Factors Influencing Health Outcomes On Health - 2352 Words

Factors Influencing Health There is overwhelming evidence that race and socioeconomic status play an influential role in determining health outcomes. Detangling of the web of causation can be difficult, as many demographic variables are correlated (e.g. Hispanics and African Americans are disproportionately impoverished). Nonetheless, it is clear on a number of health measures that minorities and the poor face worse results than their counterparts. This is true even after taking into account variances in genetic diseases. African Americans have higher infant mortality and a lower life expectancy than whites of the same economic and educational status (Braveman, Cubbin, Ergerter, Williams, Pamuk, 2010). The poor a lower quality†¦show more content†¦Accessibility to health care is another factor that leads to health inequalities. As mentioned above, the poor are less likely to have access to health care. According to Braveman et al. (2010), there is also a great deal of evid ence that, after accounting for socioeconomic status, minorities receive â€Å"fewer medical procedures and poorer quality medical care than whites†. It also seems that the biggest difference between minorities and whites concerns disease progression, rather than incidence rate (Braveman et. al, 2010). Despite all this, there is reason to believe that health inequalities between racial groups has been decreasing over time. Between 2003 and 2013, the gap in life expectancy between blacks and white decreased 2.3 years (Kochanek, Anderson, Arias, 2015). Unfortunately, some of the decrease may not just be due to gains made by minorities. In a much discussed recent study, it was found that the morbidity and death rate for middle-aged non-Hispanic whites was rising (Case Deaton, 2015). The death rate increase was largely driven by increases in alcohol and drug poisonings, as well as suicides. This result went against historic trends, was not seen in Hispanics and Blacks (both of whom saw a decrease) and was unique amongst the seven industrialized nations studied. In addition, there were declines in self-reported mental and physical health, but increases in psychological

Death Of Venice By Thomas Mann - 1958 Words

In Thomas Mann’s Death In Venice, Tadzio is likened to the sun, and thus represents an illuminating force for knowing what is truly good and just and by consequence represents a â€Å"higher truth.† This quest for knowledge on what is good becomes apparent as Aschenbach becomes more and more infatuated with Tadzio, not in a romantic sense, but rather a sense of seeking what he believes is right, a platonic relationship which ultimately sparks Aschenbach’s demise. Aschenbach’s motives are somewhat muddled as he enters the second half of his life and seeks to find what is true. To do this he decides to take a vacation to Venice where he meets Tadzio. After being a rather stoic and cold person, this all melts away as he basks in Tadzio’s presence†¦show more content†¦For the outside, secondary source for this paper I have chosen Plato’s The Republic, specifically for this paper; Book VI. Written in 380 BCE, the ten books within cover a variety of topics from the nature and definition of justice to the discussion of the higher truth and all that it entails. The work is widely considered to be one of the greatest works of philosophy of all time and perfectly encapsulates the Socratic method of critical thinking and augmentative skills. Plato was the writer of the work but never played a role in it, instead only recording his mentor Socrates. This source was chosen due to its direct discussion concerning the famous â€Å"analogy of the sun.† From 507b-509c, Socrates and Glaucon – Plato’s older brother – discuss finding the truth and how one would go about doing such a thing. To argue this point, Socrates uses the analogy of the â€Å"child of the good† and then later shows that this child is the sun. What he aims for is to show that when light is not cast on something, then one cannot see it but when it is, that is when it becomes illuminated (Plato, 507d) This process can be applie d to many

Internal Audit To Analyze The Business Functions †Free Samples

Question: Discuss about the Internal Audit To Analyze The Business Functions. Answer: Introduction: Internal Audit Internal audit is an organisations initiative, made up of a number of different strategies and tools that help to monitor and analyze the operations and business functions of itself. This type of audit helps and organisation to understand how well does it fare in meeting certain and specific criteria, both internal as well as the market requirements. In an organisation, internal audit helps maintain many aspects of business departments and activities, including focusing upon the enterprises risk management functions, maintaining regulatory compliances of the company and security processes (Hayes, 2017). The most important aspect of an internal audit is to find the bridges and discrepancies between the initial plan of an operational process and the actual outcome of those processes. This is the most crucial part that the auditors are supposed to do. When any discrepancy is identified and documented, the auditors include these reports and issues in the final reports, that are sent to t he companys leadership who would then be making decisions and decide which processes should be altered so that the operations of the company can be improved (Pizzini, Lin Ziegenfuss, 2014). What is fraud Although there are varying definitions of the term fraud the most general versions refer to the dishonest activities or ways that are used by people to make personal gains for oneself or a group of people or organisation, while making another person or group incur loss. The term generally encompasses activities such as theft, conspiracy, acts of corruption, extortion, money laundering and embezzlement. The effects of fraud on organisations can be devastating and last for a long period of time, even after the act of fraud has been done (AlzebanGwilliam, 2014). Apart from the apparent financial troubles it causes the company, it can also become the reason for organisations or companies to be shut down. Frauds can come in many forms, some of the most notable ones include, fraud regarding financial statement, misappropriation of assets, larceny and skimming of cash, intellectual property theft, fraud over healthcare services that are to be given to the employees, misusing the assets of t he company, deception of the customers and exploiting them for financial gains by taking advantage of their limited knowledge. Role of IA in an organisation Internal audit department play an important role in a firm as it key element in the accounting system, help to evaluate the works of all department. It can also be descript as a backbone of an organisation accounting where all the crucial business related record is involve. AccordinglyTampubolon (2005) Internal Audit works as extra sights and hearing ensuring policies implementation smoothly and as flawlessly as possible for management. Internal audit also work as enterprise risk management (ERM) by recognizing goal, potential factor element of risks and recline response to counter take the risk appropriately (Ritches Brindley, 2007; Sitkin Amy, 1992). Internal audit played as internal control system and numerical appraisal to ensure accounting system that are appropriate and reliable. At the same time, internal audit acted as preserver that established fund for the constant development and executions of system to prevent the invested fund is being exploited and minimize loss due to negligent (Al-Shammari, 2010). Conducting internal audits of an organisationon a regular basis helps to uncover a number of hidden facts and potential frauds. It also helps to assess a companys controls, the amount of waste it produces and any abusive conduct by the employees that the higher authority is not aware of (Newtonet al., 2015). The frequency of the audits depends upon the department of the company that is to be examined. Some specific departments that manufactures products in large scales require day to day audits to maintain quality of the products, while some other departments are audited annually (Boyle, DeZoortHermanson, 2015). While an external auditor concerns her or himself with the financial risks that are faced by the company, internal auditors take care of a huge array of risks, that encompass a lot of aspects and are directly related to the companys reputation and growth in the market. Internal audits are often the reliable source to find if the companys reputation is being hampered in any wa y; like if the employees are being treated in an unfair manner or safety violations are being documented (Yeeet al., 2017). One of the foremost roles of internal audit is to ensure the risk management processes are effective, efficient, secure and compliant with the laws and regulations, after assessing those risk management procedures of the companies. Internal audit also assesses and risk management culture of a company along with evaluating the same and reporting on its effectiveness; and to find out if the management policies are being implemented efficiently. IA identifies the key activities of the organisation and the relevant risk factors as well as assessing their significance in the operations of the organisation (Lenz,SarensD'Silva, 2014). Risk is often assessed while keeping in mind that market trends and business or economic conditions continuously evolve. Internal auditing techniques have changed from being reactive and control based to become more proactive and risk based in nature. This aspect of internal auditing enables the auditors to predict and anticipate future opportunities and concerns based on the current issues. Internal auditors also are skilled in strategic objectives of the organisation, which enables them to review the operations and report their findings to the higher authority.Every organisationmust adhere to the laws, regulations, ethical guidelines and principles of a country (LenzHahn, 2015). Effectiveness of IA to detect organisational fraud According to Abbott, (2000) IA has been found to reduction in the possibility of companies are facing fraudulent financial reporting by the audit committee. However, the size of the internal audit group will contribute the accuracy like larger firm will need larger group of experience auditor to minimize environmental risk (Goodstein, Gautam Boeker1994; Pearce Zahra, 1992; Pfeffer, 1987). Internal audit influence risk management of organisation potential factor element of risks and recline response to counter take the risk appropriately (Ritches Brindley, 2007; Sitkin Amy, 1992). The relevant experiences of the internal auditor play a part in the effectiveness audit performance as well as accuracy to identify the risks. Internal auditor with more year experiences will make faster and prompt response as compare to those who are newly graduates. With Management Support Internal audits effectiveness in performing its duty cant be alienated from cooperation and support by both the management and stakeholder, mentioned by Ebrahimpour and Lee, 1988; Tugiman (2005) whom had exemplify management support played none omitted role that ascertain the successful internal audit and their support result not just influence the quality of internal audit but also constructive and also pessimistic as well. Research done by Gramling, (1999) that proof with lack management support will result in auditor unable to functions efficiency hence will allow fraud, treacherous of accounting information and transaction. Chain reactions from high pressure apply from the management to diminish the independence of the internal audit department. Internal auditing is comprised of tools and other strategies that help to uncover the potential fraud threats to a company. Internal auditing also helps to identify discrepancies in the organisations operations and financial transactions, to clearly track if any fraudulent activities have been carried out (Parkeret al., 2017). Fraud detection methods need to be adaptive, flexible and has to be continuously evolving, in order to meet the changes of the risk environment. Even though preventive measures for fraud are apparent and easily defined, the detective controls to identify fraudulent activities are not always so easy or identifiable themselves. In most cases, organisations have to be reliant on the employees themselves to report suspicious activities that may stem from internal fraud (Ege2014). Employee feedback is helpful in the notion that many employees often want to share their own information regarding the organizational operations and activities, as well as reports and know ledge regarding illegal activities. There are many methods and ways to use the employees to detect fraud within the organisation. For example: Confirmation of code of conduct: When the employees sign a code of conduct in an organisation which they are obligated to follow and respect, it is their responsibility and duty to report any violations of operational activity and the organisation can ask them to do so (Chenet al., 2016). Whistleblower: A telephone hotline can be used by the organisation so that any employee can report suspicious activities to the higher authority while remaining anonymous. This can also an internet based portal or hotline as well. Exit interviews: Conducting exit interviews of employees who are leaving the company or have been terminated can give important insights and knowledge about fraud activities in an organisation.They can also give ideas and information regarding the environments and conditions that induce fraudulent activities (CostanPopa, 2017). Employee survey: Organisations can conduct regular employee surveys to solicit knowledge from the employees that would be giving ideas about fraud or unethical activities within the organisation. Apart from these methods, organsisations can also conduct surprise internal audits in the areas that are prone to fraud activities. Weakness of Internal Auditing Despite internal audit system being a process and mechanism that helps organisations in many ways, it too has some drawbacks and deficiencies and is not completely perfect in ensuring an organisations absolute transparent transactions and operations (Bhattacharjee,Maletta Moreno, 2015). These weaknesses must be addressed by the business owners if they wish to continue with their operations in the industry. Internal audits can be very broad in their application. This can create a weak internal audit control in the organisation (Everett Tremblay, 2014). Business owners should look into creating an internal audit system that would be addressing specific issuesrelated to the business operations because systems that cover too many functions do not produce maximum benefits for the company. Rather, these controlling systems should have only a few clearly defined policies for each department. By having specific policies for specific issues, the business managers and the employees are provided with the ability to focus upon proper application of the control systems and implementation of the policies. Internal safeguards are also often time consuming (Chambers Odar, 2015). In many cases, the managers and the employees are forced to think up of new and alternative approaches to problems that are faced in the business simply because the originally proposed plans are too time consuming and require s special attention that entails other functions to be delayed. In many cases it has been seen that internal audits fail to detect planned fraudulent activities within the company.In order to conceal inefficiencies and manipulate accounts, the management can play many tricks which are never disclosed and hence the audit accounts fail to show a proper fair view of the transactions of the company. If the information that is delivered from the management itself is false, then the internal audits have no chances of identifying these issues and fraud activities will lead to misleading ideas (Abbottet al., 2016). Background entries are also not absolutely clear to the internal auditors and generate vaguely defined clarifications to the accounts. In many cases internal audit reports and formats are not comprehensible simply because of its technicality. The inability to communicate with the employees, and often the managers as well, about the functions of the audit reports and how to interpret them can lead to serious problems as they would not be possessing adequate knowledge (KnechelSalterio, 2016). For small businesses, managers or owners often do not have any clearly defined policies about the key business processes. Ironically, this is one of the most unused control tools that can manage business operations with the minimal efforts. An effective procedure can help to align the business operations with the objectives of the organisation and thus helping to establish the required operating procedures. A clearly defined business plan and procedure is the key for a proper internal audit. However, in most cases, internal audits fail to correctly process the information of the organisation as the auditors do not have any clear idea about the companys operations or procedures (Hopkin, 2017). If these drawbacks of the internal audit control system can be tackled and overcome, there is a full possibility that businesses and organisations would be able to operate according to the goals of the company and also have a clearer and transparent functionality (Malaescu Sutton, 2014). Data and comparison for organisation with and without IA In recent years there has been significant discussions and debates regarding whether internal audit is in fact beneficial to organisations and if companies which use internal audit processes are more likely to detect incidents of fraudulent activities within the organisation. To determine if IA is indeed helpful to detect fraud, survey data of KPMG Fraud Survey from 2004 that used a unique self-reporting fraud measurement for the first time, which related to misappropriation of assets. The survey gave results that successfully showed that organisations that used internal audits were more likely to detect fraud than those which did not. Furthermore, companies that outsourced their internal audit functions were also less likely to detect any activities that may pertain to being fraudulent in nature (BadaraSaidin, 2013). This gave significant and logical explanation that internal audit actually does add value to the functionalities and operations of the company through better controlling and monitoring procedures within organisations. In 2004, KPMG conducted a huge survey taking data from 491 organisations and compared the data to understand whether internal audit is beneficial for organisations to detect fraud. The survey was based on the hypothesis that organisations with internal audit can detect fraud better than organisations without the same. Moreover, the survey also aimed to give definitive answers regarding whether orgnisations that outsource their internal audit control systems are less likely to detect fraudulent activities than those which conduct the audits from within the organisation. The participants of the survey were the organisations that responded to the fraud survey across Australia and New Zealand. Industries including government organisations had participated in the survey through mails. A median revenue of $180 million and a median employee capacity of 545 showed that these organisations were all economically significant (Coetzee Lubbe, 2014). The organisations were required to fill out a m ailed questionnaire regarding whether they have internal audit or not and the size of the process, as well as the bodies that were responsible for carrying out the audit. Among the organisations, 68 percent had internal audit; 48 percent of them using their own staff for the audit, 27 percent outsourced the process and 25 percent conducted the survey using both the surveys. Almost 44 percent of the respondents had experienced fraud. The survey used a chi-square test to understand the relatedness, or independence, between the organisations with or without internal audit function and the likelihood of the same to report fraud activities in the organisation. The chi-test came out with a value of 26.79 with p0.001. this shows a significant difference in the detection of fraud depending on the existence of internal audit. Internal audit helps organisations to self-report fraud. The size of the organisation is highly correlated to the chances of a fraud and reporting it. The survey clearly showed that organisations with internal audit is more likely to detect and report fraud than those which do not. It was also concluded that insourcing the audit is more effective than absolutely outsourcing the entire process (Christet al., 2015). The fact that this survey was conducted based on self-reported data ensures the gathered information is rich and also shows that the companies which did have an internal audit control process were more likely to participate in the survey, as they can detect the cases better. Analyses on fraud case studies Corporate Scams are one of the biggest organizational troubles, which not only harms the economy of the company but the country as well (Waisman, Ye Zhu, 2015). The cases of the frauds taking place in the organization are often due to the involvement of a number of top employees in the organization. The inability to detect such frauds is often attributed to the auditors, as they are the ones conducting the internal audits in the organization. one of the major issues of concern brought into question is the fact that how these frauds are covered up all these years and fail to show up unless there is whistleblower. The fraud of Toshiba amounting to 1.2 billion USD is greatly harmed the organization and brought it to the verge of bankruptcy but the issue worth contemplating is how it went undetected even after internal audits. The Toshiba fraud brings the auditing company Ernst Young ShinNihon in question of fraudulent activities. It is the Auditor of a number of companies involved in accounting scandals Japan most notably the Olympus scandal in 2011 ("Key questions in Toshiba scandal still unanswered", 2017). In case of the Toshiba scandal the motive of the executive was not of siphoning off profits from the organization but to hide losses to make the company look good in the eyes of the investors and the stake holders (Suzuki, 2017). The Undetected Fraud: One of the major questions posed by this fraud was the cover-up of the fraud. The reason of the cover-up and the process of the cover up of the fraud are a topic to be concerned. The major strategy of managing the organization among the Japanese is to give more importance to the will of the will of the executives than of the stakeholders. It was not that the people in the organization did not know of the fraud but the Japanese business organization run on as practice known as makoto (Engelberg, 2017). This gives an organization a military like structure and a work environment, which fields the view that the stakeholders should always know that everything is fine in the organization leading to top-down cover-up of the issues in the organization (Engelberg, 2017). The makoto code prohibits the employees from sharing the problems faced by the organization outside the organization (Mcfarlin Sweeny, 2008). The fraud of Olympus was also revealed when an outsider was appointed as the CEO. The organizational structure followed by the Japanese organizations is largely responsible for the cover up of the fraud. Why Internal Audit did not detect Toshiba Fraud The corporate Audit division of the organization conducted the Internal Audit of Toshiba. The Corporate Audit division of the company mainly provided the consultation service to the different organizations of the company. The Internal Audit wing of the organization is not differentiated from the management because of which the auditors too were involved in the hiding of the data of the losses being run by the organization. the internal auditors of the organization usually should not provide consultation services. The internal audit of a company can only be true to its motive if it is allowed to function without any influence, which is not the case with Toshiba (Bhattacharyya, 2017). The lack of independence while conducting internal audits is one of the major causes of the fraud not being detected. The makoto culture prevalent in the organization made the companys Internal Auditors to work in the favor of the organization and make favorable accounts (Kazuo, 2017). The constant effort of the organization to meet the will of the executive of the organization and the Japanese culture of trying to make the company look good in the eyes of the stakeholders is one of the major reasons of the internal audit cover up. Thus, in the case of Toshiba it is not the personal gain and the lack of internal audit facilities causing the total fiasco. The organizational system of Toshiba is responsible for the cover up as it does not allow the Internal Audit to run independently and the accounting rules are bent to fit the executives will. References Abbott, L. J., Daugherty, B., Parker, S., Peters, G. F. (2016). Internal audit quality and financial reporting quality: The joint importance of independence and competence.Journal of Accounting Research,54(1), 3-40. Alzeban, A., Gwilliam, D. (2014). Factors affecting the internal audit effectiveness: A survey of the Saudi public sector.Journal of International Accounting, Auditing and Taxation,23(2), 74-86. Badara, M. A. S., Saidin, S. Z. (2013). The relationship between audit experience and internal audit effectiveness in the public sector organizations.International Journal of Academic Research in Accounting, Finance and Management Sciences,3(3), 329-339. Bhattacharjee, S., Maletta, M. J., Moreno, K. K. (2015). The Role of Account Subjectivity and Risk of Material Misstatement on Auditors' Internal Audit Reliance Judgments.Accounting Horizons,30(2), 225-238. Bhattacharyya, A. (2017).Toshiba - a case of internal audit failure.Business-standard.com. Retrieved 25 November 2017, from https://www.business-standard.com/article/opinion/toshiba-a-case-of-internal-audit-failure-115080900760_1.html Boyle, D. M., DeZoort, F. T., Hermanson, D. R. (2015). The Effects of Internal Audit Report Type and Reporting Relationship on Internal Auditors' Risk Judgments.Accounting Horizons,29(3), 695-718. Chambers, A. D., Odar, M. (2015). A new vision for internal audit.Managerial Auditing Journal,30(1), 34-55. Chen, Y., Gul, F. A., Truong, C., Veeraraghavan, M. (2016). Auditor client specific knowledge and internal control weakness: Some evidence on the role of auditor tenure and geographic distance.Journal of Contemporary Accounting Economics,12(2), 121-140. Christ, M. H., Masli, A., Sharp, N. Y., Wood, D. A. (2015). Rotational internal audit programs and financial reporting quality: Do compensating controls help?.Accounting, Organizations and Society,44, 37-59. Coetzee, P., Lubbe, D. (2014). Improving the Efficiency and Effectiveness of Risk?Based Internal Audit Engagements.International Journal of Auditing,18(2), 115-125. Costan, L., Popa, S. (2017, May). The Company's Internal Audit Seen as a Piece of a Complex System. InControl Systems and Computer Science (CSCS), 2017 21st International Conference on(pp. 371-374). IEEE. Ege, M. S. (2014). Does internal audit function quality deter management misconduct?.The Accounting Review,90(2), 495-527. Engelberg, K. (2017). Law.emory.edu. Retrieved 25 November 2017, from https://law.emory.edu/ecgar/_documents/volumes/3/3/essays/engelberg.pdf Everett, J., Tremblay, M. S. (2014). Ethics and internal audit: Moral will and moral skill in a heteronomous field.Critical Perspectives on Accounting,25(3), 181-196. Hayes, C. H. (2017). Internal audit as police: perhaps it's time to embrace our image as corporate protectors rather than fighting against it.Internal Auditor,74(3), 68-69. Hopkin, P. (2017).Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers. Kazuo, M. (2017).Toshiba Accounting Scandal Highlights Issues in Corporate Governance.nippon.com. Retrieved 25 November 2017, from https://www.nippon.com/en/in-depth/a04802/ Key questions in Toshiba scandal still unanswered. (2017).Aljazeera.com. Retrieved 25 November 2017, from https://www.aljazeera.com/indepth/features/2015/10/key-questions-toshiba-scandal-unanswered-151011075457531.html Knechel, W. R., Salterio, S. E. (2016).Auditing: Assurance and risk. Taylor Francis. Lenz, R., Hahn, U. (2015). A synthesis of empirical internal audit effectiveness literature pointing to new research opportunities.Managerial Auditing Journal,30(1), 5-33. Lenz, R., Sarens, G., D'Silva, K. (2014). Probing the discriminatory power of characteristics of internal audit functions: sorting the wheat from the chaff.International Journal of Auditing,18(2), 126-138. Malaescu, I., Sutton, S. G. (2014). The reliance of external auditors on internal audit's use of continuous audit.Journal of Information Systems,29(1), 95-114. Mcfarlin, D., Sweeny, P. (2008).International Management 2008 Edition: Strategic Opportunities And Cultural Challenges(pp. 119-120). Wiley. Newton, N. J., Persellin, J. S., Wang, D., Wilkins, M. S. (2015). Internal control opinion shopping and audit market competition.The Accounting Review,91(2), 603-623. Parker, R. J., Dao, M., Huang, H. W., Yan, Y. C. (2017). Disclosing material weakness in internal controls: Does the gender of audit committee members matter?.Asia-Pacific Journal of Accounting Economics,24(3-4), 407-420. Pizzini, M., Lin, S., Ziegenfuss, D. E. (2014). The impact of internal audit function quality and contribution on audit delay.Auditing: A Journal of Practice Theory,34(1), 25-58. Suzuki, D. (2017). ACCOUNTING FRAUD AND ACCOUNTING STANDARDS: THE CASE OF TOSHIBAS FRAUDULENT ACCOUNTING. . Waisman, M., Ye, P., Zhu, Y. (2015). The effect of political uncertainty on the cost of corporate debt.Journal of Financial Stability,16, 106-117. Yee, C. S., Sujan, A., James, K., Leung, J. K. (2017). Perceptions of Singaporean internal audit customers regarding the role and effectiveness of internal audit.Asian Journal of Business and Accounting,1(2), 147-174.

