Summary Of The Handmaids Tale Essay Example

Summary Of The Handmaids Tale Paper A?Serena sits while Offred kneels on the floor. Rita, Cora, and Nick stand behind Offred. Nick s shoe touches Offred s. She shifts her pes off, but he moves his pes so it touches hers once more. A?Serena starts watching Television while Offred starts to woolgather about how she and Luke purchased bogus passports when they decided to get away. A?They told their girl they were traveling on a field day and planned to give her a sleeping pill when they crossed the boundary line so that she would non be questioned or give them off. We will write a custom essay sample on Summary Of The Handmaids Tale specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Summary Of The Handmaids Tale specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Summary Of The Handmaids Tale specifically for you FOR ONLY $16.38 $13.9/page Hire Writer A?They packed nil in their auto because they did non desire to elicit intuition. Summery- Chapter 15 A?The Commander strike hard the door and comes into the sitting room without Serena Joy s permission. A?He unlocks the leather screen box, and lift out the Bible. A?Offred admirations what it is like to be a adult male like him, surrounded by adult females who watch his every move. A?The Commander begins reading the narratives of Noah and Adam and Rachel and Leah out of the Bible. A?Commander reads a transition that accent about kid, and her married woman started shouting quietly. A?Offred was familiar to these narratives from the ruddy centre, where she heard so every twenty-four hours during breakfast. A?Offred Remembers the clip she met Moira in the bathroom and Moira decide to forge unwellness in hope of flight. A?She failed to get away and was harshly tortured by the Angels. Summery- Chapter 16 A?The Ceremony Continues, after reading the Bible. A?Offred was in Serena Joy s sleeping room with to the full clothed except her healthy white cotton underclothes. A?She lies between Serena Joy s legs, caput on her tummy, and both keeping their manus while Serena Joy s rings excavation into Offred s custodies. A?Once the commanding officer is finished with his responsibility he leaves the room. A?Then, Serena lets travel of Offred custodies and asked her to go forth the room, without Giving Offred a remainder. A?Finally while go forthing the room Offred admirations which one of us is worse for the Commander. Summery- Chapter 17 A?After the ceremonial Offred goes to her room. A?She puts butter on her face and custodies that she hid in her shoe during the dinner to replace for lotion. A?Offred can t autumn asleep, so she decides to steal a Narcissus pseudonarcissus, a flower. A?She wants the flower to be the message to the following Handmaids, by concealing it under the mattress A?After stealing the flower she finds nick nowadays in the posing room. A?Offred thinks of Luke as she kisses Nick. She thinks that Luke would understand. A?Offred thinks that this is excessively unsafe and they both separate. A?Nick informs Offred that commanding officer wants to see her in his office tomorrow. Summery- Chapter 18 A?Offred returns to her room. A?She lies on the bed believing about Luke. A?Offred images Luke dead, his organic structure lying in the brushs where they had been caught seeking to get away. A?She imagines of a 2nd state of affairs where Luke is captured and imprisoned. A?She thinks of a 3rd state of affairs where he has escaped safely from the boundary lines and that one twenty-four hours she will have a message from him in an unexpected manner. A?Simultaneously, Offred believes in all three of these state of affairss, so that if any one of them was to go true she would non be surprised. Seminar III: Pages 97-131 A?This seminar will concentrate on the subjects of Oppression and Fertility through the usage of Elementss of Cognitive design. Oppression A?Shown through lSocial stratums created in Gilead society lUse of Handmaids as a natural resort lHandmaid s Inability to revenge Birthrate A?Shown through lHandmaid s ability to gestate lCommander s Wive s sterility Character- Aunt Lydia s remark A?Point: Through Offred s ideas it is emphasized that the exclusive intent of Handmaids is to engender citizens for Gilead. A?Proof: Remember, said Aunt Lydia. For our intents your pess and your custodies are non indispensable. ( Atwood 114 ) Analysis A?Aunt Lydia s remark is a apt representation of the Handmaid dystopia, which is emphasized through subjugation carried unfeelingly on Moira. Atwood shows to the reader that Aunts besides possess some sort of power even though adult females are already at a lower prestigiousness than work forces in the totalitarian society of Gilead. Atwood besides portrays Handmaids as a uterus with weaponries and legs ; even if their weaponries and legs were to be amputated Handmaids will still be able to function their exclusive intent of being babe vass. It is merely their birthrate which is valued in the Gileadean society. Secondary Beginning A? The Handmaid s ain narrative dressed ores on the destiny of adult females in Gilead who are seen and used as mere agencies of procreation. [ ] Handmaids are considered two-legged uterus ( 176 ) or stupid affair in the generative procedure which is, like everything else in this dystopia, dominated by work forces. Klarer, Mario. Orality and literacy as gender-supporting constructions in Margaret Atwood s The Handmaid s Tale. Winnipeg, MB: Mosaic, 1995. Character- Offred s remark A?Point: Offred high spots the commanding officers s subjugation on the Handmaids. A?Proof: I wait, for the family to piece. Family: that is what we are. The Commander is the caput of the family. The house is what he holds. To hold and to keep, till decease do us portion. ( Atwood 99 ) Analysis A?Men are superior to adult females is the cardinal foundation of the totalitarian society of Gilead. Commander is one of the most of import and elect work forces governing Gilead. Offred suffer from the subjugation in Gilead due to her being selected from the government to engender kids for the commanding officer. This is possibly the wages given to her for being fertile. Atwood gives the reader an overview at the significance of the commanding officer: if anything was to go on to the commanding officer the purported family will divide apart. For illustration, Sarena Joy will likely go a Martha, as marring once more is out. It can besides be speculated that sorrow and subjugation of Offred is due to the commanding officer. Tropology- Container A?Point: The writer uses tropology to stress the subject of birthrate and Offred s emotions. A?Proof: We are containers, it s merely the interiors of our organic structures that are of import. The outside can go difficult and wrinkled, for all they care, like the shell of a nut ( Atwood 119 ) . Analysis A?Metaphor: Offred s organic structure is compared with the container A?It is shown through this citation that the society of Gilead has used birthrate to make subjugation on adult females. A?Atwood claims that adult females are valued through their birthrate. This is a ground possibly for Offred to be alive. ( Basically it doesn t affair how a adult female is, the lone thing that affairs is her birthrate. ) A?Their organic structures are used to reap babes for the commanding officer and his married woman. A?She is besides compared to a shell, connoting to the reader that she is been used like an object. A?This is besides a ground for Offred s sadness as she has lost her ain household, while she is giving birth to a kid for a different household, alternatively of her ain. A?She is moving like a alternate. A?It is dry that the true value of birthrate is held by Offred, although she is been entreated by sterile adult female such as Serena Joy. So fundamentally, Serena Joy is commanding Offred s birthrate, although it s non her ain. Tropology- Rachel and Leah A?Point: Atwood uses a metaphor to stress that Offred s place in Gilead is similar to that of the amah, Bilhah. This Biblical mention is related to the current province of the society. A?Proof: Then comes the mouldy old Rachel and Leah material we had drummed into us at the Center. Give me kids, or else I die. Am I in God s position, who halts withheld from thee the fruit of the uterus? Behold my amah Bilhah. She shall bear upon my articulatio genuss, that I may besides hold kids by her ( Atwood 110 ) . Analysis A?This province of the Gilead Society is based on this scriptural mention and hence it is used as a literary component to pull a comparing. A?This helps the authorities to command the society because faith is used as a powerful tool to either unite or separate people in a society. A?Fertility is related closely to this quotation mark as birthrate is used as a tool to suppress the fertile adult females such as Offred and give power to the infertile. A? For this intent, the first-person storyteller has been assigned as a alleged Handmaid to a taking functionary ( Commander ) and his aging married woman in order to replace for the sterile married woman. Klarer, Mario. Orality and literacy as gender-supporting constructions in Margaret Atwood s The Handmaid s Tale. Winnipeg, MB: Mosaic, 1995. Location- Sitting room A?Point: Oppression diminishes the sense of authorization. A?Proof: I would wish to steal something from this room. [ aˆÂ ¦ ] It would do me experience that I have power. ( Atwood 99 ) Analysis A?Offred needed to steal to see independency and power. Oppression has robbed her of her rights, freedom and sense of authorization. She has to fall back to stealing to experience complete and powerful an act against her ain moralss. Location- Sitting room A?Point: One s security and life takes precedence over money and other secular things during times of subjugation. A?Proof: Money has trickled through this room for old ages and old ages, as if through an belowground cavern, crusting and indurating like stalactites ( Atwood 97-98 ) Analysis A?This quotation mark depicts a clip when money would be wholly worthless due to the isolation and subjugation environing one s life. It shows that the human inherent aptitude to last is more profound than one s demand or desire for wealth and luxury. A? The exigencies of Atwood s hereafter, nevertheless, brought about by utmost environmental pollution and a attendant drastic lessening in birthrate, necessitate and warrant a pattern like handmaidenry, criminal as it might be by today s fundamentalist canons. Beauchamp, Gorman. The Politics of The Handmaid s Tale. Pittsburgh, PA: The Midwest Quarterly, 2009. Discussion A?We read that the Commander takes the Bible out of the box, in which it was kept locked, before the ceremonial. What is the significance of this and what does it typify? Are all work forces allowed to possess the Bible or merely the elites? A?Which of us ( Offred or Serena Joy ) is worse for the Commander and why? A?Serena Joy allow other people watch Television with here, even though the segregation in that society is of the position of the people. Why would she make that? What is your sentiment about it? Would you hold done the same?

