media for branding and customer service and minimal marketing. Based on the major benefits provided above and even those that are termed as too minor and have not been discussed above, the airports management and administration in general should consider changing the above survey to make a difference to their business organization.

Becoming an Effective Leader

Becoming an Effective Leader After serving in the Navy for 20 years, I can honestly say that being a manager does not make you a leader. For me, there is a big difference. An effective leader is someone who can motivate people to do things that they would not normally do by themselves. Furthermore, what makes a leader great is their ability to bring out the best in people no matter what the situation may be. After watching the movie, 12 Angry Men, I will present to you in this essay how different leadership styles displayed by three prominent jurors were both ethical and unethical. Additionally, I will show how the consequences of these leadership styles affected the other people in the room regarding the guilt or innocence of a young man and conclude with what can be learned about leadership from these very men. To be an effective leader, it must start from within oneself. Hence, to be an ethical leader, one must be an ethical person first. By combining this class to what I already knew about being a leader, it strengthened my values and my conviction of effective leadership, and that is allowing your people to grow and be successful. Leadership is not about my way or the highway, that is a dictatorship. Leadership is about valuing you people and seeking their contributions. In the movie, this was not the case with jurors #3 #10, which demonstrated the most unethical leadership style for that situation, the authoritarian. Although there are times when authoritarian is needed and will work, in a jury deliberation is not one of them. These men had one goal, and that was to impose their beliefs and convictions upon others in the room, especially the jurors who were easily manipulated. These two men allowed their biased views to prevent them from doing their civic duty which leads to their attempt to indoctrinate the other jurors into thinking like them; they refused to listen to reason or consider any reasonable doubt presented by the other jurors. In chapter eight, Bowie wrote about this unethical leadership style and how Burns rejects what #3 and #10 were doing to the followers in the room. Bowie writes, [Burns] rejection of the indoctrination shows that he respects the autonomy of the followers, (Bowie pg.142) whereas #3 #10 do not. When it comes to pe ople in any situation, self-worth and self-respect are vital to ones autonomy and should be respected by other people. In the movie, juror #3 #10 routinely use unethical authoritarian leadership to prevent other jurors from having any capacity to decide for themselves. By doing so, it gives way to Fonda and his ethical leadership style. To be an effective leader, one must influence followers to work towards a common goal regardless if it is a company, a sports team, or a murder trial. In my experience, how this is achieved is through empowerment of your people. By doing so, you create an ethical environment that allows the people to grow both professionally and personally because they feel that they are part of the team. When it comes to human nature, everyone wants to belong and feel important in some way, that is why you praise in public and reprimand in private. When you value the opinions of people, it creates a high degree of respect within the group that brings out the best in people. That is why Henry Fonda was such a great ethical leader. He sat quietly and listened while observing how the others acted and what they said. By sitting quietly, Fonda noticed that only three people were doing most of the talking and how they were trying to persuade the other jurors. In Fondas case, he brought forth a different p erspective, one that was unbiased. In fact, he repeatedly stated that he has no idea if the boy was guilty or innocent, but it was his social responsibility to ask questions to determine that answer. He was not going to allow other individuals to persuade him or his ethical beliefs.ÂÂ   In fact, when he asked the other jurors, who felt pressured by the authoritarian group what they thought, he was demonstrating effective leadership. By valuing their opinion, he empowered them to open up and provide their perspective, and by doing so, he made them feel important which in turn made them more willing to contribute. For example, Juror #9, Joe Sweeney is the one that provided critical information, the eyeglasses, that no one had ever thought as being relevant or important, turned out to be the key to finding the boy innocent. If it were not for Fondas ethical leadership and belief in autonomy, Juror #9 might not have spoken up like he did. Fonda use of transformational leadership he lped the other men look at the case from a perspective of serving justice by appealing to their higher values. His goal was simple, bring everyone onboard so they could deliberate through participation. By doing so, he explains that the jury should have some form of human dignity and use rational moral decision making to collaborate to determine the boys fate. By doing so, he empowers the weaker jurors to voice their opinion. In regards to the consequences of the two leadership styles, Fondas ethical leadership style inspired others to stand up for what was right and not give in to the pressure of others. For me, the one juror that was most inspired by Fonda was George Voskovec, juror #11. When Voskovec finally had enough, he began to stand up against the authoritarian figures because some were not taking this deliberation serious, telling them that it is our civic duty and social responsibility to listen to all the facts and give a fair verdict, not one based on biased prejudice. Fondas inspiration ignited a flame within Voskovec, and that erupted into an inferno that eventually spread throughout the room and gave the men an ability to perceive ethical truths during a chaotic experience. However, this was not the case for jurors #3, and #10, their unethical authoritarian leadership style and outright bigoted views that were once unchallenged by most of the group were eventually smothered like a cigarette . The once calm and timid jurors that were easy prey for the authoritarian leadership at the beginning of the film could not be pushed around anymore and turned their backs on juror #10 and left him cowering in the corner like a scared little boy. When it comes to this movie and what we can learn about leadership and ethics, it is simply, understanding the leader and follower relationship that exists between these two entities. Henry Fondas character showed us that transformational leadership is an excellent example of combining leadership and ethics because it holds people they lead to a higher standard and expects more from them. By being an ethical leader, you inspire people to do great things even when they do not think they are capable, and in doing so, these subordinates become leaders themselves who learn to share information and ideas. Additionally, this movie shows us that leaders do not have all the answers, such as the case with the glasses. This evidence did not originate from Fonda; it took someone else to bring up the information. What this shows is the more ideas introduced into a situation through group discussion leads to a better decision-making process. For this to happen, it takes an ethical leader to allow other people to provide their perspective. By doing so, people feel empowered and valued. Finally, the movie shows us that to be an ethical leader your intentions must be ethical in nature when you allow your biased views to dictate your actions and beliefs you end up with leaders like juror # 3 and # 10. Work Cited Bowie, N and Werhane, P. (2005). Management Ethics. Oxnard: Blackwell Publishing

Jeffersonian Democratic Republicans :: History

  Ã‚  Ã‚  Ã‚  Ã‚  The Jeffersonian Democratic Republicans were characterized as strict constructionists. Which explains why they wanted the United States to be controlled by the states, not a central government.   Ã‚  Ã‚  Ã‚  Ã‚  On August thirteenth eighteen hundred, Thomas Jefferson addressed the nation to let individual know that The United States was much too large to have a central government to direct the affairs of the nation. Meaning that we have the need of state officials and not just the national leaders. Therefore, we have independent states to handle the events and laws within the boundaries of each state. Although at the international level we are as one United Nation.   Ã‚  Ã‚  Ã‚  Ã‚  On January twenty-third eighteen o eight, Jefferson informed Samuel Miller, who was a Presbyterian minister that the United States government could not interfere with a citizen’s religious beliefs. According to what was written in the first Amendment of the Bill of Rights â€Å" Congress shall make no law respecting an establishment of religion.† This became effective on December fifteenth seventeen ninety-one. There was nothing that can make one participate in religious exercises.   Ã‚  Ã‚  Ã‚  Ã‚  The cartoon illustrates the embargo of eighteen o eight and was confusing to the citizens. Because it was stated as the â€Å"Ograbme†   Ã‚  Ã‚  Ã‚  Ã‚  On December ninth eighteen fourteen, Daniel Webster a federalist from New Hampshire, gave a speech to the House of Representatives. His speech addressed the draft. Webster argued that it was not right to â€Å"take children away from their parents, and parents from their children. Jeffersonian Democratic Republicans :: History   Ã‚  Ã‚  Ã‚  Ã‚  The Jeffersonian Democratic Republicans were characterized as strict constructionists. Which explains why they wanted the United States to be controlled by the states, not a central government.   Ã‚  Ã‚  Ã‚  Ã‚  On August thirteenth eighteen hundred, Thomas Jefferson addressed the nation to let individual know that The United States was much too large to have a central government to direct the affairs of the nation. Meaning that we have the need of state officials and not just the national leaders. Therefore, we have independent states to handle the events and laws within the boundaries of each state. Although at the international level we are as one United Nation.   Ã‚  Ã‚  Ã‚  Ã‚  On January twenty-third eighteen o eight, Jefferson informed Samuel Miller, who was a Presbyterian minister that the United States government could not interfere with a citizen’s religious beliefs. According to what was written in the first Amendment of the Bill of Rights â€Å" Congress shall make no law respecting an establishment of religion.† This became effective on December fifteenth seventeen ninety-one. There was nothing that can make one participate in religious exercises.   Ã‚  Ã‚  Ã‚  Ã‚  The cartoon illustrates the embargo of eighteen o eight and was confusing to the citizens. Because it was stated as the â€Å"Ograbme†   Ã‚  Ã‚  Ã‚  Ã‚  On December ninth eighteen fourteen, Daniel Webster a federalist from New Hampshire, gave a speech to the House of Representatives. His speech addressed the draft. Webster argued that it was not right to â€Å"take children away from their parents, and parents from their children.

