Managing Effective Work Teams Essay -- Research Papers Work Essays

Managing Effective Work Teams AbstractMany organizations today believe that the use of work teams will allow them to produce better products and forget better services, faster, and at lower costs. Using a work team approach suffer reinvigorate productivity and service provider motivation, and better built in bed an organization to deal with a rapidly changing environment. However establishing effective work teams is not something that comes easy. Though, the benefits of effective work teams within an organization are real substantial, it takes alot of hard work and dedication on the part of management and team members to develop, implement and maintain effective work teams.Work Teams Popularity in Organizations Some cardinal years ago when organizations introduced work teams, they made the news because no one else was using teams. Today, its almost the opposite. Companies that dont use some form of team approach in conducting business are those that attract attention. Look into almost any business magazine and you will see how teams have become an essential part of the commission work is done in companies such as Honeywell, General Electric, Saab, John Deere, Honda, Boeing and Federal Express. One might ask, why is this? Research suggests that a team can usually outperform an individual. Especially, when the tasks being done requires multiple skills, judgment and experience. Also, as organizations restructure themselves to compete more effectively and efficiently, they have learned that teams are a better way to utilize employee talents. Management too, has found that work teams are more flexible and responsive to a changing environment than traditional departments or other forms of permanent work groups. In many situat... ...re to become effective managers in the field public administration or business, can do no wrong in subscribing to the management practice of managing effective work teams. References Cynthia Cantu, University of North Texas, Virtua l Teams, 1998http//www.workteams.unt.edu/reports/cantu.html , rascal 1 & 2Greg Hendrix, UNT, The Importance of Goals To The Success of Work Teams, 1998http//www.workteams.unt.edu/reports/ghendrix.html , page 1Carole A. Townsley, UNT, Resolving Conflict In Work Teams, 1998http//www.workteams.unt.edu/reports/townsley.html , page 1 & 4Angelique Lee, UNT, Team Compensation A Broad Overview, Nov. 24, 1997http//www.workteams.unt.edu/reports/lee.html, page 1 Sarah L. Bodner, UNT, Experiential Training A Stepping For Work Teams, Nov. 24, 1997 http//www.workteams.unt.edu/reports/bodner.html, page 1, 5, 7, 8, 9

Graduation Speech -- Graduation Speech, Commencement Address

Im sure everyone here has seen a picture of a mother duck leading her ducklings. Imagine the mother duck taking her ducklings up nigh st oxygenates. The mother duck easily climbs the first stair and waits for the other little ducks to climb up. The first duckling stretches its wings as high up in the air as it fucking and stands on the tips of its little webbed feet. With a little help from its beak it manages to b arely make the first step. Sometimes it requires a little help from mama duck to boost itself up. Despite the cute and rather funny part of this picture, it is possible to learn a lot from the ducks. The two ideas we apprise gain from them are leadership and following. In life each one of us is a leader and a follower at some point. leading is of key importance to the Christian, and also simply to every person. It is easy to imagine the kind of world that would ensue as a result of no leadership. on that point would be utter chaos and nothing positive would get done. Often we think of leaders as people with great authority such as the President of the United States, bosses of major corporations, and in the case of school, the principal and teachers. But the fact that does not readily present itself to us is that each one of us in some way or another is a leader. Everyone leads at some point in their life whether they realize it or not. Younger generations invariably look up to and follow older generations. Although they may not admit it, I am sure the underclassmen at our school have followed the lead and model of the Class of 2006. This is an awesome task to undertake that of leadership. It is important to constantly remind yourself that someone is watching and following your lead. Paul wrote in 1 Corinthians 111, observe my examp... ...e tool in dealing with the problems that life throws our way. As a follower we must choose wisely who we associate with. A close group of friends can provide many things that help us along lifes path in the Christian walk. Good Friends can provide support through tough times, accountability, and solid fellowship. Leadership and following are not generally thought of as interconnected, though each one of us is both a leader and a follower. As a leader we must be a good example and a servant. As a follower we must choose wisely who to look up to and associate with and ultimately we must follow the perfect lead of Jesus Christ. I encourage everyone here, and especially the graduating class of 2006, to remember you are a leader, leading others to know Christ and His perfect plan for them, and a follower, learning to follow Christ and His perfect plan for ourselves.

Achilles Doom Essay -- essays research papers

To be, or not to be, that is the question. Whether tis nobler in the mind to suffer the slings and arrows of outrageous fortune, or to take arms against a sea of troubles and by oppose end them. Though written centuries after the death of Achilles, this quote from Shakespeares Hamlet speaks honestly of his life. The epic poem, The Iliad of Homer, is a romance of the journey of his soul, and his attempts to escape his fate. He questions his fate set out for him by the gods, pondering whether or not he should die for the sake of war, and it is by this questioning of the divine judgment of the gods that he brings doom upon himself. It is known by himself, and by the gods, that he is to hot a short, but glorious life, however it is not known how or when his life provide come to an end. Achilles himself, wishes to live one of longevity without great glory, and therefore tries to escape his lot in life. Is it just for him to give his life for war, or should he live a life to satisfy h imself? Throughout the Iliad, Achilles actions bring his eventual doom closer to reality than perhaps may have been planned. Sing, goddess, the anger of Peleus son Achilles and its devastation which put pain thousandfold upon the Achaians. The wrath of Achilles begins in Book One of The Iliad. Agamemmnon, leader of the Greek phalanx, takes Achilles booty prize, Briseis to replace his own concubine, Chryses, daughter of a non-Christian priest of Apollo, who was returned to end the plague put on his people by the angry god, Apollo. Achilles feels unappreciated for all that he does for the army when Agamemmnon takes his girl to be his own. He leaves the army because he feels that the king has disrespected him. Thus begins the onset of his doom by not fighting, and continuing to refuse to do so until after the death of his best friend, Patroklos, he defies his fate.Once having decided to leave the fighting, he goes to speak to his mother, Thetis. He asks her to ask Zeus to allow the Tr ojan army to take over the fighting so that the Greeks realize how much they need him, and for them to come to an appreciation for him. Through his concern for his own ego, it is appearant to the reader that, knowing his fate, Achilles will do all that is in his king to stop the fate, or his doom, from being played out. It is also known that the gods do not favour those who try to defy them. Achilles do... ... is much more important than egotistically hiding from battle, not using his gifts. There are many events in our lives that leave us with one question What is the meaning of life? This question plagued Achilles during the story of The Iliad and he progresses through it to accept the fact that it is not in his hands to decide his fate. Now I shall go, to overtake that killer of a dear life, Hektor wherefore I will accept my own death, at whatever time Zeus wishes to bring it about, and the other immortals. Having brought this doom upon himself out of his own need for enjoyme nt early in the poem, Achilles finally accepts, humbly that his actions have been the cause of his grief and loss over his dear companion, Partoklos. It is through his continual refusal to partake in his draw that he brings his doom upon himself. It is one of the greatest sins one can commit, to deny the world of your gifts. It is impossible for us to picture our fate, the gods (speaking in Ancient Greek terms) control our lives as they see fit and by reading this poem, it is possible to come to a deeper understanding of how we must accept it.

Teens, Sex, and Virginity - Teenagers and the Importance of Abstinence

Teenagers and the Importance of Abstinence Teenagers need to be taught to practice abstinence. By learning this important lesson, youths will be less deally to contract sexually transmitted diseases, and they will be safe from unwanted pregnancies that could lead to abortions. Three million people under the age of 20 in the United States compose infected with a sexually transmitted disease each year. With 66 percent of high school students having had intercourse by graduation, these numbers are non surprising ( think Parenthood-Helping Young). The effects of sexually transmitted diseases can be devastating. Once a person contracts herpes, he must deal with it for the rest of his life. The HIV computer virus puts a person on the fast track to death. Growing up is hard enough for a child without having to face his own mortality. I intimate all I wanted to know about sexually transmitted diseases while attending religious school at my synagogue. I was 13 at the time, but I stil l remember the experience vividly eight years later. unrivaled Wednesday night, the rabbis called all of the eighth, ninth, tenth, and eleventh graders into the chapel for a special program. One of the teachers had prepared a slide show to demonstrate the effects that a sexually transmitted disease had on the human body. The first several pictures were not too bad, showing not much more than some bumps around a girls mouth. As the show progressed, the slides got more gruesome. A mans genitals with large sores displayed the effects of herpes. Another slide showed the bottom of a girls foot that had a hole the size of a quarter in it, the STD eating away at it like termites do an old house. I never have forgotten that night, and I wish that every child ... ...ng People to Delay Intercourse. 21 Mar. 1999. http//www.plannedparenthood.org/library/TEEN-Pregnancy/helpyoung.html>. Planned Parenthood. What to Expect if You Choose Abortion. 21 Mar. 1999. http//www.plannedparenthood.org/a bortion/what-to-expect.htm>. Powell, Betsy. Dangers of Teen Abortion. San Francisco Chronicle 5 Apr. 1996 A23 Teen Pregnancy. CDC State-by-State Pregnancy Rates for Teens 15-19. 21 Mar. 1999. http//www.teenpregnancy.org/govrates.htm>. Teen Pregnancy. Teen Pregnancy Facts and Stats. 21 Mar. 1999. http//www.teenpregnancy.org/factstats.htm> Teen Pregnancy. Teen Voices. 21 Mar. 1999. http//www.teenpregnancy.org/teen/voices.html> Thomas, Cal. The Wrong Message. World Magazine. 11 Oct. 1997. Vol. 12, No. 21. Also found at http//www.worldmag.com/world/issue/10-11-97/national_2.asp>.

Macbeth - Murder At Inverness Castle :: essays research papers

On Macbeths day of success he was greeted by three weird sisters, the witches, and in turn they said, the first witch to him, every last(predicate) derive to the thane of Gladis, this came as no surprise to him as he already held this title, the second witch then said to him, all hail thane of Cawdor, this interested him, he wondered wherefore would he be do thane of Cawdor when the current thane of Cawdor was a noble gentleman, then came the turn of the third and ultimate witch, she said to Machbeth, all hail to the superpower, at this clamorous Machbeth was fascinated he was immediately over come with his ambition to become the King of Scotland. The three weird sisters left. A matter of seconds later Macbeth was told that he was to be thane of Cawdor, Macbeth now realised that the next prophecy was him becoming king. Next he is told by the king that he will be staying In his castle Duncan the King was to stay in Machbeths castle, was this a sign set up by the witches, Macbet h was either to wait until Duncan died naturally or was he to kill him.Machbeth wrote a letter to his wife, lady Macbeth to tell her of the happenings on his day of success, now lady Macbeth realised what must be d superstar, that when Duncan came that night he was to be killed and she would be made queen, Queen of Scotland. At this point lady Macbeth uses the comparison of the raven the bird of darkness, of death and of hell. At this point lady Macbeth speaks to the spirits of the witches, In her famous un-sex me speech, she asks the witches that for one night to take all her feminine qualities such as remorse compassion regret and sorrow, she says, come to my womans breasts and take my milk for gall, she does not even want the female quality to be able to give milk, because she feels that a woman does not have the ability to kill an innocent man, she wants all her qualities which will dis able her to kill Duncan taken from her.Now Macbeth returns to greet his wife, Lady Macbeth te lls him Duncan comes here to night and explains that he must die and they were to kill him, She tells him to look care the innocent flower but be the serpent under, meaning to kill Duncan and take pleasure from it, stab him when he is already dead, but when the body is base act astonished like it suprises you and disgusts you.