Tourism essays

Tourism essays New York is perhaps one of the most amazing places to visit and live in of the United States. So much history has been made that it is amazing how it all began. One of the most interesting places to visit is Time Square. However, not to long ago Time square was not a desired place to visit. According to Peterson, in the late 80s, it was a place for prostitutes pimps, peep shows, and scam artists to line the streets. It had adopted the named The Crossroads of the World (241). Well before that there was a recession and many businesses had to close down because of newly constructed towers around Time Square. This forced many companies bankrupted. Crime was at an all time high and drugs were sold night day on the streets. There was no enough money to fund for public safely and sanitation. However, in the early 90s, a new legal act was formed to help improve tourism in Time Square. The Time Square Business Improvement District, also known as BID, was formed. It helped New York by funding support to theatrical activity as well as tourist attractions. The BID also works to make Times Square clean, safe and friendly and to promote the neighborhood to the world. The website www.timesquare.org explains that The BID works in collaboration with private businesses, city agencies, the community boards and not-for-profit organizations in the area According to Peterson, this district stretched across 40th street to 53rd street on the West Side of Manhattan which is between 6th and 8th Avenue. According to Peterson, the BID was improvement of public safely (243). The BID is very expensive and it costs 6 million annually per year. However, with it this implemented, crime decreased, sanitation were clean more and more then ever tourists have come and visited Time Square. Before the BID, Time Square had many buildings and stores condemned. Since then, Time ...

How To Say However or Nevertheless in Spanish

How To Say However or Nevertheless in Spanish Spanish has several ways of indicating that what is said might seem to be at odds with what the listener might expect. Examples in English involve words or phrases such as, however, in spite of, and nevertheless. In grammatical terms, statements such words or are called terms of concession. Using Terms of Concession Following are some of the words or phrases of concession used in Spanish. Note that in the translations of sample sentences, a variety of English words can be used, depending on the context. Note also that many of the Spanish words are freely interchangeable with at least one other. For example, there is no real difference in meaning between sin embargo and no obstante, although the latter is more formal, just as there is little or no difference in meaning between even so and however. Also note that some of the words have uses other than those listed here. Keep in mind that many of the words or phrases of concession can be followed by a verb in the subjunctive mood, especially if the verb refers to an action or state in the future, or to an action or state that is occurring in the present and is expected to continue to the future. Phrases A Through G A pesar de Come a pesar de todo. (He eats in spite of everything.)A pesar de las crà ­ticas, la cantante defiende su nueva imagen. (Despite the critics, the singer defends her new image.)A pesar de que somos oponentes polà ­ticos, no somos rivales personales. (Even though were political opponents, we arent personal rivals.) Asà ­ or aun asà ­ Asà ­ yo tenga mucho trabajo, no tengo dinero. (Even though I have a lot of work, I dont have money.)Paciencia es la clave, asà ­ sea difà ­cil. (Patience is the key, although is difficult.)Asà ­ compres muchas cosas, cuenta como una. (Although you are buying many items, they count as one.) In other contexts, asà ­ often means so or otherwise is used to emphasize what precedes or follows. When asà ­ means although, it is always followed by a verb in the subjunctive mood. Aunque Aunque estaba lloviznando, decidimos salir. (Although it was drizzling, we decided to leave.)Debes estudiar, aunque no quieras. (You must study even though you dont want to.)Es inteligente aunque algo excà ©ntrica. (Shes intelligent but a bit eccentric.) Bien que Explà ­came esto bien que no entiendo. (Explain this to me even though I dont understand.)Lo vi bien que era las dos de la maà ±ana. (I saw it well even though it was 2 a.m.) Be aware that most often, bien que isnt a phrase but rather simply bien followed by que. For example, Est bien que existan diferencias simply means it is good that there are differences. Phrases H through R Incluso si La guerra continuar incluso si el pà ºblico se cansa. (The war will continue even if the public is tired of it.)Una mascota puede hacerte sonreà ­r incluso si tienes un mal dà ­a. (A pet can make you smile even if youre having a bad day.) No obstante No obstante este problema debe de estar en manos de la ONU. (However, this problem should be in the hands of the U.N.)No obstante, el à ºltimo aà ±o tambià ©n ha sido desalentador para mucha gente. (Nevertheless, the last year has been discouraging for many people.) Por ms/mucho que Por ms que te duela, es lo que necesitas. (Even though it hurts you, its what you need.)Por mucho que gano, no consigo llegar a fin de mes. (However much I earn, I cant make it to the end of the month.) Phrases S Through Z Sin embargo Sin embargo, cada uno salià ³ del teatro. (Nevertheless, each one left the theater.)Sin embargo, las cosas siguen muy complicadas en el Yucatn. (Even so, things keep on being very complex in the Yucatan.) Siquiera Tienes que reconocer un error, siquiera sea mà ­nimo. (You have to recognize an error, even though it is minimal.)Pienso tratar ese problema, siquiera no pueda hacerlo ahora. (I think I will tackle this problem, even though I cant do it now.) Y eso que El asfalto de este pueblucho triplica el calor que hace. Y eso que estamos al lado del mar. (The asphalt of this awful town makes it three times as hot even though we are next to the sea.)Estoy enfermo y eso que el horà ³scopo del diario no lo decà ­a. (I am sick, although the daily horoscope didnt say that would happen.) Y eso que is always followed by a verb in the indicative mood.

PARLIAMENT, POLITICS AND POLICY MAKING Essay Example | Topics and Well Written Essays - 2000 words

PARLIAMENT, POLITICS AND POLICY MAKING - Essay Example This is not, however, the case. The argument is that Westminster wields relatively weak influence in matters of policy for several reasons. The most prominent of these are: 1) the two parties of the British political system exercise more control; 2) the executive branch of the government is the sole decision-making agency; and, 3) the existence of the policy communities. This paper will investigate this issue and determine the role of Westminster and its extent in British policymaking in actuality. Background In order to understand the role of the British Parliament in the state's policies, it is important to explain its nature, its function and how it works. Westminster is divided into two chambers - the House of Commons and the House of Lords. The former is consisted of elected legislators while the latter is composed of the British peerage. Until the twentieth century, both of these chambers were crucial in the legislative process. The House of Commons - akin to many Democratic or Republican states' lower or congressional chamber - passes bills that are submitted to the House of Lords for approval. Reforms, however, clipped the power of the upper chamber and that it was reduced as a subordinate in the legislative process. ... And so, essentially, the most important variable that would ideally demonstrate the role of Westminster in policymaking is with regards to legislation. Bills can only be passed by the Parliament. For a detached observer, one that is exclusively familiar with the workings of the United States government, for example, would say that the power dynamics behind Westminster's governmental role is the same as that of the American Congress wherein policymaking is the responsibility of congressional members, committees and subcommittees. This is in addition to the fact that the body is empowered to control the government budget. They have the so-called power of the purse, a variable that, in itself could, ideally, influence and shape policies. It is, hence, surprising for outsiders to find that in actuality, Westminster's role in policymaking is considered insignificant or not as potent as that of the American legislature. For some sectors, this may also prove confusing because it is inconsis tent to the very ideals and the obvious mandate that the two chambers of the British Parliament stand for. Since Westminster is the highest authority in legislation and the laws that are promulgated out of it form part of the policies of the UK, how did it end up portraying a minor role in the policy network? The answer to this question lies in the complexities of the British political system, the very reason behind the fact that the legislative process is not all there is to making laws and decision-making. On Policymaking As has been raised earlier, Westminster has the power to legislate. But this does not necessarily translate into a particular capability to shape, much less influence policy

Risk mangement Personal Statement Example | Topics and Well Written Essays - 250 words

Risk mangement - Personal Statement Example I have decided to take the risk management course to better my quantitative and technical skills in finance. I wish to re-enter the financial field with the current harsh economic conditions only after solidifying my little experience in your institution. After obtaining an in-depth understanding of the computational, statistical tools and the mathematical skills that are essential when dealing with bank or any organizational data, the economic waters that have become treacherous to navigate without the necessary risk management skills will be an easier sailing place. I hope that I will evolve into an individual who has understood the industry well so that I can deliver well to the clients at the same time employ the management audacity through quantitative portfolio to the advantage of the investor. I believe I can excel in this course taking into consideration my enthusiasm and commitment to finance related institutions, I have worked in the banking industry for nine years. The vast experience I have gained so far gives me an opportunity to develop extensively the gained knowledge and skills in the financial operations. The course content appeals to me strongly and being a student at the University will definitely provide me with the essential knowledge that I need in advancing my