Of Mice And Men Essays (489 words) - English-language Films, Films

Of Mice And Men George was in a state of shock after he had shot Lennie. All of the workers were suspicious of George and they were all talking about the incident when George went back home. Curley was very angry and he was looking to cause trouble as usual. Curley came up with a preposterous idea that George had planned to kill Lennie. He told all the workers that George was to have Lennie do all the work and then George would rake in all the pay. He said that Lennie didn't like it anymore and he threatened to tell on George. Curley said that George was just looking for a reason to shoot his friend. After George had told everyone of George's plan they were going to confront George. When they did, George threw a punch at Curley and a fight broke out between George and most of the workers. George got thrown to the ground and that's when Slim stepped in. Slim threatened to hurt every one of them if they didn't go away. The next day when George had awakened from his bloody beating, Slim had told George that Curley's father had canned the both of them. Slim and George were trying to figure out what they were going to do. George remembered that he told the old couple that he would take the farm. When he told Slim about the idea of the farm, Slim agreed and they tried to come up with the money. Between George, Slim, and Candy, they only had 500 dollars, which included what they had already sent to the old couple. They thought and thought of an idea to get another 100 dollars, but there was no possible way they could. They had all packed up and they were ready to be on their way. They began to walk out into the forest and to see what new obstacles they would have to overcome. George and Slim heard hooves off in the distance. All of the sudden they saw two men on horses in the distance. One of the men was white and the other was black. When they got near, George and Slim realized that it was Candy and Crooks! When they got off the horses, Crooks took out 100 dollars and handed it to George. They all were jumping and yelling with happiness. George looked up and yelled ?we finally did it, we finally did!? They made camp and the next day George mailed off the letter with the rest of the money. With the four men on horses they were on their way to their new life. They reached the farm a few days later to greet the old couple. They looked around and the place needed a fixing up, but to them the place was a dream farm. They realized that they had overcome their challenges and they were ready to start a new beginning.

Free Essays on Kinesics

One of the 8 types of non-verbal communication, I feel most aware of is Kinesics. Peoples response to things can be vary unique at times. We respond differently according to how we feel about something. We can say something, but mean something else with non-verbal communication. You can respond to something or someone in many ways according to how you feel towards the situation. Kinesics also carry a message behind it, in which sometimes can not be understood clearly. When watching someone being lectured to and seeing the different non-verbal responses they have, is like reading the persons mind. One can tell if someone is paying attention to something or if their avoiding the situation. As much as alert one is, their posture, eye contact, and facial expressions will be more serious. If one slouches, looks elsewhere, and unhappy, I would conclude that they not interested. Responsiveness is very important when it comes to relationships. Relationships between children and parents can be very complicated, especially when your trying to unscramble their non-verbal responses. Children have a way of listening to something, but it is mostly going through one ear and coming out of the other. The way children respond to something they don’t want to hear includes tapping their fingers, looking around and messing with something else. Whenever I observe a couple arguing, I pick up on expressions and the feeling on is non-verbally responding to. When one is doing more of the talking and the other is mostly ignoring everything they say. Folding the arms, tapping the feet or fingers, and taking deep breaths indicate how he/she feels toward the conversation. After all some people know how one feels about something, but will completely ignore their response to it. Responses can also be misunderstood when you are not familiar with a particular response. At the same time, the meaning to response can be sensed only by the one who knows you bette... Free Essays on Kinesics Free Essays on Kinesics One of the 8 types of non-verbal communication, I feel most aware of is Kinesics. Peoples response to things can be vary unique at times. We respond differently according to how we feel about something. We can say something, but mean something else with non-verbal communication. You can respond to something or someone in many ways according to how you feel towards the situation. Kinesics also carry a message behind it, in which sometimes can not be understood clearly. When watching someone being lectured to and seeing the different non-verbal responses they have, is like reading the persons mind. One can tell if someone is paying attention to something or if their avoiding the situation. As much as alert one is, their posture, eye contact, and facial expressions will be more serious. If one slouches, looks elsewhere, and unhappy, I would conclude that they not interested. Responsiveness is very important when it comes to relationships. Relationships between children and parents can be very complicated, especially when your trying to unscramble their non-verbal responses. Children have a way of listening to something, but it is mostly going through one ear and coming out of the other. The way children respond to something they don’t want to hear includes tapping their fingers, looking around and messing with something else. Whenever I observe a couple arguing, I pick up on expressions and the feeling on is non-verbally responding to. When one is doing more of the talking and the other is mostly ignoring everything they say. Folding the arms, tapping the feet or fingers, and taking deep breaths indicate how he/she feels toward the conversation. After all some people know how one feels about something, but will completely ignore their response to it. Responses can also be misunderstood when you are not familiar with a particular response. At the same time, the meaning to response can be sensed only by the one who knows you bette...