How does reflect through history, invention, society and the Arts? Essay

The unifying theme of this period is colonialism and emerging trends. This was the time where Napoleon Bonaparte gained so much power and recognition throughout the world whereas he was feared by men. In relation to invention, there were new great inventors like Alesssandro Volta for the battery, Jacquard Loom for calculator/computer, and Oliver Evans for the refrigerator. During this era, artists like Ludwig van Beethoven, Theodore Gericault, Alans Wordsworth and Jane Austen became famous. Their works are still known until today. A neoclassical architectural style also existed in this period. The Cathedral of Vilnius, conceptualized and put into existence by Laurynas Gucevicius, is an example. Neoclassical Architecture has some features that are the same with the Late Baroque architecture. However, its emphasis is its planar qualities, rather than sculptural volumes. Projections and recessions and their effects of light and shade are flatter; sculptural bas-reliefs are flatter and tend to be enframed in friezes, tablets or panels. Its clearly articulated individual features are isolated rather than interpenetrating, autonomous and complete in themselves. International neoclassical architecture was exemplified in Karl Friedrich Schinkel’s buildings, especially the Old Museum in Berlin, Sir John Soane’s Bank of England in London and the newly built White House and Capitol in Washington, DC in the United States. The Scots architect Charles Cameron created palatial Italianate interiors for the German-born Catherine II the Great in St. Petersburg. 2. In the early 1800’s, Australia was still a young colony. Who were the major Australian artistic figures of this period? (You might mention architects, writer, painters or musicians and their works. ) One of the major artistic figures in Australia during 1800s who gained recognition in this era was Norman Lindsay. He was the principal cartoonist of the Bulletin magazine. He was also one of the people who advocated their right to paint the nude. He also wrote novels but his major work consisted of pen drawings, etchings, watercolours and oil paintings, all of which are well represented at ‘Springwood’ (the Norman Lindsay Gallery & Museum). He also illustrated the cover for the seminal Henry Lawson book, â€Å"While the Billy Boils†. In the field of writing or literature, Henry Lawson was one of the major writers and poets during this period. Many believe he was the first poet to capture the Australian way of life. His works are still known and an inspiration to Australians. In architecture, Francis Howard Greenway was one of the major artistic figures. His work includes Hyde Park Barracks (1817-19), St Luke’s, Liverpool (1817-24), St James’s, Sydney (1819-22), St Matthew’s, Windsor (1819-22) and other extant buildings are now popularly appreciated as the foundations of Australian architecture. His picturesque Gothic buildings, on the other hand, are mostly long demolished and his ‘Turnpike Gate at Sydney with Gothic Lodge and Offices’ (1819-20), his designs for Sydney’s Anglican and Catholic cathedrals (the former never built, the latter much modified before its erection), even his (extant) Government House stables, have played little part in the creation of the Greenway architectural persona. References http://www. abc. net. au/schoolstv/australians/lawson. htm http://normanlindsay. com. au/normanlindsay/aboutnormanlindsay. php http://daao. org. au/main/read/2926 http://en. wikipedia. org/wiki/Neoclassical_architecture#Characteristics

Anglo American Dissatation

Introduction Anglo American Plc is a mining conglomerate and is one of the largest companies within the mining industry. It originally started in 1917 as a gold mining company going by the name of Anglo American Corp; the name was created when the initial starting capital of ? 1million was raised from U. K. and U. S. sources (Forbes 2006). In 1999, following a major strategic review, Anglo American merged with Luxembourg headquartered Minorco to form Anglo American Plc, with its primary stock exchange listing and head office in London and secondary listings in Johannesburg, Switzerland, Botswana and Namibia (Anglo American 2012d).Anglo American â€Å"operates in Africa, Europe, South and North America, Australia and Asia† and is a global leader in the mining of both platinum and diamonds (Anglo American 2012c). They employ approximately 100,000 people (Anglo American 2012c) across the world, both in the mines and in local offices, with the majority of employees being based in South Africa, 79,000 (Anglo American 2011). Anglo American employs 10,000 people in South America, which is the second largest proportion of employees in the company, and employs 11,000 people in other countries across the globe (Anglo American 2011).South Africa produces the highest amount of revenue by origin, $17,855million in 2011, which accounted for 49% of the group’s total revenue for that year (Anglo American 2011). When comparing all the countries’ revenue for the year, South Africa has a very dominant position, as all the other countries have less significant revenues of $5,058million or lower (Anglo American 2011). This suggests that South Africa is the main country for production. They have a highly diversified mining portfolio, comprising of many metals and minerals.In 2011, Anglo American increased their shareholding to 85% in the world’s leading diamond company, De Beers (Anglo American 2012a), which accounted for 6% of the share of Anglo American ’s operating profit in 2011 (Anglo American 2012c). The company employs 16,000 people in the diamond division, in North America and Africa, which is the second largest percentage of employees across the group (Anglo American 2011). Another subsidiary of Anglo American is Anglo American Platinum Ltd. AAP), of which they own 80% and employ 55,000 people, which is the largest proportion of employees across the company, 55% (Anglo American 2011). AAP is the main producer of platinum in the world, accounting for 40% of the global supply (Anglo American 2012c). Iron ore is the most predominant area of Anglo Americans operating activities with the largest share of the group’s profit in 2011 of 41%, $4520Million (Anglo American 2011). This is significant in comparison with the second highest area of operating profit, copper, which attributed to $2461Million, 22%, of the operating profit.Anglo American also produce metallurgical and thermal coal, nickel and other materials, whi ch, although contribute to the company’s profits, are less significant in comparison to the more major operations of diamond, copper, iron ore and platinum. Anglo Americans main corporate aim is to, â€Å"be the leading global mining company becoming the industry’s largest employer, partner and investment of choice† (Anglo American 2012f). They believe a â€Å"sound strategy, sustainable development and good corporate governance are essential to achieve this goal†. (Anglo American 2012f) MethodologyAt the first meeting, the group decided that the company study was to be worked on two days a week and a table was drawn up in order to manage the time efficiently to ensure the deadline was met. The table comprised of a ‘plan’ and ‘achieved’ column for each date during the weeks leading up to the deadline of 14th December, see Appendix A. After the first meeting, the group went away to do some individual brief research on the given co mpany in order to get background knowledge of Anglo American and so the in depth research for each section could be carried out at the next meeting.In order to make the most of the time given, the group was divided so that each of the main sections were researched thoroughly in order to give a more detailed report. The group followed the recommendations, allowing a third of the time to carry out research, a third on writing up the report and a third on editing and producing the final piece. After the research had been carried out on all sections, different members of the group began writing up different sections of the report using the information previously obtained.The group then looked over each other’s sections in order to make sure all relevant information was included, to check for grammar and spelling mistakes and to make sure enough references had been used. This was important to ensure all members had a good understanding of each section. Anglo American’s webs ite and annual reports were the main source of information for the company study. The issues surrounding Anglo American during the past year allowed for many relevant news articles to be widely available for use within the financial management section.After the report had been completed, the group booked weekly sessions in the Techno booths with print outs of the completed report, to ensure all members of the group were familiar with all sections. The presentation was then brainstormed and the main points put on a PowerPoint, which then allowed for the presentation to be practiced over a couple of weeks prior to the deadline. Many rehearsals of the presentation were carried out to ensure it filled the time allocation required and it flowed well.Problems occurred with