Macbeth - Murder At Inverness Castle :: essays research papers

On Macbeths day of success he was greeted by three weird sisters, the witches, and in turn they said, the first witch to him, all hail to the thane of Gladis, this came as no surprise to him as he already held this title, the turn witch wherefore said to him, all hail thane of Cawdor, this interested him, he wondered why would he be made thane of Cawdor when the current thane of Cawdor was a noble gentleman, then came the turn of the third and ultimate witch, she said to Machbeth, all hail to the King, at this instant Machbeth was fascinated he was immediately over come with his ambition to travel the King of Scotland. The three weird sisters left. A matter of seconds later Macbeth was told that he was to be thane of Cawdor, Macbeth now realised that the next prophecy was him becoming king. Next he is told by the king that he will be staying In his castle Duncan the King was to stay in Machbeths castle, was this a sign set up by the witches, Macbeth was either to wait until Dunca n died naturally or was he to hide him.Machbeth wrote a letter to his wife, skirt Macbeth to tell her of the happenings on his day of success, now lady Macbeth realised what must be done, that when Duncan came that night he was to be killed and she would be made queen, Queen of Scotland. At this point lady Macbeth uses the comparison of the raven the birdwatch of darkness, of death and of hell. At this point lady Macbeth speaks to the spirits of the witches, In her famous un-sex me speech, she asks the witches that for one night to take all her feminine qualities such as contrition compassion regret and sorrow, she says, come to my womans breasts and take my milk for gall, she does not even want the female quality to be able to fall through milk, because she feels that a woman does not have the ability to kill an innocent man, she wants all her qualities which will dis able her to kill Duncan taken from her.Now Macbeth returns to greet his wife, maam Macbeth tells him Duncan c omes here to night and explains that he must die and they were to kill him, She tells him to look like the innocent flower but be the serpent under, meaning to kill Duncan and take pleasure from it, stab him when he is already dead, but when the body is found act astonished like it suprises you and disgusts you.

I Am Legend Essay

Ive been asked to write an essay on a film. I have been asked to pick a five piece aspect from my chosen movie, I will be explaining and talking about how camera shots, miss-en-scene, sound and lightening effects the consultation, to a fault what the director want the listening to feel and understand. The movie that I have picked to do my essay on is the 2007 science fiction film I AM LEGEND. This film is based on RICHARD MATHESONS 1954 novel under the same name and directed by Francis Lawrence.I AM LEGEND was distrisolelyed by the WARNER BROS. PICTURES. and released on DECEMBER 14TH 2007 in the USA. however the growing of the movie started appearance back in 1994 where several actors and directors were lined up to cast and produce the film, however due to financial and some other problems the film was shed on hold. NEW York City is where the movie was filmed and also included the BROOKLYN Bridge a $5 Million dollar scene which was the most dear(predicate) scene ever at tha t time.The movie begins with news broadcast where a scientist Dr. Alice Krippin played by Emma Thompson, who announce the invention of a new drug that could bring down pukecer saving millions of lives but does it solely sound too good to be true? , then fast forwards three years later(prenominal) to the scenes of a post apocalyptic world where in that location seems to be no sign of human life. we hear car engine and from a birds eye judgement feeling down on the city we see a moving car and then a close up inside the car thats the first time the main character DR.ROBERT NEVILE played by WILL SMITH, and his mark SAM are introduced to the audience, through out the movie it becomes clear to the audience watching that the relation ship in the midst of ROBERT NEVILE and his dog is a genuinely strong relationship and there are many scenes which showcase the bond between them non more than the scene I have chosen to do my essay on. And the horizontal surface plays out to the m yth that a dog is a mans best friend. The story line of the movie becomes very clear within the early moments of the movie and we see what the task ahead of the main character is. veryday he sends out piano tuner message looking for survivors as well as trying to cure the mutated humans otherwise known as Darkseekrs. The death of ROBERT Nevilles dog surface-to-air missile proves to be an emotional and a turning point in the film as ROBERT NEVILE loses his senses and retaliates with angry as he preservenot bare the loss of his single and lone(prenominal) companion and goes out looking for revenge at this point he is attacked by hundreds of unfairness seekers and seems to be in trouble with his car flipped over all of the sudden a bright light nears and ROBERTNEVILE passes out as he is coming back around he is inside of a car and looks up with a shaky n unclear camera angle as if the audience is looking through his eyes. at this point he has been rescued by a women named ANNA and her son ETHAN who had heard his radio message and followed him, they take him home but his blood trail is left by the door as he was brought into the house next day the Dark seekers followed the smell of the blood and attacked them thats when ROBERT NEVILE realises that he has to sacrifice himself to save humanity and becomes almost like a spiritual figure sacrificing his life for the sake of humanity.The scene that I have chosen to do my essay on is when ROBERT NEVILE and his dog SAM are chasing after the deer, as they make there way through the roads and cars the deer takes a turn and enters a dark twist and Sam follows it, at this point ROBERT NEVILE is also melt downning after them up until the door way screaming for SAM to stop. In this scene the unstable camera and fast scene and ROBERT Nevilles fright tone of voice makes the audience terrible and worried for SAM.ROBERT NEVILE then cautiously goes after SAM into the building with a specious light and his gun locked and smashed ready to fire which adds more tension to the scene and makes the audience feel as if something horrible is going to happen, as he is soft fashioning his way inside the building with a stimulate tone of voice whispering Sams name, At this point there is no music, the dark building and deadly silence becomes a perfect recpite for a scary scene, the silence and darkens makes this scene very intense and suspenseful which gets the audience on the edge of their seating room waiting for something to happen. n the frightful darkness and science all you can here is the sound of his footsteps and water drops dripping down in the background and the shake up tone of ROBERT Nevilles as he raptly says I shouldnt be here makes the scene that much more suspenseful and makes the smasher worried for both him and his dog. uring this scene the camera is very unstable as if the viewer was with him watching him from a corner and the other camera angle used is over the shoulder joint as if we are ROBERT NEVILE and we see through his eyes, this brings the audience much closer to the action and draws the viewers attention to the scene, especially as ROBERT NEVILE is making his way deeper into the dark building we see more tension building on the characters face as he is making his way round he looks down and there is blood on the floor which is a dangerous sign and gets the audiences emotions started as we believe it could be SAM. s ROBERT NEVILE is making his way round a corner it appears on the ground the head of an animal which the audience see for a very short time and the camera looks up at ROBERT NEVILE as the tense looks on his face and him slightly whispering SAM its creates a very suspenseful moments as ROBERT NEVILE makes his way closer to the animal slowly revealing the head off the deer creates a moments sigh of relief for the character and the veiwer. this plays with the emotions of the audience as being very brightened and scared to the relief and the co mfort down.As he goes further into the building, over the shoulder shot is used as we see ROBERT Nevilles view as he point his gun and flash light into different parts of the room seeing nothing but old pipes makes the viewer anxious and worried to what might be in one of theses corners as the audience is looking from his point of view and changes in-between to a close up of his face which the viewer can see the affright and fearful look on the characters face, all the way through it there is no music used just the sound of his footsteps, water dripping and him calling his dog the second time he looks up the viewer can see the Dark seekers from the characters point of view and the second shot is from the middle of the dark seekers looking back at him, an just as he raised his gun before and seen the you could hear a sound almost like a turf being drawn which with the camera angle and sight of the dark seekers and hearing them breathing and growling grabs the attention of the viewe rs. hen ROBERT NEVILE quickly looks this shows that he is very frightened and doesnt want to be spotted and now the audience is very scared and worried for him and there attention is on the screen watching his all(prenominal) move as he slowly takes a few steps back his foot hits a piece of wood on the floor making sound causing the viewer to be on the edge of their seats and very worried this part of The scene is a very suspenseful. As he slowly escapes to the hall the audience is abet more relaxed believing its the end of it, As he is making his way though the hall, a mewl can be heard in the distance, echoing through the empty halls of the building. Robert takes a closer look following the sound to find Sam the viewer can see all this as the over the shoulder a very common shot and used a lot in the movie keeps the audience drawn to the action and can see from his point of view, Sam hiding under a desk and looks back at him for a second and we can see this through Sams punt of view.The relief on his face is short-lived as we can see from ROBERT Nevilles point of view as he is looking at Sam and from Sam angle ROBERT NEVILE notices that Sam isnt looking at him, but staring at something behind him which creates a very scary a moment, He turns around just in time to see a Dark seeker jumping to attack him. Robert shoots the Dark seeker, putting to death it, and then he and Sam start running the camera angle that are used one is wide shot as ROBERT NEVILE is running the other is point of view (pov) shot as we can see from ROBERT Nevilles view and also a wide shot from behind watching him run as he is running towards a window a mid shot and close up are used to see the expression on his face. Also as he is running we see the point of view of the darkeners as they are chasing him getting closer and close. he way the end of this scene has been shot it creates a very exciting climax as the they are running the camera is unstable in a lot of it as its from a human or a dark seekers prospective the speed of the shots and the scene creates a very scary and exciting atmosphere which builds up the viewers emotions and excitement. plan out the scene threes not much music used at the end as ROBERT NEVILE is running you can here really low but fast music almost like a clock countdown other sound affects used are footsteps running and breathing heavily also you can hearer the dark seekers growling and screaming at the running part of the scene. The reason why I picked this film and this scene to do my essay on because its a classic movie based on a classic novel. This scene in particular captures all viewer emotions from being frightened to being happy and scared.