Tesco Utilising the Marketing Mix Essay Example for Free

Tesco Utilising the Marketing Mix Essay Tesco is one of the world’s international retailers and is recognised as the market leader in the UK supermarket sector. Tesco state that their core purpose is ‘to create value for customers to earn their life time loyalty’ Evaluate how Tesco and other supermarkets utilise the marketing mix to compete in the market place. Tesco is the leading retailer with a market share in 2010 of 29.7% (Wright, 2012), a reason they have proven to be such a successful business is because of their well thought through slogan ‘every little helps’ which is simultaneously used to shape their core values, the slogan is now embedded throughout every aspect of the organisation. Tesco along with many other business use the marketing mix model, otherwise known as the 7 P’s to set effective business strategies in order to provide a good quality of service to their customers. To compare the broadness of the way the marketing mix works for different businesses another leading supermarket chain should be chosen. Asda in 2010 had a market share of 16.9% (Wright, 2012) also applies the marketing mix in considering any values or goals. Consequently their slogan is ‘Asda, always cutting prices’ Asda’s slogan is used similarly to Tesco’s as a means of shaping the business. This ethos is used in order to sell their brand effectively to get a higher amount of Revenue. In a highly competitive market, Tesco and Asda need to make sure the marketing mix model is considered effectively to ensure the business is strong enough to survive in the supermarket sector, meaning all core values must be relevant and work effectively for these profit orientated businesses allowing them to reinvest and develop their brands. Price is a section of the marketing mix, when considering prices if a product is priced too low or too high, it could mean a loss of sales for an organisation. Tesco attempt to meet the consumers in the middle by having lower prices that still give them a reasonable amount of profit. One of their aims is ‘continually increase value for money’ they did this by completing a basket scheme where they then implemented individual prices per product line to insure no major price difference between them and Asda  (Anonymous, 2000). However the problem Tesco are facing is that 80% of consumers fell into the squeezed middle bracket (Wood, 2011), consequently Tesco is having to cut the price of essentials and enforce a psychological pricing strategy to attract customers who are now below the middle class category to ensure they keep their revenues high. Compared to Asda’s more laid back approach where their policy is to have ‘permanently low price through a rollback scheme’ research shows that their prices are on average 5-10% cheaper than the market average (Anonymous, 2000), after looking over Asda’s pricing methods it seems the favoured pricing strategy is the Economy pricing (Anonymous, 2003) where all costs are kept low to insure cheaper products and to make sure a mass market of consumers can afford various products due to the lower prices. Product is a key part of the marketing mix, it involves the brand itself and the service a business is providing to gain a large amount of capital and attract customer loyalty. Tesco’s have expanded into many different markets with their range of products from petrol to food and clothes. It’s become clear to Tesco now that it’s value or basic range has become considerably popular and Tesco’s Value brand is now one of the biggest grocery brands in the UK, even bigger than large popular businesses such as Coca-Cola and Walkers (Anonymous, 2008). This break through has allowed Tesco to focus on other aspects of it’s product portfolio leading them to introduce over 2,000 new and improved food products after looking over customers reviews about product quality being increasingly important to them (Tesco PLC, 2011) as well as looking closer at it’s newer ventures, like Tesco bank and the Tesco’s in Korea. However, when considering all the ranges of products Asda’s would find it difficult to compete with all their products as they are mainly focused on cheaper products which shows as around half their products sales are own label products (Walmart, 2010) Asda mainly focuses on their own brand products as they are the higher sellers and so they ensure there’s a continuous flow of new product innovation so that they are ahead of the consumers needs (Walmart, 2010). Place in the marketing mix looks at where the product/service is sold whether it’s on the internet, a small corner shop or a massive shop. A new place for the supermarket sector to sell at is the internet, because more and more consumers are working longer  hours to get money it is simply much easier for them to do an online shop rather than having to go to the shop, which is shown well in Tesco’s new advert. Tesco’s have made the internet shopping experience their own as they are currently the fastest growing online retailer in volume terms in the clothing, footwear and accessories market (Tesco PLC, 2011) as well as a 15% growth in the online business (Tesco PLC, 2012) proving that when they invested in the internet shopping experience they have helped ‘to create a value for customers to earn their life time loyalty. As well as this, they understand the local market of stores where some local stores have lower prices on a limited range of goods (Anonymous, 2000) building up customer relations to create higher quality services and increase the customer loyalty. Asda has also advanced onto the online shopping hype and has found that in 2009 the home shopping growth was around 40% (Walmart, 2010) Asda understand that this is a growing trend and so have invested into developing new channels and finding innovative ways of reaching customers whether they are at home on the move o r in store (Walmart, 2010), one of the new creations for Asda is an app store which shows they are modernising with the times. Promotion is a vital way in advertising a company, product or service as a means of branding, as well as offering money off deals to make consumers feel like their saving money. A way Tesco’s has managed to keep customer loyalty as well as creating lots of promotional deals is the Tesco club card, which was launched in 1995 (Tesco PLC, 2011). The clubcard allows a customer to collect points for money vouchers which consumers can then spend in store or online. This method allows consumers to get money back from their purchases therefore convincing them to revisit the store to get a return on their spending, this helps with improved customer loyalty as well as high brand awareness. Asda take a different approach and chose not to create promotional deals, but instead highlight their cheaper products this is the Asda rollback scheme. Asda is Britain’s lowest cost to operate supermarket (Walmart, 2010) and so their promotion is the brand and the fact that Asda have a permanently low prices policy, which means consumers feel they would save more money allowing them to have more disposable income and spend more money on extravagant products in Asda if they wish. People are an essential part of the marketing mix, as it relates to the consumers, labour, suppliers, and stakeholders anyone who helps the business stay afloat. Tesco  invest in their staff skills to insure a high quality service, as well as being dedicated to providing a diverse career opportunity for all their staff worldwide (Tesco PLC, 2011), this would provide employees with greater job satisfaction and the opportunity of being promoted. As well as internal affairs, Tesco also thinks about the people externally of the business, as there is increased demand for locally produced food, therefore Tesco now supports the local economy to assist in s ustaining the community and so has increased the local buys from  £850 million in 2009 to  £1 billion in 2010 (Tesco PLC, 2012) to ensure local suppliers are support after the shake of the financial crisis. This is also better for the consumers as imports are more expensive so product costs can be cut. Asda has an ‘everyone matters’ approach demonstrating that colleagues are a vital resource, to ensure the staff are content Asda has flexible working practices and world class reward packages which since it was launched in 1999 has given out  £129 million in bonuses. Asda also likes to help the community so a lot of the suppliers are local, consequently products are cheaper and they have less environmental impact reducing their carbon footprint (Walmart, 2010). Process relates to delivery and the responses to any complaints, for example customer services. Tesco wanted to get customer feedback so introduced ‘every comment helps’ the feedback was based on customer service and product range the got over 20,000 positive responses which reflects on the business well. Tesco has since train around 80,000 staff as a means support them to give helpful advice, be friendl y and efficient. Also keeping up with technology and providing the self service system which currently accounts for around 10,000 transactions per week, this makes queue times shorter as well as being a quick and easy option to make shopping a more pleasurable experience (Tesco PLC, 2011). Asda has provided 1,100 vans, from 160 vans and one dedicated home shopping center that provides coverage for 97% of the UK, therefore a large consumer base is met with only a few people not being able to be delivered to providing a very efficient service (Walmart, 2010). Physical evidence considers the atmosphere of the business and the effect the business has on consumers whether it’s good or bad. Tesco puts staff through training to provide consumers with the best possible service, because of the high levels of engagement customers are able to enjoy the benefits of Tesco’s having confident and experienced staff on hand to help at any given  moment (Tesco PLC, 2011). This provides the Tesco shopping experience with a more relaxed experience for consumers who can be comfortable to ask employees for help. An ex-employee for Asda said how it was a ‘fun and vibrant culture to work in, and how there were regular meetings at the start of shifts to keep all staff updated. How he was lucky enough to be accepted in the stepping stone scheme which trains up employee to promote them up levels in the business,’ (Tasda123, 2007) after analysing the employee review you can really feel how positive the experience is working at Asda, and a positive employee attitude would rub off on a customer meaning they will have a good experience too. As long as the feelings of the employees of businesses are positive then the shopping experience can be enjoyable rather than a chore. After looking over two of the largest supermarket retail you can see how well thought about the individual parts of the business is, every part has been considered. It may be that for some businesses one or multiple sections of the mix has more relevance to their main aims, for example if Tesco wants ‘to create value for customers to earn their life time loyalty’ they may primarily look at promotion and process to enable the best service they could supply to their customers. The supermarket sector is competitive and so utilising the marketing mix has helped Tesco and Asda to develop their own individual take on the sector, to form their own unique business strategies from what they may have researched using primary or secondary data. Looking closer at Tesco and Asda, you can see some similarities, but in the end, they are different in order to compete to gain a higher market share and increase market share. The different parts of the mix will show the effectiveness of the business to increase capital, Tesco has a large range of products at varied prices whereas Asda has a more limited amount of products and the prices are cheaper with the idea that customers can afford to buy more of their products and spend more. After looking over how two businesses in the same sector apply the marketing mix you can observe that they compete from the start in order to gain an increased brand awareness, to do this they must look at each part of the mix to discover it’s overall ethos for which Tesco’s is ‘every little helps’ and Asda’s is ‘Asda, always cutting prices’ both are completely different to attract consumers. Currently statistics show that Tesco’s mix is more effective than Asda, this is because they have invested capital in expanding  all parts of the mix to appeal to a mass market. If used efficiently the marketing mix is useful for competing, to show a business what it’s internal and external running’s are like so that they can establish their ethos to market the business effectively to gain a larger holding in the sector it works in, therefore insuring the marketing mix is thought through properly will help in establishing a business. Bibliography * Anonymous (2000) (Journal) Company pricing policies, Competition Commission, p. 80, p87-88. * Anonymous (2003) (Website) Pricing Strategies, [Online], Available: http://marketingteacher.com/lesson-store/lesson-pricing.html [2012]. * Anonymous, T.- (2008) (Website) Things You didnt know, Tesco Report, pp. 120-121, Available: http://www.superbrands.co.il/pdf/TESCO.pdf. * Tasda123 (2007) (Website) Being an ASDA colleague, 14 February, [Online], Available: http://www.dooyoo.co.uk/employment/asda-stores/1046495/. * Tesco PLC (2011) (Report) Tesco Annual Report 2011. * Tesco PLC (2011) (Report) Annual Reports And Financial Statements 2011, p.18 p.37, p.49. * Tesco PLC (2011) (Website) Timeline, Tesco, Available: http://www.superbrands.co.il/pdf/TESCO.pdf. * Tesco PLC (2012) (Website) Growing Retail services, [Online], Available: http://ar2011.tescoplc.com/business-review/growing-retail-services.html [2012]. * Tesco PLC (2012) (Website) Local Sourcing, [Online], Available: http://www.tescoplc.com/corporate-responsibility/our-sourcing-policies/local-sourcing/. * Walmart (2010) -Asda Home Shopping, All About Asda, p. 15. (Report) -Our Digital Business, All About ASDA, p. 15. -Our Food, All About Asda, p. 10. -Our Story. and today, All About Asda, p. 3. -Our Suppliers, All About Asda, p.7. -What We Love About Asda, All About Asda, p. 6. * Wood, Z. (2011) -Tesco declares war on rivals with  £500m price cutting offensive, The Guardian, September. (Journal) * Wright, C. (2012) Tesco market share at its lowest since May 2005, The Grocer. (journal)

The Dental Profession Essay example -- dentistry

The Dental Profession    As a senior biomedical engineering student at RPI, I am   receiving a particularly well-rounded education in engineering,   complemented by studies in the sciences and humanities.   During   my sophomore year, I became interested in dentistry and began to   select courses that would prepare me for dental school.   While   this meant additional work, I improved my study skills, and I   have earned a grade point average of 3.4 over the last three   years.   Because of this rigorous course load, I will be   graduating this August instead of last May.   I had planned on   applying to dental school this fall for the 1988-89 entering   class, but after receiving your letter earlier this month and   subsequently speaking with the admissions office, I found that   it was still possible to apply for the September 2002 entering   class.      My interest in the health care field began while I was in high   school.   I was first introduced to many different aspects of the &...