ACOSTA Surname Meaning and Origin

ACOSTA Surname Meaning and Origin The Spanish and Portuguese surname Acosta originated as a name used to  refer to a person who lived on a riverbank or by the coast, or from the mountains (encostas). The name derives from the Portuguese da Costa, a cognate of English coast. Acosta is the 60th most common Spanish surname. Alternate Surname Spellings: COSTA, COSTAS, COSTES, DA COSTA, COSTE, COTE, LACOSTE, DELACOSTE, DELCOTE, CUESTA, COSTI Surname Origin: Spanish, Portuguese Where Do People With the ACOSTA Surname Live? According to  Forebears, Acosta is the 518th most common surname in the world. It is found most prevalently in Paraguay, where it ranks 14th in the nation, followed by Uruguay (16th), Argentina (20th), Cuba (27th), Dominican Republic (42nd), Venezuela (45th), Colombia (51st), Panama (73rd) and Mexico (78th).  Within Spain, Acosta is found most frequently in the Canary Islands, according to WorldNames PublicProfiler.  In the United States, the Acosta surname follows the patterns of most Hispanic surnames, being found most often in the states of Florida, Texas, California, Arizona, New Mexico, Nevada, Colorado, Illinois, New York, New Jersey, Vermont, and Connecticut. Acosta is also fairly common in eastern Canada, especially in Toronto and Quebec. Famous People With the ACOSTA Surname Joaquin Acosta -  19th-century Colombian explorer and writerMercedes de Acosta - American poet, playwright, and novelistCarlos Acosta - Cuban ballet dancerManny Acosta - Panamanian professional baseball playerHector Acosta - Dominican musician Genealogy Resources for the Surname ACOSTA 100 Most Common Spanish SurnamesHave you ever wondered about your Spanish last name and how it came to be? This article describes common Spanish naming patterns and explores the meaning and origins of 100 common Spanish surnames. How to Research Hispanic HeritageLearn how to get started researching  your Hispanic ancestors, including the basics of family tree research and country-specific organizations, genealogical records, and resources for Spain, Latin America, Mexico, Brazil, the Caribbean, and other Spanish speaking countries. Acosta Family Crest - Its Not What You ThinkContrary to what you may hear, there is no such thing as an Acosta family crest or coat of arms for the Acosta surname.  Coats of arms are granted to individuals, not families, and may rightfully be used only by the uninterrupted male-line descendants of the person to whom the coat of arms was originally granted.   The Acosta DNA Surname ProjectThe Acosta Family Project seeks to find common heritage through sharing of information and DNA testing. Any variant spellings of the Acosta surname are welcome to participate. ACOSTA Family Genealogy ForumThis free message board is focused on the descendants of Acosta ancestors around the world. Search past queries, or post a question of your own. FamilySearch - ACOSTA GenealogyAccess over 1.1 million free historical records and lineage-linked family trees posted for the Acosta surname and its variations on this free genealogy website hosted by the Church of Jesus Christ of Latter-day Saints. ACOSTA Surname Mailing ListThis free mailing list for researchers of the Acosta surname and its variations includes subscription details and searchable archives of past messages. Hosted by RootsWeb. DistantCousin.com - ACOSTA Genealogy Family HistoryExplore free databases and genealogy links for the last name Acosta. The Acosta Genealogy and Family Tree PageBrowse family trees and links to genealogical and historical records for individuals with the last name Acosta from the website of Genealogy Today. -References: Surname Meanings Origins Cottle, Basil. Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967. Dorward, David. Scottish Surnames. Collins Celtic (Pocket edition), 1998. Fucilla, Joseph. Our Italian Surnames. Genealogical Publishing Company, 2003. Hanks, Patrick, and Flavia Hodges. A Dictionary of Surnames. Oxford University Press, 1989. Hanks, Patrick. Dictionary of American Family Names. Oxford University Press, 2003. Reaney, P.H. A Dictionary of English Surnames. Oxford University Press, 1997. Smith, Elsdon C. American Surnames. Genealogical Publishing Company, 1997. Back to Glossary of Surname Meanings Origins

Describe the process of graft rejection in transplantation Essay

Describe the process of graft rejection in transplantation - Essay Example tegorized by thrombotic occlusions and haemorrhage of the graft vasculature occurs as a result of pre-existing host antibodies that remain bonded to antigens found in the graft  endothelium. The complement system gets activated through the recognition of the antigens, accompanied by invasion of neutrophils. Coagulation is initiated by the lipid particles that are discarded from the endothelial cells and platelets. The graft gets vascularised through the inflammation that occurs and the graft suffers irreparable damage (Graft Rejection, n.d.). Acute rejections are common in transplants and usually occur by incompatible HLA antigens found in the cells. T-cells are involved in rejections that result in the production of cytokines by the graft cells that engage other inflammatory cells in the process, and cause necrosis of allograft tissues. In chronic rejections occlusions are visible in graft arteries that are caused by the smooth muscle cells that proliferate and the fibroblasts that produce collagens. This process is known as accelerated or graft arteriosclerosis and that causes fibrosis and can lead to ischemia and cell death (Graft Rejection, n.d.). Sensitization and Effector are the two primary stages of the process of the graft rejection process in transplantation. In the sensitization stage, the CD4 and CD8 categories of T-cells use their receptors and identify the alloantigens that are present on the foreign graft cells. The signals required for the process are provided by the interactions between the T-cell receptor and antigen, and co-stimulatory receptor/ligand with T-cell or APC regulator. Peptide-binding grooves are formed by the helices of MHC molecules and these are made in use by the peptides derived from normal cellular proteins. Direct and indirect pathways of allorecognition cause the production of diverse sets of allospecific clones of T-cell (Malhotra, 2011). The effector mechanisms are supported by the Alloantigen-dependent and independent

Republican vs. democratic views on a problem Essay

Republican vs. democratic views on a problem - Essay Example Democrats generally tend to take a more short-term approach to fixing the economy. When individuals in the nation are hurt by a weakened dollar or other negative environmental events, democrats begin looking toward ways to stabilize the lifestyles of the majority of citizens in the nation. Republicans support the efforts of corporate in the event of economic problems. This support would generally come in the form of business tax breaks and other economic incentives, designed to stabilize the health and wealth of the contemporary businessperson. Adam Smith, a renowned 18th Century economist, believed that strengthening the economic position of companies creates a trickle-down effect through jobs creation and social improvements. Smith further suggested that companies maintain no other responsibility other than to build a profit so that society can reap the benefits of better products. Republicans appear to believe strongly in the theories proposed by Adam Smith, as each time the nation faces an economic struggle, the Republican Party begins searching for new methods to boost the strength of the publicly-traded (Wall Street)

Fear and Immensely Powerful Body Essay Example for Free

Fear and Immensely Powerful Body Essay In This Descriptive essay, I will be writing about the Monster Grendel, from the story of Beowulf. I will be giving details about him, while he is in action in a scene of the story, which will lead to my conclusion of why I believe he is a coward, a horrible monster, above all, an obmination. Prepared to spill the blood of unsuspecting, drunken warriors in their sleep, Grendel quickly broke doen the reinforced door to the Herot with great strength and viciousness. Grendels strides were expansive. With each step, the monsters huge, feet practically flew, one after the other. The floor seemed to be instantly displaced due to his impressive agility. His eyes gleamed in the darkness, burned with a gruesome light. Before any of the soldiers had the chance to wake up, Grendel had killed on of them. Torn apart like soft bread, the corpse was drained and wholly devoured. The bounty before me is exquisite, a divine-delicacy, unkept and delightfully vulnerable Grendel speculated refering to his favorable luck. Unbeknownst to Grendel, fate had a bad future arranged for the monster. Hardly satisfied with taking only one life, the demon walked on to his next vitcim. Laying before Grendel was the Geat called Beowulf. Without particular concern for the identity of his presumed meal, he thrusted his fiendish claws towards the laying man. His arm was instantaneously seized by Beowulf. Nowhere on Earth had Grendel met a man whose hands were harder. Frozen in shock, Grendels sense was delayed. Once he realized the situation he was in, His mind flooded with fear. The horrible monster was crazy in his struggle for control. Never had Grendel shown such fear, had he ever known such fear. Grendel wished for nothing more but to escape. Resisting the beast-among-men with every ounce of strength and determination in his immensely powerful body, but to no usefulness. Grendel weakened, his muscles had been thrashed, wounded, and completely exhausted of use. Beowulf, however, was far from failure. With his legendary grip tightening every moment, Grendels body began to submit to the boundless abuse delivered by the great Beowulf With a tremendous crack, the endurance of that monster had been compromised entirely. Beowulf tore the arm from Grendel, along with a considerable portion of the corresponding torso. Grendel then fearfully scurried to the marsh which he afflicted with his presence. The despicable coward festered in both physical agony as well as emotional trauma. As Grendel slowly faded from existence, the eternal darkness in-store wore away at his soul. His lifetime of fear and disgusting maliciousness had shaped an afterlife consisting of nothing. His soul was to be shed, Grendel then waited to end. Grendel expierences the same ammount of fear when he battled with Beowulf, that humans feel when Grendel attacks. Grendels character is rather a cowardly, a vicious, a horrible one. He attacks only at night is very fearful during the battle with Beowulf.

The Allegory of the Cave and Dante Essay -- Plato Allegory Cave Dante

The Allegory of the Cave and Dante â€Å"If you would not be forgotten as soon as you are dead and rotten, either write things worth reading or do things worth writing.† This maxim applies to the poet Dante Alighieri, writer of The Inferno in the 1300s, because it asserts the need to establish oneself as a contributor to society. Indeed, Dante’s work contributes much to Renaissance Italy as his work is the first of its scope and size to be written in the vernacular. Due to its readability and availability, The Inferno is a nationalistic symbol. With this widespread availability also comes a certain social responsibility; even though Dante’s audience would have been familiar with the religious dogma, he assumes the didactic role of illustrating his own version of Christian justice and emphasizes the need for a personal understanding of divine wisdom and contrapasso, the idea of the perfect punishment for the crime. Dante acts as both author and narrator, completing a physical and spiritual jou rney into the underworld with Virgil as his guide and mentor. The journey from darkness into light is an allegory full of symbolism, much like that of Plato’s Allegory of the Cave, which shows a philosopher’s journey towards truth. Therefore, Dante would also agree with the maxim, â€Å"Wise men learn by others’ harms; fools scarcely by their own,† because on the road to gaining knowledge and spiritual enlightenment, characters who learn valuable lessons from the misfortunes of others strengthen their own paradigms. Nonetheless, the only true way to gain knowledge is to experience it first hand. Dante’s character finds truth by way of his own personal quest. Dante’s poetry is rich in symbolism of light and darkness. At the beginn... ...ards monstrous figures and sympathy towards those who seem to be tortured unjustly. In his perverse education, with instruction from Virgil and the shades, Dante learns to replace mercy with brutality, because sympathy in Hell condones sin and denies divine justice. The ancient philosopher Plato, present in the first level of Hell, argues in The Allegory of the Cave that truth is possible via knowledge of the Form of the Good. Similarly, Dante acquires truth through a gradual understanding of contrapasso and the recognition of divine justice in the afterlife. Ultimately, Dante recognizes that the actions of the earthly fresh are important because the soul lives on afterwards to face the ramifications. By expressing his ideas on morality and righteousness, Dante writes a work worth reading, immortalizes his name, and exalts the beliefs of his Christian audience.