the methodology closer to the deadline, as members of the group had less spare time to work on the company study, due to other assignments being due in around the same time. Financial Accounting Corporate Governance As a global organisation it is crucial that Anglo American complies with the highest standards of corporate governance, to ensure any agency problems within the company are minimised and the company is well run. Anglo American aims to â€Å"direct and control its company in a transparent and accountable way. † (Anglo American 2012f).From the 2010 board effectiveness review, an action plan was created to improve the relationship between the board and management, which could have helped reduce the conflicts of interests and agency problem. The action plan was to Increase contact between directors and management between board meetings and â€Å"Introduce more ‘free flowing' informal discussions outside board meetings – the pre-board meeting dinners will be more ‘structured' whilst retaining an informal style† (Anglo American 2011). In 2011, this action plan was reviewed and changes within Anglo American were made. The flow of management information to the Board was enhanced and the frequency of dissemination of this was improved. † â€Å"Structured board dinners also took place during the year where matters such as strategy were discussed† (Anglo American 2011). This shows good corporate governance by Anglo American as areas of the business which need work are being identified by the company and being acted upon accordingly to improve the effectiveness and control. The Anglo American board is chaired by Sir John Parker and consists of two executive and eight non-executive directors. 0% of this board it made up by women, this suggests that the Anglo American board could be more diverse. In the current business economy, â€Å"Regulators, politicians and shareholders are each stepping up pressure on companies for greater board  diversity  as part of a drive for better governance† (Robertson 2012). The Lord Davies Women on Boards report set a target of 25% minimum of board members to be female by 2015. Anglo Ameri can stated in their annual report their â€Å"intention to increase the representation of women on the Board from 20% to about 30% by 2013† (Anglo American 2011), which is two years below the national expectation.This is an example of good corporate governance by Anglo American as it is adhering to policies and targets which are not compulsory and also has disclosed in its annual statement, its future intentions to increase diversity in the boardroom. Anglo American also has a nomination committee which â€Å"aim is to build on the existing diversity of the board by identifying and nominating suitably qualified candidates† (Anglo American 2011). This is viewed as being good corporate governance by the company as Anglo American is making sure before directors are appointed that they are right for the job and the best candidate is chosen.To do this, they are considering both men and women for the job roles which is widening the talent pool. The Government passed the UK B ribery Act 2010, under this act the â€Å"defence  for a company against this liability is to prove that it had ‘adequate procedures’ in place to prevent bribery† (Wilkinson 2010). To comply with this act, Anglo American have implemented the necessary procedures to ensure that its business integrity policy operates effectively, so the risk of bribery is minimised as far as possible (Anglo American 2011).During the year, Anglo American developed enhanced guidelines on the acceptance and provisions for gifts and entertainment and provided specific guidance on the procedures to be followed where risks were considered higher. This is a good example of corporate governance as this would reflect positively for shareholders and potential investors, as new laws are being adhered to. In accordance with the UK Corporate Governance Code, Anglo American continue to propose the re-election of all its directors on an annual basis (Anglo American 2011), which ensures good cor porate governance, as directors will always be of the highest quality possible.Within Anglo American â€Å"The Audit Committee plays a pivotal role in ensuring high standards of corporate governance and provides assurance to the Board on its reports to shareholders† (Anglo American 2011). In Anglo American, the audit committee comprises of four independent non-executive directors. The audit committee is also charged with reviewing the results of the key risk management process, â€Å"being involved in the risk management procedures of the company† (Anglo American 2011).However, to improve the governance in this area Anglo American could disclose the main risks to the company and the strategy it has in place to deal with these risks. The Audit committee is also responsible for the whistleblowing programme which the group has had in place for a number of years. It â€Å"is designed to enable employees, customers, suppliers, managers or other stakeholders, on a confident ial basis, to raise concerns in cases where conduct is deemed to be contrary to our values† (Anglo American 2011).This shows good corporate governance as there is a programme which has been set up by the group where stakeholders, can report failures and discrepancies within the company, to independent non-executive directors. However, Anglo American could disclose the procedures which are to be followed when issues are reported. Within Anglo American, the board delegates certain responsibilities to a number of committees; these include the Remuneration committee, Nomination committee and Audit committee.In coherence with the UK combined code of corporate governance there â€Å"should be a formal and transparent procedure for developing policy on executive remuneration and fixing individuals director’s remuneration packages, no director should be involved in deciding their own remuneration† (FRC 2012). Anglo American’s remuneration committee seeks advice fr om external advisers Pricewaterhouse Coopers LLP, Linklaters LLP, Mercer Limited and Deloitte LLP, to help determine the director’s remuneration packages.Anglo American describes its policy as being â€Å"formulated to attract and retain high-calibre executives and to motivate them to develop and implement the Company’s business strategy in order to optimise long-term shareholder value creation† (Anglo American 2011). The remuneration mix is an important part of good corporate governance as it ensures that the company has an appropriate blend of basic and performance related pay as the remuneration committee will see as suitable.This will ensure that the directors will strive to achieve the main goal of increasing shareholder wealth. At the present time, director’s remuneration is calculated on the industry median for the mining sector and is adjusted by the director’s performance and experience. Anglo American could improve their corporate governa nce by setting director’s remuneration packages at the industry averages only. Within Anglo American, each executive director’s total remuneration consists of basic salary, annual bonus, long-term incentives and benefits.This ensures that an appropriate balance is maintained between fixed and performance-related remuneration (Anglo American 2011). However, the sheer value of some of the bonus packages is likely to affect shareholders wealth and the willingness for potential investors to invest. An article from the Telegraph explains that the chief executive of Anglo American was handed a 38 per cent increase in pay last year, with a total package worth ? 2. 17m, however the cash element of her annual performance bonus was increased by 134 per cent to ? 962,000.Never the less, at this time shares in Anglo American fell by 14 per cent over the course of 2011 (White 2012). This could be viewed as bad corporate governance by the company as despite the share price falling t he chief executives pay has been dramatically increased. To help the directors ensure they have a meaningful stake in the performance of the company, in 2004 the remuneration committee devised a Bonus Share Plan (BSP), â€Å"which requires executive directors to invest a significant proportion of their remuneration in shares† (Anglo American 2011).This demonstrates good corporate governance, as it aligns the directors’ interests with that of the shareholders, reducing the agency problem. The bonus share plan also weakens independence of the directors within the company, as it is giving them greater interest within the company on a personal level. Training is offered to new directors in order to develop a comprehensive view of Anglo American’s company, continuous training is also available to directors throughout their employment.However, the governance could be improved by disclosing in the annual report the nature and the schedule of the training, so the stakeh olders know what is being covered in the induction training. Within the annual report for Anglo American there is a statement of director’s responsibilities, which sets out what is expected of the directors. The board should present a balanced, true and fair view of the company’s position and prospects. Under company law the