Samsung Electronic Corporation: Governance of Chaebols

CASE: SAMSUNG ELECTRONIC CORPORATION: GOVERNANCE OF CHAEBOLS Copyright: Prof. Florencio Lopez-de-Silanes Professor Florencio Lopez-de-Silanes and Rakhi Kumar, Yale MBA02 prepared this case as the basis for class discussion rather than to illustrate the effective or ineffective governance of an organization. Prof. Florencio Lopez-de-Silanes INTRODUCTION Case: Samsung Electronics Prior to the Asian currency crises, South Korea was an investment destination for several institutional investors and emerging market funds. Throughout the early nineties the country experienced an economic boom.South Korean conglomerates, locally know as chaebols, had diversified into various industries from cars to microchips. Samsung Electronics Corporation (Samsung Electronics), a rising star in the Samsung Chaebol was considered to be a high growth company. However, in 1997, the Asian currency crises magnified the problem of the Chaebol structure and highlighted the need for governance reforms. By 1999, a shareholder rights activist in South Korea – Prof. Hasung Jang had taken up the cause of minority shareholders of Samsung Electronics.With the help of foreign institutional investors, he planned to fight for governance reforms in South Korea. As a corporate governance specialist, Samuel Smith, had been contracted by a large foreign institutional investor to help reform Samsung Electronics. KOREAN CHAEBOLS: Establishment, growth and structure. In order to accelerate economic growth in the 1970’s, the Korean government formulated industrial policies that encouraged investment in heavy and chemical industry (HCI). Funded largely by government-controlled banks, affluent families took advantage of the liberal policies and set up ompanies in these industries. By the end of the 1970’s approximately 80 percent of fixed investment in the manufacturing sector was in HCI businesses. Between 1962 and 1982, annual growth averaged 8. 4%, although by the end of the 1970â€⠄¢s production efficiency in priority sectors was falling. As a result, there was excessive investment in the HCI industries and little allocation efficiency in the capital markets1. Due to over investment in the HCI industry and small domestic markets, companies began diversifying into unrelated businesses, giving birth to the Korean Chaebols.Government intervention in resource allocation proved to be very costly. Enterprises that had access to preferential policy loans or tax incentives tended to expand their businesses The Institute for International Economics – Financial Services Liberalization in the WTO: Case Study of South Korea 1 1 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics rapidly without careful appraisal of investment projects. Since the government largely made lending decisions, creditor banks had little incentive for credit evaluations or loan monitoring.As a result, firms were heavily leveraged and borrowed from informal credit markets as they we re usually pressed for working capital. This structural weakness put the economy on the verge of a financial crises in early the 1970s and then again in the 1980s2. However, public purse bailing out of large enterprises became the norm and people were made to believe that chaebols were too big to fail. When the government decided to open up the South Korean economy, many of the protective measures that local companies had enjoyed during the developmental era were removed.Companies that had expanded into unrelated businesses found that they no longer had access to government capital. Initially, banks were also not interested in financing these projects, nor did they have the expertise to evaluate these new high-risk businesses. Hence, business groups started creating their own group wide internal capital markets. Transfer pricing, cross-shareholdings and cross-guarantee of debts were some of the mechanisms employed by chaebols to fund expansion. They pooled any funds available to the subsidiaries to supplement outside funding of new projects.Operations of these internal finance markets were not necessarily based on efficiency in resource allocation but were often driven by the interests and concerns of the controlling families. 3 Many Chaebols invested overseas and ‘globalization’ was the new theme. However, the globalization strategy was not well planned. Chaebols held onto the management strategy that they had been practicing over the last thirty years: growth in size ignoring profitability; financial structure with high debt-to equity ratio and cross debt guarantee among affiliated companies. By 1997 there were over fifty chaebols in South Korea, each with a myriad of affiliated companies all linked to one another through a complex network of cross-holdings. Ownership and affiliation details of twenty chaebols are provided in Exhibit 1. Family-Based Business Groups: Degeneration of Quasi-Internal Organizations and Internal Markets in Korea by Sa ng-Woo Nam, December 2001. 3 Ibid. 4 Corporate Governance and Economic Development: The Korean Experience by Ha Sung Jang. 2 2 Prof. Florencio Lopez-de-Silanes THE SAMSUNG GROUP: It is all in the family.Case: Samsung Electronics Founded in 1938 by Mr. Byung Chul Lee, Samsung Group’s original line of business was exporting dried fish, vegetables and fruits produced around Korea to Manchuria and Beijing in China. Within a few years of incorporation, the company expanded its operations to include manufacturing and sales when it set up a flourmill and bought confectionary machines. In the 1970’s it diversified into the petrochemical, electronics and heavy industries. By early 1990’s, the Samsung Group had grown into the fourteenth largest company in the world.It had diversified into four primary industries, and had over twentyfive affiliated companies. Like most Korean companies, the Samsung Group structure developed into a confusing maze of cross-ownership among af filiated companies. Exhibit 2 provides a list of affiliated companies in the Samsung Chaebol while Exhibit 3a and 3b shows the complex crossownership structure among the affiliated companies. For example, according to Exhibit 3a, affiliated companies owned 15. 83% of Samsung Electronics. Exhibit 3b provides the break up of ownership between affiliates.Therefore, Samsung Company owns 4. 45% of Samsung Electronics, Samsung Life Insurance owns 8. 16% and so on. By 1997, combined annual revenues of all the businesses in the group were close to USD 100 billion, with profits reaching USD 290 million. The Samsung Group constituted approximately 10% of the total market value of all companies listed on the Korean stock market. However, like all other chaebols, its debt-to-equity ratio hovered around 365%. SAMSUNG ELECTRONICS CORPORATION: Governance of Cheabols. Samsung Electronics was established in 1969.By the mid 1990’s, it had strategically invested in research and development of D RAM chips and had grown into a billion dollar company. Exhibit 4 shows the contribution made by Samsung Electronics to the overall revenues and profits of the Samsung Cheabol. By the late 1990’s, Samsung Electronics had 24 production subsidiaries, 35 sales subsidiaries and 20 branch offices around the world including North America, Europe, Southeast Asia, Central Asia, China and Latin America. It 3 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics managed four strategic businesses in the fields of Home, Mobile, Office Network and Core Components.However, in 1997, excess production capacity in the microchip industry lead to a downward spiral in chip prices. Profits at Samsung Electronics plunged to new lows. The Asian Currency crises compounded the problems facing the company. By late 1997, the company’s debt totaled 13 trillion won (approximately USD 9 billion) and more than 70 percent of it was in foreign currency loans5. The financial run on the economy by f oreign institutional investors saw the country’s currency tumble 10. 6 percent. Domestic interest rates on threeyear corporate bonds hit 30. 1 percent.The US rating agencies, in addition to downgrading the sovereign debt to â€Å"junk bond† status, also lowered the credit worthiness rating for several of the largest South Korean companies including Samsung Electronics6. The company’s share prices reflected the macro and micro economic turmoil faced by the company. Exhibit 5 provides daily share prices of the Samsung Electronics stock on the Korean stock exchange for a 15-month period starting September 1996. However, a liner trend line indicates that, by and large, the share price was declining marginally but was above the 50,000 won mark.After a period of negative results, minority shareholders started questioning governance practices of the company. They alleged that Samsung Electronics had neither internal or external corporate governance mechanism which acte d as checks and balances and that all management decisions were made taken by the Chairman. The internal mechanisms such as Board of Directors and Auditors, did not function properly at least when it came to monitoring the Chairman. For example they questioned the board’s decision of acquiring shares of a firm, Ichon Electric, whose financial stability was shaky.This acquisition cost Samsung Electronics 27. 6 billion won when the company went bankrupt a few years later. 7 When things starting going wrong, neither the Chairman nor the Board of Directors took any responsibility for failed investments or even for illegal activities. Instead the chaebol lobby issued a report attacking minority activism. They said, â€Å"Minority shareholders’ rights to demand compensation should be respected only in the event of embezzlement and other illIR on the net: How they did it at Samsung Electronics. http://www. ironthenet. com/feature. sp? current=1&articleID=2289 6 Washington Po st Foreign Service: South Korea Takes Three More Punches by Steven Mufson. 7 Korean IT News: Civic Group Challenges Samsung Chairman’s Alleged Mismanagement by Kim Deok-hyun. 5 4 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics intentioned behaviors. Managerial misjudgments should not be the subject of criminal liabilities. Activism can also harm the interests of majority shareholder and decision-making by management. † 8 In 1998, the Board of Directors of Samsung Electronics consisted of twenty-three members.This number had been trimmed from the previous year when the board comprised of fortythree directors. Exhibit 6 provides a profile of the directors on the board of Samsung Electronics. Some shareholders believed that accounting manipulation and improprieties had become standard practice and company funds had been used to make political contributions in the Chairman’s name. A minister in the Korean cabinet faced corruption allegation that he earned USD 1. 4 million when he was given an interest-free loan from Samsung Electronics and acquired the Company’s shares at a discount rate while he was an ‘outside’ director on the company board. External mechanism such as markets for corporate control also did not exist and legal protection of shareholder’s rights was limited. 10 Courts in Korea did not have experience of dealing with corporate governance cases and often their rulings seemed to go soft on the guilty. For example, the Suwon District Court ordered Samsung's Chairman Lee to return to the Samsung companies 7. 5 billion won in damages on charges of providing bribes to former president Roh Tae-woo. However, the court did not demand that Lee take legal responsibility for the two mismanagement cases of his group's ubsidiaries, saying he did not participate in the decision-making. 11 Samuel Smith wondered if the allegations of the minority shareholders held any merit. Internal and external economic fo rces had not changed much in the last decade, yet it was only after the Asian currency crisis that these allegations were being made. The Korean Herald: Chaebol face tough attacks from minor shareholders by Yoo Cheong-mo: February 25,1999. 9 AFX News Limited: South Korean education minister resigns amid corruption allegations; August 31, 2000. 10 Corporate Governance and Economic Development: The Korean Experience by Hasung Jang. 1 Korean IT News: Civic Group Challenges Samsung Chairman’s Alleged Mismanagement by Kim Deokhyun. 8 5 Prof. Florencio Lopez-de-Silanes HASUNG JANG: The voice of minority shareholders. Case: Samsung Electronics Dr. Hasung Jang is a well know minority shareholder rights activist in South Korea. He received his MA in economics from the New York State University and a Ph. D. in finance from the Wharton School. On returning to South Korea, he joined the Korean University as a professor of finance and the director of the Center for Finance and Banking Res earch.As the Chair of the Participatory Economy Committee, a minority shareholder protection civil group, under the umbrella of the Peoples Solidarity for Participatory Democracy, Dr. Jang took up the cause of shareholder rights in Korea. He undertook investigations to evaluate the governance of chaebols and financial dealings among affiliated companies. Dr. Jang targeted Samsung Electronics and made allegations of self-dealing transactions. In particular he spoke about a transaction dated 24 March 1997, when Samsung Electronics made a private placement of unsecured convertible bonds worth 60 billion won (US $46. million). He was troubled by the fact that the bonds had been sold to company insiders. The Chairman’s son had purchased 45 billion won worth of bonds and another Samsung affiliate had purchased the remaining bonds worth 15 billion won12. Dr. Jang alleged that this issue was at unfavorable terms for the company and called into question the price of the bonds. On thei r part, company executives explained that Samsung Electronics was badly in need of fund and that international funding, which previously was the main source of capital had dried up after the Asian currency crises.Further, as the company was finding it extremely difficult to raise money from domestic financial institutions they had little choice but to privately place the bonds. Besides the amount raised was less than one percent of existing long term loans. Dr. Jang also alleged that Samsung Electronics had both directly and indirectly funded the Samsung Groups’ doomed venture into the car industry at the expense of minority shareholders. Samsung Electronics had acquired a 21. 