Financial Markets in Pakistan Essay

A financial market is a place for buying and selling of financial securities such as stocks and bonds. It facilitates: * The raising of capital (in the capital markets) * The transfer of risk (in the derivatives markets * In matching those who want capital to those who have it. Financial Market in Pakistan consists of (i) Money Market which provides short term funds and (ii) Capital Market which makes long terms funds available to businesses and industries. The Financial market can be reclassified into (i) Primary Market in which new shares or bonds are issued and (ii) Secondary Market in which securities previously issued are traded such as Shares, Bonds, Commercial Papers, Options and Mutual Fund. Of this, the banking sectors and non-banking sectors are regulated by the central bank, State Bank of Pakistan. While rest of the market (lease, stock exchanges, modarba, mutual funds and insurance) is regulaled by Secruities and Exchange Commission of Pakistan. FINANCIAL MARKETS AND THEIR ROLES: COMMERCIAL BANKS A type of bank providing checking and saving accounts, credit cards and business loans. Such a bank induces general public to deposit their savings in the banks and offers a wide range of services such as: * Deposit Mobilization * Money transfer * Financing Working Capital * Financing other trade related mode (import and export) * Investing in government securities * Call money operations These banks are of three categories (i) Public Sector Banks, (ii) Private Bank and (iii) Foreign Banks. LEASE -FINANCE EQUIPMENT INVESTMENT BANKS Investment banks perform a variety of functions. Primarily, they assist corporations to raise equity-capital by underwriting the public issues. They also assist companies desiring of mergers and acquisition and derivatives. In addition, they provide services like trading of derivative, foreign exchange, fixed income instruments and shares listed on the stock exchanges. Such banks cannot take deposits. They manage their affairs by charging fees such as (i) retainer fee, (ii) advisory fees based on the transactions, (iii) commission on underwriting and (iv) other financial services. PICIC was once a premier development in Pakitan but has merged with a commerical bank. BOND MARKET OUTLOOK DEVELOPMENT BANKS These banks provide guidance in selection of industrial units and extend direct financial assistance to partly cover their financial requirements. Also, they engage themselves in promotional activities to attract investors towards neglected sectors through publishing brochures and research papers. Besides, they help in assessing feasibility of potential projects. Such banks are responsible for speeding up the pace of economic growth in the country in conformity with the national objectives, plans and priorities. Their core functions are: * Direct financial assistance * Catalytic function * Mobilization of domestic savings * Ensuring balance regional and industrial growth * Expanding entrepreneurial base by encourage new comers At one time, there were 14 Development Banks in Pakistan. However, most of them have been closed one after another as their bad debts mounted up. It is natural as they take substantial risks in promoting new types of industrial projects in underdeveloped areas sponsored preferably by new-comers. Nevertheless, their contribution brings fruits to the economy in the shape of successful industrial units and transfer of technology. At present, 8 development banks are operating which mostly are joint-venture with other Islamic Countries. MICROFINANCE BANK A microfinance bank would cater to the credit needs of poor households and their small enterprises. Thus microfinance bank provide credit to those poor who are not considered creditworthy by the commercial banks and other financial institutions. On the other hand, the microfinance bands recognize every single human being as a potential and creditworthy entrepreneur. In addition, they provide basic training in start of a small business, simple book-keeping and accounting. The main aim of microfinance institutions is alleviation of poverty through helping poor persons to earn some money especially the women. ISLAMIC BANKS In Islam, it is prohibited to charge interest on any loan. However, it is acceptable to pass on funds to a needy person or corporation for trade purpose in which case profit could be shared on an agreed basis whereas loss should be shared according to the funds invested. Besides, there are certain businesses where any form of deal is forbidden like alcohols and pork. Accordingly, Islamic bank refer to a banking activity which is consistent with the Sharia, the Islamic Laws. Otherwise, there is no difference between the traditional banks and the Islamic bank. DISCOUNT HOUSES These are firms which buys and discounts bills of exchange, banker’ acceptance, commercial paper, etc. Discount houses also tender for treasury bills, deal in short-dated government bonds, and are an important part of the short-term money markets. INSURANCE COMPANIES Insurance is a hedge against the risk of a contingent and uncertain loss. In other words, it is the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. For this service, the insurer charges a fee called premium depending upon the risk involved. Besides traditional insurance companies, there are many Islamic insurance companies in Pakistan known as Takaful operators. Takaful is an Islamic insurance concept based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants. These companies believe in promoting the cause of Takaful as well as promoting the insurance business in a Shariah Compliant i.e. halal and absolutely Riba-Free insurance. STOCK EXCHANGES Stock exchange is a place where securities are bought and sold. Such securities include shares, derivative, unit trusts and bonds. It also provides facilities for the issue and redemption of securities. Prices of shares and bonds are influenced by their demand and supply like in other commodities. In order to list a security on the stock exchange, there are certain requirements. Transactions in the stock exchange are conducted by members only. Stock exchange serves both as a primary market for the initial public offerings and as a secondary market for their subsequent buying and selling Investors are not bound to sell stock or bond through the stock exchange. They can directly deal with the seller. Similarly, there is no compulsion that stock must be traded on the exchange. The securities can change ownership out of the exchange which is called ‘over the counter† or â€Å"curb dealings.† LEASING It is a contract where owner of an asset agrees to allow someone to use it for a fixed rental. It can be for fixed or indefinite period of time. It is a binding contract which sets out terms of lease agreement between the owner and the user. Leases are of various types mainly (i) a financial lease and (ii) an operating lease. The financial lease is long-term and non-cancellable contract where the user assumes some of the risks of ownership and has the right to keep the assets or get it transferred to its own name after fulfilling the necessary conditions. In operating lease, the owner transfer only the right to use the assets which is returned back at the end of the lease. There are some other types especially in the aircraft industry like wet lease and dry-lease and. In wet lease, a company agrees to provide an aircraft along with pilot and crew and would be responsible for the maintenance of the aircraft. Dry lease, on the other hand, refers to leasing only the aircraft. MODARBA If is a form of partnership which has two distinct parties: (i) the financier and (ii) the manager. The financer takes no part of management of the business. The profits are distributed among the subscriber while the manager is paid the usual salary. Modarba is one the modes of Islamic finance. It is like mutual fund minus its un-Islamic features. Not only in Pakistan, the Islamic financial services industry has witnessed a phenomenal growth all over the Islamic world. In particuar, the Modaraba Sector has been able to create a market niche for itself in the corporate sector. This model is enjoying a unique recognition due to its well designed structure with proper rules and regulations defined by the regulators. It has proved its resilience in this time of global financial turmoil. MUTUAL FUND It is a professionally managed type of pooled investment for acquiring securities like stocks, bonds, marketable securities and commodities. The profit is distributed by way of dividend to all investors. Financial market in Pakistan experienced boom conditions in1991 due to liberalization policies of the government. There was a manifold increase in the number of listed companies; number of commercial banks, local and foreign and financial instruments like commercial paper. But it has still to develop and a number of suggestions have been made: * The public sector should reduce its dependence on State Bank of Pakistan. * The infrastructure projects should be financed through domestic bonds of longer maturities (10-20 years). * The financial sectors (capital markets, micro credit, banking and non-banking sector) should have a better and more clearly delineated division of responsibilities. * Foreign institutional investors should be encouraged to take up (i) private equity funds, (ii) private pension funds, (iii) provident and gratuity funds and (iv) Real Estate Investment Trusts. * Mortgage financing should be encouraged.

“A Raisin In A Sun” by Lorraine Hansberry Essay

I have a dream†¦ â€Å"A dream deeply rooted in the American Dream.† â€Å"I have a dream that one day this nation will rise up and live without the true meaning of its creed: â€Å"we hold these truths to be self- evident: that all me are created equal.† â€Å"I have a dream that my four children will one day live in a nation where they will not be judge by the color of their skin but by the content of their character.† â€Å"I have a dream that one day little black boys and black girls will be able to join hands with white boys and white girls are walk together as sisters and brothers.† Martin Luther King Jr. In the play â€Å"A Raisin In A Sun† by Lorraine Hansberry is essentially about dreams, including the American Dream. The play takes place around the 1950’s in Chicago’s south side, when segregation was still around. In this play you meet a cast of people with dreams of a better life that compares the novel â€Å"A Raisin in the Sun† with Martin Luther King’s speech â€Å"I Have a Dream.† It Analyzes the similar themes found in play like racial injustice, socio-economic discrimination, dream fulfillment and the fact that it takes place during the same time. There are many aspects that are discussed in both â€Å" A Raisin in the Sun† and â€Å"I have a dream† speech. Perhaps the most important of those are racial injustice, socio-economic discrimination, unity, and the struggles for the American dream. In this play there are many different dreams, Mama’s dream is to create a better life for her family. The American dream, which is the idea of success that involves owning a house, being able to provide a better life for your family and to attain certain material objects. Mama’s dream is the American dream of moving her family out the small cramped house and into a bigger house, that is perfect for a family of five with a yard children can play and where she can tend a garden. For many African Americans during the 1950’s â€Å"The American dream† was to be treated equally and before that their dream was freedom, an end to slavery.Martin Luther King’s famous â€Å"I Have a Dream Speech† and the play â€Å"A Raisin in the Sun† have many similarities. They both have the  desire for black and white equality. They also want to make a change and live the way they feel is right for them to live. They both willing to take chances in doing so and begin to achieve by trying. A Raisin in the Sun and â€Å"I Have a Dream† speech both deal with many issues but none more important than injustice. Racism was the root cause of all the discrimination and injustice African Americans faced. Martin Luther King Jr. speech and Lorraine Hansberry both are examples of the starving freedom of black American and both speak the truth of the realities of life and dreams for the future of all Americans. Even after many years of African Americans being released from slavery and became free Americans, they were still treated the same and that they are not actually free until the people are all equal regardless to skin color. Walter Lee and Martin Luther King Jr. both make the same points because they both have their big dreams and are willing to do anything to make their dreams come true. A dream is to envision another life or characteristic that could be better or worse than what the person already has. In the case of most people it is a dream that is positive. People mainly are selfish dreamers who dream only about themselves but there are some who dream about the world or others such as friends and family. Two examples of these types of dreamers are Mama and Martin Luther King Jr. In Dr. King’s speech he brings up that his dream is not only for him but also for others with the same problem. He is a caring dreamer, one who believes others come first then him. Mama is this type of dreamer because her dreams are for her family and the well being of them. Even though Mama’s dream is not as deep or motivational as Dr. King, it is still a non-selfish dream. Mama’s dream was to get a house that was more suitable to live in then the current house that the Youngers live in. Which was dirty and small. They were cramped up and highly uncomfortable, it was defiantly not a proper house for five people and a baby on the way. Therefore Mama’s dream of having better living qualities was a smart investment. â€Å"Them houses they put up for colored in them areas way out all seem to cost twice as much as other houses. She found a nice house for a good price in a White neighborhood; white neighborhoods had bigger and cheaper homes then black neighborhoods. She found the best deal as she said her self: I did the best I could† (Act 2. Scene 1.93) Mama thinks she chose the best option for the family and she did. This can be related to Marin  Luther King Jr.’s dream as well.He dreamed of a world where black and whites and all races would live in peace. He envisioned that there would be no hate because of skin tone or place of origin. He dreamt that â€Å"We cannot be satisfied as long as a Negro’s basic mobility is from a smaller ghetto to a larger one† (â€Å"I Have a Dream† by Martin Luther King Jr.) By this line he meant that they should not stop fighting for equal rights until they move out of little suburban areas classified as ghettos. Once again that speech can relate to Walter Lee, when he finally takes a stand in his â€Å"manly hood† and shows his pride in his family. The story ended as him being the head of the family because he took control and became a family man by rejected an offer from a white businessman to stay out of a white neighborhood and to stay with all blacks. When Travis smiles up at his father; this is when Walter Lee has a sudden change of heart. He explains to Mr. Lindner that his family members are plain proud people and how his father worked for decades as a laborer, which his father basically earned the right for his family to move into their new home in Clybourne Park. They have come so far and worked so hard why turned it down, they have earned it, its only fare. Walter realizes and rediscovers his self-worth, Self-respect and self-esteem and he proves this when he said to Mr. Lindner that â€Å"the sixth generation of our family in this country.† He finally reclaims his personal pride, defends his family’s historical right to be treated fairly in their country, and to protect his family’s dignity. They both reflect the conditions that African Americans had to go through to get equality from discrimination and segregation.It was clear that in both accounts of dreams that there was a time to strike and in both accounts that time was now. Both the Youngers and black people of the Civil Rights Movement had one common dream hidden by many materialistic desires: dignity, equality, and progress. Dr. King said, â€Å"I have a dream today!† Walter Younger wants to make a business deal that could help him obtain dignity, equalit y, and progress for his family, and the insurance money that Mama will get is a once-in-a-lifetime deal. A rare opportunity, that opens the door to propositions that could help his family acquire those qualities. Both Walter and Dr. King are telling their families and followers that the time for change is now and that change is a now or never deal.While one was real and one was not, the desire, dreams, and struggles mentioned in the speech matched those of the novel perfectly. Martin Luther King and the characters of â€Å"A Raisin In A Sun† had the same ambitions, which included a better life for future generations, liberation from the unfair living conditions of African-American citizens, and the importance on the urgency necessary for making these dreams happen. Both pieces represented a fight, one for a family, and one for a group of millions. As well as wars against inequality, injustice, and unfairness were won.Mama historically represents Rosa Parks because she acts as a leader through out the story. They both spoke up for what they believed in. Mama speaking up gave he courage and wisdom. The courage Rosa Parks had was when she got arrested for refusing to give up her seat on a segregated bus because of what she believe and in the human rights. Just like Mama when she stood up for her husband, when Walter Lee was not setting an example for his rights. She didn’t not want him to take Mr. Lindner offer of money in exchange of his family not to moving in to its dream house in a white neighborhood because she believed in her and her family’s rights. Therefore she also stood up for what she believes in and the human rights.The Great Migration was a period in American history where blacks moved north to escape the Jim Crow laws and prejudice of the South. The civil rights movement brought enlightenment towards the abolishment of segregation laws. Although the laws are gone, one might ask, â€Å"does segregation still exist? â€Å" Yes it does but our segregation problems now aren’t just about race. They’re about income too, and the web of connections between what it means to be poor and a person of color in the city. Not only are people segregated by race and by income, meaning that people of color are likely to live with other people of color and poor people are likely to live with poor people. For example in East Harlem there isn’t really any healthy places to eat just fast food and the supermarkets are pricy. If you were to go downtown were wealthy people live thru have a variety of healthy places to eat that is affordable as well as their supermarkets like Trader Joes. In today’s society one can agree with Walter Lee that life now is about money, t is now the rich vs. the poor.In the beginning of the play it mentions their dreams being deferred, which means their hope of full equality is postponed.† What happens to a dream deferred? Does it dry up like a raisin in the sun? Langston Hughes wrote the poem, and Lorraine Hansberry was inspired by both by the poem and by her own real-life experience to write A  Raisin in the Sun. This play was the first play on Broadway that was written by an African-American woman as well as the first African American to direct a play on Broadway. The play was inspired by Hansberry’s own experience with racism and housing discrimination. Her father was tried to buy a house in a white neighborhood much like the one in the play but he was blocked because in the 1950’s African American could not get housing in good neighborhoods because of the color of their skin. They were still segregated, and many times they were treated violently. They were unable to find good paying jobs as they were overlooked in favor of white people. Often times, they received inadequate medical care, and were made to wait for treatment in hospitals while white folks got treatment first. As a ch ild, Hansberry’s family became one of the first to move into a white neighborhood. When their neighbors rebelled, both with threats of violence and legal action, the Hansberry’s defended themselves; Hansberry’s father successfully brought his case all the way to the Supreme Court. Her father sued and won a partial victory in the US Supreme Court. Lorraine Hansberry used her play A Raisin In A Sun to tell people about her own life struggle with racism and female discrimination. Her play shows us her problems were handled with determination and a will to keep striving for her goal of becoming a writer. Langston Hughes anticipated such an uprising in his poem, just as Hansberry illustrated the effects of a dream deferred by the Youngers. Raisin answers the last line of Hughes’ poem: â€Å"Or does it explode?† Indeed it did, and Raisin became a beacon for a changing nation. Hansberry was also the first black playwright as well as he youngest to win the New York Drama Critics Circle Award. Since then, the drama about a black family’s dream to move into a white neighborhood in pre-civil-rights-era Chicago has been translated into 30 languages and has been continually produced in church basements, community halls, school auditoriums, and professional theaters.A dream deferred is a dream put off to another time, each character from A Raisin in the Sun had a deferred dream, and their dreams become dried up like a raisin in the sun. Not just dreams are dried up though; Walter Lee and Ruth’s marriage became dried up also. Their marriage was no longer of much importance, like a dream it was post-phoned and it became dry. Their struggle for happiness dried up because they had to concentrate all of their energies on surviving. Their needs seem no longer  to be satisfied by each other. But they both saw a resolution in the insurance check arriving in the mail. The money would let Ruth fulfill her dream of owning her own house and leaving the apartment. Money seemed to get in the way of all of their dreams. It was the force that controlled their lives. The money is like the sun that leaves no choice to the grape but to dry up until a raisin never the less it does not mean that the raisin is no longer good, it is still sweet. Dreams are good to shoot for, but don’t let them ruin your life trying to fulfill them (Robinson). At the end Ruth and Walter Lee reconcile because they still loved each other, Walter took her out a date to the movies, where they finally had some quality time. Ruth sees hope in their marriage as she describes her date to Beneatha: Ruth: â€Å" we went to the movies. We went to the movies. You know the last time ma and Walter went to the movies together?† Beneatha: â€Å"No.† Ruth: â€Å"Me either. That’s how long it’s been (smiling again) but we went last night. The picture wasn’t much good, but that didn’t seem to matter. We went and we held hands.† (Act 1 . Scene 2.51) this shows that once Walter has control over money, he becomes much more affectionate with Ruth and that there is still love between them. Many dream in raisin in the sun were deferred like Beneatha’s dream of becoming a doctor and to save her race from ignorance. The first part of her dream may be deferred because of the money Walter loses. Her dream is also one deferred for all women. Beneatha lives in a time when society expects women to build homes rather than careers. In other words play the role of a housewife. Women were also discriminated around this time, women weren’t really admitted to medical school, same with law school, teachers and they were not even allow to sit in jury.Walter’s dream of owning his own business has been so long deferred and left â€Å"festering† of his family. The â€Å"open sores† of his deferred dream blind him to the consequences of his actions and to the ache he causes Mama Younger. After Willy Harris convinces Walter that investing in the liquor store is a great idea, Willy takes Walter’s money and runs. It is because of the thieving Willy Harris that Walter’s dream is deferred.The dream of owning your own business and having all the money you will ever need is a goal held by many in society, then and now. Walter Lee Younger becomes obsessed with his dream of a business venture that will give him financial and social independence, after getting and losing the  money that will help this dream become reality he realizes that pride and dignity are more important for him and his family. There are also many symbols in â€Å"A Raisin In The Sun† but one important symbol that represented dreams was Mama’s plant. It was weak but resilient; it represented her dream of living in a bigger house with a lawn. Whenever she tends to her plant, she symbolically shows her dedication to her dream. The first thing that Mama does in the morning as mention in the beginning of the play in Act 1 towards the ending of Scene 1 is that is that she goes to the window, opens it, and brings in a feeble little plant growing doggedly in a small pot on the window. The plant is just as important as her dream. Mama admits that the plant has never had enough sunshine but still survives. In other words, her dream has always been deferred but still remains strong. When Beneatha asks why Mama would want to keep that â€Å"raggedy-looking old thing,† Mama Younger replies: â€Å"It expresses me.†(Actv2. Scene 3) At the end of the play, Mama decides to bring the plant with her to their new home. While it initially stands for her deferred dream, now, as her dream comes true, it reminds her of her strength in working and waiting for so many years. Her plant will also have a new home and beginning for it may now get more sunlight in its bigger home.In conclusion for all these reasons, A Raisin in the Sun is an ideal work to discuss in terms of the American dream. It shows how the admirable idea that everyone can achieve their ambitions if they work doesn’t always stand up in the face of real life, and how people can redeem them as Walter Lee does when he refuses the buyout offer through moral courage. Society in the 1959 was full of racial discrimination. Martin Luther King and Walter Lee both have the starvation to stop the desolation of discrimination. Hansberry, Rosa Parks and Martin Luther King Jr. all have inspiring stories and if they were still alive today they can see how far there dreams have come that has inspire many. Hughes asks whether a dream is deferred is like â€Å" A Raisin In The Sun† and he specifically asking whether a dream will â€Å"dry up†. Grapes in the South dry into raisins, but it never lose their sweetness, no matter how much they dry up.