directors should not approve the accounts unless they are satisfied that they give a true and fair view of the affairs of Anglo American.This shows good corporate governance from the company as in the annual report it breaks down the directors responsibilities, however this could be improved by giving details to the users of the annual reports about what responsibilities each director has. A breakdown of the separation of roles between the chairman and director could also be disclosed in the annual report, which will ensure that one person is not given too much power which could prove to be very risky for Anglo American.The skills and knowledge of all the board members are summarised in the annual report, to give the shareholders and stakeholders an idea of their previous experience and the wealth of knowledge they bring to Anglo American, which shows good corporate governance by the company. Overall Anglo American shows good corporate governance with compliance to the UK combined code of corporate governance. The company has disclosed majority of information but could improve by disclosing the strategies in place, especially for the risk management prospective and its whistleblowing and training schemes.Stating the responsibilities of the chairman and chief executives would also ensure that corporate governance is being applied at a continuous high level. Stakeholders UK corporate law requires companies to be principally accountable to their shareholders. However, Anglo American believe that their shareholders' best interests are served when the company makes sure all appropriate stakeholders are kept happy, not just the sha reholders (Anglo American 2011).It is in all stakeholders’ best interests that the company not only survives, but flourishes long term, Anglo American therefore seek to be the partner of choice for its stakeholders by operating in a way that is acceptable to them all (The Times 2012a). Anglo American needs their stakeholders to support them in order to meet the organisations objectives’, for example treating staff well and respecting local communities, will make it easier to recruit new people necessary for growth.In the long term, this will create more value for shareholders. Employees are possibly the most important stakeholder for Anglo American, employing approximately 100,000 people around the world (Anglo American 2012c), however working within the mining industry has been voted one of the top ten most dangerous jobs (Korch 2012). To help protect this stakeholder group, Anglo American has adopted strict health and safety regulations which are outlined in the safe ty way, ensure that employee’s working conditions are as safe as they can possibly be. The safety way is a comprehensive framework of roles and responsibilities supported by a set of safety principles and mandatory safety standards† (Anglo American 2012b). The strategy outlines Anglo American's risk-based approach to safety based on ten key factors that support effective safety management; leadership, risk management, culture, competence, assurance, monitoring, planning, standards, communications and learning (Anglo American 2012b). Employees in management positions are also seen as stakeholders within Anglo American, as they are esponsible for making key business decisions within the company and without the relevant information they will not be able to make reliable decisions. Unions are a very important stakeholder for Anglo American as they try to make the employees' time whilst working for Anglo American as safe and as beneficial as possible. Previously, Anglo Ameri can have clashed with unions and issues have been raised, as seen in The Telegraph (2011), resulting in negative media interest and damaging the reputation of the company (White 2011). This, in turn, has a negative impact on all stakeholders within the company.In 2010, Anglo American received an â€Å"Employer incentive award for good performance† due to their â€Å"sound labour relations with trade unions, as well as the implementation and enforcement of sound occupational health and safety practices and initiatives† at the South African trade unions solidarity awards for 2010 (Anglo American 2012k). Examples of some of the trade unions that are recognised within Anglo American are The National Union of Metalworkers of South Africa, The National Union of Mineworkers, The United Association of South Africa and The Togetherness Amalgamated Workers Union of South Africa.Activist groups can be classed as stakeholders, as mining involves using the world’s natural re sources and in some cases can lead to long term damage to the environment. Such groups are passionate about protecting the environment and if they feel that Anglo American are not protecting the environment enough, they put pressure on the company. On 28 Sep 2012, War on Want released an article discussing the miner’s strikes in South Africa and the poor working conditions of the employees (War on Want 2012).This could create negative publicity and disrupt operations, therefore affecting shareholder wealth. In response to these activist groups, Anglo American has recently developed a Socio-Economic Assessment Toolbox (SEAT) as a means of further improving the impact of its activities, e. g. setting up training programmes for local communities (The Times 2012b). The contractors that work on the various sites across the globe are also seen as stakeholders within Anglo American, as they carry out the majority of the work on civil engineering projects, such as digging new mines.C ontractors are important stakeholders in Anglo American as they have a lot of responsibilities when undertaking projects and if these are not carried out properly, then problems can arise. If quality standards were compromised, due to disillusioned contractors, then this could have health and safety consequences in the future. Contractor management is also an important consideration when using contractors as external stakeholders, for example local communities may accuse Anglo American of poor social performance associated with these contractors.This is the reason that the social impact of contractors on the local area is managed professionally. Customers are a vital stakeholder within Anglo American, but due to the nature of the industry, the majority of Anglo American's customers are countries, â€Å"China is a key customer of Anglo American's products† (Anglo American 2012m). Anglo American has many different key performance indicators (KPI), divided into investing in worl d class assets in the most attractive commodities, operating safely, sustainably and responsibly, employing the best people and organising efficiently and effectively (Anglo American 2011).One of the main operating KPIs is the work related fatal injury frequency rate (FIFR). FIFR is calculated as â€Å"the number of fatal injuries to employees or contractors per 200,000 hours worked† (Anglo American 2011). This information is most relevant to the employees of Anglo American, and the unions representing them, as they are the ones who are directly affected by the injuries of co-workers. The FIFR for 2011 shows a small increase in fatalities from 15 to 17, however, in 2009 there were over 50 fatalities which shows that Anglo American is implementing the correct strategies in order to minimise these fatalities.Despite the downward trend, Anglo American targets 0 fatalities, showing that Anglo American show a keen interest in their employees' welfare. Another operating KPI is the lost time injury frequency rate (LTIFR), which is the amount of lost time from injuries (LTIs) per 200,000 hours worked (Anglo American 2011). An LTI is an injury which leaves the employee unable to perform their regular duties for a the period after the injury was incurred (Anglo American 2011).If Anglo-American have a higher FIFR or LTIFR than the industry average, it may put off possible employees from applying for a position, which could result in the company not being able to employ the most knowledgeable people, which can have a negative impact on shareholder wealth. Another operating KPI is greenhouse gas emissions which is measured in CO2 equivalent emissions (Anglo American 2011). Environmental activist groups, such as Greenpeace, are likely to be interested in this key performance indicator as greenhouse gases are very harmful to the atmosphere and have been linked with global warming.The annual report from 2011 shows a reduction in Greenhouse gas emissions than in 2010, s ignifying that Anglo American are moving in the right direction in terms of reducing their carbon footprint. Total water use is another operating KPI and includes water used for primary activities, which affect the people who live in the area surrounding the mine. Some of the regions that Anglo American work in, have sparse water supplies and therefore any water used by the company may result in less water for the local communities.Reducing this KPI is important to Anglo American, as if this is not managed it may put off potential employees within these communities from applying for a position within the firm, and may give Anglo American a bad reputation. The final key operating KPI is Enterprise Development, which is is defined as the number of companies supported and number of jobs sustained by companies supported by Anglo American enterprise development initiatives (Anglo American 2011). The stakeholder that is most closely linked to this key performance indicator would be the lo cal community in which Anglo American operates.Results from this KPI show that Anglo American is currently supporting 38,681 businesses which is much higher than their target of 3,500 businesses (Anglo American 2011). A key KPI relating to employing the best people is voluntary labour turnover, which is the number of permanent employee resignations as a percentage of total permanent employees (Anglo American 2011). In 2011, the percentage of employees who resigned was 3% which shows a decrease of 2. 