Land law Essay Example | Topics and Well Written Essays - 2000 words - 2

Land law - Essay Example The central point that will be thought about by the Courts is the means by which the Covenant is drafted. On account of Martin v David Wilson Homes ltd2, the utilization of the word â€Å"a† in the contract meant a more noteworthy arrangement of adaptability than the utilization of the word â€Å"one† on account of Crest Nicholson v McAllister3, where the Covenant was regarded to be completely enforceable. For this situation, the drafting of the Covenant is exceptionally certain that the property isn't to be utilized to set up authorized premises, for example, a bar and will be carefully enforceable, particularly in light of the fact that it is likewise enrolled, and in this manner nullify the youthful couple’s reason in buying the property. In the event that Maggie and Dave decide to overlook the prohibitive contract and proceed with building a bar on the premises, it could be wrecked, just like the case in Mortimer and Another v Bailey and Another4, a prohibitive pledge was effectively upheld to obliterate a structure. Anyway working in support of themselves is the ongoing instance of Sugarman and Porter and Others5 where a current prohibitive pledge on a property was regarded to be substantial just up to the period the land stayed unsold. All together for a prohibitive contract to be enforceable against resulting proprietors, for example, Maggie and Dave, the land profiting by the Covenant must be recognizable, however for this situation the neighboring area has a place with a bottling works which isn't probably going to profit by the prohibitive pledge against a bar on the premises. It isn't quickly clear who can press for implementation of this prohibitive agreement, which was a similar issue brought up for the situ ation of Crest.6 Maggie and Dave can likewise conjure the arrangements of Section 84 of the Land and property Act of 1925, under which the Lands Tribunal may adjust or release a prohibitive pledge on a freehold title where more than 40 years have passed. An application can be made by the youthful couple because the current contract is an impediment on the sensible utilization of the property which