Definition and Examples of Dialectic in Rhetoric

Definition and Examples of Dialectic in Rhetoric In rhetoric and logic, dialectic is the practice of arriving at a conclusion by the exchange of logical arguments, usually in the form of questions and answers. Adjective: dialectic or dialectical. In classical rhetoric, notes James Herrick, Sophists employed the method of  dialectic  in their teaching, or inventing arguments for and against a proposition. This approach taught students to argue either side of a case (The History and Theory of Rhetoric, 2001). One of the most famous sentences in Aristotles Rhetoric is the first one: Rhetoric is a counterpart (antistrophos) of dialectic.Etymology: From the Greek, speech, conversation Pronunciation: die-eh-LEK-tik Examples and Observations Zeno the Stoic suggests that while dialectic is a closed fist, rhetoric is an open hand (Cicero, De Oratore 113). Dialectic is a thing of closed logic, of minor and major premises leading inexorably toward irrefutable conclusions. Rhetoric is a signal toward decisions in the spaces left open before and after logic.(Ruth CA Higgins, The Empty Eloquence of Fools: Rhetoric in Classical Greece. Rediscovering Rhetoric, ed. by J.T. Gleeson and Ruth CA Higgins. Federation Press, 2008)In the simplest form of Socratic dialectic, the questioner and respondent begin with a proposition or a stock question, such as What is courage? Then, through the process of dialectical interrogation, the questioner attempts to lead the respondent into contradiction. The Greek term for the contradiction that generally signals the end of a round of dialectic is aporia.(Janet M. Atwell, Rhetoric Reclaimed: Aristotle and the Liberal Arts Tradition. Cornell University  Press, 1998)Aristotle on Dialectic and Rheto ric- Aristotle took a different view of the relationship between rhetoric and dialectic from what Plato had taken. Both, for Aristotle, are universal verbal arts, not limited to any specific subject matter, by which one could generate discourse and demonstrations on any question that might arise. The demonstrations, or arguments, of dialectic, differ from those of rhetoric in that dialectic derives its arguments from premises (protaseis) founded on universal opinion and rhetoric from particular opinions.(Thomas M. Conley, Rhetoric in the European Tradition. Longman, 1990)- Dialectical method necessarily presupposes a conversation between two parties. An important consequence of this is that a dialectical process leaves room for discovery, or invention, in a way that apodeictic normally cannot, for the cooperative or antagonistic encounter tends to yield results unanticipated by either party to the discussion. Aristotle opposes  syllogistic to inductive argumentation  separately for dialectic and apodeictic, further specifying enthymeme and paradigm.(Hayden W. Ausland, Socratic Induction in Plato and Aristotle. The Development of Dialectic from Plato to Aristotle, ed. by Jakob Leth Fink. Cambridge University Press, 2012) Dialectic From Medieval to Modern Times- In medieval times, dialectic had achieved a new importance at the expense of rhetoric, which was reduced to a doctrine of elocutio and actio (delivery) after the study of inventio and dispositio had been moved from rhetoric to dialectic. With [Petrus] Ramus this development culminated in a strict separation between dialectic and rhetoric, rhetoric being devoted exclusively to style, and dialectic being incorporated in logic . . .. The division (which is still very much alive in present-day argumentation theory) then resulted in two separate and mutually isolated paradigms, each conforming to different conceptions of argumentation, which were considered incompatible. Within the humanities, rhetoric has become a field for scholars of communication, language, and literature while dialectic, which was incorporated in logic and the sciences, almost disappeared from sight with the further formalization of logic in the nineteenth century.(Frans H. va n Eemeren, Strategic Maneuvering in Argumentative Discourse: Extending the Pragma-Dialectical Theory of Argumentation. John Benjamins, 2010)- During the long interlude which started with the Scientific Revolution, dialectic virtually disappeared as a full-fledged discipline and was replaced by the search for a reliable scientific method and increasingly formalized logical systems. The art of debate did not give rise to any theoretical development, and references to Aristotles Topics quickly vanished from the intellectual scene. As to the art of persuasion, it was treated under the heading of rhetoric, which was devoted to the art of style and figures of speech. More recently, however, Aristotles dialectic, in close interaction with rhetoric, has inspired some important developments within the fields of argumentation theory and epistemology.(Marta Spranzi, The Art of Dialectic Between Dialogue and Rhetoric: The Aristotelian Tradition. John Benjamins, 2011) Hegelian DialecticThe word dialectic, as elaborated in the philosophy of Hegel [1770-1831], causes endless problems for people who are not German, and even for some who are. In a way, it is both a philosophical concept and a literary style. Derived from the ancient Greek term for the art of debate, it indicates an argument that maneuvers between contradictory points. It mediates, to use a favorite Frankfurt School word. And it gravitates toward doubt, demonstrating the power of negative thinking, as Herbert Marcuse once put it. Such twists and turns come naturally in the German language, whose sentences are themselves plotted in swerves, releasing their full meaning only with the final clinching action of the verb.(Alex Ross, The Naysayers. The New Yorker, September 15, 2014)Contemporary Theories of Rhetoric and Dialectic[Richard] Weaver (1970, 1985) believes that what he considers as the limitations of dialectic can be overcome (and its advantages maintained) through the use of rhet oric as a complement to dialectic. He defines rhetoric as truth plus its artful presentation, which means that it takes a dialectically secured position and shows its relationship to the world of prudential conduct (Foss, Foss, Trapp, 1985, p. 56). In his view, rhetoric supplements the knowledge gained through dialectic with a consideration of the character and situation of the audience. A sound rhetoric presupposes dialectic, bringing action to understanding. [Ernesto] Grassi (1980) aims to return to the definition of rhetoric espoused by the Italian Humanists to give rhetoric a new relevance for contemporary times, making use of the concept of ingenium- recognizing similarities- to grasp our ability to distinguish relationships and make connections. Returning to the ancient valuing of rhetoric as an art fundamental to human existence, Grassi identifies rhetoric with the power of language and human speech to generate a basis for human thought. For Grassi, the scope of rhetoric is much broader than argumentative discourse. It is the basic process by which we know the world.(Frans H. van Eemeren, Strategic Maneuvering in Argumentative Discourse: Extending the Pragma-Dialectical Theory of Argumentation. John Benjamins, 2010)

Turn Water into Wine or Blood with Chemistry

Turn Water into Wine or Blood with Chemistry This popular chemistry demonstration is often called turning water into wine or water into blood. Its really a simple example of a pH indicator. Phenolphthalein is added to water, which is then poured into a second glass containing a base. If the pH of the resulting solution is right, you can make the water turn from clear to red to clear again, as long as you like. Heres How Sprinkle sodium carbonate to coat the bottom of a drinking glass.Fill a second glass halfway full of water. Add ~10 drops phenolphthalein indicator solution to the water. The glasses can be prepared in advance.To change water into wine or blood, pour the water with indicator into the glass that contains the sodium carbonate. Stir the contents to mix the sodium carbonate, and the water will change from clear to red.If you like, you can use a straw to blow air into the red liquid to change it back to clear.The principle is the same as for the disappearing ink formula. Phenolphthalein is an acid-base indicator. Tips Phenolphthalein and sodium carbonate can be ordered freely from any scientific supplier. Most grade school and high school science labs have these chemicals, though you can order them yourself.Dont drink the water/wine/blood. It isnt particularly toxic, but it isnt good for you either. The liquid can be poured down the drain when the demonstration is complete.For a normal drinking glass, the ratio used to get the reversible color change reaction is 5 parts sodium carbonate per 10 drops of a phenolphthalein stock solution. What You Need Phenolphthalein pH indicatorSodium carbonateWater2 glassesStirring rodStraw or pipette

Therepresentationofblackfemalesexualityinpopularmusic Essay

Therepresentationofblackfemalesexualityinpopularmusic - Essay Example This will be achieved by first having discussing the images got from the popular music about these women as well as the contradictions that exist. In other words, the popular music shows how Black women are portrayed sexually in their daily lives within the popular music industry. Most Black women in the are represented and grounded in the popular culture through ideologies that surround the Black womanhood in the American society (Emerson, 115). These ideologies can be said to be the images that at most times reflect the degree in which Black women are marginalized (Emerson, 115). The media as well as the popular culture have been the sites for such ideologies on Black womanhood. For example, there are music videos that have received sharp criticism because their content was objective and exploitative in the manner they depicted women of all races and ethnicities. In other words, they have represent Black women according to images like hyper sexualized ‘hot mama’, ‘jezebel’, ‘the asexual’ and ‘the welfare recipient’. Apart from the representations drawn from the controlling images, the performances staged by Black women in popular culture also bear representations that counter the ideologies held on Black womanhood (Emerson, 117). Therefore, popular and expressive culture exists as a site to help resist such ideologies and representations (Emerson, 117). For example, performances staged by Bessie Smith and Ethel Waters showed how assertive they were in their empowerment and sexual subjectivity (Emerson, 117). Most videos done by Black women show how gender has been constrained and limited the independence of Black women (Emerson, 117). The context under which these videos were produced is shown in the images they portray. They are actually made porous by the controlling images that stereotype the Black woman (Mayhew, 64). This in the end brings about different stereotypes.

Personal Consulting Capacity Essay Example | Topics and Well Written Essays - 2250 words

Personal Consulting Capacity - Essay Example The researcher states that planning for future is very important as it defines our mindset. By setting goals we plan for our future. Goals can be defined as: basically tools that give scope to an activity and direct achievement-related behaviors. Goals can be prioritized to short-term and long-term goals. Short-term goals heighten the chances of success as they may be challenging but are quite close to the current capacity level of a person. However, it is the long-term goals that are required to achieve permanent success in future endeavors. The researcher splits his future objectives into two categories i.e. Short-term and Long-term goals. Short-term goals include the skills he would acquire by the end of this year while long-term goals are elaborate planning of the next five years of his professional life. Short term goals: to accomplish the researcher’s degree with good grade points and to enhance skill based expertise relevant to his field before gaining entry into a repu ted public sector organization. His key focus would be on the consulting capabilities so as to give a wider scope to his objectives. Long term goals: in a span of five years the researcher plans to elevate himself to the managerial level. He also wants to gain comprehensive growth by lending his consultancy skills to the company in order to solve the core problems. In future the author of this paper would also like to pursue his career as a Human Resource Consultant.... Short-term goals include the skills I would acquire by the end of this year while long-term goals are elaborate planning of the next five years of my professional life. SHORT TERM GOALS To accomplish my degree with good grade points and to enhance skill based expertise relevant to my field before gaining entry into a reputed public sector organization. My key focus would be on my consulting capabilities so as to give a wider scope to my objectives. LONG TERM GOALS In a span of five years I plan to elevate myself to the managerial level. I also want to gain comprehensive growth by lending my consultancy skills to the company in order to solve the core problems. In future I would also like to pursue my career as a Human Resource Consultant. ACHIEVING GOALS A step wise planning is required to achieve my goals. I need to determine the factors and the barriers which are going to influence my action plan. As I plan to enter a public sector organization therefore, my core focus would be on gaining skills that are relevant to the field. SECTOR IN FOCUS: PUBLIC SECTOR ORGANIZATIONS After the accomplishment of my professional degree I am keen to join a public sector organization as it offers a wide range of careers as well as provided the opportunity to make decisions with the potential to have immediate impact on the wellbeing of citizens. Moreover, public sector organizations are considered to be stable and secure as compared to private sector. Another positive aspect is regular coaching and mentoring and comprehensive trainings being offered time to time. Public sector organizations have clear policies and procedures that must be adhered to by all levels. FUNCTIONAL AREA IN FOCUS: HUMAN RESOURCE MANAGEment Human resource management being the area of my

The Hero with a Thousand Faces Essay Example | Topics and Well Written Essays - 1750 words