Rethinking Our World

Rethinking our world Linguistic analysis * Claims that almost all philosophical problems can be dispensed with once their underlying linguistic basis is exposed * No matter how hard we try to solve a problem we fail, then we be dealing with a moody problem/ meaningless set of words * 2 British philosophers = Bertrand Russell & AJ Ayer * Focused on logic, linguistic meaning & verifiable facts wait on us do * Think more(prenominal) clearly * Be precise in what we mean * Spot hidden assumptions & dishonesty in all forms of propaganda crappert function us with * Moral problems * Life choices * Facing own mortality Seeing the people we love suffer * Our own suffering uniform symbolism & argument * Arrive at the basic structure of truth * Process is facilitated by representing objects & relationships symbolically * Any statement that is true/false by definition can be expressed in form of symbolic logic empiricist philosophy * Gained through traditional 5 senses(seeing, hearing, to uching, smelling, tasting) gives us our most tried form of information * Concerned with establishing the truth by means of scientific testing * Searching for objective truth * Linguistic analysis, logical symbolism & empiricism = logical mpiricism Can help us * Understand how our physical world operates * Test truth of certain claims * Refute what is false * Respect natural laws of the human race * Learn from experience Failings * Places too much emphasis on science * Ignores human values * Views human beings as machines * Tend to ignore anything that cant be explained scientifically * Confines truths to that which can be experiences through senses faultfinding Rationalism * Encourage mocking & apply-mindedness * Socrates, 470-399 BC * Challenge existing ideas & beliefs by questioning them * Essential for the future of true democracy Emphasis that scientists must be objective * Completely against societies where people cant speak their minds freely & deal things openly * Foc uses on avoiding falsity table service us to do * Question what people in authority tell us * Be more open to what other people think * Examine our own opinions more carefully * Be more tolerant & correspondence * Solve problems Cant help us to do * Make quik decisions * Find meaning of life * Can crystalise us feel insecure * Solve problem of suffering Types of false argument * Name-calling * False cause & effect Falsely representing an opinion in order to discredit it * Appeal to emotion * Falsely claiming that, because a point of posture is popular, it must be true Existentialism * What is meaning of life? * Modern believe that our duty is to decide for ourselves what life is roughly Can help us to do * Question other peoples ideas & values * Be more open about ourselves * Trust our instincts * Spot fakes * Enjoy life more Failings * Too trusting * Can be confusing * whitethorn lead to despair * May leave us feeling helpless & angry * May be seriously disruptive Nihilism * P hilosophy of nothing No purpose in life = waste of time * Can lead to emphasis & chaos, but also free people who have grown up in very repressive religious environments African ism * Holistic philosophy which shares certain ideas with Buddhism philosophy it stresses the importance of human community & communitys place in the Universe * Claims that rapture at least partially consists of vivification for others, supporting each other * Its an anti-materialistic philosophy Can do * Build communities * Encourage human beings to be more humble * Give deeper understanding of ourselves * Help us appreciate mystery Re-examine need for tradition in human life Cant help us do * Doesnt challenge power structures * Unable to accept women as mens equals * Doesnt encourage critical thinking * Tends to ignore needs of somebody person * Tolerates cruel superstitious practices System theory * Sees things as a whole rather than splitting things into parts & encourages us to keep the objective of a system in mind The enneagram & Human personality 1. Reformer 2. Helper 3. Movie star 4. Individualist 5. Scientist 6. Loyal supporter 7. Pleasure-seeker 8. Achiever 9. Peacemaker Critical theory Most famous version = Maxism wants to abolish all inequalities of wealth & all social inequalities Influences * Maxism * Feminism * Black properlys movements * Postmodernist thinking * Socialism Help us do * Realistically assess power * Identify those who have power & those who dont * Identify weaknesses in existing power relations * Define own, personal power & weaknesses * Re-examine our priorities * Re-assess our lives Fails * Become fanatical * Sometimes too simplistic in its analysis of power * Too idealistic * authorise to despair & violence * Ignore human emotions & desires * Very grim philosophyReligious Leaders & social criticism * Buddha- Buddhism search for reality using, primarily powers of the mind Path consists of * secure thinking * right attitude * right means of earnin g a living * right conduct * right views * right speaking * right effort * right concentration * Moses on a call for social justice under the One God. * Mohammed vision of society was of all humankind united under Allah * the Nazarene of Nazareth radical criticism of oppressive social & economic structures & His single-minded focus on what He called The Kingdom of God * Karl Marx stood for hope & better tomorrowFeminism * Sexual stereotyping * Creating big place for women in the world * Rejecting view that women are inferior to men Type of feminism * Critical rasionalism questions traditions * Critical theory challenges all forms of power * Empiricism asks us to look at reality objectively & social reality * African philosophy attempts to decolonise the efforts of domination by white males * Logical empiricism feminism precisely define problems women face Claims * Women people in own right * Women should reject mens definitions of what makes a women valuable * Not make defensive c laims to equality with men Womens happiness doesnt depend on having a romantic/marital relationship with a man * nominate right to pronounce an abortion men dont get pregnant & bear children Phenomenology * Look at things & ourselves as they really are * Believes theories about themselves, life & Universe can be very misleading lead to falsehood & deep unhappiness * Promote religious belief * Confront ourselves in all our ambiguity & complexity & thus get nearer to real me * Encourages us to resist power structures by a process of retreat & non-engagement rather than confrontation Hermeneutics * Greek interpretations Similar to existentialism * Take imaginaryy & symbolism seriously * Claims that arts & crafts are important in human life * Believes happiness is linked to our own creativity in whatever form thet takes * Encourages us to be poets, writers, authors, actors, painters, designers Main ideas * Emphasis the importance of listening & observing * Claims that individuals l ife-experience influences the way he/she understands world * Affirms importance of dialogue in arriving at an understanding of any issue * Is anti-authoritorian & encourages the individual to create his/her own meaning & understandingHelp us do * Create meaning * Discover own hidden artistic abilities * Resist scientific arrogance & domination * Understand each other * Be more tolerant of each other Cant help us with * Define problems * Overcome injustice * Be decisive * Take put through * Be more logical Modernism * Science, reason & technology will fix it all Postmodernism * Doesnt believe in definitions Examines following aspects of human correspond * Way in which we see ourselves * Failure of science to solve many problems Fact that reason may not be a good spotter to solving certain problems * Power of large, modern institutions over individual * Need to experience all our emotions to the full * Our inner needs * Mental anguish & unsoundness * Where we get our standards of right/wrong * Trust these standards * Criminality & delinquency * Technology is morally neutral Methods of enquiry in philosophy * Phenomenology who are we? * Hermeneutics symbols & images speak to us * Empiricism what is actually going on * Some forms of feminism who says the male is the norm?