1% stake in Samsung Motors at the acquisition cost of 170 billion won (USD 106 million).The indirect investment of Samsung Electronics into Samsung Motors was in the form of a joint investment agreement between 12 Nascent Stages of Corporate Governance in an Emerging Market: regulatory change, sharehold er activism and Samsung Electronics by Hasung Jang and Joongi Kim. Corporate Governance Volume 10 Number 2 April 2002. 6 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics an Ireland-based paper company called Pan-Pacific Industrial Investments (PP) and Samsung Electronics (and two of its affiliated companies). At first lance the PP agreement looked like a direct investment into Samsung Motors by a foreign entity (PP) in accordance with Korean laws regulating foreign exchange. However, under the terms of the joint venture agreement, Samsung Electronics had guaranteed PP a certain rate of return through put and call options within a specified redemption period, on Samsung Motor shares it (PP) owned. This arrangement was made in addition to bridge loans made by Samsung Group to PP. Dr. Jang alleged that that this transaction was not a clear direct investment and in fact violated legal requirements for other types of transactions.Samsung Electronics rebutted the allegations and explained that the put and call options were just clauses in the agreement put there to provide additional security for PP. The Company was more like a third party in the transaction and the agreement did not have any financial implications for the shareholders. SAMUEL SMITHS TASK 1997 had been a troubled period for Korean companies. The country had experienced a severe economic shock, which had practically destroyed the economic structure that had developed over the past four decades.It was confusing and upsetting times for companies and investors, all of whom has suffered tremendous loss. Sam had to objectively analyze the allegations made by the minority shareholders and check for fundamental problems at the company. Naturally, dealing with an emerging market came with its challenges. For one, economic data was scarce and very little corporate information was publicly available. As Sam sat down to prepare for his meeting with his client he made a list of questions he needed to a nswer. 1. What are the benefits and disadvantages of the Korean chaebol structure?In particular what governance issues can arise due to this structure? 2. Analyze the capital structure of Samsung Electronics. Compare it with the capital structure of a company in the similar line of business (primarily manufacture of chips) from another developed country and comment on the differences. 7 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics 3. If Samsung Motors makes an after tax profit of USD100 million, what share of that would go to the Lee family (owners)? What percentage of Samsung Motors do they directly own? Note: You do not have to provide the exact number. A good approximation will be adequate. ) 4. The client wants to recommend governance changes with special emphasis on the board of directors. Evaluate the current board of Samsung Electronics. What are the strengths and weaknesses in the current board composition? How many directors can be classified as non-executive? How many can be classified as independent? What are your criteria’s for assessing director independence? Do you think changes need to be made to the current board composition?If no – why not, if yes – what changes would you recommend? 5. Based on the company’s financials as of December 31, 1997 and publicly available information, investigate the allegations made by Dr. Jang. Do you think the convertible bond issue was a self-dealing transaction? How would you prove that claim? What evidence do you have on you claim? (Note: you are not expected to do a DCF. ) 6. Does the agreement with the Pan-Pacific Industrial Investment resemble a simple direct investment or something else? Why was the guarantee clause included in the contract? Does it change the instrument?If you were on the Audit committee of the company what questions would you ask about this transaction? 8 Prof. Florencio Lopez-de-Silanes Exhibit 1: Share Ownership and Affiliates of Chaebols Contro lling Family Ownership Ownership Affiliates No. of (%) (%) Affiliates 5. 00 20. 98 8. 50 36. 05 6. 49 6. 61 13. 88 6. 45 12. 62 27. 73 5. 72 4. 57 18. 56 23. 91 21. 22 16. 31 2. 48 15. 33 14. 36 5. 33 6. 38 11. 29 30. 20 28. 57 30. 11 35. 74 24. 35 29. 60 43. 19 35. 95 22. 94 20. 36 17. 07 37. 92 18. 64 28. 35 37. 70 14. 20 21. 29 25. 64 25. 52 29. 76 30. 09 43. 24 44 28 27 22 18 17 17 15 13 12 12 12 11 11 10 10 8 6 6 5 5 3Case: Samsung Electronics Cheabol LG Hyundae Sam-sung Lotte Dae-woo Han-Wha Doo-San Ssang-Yong SK Han-Jin Dae-Rim Kolon Hyo-Sung Han-il Dong-Kuk steel Kum-Ho Kia Sam-mi Dong-Bu Koryo textile Hai-Tai Kukdong Const No. of listed Affiliates 8 9 12 3 7 6 5 7 3 5 5 4 2 5 4 5 2 2 5 1 2 2 Notes: Data as of 1989 with the exception of LG (1992) Source: Business Groups in China Compared with Korean Chaebols by Keun Lee and Wing T. Woo 9 Prof. Florencio Lopez-de-Silanes Exhibit 2: Affiliated companies within the Samsung Group Industry Electronics Case: Samsung ElectronicsAff liated Companies Samsung Electronics Samsung Electro-Mechanics Samsung SDI Samsung Corning Samsung SDS Samsung Networks Samsung Corning Precisions Glass Samsung Heavy Industries Samsung Techwin Samsung General Chemicals Samsung Petrochemicals Samsung Fine Chemicals Samsung BP Chemicals Samsung Life Insurance Samsung Fire & Marine Insurance Samsung Card Samsung Securities Samsung Capital Samsung Investment Trust Management Samsung Venture Investment Samsung Engineering Cheil Industries Samsung Everland Shilla Hotel & Resorts Cheil Communications SI Corporation Samsung Lions Samsung Medical CenterMachinery & Heavy Industries Chemicals Financial Services Miscellaneous Note: This table shows the most important affiliate companies within the Samsung Group for the period of interest. 10 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics Exhibit 3a: Ownership structure of Companies in the Samsung Chaebol. (all figures in %'s) No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2 1 22 23 Name of Firms Samsung Electronics Samsung Display Devices Samsung Co.Samsung Motors Samsung Heavy Industries Samsung Electro-mechanics Samsung Life Insurance Samsung Aerospace Industries Cheil Wool Textile Samsung General Chemicals Samsung Precision Chemicals Samsung Corning Hotel Shilla Samsung Securites Samsung Engineering Samsung Winners Card SI Corporation Samsung Everland Samsung Factoring Financing The Joong-Ang Daily News Samsung Petro-Chemicals Samsung Commercial Motors Samsung Fire & Marine Insurance Owner Family 5. 41 2. 32 Directors Non-profit & foundation Managers 0. 13 2. 44 0. 49 0. 02 0. 16 0. 19 0. 13 30. 60 0. 08 0. 46 25. 00 0. 05 0. 10 0. 74 0. 1 0. 64 6. 20 0. 06 SelfOwned 3. 52 2. 89 5. 17 Total of Affiliate Firms 15. 83 19. 77 19. 55 38. 36 27. 35 27. 54 2. 25 26. 47 2. 20 89. 39 39. 15 49. 36 12. 67 22. 33 16. 03 90. 27 22. 48 23. 99 100. 00 14. 92 36. 33 100. 00 13. 05 1. 42 0. 03 3. 00 15. 00 5. 00 3. 23 0. 85 0. 30 0. 84 31. 20 1. 35 0. 01 6. 23 67. 30 41. 80 0. 36 4. 50 0. 68 3. 98 Source: Business Group in China Compared with Korean Cheabols by Keun Lee and Wing T. Woo 11 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics Exhibit 3b: Detailed Break-up of Affiliate Shareholding Provided Above (all figures in %'s)Decomposition of shares by major affiliates No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Name of Firms Samsung Electronics Samsung Display Devices Samsung Co. Samsung Motors Samsung Heavy Industries Samsung Electro-mechanics Samsung Life Insurance Samsung Aerospace Industries Cheil Wool Textile Samsung General Chemicals Samsung Precision Chemicals Samsung Corning Hotel Shilla Samsung Securites Samsung Engineering Samsung Winners Card SI Corporation Samsung Everland Samsung Factoring Financing The Joong-Ang Daily News Samsung Petro-Chemicals Samsung Commercial Motors Samsung Fire & Marine Insurance 2 3 4. 45 5 6 7 8. 16 5. 39 6. 22 8 9 0. 61 0. 09 0. 07 0. 60 14 0. 01 0. 01 13. 24 18 0. 15 0. 28 1. 24 20 0. 45 23 2. 00 3. 19 10. 87 21. 11 18. 92 21. 92 8. 13 3. 82 9. 31 48. 36 5. 72 16. 03 54. 37 10. 40 12. 74 7. 45 0. 28 2. 48 6. 08 2. 56 4. 92 5. 59 7. 75 2. 20 0. 03 0. 12 25. 90 0. 90 3. 51 2. 25 0. 33 0. 30 3. 44 10. 14 37. 79 6. 20 10. 28 0. 29 0. 21 1. 47 14. 40 11. 39 1. 89 25. 00 3. 92 10. 00 21. 50 3. 45 1. 00 6. 95 10. 62 4. 75 5. 49 9. 95 5. 00 0. 25 2. 50 100. 00 11. 49 8. 50 16. 40 0. 13 17. 10 1. 01 4. 75 9. 93 1. 56 Source: Business Group in China Compared with Korean Cheabols by Keun Lee and Wing T. Woo 12 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics Exhibit 4a: Contribution of Samsung Electronics (parent company only) to Samsung Group. All figures in Billion Won Samsung Electronics (parent company) 1997 1998 20,084 313 20,776 13,806 6,970 1999 26,118 3,170 24,710 11,378 13,332 1997 Samsung Group Samsung Electronic (parent co. ) as a % of Samsung Group 1999 106,730 2,511 133,213 101,023 32,190 1997 11. % 25. 5% 12. 3% 10. 6% 22. 7% 1998 23. 4% 131. 5% 19. 1% 15. 4% 36. 3% 1999 24. 5% 126. 2% 18. 5% 11. 3% 41. 4% 1998 85,788 238 109,022 89,839 19,183 Sales Net Income Assets Liabilities Shareholders Equity Source: Samsung Website 18,465 124 23,066 17,236 5,830 161,448 487 187,824 162,120 25,704 Exhibit 4b: Contribution of Samsung Electronics (consolidated basis) to Samsung Group. All figures in Billion Won Samsung Electronics (consolidated) 1997 Sales Net Income Assets Liabilities Shareholders Equity Source: Samsung WebsiteSamsung Group Samsung Electronic (parent co. ) as a % of Samsung Group 1999 106,730 2,511 133,213 101,023 32,190 1997 14. 0% -125. 3% 17. 1% 16. 9% 18. 1% 1998 30. 0% -152. 1% 22. 1% 21. 2% 26. 5% 1999 30. 1% 126. 4% 21. 9% 15. 8% 40. 9% 1998 1999 32,088 3,175 29,178 16,004 13,174 1997 161,448 487 187,824 162,120 25,704 1998 85,788 238 109,022 89,839 19,183 22,682 25,772 (610) (362) 32,035 27,386 4,649 24,105 19,016 5,089 13 Prof. Florencio Lopez-de-Silanes Case: Samsung ElectronicsExhibit 5: Closing price of Samsung Electronic Shares and the Liner Trend of its Stock Price. Daily Closing Price of Samsung Electronics Shares September 1, 1996 to December 31, 1997 80,000. 0 Share Price in Korean Won 70,000. 0 60,000. 0 50,000. 0 40,000. 0 30,000. 0 20,000. 0 10,000. 0 1/1/97 2/1/97 3/1/97 4/1/97 5/1/97 6/1/97 7/1/97 8/1/97 10/1/96 11/1/96 12/1/96 9/1/97 10/1/97 11/1/97 12/1/97 Day Close Linear (Close) 14 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics Exhibit 6: Profile of Directors on the Samsung Electronics Board No.Name of Director 1 Kun-Hee Lee 2 Jong-Yong Yun 3 Hak-Soo Lee 4 Yoon-Woo Lee 5 Dae-Je Chin 6 Doh-Seok Choi 7 In-Joo Kim 8 Jing-Wan Kim 9 Sung Rai Choi 10 Soon-Taek Kim 11 Jin-Hoon Je 12 Joong-Koo Lee 13 Yang-Gyu Park 14 Hong-Sik Ko 15 Soo-Woong Park 16 Jae Yong Lee Designation Chairman & CEO, Samsung Electronics Vice Chairman & CEO, Samsung Electronics President & CEO, Group Reformation Headquarters, Samsung Electronics President & CEO, Device Solutions Netw ork, Samsung Electronics President & CEO, Digital Media Network, Samsung Electronics President & CFO, Samsung Electronics Executive VP, Group Reformation Headquarters, Samsung Electronics President & CEO, Samsung Heavy Industries President & CEO, Samsung Petrochemicals Vice President & CEO, Samsung SDI Company Ltd. Vice President & CEO, Samsung Factor Financing President & CEO, Samsung Techwin Company Ltd. President & CEO, Samsung Networks President & CEO, Samsung General Chemicals Company Ltd. Vice President & CEO, Samsung Fine Chemicals Ltd. Family Relation None None None None None None None None None None None None None None None 7 Ra-Hee Hong Lee 18 Soo-Bin Lee 19 Hyeon-Gon Kim 20 Chong-Yeul Pae 21 Kap-Hyun Lee 22 Suk-Soo Kim 23 Tetsuo Iwasaki Owns 25. 1% of the shares of Samsung Everland, which Son of Kun-Hee controls Samsung Life, the holding company of Lee Samsung Group Director General, Samsung Museums. Wife of Kun-Hee Lee Chairman & CEO, Samsung Life Insurance Company None Vice President & CEO, Samsung BP Chemicals Company Ltd. CEO, Samsung Corporation Advisor, Boston Consulting Group President Law Office of Suk-Soo Kim None None None None Chairman/CEO/President Applied Komatsu None Technology Note: The information provided in this exhibit is for illustrative purposes only. It does not reflect the real board structure at the Samsung Electronic Corporation. 15