The Hero with a Thousand Faces - Essay Example As per Campbell’s Monomyth, the journey of a hero is confined to a sequence of actions that includes three main stages, namely, - Departure, Initiation and Return. From these sequences, we could get a better idea about the phases that a hero undergoes and how his life would probably get transformed with each phase. Now let’s take a stance to discuss about two real life personalities, Daniel Suelo, the protagonist of the book The Man Who Quit Money and Abdulrahman Zeitoun, the primary character of the book Zeitoun. Could they be considered as a hero, on the schema of Campbell’s Monomyth? Let’s analyze this question further ahead to sort out the possibilities of these two characters to be claimed as a hero. Dave Eggers, in his book, Zeitoun portrays the life of Abdulrahman Zeitoun as a simple and loving man who lives in New Orleans with his family. However, the arrival of Hurricane Katrina collapses the lives of the people residing in the coastal regions in New Orleans. With his small canoe, Zeitoun aids his neighbors by rescuing them and even their animals, and also make arrangements to provide food, water and other essentials to the needy. Soon after the hurricane, abrupt changes encounter his life. He was fallaciously arrested by the police officials on account of suspicion for withholding possessions. During his incarceration, the torments he faced at the hands of the police were merely intolerable. He was treated inhumanely mainly on the basis of his ethnicity. Finally, he was released after the authorities understood his innocence. When the life of Zeitoun is focused, it conforms well to the Campbell’s notion of a hero. He lives in an ordinary world, with his wife and four children, holding his own business in the New Orleans. The departure phase of his journey is started with the onset of hurricane. He set forth his way crossing the threshold to face various challenges, which included imprisonment and eventually he returned back to his community. At the start, the call for adventure arrives for him in the form of a destructive hurricane that hit the coast. The awakening call for him was the natural calamity which gave him the arousal and pushed him to aid the needy people during the hurricane. It brought out the kindness and the generosity in him, and made him to deliver to his people and help them in the times of need. As a hero, he went forth on his own volition to accomplish the adventure. (Campbell 48). In his initiation stage of journey, he is destined to face various trials that reveal the true ch aracter within him. As Campbell states, â€Å"The composite hero of the monomyth is a personage of exceptional gifts. Frequently he is honored by his society, frequently unrecognized or disdained† (Campbell 29). These quotes aptly fit to the life of Zeitoun. Being hailed as a rescuer by his community people during the hurricane, soon after, he was imprisoned wrongly by the officials of the state and made to undergo intolerable trials. It was during his incarceration that he has to withstand all his emotional as well as physical temptations in order to endure the suffering. He was detained in a Greyhound bus stand on the suspicion of him being a terrorist, which was primarily due to his ethnicity or religion. During the imprisonment, he was denied medical aids and was even prevented from informing his family about his imprisonment.