Financial Analysis of Carrefour

Chapter 5 intersection S. A. Teaching Note Version March 2007 Introduction The crossbreeding case is a mo dineroary abbreviation case. crossroad S. A. is unity of the worlds mountainousst retailers. During the first half of the 2000s, the companys divide determines steadily declined, despite the fact that the company describe above-average returns on equity. Students ar asked to break down crosss pecuniary statements and segment tuition to find explanations for the companys poor sh atomic number 18 price performance and to make recommendations for the future. The discussion of the fiscal outline is preceded by a discussion of crosswalks st dictategy and accounting.Both the accounting analysis and the financial analysis are affected by intersections switch from cut generally accepted accounting principles reporting to IFRS reporting in 2005 but specialist knowledge of French GAAP and IFRS (and first-time adoption) is not required. Questions for students 1. 2. Analy ze crossroads competitive and corporate strategy. What are the key risks of the companys strategy? Analyze crosswalks accounting (including the effects of crosss switch to IFRS-based financial reporting). Are any alterments to hybridizings financial statements necessary?Analyze interbreedings run management, financial management and enthronisation management during the years 2001 to 2005, making use of both financial statement data and segment data. What are the primary drivers of the companys poor grapple price performance? Summarize the key findings of the financial analysis and provide recommendations for improvement to Carrefours management. What actions could management take to regain the confidence of Chrystelle more(prenominal)(prenominal)au and her oath investors? 3. 4. Case analysis Question 1 Key characteristics of Carrefours strategy and the associated risks are the fol humbleing Competing on price and product.Carrefour fol low-toneds a strategy that combines nearly elements of a differentiation strategy with elements of a cost leadership strategy, especially in its hypermarkets. Specifically, the hypermarkets differentiate themselves from competitor supermarkets (1) by offering a much broader diverseness (more product categories (food and non-food) as soundly as a wider choice of brands within genius product category (including its own brands)) and (2) investing in customer truth programs (e. g. , the Pass card). This strategy is backed up by a strong marketing campaign.At the same time, however, Carrefour realizes thatespecially during economic downturnsits customers obligate low permutation costs and are comparatively price sensitive. The company therefore wishes to keep the prices in its hypermarkets at economic levels. The focusing in which the company can strive this is by o Keeping a close eye on what consumers want (through customer surveys and building a customer behavior database using data gathered through, for exam ple, the companys customer loyalty card) and by timely adjusting its assortment and pricing to changes in consumers preferences. Having a well developed logistics mesh topologywork. This keeps derangement luxuriously and helps to control costs. o Benefiting from economies of scale, not tho in logistics but to a fault in purchasing of supplies (aggregation of purchasing international negotiations with suppliers). o Selling low-priced products below Carrefours own brand name. An important risk of following a combination of strategies is that Carrefours hypermarkets become stuck in the middle. The planned changes that Jose Luis Duranthe sore CEO inform after replacing Daniel Bernard suggest that this happened during the first half of the 2000s.While many of Carrefours competitors, such(prenominal) as Leclerc, Auchan, Aldi, and Lidl, were able to aggressively lower their prices during the economic downturn, according to Duran Carrefour had focuse too much on differentiation and improving its rims per true musical rhythm of monetary fund spot (which mixes shareage margins and addition turn all over). Consequently, the company lost its competitive edge to price discounters (by losing its reputation for low prices), which slowed down Carrefours growth and harmed its domestic market share. International growth.When large companies such as Carrefour start to obtain a dominant position in their domestic markets, they may be forced to expand afield or enter other industries. Carrefours corporate strategy is to expand overseas rather than diversify. More importantly, as indicated above, achieving growth is an essential erupt of Carrefours strategy because (international) growth helps the company to obtain economies of scale in purchasing, logistics and the development of Carrefourbranded products. For example, Carrefour sells its own branded products in the same package worldwide (of course printed in different languages).The companys overseas sell tr ading operations are, however, more risky than its domestic operations. First, to some extent retailing remains a local business because consumers tastes differ considerably across countries. advanceable expansion outside Carrefours domestic market is only possible if the company has good knowledge about local customers preferences and tastes. Consequently, a slightly safer way to expand abroad is to acquire local supermarket chains. A harm of this strategy is, however, that acquisition premiums have to be gainful, which can also drive down gelt.Second, many of Carrefours intercontinental hypermarkets are located in countries where the economic environment is risky consumers in economically less developed countries are presumable to be more price sensitive East Asian and South American countries tend to have more bureaucracy and stronger government protection of local firms. Third, in several countries, Carrefour has to compete with other multinationals such as Tesco and Wal g rocery store, who are trying to gain a strong market position ( close toly through severe price competition).In sum, Carrefours overseas operations tend to be in countries where consumers are likely more price sensitive, several multinationals engage in severe price competition, and the economy is less stable. Note, for example, that Carrefour generated 10 per centum of its fiscal 2005 breads (before intimacy and taxes) in South America and East Asia, although the company generated close to 15 percentageage of its fiscal 2005 sales in these areas. Question 2 In 2005, Carrefour changed its accounting policies from French GAAP to IFRS.This change affected the companys financial statements and, consequently, could affect the analysis of Carrefours historical performance. More specifically, to improve comparability across years the analyst must assess how Carrefours pre-2004 performance and financial position would have been under the bare-assedly adopted accounting standards. W hen doing so, the following changes are important to consider Under French GAAP, Carrefour was required to pay off goodwill. IFRS does not allow goodwill amortisation but requires companies to regularly test goodwill for impairment.The elimination of goodwill amortization increased Carrefours net meshing in 2005 by close to 25 percent (and ROA by 0. 8 percentage points). Pre-2004 earnings figures might be understated because of goodwill amortization charges. However, amortization charges may have replaced/prevented impairment charges in these years. Hence, the net effect on net winnings is likely to be (significantly) less than 0. 8 percent of total summations. French GAAP based earnings did not include an disbursement for stock option lets to Carrefours employees.Because such a grant imposes costs on Carrefours shareholders, IFRS requires that the Black & Scholes value (or the value from another accepted option valuation model) of these option grants is recognized as expen se in the income statement during the vesting check. In 2005, Carrefours stock option expense had a negative effect on net profit of 1. 4 percent (and a negligible effect on ROA). The switch from French GAAP to IFRS has resulted in negative adjustments to both inventories and cost of sales in 2004.The designer for these adjustments (which was not explicitly mentioned in Carrefours 2005 financial report) is that under IFRS, inventories include unions for (inventory-related) services that Carrefour billed to its suppliers. That is, instead of recognizing the numerates as revenues in the completion of billing (as the company did under French GAAP), Carrefour now delays the recognition of these to the period in which the associated inventories are sold. This change of interference reduced end-of-year inventories in 2004 by 10. 2 percent (and equity by 5. 7 percent).In addition, cost of sales in 2004 increased because the amounts billed for services related to the beginning-of-yea r inventories were smaller than those related to the end-of-year inventories. More specifically, the adjustment reduced net profit by 3. 3 percent. During years in which Carrefours inventories (as well as the services that Carrefour provides to its suppliers) increase, the IFRS treatment will most likely result in high cost of sales than the French GAAP treatment. In the 3 years immediately prior to 2004, inventories decreased by fairly small amounts.It is therefore unlikely that during these years the French GAAP treatment of inventories had created significant differences between reported net profits and net profits that would have been reported under IFRS. The French GAAP treatment did, however, result in higher inventories (and equity and deferred tax liabilities) than those that would have been reported under IFRS. Assuming that during these years, the overstatement of inventories due to the immediate recognition of revenues from services provide to suppliers has been around 500 million, the overstatement of equity has been in the range of 4-5 percent.Under IFRS Carrefour has to recognize (slightly) greater employee pull ahead obligations and classify (slightly) more shoots as finance leases (hence reported on the balance sheet) than under French GAAP. In 2004, employee benefits have resulted in a negative adjustment of end-of-year equity (by close to 4 percent) and a positive adjustment of end-of-year non-current liabilities (by close to 3 percent). Financing lease adjustments affected chiefly non-current assets and current liabilities.In addition to the changes mandated by IFRS, Carrefour made one voluntary change in its estimates of the economic useful lives of buildings the company increased the depreciation period from 20 to 40 years. Assuming that this change was justified, depreciation of buildings prior to 2004 was overstated. In fortuneicular, Note 15 indicates that the difference between restated collect depreciation and original accumul ated depreciation on buildings at the end of 2004 was 158 million. This suggests that depreciation in 2004 was initially overstated by 158 million, resulting in an understatement of ROA of close to 0. percentage points (all under the assumption that the new policy is correct). In summary, under French GAAP, return on (total) assets may have been understated by, at maximum, 1. 2 percentage points because of overstated goodwill amortization and buildings depreciation. In addition, under French GAAP equity may have been overstated by at maximum 8 percent because of its accounting for inventories and employee benefits, but, at the same time, may have been understated because of (an unknown amount of) overstated goodwill amortization.Note that the adjustments that Carrefour made to its financial statements because of the change in estimates are not the same as the adjustments that an analyst would make if he/she would assume that Carrefour had always depreciated its buildings over a peri od of 40 years. Carrefour does not restrospectively adjust its financial statements, but uses the new 40-year depreciation period only for 2004 and later fiscal years. At the end of 2005, Gross Buildings equaled 8,031 million.Unfortunately, the carrying value of realize Buildings is not disclosed, making it impossible to derive the average age of Carrefours buildings and forcing the analyst to make a crude assumption. Under the assumption that the average age of Carrefours buildings is 5 years, the carrying value of Net Buildings would have to be increased by an amount of 1,004 million ((5/20 5/40)x8,031) to retrospectively adjust Carrefours financial statements.Similarly, under the assumption that the average age of Carrefours buildings is 10 years, the carrying value of Net Buildings would have to be increased by an amount of 2,008 million ((10/20 10/40)x8,031) to retrospectively adjust Carrefours financial statements. In addition to the overly conservative depreciation rate on buildings, Carrefours noncurrent assets may be understated because the company has operating leases. At the end of 2005, Carrefour had large operating lease commitments. Exhibit TN-1 estimates the net present value of these commitments.The estimated NPV of Carrefours operating lease payments is approximately 3. 