Cause and effect of the fitness movement Essay Example For Students

Circumstances and logical results of the wellness development Essay In our ever-evolving society, the one ongoing idea that now every American appears to have is a longing to have a body that isn't hour-glass (1950s) nor waifish (1990s), yet one that is slender, trim, and can truly go the additional mile. I guess that the inside and out athletic look is so well known on the grounds that it is likely one of the hardest body types to accomplish. In prior occasions, hour-glass figures were the result of hereditary qualities and girdles, and the anorexic Kate Moss look could essentially be accomplished by starvation. To be genuinely fit all around is something that each individual can control and accomplish, however just through solid self-restraint. The $52. 9 billion wellness industry is continually coming out with exercises and items intended to get and keep us keen on working out (Whigham-Desir 84). Two of these kinds of exercises, explicitly Tae-Bo and Spinning, were made only to keep us keen on working out. Regardless of this upset in the wellness business, numerous bogus assumptions about getting more fit endure and block the development. As the media assault the American open with unreasonable pictures, another fixation on wellness has hit the business sectors. With an ever increasing number of individuals planning to shed pounds, the wellness business has been constrained to oblige the levels of popularity for productive and engaging exercises. This more prominent assortment of exercises hitting the market is a consequence of the differing sorts of individuals who are attempting to get fit as a fiddle. Gyms are not, at this point just for those 20-multi year olds who are in serious preparing or the individuals who should be fit as work necessity. Rather, these offices are currently stuffed with individuals everything being equal, and different aptitude and wellness levels. Because of this expansion in a wide range of novices, diverse exercise programs intended to suit these distinctions have as of late been presented. One of these in vogue exercises that have gotten amazingly well known among the majority is Spinning. One explanation behind the prevalence of turning, as indicated by teacher McAteer is on the grounds that it permits people to go at their own pace, so long distance runners can (and do) share classes with legal counselors and lobbyists. Classes blend genuine bicycle racers in with heart patients in their fifties and sixties (5). As this new class of wellness individuals rise, one issue that is normal among them is that they are constrained what exercises they can do contingent upon and people coordination and wounds. In this sense, turning is easy to understand and it accomodates most anyone. Nearly everybody realizes how to ride a bicycle and the no-sway nature is progressively welcome for gen X-ers (3). Another part of turning is that it is intended for individuals who need brings about the speediest waysimply, fundamentally everyone. Turning educator Sarah Krupps thinking for why she loves it will be it consumes somewhere in the range of 500 and 800 calories in 60 minutes. Basically, it resembles packing an exhausting three-hour Tour de France ride into a brief experience with slope climbing, puddle bouncing and accelerating like distraught to circumvent snapping hounds (2). The last magnificence of this activity marvel is that it permits beginner cyclers to turn down the obstruction without others seeing, so they dont stand apart as they would in a vigorous exercise class. This quality empowers more fledgling level individuals to stay with their activity routine since they dont must be worried about humiliating themselves. A second pattern of the wellness business was made by a man named Billy Blanks who presented an exercise video joining boxing, Tae Kwon Do and move to the business sectors last August. The open response to his video has caused Tae-Bo advertisers to dish out $2 million week by week to air his brief infomercial .u78524029be4f20f3324670cdca049208 , .u78524029be4f20f3324670cdca049208 .postImageUrl , .u78524029be4f20f3324670cdca049208 .focused content region { min-tallness: 80px; position: relative; } .u78524029be4f20f3324670cdca049208 , .u78524029be4f20f3324670cdca049208:hover , .u78524029be4f20f3324670cdca049208:visited , .u78524029be4f20f3324670cdca049208:active { border:0!important; } .u78524029be4f20f3324670cdca049208 .clearfix:after { content: ; show: table; clear: both; } .u78524029be4f20f3324670cdca049208 { show: square; change: foundation shading 250ms; webkit-progress: foundation shading 250ms; width: 100%; mistiness: 1; progress: darkness 250ms; webkit-progress: haziness 250ms; foundation shading: #95A5A6; } .u78524029be4f20f3324670cdca049208:active , .u78524029be4f20f3324670cdca049208:hover { obscurity: 1; progress: murkiness 250ms; webkit-change: murkiness 250ms; foundation shading: #2C3E50; } .u78524029be4f20f3324670cdca049208 .focused content region { width: 100%; position: rela tive; } .u78524029be4f20f3324670cdca049208 .ctaText { outskirt base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: intense; edge: 0; cushioning: 0; text-improvement: underline; } .u78524029be4f20f3324670cdca049208 .postTitle { shading: #FFFFFF; text dimension: 16px; textual style weight: 600; edge: 0; cushioning: 0; width: 100%; } .u78524029be4f20f3324670cdca049208 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; fringe: none; fringe range: 3px; box-shadow: none; text dimension: 14px; textual style weight: striking; line-stature: 26px; moz-fringe sweep: 3px; text-adjust: focus; text-enrichment: none; text-shadow: none; width: 80px; min-tallness: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/basic arrow.png)no-rehash; position: outright; right: 0; top: 0; } .u78524029be4f20f3324670cdca049208:hover .ctaButton { foundation shading: #34495E!important; } .u78524029be4f20f33246 70cdca049208 .focused content { show: table; stature: 80px; cushioning left: 18px; top: 0; } .u78524029be4f20f3324670cdca049208-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .u78524029be4f20f3324670cdca049208:after { content: ; show: square; clear: both; } READ: Reconstruction Essaythe Tae-Bo recordings have netted some $75 million and Blanks has acknowledged a development of $1.5 million to compose an activity book for Bantam (Labi 77). As opposed to turning, Tae-Bo isn't for everyone. Rather, it is a program for the wellness tip top. In spite of dispensing with the overweight, older and injury-inclined populace from its purchasers, the recordings have had astonishing outcomes. This isn't just because of the conservative calorie-consuming inclination of the video, yet the assortment of moves .

Grendels Mothers Attack Essay -- Beowulf Grendel Mother Essays

Grendel's Mother's Attack In Beowulf, we see various components all through the sonnet. In the first place, we see an agnostic warrior society. In this general public the connection between a ruler and his thanes is vital. It is a harmonious relationship where the thanes protect the lord and his territory and battle his wars. Consequently, the lord accommodates his men. He offers them such things as mailcoats, blades, head protectors, gold rings, mead, lager, asylum and friendship. This general public likewise puts incredible incentive on family relationship. On the off chance that one's family is executed, it is the staying relative's obligation to make the executioner pay for the passing, either with his own life or the installment of wergild (the man cost). At last, we see the repeat of the agnostic thoughts of destiny and mental fortitude. Men accept that destiny controls their lives. Beowulf continually tests destiny and accepts that through fearlessness he can live on in the memory of the individuals wh o will live after him. In the segment of the sonnet managing Grendel's Mother's assault, we see the warriors settling down to rest in Heorot after the gigantic festival of Beowulf's triumph over Grendel. They appear to be unconscious of the way that Grendel has kinfolk who may come to retaliate for his demise. Grendel's mom shows up on the scene, grabs a man away and rushes back to the minor. At the point when it is found a man is dead, distress is recharged. There is no more euphoria at Heorot, presently that the she-beast has looked for installment for the demise of her child. However since she and her child are beasts, the thanes feel little sympat...