3% from the previous year (Anglo American 2011).This shows the company is striving to improve employee morale and employee working conditions. This KPI is important for the employees of the company, as it indicates the number of people who may have been unhappy within their work. An important employment KPI in recent times is gender diversity, which represents the percentage of women and female managers employed by Anglo American (Anglo American 2011). In 2011, the group managed to incre ase the percentage of female employees from 14% to 15% and the total number of female managers from 14% to 21%.This KPI can be linked to both the employees and unions of the company, as both want to make sure Anglo American has equal opportunities for both genders in order to create a harmonious working environment. The first â€Å"organising efficiently and effectively† KPI is asset optimisation, which is defined as the sustainable operating profit benefit from optimised performance of the asset base of the core businesses (Anglo American 2011). An asset optimisation strategy is comprised of asset management and asset monitoring and a well organised strategy can reduce avoidable maintenance and interruption times.Managers of Anglo American will be interested in an effective asset optimisation strategy, as it will allow them to make effective decisions with regards to the best method of maintaining and using the company’s assets. The other organising KPI is the supply chain, which is the â€Å"operating pro? t and capital spend bene? ts to Anglo American resulting from centralised procurement from core businesses† (Anglo American 2011). An effective method of managing the supply chain is by local procurement, as it saves transport costs by supplying across the world.Therefore, managers of Anglo American will be interested in this KPI as it allows the company to build relationships with key contractors/ suppliers that can produce mutually beneficial outcomes. The results for the most recent financial year show an improvement to the supply chain of $472 million from the previous year. In the annual report Anglo American also have a section of investment KPI’s, these include return on capital employed and underlying earnings per share. The results from the annual report show an increase in both KPI’s from 2010 to 2011, 24. 8% to 26. 5% and $4. 13 to $5. 06 respectively.Investment KPI’s are only relevant to shareholders. I t enables shareholders to check how well Anglo American generates profit from the capital invested and provides them with a comparison to the previous year. Despite the fact that Anglo American has a fairly extensive list of key performance indicators, there are other factors that have not been accounted for that would benefit the company’s stakeholders. Antofagasta Plc. , another company within the mining sector, uses operational KPIs that state the volumes of the most important metals that has been mined during year and compared with previous years (Antofagasta 2011).Anglo American could create this form of KPI to ensure they increase the level of production for the most important materials each year, which would be useful to the majority of stakeholders as they would be able to see how much the company has expanded its' production over the year. Contractors would be able to use this information to estimate how the level of production will increase over the following year t o put aside enough resources in order to carry out any projects that Anglo American may have in the future. London Mining Plc. ave a KPI for number of employees trained, which gives the number of people who have undergone professional training within the year (London Mining 2011). Anglo American could use this as one of their KPIs to show whether the management have executed the relevant training schemes for employees. Customers would be the most likely stakeholder to benefit from this KPI, as if there is a high number of people that have been professionally trained, it implies that their staff are trained to the highest standard and will have the correct knowledge needed in order to carry out best practice.Employees would find this information useful to determine whether they might be entitled to be given professional training by the number of employees put on schemes within the year. hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh Financial Management Figure 1 shows Anglo American Plc. ’s share price performance over the period 1 January to 30 September 2012 and the FTSE All Share performance. After analysing, it can be seen that both share price, and average share price of the FTSE All Share, have considerably similar movements over the given period with Anglo American’s share price being more erratic. [pic]On 6 January, Anglo American shareholders approved the change of holding from 45% to 85% of De Beers at the company’s general meeting. During the meeting the chairman voiced his expectations for an increase in shareholder value due to the expertise and leadership of De Beers (Anglo American 2012a). This shareholder approval was expected to result in an increase in demand for shares, which is represented by the increase in share price between 9 January and 23 January. This movement in share price seems to be autonomous from the FTSE All Share which would aid our analysis of this particular period as the event is internal to Anglo American. On 26 January Anglo American released their production report for the 4th quarter in 2011. Initially, the share price dropped from ? 27. 37 on 26 January to ? 26. 35 on 30 January which could have been due to the decrease in diamond and platinum production. This area of production is what the company is best known for, so a decrease in production of these would initially deter investors and create doubt for shareholders. Between 30 January and 3 February the share price shot up by ? 2. 5 which signified that the shareholders had looked into the report further to see that the production of all other materials had increased, including nickel production increasing by 125% from the previous year (Anglo American 2012). From figure 1, it can be seen that this increase is reflected in the movement of the FTSE 100 which could suggest that there may be external factors also affecting Anglo American at this time. On 23 March, Anglo American sold a â‚ ¬750m 10 year euro bond which could hav e been due to funds being needed more within the company (Euroweek 2012).Investing in the euro bond may have been to help create or strengthen values of the company, especially within Europe at this particular time of the European Sovereign Debt Crisis. As shown on figure 1 between 23 March and 29 March the share price fell dramatically. This could be due to shares being sold by shareholders that primarily invested in Anglo American, as they supported the Eurozone. On 1 June, Anglo American re-entered the euro bond market which â€Å"several bankers speculated that they returned out of prudence† Euroweek 2012). The share price shot back up, which could have been caused from the amount of demand for the deal, this suggested investors were pleased to see Anglo American again. Anglo American was in talks with Peru on 29 June in relation to a potential local sustainable development to accompany a mining project in the region, and had proposed a $118 million investment (Guerra 201 2). $36. 9 million of the investment was budgeted to install a pumping system in to two of the country’s rivers (Guerra 2012).The fact they are supporting and helping Peru is a sign of good corporate social responsibility for shareholders and potential investors which resulted in a ? 0. 66 increase over 4 days. Between 10 August and 30 August, there is a noticeable decrease in the share price which would seem to be an internal factor as the FTSE All Share does not seem to follow suit during this period. An outside article was realised on the 10 August stating that Anglo American were dismissing claims that a shareholder spring was expected to occur which was broadcasted in the Telegraph (2012).The article in the Telegraph (2012) stated that shareholders had contacted Sir John Parker, Chairman of Anglo American expressing their dissatisfaction with the CEO, Cynthia Carroll. Sir John parker sided with the CEO which fuelled the shareholders to take their complaint to one of the company’s directors. This highlighted to the shareholders the lack of support they were receiving, which therefore could be the internal factor forcing the share price down.When comparing Anglo American with other companies within the mining industry, the movements in the FTSE share price are mirrored more closely by Antofagasta than Anglo American, which may suggest that their beta is closer to 1. [pic] Throughout the period analysed, the share price movements for Anglo American is quite volatile in comparison to the FTSE All Share. Between 2 April and 7 June, the movement in share prices between both Anglo American and The FTSE is extremely similar with Anglo American’s movement being more responsive.This could signify that external factors affecting the whole market have affected Anglo American the same way but at a more severe rate, this is shown by their beta of 2. 