1 billion, which is equivalent to slightly more than 48 percent of Carrefours net non-current debt in 2005 (3,121/10,443 226 3,773) and implies an understatement of Carrefours non-current tangible assets by approximately 18 percent (3,121/13,864 + 3,121). The use of operating leases is not defective in the retailing industry. For example, at the end of the fiscal year ending on February 26, 2006 (labeled fiscal 2005), Tesco, one of Carrefours U. K. based competitors had operating leases for an estimated amount of ? 2,718 million, which was equivalent to slightly less than 75 percent of Tescos net non-current debt in 2005 (2,718/4,958 1,325) and implied an understatement of Tescos non-current tangible assets of approximately 15 percent (2,718/15,882 + 2,718). In summary, Carrefours non-current tangible assets appear to be understated by an amount in the range of 4 5 billion (or 22 27 percent (versus 15 percent for Tesco)). Question 3 Carrefour versus Tesco Exhibit TN-2 displays a set of ratios for Carrefour and Tesco.The ROE decomposition indicates that Carrefour has lower operating profit margins than Tesco but higher asset turnover. The net effect is that Carrefour has a moderately lower operating ROA than Tesco. Although Carrefours operating(a) ROA is lower than Tescos, Carrefour has a higher return on equity than Tesco, both in 2005 and 2004. The reason for this is that Carrefour is more supplementd than Tesco. Note that operating returns on assets are considerably greater than returns on assets. This is because both Carrefour and Tesco make much use of vendor financing, which makes their working capital negative.This emphasizes the importan ce of recasting the financial statements and using the substitute approach to ROE decomposition. The differences in the components of ROE between Carrefour and Tesco may find their origin in the strategic differences between both companies. However, they may also reflect differences in the effectiveness of operating management, investment management and financing decisions. We will discuss each of these sources below. Strategic differences. Carrefour focuses more on creating a reputation for low prices and engages more in price competition with discounters than Tesco.Consequently, Carrefours profit margins are likely to be smaller at the benefit of higher asset turnover. Tesco has a lower presence in non-European markets (such as Asia and South America) than Carrefour. Especially in these markets, entering multinational retailers such as Carrefour, Tesco and Wal Mart strongly compete on price to become the dominant market player. run management. As indicated, Carrefours net ope rating profit margin is lower than Tescos, possibly because Carrefour engages in price competition more than Tesco. The ratio Cost of materials/sales indeed confirms this.In 2005, this ratio was 3. 6 percentage points higher for Carrefour than for Tesco, which illustrates the margin-reducing effect of price competition. Possibly because Carrefour competes less on product and services than Tesco, its personnel expenses as a percentage of sales were 1. 2 percentage point lower than Tescos. Depreciation and amortization charges as a percentage of sales are approximately equal for both competitors. Investment management. The PPE/ sales ratio suggests that Tesco has invested a authenticly larger amount in property, plant and equipment.There are various reasons for this difference o Part of the difference between Carrefour and Tesco is due to the fact that Carrefour has a slightly greater proportion of its PP&E financed under operating lease agreements. Tescos decision to sell and lease back a substantial proportion of its property suggests that Tescos management believes that Tesco does not yet optimally benefit from lease financing. In addition, Carrefours depreciation of buildings has been overly conservative in the years prior to 2004. Consequently, Carrefours understatement of non-current angible assets is estimated to be approximately 10 percent greater than Tescos (see also question 2). o Statistics disclosed in the notes to the financial statements suggest that Tesco owns significantly more expensive stores (possibly at significantly more expensive locations) than Carrefour. In particular, the cost price of Tescos land and buildings per square meter equals ? 2,778 p. sq. m. (14,247/5. 129), or 4,086 p. sq. m. , whereas the same statistic equals 1,005 p. sq. m. (11,141/11. 08) for Carrefour (in fiscal 2005). o Sales per average square meter in fiscal 2005 was 6,850 (76,496/0. x11. 08 + 0. 510. 671) for Carrefour versus ? 8,140 p. sq. m. (39,454/0. 55. 129 + 0. 54. 565), or 11,972 p. sq. m. , for Tesco. Hence, although Carrefours square meters of store space are substantially less expensive, Carrefour needs, on average, more square meters than Tesco to generate a euro of sales. Although Carrefours PPE/Sales ratio is substantially lower than Tescos, the companies net non-current asset/sales ratios are almost equal. (Note that part of the remaining difference is explained by the fact that Carrefours non-current assets are more understated than Tescos. The explanation for this is that Carrefour has a much greater amount of goodwill recognized on its balance sheet. This amount of goodwill has primarily arisen from the acquisitions of Compoirs Modernes (1998/99 2,356m), Promodes (1999 3,032m), GS (2000 3,136m), and GB (2000 1,128m). The negative effect of goodwill on asset turnover illustrates that Carrefour ( previous(prenominal)) strategy of growth through acquisitions has a downside organic growth is typically more profitable than growt h through acquisitions (see also question 2). Carrefours working capital turnover is substantially lower than Tescos.More specifically, it takes Carrefour approximately twice as much time as Tesco to sell its inventory. For a retailer, this is important because inventories comprise a large proportion of the companys assets. This may be due to a difference in strategies the company that sells relatively more non-food products will also have lower inventory turnover. Historically, Carrefour has been the European leader in selling a mix of food and non-food products. During the past decade Tesco has added more and more nonfood products to its assortment.Although both companies are not very open about their reliance on non-food sales, there are some (older) statistics available. In 2004, about 46 percent of Carrefours hypermarket sales came from dry grocery, 16 percent from fresh food, 17 percent from consumer electronics, 7 percent from apparel, and 14 percent from general merchandise. In comparison, 22 percent of Tesco U. K. sales came from non-food sales in 2004. Under the assumptions that (1) Carrefour sold its non-food products only in hypermarkets (which generated 8 percent of total 2004) and (2) Tesco sold a similar percentage of non-food products in its non-U.K. markets, the contribution of non-food products to the companies total sales is fairly comparable 22 percent (0. 58 x 7% + 17% + 14%) versus 22 percent. Carrefours trade dues turnover is also substantially lower than Tescos. An important reason for this difference is that Carrefours financing company provides consumer credit to Carrefours customers. This credit has been extended to Carrefours customers through point-of-sale financing (offering a credit rapidness that enables customers to amortize the cost of their purchases over a longer period) or private credit cards.The short-term portion of this credit has been classified as trade receivables. point-of-sale financing and private credit cards w ere common especially in Carrefours domestic market, France. Carrefour may therefore need to run these financial services in order to efficaciously compete with its French industry peers. Financial management. Carrefour is more leveraged than Tesco. Carrefours degree of leverage is, however, not abnormal for a retailer. This is illustrated by the fact that Tesco has planned to sell and leaseback a substantial amount of property (more than ? billion) and return the proceeds of this transaction to its shareholders. The net effect of these transactions will be that Tescos leverage will get closer to Carrefours. In addition, Carrefours interest reporting ratios arealthough lower than Tescossufficient, indicating that Carrefour experiences no problems to meet its interest obligations. Carrefours performance over time When analyzing Carrefours financial performance over time, the analysts has to take into account that Carrefour applied IFRS for the first time in 2005.A pragmatic appro ach to account for this is analyze year-to-year changes in ratios that are based on the same accounting standards (change in 2005 = IFRS-based change from 2004 to 2005 change in 2004 = French GAAP-based change from 2003 to 2004). Exhibit TN-3 displays the year-to-year changes in various ratios. The following changes are noteworthy Operating management. Both personnel expenses and cost of materials as a percentage of sales have increased during the past two years. As indicated, this most likely illustrates the margin-decreasing effect of severe price competition. Investment management.In 2004, Carrefour managed to increase asset turnover, which mitigated the negative effect of the operating margin decrease on operating return on assets. In 2005, both margin and turnover decreased, suggesting that Carrefour has been unable to effectively compete on price. Financial management. Leverage (as well as Carrefours financial leverage gain) decreased for three consecutive years. This seems inefficient because Carrefours spread is still positive and its interest coverage is still sufficient. On the other hand, Carrefours financial spread, and with that the benefits of leverage, has decreased over the past two years.Analysis of Carrefours segment information Exhibit TN-4 displays several ratios that have been calculated using Carrefours segment information. Based on the segment analysis (at least) the following conclusions can be drawn The comparison of Carrefours with Tescos asset turnover illustrated that Carrefours sales per square meter of store space was substantially less than Tescos. The segment analysis shows that this difference in turnover is primarily caused by the underperformance of Carrefours stores outside France o In 2005, sales per square meter was 10. 6 thousand in France versus 5. 90 thousand, 3. 13 thousand, and 3. 55 thousand in the Rest of Europe, South America, and Asia, respectively. o In 2005, fixed asset turnover was 4. 51 in France versus 2. 18, 2. 62, and 2. 59 in the Rest of Europe, South America, and Asia, respectively. EBIT margins were also much lower in Carrefours foreign markets than in its domestic market. However, like turnover, Carrefours profit margins declined in its domestic market after 2003. There has been a strong decline in sales per square meter in France after 2002.This decline can possibly be attributed to Carrefours loss of market share in its domestic market. During the first half of the 2000s, Carrefour primarily invested outside France. It is puzzling that sales per square meter is substantially lower in hard discount stores (where one would expect low margins and high turnover) than in hypermarkets. Analysis of Carrefours immediate payment time period performance Exhibit TN-5 displays Carrefours standardized cash flow statements. Between 2002 and 2005, Carrefours operating cash flow before working capital investments ranged from 3. 6 billion (in 2005) to 3. 9 billion (in 2003).In 2006, Ca rrefour will have (at least) the following uses of its cash flows Carrefours management announced in the companys 2005 financial report that capital expenditures in the years 2006-2008 would be close to 3. 3 billion per year (on average). Dividend payments equaled 758 million in 2005. Given the pattern of dividend increases over time, dividend payments in 2006 are likely to excel 800 million. If in 2006 operating cash flow before working capital investments will be similar to historical values, Carrefour will need additional sources of cash to finance its investments and dividends.The question therefore arises as to what sources of cash flow might be available to the company Carrefours management is likely resist cutting dividends or raising new equity as this may put further pressure on the companys share prices. Like in previous years, the amount of net investments in non-current assets will be less than the amount of capital expenditures. This is so because Carrefour will foray stores that are underperforming. However, as restructuring progresses cash inflows from divestments can be expected to decrease. This illustrates the necessity for Carrefour to improve its cash flow from operations.As argued above, possible ways to do this is by improving margins outside France or by regaining market share in France. In addition, the company may reduce its investments in inventories either by improving logistics or by improving knowledge of customer preferences. Question 4 Analyst Chrystelle Moreau could use the following summary of key issues (and potential recommendations) arising from the analysis of Carrefours (and Tescos) financial statements 1. The analysis suggest that Carrefours management should take actions to improve operations management.In particular a. Carrefours low inventory turnover (relative to Tescos) suggests that the company needs to improve logistics. This would improve asset turnover, improve cash flow from operations and help the compan y to more effectively compete on price. b. Carrefour could also make better use of vendor financing. The companys trade payables turnover is relatively high compared to Tescos. marketer financing may help the company in lowering its net debt (and interest expense). 