Strict Liability free essay sample

Subjects in Criminal Law May 25, 2010 Abstract Strict risk violations require no guilty mental state and present a critical exemption to the rule that all wrongdoings require a combination of activity and mens rea. Severe risk offenses make it a wrongdoing just to accomplish something, regardless of whether the wrongdoer has no aim of disregarding the law or causing the subsequent mischief. Exacting obligation depends rationally on the assumption that causing hurt is in itself accountable paying little heed to the actor’s purpose (Schmalleger, Hall Dolatowski, 2010). Severe risk wrongdoings require no chargeable mental state and present a noteworthy special case to the rule that all violations require a combination of activity and mens rea. Exacting risk offenses make it a wrongdoing basically to accomplish something, regardless of whether the wrongdoer has no aim of disregarding the law or causing the subsequent damage. Exacting obligation depends rationally on the assumption that causing hurt is in itself culpable paying little mind to the actor’s purpose (Schmalleger, Hall Dolatowski, 2010). Mens territory is the psychological part of criminal law; it tends to be effectively summed up as the possibility of rationale. A liable psyche in disengagement doesn’t fundamentally make him/her criminally blameworthy. There are basically four various types of Mens rea, expectation, where it was arranged. Information, carelessness and foolishness are different conditions where an individual can be portray as being blameworthy of the mind(Simons, 1997). Criminal risk is the thing that opens the sensible structure of the Criminal Law. Every component of a wrongdoing that the examiner needs to demonstrate (past a sensible uncertainty) is a rule of criminal risk. There are a few wrongdoings that just include a subset of the considerable number of standards of risk, and these are called violations of criminal direct. Thievery, for instance, is such a wrongdoing since all you have to demonstrate past a sensible uncertainty is an actus reus agreeing with a mens rea. There are violations that include all the standards of obligation, and these are called genuine wrongdoings. Manslaughter, is such a wrongdoing since you have to demonstrate actus reus, mens rea, simultaneousness, causation, and mischief. The necessity that the investigator must demonstrate every component of criminal obligation past a sensible uncertainty is known as the corpus delicti rule(Simons, 1997). Exacting criminal obligation is comprehended as criminal risk that doesn't require the respondent to have a chargeable perspective. Current criminal codes regularly incorporate as conceivable guilty perspectives the litigants aim to achieve a denied outcome, her conviction that such an outcome will follow or that a restricted condition will exist, her wildness as to such an outcome or situation, or her carelessness concerning such an outcome or situation. Severe criminal obligation, at that point, is basically risk without aim, conviction, foolishness, or negligence(Simons, 1997). We should likewise recognize exacting obligation regarding an outcome component of an offense and severe risk concerning a condition component. Lawful offense murder, in its most extreme structure, is a case of exacting risk as for an outcome explicitly, a demise coming about because of commission of the crime. The criminal will be obligated for the subsequent passing as though he had proposed it, regardless of whether there is no evidence of plan, or of any culpability. Legally defined sexual assault is a typical case of exacting obligation as for a condition explicitly, the situation of whether the female casualty is beneath the legal age. A respondent can be blameworthy of legally defined sexual assault regardless of whether there is no confirmation that he accepted, or sensibly ought to have accepted, that she was underneath the legal age. Therefore, exacting liabilities incorporate the two liabilities for perfect mishaps and for flawless mistakes(Simons, 1997). Exacting risk can likewise allude, not to absence of culpability concerning an outcome or a situation, however to absence of blamable direct. That is, the actus reus of the wrongdoing may indicate and restrict certain direct (regardless of whether activity or oversight) by the respondent. For instance, a restriction on driving a car over the legal speed cutoff can be comprehended as forcing exacting obligation, to the extent that it is unessential that the litigant didn't have motivation to realize that she was going at that speed(Simons, 1997). Severe obligation prompts conviction of people who are, ethically, guiltless. Consequently sentencing and rebuffing the individuals who don't merit it executes a genuine wrong. In this way some contend that severe risk is an abuse of the criminal law a foundation which, ought to be held uniquely for the guideline of genuine wrongs done by guilty transgressors. It doesn't follow, be that as it may, that a wide range of severe obligation offenses aren't right. Specifically, there are explanations behind reasoning that exacting obligation might be genuine in non-stigmatic administrative offenses, there are numerous reasons that can be considered in t article however the emphasis will be on open protection(Simester and Sullivan, 2003). From another point of view the open increases more noteworthy security from contamination. In addition, there are probably going to be less occasions of the actus Reus while doing so is restricted on an exacting risk premise, on the grounds that the utilization of severe obligation will in general empower a more significant level of precautionary measures by potential respondents. As Lord Salmon expressed : severe risk energizes riparian manufacturing plant proprietors not exclusively to find a way to forestall contamination however to do everything conceivable to guarantee that they don't cause it Alphacell Ltd v. Woodward [1972]. Another case that strengthens this point is Donovan J, in St Margarets Trust Ltd [1958]. There would be little point in ordering that nobody should penetrate the protections against a flood, and simultaneously pardoning any one who did it guiltlessly. The suggestion that severe obligation expands discouragement is certain in one of the most well-known contentions given for deserting a full mens rea necessity, that insurance of the general population at times requires an elevated expectation of care with respect to the individuals who attempt potential hazard making activities(Simester and Sullivan, 2003). There is anyway a clouded side to the idea of severe obligation. One of the fundamental standards of criminal law is that an individual should possibly be obligated on the off chance that they are to blame somehow or another, all things considered inconvenience of severe risk contradicts this guideline as individuals can be liable of a criminal demonstration while having no genuine deficiency. A case that shows this well is Pharmaceutical Society of Great Britain v Storkwain Ltd 1986. Here a drug specialists conviction was maintained for providing drugs without a substantial remedy, despite the fact that he didn't have a clue about the mark was produced. Severe risk at that point can be contended as an out of line technique for requirement for specific violations, bringing about the honest being named as the guilty(Simester and Sullivan, 2003). On a corporate point of view the requirement for compelling guideline and arraignment of corporate respondents could on the other hand be met by a carelessness based norm. Verification of carelessness can be built up without reference to the companys mental state, since carelessness depends on direct. Without a doubt carelessness requires that the arraignment builds up an actus reus by a representative that can be credited to the organization however a similar imperative applies to exacting obligation, in discovering who was carefully liable(Simester and Sullivan, 2003). References Roe, D. (2005) Criminal Law third release Schmalleger, Hall Dolatowski (2010). Criminal Law Today Simester and Sullivan, Criminal Law: Theory and Doctrine (second ed. , 2003) Simons, Kenneth( 1997). When is severe criminal obligation just? Diary of Criminal Law Criminology. Chicago: Summer1997. Vol. 87, Iss. 4; pg. 1075, 63 pgs Smith and Hogan(1999). Criminal law cases and materials seventh version (1999) Story T. also, Lidbury(2004) Criminal law