08, see Appendix C. With the FTSE having a perfect market beta of 1 the beta value of Anglo American is in perfect correlation with the movement of share prices, see Appendix B, as in the majority of places the movement is the same but double as volatile. With the beta value being considerably higher than 1, shareholders or investors are likely to be risk seeking rather than risk averse.The further away from 0 the beta value is, the lower the shareholder value, but the potential for a high return is there. As seen in the London Business School Risk Measurement Services publication the commercial betas for the 3 quarters up to September 2012 are of a similar value, see Appendix C, with the average being 1. 55. This is significantly lower than our calculated beta of 2. 08. However the â€Å"Risk Measurement Service uses estimates based on an analysis of variable factors, and is therefore no way guaranteed† (London Business School 2012), whereas the beta of 2. 8 was calculated based on weekly data taken from Thomson Analytics. Although the beta of 2. 08 is the less favourable one, it is the more accurate out of the 2 so will give a better indication of shareholder value and the risk an investor may take. Both betas are aggressive in relation to the market beta however the commercial calculation is less so. Unless a serious investor were to calculate the beta themselves, using actual data for the company, they would be likely to base an investment decision on estimated inaccurate beta values.A shareholder’s decision to invest can be influenced by another confounding variable, the company’s investment rating. There are 3 main investment ratings that stakeholders use and rely upon these are Moody’s, Standard & Poor’s (S&P) and Fitch. Anglo American are rated on Moody’s with a long term investment rating of Baa1 and the equivalent long term rating on S&P of BBB+ which is noted to be a lower medium grade of investment. S&P define their BBB+ rating as the company having â€Å"adequate capacity to meet financial commitments, but more subject to adverse economic conditions† (Standard and Poors 2012).Although Anglo American’s ratings could be higher they seem to be in a good stable financial position and therefore an attractive investment for potential shareholders. The short term ratings for Anglo American are of a slightly better position than the long term ratings, with Moody’s being P-2, which implies they â€Å"have a strong ability to repay debt obligations† (Moody’s 2009). This shows the company is fairly liquid giving reassurance to shareholders because if the company was to enter default there would be a higher chance of shareholders getting a return.The S&P credit rating for Anglo American was the same in 2011 as in 2012 with a long term rating of BBB+ and a short term rating of A-2 for both. This gives investors the security of Anglo Americans stable credit rating and in turn ability to pay off debt. Although investment ratings can be used to help determine whe ther to invest or not they should not be relied upon, as companies with the same rating do not have absolutely equal credit quality. It does not take into consideration external factors such as a change in money rates and it ignores the length of maturity. Dividends |2011 |2010 | | |($) |($) | |Interim dividend |28 |25 | |Recommended |46 |40 | |final dividend | | | |Total dividends |74 |65 | Anglo American has a clear dividend policy in which a base dividend will either be increased or maintained from year to year (Anglo American 2011).An interim dividend of 28 US cents per ordinary share was paid on 15 September 2011, and for the 2011 financial year â€Å"The Board proposes a final dividend of 46 cents per share, giving a total dividend for the year of 74 cents, a 14% increase† (Anglo American 2011) see figure 3. During the year the Group paid dividends of $818 million to company shareholders, which is a huge increase on the $302 million paid out in 2010, and $1,404 million in dividends to non-controlling interests.Based on shares eligible for dividends at 31 December 2011, this will result in an estimated distribution of $557 million of shareholders’ funds, of which $350 million will be distributed by the parent Company. The interim dividend for 2012 has increased by 14% to 32 cents per share, which continues their policy of a base dividend being slightly adjusted after discussion to ensure the maintenance of their investment grade rating (Anglo American 2012n). Dividends are proposed to be paid out in cash and not scrip issues therefore the $557 million will be shown on the balance sheet, therefore affecting cash flows.Anglo American have a fairly attractive dividend yield of 3. 32% in 2011, when compared with other mining companies within the FTSE 100, see Appendix D. From the four companies analysed the dividend yield has increased from 2010 to 2011, apart from BHP Billiton. This suggests that either companies are issuing a higher divided or the value of shares has dropped. In Anglo Americans case the share price has fallen over the given period, but the annual dividend has also increased. As a percentage of earnings the dividend for 2011 was 14. 51%, which had increased from 11. 97% in 2010.Considering the high capital investments that Anglo American commit themselves to, this is fairly good proportion of earnings attributable to shareholders. The optimum dividend policy would offer shareholders a constant, steady dividend paid at regular intervals now rather than later; this is exactly what Anglo American has to offer. However due to the Group’s aggressive investment plans for future growth, which includes three major projects; Barro Alto, Los Bronces and Kolomela, the constant regular dividend policy is likely to cease or at least come under discussion at board meetings.Shareholders have questioned the decision to invest money into these projects, CEO Cynthia Carroll has announced that the 3 projects and anot her one expected to commence in 2013 will contribute $6bn to dividend pay-outs. Although the expected change in dividend policy has undoubtedly caused controversy with shareholders, the company has proven that investment into new projects is necessary to maintain a high profit and continue to pay a regular dividend in the future (Vuuren 2011).Over the past few years Anglo American have had a strong, fairly positive balance of debt and equity, which has allowed them to have the flexibility to attain more finance when necessary. Net debt at 30 June 2012, including related hedges, was $3,124 million which was an increase of $1,750 million from the net debt at 31 December 2011. Net debt at 31 December 2011 comprised $12,873 million of debt, partially offset by $11,732 million of cash and cash equivalents (Anglo American 2011).However a dramatic net debt decrease of $6,010 million occurred from 31 December 2010 to 31 December 2011 which reflects strong operating cash flows and proceeds o n the disposal of 24. 5% of Anglo-American Sur (Anglo American 2011). Anglo American is funded mainly by equity as shown by the debt and equity ratios in Appendix D. At 30 June 2012 for every $1 of capital invested by the shareholders $0. 655 is funded through debt, which is a slight improvement on the debt equity ratio of 0. 677 at 31 December 2011.The ratios indicate that the group should easily be able to generate enough cash to satisfy its debt obligations as the group has enough room to manoeuvre its current levels of finance. It is important that a company’s debt-equity ratio is not too high as this can lead to increased interest payments and an enlarged risk of damaging their credit rating. This is perhaps the reason that the group made efforts to decrease the debt-equity ratio from 31 December 2010 from which it was 0. 755. Anglo American has a sound equilibrium between debt and equity as seen by the gearing calculations in Appendix D.Over the past two years, the figu re has increased gradually from 45. 71% at 30 June 2010 to 50. 30% at 30 June 2012, which could be due to an increase in long term liabilities. The market value of equity has also increased but at a slightly lower rate, causing the gearing ratio to increase steadily. However, the value of equity is based on the market value of the shares at 30 September 2012 for each of the three years to ensure a more accurate comparison, so when considering each year in turn, it would not show the true value of gearing.Figure 3 shows the comparison of the percentage of gearing compared with the percentage of gearing using the market value of equity. Both show a similar pattern with gearing gradually increasing over the two years, but a steeper incline for the gearing based on the share price at that year. This could be a result of the share price dramatically decreasing from 25. 