2. Compared to Tescos, Carrefours sales per square meter is too low a.The decrease in France suggests that management should take action to regain market share in France (in accordance with its announced intentions). b. The observation that sales per square meter (and margins) are especially low in Carrefours foreign markets suggests that in those markets operations need to be improved. 3. It is questionable whether a focus on growth by adding stores is the most appropriate strategy for the near term. Given the low level of sales per square meter, a less expensive way of growing might be to focus on improving sales levels in Carrefours current stores.In addition, as indicated, asset turnover could be improved by improvin g logistics and, consequently, increasing inventory turnover. Finally, a substantial proportion of Carrefours net assets consists of goodwill. Adding more goodwill would probably have a further negative effect on the companys abnormal profitability. One way to provide a powerful positive manifestation to investors about Carrefours future cash flow generating ability is to follow Tescos example in selling and leasing back a substantial proportion of the companys property. (Analysts estimate Carrefours property to be worth 25 billion. The proceeds from this transaction could then be used to return cash to investors. Because future lease payments discipline managements actions and forces management to improve operating performance (see cash flow analysis), the transaction would orient managements confidence in Carrefours future performance and has the potential to put an end to the companys share price decline. Subsequent developments Carrefour continued the refocusing of its growth strategy under the adagio of more square meters in fewer countries. Carrefour expanded its store network primarily in Europe (especially outside France).The company disposed of its stores in underperforming markets, such as Mexico, Japan, Czech Republic, Slovakia, and South Korea and increased its store space in well-performing markets such as Poland, Italy, Turkey, Romania, Brazil, China and Taiwan. For example, in December 2006, Carrefour acquired all of Aholds Polish supermarkets and hypermarkets for the amount of 375 million. In September 2006, Carrefour announced its earnings for the first half year of 2006. Both sales and net profit had increased relative to the first half of 2005. In particular, net profits had increased from 637 million to 706 million.The increase in net profits was, however, lower than analysts expected. On January 12, 2007, Carrefour announced that its fourth-quarter sales in 2006 had decreased by 1. 5 percent in comparison with fourth-quarter sales in 200 5. Following this announcement, Carrefours share price decreased by 5 percent to 44. 50. On March 8, 2007, Carrefours President of the Supervisory Board (and protege of the companys primary shareholder, the Halley Family), Luc Vandevelde, resigned, possibly as a result of a disagreement with the Halley Family. Vandevelde was replaced by Robert Halley.On the same day, private equity investor Bernard Arnault and US Fund Colony Capital acquired a 9. 8 percent stake in Carrefour. Analysts expected that they were formulation to force Carrefour to sell (and lease back) its valuable property (estimated to be worth 25 billion). Exhibit TN-1 (1) Calculating the interest rate implicit in finance leases (implicit rate = 9. 6%) and (2) calculating the present value of operating lease payment using the implicit rate of 9. 6% Year account earnings finance leases 52 196 in 5 y. 196 in 5 y. 196 in 5 y. 196 in 5 y.PV Assumed PV PV Reported Assumed Payment factor finance Payment Payment opera ting finance leases operating operating leases leases leases leases 52 0. 9552 49. 7 751 751 717. 4 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 8. 2 0. 8715 0. 7952 0. 7255 0. 6620 0. 6040 0. 5511 0. 5028 0. 4588 0. 4186 0. 3819 0. 3485 0. 3180 0. 2901 0. 2647 0. 2415 0. 2204 0. 2011 0. 1834 0. 1674 0. 1527 34. 2 1780 in 5 y. 31. 2 1780 in 5 y. 28. 4 1780 in 5 y. 26. 0 1780 in 5 y. 23. 7 1780 in 5 y. 21. 6 2670 in 7. 5 y. 19. 7 2670 in 7. 5 y. 18. 0 2670 in 7. 5 y. 6. 4 2670 15. 0 2670 13. 7 2670 12. 5 2670 11. 4 2670 10. 4 9. 5 8. 6 7. 9 7. 2 6. 6 1. 3 372. 6 in in in in in 7. 5 7. 5 7. 5 7. 5 7. 5 y. y. y. y. y. 356 356 356 356 356 356 356 356 356 356 356 356 178 310. 3 283. 1 258. 3 235. 7 215. 0 196. 2 179. 0 163. 3 149. 0 136. 0 124. 1 113. 2 51. 6 2006 2007 2008 2009 2010 2011 196 in 5 y. 2012 and 557 in 14. 2 y. subsequent (557/39. 2) 557 in 14. 2 y. 557 in 14. 2 y. 557 557 557 557 557 557 557 557 557 557 5 57 557 in in in in in in in in in in in in 14. 2 14. 2 14. 2 14. 2 14. 2 14. 2 14. 2 14. 2 14. 2 14. 2 14. 2 14. 2 y. y. y. y. y. y. y. y. y. y. y. y. 3,132. 1Exhibit TN-2 Carrefour versus Tesco 2005 IFRS Traditional Decomposition of ROE Net profit margin (ROS) Asset turnover =Return on assets xFinancial leverage =Return on equity (ROE) 1. 9% 1. 61 3. 1% 5. 52 17. 1% 2004 IFRS 2. 2% 1. 73 3. 8% 6. 06 22. 9% Carrefour 2004 2003 French French GAAP GAAP 1. 9% 1. 86 3. 6% 5. 16 18. 4% 2. 3% 1. 80 4. 2% 5. 51 23. 0% Tesco 2002 French GAAP 2. 0% 1. 77 3. 5% 5. 88 20. 7% 2001 French GAAP 1. 8% 1. 60 2. 9% 5. 89 17. 2% 2005 IFRS 4. 0% 1. 75 7. 0% 2. 41 16. 7% 2004 IFRS 4. 0% 1. 68 6. 7% 2. 34 15. 6% Distinguishing Operating and Financing Components in ROE Decomposition Net operating profit margin 2. % 2. 6% 2. 3% xNet operating asset turnover 3. 55 3. 91 4. 65 =Operating ROA 8. 1% 10. 1% 10. 9% extend 6. 0% 7. 7% 7. 0% xFinancial leverage 1. 50 1. 67 1. 07 =Financial leverage gain 9. 0% 12 . 8% 7. 5% ROE = Operating ROA + Financial leverage gain 17. 1% 22. 9% 18. 4% Asset Management Ratios Operating working capital/Sales Net non-current assets/Sales PP&E/Sales Operating working capital turnover Net non-current asset turnover PP&E turnover Accounts receivable turnover Inventory turnover Accounts payable turnover Days accounts receivable Days inventory Days accounts payable . 8% 4. 37 12. 4% 8. 3% 1. 28 10. 6% 23. 0% 2. 7% 4. 09 10. 9% 6. 4% 1. 54 9. 9% 20. 7% 2. 6% 4. 00 10. 5% 4. 9% 1. 35 6. 7% 17. 2% 4. 2% 2. 69 11. 3% 9. 6% 0. 56 5. 4% 16. 7% 4. 2% 2. 56 10. 9% 8. 8% 0. 54 4. 8% 15. 6% -9. 2% 37. 3% 18. 6% -10. 9 2. 7 5. 4 12. 8 9. 6 7. 0 28. 1 37. 5 51. 5 -10. 1% 35. 7% 18. 0% -9. 9 2. 8 5. 5 15. 2 10. 1 8. 2 23. 7 35. 5 43. 8 -11. 7% 33. 2% 17. 7% -8. 5 3. 0 5. 6 23. 8 9. 1 7. 5 15. 2 39. 7 48. 1 -10. 0% 32. 9% 17. 4% -10. 0 3. 0 5. 8 22. 2 9. 6 7. 7 16. 3 37. 5 46. 7 -9. 5% 33. 9% 18. 0% -10. 5 2. 9 5. 5 21. 8 9. 3 8. 0 16. 38. 7 44. 8 -10. 3% 35. 3% 19. 6% -9. 7 2. 8 5. 1 23. 6 9. 1 7. 3 15. 3 39. 5 49. 3 -8. 3% 45. 5% 40. 3% -12. 0 2. 2 2. 5 44. 2 20. 2 3. 2 8. 1 17. 8 113. 9 -9. 2% 48. 3% 42. 9% -10. 9 2. 1 2. 3 44. 0 19. 3 2. 9 8. 2 18. 6 122. 6 Exhibit TN-3 Carrefours performance over time 2003 to 2004 2004 to French 2005 GAAP IFRS Common-sized Income Statement percentage point changes in Sales 0. 0% 0. 0% Cost of Sales -0. 2% -0. 3% SG -0. 1% 0. 1% Depreciation and amortisation 0. 3% 0. 0% Other Operating Income, Net of Other Operating Expenses -0. 4% -0. % Net Interest Expense or Income 0. 0% 0. 1% Investment Income 0. 0% 0. 0% Tax Expense 0. 0% 0. 0% Minority Interest 0. 0% 0. 0% Net Profit -0. 3% -0. 4% Pro forma income statement items percentage point changes in Cost of Materials (nature) -0. 2% -0. 3% Personnel Expenses (nature) -0. 5% -0. 2% Depreciation and Amortization 0. 3% 0. 0% 2002 to 2003 French GAAP 0. 0% -0. 1% 0. 3% 0. 1% -0. 1% 0. 2% -0. 1% -0. 1% 0. 1% 0. 3% 2001 to 2002 French GAAP 0. 0% 0. 2% 0. 3% 0. 1 % -0. 2% 0. 1% 0. 0% -0. 2% 0. 0% 0. 2% -0. 1% -0. 1% 0. 1% 0. 2% 0. 1% 0. 1%Distinguishing Operating and Financing Components in ROE Decomposition percentage (point) changes in Net operating profit margin -0. 3% -0. 5% 0. 2% 0. 0% xNet operating asset turnover -9. 1% 6. 6% 6. 7% 2. 2% =Operating ROA -2. 0% -1. 5% 1. 5% 0. 4% Spread -1. 7% -1. 3% 1. 9% 1. 5% xFinancial leverage -10. 4% -16. 4% -16. 9% 13. 5% =Financial leverage gain -3. 8% -3. 2% 0. 7% 3. 2% ROE = Operating ROA + Financial leverage gain -5. 8% -4. 6% 2. 2% 3. 6% Asset Management Ratios percentage (point) changes in Operating working capital/Sales 0. 9% Net non-current assets/Sales 1. 6% PP/Sales 0. % Operating working capital turnover 10. 1% Net non-current asset turnover -4. 4% PP turnover -3. 1% Accounts receivable turnover -15. 7% Inventory turnover -5. 5% Accounts payable turnover -14. 9% Days accounts receivable (change in days) -1. 2 Days inventory (change in days) 4. 4 Days accounts payable (change in days) 2 . 1 -1. 8% 0. 4% 0. 4% -15. 2% -1. 1% -2. 0% 7. 2% -5. 6% -2. 8% -1. 1 2. 2 1. 3 -0. 5% -1. 1% -0. 6% -4. 8% 3. 2% 3. 6% 1. 7% 3. 3% -4. 0% -0. 3 -1. 2 1. 9 0. 9% -1. 4% -1. 6% 9. 1% 4. 1% 8. 9% -7. 6% 1. 9% 10. 0% 1. 3 -0. 7 -4. 5 Exhibit TN-4 fraction analysis France 4. 1% 5. 50% 6. 00% 5. 88% 5. 55% 5. 16% 3. 62% 4. 51 5. 09 5. 23 5. 17 4. 95 4. 57 4. 11 2. 22% 2. 45% 2. 29% 1. 73% 2. 26% 2. 00% 4. 04% Rest of Europe 4. 22% 3. 94% 3. 73% 3. 37% 3. 31% 3. 69% 2. 15% 2. 18 2. 31 2. 19 2. 01 1. 93 1. 55 1. 88 4. 40% 3. 72% 4. 58% 5. 18% 6. 49% 6. 10% 14. 00% Latin America 2. 62% 1. 06% 0. 28% 0. 43% 0. 63% 2. 47% 3. 48% 2. 62 2. 33 2. 26 2. 48 2. 16 1. 73 1. 44 4. 89% 4. 89% 6. 39% 5. 13% 4. 38% 5. 19% 19. 25% Asia 3. 22% 2. 92% 3. 08% 3. 04% 2. 93% 2. 49% 1. 54% 2. 59 2. 56 2. 44 2. 37 2. 20 2. 19 1. 50 6. 63% 6. 59% 9. 40% 7. 65% 6. 96% 9. 02% 23. 10%EBIT margin 2005 2004 2003 2002 2001 2000 1999 2005 2004 2003 2002 2001 2000 1999 2005 2004 2003 2002 2001 2000 1999 Fixed asset tu rnover CAPX to sales Exhibit TN-4 Segment analysis (continued) France Sales per sq. m. 2005 2004 2003 2002 2001 2000 1999 10. 96 11. 69 12. 23 12. 62 12. 64 12. 62 NA Rest of Europe 5. 90 6. 36 6. 39 5. 70 5. 90 5. 84 NA NA Latin America 3. 13 2. 55 2. 43 3. 00 4. 73 5. 58 NA Asia 3. 55 3. 41 3. 78 4. 41 5. 08 5. 21 Hypermarket 6. 18 6. 12 6. 39 6. 56 7. 23 7. 40 7. 49 Supermarket 5. 71 5. 64 5. 57 5. 80 6. 38 6. 59 5. 65 Hard discount 3. 85 3. 97 3. 93 5. 03 4. 8 5. 01 4. 58 Sales per store 2005 2004 2003 2002 2001 2000 1999 21. 38 23. 41 24. 66 26. 49 26. 41 19. 80 20. 50 6. 61 7. 09 7. 08 6. 94 6. 95 5. 64 4. 83 6. 21 5. 52 5. 67 7. 72 12. 98 16. 72 18. 98 13. 55 15. 00 23. 30 37. 72 43. 50 43. 99 32. 47 52. 21 53. 08 55. 45 57. 60 62. 40 67. 04 66. 83 8. 73 8. 75 8. 63 8. 63 10. 29 10. 26 10. 20 1. 49 1. 35 1. 41 1. 74 1. 66 1. 67 1. 46 Sq. m. per store 2005 2004 2003 2002 2001 2000 1999 1. 95 2. 00 2. 02 2. 10 2. 09 1. 57 NA NA 1. 12 1. 12 1. 11 1. 22 1. 18 0. 96 NA 1. 98 2. 17 2. 34 2. 57 2. 74 3. 00 NA 3. 82 4. 40 6. 17 8. 54 8. 56 8. 45 . 45 8. 67 8. 68 8. 78 8. 64 9. 06 8. 93 1. 53 1. 55 1. 55 1. 49 1. 61 1. 56 1. 81 0. 39 0. 38 0. 36 0. 35 0. 34 0. 33 0. 32 Exhibit TN-5 Cash flow analysis 2005 IFRS Net profit Profit before taxes minus Taxes paid After-tax net interest expense (income) Non-operating losses (gains) Non-current operating accruals Operating cash flow before working capital investments Net (investments in) or liquidation of operating working capital Operating cash flow before investment in non-current assets Net (investment in) or liquidation of non-current operating assets Free cash flow available to debt nd equity After-tax net interest expense (income) Net debt (repayment) or issuance Free cash flow available to equity Dividend (payments) Net share (repurchase) or issuance Net increase (decrease) in cash balance 2004 IFRS 2004 French GAAP 1,509. 1 2003 French GAAP 1,737. 6 2002 French GAAP 1,539. 4 2001 French GAAP 1,438. 5 1,943. 0 26 3. 6 (206. 0) 1,564. 0 3,564. 6 175. 0 3,739. 6 (2,617. 0) 1,122. 6 (263. 6) 428. 0 1,287. 0 (758. 0) 88. 0 617. 0 1,723. 0 279. 7 (103. 0) 1,939. 0 3,838. 7 875. 0 4,713. 7 (2,148. 0) 2,565. 7 (279. ) (1,723. 0) 563. 0 (677. 0) (368. 0) (482. 0) 317. 7 (117. 9) 2,102. 2 3,811. 1 841. 2 4,652. 3 (2,146. 6) 2,505. 7 (317. 7) (1,675. 0) 513. 0 (608. 9) (367. 6) (463. 5) 368. 9 (253. 7) 2,066. 0 3,918. 8 323. 0 4,241. 8 (1,966. 2) 2,275. 6 (368. 9) (855. 4) 1,051. 3 (522. 5) 17. 3 546. 1 453. 4 (344. 6) 1,950. 0 3,598. 2 (149. 0) 3,449. 2 (3,163. 7) 285. 5 (453. 4) (1,541. 1) (1,709. 0) (475. 5) 300. 4 (1,884. 1) 550. 3 (1,193. 9) 2,537. 8 3,332. 7 837. 9 4,170. 6 (1,005. 6) 3,165. 0 (550. 3) (559. 4) 2,055. 3 (424. 6) 183. 7 1,814. 4