10 Point of “The Devil Wears Prada” (Film) Essay

The Devil Wears Prada  is a 2006  comedy-drama film, a loose  screen adaptation  of  Weinberger’s 2003novel of the same name. It stars  Anne Hathaway  as Andrea Sachs, a college graduate who goes to New York City and gets a job as a co-assistant to powerful  fashion magazine editor  Miranda Priestly, played by  Meryl Strep.  Emily Blunt  and  Stanley Tucci  co-star, as co-assistant Emily Charlton, and Art Director Nigel, respectively. 1. The devil wears Prada means that the devil can come in any form and not just the ugly scary version we all expect. He can come as a well dressed good looking person and fool anybody into doing whatever he wants. 2. Prada is an upscale clothing designer. Apparently, she is a difficult person. Therefore, Ann Winter (The Devil) wears Prada clothing. 3. The Devil Wears Prada is two films in one: a caustic, energetic satire of the fashion world and a cautionary melodrama. 4. An ironic measure of the film’s research into the fashion-magazine scene is the fact that there’s almost no journalism in it. 5. Fashion is designed to have you buy something that has the predetermined shelf life of cottage cheese. 6. That a designer will put a fashion combination on a cover of a magazine that you would never dream of coupling together. 7. That people can pay all too much money for a handbag – after all it is just something to put â€Å"stuff† into. Well, just think of a purse is another opportunity to be mismatched with your shoes. 8. Real women will die wearing high heals that are high enough to give you a nose bleed. 9. Even designers have off days, and seasons for that matter. Learn how to just walk away from anything you can’t describe what color it is. 10. I believe that one of Hathaway’s dresses could best be described as the color of thawing frozen spinach.