Procter Gamble Company Merger Case Study

Procter Gamble Company Merger Case Study The project deals with the analysis of mergers and acquisitions in an FMCG sector. Products which have a quick turnover, and relatively low cost are known as Fast Moving Consumer Goods (FMCG). FMCG products are those that get replaced within a year. A merger is the combining of two or more companies, generally by offering the stockholders of one company securities in the acquiring company in exchange for the surrender of their stock. This project deals with the merger of Procter Gamble and Gillette, acquisition of Balsaras hygiene and home product by Dabur and Acquisition of Nihar brand from HLL by Marico. The methodology deals with the various ways in which the data for this project was collected. Due to the limited scope of information and time constraints, secondary and not primary data sources has been used including journals, articles, reference sites, etc. The project guide proved very vital in the successful completion of my report. The next section deals with the individual introduction of both companies involved in the process of merger. It further includes the different terms of the merger and various synergies created through the merger. Furthermore the next section deals with scenario after the merger and analysis of financial statements of acquiring company post merger. Building a brand from scratch in the FMCG space can be quite an expensive exercise. Mature categories such as personal care or household products are already dominated by one or two strong incumbents and wresting market share away from them is quite a challenge. With growth rates in markets such as skin care, hair care and household products suddenly moving into high gear, companies also cannot afford to lose time on the trial-and-error method that usually accompanies new launches. Given this scenario, domestic players seem to view brand acquisitions and mergers as the quickest way to step into new categories and acquire a well-rounded product basket, without squandering their surpluses on brand-building expenses. Market shares apart, many of the buyouts have been motivated by the need to acquire better distribution reach whether within India or overseas. Introduction I. MERGER A merger is the combining of two or more companies, generally by offering the stockholders of one company securities in the acquiring company in exchange for the surrender of their stock. A merger occurs when two or more companies combines and the resulting firm maintains the identity of one of the firms. One or more companies may merge with an existing company or they may merge to form a new company. Usually the assets and liabilities of the smaller firms are merged into those of larger firms. Merger may take two forms- Merger through absorption Merger through consolidation. Absorption: Absorption is a combination of two or more companies into an existing company. All companies except one lose their identity in a merger through absorption. Consolidation: A consolidation is a combination if two or more combines into a new company. In this form of merger all companies are legally dissolved and a new entity is created. In consolidation the acquired company transfers its assets, liabilities and share of the acquiring company for cash or exchange of assets. II. ACQUISITION A fundamental characteristic of merger is that the acquiring company takes over the ownership of other companies and combines their operations with its own operations. An acquisition may be defined as an act of acquiring effective control by one company over the assets or management of another company without any combination of companies. III. TAKEOVER A takeover may also be defined as obtaining control over management of a company by another company.Merger of Procter Gamble Company and Gillette CompanyAbout the merging companies: Procter Gamble Procter Gamble Company is asoap opera. PG was named 2008 Advertiser of the Year by Cannes International Advertising Festival. Effective July 1, 2007, the companys operations are categorized into three Global Business Units with each Global Business Unit divided into Business Segments according to the companys March 2009 earnings release. Beauty Care Beauty segment Grooming segment Household Care Baby Care and Family Care segment Fabric Care and Home Care segment Health and Well-Being Health Care segment Snacks, Coffee, and Pet Care segment PG has gone into an aggressive mode. It has launched two new variants on 2nd Dec 2009, one in the detergent segment, which is called Tide Naturals and also another one in skin care segment under the Olay brand. Gillette Company The Gillette Company is a globally focused consumer products marketer that seeks competitive advantage in quality, value-added personal care and personal use products. It is the world leader in the mens grooming product category as well as in certain womens grooming products. Although more than half of company profits are still derived from shaving equipmentthe area in which the company startedGillette has also attained the top spots worldwide in writing instruments (Paper Mate, Parker, and Waterman brands) and correction products (Liquid Paper), toothbrushes and other oral care products (Oral-B), and alkaline batteries (Duracell products, which generate almost one-fourth of company profits). Gillette maintains 64 manufacturing facilities in 27 countries, and its products are sold in more than 200 countries and territories, with more than 60 percent of sales occurring outside the United States. The Merger: On October 1, 2005, Procter Gamble finalized its purchase of The Gillette Company. As a result of this merger, the Gillette Company no longer exists. Its last day of market trading symbol G on theOral-B, among others, which have also been maintained by PG. The Terms of the Merger: Date of merger: The merger came into effect from July 1st, 2007. The new company formed : The Gillette Companys assets were initially incorporated into a PG unit known internally as Global Gillette. In July 2007, Global Gillette was dissolved and incorporated into Procter Gambles other two main divisions, Procter Gamble Beauty and Procter Gamble Household Care. Gillettes brands and products were divided between the two accordingly. The Share Swap Ratio : Under the deal announced, Procter Gamble will pay 0.975 share of its common stock for each share of Gillette common stock. On Wall Street, shares in Gillette closed up nearly 13%, while PG slid 2.1% after the announcement. The Management: Gillettes chief executive James Kilts is to join the board of the merged company, becoming PG vice chairman, while PG chief executive A.G. Lafley will remain chief executive of the merged company. Examining the merger: Type of merger: Procter Gamble being number one in consumer products went into acquiring and merging with other companies like, Germanys Wella AG hair care line in 2003 and it also acquired Clairol for its hair-care lines and Iams Co. for its pet foods. The merger in question; between Procter Gamble and Gillette is thus a merger where the acquiring company is expanding in size of operations and also product offerings. This is thus a horizontal merger. Operational Synergies of the merger: The merger of the two companies will create the worlds largest consumer products conglomerate. Both companies are strong, diversified companies, so one wonders what uncaptured synergies there could be here. PG is adept at taking innovations from one product and transferring it to another product, so there may be opportunities to improve existing Gillette products. In addition, the companies are stating that the merger will give them more negotiating power with the most powerful buyer of consumer products. The deal would give the company even more control over shelf space at the nations retailers and grocers, real estate that is at a premium. Executives at the companies said they believe theyll both be able to grow faster together than separately, with PG opening doors for Gillette in markets such as China and Japan while Gillette bringing PG some product segments that are growing faster than the companys overall current portfolio of products.The merger will make PG the worlds biggest household goods maker, pushing Unilever into second place Financial Synergies: The merger would create a company with revenues of more than Rs.2700 billion that would have even greater clout against mass-market retailers like Wal-Mart Stores Inc., which have been pressuring consumer product suppliers to keep costs low. Because of expectations from the deal, PG raised the annual revenue growth outlook to 5 to 7 percent, rather than its earlier target of 4 to 6 percent. The companies said they expected cost savings and synergies of about Rs.630 billion to Rs.720 billion US over three years. PG and Gillettes combined market capitalization of about Rs 8325 billion US, would be by far the largest in the FMCG sector. HR Synergies: As part of the cost-cutting that would follow the deal, the merger would result in the elimination of about 6,000 jobs, or 4 percent of the combined work force of about 140,000. It said most of the cuts would come from eliminating management overlaps and consolidation of business support functions. Gillettes chief executive James Kilts is to join the board of the merged company, becoming PG vice chairman, while PG chief executive A.G. Lafley will remain chief executive of the merged company. Scenario Post Merger: Procter Gamble is the worlds largest producer of household and personal products by revenue, with its products reaching 4 billion people worldwide and its product line includes 23 brands across beauty, healthcare, and food including Tide detergent, Pampers diapers, and Gillette razors, that generate over $1 billion in revenue annually, with the companys total revenue at Rs.3555 billion in 2009.In 2005, PG expanded its portfolio to include razors and blades as well as batteries with its acquisition of the Gillette Company.The companys 2010 first quarter net income fell 1% to Rs.148.95 billion (Rs.46.35 per share) as higher prices offset lower sales volumes and foreign exchange effects, beating analyst expectations of Rs.43.65 per share. Revenue fell 6% to Rs.891.45 billion, though organic sales rose 2%. One of the key areas of growth for the company is in emerging markets worldwide. Sales in developing nations have increased steadily from 20% of total revenue in 2002 to 32% in 2009.PG already owns large and growing market share in countries includingglobal economic downturn, PG has announced it will focus its growth strategy on emerging markets, opening almost all of its 20 new manufacturing facilities outside its established markets. Procter Gamble attempts to maintain its competitive edge by focusing on product innovation. To this end, PG spends almost twice as much on research and development spending Rs.90 billion in 2009 as its closest competitor, Unilever, spent about Rs.58.5 billion USD in 2008.Through itsConnect + Developinitiative, PG looks to bring in new product ideas from outside the company. Connect + Develop has led to the development of 42% of new PG products in recent years. In fiscal 2009, PGs Net sales fell 3% to Rs.3555 billion driven by a 3% decline in unit volume and a 4% decline in net sales from the rising US dollar. Organic sales, a closely watched figure which excludes the impact of acquisitions, divestitures, andforeign exchange, increased 2%, which is below its target organic sales range of 4-6%.Earnings for fiscal 2009 increased 11% to Rs.603 billion. In July 2009, CEO A.G. Lafley stepped down from his post after 29 years with Proctor Gamble.He was succeeded by current COO Bob McDonald.The company expects sales to be up 0 to 3% in fiscal 2010,with sales back up in the fall of 2009, fed by price cuts, new products, and value-focused promotions. PG divides its business into three Global Business Units (GBUs) that develop and produce products and its corporate group which handles the operation and administration of the company. Beauty (33% of 2009 sales, 36% of 2009 net income): The Beauty GBU includes all hair and skin products, medications, razors, electric shavers, and batteries. This business unit includes several product lines acquired when the PG bought consumer products company Gillette in 2005. Proctor Gambles global market share in blades and razors is 70%, primarily centered on its Mach3, Fusion, Venus, and Gillette brands.In June 2009, PG further expanded its mens grooming business with the acquisition of the high-end shaving company The Art of Shaving and the mens skin care line Zirh. Health and Well-Being (21% of 2009 sales, 24% of 2009 net income): The Health and Well-Being GBU provide oral care, feminine health, pharmaceuticals, snacks, coffee, and pet care products. In oral care, the company has the number two market share position at 20% globally.In potato chips, the companys Pringles brand holds a market share of approximately 10%. Household Care (46.8% of 2009 sales, 43% of 2009 net income): The Household Care GBU manufactures a wide range of products from laundry detergent to diapers. The companys baby care market share in 2008 was 29%. Business Growth and Divestitures Folgers Sale On June 4, 2008, PG sold its Folgers coffee unit toJ.M. Smucker Companyfor Rs.132.75 billion.As part of the deal, PG shareholders will receive a 53.5 percent stake in Smuckers and the company will assume Rs.15750 million of Folgers debt. Gillette Acquisition Procter Gamble acquired Gillette in 2005 for over Rs.2250 billion in its largest acquisition to date. In 2004, the last full year before the acquisition, Gillette generated over Rs.450 billion in sales, about Rs.270 billion of which came from razors and Duracell and Braun products and the remainder sourced from the Oral-B brand, which was moved into the Health Well-Being segment. A key piece of the acquisition beyond Gillettes product lines was its distribution network and supply chain. Gillettes distribution network and supply chain in emerging markets had been extremely successful for Gillette and, once acquired, has worked to complement PGs own distribution network. Sale of Pharmaceutical Unit In 2009 PG sold its pharmaceutical unit to Warner Chilcott Plc for Rs.139.5 billion in cash.The company expects to book a 43 cent per share earnings boost in Q2 of fiscal 2010 as a result of the sale.The deal allows PG to focus on its personal care, beauty, and household product divisions. In 2006, the company started winding down its discover-phase pharmaceutical products in favor of licensing late-stage compounds, and announced in 2008 it would exit the drug industry entirely. PG 2008 Net sales by Geographic Region(Post merger) PG has a well-established market presence in developed countries such as the United States and Western Europe and is looking to its presence in emerging markets. In fiscal 2009, 32% of total net sales came from developing nations,a figure that has increased steadily from 2002 when sales in developing nations accounted for only about 20% of total revenue (approximately Rs.360 billion). In China and Russia, PGs market share has been consistently increasing in the past five years as Procter Gamble has put an increased emphasis on establishing its products in those markets. In 2008, the companys distribution network reached 800 million people in China and 80% of the population in Russia. PG has created products designed specifically to target developing nations. The average Mexican spends about Rs.9000 a year on PG products, Chinese per-capita spending is only about Rs.135 and India per-capita spending Rs.45.Increasing sales in China and India to the levels in Mexico would add Rs.1800 billion in sales to the companys overall revenue. Research Development focuses both inside and outside the company In 2009, PG spent approximately Rs.91.8 billion on Research Development, nearly Rs.45 billion more than its closest competitor, Unilever.The two most important factors in PGs innovation process are its practice of consumer demand research and its Connect and Develop RD structure. First, when entering new markets, PG sets up in-home visits with consumers in order to fully understand the needs and desires consumers have for household and personal products. This way, PG gets directly to its customers and is able to cater to their needs. PG also incorporates consumers input into the RD process through its Connect and Develop initiative. Through Connect and Develop PG has an online interface set up where people can submit product ideas and provide input on topics that PG places on the web-portal. PG staff then sorts through the ideas and work with the most promising ones. This process is not responsible for the entire RD that PG does, but approximately 42% of new products in the last sev eral years were influenced by or originated from Connect and Develop. Tide Stain Release, a stain-removing detergent released in July 2009, has garnered 10% market share in the US as of November 2009.The Bounce Dryer Bar, an automatic laundry freshener released in August 2009, has captured 7% of the North American fabric sheet market as of November 2009. Commodity Prices A diversified consumer products manufacturer, PG depends heavily on a wide basket of global commodities for manufacturing its goods, the prices for which have risen nearly 50% since 2002. Nearly half of the companys cost of goods is directly related to commodity goods. The company has increased prices due to higher costs of oil and other raw materials. In its conference call, the company stated that it expected raw material costs to increase Rs.135 billion in 2009.The company has raised prices on Cascade dishwashing detergent, Iams pet food, and Gillette razors to counter the increasing cost of oil in the first half of 2008.PG instituted broad price adjustments in Q1 2010 to close widening price gaps in several businessesincluding North American laundry, tissue, andtowel, and several Eastern European markets. Competition Procter Gamble provides the broadest and biggest portfolio of products in the household and personal care industry with 24 billion-dollar brands. PG generates 43% more revenue than its closest competitor,LOreal, and Reckitt Benckiser. Here are somekey factsabout the two firms. Cincinnati-based Procter Gamble was established in 1837 and made its name selling soap and candles to U.S. government soldiers during the civil war. Boston-based Gillette spends around Rs.2700 million annually on advertising. In May the razor-maker paid a reported 40 million pounds (Rs.3393 million) to sign international soccer star David Beckham to a three-year deal as its global face. Procter Gamble employs a workforce of 110,000 worldwide and has a market capitalization of Rs.6345 billion. Gillette employs 29,400 employees worldwide and has a market capitalization of Rs.2025 billion. Gillettes profit beat market expectations last October after Hurricane Ivan spurred the buying of Duracell batteries. Limitations: Due to lack of data the financial statements analysis of Procter Gamble was not carried out. Conclusion Thus the acquisition and integration of Gillette was the largest and most successful in the history of Procter Gamble. PG acquired Gillette, which is best known for its shaving products, in 2005 for Rs.2565 billion. The merger between Procter Gamble and Gillette is a horizontal merger where the acquiring company is expanding in size of operations and also product offerings. The merger created various synergies like financial, operation and human resource synergies. After the merger Procter Gamble integrated systems in 26 countries, spanning five geographic regions, representing about 20% of sales. Gillette is a catalyst that makes PG a better brand-builder and a stronger innovation leader. There is no doubt that PG and Gillette are stronger together than alone, and both the companies together can deliver accelerated growth targets over the balance of the decade. Acquisition of Balsarashygiene and home product by Dabur About the merging companies: Dabur Company Dabur India Limitedis the fourth largest FMCG Company in India and Dabur had a turnover of approximately Rs.2,834 Crore Market Capitalisation of over Rs 10,000 Crore, with brands like Dabur Amla, Dabur Chyawanprash, Vatika, Hajmola and Real. The company has kept an eye on new generations of customers with a range of products that cater to a modern lifestyle, while managing not to alienate earlier generations of loyal customers. Dabur has global presence in 50 countries; products are available in the markets of Middle East, South-East Asia, Africa, the European Union andAmerica. Dabur is an investor friendly brand as its financial performance shows. The companys growth rate rose from 10% to 40%. The expected growth rate for two years was two-fold. Theres a great sense of responsibility for investors funds on view. This is a direct extension of Daburs philosophy of taking care of its constituents and it adds to the sense of trust for the brand overall. The company, through Dabur Pharma Ltd. does toxicology tests and markets ayurvedic medicines in a scientific manner. They have researched new medicines which will find use in O.T. all over the country therein opening a new market. Dabur Foods, a subsidiary of Dabur India is expecting to grow at 25%. Its brands of juices, namely, Real and Active, together make it the market leader in the Fruit Juice Category. Dabur Ranked AmongIndias Most Trusted Brands of 2007 By Economic Times-Brand Equity. Products of Dabur Ø Under health care products it has brands like Hajmola, Pudin Hara, Dabur Chyawanprash, Glucose D, Dabur Lal tail,etc. Ø In home care range consist of product like Odinil,Odomos,odopic,etc. Ø Under personal care range it has product like Vatika,Gulabri,Dabur Red Toothpaste,etc. Ø In food range it has brands like Real Active ,HOMMADE-range of ready made pastes, soups, coconut milk tomato puree Ø Dabur has guar gum plant,a natural gum used in foods industrial applications. Ø Dabur also produces ayurvedic medicines. Balsara Company The Balsara Group manufactures and markets its products, in India and Internationally. The Group has a domestic annual sales turnover of Indian Rs. 2 billion, and a rapidly growing international sales turnover of Indian Rs. 350 million. The Group is professionally managed, with manufacturing, sales, distribution and administrative facilities located throughout India, in addition to its international operations. In the Indian market, 60% of the Balsara Groups sales turnover of Indian Rs. 2 billion comes from Personal Hygiene Products (Promise, Babool and Meswak oral care ranges) and 40% is derived from Household Products (Odomos insect repellents, Odonil Air Fresheners, Sani Fresh toilet cleaners and Odopic dish washing products). Balsara has a wide national sales and distribution system that makes products available in 10, 54,000 retail outlets. The system is supported by a distribution network of 4 Zonal Offices, 13 Branches, 24 Regional Warehouses, and 1700 Distributors in 1500 towns. The mission of the Balsara Group of Companies is to be a leading provider of superior quality personal and household products, ingredients and packaging materials to consumers and customers on the Indian sub-continent and throughout the world. The Acquisition: On January 27, 2005 Dabur India today announced the acquisition of Balsara Hygeine and Home Care businesses for Rs. 143 crores and said it would look at more buyouts to capitalise on the consolidation in the sector. The company board of Dabur approved the acquisition of controlling stake in three Balsara group companies Balsara Hygiene Products, Balsara Home Products and Besta Cosmectics. With the acquisition of the Rs. 143-crore Balsara Group in an all cash deal, Dabur India will have oral care brands such as Promise, Babool, Meswak; mosquito repellents such as Odomos and household products such as Odonil and Odopic under its fold. Dabur India will acquire the entire promoters stake in the three companies 99.4 per cent in Balsara Hygiene, 100 per cent in Balsara Home Products and 97.9 per cent in Besta Cosmetics. The Terms of the Acquisition: Date of the acquisition: The merger came into effect from 1st April 2006. The new company formed : According to the deal Dabur will take full control of Balsaras entire brand portfolio which consists of oral care brands like Promise, Babool, Meswak; mosquito repellants like Odomos and household products like Odonil, Odopic. The deal also includes takeover of Balsaras operations consisting of three manufacturing facilities at Kanpur, Silvassa and Baddi and about 600 employees. Dabur India will also acquire the entire promoters stake in the three companies 99.4 per cent in Balsara Hygiene, 100 per cent in Balsara Home Products and 97.9 per cent in Besta Cosmetics. The Share Swap Ratio : Under the deal announced, Dabur India Ltd will acquire Balsaras hygiene and home product businesses in an Rs 143 crore all-cash deal. While Rs 120 crore will be funded through internal accruals, the balance Rs 23 crore will be raised through debt. Examining the Acquisition: Type of merger: The Rs 1,300-crore fast-moving consumer goods major Dabur India acquired Mum