Machete Season

3) Discuss the idea of exonerateness and guilt in Machete while. In your paper, analyze how the men discuss the idea of guilt how they understand the image of forgiveness. Consider How do different men in the group understand guilt and forgiveness? Do the men feel guilt? Are you surprise by their sense/lack of guilt? Why ar you surprised? How does Hatzfeld treat this topic? Philosopher Paul Ricoeur posed the question, how cigarette one forgive somebody who does not admit his guilt? (Hatzfeld 195) Whether this admission of guilt is enough to be forgiven or not, the sincere taking of righteousness for ones actions is an absolute minimum in striving for forgiveness. Ricoeurs question becomes especially relevant when discussing the Rwandan Genocide of 1994, in which the Hutu perpetrators, who killed hundreds of thousands of Tutsi, are now seeking forgiveness for their actions. In Machete Season by Jean Hatzfeld, a close-knit gang of such(prenominal) Hutu genocide perpetrators was interviewed concerning their role in the genocide as well as their views concerning regret and forgiveness.While a majority of those interviewed admit their guilt in killing the Tutsis, their lack of remorse makestheir apologies and actions largelyunforgivable. This insincerity can be seen through their selfish concerns and motives, emphasis on receiving forgiveness from God rather than those victimized, and vision of a return to a completely unaffected future. Prior to assessing the sincerity of their regret and apologies, we must see to what design they deliberate themselves to cosmos responsible.These men cite several key recurring justifications for their actions. The first is the intoxicating anti-Tutsi environment created by the Rwandan Presidents death being blamed on the Tutsis. These men claim that the consequent emotion led to many of them being carried a government agency in a tumult, an uproar, a commotion(215) and resorting to violence. This churned-up environment also made accepting orders more intuitive, and Joseph-Desire goes as far as disclaiming responsibility for his actions as he was simply following orders(171).And while these factors were claimed to fall in helped them initiate these murders, the progression of the killings was accredited to the approval and satisfaction of surrounding people, until they just got used to killing(23). It is take a shit that these hoi polloi murders in many ways believe that they were not responsible for the thousands of deaths, an ignorant attitude made make water through Josephs stupid, odious, and untenable(171) demeanor when in trial.Yet, despite minimizing their participation and blaming others, an overpowering opportunism(240) arises in these interviews and these killers describe themselves as much more than simply peripheral figures in the genocide. A great contradiction between their described roles and their denial of responsibility is thus created, one that highlights the naivety of thes e men. With these poor attitudes combined, the base for a sincere feeling of regret and remorse is already diminished. Despite this naive belief in innocence, the perpetrators still are willing to offer apologies to the victims.Alphonse highlights the necessity of a proper truth from the offender, a sincere request(204) in a proper apology. The irony is, this is exactly where Alphonse and his fellow killers apologies fail. The sincerity of their apologies are thwarted with the same naive and untenable thought processes exemplified by Joseph. The first of such weaknesses arises in the clearly egoistic and selfish motives for asking for forgiveness. Rather than viewing the apology as a mean to help support those affected, many of the prisoners view it as a way to alleviate their own situations.As Hatzfeld describes, these apologies are in many ways a selfish act because it facilitates the diminishing of his offence and, thus, his punishment, even his guilt(199). This is made clear in many of the interviews when discussing forgiveness, as the conversation often shifts to the discussion of the prisoners own problems such as Fulgences shivery(157) when thinking of his prison future, Elies dreams void of the killed people(162) but rather consisting of a return to his house, and Pios desire to assuage my memory(160).Asking for forgiveness becomes a means to get out of prison sooner, returning to family and friends sooner, and finally, to ease their own nightmares rather than concern for the victims own families, futures, and mental states. Comments like He asked for forgiveness of everyone at his trial, and he still got a heavy sentence(203) reflect the naive and selfish attitude these killers hurt, not understanding the extraordinary bicycle effort(199) needed to forgive such horrific crimes.This selfishness is also reflected in to whom they are addressing, the next weakness in the sincerity of their apologies. Rather than asking the victims for forgiveness, the most effected by their actions, many of these prisoners seem to be more worried about receiving forgiveness from God, and protecting their own futures. Fulgence epitomizes this attitude when he claims that the perpetrators must give a little something to those who have suffered. And leave God the too-heavy task of our final punishment(193).While the victims are the most effected by the events, Fulgence believes they exactly need a little compensation, and rather, focuses forgiveness on what will become of him. Pio also reflects this selfish attitude admitting his fear of punishment-here below or up above(160) and later goes on to say that he only sees God to forgive me(207). Forgiveness involves two people, the culprit and the victim, however, the prisoners seem to only factor in themselves, made clear in the proliferation of first person pronouns such as our and me as demonstrated above.The ineffectiveness of this one-person methodology is made clear when viewing forgiveness from the eyes of a survivor, Gaspard, who claims, Real regrets are said eye to eye, not to statues of God(163). The perpetrators clearly do not acknowledge the role of forgiveness in the lives of the victims, whether to help cope or as simple as a gesture, a view that again tarnishes any sincerity in there apologies.With the ultimate power in the hands of God, these mass killers seem to view the return to a completely ordinary life until judgment as tangible, and focus much of their narratives on their own futures. They feel their actions can simply be forgiven and forgotten by succeeding next time(163) and thus overlook any need to sincerely redeem themselves in the present. The temporary nature of their guilt can be seen when Fulgence boldly admits, I thought wrong, I went wrong, I did wrong(157), and yet, soon after asserts, those dead people and those acts of killing do not invade my dreams.He clearly lacks remorse, as the horrors caused by his atrocious actions apparently no longer cross his mind. This unregretful attitude is again substantiate through his belief that these same horrific actions are so easily forgotten when he claims, Time has punished me for my misdeeds and can allow me to begin an ordinary life(192). Again, my, I, and me are consistently seen, showing the egotistical nature of the perpetrators, even when discussing the future.Over and over again, the victims futures are disregarded and rather, the perpetrators look forward to get soccer going again(160), to work without hearing another word, except talk about crops(193), and to reunite with ones wife and house(162). Through these aspirations, it becomes clear how little responsibility they feel for their actions. In the end, many of these views and attitudes tarnish the sincerity of the perpetrators desire to forgive, making it that much harder for survivors to try and reconcile with the events of the genocide.While these trends are apparent in many, if not most, of the prisoners interview ed, itd be unfair to assign this lack of insincerity to every Hutu involved. On occasion, members of the gang do show glimpses of genuine concern, even to the extremity of writing letters to victims from prison. However, if these accounts do show anything definite, it is the clear difficulty in apologizing and forgiving after genocide, the first step in any hope for sure reconciliation.

The Ethics of Steroids in Professional Sports

Currently in professional sports, the use of steroids is one of the most highly debated and controversial topics. It seems that every day there is an athletic supporter beingness suspended, fined, and even prosecuted for using these performance-enhancing drugs. In many an(prenominal) facts, sports fans will condemn these athletes for their involvement in steroids. As I looked deeper into the subject I thought to myself, what is so wrong with athletes trying to take their endorse to the next level? Be puzzle ultimately, thats what the real issue is here its just professionals doing what they can to get ahead in their job and it seems to be perfectly ethical.One of the main arguments in the ethics of steroids in professional sports is that it is unhealthy to the body, which is completely true. The prolonged used of anabolic steroids can cause acknowledger damage and contribute to hormone imbalances among other things however, this does not make it unethical. Lets not forget that these athletes are playing sports that in many cases are already a danger to their bodies. When was the last time you heard of an athletes going to the hospital for the use of steroids? Yet everyday there is a case of a professional athlete tearing a muscle or incurring serious head injuries. Studies actually show that deaths from playing college and professional football game are 50-100 times higher than the use of steroids. Just because somebody does something that may be harmful to their body, it doesnt mean their wrong in doing so. For example, if a guy is hungry and decides to eat out at a abstain food restaurant, is he pursuing something unethical? We all know the unhealthy effects fast food has on the body, but that doesnt make it wrong. Adults should be able to make their own decisions when it comes to their personal well-being and if they decide to do something that may be harmful, then so be it.Protestors against steroids besides claim that athletes using performance- enhancing drugs are a bad influence on our youth. Kids idolize athletes and if they see their favorite necromancer using steroids, then they will want to also. I do see some truth in that and agree 100 percent that there is no place for steroids in childs body. On the other hand I also contend that professional athletes have no obligation to live their lives conforming to a role model image. In Major League Baseball, the players are allowed to use chewing tobacco during games and it is clearly seen by the youth honoring on TV. Also, In the National Hockey League, there is an immense amount of violence and fighting plays a big part in the sport. These examples are also bad influences on children, yet they are apart of the game and dont seem to be getting banned anytime soon.As for the argument that steroids taint the game that so many love, I dont see truth in this at all. There are constantly new techniques and technology being added in sports all for one purpose, to make the game better. Athletes dating back to the ancient times have been doing whatever they can to gain a agonistic edge. The Greeks used to eat live bees for potency before matches and Mayans would take hallucinogens to numb the pain taken from their sport. So why is it unethical for an athlete to use steroids for this equivalent purpose? Some say that athletes in the past didnt have the luxury of steroids, so it eliminates the records and legacy of the past. But regardless, due to the revolutionary increases of technology, such as a newly designed baseball bat or a more aerodynamic track uniform, players are going to be better and these records are going to be broken.