Le Bon and Freud Essays

Le Bon and Freud Essays Le Bon and Freud Essay Le Bon and Freud Essay Essay Topic: Sociology Le Bon was of the opinion that when people joined large, relatively unstructured social groups, they sometimes engaged in spontaneous and atypical collective behaviour. Le Bon suggests that crowds are ruled by a collective mind, and that contagion causes crowd members to experience similar thoughts and emotions. Freud, on the other hand, argues that individuals, by joining crowds, can satisfy some basic needs for membership, hostility, and so on. Both of these theories are still popular today but lacking empirical evidence we strive to find more tangible theories that can be tested. Several theories have been developed since these accounts such as de-individuation, emergent norm theory and social identity theory and this essay will look at these theories and try to assess whether or not they are better than Le Bon and Freuds theories which lack any scientific basis. Le Bon, the author of The Crowd was writing during a time of incipient social progress when the masses were wreaking havoc across France. Being a member of the bourgeoisie this situation worried Le Bon and he wanted to cure the disorders brought about by the masses. He found the answer in psychology and the discovery of a crowd soul. Le Bon, in his work, rejected all three of the popular views of the time that the crowd was mad, criminal or antisocial and mainly inhabited by the people at the lower end of the social spectrum for the idea that a man, irrelevant of his social standing, once in a group would lose his personal characteristics and the personalities in the group would fuse together. The characteristics of the crowd are savagery, primitive and uncivilised because the individual is no longer acting consciously but unconsciously as the people are a collective mass. He described the collective state as being similar to that of a hypnotic state, an idea later harnessed by Freud. To merge into the collective state Le Bon cites the physical presence of the crowd as crucial and has developed from this his Law of the mental unity of crowds. The physical presence of others delivers anonymity giving the individual invincible power and takes away the persons sense of responsibility. His second idea is that, like a virus or bacteria, ideas, feelings and emotions spread rapidly throughout a crowd and individuals are quickly infected with the disease, this is the theory of contagion. Thirdly, theres the concept of suggestibility and happens when the crowd is in the collective state. This is open to exploitation when the person has lost his conscious personality and is open to all the suggestion that the crowd suggests. These three phenomenon release our animal nature and free us from social and moral constraints, what Le Bon calls latent processes. This perceived loss of self has developed into what later thinkers have called de-individuation. Le Bon sees the collective behaviour as primitive and devoid of reason or culture and links it to acting at the level of racial unconscious. Other psychologists have on the other hand proposed the idea that the collective mind is not necessarily as negative as Le Bon portrays believing the crowd to be capable of great acts of altruism and unselfishness. Many of the earlier social psychologists have coined similar ideas to Le Bon. Tarde for example sees physical closeness as crucial as social life of individual is based on imitation, similar to Le Bons anonymity idea. The close proximity of the crowd is therefore the most extreme example of this imitation behaviour. Mc Dougal takes the view that similarity between group members, predominantly constitutional and racial will determine how fast ideas spread through crowds, a theory of contagion. Trotter believed that humans behaved similarly to animals in that they were very open to the opinion of the leader. Freud, whose theory on crowds initiated from Le Bons places great emphasis on the role of the leader. Also writing during a time of political and social turbulence, Freud was hoping to understand the causes of the very real problems of the day namely anti-Semitic feeling and a tendency to follow demagogues who, to Freud, were obviously untrustworthy. Freud felt that suggestibility was still crucial and that it is an irreducible, primitive phenomenon. Freud, similarly to Le Bon, believed that psychic factors are crucial. The unconscious becomes unlocked and members of the crowd become bound by their love for the leader. The leader is usually a charismatic individual who may be perceived as a father figure. The Freudian model of the psyche, the id, ego and superego (sub-conscious, conscious and super-conscious) are all at play in the crowd situation. The superego, which represents moral and civilised aspects of the psyche, is renounced to the leader. This leaves the Id to dominate the mind resulting in primitive and uncivilised behaviour. The leader will provide a group ideal and the crowd will inevitably follow. Freud likens this leadership control to that of a hypnotist. The adoption of the new ideals causes the self to change dramatically and it shifts from individual self to a group self where all members can identify with each other. It would seem, having looked at the theories of Le Bon and Freud that they are very comprehensive nevertheless there are many criticisms that have been made of both of their theories. The most important criticism of both Freud and Le Bon is that they lack empirical evidence to support their proposals. Due to the nature of the theories we are unable to verify them, as access to the unconscious is impossible. Both men also describe the behaviour of the crowd as primitive but neither considers the often-unselfish nature of the crowd, a definite positive aspect. Le Bon has been criticised for cementing together ideas of other theories such as contagion and can be vague and of mediocre quality. A further criticism would be his biased interpretation of crowds. Le Bon sees the crowd as a force for social evil and incorporates his fascist ideology into his work. It is also evident that the social context in which he is writing also affects his objectivity and he talks of the revolution in a crude way. There are many aspects of Freuds work that are also vague. For instance, Freud sees the leader as fundamental to the changing of the individuals psyche to that of the group self but this theory is problematic insofar as not all crowds have leaders. Another loophole is that many people demonstrate the characteristics that Freud describes for being susceptible to crowds but do not, in practice, succumb to the crowd. From the basis of both Freud and Le Bon there have been many psychologists who have attempted to rectify the problems cited above and in doing so have developed theories of their own. The most obvious of these is the theory of de-individuation which has developed from Le Bon blueprint of anonymity. De-individuation means the loss of personal identity and many studies have been carried which support the theory. De-individuation differs from Le Bons theory in the way that the indiviaual isnt seen as losing the mind to the collective but that the loss of individuality leads to a total loss of control. This loss of control culminates in the release of the individual from internal moral restraints and generates behaviour that is impulsive, irrational, emotional, regressive and intense. Research by Festinger, Pepitone andNewcomb (1952) made small groups of subjects discusses their feelings towards their parents. They found that the less individual subjects viewed themselves and each other the more rash and daring were their contributions to the conversation. Singer, Brush and Lublin (1965) conducted a study where subjects had to talk about erotic literature. They found that those wearing lab coats and thus seen as non-identifiable used more obscene language than the more identifiable subjects. Both of these studies demonstrate that people, when de-individuated will behave differently and Singer attributed theses finding to reduced feelings of self-consciousness and distinctiveness. Le Bon (1985) went on to say that people would behave in more extreme ways in crowds because they lose their sense of identity. Zimbardo believes that the crowd provides a cloak of anonymity and diffuses personal responsibility for the consequences of an individuals actions. He details two types of behaviour, individuated, when behaviour is rational, controlled and consistent with personal norms and de-individuated behaviour, which acts on primitive impulses, is anti social, unrestrained. He believes that this behaviour is caused by being a member of a crowd or when wearing a uniform as loss of individual identity and a reduced concern for social evaluation. Zimbardo (1969) has carried out several experiments on de-individuation and anonymity. One experiment showed that de-individuated people (in this case they were dressed in lab coats and hoods) had a stronger tendency towards aggressive behaviour (e. . total duration of shocking was twice as much for the de-individuated group compared to the identifiable condition). Another experiment that Diener (1976) made in the same area was on a group of Belgian soldiers. However, the result was the reverse- the soldiers had a shorter shocking time than the normal people did. It has been said that this is due to the fact that the soldiers were already de-individuated before the test as they are already members of a group, the army. When they put on a lab coat and a hood (and away from their fellow soldiers) they suddenly became more self-aware than they were before. Diener believed that dressing up in these silly costumes might have made them more self-conscious rather then less. He sees the key to de-individuation as losing self-awareness. Further research observed more than a thousand children on Halloween. They found that those whod given their names to the householder or who wore costumes that didnt allow anonymity were less likely to steal sweets from the bowl when briefly left alone. Diener was concerned with how de-individuation came about. Anonymity doesnt directly lead to it because, as Hogg demonstrates, a bank robber is anonymous but yet very conspicuous. This conspicuousness is found more often in small groups or when there are many observers. Instead, Diener focused, as mentioned above, on self-awareness whereas previously focus of studies was on anonymity in the group and this was seen as the most important factor to de-individuation. Self-awareness means a person is the object of ones own attention particularly private self awareness which is reduced awareness of ones private thoughts and feelings. This attention on the self, to things such as ones attitudes and norms, increases the capability for self-regulation. Nonetheless Classical and contemporary views agree on the main thrust of the de-individuation hypothesis being that he psychological state of de-individuation brings about anti-normative and dis-inhibited behaviour. As with most theories de-individuation is also open to criticism. Despite considerable research and development of ideas, it is too simplistic. Many of the studies, which it uses to prop itself-up are lab-based. More naturalistic studies are needed to increase the ecological validity of the theory. The theory can also be criticised for ignoring coherence of crowd behaviour as crowds frequently behave in the same manner. At football matches, for example, component people are not the same yet the behaviour demonstrated is always very similar. Another theory that has developed, In contrast to Le Bons contagion theory, is the convergence theory. As demonstrated, Le Bon thought that crowds were run by a collective mind and the individual thoughts changed radically. According to the convergence theory, the people who join a group often have similar needs and personal characteristics as the group. Instead of changing the self into the group collective the individual is, essentially, already what the group is. A further modern, contradictory theory to that of Le Bons s Tuner and Killians (1972) emergent norm theory. Contrary to Le Bon, who believes an individual loses himself in the crowd, becoming mindless, in emergent norm theory the crowd is another type of a group and the behaviour demonstrated by the crowd is a type of group behaviour, just more extreme. The idea is that group processes creates order and purpose amongst the crowd and norms spread quickly and are adopted by all crowd members but, contrary to contagion theory, the differences are illustrated between individual and group behaviour by looking at the different norms. New norms emerge in collective situations through the observation of the distinctive action of group leaders. Behaviour of the crowd comes from the social norms of a crowd. People are motivated by a desire for social reinforcement and approval, and are scared of being rejected or as being perceived as an outsider. The norm must be specific to the situation to some degree-hence emergent norm. (Turner) A major criticism of this theory is presented by Deiner (1980) is that a crowd that acts normally would have to be self aware but being in a group, as his personal research demonstrates, reduces self awareness, rendering the whole theory void. The theory, as Reicher points out, also fails, similar to de-individu ation theory, there is no account as to why crowd action is unified and doesnt dissolve into sub-groups. Reicher developed his own theory, social identity theory; whereby individuals take on the social identity of the crowd and conform to the normative behaviour of that crowd via referent informational influence. This theory does not remove responsibility of an individuals behaviour in a crowd situation, rather shows that the control of the crowd lies with the individual as they have identified with the crowd norms and taken them on as their own, and consequently their consent in their social identity as a crowd member. There are three key ideas that are central to the theory, categorisation, identification and comparison. Categorisation is the tendency by humans to categorise things, including people, as a means to understanding the world. These categories can be things such as religion, race, occupation and by doing this we can identify with who we are like and find things out about ourselves. What behaviour is appropriate is then defined by reference to the groups we belong to. If someone belongs to a group that we dont belong then we will never identify with them. The second idea of identification has two meanings. Firstly that we identify ourselves as being in an individual or as being a group member and which way we classify our self depends on the situation that we are in. When we consider our self to be a group member we call this social identity. When thinking of our self as a unique individual this is referred to as personal identity. Group membership is not something foreign, which is tacked onto the person; it is a real and vital part of the person. The groups that you identify with are in-groups and those you dont identify with are out groups. The other meaning implied by the concept of identity is the idea that we are the same or identical to the other people. This doesnt mean literally but for identification purposes those who are members of the same groups as us are the same/similar E. g. during a war the enemy are all the same and treated the same way and deemed deserving of death. The third idea in social identity theory is the idea of comparison. This is when we evaluate ourselves in relation to others. By looking to others groups we can higher our self-esteem, which in turn leads to a positive image of the self, which is essential to healthy functioning. By identifying ourselves as being in a group we then learn the norms of that group and can find out what the limits of the group are. In order to test his theory, Reicher conducted some experiments to test how attitudes change when social identity is prevalent. One of his investigations found that social science students were more antivivisection and science students more pro-vivisection when they were divided in their respective subject groups than when they were mixed together. He found that personal identity is replaced in a group situation by social identity. Reicher also analysed data from the St. Pauls riots which occurred in Bristol and found that people identified with one another and because of this they adhered to the norms of the group because they were adopted as their own. In conclusion, it seems that older theories such as Le Bon and Freud are relevant today as they provide a strong theoretical basis from which we can develop our own theories of the crowd. However, the very theoretical nature of them is what makes the more recent theories much viable and realistic as both Freud and Le Bon use concepts that we will never be able to verify such as the unconscious mind. In contrast, more recent studies are supported with empirical evidence that can lead to only one conclusion, they are better theories. The nature of crowds however, means that future research will be difficult to undertake, as studies cannot be recreated in the lab due to the sheer volume of people needed.