Procter Gamble Company Merger Case Study Procter Gamble Company Merger Case Study The project deals with the analysis of mergers and acquisitions in an FMCG sector. Products which have a quick turnover, and relatively low cost are known as Fast Moving Consumer Goods (FMCG). FMCG products are those that get replaced within a year. A merger is the combining of two or more companies, generally by offering the stockholders of one company securities in the acquiring company in exchange for the surrender of their stock. This project deals with the merger of Procter Gamble and Gillette, acquisition of Balsaras hygiene and home product by Dabur and Acquisition of Nihar brand from HLL by Marico. The methodology deals with the various ways in which the data for this project was collected. Due to the limited scope of information and time constraints, secondary and not primary data sources has been used including journals, articles, reference sites, etc. The project guide proved very vital in the successful completion of my report. The next section deals with the individual introduction of both companies involved in the process of merger. It further includes the different terms of the merger and various synergies created through the merger. Furthermore the next section deals with scenario after the merger and analysis of financial statements of acquiring company post merger. Building a brand from scratch in the FMCG space can be quite an expensive exercise. Mature categories such as personal care or household products are already dominated by one or two strong incumbents and wresting market share away from them is quite a challenge. With growth rates in markets such as skin care, hair care and household products suddenly moving into high gear, companies also cannot afford to lose time on the trial-and-error method that usually accompanies new launches. Given this scenario, domestic players seem to view brand acquisitions and mergers as the quickest way to step into new categories and acquire a well-rounded product basket, without squandering their surpluses on brand-building expenses. Market shares apart, many of the buyouts have been motivated by the need to acquire better distribution reach whether within India or overseas. Introduction I. MERGER A merger is the combining of two or more companies, generally by offering the stockholders of one company securities in the acquiring company in exchange for the surrender of their stock. A merger occurs when two or more companies combines and the resulting firm maintains the identity of one of the firms. One or more companies may merge with an existing company or they may merge to form a new company. Usually the assets and liabilities of the smaller firms are merged into those of larger firms. Merger may take two forms- Merger through absorption Merger through consolidation. Absorption: Absorption is a combination of two or more companies into an existing company. All companies except one lose their identity in a merger through absorption. Consolidation: A consolidation is a combination if two or more combines into a new company. In this form of merger all companies are legally dissolved and a new entity is created. In consolidation the acquired company transfers its assets, liabilities and share of the acquiring company for cash or exchange of assets. II. ACQUISITION A fundamental characteristic of merger is that the acquiring company takes over the ownership of other companies and combines their operations with its own operations. An acquisition may be defined as an act of acquiring effective control by one company over the assets or management of another company without any combination of companies. III. TAKEOVER A takeover may also be defined as obtaining control over management of a company by another company.Merger of Procter Gamble Company and Gillette CompanyAbout the merging companies: Procter Gamble Procter Gamble Company is asoap opera. PG was named 2008 Advertiser of the Year by Cannes International Advertising Festival. Effective July 1, 2007, the companys operations are categorized into three Global Business Units with each Global Business Unit divided into Business Segments according to the companys March 2009 earnings release. Beauty Care Beauty segment Grooming segment Household Care Baby Care and Family Care segment Fabric Care and Home Care segment Health and Well-Being Health Care segment Snacks, Coffee, and Pet Care segment PG has gone into an aggressive mode. It has launched two new variants on 2nd Dec 2009, one in the detergent segment, which is called Tide Naturals and also another one in skin care segment under the Olay brand. Gillette Company The Gillette Company is a globally focused consumer products marketer that seeks competitive advantage in quality, value-added personal care and personal use products. It is the world leader in the mens grooming product category as well as in certain womens grooming products. Although more than half of company profits are still derived from shaving equipmentthe area in which the company startedGillette has also attained the top spots worldwide in writing instruments (Paper Mate, Parker, and Waterman brands) and correction products (Liquid Paper), toothbrushes and other oral care products (Oral-B), and alkaline batteries (Duracell products, which generate almost one-fourth of company profits). Gillette maintains 64 manufacturing facilities in 27 countries, and its products are sold in more than 200 countries and territories, with more than 60 percent of sales occurring outside the United States. The Merger: On October 1, 2005, Procter Gamble finalized its purchase of The Gillette Company. As a result of this merger, the Gillette Company no longer exists. Its last day of market trading symbol G on theOral-B, among others, which have also been maintained by PG. The Terms of the Merger: Date of merger: The merger came into effect from July 1st, 2007. The new company formed : The Gillette Companys assets were initially incorporated into a PG unit known internally as Global Gillette. In July 2007, Global Gillette was dissolved and incorporated into Procter Gambles other two main divisions, Procter Gamble Beauty and Procter Gamble Household Care. Gillettes brands and products were divided between the two accordingly. The Share Swap Ratio : Under the deal announced, Procter Gamble will pay 0.975 share of its common stock for each share of Gillette common stock. On Wall Street, shares in Gillette closed up nearly 13%, while PG slid 2.1% after the announcement. The Management: Gillettes chief executive James Kilts is to join the board of the merged company, becoming PG vice chairman, while PG chief executive A.G. Lafley will remain chief executive of the merged company. Examining the merger: Type of merger: Procter Gamble being number one in consumer products went into acquiring and merging with other companies like, Germanys Wella AG hair care line in 2003 and it also acquired Clairol for its hair-care lines and Iams Co. for its pet foods. The merger in question; between Procter Gamble and Gillette is thus a merger where the acquiring company is expanding in size of operations and also product offerings. This is thus a horizontal merger. Operational Synergies of the merger: The merger of the two companies will create the worlds largest consumer products conglomerate. Both companies are strong, diversified companies, so one wonders what uncaptured synergies there could be here. PG is adept at taking innovations from one product and transferring it to another product, so there may be opportunities to improve existing Gillette products. In addition, the companies are stating that the merger will give them more negotiating power with the most powerful buyer of consumer products. The deal would give the company even more control over shelf space at the nations retailers and grocers, real estate that is at a premium. Executives at the companies said they believe theyll both be able to grow faster together than separately, with PG opening doors for Gillette in markets such as China and Japan while Gillette bringing PG some product segments that are growing faster than the companys overall current portfolio of products.The merger will make PG the worlds biggest household goods maker, pushing Unilever into second place Financial Synergies: The merger would create a company with revenues of more than Rs.2700 billion that would have even greater clout against mass-market retailers like Wal-Mart Stores Inc., which have been pressuring consumer product suppliers to keep costs low. Because of expectations from the deal, PG raised the annual revenue growth outlook to 5 to 7 percent, rather than its earlier target of 4 to 6 percent. The companies said they expected cost savings and synergies of about Rs.630 billion to Rs.720 billion US over three years. PG and Gillettes combined market capitalization of about Rs 8325 billion US, would be by far the largest in the FMCG sector. HR Synergies: As part of the cost-cutting that would follow the deal, the merger would result in the elimination of about 6,000 jobs, or 4 percent of the combined work force of about 140,000. It said most of the cuts would come from eliminating management overlaps and consolidation of business support functions. Gillettes chief executive James Kilts is to join the board of the merged company, becoming PG vice chairman, while PG chief executive A.G. Lafley will remain chief executive of the merged company. Scenario Post Merger: Procter Gamble is the worlds largest producer of household and personal products by revenue, with its products reaching 4 billion people worldwide and its product line includes 23 brands across beauty, healthcare, and food including Tide detergent, Pampers diapers, and Gillette razors, that generate over $1 billion in revenue annually, with the companys total revenue at Rs.3555 billion in 2009.In 2005, PG expanded its portfolio to include razors and blades as well as batteries with its acquisition of the Gillette Company.The companys 2010 first quarter net income fell 1% to Rs.148.95 billion (Rs.46.35 per share) as higher prices offset lower sales volumes and foreign exchange effects, beating analyst expectations of Rs.43.65 per share. Revenue fell 6% to Rs.891.45 billion, though organic sales rose 2%. One of the key areas of growth for the company is in emerging markets worldwide. Sales in developing nations have increased steadily from 20% of total revenue in 2002 to 32% in 2009.PG already owns large and growing market share in countries includingglobal economic downturn, PG has announced it will focus its growth strategy on emerging markets, opening almost all of its 20 new manufacturing facilities outside its established markets. Procter Gamble attempts to maintain its competitive edge by focusing on product innovation. To this end, PG spends almost twice as much on research and development spending Rs.90 billion in 2009 as its closest competitor, Unilever, spent about Rs.58.5 billion USD in 2008.Through itsConnect + Developinitiative, PG looks to bring in new product ideas from outside the company. Connect + Develop has led to the development of 42% of new PG products in recent years. In fiscal 2009, PGs Net sales fell 3% to Rs.3555 billion driven by a 3% decline in unit volume and a 4% decline in net sales from the rising US dollar. Organic sales, a closely watched figure which excludes the impact of acquisitions, divestitures, andforeign exchange, increased 2%, which is below its target organic sales range of 4-6%.Earnings for fiscal 2009 increased 11% to Rs.603 billion. In July 2009, CEO A.G. Lafley stepped down from his post after 29 years with Proctor Gamble.He was succeeded by current COO Bob McDonald.The company expects sales to be up 0 to 3% in fiscal 2010,with sales back up in the fall of 2009, fed by price cuts, new products, and value-focused promotions. PG divides its business into three Global Business Units (GBUs) that develop and produce products and its corporate group which handles the operation and administration of the company. Beauty (33% of 2009 sales, 36% of 2009 net income): The Beauty GBU includes all hair and skin products, medications, razors, electric shavers, and batteries. This business unit includes several product lines acquired when the PG bought consumer products company Gillette in 2005. Proctor Gambles global market share in blades and razors is 70%, primarily centered on its Mach3, Fusion, Venus, and Gillette brands.In June 2009, PG further expanded its mens grooming business with the acquisition of the high-end shaving company The Art of Shaving and the mens skin care line Zirh. Health and Well-Being (21% of 2009 sales, 24% of 2009 net income): The Health and Well-Being GBU provide oral care, feminine health, pharmaceuticals, snacks, coffee, and pet care products. In oral care, the company has the number two market share position at 20% globally.In potato chips, the companys Pringles brand holds a market share of approximately 10%. Household Care (46.8% of 2009 sales, 43% of 2009 net income): The Household Care GBU manufactures a wide range of products from laundry detergent to diapers. The companys baby care market share in 2008 was 29%. Business Growth and Divestitures Folgers Sale On June 4, 2008, PG sold its Folgers coffee unit toJ.M. Smucker Companyfor Rs.132.75 billion.As part of the deal, PG shareholders will receive a 53.5 percent stake in Smuckers and the company will assume Rs.15750 million of Folgers debt. Gillette Acquisition Procter Gamble acquired Gillette in 2005 for over Rs.2250 billion in its largest acquisition to date. In 2004, the last full year before the acquisition, Gillette generated over Rs.450 billion in sales, about Rs.270 billion of which came from razors and Duracell and Braun products and the remainder sourced from the Oral-B brand, which was moved into the Health Well-Being segment. A key piece of the acquisition beyond Gillettes product lines was its distribution network and supply chain. Gillettes distribution network and supply chain in emerging markets had been extremely successful for Gillette and, once acquired, has worked to complement PGs own distribution network. Sale of Pharmaceutical Unit In 2009 PG sold its pharmaceutical unit to Warner Chilcott Plc for Rs.139.5 billion in cash.The company expects to book a 43 cent per share earnings boost in Q2 of fiscal 2010 as a result of the sale.The deal allows PG to focus on its personal care, beauty, and household product divisions. In 2006, the company started winding down its discover-phase pharmaceutical products in favor of licensing late-stage compounds, and announced in 2008 it would exit the drug industry entirely. PG 2008 Net sales by Geographic Region(Post merger) PG has a well-established market presence in developed countries such as the United States and Western Europe and is looking to its presence in emerging markets. In fiscal 2009, 32% of total net sales came from developing nations,a figure that has increased steadily from 2002 when sales in developing nations accounted for only about 20% of total revenue (approximately Rs.360 billion). In China and Russia, PGs market share has been consistently increasing in the past five years as Procter Gamble has put an increased emphasis on establishing its products in those markets. In 2008, the companys distribution network reached 800 million people in China and 80% of the population in Russia. PG has created products designed specifically to target developing nations. The average Mexican spends about Rs.9000 a year on PG products, Chinese per-capita spending is only about Rs.135 and India per-capita spending Rs.45.Increasing sales in China and India to the levels in Mexico would add Rs.1800 billion in sales to the companys overall revenue. Research Development focuses both inside and outside the company In 2009, PG spent approximately Rs.91.8 billion on Research Development, nearly Rs.45 billion more than its closest competitor, Unilever.The two most important factors in PGs innovation process are its practice of consumer demand research and its Connect and Develop RD structure. First, when entering new markets, PG sets up in-home visits with consumers in order to fully understand the needs and desires consumers have for household and personal products. This way, PG gets directly to its customers and is able to cater to their needs. PG also incorporates consumers input into the RD process through its Connect and Develop initiative. Through Connect and Develop PG has an online interface set up where people can submit product ideas and provide input on topics that PG places on the web-portal. PG staff then sorts through the ideas and work with the most promising ones. This process is not responsible for the entire RD that PG does, but approximately 42% of new products in the last sev eral years were influenced by or originated from Connect and Develop. Tide Stain Release, a stain-removing detergent released in July 2009, has garnered 10% market share in the US as of November 2009.The Bounce Dryer Bar, an automatic laundry freshener released in August 2009, has captured 7% of the North American fabric sheet market as of November 2009. Commodity Prices A diversified consumer products manufacturer, PG depends heavily on a wide basket of global commodities for manufacturing its goods, the prices for which have risen nearly 50% since 2002. Nearly half of the companys cost of goods is directly related to commodity goods. The company has increased prices due to higher costs of oil and other raw materials. In its conference call, the company stated that it expected raw material costs to increase Rs.135 billion in 2009.The company has raised prices on Cascade dishwashing detergent, Iams pet food, and Gillette razors to counter the increasing cost of oil in the first half of 2008.PG instituted broad price adjustments in Q1 2010 to close widening price gaps in several businessesincluding North American laundry, tissue, andtowel, and several Eastern European markets. Competition Procter Gamble provides the broadest and biggest portfolio of products in the household and personal care industry with 24 billion-dollar brands. PG generates 43% more revenue than its closest competitor,LOreal, and Reckitt Benckiser. Here are somekey factsabout the two firms. Cincinnati-based Procter Gamble was established in 1837 and made its name selling soap and candles to U.S. government soldiers during the civil war. Boston-based Gillette spends around Rs.2700 million annually on advertising. In May the razor-maker paid a reported 40 million pounds (Rs.3393 million) to sign international soccer star David Beckham to a three-year deal as its global face. Procter Gamble employs a workforce of 110,000 worldwide and has a market capitalization of Rs.6345 billion. Gillette employs 29,400 employees worldwide and has a market capitalization of Rs.2025 billion. Gillettes profit beat market expectations last October after Hurricane Ivan spurred the buying of Duracell batteries. Limitations: Due to lack of data the financial statements analysis of Procter Gamble was not carried out. Conclusion Thus the acquisition and integration of Gillette was the largest and most successful in the history of Procter Gamble. PG acquired Gillette, which is best known for its shaving products, in 2005 for Rs.2565 billion. The merger between Procter Gamble and Gillette is a horizontal merger where the acquiring company is expanding in size of operations and also product offerings. The merger created various synergies like financial, operation and human resource synergies. After the merger Procter Gamble integrated systems in 26 countries, spanning five geographic regions, representing about 20% of sales. Gillette is a catalyst that makes PG a better brand-builder and a stronger innovation leader. There is no doubt that PG and Gillette are stronger together than alone, and both the companies together can deliver accelerated growth targets over the balance of the decade. Acquisition of Balsarashygiene and home product by Dabur About the merging companies: Dabur Company Dabur India Limitedis the fourth largest FMCG Company in India and Dabur had a turnover of approximately Rs.2,834 Crore Market Capitalisation of over Rs 10,000 Crore, with brands like Dabur Amla, Dabur Chyawanprash, Vatika, Hajmola and Real. The company has kept an eye on new generations of customers with a range of products that cater to a modern lifestyle, while managing not to alienate earlier generations of loyal customers. Dabur has global presence in 50 countries; products are available in the markets of Middle East, South-East Asia, Africa, the European Union andAmerica. Dabur is an investor friendly brand as its financial performance shows. The companys growth rate rose from 10% to 40%. The expected growth rate for two years was two-fold. Theres a great sense of responsibility for investors funds on view. This is a direct extension of Daburs philosophy of taking care of its constituents and it adds to the sense of trust for the brand overall. The company, through Dabur Pharma Ltd. does toxicology tests and markets ayurvedic medicines in a scientific manner. They have researched new medicines which will find use in O.T. all over the country therein opening a new market. Dabur Foods, a subsidiary of Dabur India is expecting to grow at 25%. Its brands of juices, namely, Real and Active, together make it the market leader in the Fruit Juice Category. Dabur Ranked AmongIndias Most Trusted Brands of 2007 By Economic Times-Brand Equity. Products of Dabur Ø Under health care products it has brands like Hajmola, Pudin Hara, Dabur Chyawanprash, Glucose D, Dabur Lal tail,etc. Ø In home care range consist of product like Odinil,Odomos,odopic,etc. Ø Under personal care range it has product like Vatika,Gulabri,Dabur Red Toothpaste,etc. Ø In food range it has brands like Real Active ,HOMMADE-range of ready made pastes, soups, coconut milk tomato puree Ø Dabur has guar gum plant,a natural gum used in foods industrial applications. Ø Dabur also produces ayurvedic medicines. Balsara Company The Balsara Group manufactures and markets its products, in India and Internationally. The Group has a domestic annual sales turnover of Indian Rs. 2 billion, and a rapidly growing international sales turnover of Indian Rs. 350 million. The Group is professionally managed, with manufacturing, sales, distribution and administrative facilities located throughout India, in addition to its international operations. In the Indian market, 60% of the Balsara Groups sales turnover of Indian Rs. 2 billion comes from Personal Hygiene Products (Promise, Babool and Meswak oral care ranges) and 40% is derived from Household Products (Odomos insect repellents, Odonil Air Fresheners, Sani Fresh toilet cleaners and Odopic dish washing products). Balsara has a wide national sales and distribution system that makes products available in 10, 54,000 retail outlets. The system is supported by a distribution network of 4 Zonal Offices, 13 Branches, 24 Regional Warehouses, and 1700 Distributors in 1500 towns. The mission of the Balsara Group of Companies is to be a leading provider of superior quality personal and household products, ingredients and packaging materials to consumers and customers on the Indian sub-continent and throughout the world. The Acquisition: On January 27, 2005 Dabur India today announced the acquisition of Balsara Hygeine and Home Care businesses for Rs. 143 crores and said it would look at more buyouts to capitalise on the consolidation in the sector. The company board of Dabur approved the acquisition of controlling stake in three Balsara group companies Balsara Hygiene Products, Balsara Home Products and Besta Cosmectics. With the acquisition of the Rs. 143-crore Balsara Group in an all cash deal, Dabur India will have oral care brands such as Promise, Babool, Meswak; mosquito repellents such as Odomos and household products such as Odonil and Odopic under its fold. Dabur India will acquire the entire promoters stake in the three companies 99.4 per cent in Balsara Hygiene, 100 per cent in Balsara Home Products and 97.9 per cent in Besta Cosmetics. The Terms of the Acquisition: Date of the acquisition: The merger came into effect from 1st April 2006. The new company formed : According to the deal Dabur will take full control of Balsaras entire brand portfolio which consists of oral care brands like Promise, Babool, Meswak; mosquito repellants like Odomos and household products like Odonil, Odopic. The deal also includes takeover of Balsaras operations consisting of three manufacturing facilities at Kanpur, Silvassa and Baddi and about 600 employees. Dabur India will also acquire the entire promoters stake in the three companies 99.4 per cent in Balsara Hygiene, 100 per cent in Balsara Home Products and 97.9 per cent in Besta Cosmetics. The Share Swap Ratio : Under the deal announced, Dabur India Ltd will acquire Balsaras hygiene and home product businesses in an Rs 143 crore all-cash deal. While Rs 120 crore will be funded through internal accruals, the balance Rs 23 crore will be raised through debt. Examining the Acquisition: Type of merger: The Rs 1,300-crore fast-moving consumer goods major Dabur India acquired Mum