26 at 30 September 2010 to 18. 17 at 30 September 2012, in turn giving a lower value of equity when using the market sha re price.Calculating the gearing using the share price at that time, rather than the market value today, shows the gearing in a way that the company would have wished to portray. Overall, it can be seen that the share price movements of Anglo American Plc. generally follow the market trend, signalling that external factors are the main influence on any change in share price. The erratic behaviour of Anglo American’s share price makes an investment in this company quite risky. For example a variation in the market share price due to a change in regulation is likely to have more of an effect on Anglo American as their beta value is 2. 8. To lower the risk they could strengthen themselves against external factors by introducing or improving their internal control systems, minimising their exposure to the external environment and in turn lowering their beta. The beta of Anglo American demonstrated by how the share price movement is generally the same as the market but exaggerated , which shows that it is an aggressive beta. When comparing with other companies in the mining sector Anglo Americans beta value is higher than most but not an anomaly, see Appendix C.All the companies within the mining sector in the FTSE 100 have a beta value higher than 1, making them all aggressive, risky investments, with Anglo American being one of the more risky options. Anglo American may seem quite risky when using the beta, however when considering this alongside the company’s gearing it could be considered as an attractive less-risky investment. Anglo American’s gearing is fairly average, but it could be improved by minimising the amount of debt that contributes to the company’s finance, also decreasing the debt equity ratio.Although the company may be seen as becoming increasingly highly geared, they are constantly investing in new projects to increase shareholder wealth in the long term, which makes the level of gearing more acceptable. Anglo America n’s investment rating is fairly high on Moody’s credit rating table, which shows there are signs for improvement but also space for fault. The rating is based on many confounding variables, with Corporate Governance having a major influence on the overall rating. Although Anglo American has demonstrated fairly good corporate governance, there is still room for improvement in many areas.Another variable that could affect the rating is the dividend policy on offer to shareholders. Anglo American offer a very attractive policy with a base amount and regular payments, which is the optimum option for shareholders, as they know what to expect and when to expect it. After taking into account all aspects of the financial performance of the company, an investment in Anglo American would be recommended for a risk seeking investor expecting regular dividend payments. Anglo American is a worthy investment, as they have a number of new projects ined up for the future and have prove n to have had huge success with previous projects, leading to satisfied shareholders. However, the value of Anglo American has declined over the period analysed, with the share price falling from 22. 29 to 18. 17, but this is forecast to increase over the near future due to all the projects recently invested in. If the global economy was to enter a double dip recession, Anglo American is not likely to be affected much by this, due to the strong commodity values and derivatives. Strategic ManagementAnglo American is currently one of the world’s top mining companies and has held this position for a number of years. Their main goal is to be the â€Å"leading global mining company, becoming the investment, partner and employer of choice† (Anglo American 2012f). A way in which Anglo American wish to become the global leading mining company is to outperform competition, by their structure of organising efficiently and effectively (Anglo American 2012l). They aim to achieve t his from being more focused and performance orientated, and believes their Asset Optimisation (AO) programme will help to do this (The Times 2012).Anglo American wanted to enhance the health and performance of their operations, so designed an Asset Optimisation programme in order to achieve a holistic approach to this. It has allowed a more open working culture giving employees the encouragement to not only work together but contribute their own ideas to improve the business. A major contributor from the AO programme, that has added value across the group, is the development of the programme, in which it has been introduced into the day-to-day business of Anglo American.This programme has added value and strength to Anglo American as to date they have saved well over their target of $1 billion from their core operations and hope the strategy continues to present positive outcomes in the future (The Times 2012). To improve efficiency, each individual area of production is focused on lowering its costs, such as lowering excessive waste or managing the usage of natural resources. Water is vital to Anglo American in order to carry out their operations and also for the communities around them, especially as some areas are the most ater-stressed regions in the world. To reduce water usage, a 10 year strategy is in place which involves making projects water resilient, investing in new technology and building water infrastructure. By 2030, Anglo American hope to have reached the strategic objective of zero net water consumption. Not only does this strategy improve the efficiency of production, it also engages with stakeholders, which in turn benefits the community (Anglo American 2012l) and will reduce the agency problem between directors and the local population.Investment is a strong part of Anglo American’s strategy, and they feel that the investments they have made into large scale assets, with long life cycles, have given them a clear advantage through the low costs attached to them. The commodities that Anglo American specialises in are those that they believe hold the best returns over a long period of time, and even during the fluctuations that occur over an economic cycle.Anglo American also offers derivatives of their commodities which is a good strategic decision for them to take, in the sense that they are guaranteed a certain level of return for those derivatives. However if the demand and in turn the price dramatically rises for those commodities Anglo American could receive lower than the market value at that time. Therefore the option to offer derivatives not only allows for the opportunity of stability for an agreed amount of income, but also the threat to lose out on an increase of market value of that commodity. Operating safely, sustainably and responsibly is embedded in everything† (Anglo American 2012l) that Anglo American does. Employee safety is a huge part of any decision made by the company and they are per sistent on reaching their goal of zero harm. The 5 years prior to Cynthia Carol becoming Anglo Americans CEO there was a total of nearly 200 fatalities, whereas the 5 years following her position as CEO the number of fatalities dropped to 77.This could be down to the change in strategy and how the importance and safety of employees was considered invaluable to Cynthia; this was demonstrated by her drastic decision in 2007 to close the Rustenburg mine instantly due to the risky nature of it (Carroll 2012). The health and wellbeing of employees was taken a step further when HIV/AIDS and general healthcare services were not only provided to employees but also their dependents, spouses and other stakeholders.This has been recognised as world class and has received a number of rewards for it, ‘The Business Excellence Award for Best Workplace Program’ being one of many (Engineering & Mining Journal 2009). Minimising the effect that their operations have on the environment is something that Anglo American also considers in detail. Over the years Anglo American have received a number of awards that prove their commitment to the environment, in 2011 they received the three out of four awards at the ‘Three Nedbank Capital Green Mining Awards’.They were recognised for their rural research project at Sishen mine where management decisions were aligned with the long term sustainability objectives of the Taolo Gaetsewe District and the surrounding region (Nedbank 2011). Anglo American hope that this project will make a positive difference to community development, and in turn bring them closer together, building respectful associations within the society they work in (Anglo American 2012l).They believe that this strategy along with strong governance and solid risk management will create trust amongst the company and its stakeholders and fundamentally enable the delivery of long term returns to shareholders (Anglo American 2012l). Employing