Australia Law of North V Marra Developments Ltd †Free Samples

The leading case of North V Marra Developments Ltd (1981) was decided by the High Court of Australia on 9 th December 1981. The Hon’ble Stephen, Mason, Murphy, Aickin and Wilson JJ decided the case against the Appellant and in favor of the Respondant. As per the fact of the case, the Appellants are the member of a stock broking firm (Sydney Stock Exchange Ltd). The Appellants were initially trading in the name of NORTHS but are now considered as J. & J. NORTH. In 1954, Marra (Respondent) was incorporated as a public company. There were various rural properties that were acquired by Marra in 1974 in New South Wales. Its ninety three percent issued and paid up capital was held by 5 families. The shares of the company were listed on Sydney Stock Exchange. But, prior to 1974 the true value of the company assets were not depicted with the help of the balance sheets of the company or the market value of the assets. Considering with the situation, the Appellants in around December 1972-February 1974 submitted that there is a need that market capitalization of the asset must be done so that the true value of the Marra assets can be determined. There were three recommendations that were given by the Appellant and all the three were accepted by the Respondent. It is alleged by J. & J. NORTH that they have provided advisory services regarding the reorganization of the capital of Marra Developments Ltd. ("Marra") and advised on the takeover of Marra upon Scottish Australia Holdings Ltd. ("Scottish") and thus they are eligible for remunerations and the interest thereon from the Respondents. (Jade, 2017) Thus the main issue that was developed from the facts of the case was whether the Appellant is liable to claim the remuneration with interest from the Respondent. Now, because of the acts that are undertaken by the appellant and the Respondent, the major duty that was violated is submitted herein under. That the agreement amid the Appellant and the Respondent to carry out the scheme and the carrying out the scheme itself (of capitalization and takeover) are in violation of section 70 of the Securities Industry Act 1970 of New South Wales. The scheme itself and its conduct both are illegal in nature. (Armson, 2009) Because of the act, there is violation of section 1041A (Price Manipulation) and section 1041B of the Corporation Act 2001 (False Trading and Market Rigging). The main reason because of which the duties were considered to be violated are: The prices of the shares are increased by appellant involvement of buying the shares. The Appellant filed a case, however, the same is rejected by the Supreme Court of New South Wales. It is submitted but Meares J, that the argument of the defendant that the acts of the Appellant involves illegality is valid as the acts are in violation of section 70 of the Securities Industry Act 1970. The Appellant filed an appeal to the Court of Appeal. The Court of Appeal also dismissed the appeal of the appellant, Against the decisions of the Court of Appeal, the Appellant filed the present appeal. On 9 th December 1981 the Hon’ble Stephen, Mason, Murphy, Aickin and Wilson JJ submitted that the proposal which is recommended by the Appellant and which is later carried out by both the appellant and the defendant regarding the purchase/sale on the Stock Exchange in the Respondent is not found to be legal. It is decided that the agreement to carry out the scheme and the carrying out the scheme itself are in violation of section 70 of the Securities Industry Act 1970 of New South Wales. The scheme itself and its conduct both are illegal in nature. The court also held that the actions of the parties are not such which resulted in considering the same as conspiracy to deceive. Thus, the amount that is claimed by the Appellant cannot be recovered and the appeal stands dismissed.   The High Court decided that the amount that is claimed by the Appellant cannot be recovered and the appeal stands dismissed.   The main reasons that are attributed by the High Court which form the basis of the decision is submitted below and is critically analyzed: (O'Connell, 2013) In the Corporation Act 2001, considering the observations that are made Mason J and the changes under the 1980 Act, few variations were made regarding the market rigging and the false market provisions. There were few amendments that were made to section 998 of the corporation Act 2001. Because of the above facts, it is submitted by Mason J that any activity which gave the market false or misleading appearance is prohibited under statue. The acts of the appellant were against the statutory prohibition and thus the actions were illegal so they are not permitted to take advantage of any statutory wrong; These actions of the appellant were not regarded as legal in concern with section 70 of the 1970 act (E.T. Fisher &Co. Pty. Ltd. v. English Scottish and Australian Bank Ltd.  (1940). The actions of the Respondent with the help of the appellant which has resulted in enhancing the market price of the company of the respondent so that there is completion of takeover is an act which in contract to the provisions of section 70 of the Act. Thus, an illegal act cannot justify any benefits to be accrued in favor of the default. So, the appellant itself at fault cannot claim remuneration for an illegal act. The court held that the appeal of the appellant is not found to be favorable not because the agreement in which they are relying is in violation of section 70 but mainly because the actions in which they indulged into are itself illegal in nature. So, on those grounds it is decided by the High court that the appellant is not rightful in suing the Respondents and claim their remunerations on the basis that the acts in which they indulge into are itself illegal in nature. In the leading case there were series of observations that were made in relation to section 70 of the 1970 Act. Mainly the interpretation of the section signifies that there must be presence of some element in order for the application of the section. The   law submitted by Majon J is now not applicable in the current law . however, based on the observations that are made by the Hon’ble Judhe there were changes that were brought in Securities Industry Act 1980 (Cth) (1980 Act). (O'Connell, 2013) In the Corporation Act 2001, considering the observations that are made Mason J and the changes under the 1980 Act, few variations were made regarding the market rigging and the false market provisions. There were few amendments that were made to section 998 of the corporation Act 2001. However, again the market rigging and the false trading provisions were amended by the Financial Services Reform Act 2001 (Cth). The main changes that are brought in are that civil penalty provisions are made under Part 9.4B which includes few misconduct provisions inclusive of market rigging and false trading in (section 1041B of the corporation Act 2001) This change has reflect a doubt that it is very troublesome and expensive for the law to be applied by applying criminal standard of proof and it is more efficient and appropriate to apply the civil sanctions. Thus, now civil case can be brought which is based on the violation of section 1041B (1) by complying with civil standards of the balance of probabilities and there is no need for the establishment of any kind of fault or intention. Now if there is violation of section 1041 B (1) then a liability of @ $200,000 be imposed to an individual and @ $1 million for a body corporate. Thus, the leading case of North V Marra Developments Ltd and with the current reforms that are brought in then there is no need for the establishment of any kind of fault or intention. Ann O'Connell (2013) Protecting the Integrity of Securities Markets — What is an ‘Artificial Price’?: DPP (Cth) v JM, Melbourne Law School. Emma Armson (2009) False Trading and Market Rigging in Australia,   Corporate Law Teachers Association Conference, ANU College of Law. E.T. Fisher &Co. Pty. Ltd. v. English Scottish and Australian Bank Ltd.  (1940) 64 CLR 84 North V Marra Developments Ltd (1981). Scott v. Brown, Doering, McNab &Co.  (1892) 2 QB 724 Jade (2017) North V Marra Developments Ltd (1981) (Online). Available at: https://jade.io/article/66955. Accessed on 1st October 2017. Looking for an answer 'who will do my essay for cheap',

Article Summary about acqusition and consolidation Term Paper

Article Summary about acqusition and consolidation - Term Paper Example Acquisition aims at building on strong point or weak point of the subsidiary or parent company. The acquisition can be retained or discarded depending on the performance. An evaluation on processes and how they are performing is done, and a decision is made. Consolidation is the process of combining the financial statements of a parent company as consolidated financial statements. It is necessary for the parent company which is independent to control the subsidiary which is not independent through financial operations. This is shown when financial operations of the parent company are consolidated to the subsidiary in a financial statement. The purpose of an acquisition is for it to be successful by achieving more rapidly and gainful growth than ordinary. This can only be seen if a detailed consolidated financial statement is outlined. The article on Google acquiring Buffer-Box http://news.cnet.com/8301-1023_3-57556528-93/google-acquires-bufferbox-provider-of-delivery-lockers/ will be the case study. Google is a multinational company which provides internet-related products and services. While, Buffer-Box is an on-line pick up site for goods and services bought online. Most e-commerce operations for Google are in Waterloo which is where most of its online shopping functions are assembled. Therefore, by acquiring Buffer-Box Google will add to its mobile shopping sector. Buffer-Box, on the other hand, fights the challenge of low customer base and gets to leverage Google’s resources to grow their business. In preparing a consolidated financial statement for the parenting company, Google and the subsidiary Buffer-Box, needs to gather the necessary paper work on cash, accounts payable and inventory. In order to avoid double-counting when making journal entries, Google should not include transactions to the subsidiary. The statement should reflect incorporated cash flow showing sales, opening and closing