Diminishing American Pride Essay

The obligate Zeitoun basic completelyy talks about a Syrian Ameri usher out familys do it in the time of Hurricane Katrina. It was mainly divided into two story lines, one of Abdulrahman Zeitoun, the main character, a Syrian American contractor and one of Kathy, his wife, a colour woman converted Muslim. Zeitoun had an extraordinary life, also an extraordinary experience in the time of Hurricane Katrina. He was a successful well-known businessman in topical anesthetic area. When everyone else was fleeing their hometown before Katrina came, Zeitoun chose to stay to protect his house and business.Later then when the city was flooded, he travelled around with his small canoe, delivering help and resources. However, he was wrong arrested as a looting suspect then and was sent into jail. He was treated as a terrorist and taken away the overcompensate of fair trial, forced to hold in in a maximum security prison for a crime he didnt commit. At the end, Zeitoun was released and able t o unite with his family again, but he was not compensated in any ways for his misfortune. As this view as describes, everything in the time of Hurricane Katrina had gone crazy, including the American bend justice system.The main objection of this book is to criticize racism phenomenon in America and the rotten criminal justice system. Racism is a main subject in this book. It was first mentioned in this book in Kathys story line about her past life experience. Years earlier, Kathy and her mother had gone to the DMV together to put on Kathys license renewed. Kathy was eroding her hijab, and had already received a healthy number of suspicious looks from DMV customers and staff by the time she sat down to have her picture taken.The employee behind the television camera did not disguise her contempt. Take that thing off, the woman said. (Zeitoun page 58) From the mentioning of these kinds of past experience come acrossmed irrelevant to Hurricane Katrina, we can see the authors de sire to get into the topic of racism into this book. Kathys case shrinks small comparing to Zeitouns case in his arrest. You guys are al Qaeda, the soldier said. Todd laughed derisively, but Zeitoun was startled. He could not have heard right. Zeitoun had long feared this day would come.Each of the few times he had been pulled over for a traffic violation, he knew the possibility existed that he would be harassed, mis under(a)stood, suspected of shadowy dealing that might bloom in the imagination of any presumptuousness police officer. After 9/11, he and Kathy knew that many imaginations had hang in amok, that the introduction of the idea of sleeper cells- groups of would-be terrorists living in the U. S. and waiting, for years or decades, to strike- meant that everyone at their mosque, or the entire mosque itself, might be waiting for instructions from their presumed leaders in the hills of Afghanistan or Pakistan. (Zeitoun page 212)It didnt surprise me at all that Zeitoun have those thoughts that might seem over-worried in well-nigh battalions eyes.. Indeed, another author Maysan Haydar had mentioned similar thoughts in her essay Veiled Intentions Dont Judge a Muslim Girl by Her Covering. Now some mountain hold their breath a bit longer, assuming Im a fundamentalist or wondering if Im in that respect to cause them harm. I sense people studying me on the trains, reading the cover of the book in my hand and trying to gauge if I am one of us or one of them.I grapple with the frustration that I cant reassure everyone individually that my goals have everything to do with kind justice and nothing to do with holy war. just I have seen suspicious fade in the eyes of the pregnant woman to whom Ive given my subway seat or the Hasidic man whose elbow Ive taken to help him up the stairs. (Haydar pg 406) I feel very sorry for Haydar and Zeitouns experiences. Muslim people are always feared to be presumed as terrorist. American frightened by the traumatic even t of 9-11 developed a stereotype against people from Middle East.The fear of being attack also again drove American crazy on national security. However, for whatever reason, racism has put upon so much harm on people we discriminate against. Muslim people like Zeitoun, hard working and honest people, are forced to live under the fear of being prosecuted for his race someday, taken away from his family, locked up in somewhere nobody would know hes died or not. Those fears have make them coward under a lowly skin, live like second-class citizens. In the weeks after the attacks on the Twin Towers, Kathy saw very few Muslim women in public.She was certain they were hiding, leaving home only when necessary. In Late September, she was in Walgreens when she finally saw a woman in a hijab. She ran to her. Salaam alaikum she said, victorious the womans hands. The woman, a doctor studying at Tulane, had been feeling the same way, like an exile in her own country, and they laughed at how del irious they were to see each other. (Zeitoun page 46) Indeed, as part of international society, American let ined people to be exiled from their own country.In Edward Saids essay, States, he escribed how they, Palestinian people was exiled from their own country and forced to scatter around the world, be denied of personal identity everywhere. Some Israeli settlers on the West Bank say The Palestinians can stay here, with no rights, as resident aliens. Other Israelis are less kind. (Said pg 546) The fact is that today I can neither return to the places of my youth, nor voyage freely in the countries and places that mean the most to me, nor feel safe from arrest or violence even in the countries I used to frequent but whose governances and policies have changed radi cry (out)y in recent times. (Said pg 547)In a documentary I have watched, in some cases, if a Palestinian wants to travel from points to points, they have to go through checkpoints set up by local military. They woul d be asked to show their prove of identity and relevant documents which sources were mostly denied. Nobody tell them what to do then, no laws protect them, some of them cant even go to hospitals and schools like every other human being in the course that they dont have a legal identity. We as adults, teach our kids not to bully in school, that its wrong to do so.In contrast, as a human, we allow our country, ourselves to bully on people with a different skin tone. Isnt this hilarious? Another main subject posted in this book is the criminal justice system in America. Zeitoun was initially arrested in his house, then taken to the bus station, naked searched and put in jail. Throughout the full-page process, he had never been told of his charges, no phone calls granted, no one had ever given him a chance to defend himself or to find a lawyer. He was treated as terrorist. In the course of his Middle-Eastern accent, everything about him seemed suspicious to the guards.He was kept in in humane confinement, was given pork for food despite his religion. He had a recondite wound in his feet but was never treated nor given any medical attention. There were basically no laws in effect, Zeitoun was treated as if he wasnt an American citizen anymore, constitutions and laws dont protect him. Watching the evidence on the table mount, Zeitouns shoulders slackened. Most municipal systems were not functioning. There were no lawyers in the station, no judges. They would not talk their way out of this. The police and soldiers in the room were too worked up, and the evidence was too intriguing. (Zeitoun 215) But the most frustrate fact about this is what t I found out later in the book, that all of this happened to Zeitoun was not special cases happened once or twice, it was somehow permitted.But knowing that Zeitouns ordeal was caused instead by systemic ignorance and malfunction- and perhaps long-festering paranoia on the part of the National Guard and whatever other agencies were involved-was unsettling. It said, quite clearly, that this wasnt a case of a bad apple or two in the barrel. The barrel itself was rotten. (Zeitoun 307) This is totally different from what I learnt from my administration of justice class. The whole process is wrong. How could an innocent person be justified this way? Not even a phone call allowed. It is nothing better than abduction. Who gave government the right to treat people like this? I guess under the name of National Security, theres nothing government cant do, all laws and constitutions could be undermined. James Bamford, author of essay Wired pointed out the same point, says in his essay, They violated the Constitution setting it up. He says bluntly. But they didnt care.They were press release to do it anyway, and they were going to crucify anyone who stood in the way. Basically all rules were thrown out the window, and they would use any excuse to justify a waiver to shit on Americans. (Wired pg 0843,, 084) Natio nal Security, initially served the principle of protecting Americans has become a tool to against Americans. The NSA has turned its surveillance apparatus on the US and its citizens. It has established sense of hearing posts throughout the nation to collect and sift through billions of email messages and phone calls, whether they originate within the country or overseas.It has created a supercomputer of almost unimaginable rush to look for patterns and unscramble codes. Finally, the agency has begun building a place to store all the trillions of words and thoughts and whispers captured in its electronic net. (Wired pg 81) Isnt it scary to know our government has already gone this far for National Security? Anyone is a target of NSA. But who is more prone to be checked on? I guess this could be linked again to the topic of racism.Look back to Zeitoun and his fellows arrest I believe they would never have been presumed as terrorists, despite the same consideration and evidence, i f all four of them are white. The book Zeitoun serves more than a journalism. Dave Egger cleverly brought out these two important topics to us through the book. Could we still call our country States of freedom and equality after learning all these previously unknown facts? Its time for people to stand up to protect the prides of America, sustain our criminal justice system, drive racism into history and look forward to a better, true States of freedom and equality.

Boeing 777 Finance Case Study Essay

Boeing is currently operating with the majority market share of the commercialized sector of aircraft manufacturing. Frank Shrontz, our CEO, has recently stated his goal to increase the companys return on equity from its current average of 12%. The interest summary will delve into the most appealing intercommunicate for the future of this firm the 777 aircraft. The purpose of this new product is to maintain our competitive advantage in commercial airline production by completing a family of Boeing airplanes.The following net present value analysis will be used to set apart the potential profit energy of the 777 project. Our analysts concluded that a levered equity beta of 1.2939 was appropriate for the commercial division of Boeing. The levered equity beta was important to use due to its means of the capital structure of Boeing and its value to the WACC calculation. This equity beta was sum upd by removing the financial risk of four homogeneous defense-oriented benchmark compa nies (over half of all revenues from their single defense divisions).The Value Line betas of Lockheed, Northrop, Grumman, and McDonnell-Douglas were unlevered using the following formula U = (L) / (1+(1-t)(D/E)). The betas of these firms are important because by using the pure play approach, we can calculate an accurate equity beta for Boeing. Several adjustments must be made however, and those are discussed in the remainder of this paragraph. Once averaged, the Value Line betas equaled 0.4758.The next shade required unlevering the total Boeing beta, which was found at 1.00. The formula used to unlever Boeings beta U = (1.00) / (1+(.66*.018)) = 0.9883. With the twain betas we have calculated, Boeings unlevered commercial beta could be found. We found that the percentage of revenues derived from the defense division was 26%. The following formula provided the answer to Boeings commercial betaU = (U-Boeing (% defense)(U-Defense)) / (%commercial) = (0.9883 (.26*.4758))/(.74) = 1.1 683. After obtaining the unlevered commercial beta, our analysts indeed levered it by using the debt to equity ratio of 14%. The D/E ratio of 14% was chosen over the current 4% D/E ratio due to the additional backing needs in the future if the project were accepted. This yielded a levered equity commercial beta of 1.2939. The be of equity of the project was then found using the equation RE = rf + (market risk premium). Our team of analysts chose to use the long-term yield on treasury bonds in 1990 (8.82%) because it was similar to our investment horizon.The market risk premium is 5.4%. When these values are plugged into the previously stated SML equation, the cost of equity is (0.0882 + 1.2939*(.054)) = 15.81%. The return on equity for all-equity financing would be 15.13%. The only difference in the formula would be the use of the unlevered commercial beta 1.1683 instead of the levered commercial beta of 1.2939. This discrepancy between the two RE calculations makes sense because levering up increases the cost of equity.The weighted average cost of capital is then calculated with this equation WACC = RD * (1-t) * WD + (RE * WE). The only new unknown is the cost of debt, which was 9.73%. The average yield to maturity of a AA-rated debt with 5 years to maturity is 9.73%the cost of debt used in our analysts WACC calculation. Furthermore, a 34% tax rate and 14% weight of debt were used. WACC = 9.73% * 0.66 * 0.14 + (15.81% * 0.86) = 14.49%With all of the pieces of information our analysts gathered, the net present value (NPV) of all future cash flows could be found. Boeing has estimated the selling monetary value of each 777 will be $130 million and includes adjustments for inflation over the time horizon of the project. After calculating the NPV over the 35-year project horizon, our analysts found it to be $1,736.34 million. Against our hurdle rate, the Boeing 777 project is actually attractive. The key to this project being economically attractive is that th e return outperforms inflation to provide real value to the firm.The sensitivity analysis provided reveals several gambles made by Boeing. They include the use of the highest estimated selling price per plane, units per year, rate of price increases, and market size among others. Even with all of the risks and estimations, Boeing should launch the 777 in October 1990 because the firm must non only stay competitive but keep their market share in the future. While the 777 project represents a huge risk with high levels of capital, it is a necessary risk since other firms are also completing their full product lines of airplanes. Also, the introduction of a derivative after 10 years and decrement in R&D costs could provide additional sales revenue and further affect the NPV of the project.While this project was certainly a gamble for Boeing in 1990, hindsight shows they made the right decision in creating the new 777. In October of 1990, right after the project was implemented, Unit ed Airlines placed a $28 one million million million order therefore cementing the program Boeing was close to scrapping. By March of 1994 they were already loaded down with 147 firm orders and 108 options with expectations of quickly increasing numbers. In June of 2008 it became evident that this aircraft had the differentiating ability to beat out its competitors.Headlines read Boeing under intense pressure to increase production of top-selling fuel thrifty 777-300 ERas airlines struggle with the soaring price of fuel. In November of 2007 production of the 777 was sold out through 2012 and just 6 months later all remaining 2012 and 2013 slots were filled the next available date for a new order was in 2014. Boeing officials stated they were experiencing unprecedented demand and were producing at a rate of 7 aircraft monthly. In November of 2011 the 777 became one of Boeings best-selling models, and on March 5, 2012 United Arab Emirates, the largest operator of the 777 with a fleet of 102, purchased Boeings 1000th 777, surpassing the numbers they forecast back in 1990.