the best people is vital to the success of the company and also to achieving their main goal of becoming the leading global mining company. How effectively Anglo American operates depends on the people they employee which in turn contributes to the reputation they have with investors, partners and potential employees (Anglo American 2012l).To attract the best employees to the company, Anglo American; create a safe work place for all, have a clear strategy for success, offer stimulating work, are organised for effectiveness and efficiency and support employees in their career development (Anglo American 2012l). Not only does this strengthen the company, as employees have the help to progress and be motivated to progress and become the best employees, but it also offers opportunities for Anglo American to be the employer of choice.Although Anglo American has quite strong strategies in place, they should be aware of the external factors which are constantly changing that could affect these str ategies or future strategies. Due to the many countries that Anglo American operates in, they need to constantly monitor each country to ensure they are aware of anything that could affect them, for example, a change in government may have a drastic effect on the way they operate in that country. This could be managed by strong internal controls and contingency plans to react to any change as quickly as possible.The minimum wage rate for each country is something that also needs to be monitored and adhered to as they differ dramatically between the countries Anglo American operate in. The minimum wage for Australia in 2011 was ? 10. 13 compared to Kenya which was ? 0. 61, which is a dramatic difference so is hard to monitor, but it is essential to ensure all the different countries regulations are adhered to (Wage indicator 2012). Governments have also started to impose super profit taxes, where mining royalties increased in Australia, Chile and South Africa.Companies are charged su per profit taxes on revenue but now new legislation has been introduced where mining companies are charged on profits as well as revenue. To offset this, there are also discovery bonuses that Anglo American can be rewarded for, for finding natural resources within a country (Deloitte 2010). Anglo American should carefully consider the environment and the areas affected by their actions. There is a constant concern from the public, as appreciation of the environment grows along with the awareness of the harmful effects that mining can have on their surroundings (Australian Bureau of Statistics 2006).Activities at ground level constantly have an impact on the surrounding area, as bore holes, access tracks and sometimes even helipads are required. If the areas affected are left un-rehabilitated, this can have a long term effect on the environment (Australian Bureau of Statistics 2006). Anglo American has a strategy in place that is recognised internationally, and assists any mine-closu re planning. It focuses on the provision for finance necessary and rehabilitation â€Å"for long term sustainability through addressing complex socio-economic, physical and bio-physical challenges† (Anglo American 2012e).Stakeholder relations are constantly upheld throughout any project that Anglo American carries out; this ensures they have constant feedback from the community, government bodies and any other stakeholders affected by their actions. Mining is always going to affect the environment and the local communities surrounding each project, but Anglo American has strong strategies in place to deal and cope with these affects to the best of their ability. It is important for Anglo American to value the importance of society.Employees, their communities, and the population of host countries are all part of the society that Anglo American should embrace. â€Å"Every year Anglo American spend a percentage of their pre-tax profit on social investment projects and spend ti me working with communities† (Anglo American 2012j). In 2011, Anglo American increased their Corporate Social Investment by 15. 8% to $128. 6 million. The Anglo American Group Foundation is their own venture that operates globally, offering grants to countries where projects are carried out (Anglo American 2012j).Education is a huge social aspect where grant funding is used; assisting the development of maths, science and literacy as well as higher education and ensuring teachers are of a good quality. Health is also considered an important aspect on which to focus grant distribution, and Anglo American have a holistic approach when it comes to HIV/AIDS as not only do they supply internal counselling and testing but have also donated $4 million to external HIV/AIDS projects (Anglo American 2012j).Anglo American has outstanding generosity and strategies in place when it comes to the society and has strong and thorough planning for any operation carried out to improve their rela tions with stakeholders. However â€Å"community projects require creative marketing strategies and comprehensive business plans, and an external project consultant could be useful here† (Engineering and Mining Journal 2012), to eliminate any bias, and to make society relations a major variable for any decisions made.A large proportion of Anglo Americans workforce and mining is carried out in Africa â€Å"with nearly 1 billion people, Africa accounts for over a sixth of the world’s population, but generates only 4% of global electricity† (Salaam 2007). Anglo American need a lot of electricity to carry out day to day activities and with the strain of electricity available throughout Africa it was essential for Anglo American to find an alternative energy source due their large consumption of 102. 9 million gigajoules in 2011 (Anglo American 2011).In order for this level of energy to be available to them Anglo American have constructed five platinum based fuel cel ls which not only provides them with the necessary power for productivity but also â€Å"provided a significant economic and environmental development opportunity for South Africa by facilitating the provision of clean, reliable and cost effective power† (Anglo American 2012g). Anglo American consider technology and carbon reduction to be linked very closely and aim to have technology capable of running cost efficient, carbon neutral mines in 20 years (Anglo American 2012g).Although Anglo American have the aim in place to achieve this, a strategic report on how they aim to achieve it and a breakdown of steps, costs and research would be useful. It would not only be useful to the company and employees carrying out the strategy, but also for stakeholders, especially the African population and government. It may even be possible for the project to be supported, and maybe even assisted by the local Government to push forward the time scale. Being a multi-national company, Anglo A merican has to comply with many laws from each country they mine in.As well as these, some countries have individual legislation, which varies in different areas of the countries, USA & Canada (Garcia 2008). These can include environmental laws, e. g. water pollution, national laws e. g. minimum wages and safety laws. An example being that Anglo American has developed a safety and sustainable development committee in order to comply with South African safety law. This states that a company in South Africa must provide a committee with ambitions to â€Å"initiate, develop, promote, maintain and review measures to ensure health and safety† (Boshoff 2012).By having a safety committee they can try to minimise the lost time fatality rate and try to achieve their overall goal of zero fatalities within any Anglo American workplace. Anglo American has a sound collection of strategies in place to deal with external factors but it is also important for that they have strategies in plac e for internal factors. Figure 5 shows a value chain of Anglo American and allows for the internal factors that Anglo American could be affected by to be recognised. |Infrastructure: A multinational conglomerate with joint projects and subsidiaries.De Beers being the largest subsidiary of | |many. Extremely high capital investment, with lots of projects. Primary listing on LSE, secondary on JSE. | |Human Resources: Diversity among workforce across all levels of employment. Committed to International Labour Organisation. | |Development of talent remains a key priority. | |Technology: Research and develop their own technology. Link development of new technology with the ability for carbon | |reduction. | |Procurement: have a local procurement policy engaging local businesses in supply chain.Expect all suppliers to operate | |safely, sustainably and responsibly. Prefer suppliers who are engaged in China sourcing. | |Inbound Logistics: |Operations: Diamond, |Outbound Logistics: |Marketi ng and Sales: De Beers|Service: To maintain | |partner with Chinese |nickel, copper, iron |40% of worlds platinum|have their own diamond |the sites. Mines need | |suppliers to operate and |ore, thermal coal and |output. Own 85% of De |auction and shops. 70% of |to be maintained by | |maintain complex products|platinum mining. Beers, the global |platinum consum