Rule of the Bone

Acquaintance Every young person needs with be free in their life. The majority of them attempt to evade any impact from their folks and begin to connect with their friends. The invading topic in this book is that of all out autonomy. Banks utilizes the character Chappie (or Bone) as the hero in the story. He assists with building up this topic through his intriguing adventures.Advertising We will compose a custom paper test on Rule of the Bone explicitly for you for just $16.05 $11/page Learn More The life of Chappie can be partitioned into three significant stages. The main stage is when Chappie is furious with the treatment he gets from his folks and ventures out from home. He goes to live with Russ. The subsequent stage is the point at which he meets with I-Man. The last stage is the point at which he is in Jamaica. This paper will break down the character of Chappie/Bone and show how he is a unique character. Examination of the Character Chappie/Bone Chappie speaks to the cutting edge youth. He especially speaks to how they are probably going to respond whenever confronted with similar conditions that Chappie was confronting. The story begins with Chappie’s resistance to his folks. He begins to take insignificant things from the house so as to get cash to purchase drugs since he has gotten dependent on them. He says, â€Å"I’d about abandoned discovering something in the house that I could rob†¦Ã¢â‚¬  (Banks 5). He goes to live with Russ, one of his companions. He says concerning Russ that, â€Å"I had this generally excellent companion Russ whose mum showed him out in the spring†¦Ã¢â‚¬  (Banks 7). Chappie joins his companion and they keep living respectively. The underlying response by the peruser towards Chappie is feel sorry for blended in with outrage. One can't resist the opportunity to identify with Chappie because of the conditions he is confronting. Be that as it may, one additionally blows up at him in light of the choic e he takes since it isn't probably going to be the answer for his disasters. As he lives with Russ, Chappie relies totally upon him for exhortation and direction on the most proficient method to live. While the peruser is as yet irate with Chappie in view of the choice he has made, Banks makes a turn in the occasions that follow. The peruser begins to see Chappie in an alternate manner. Chappie is delineated as an individual who is discontent with the sort of life he is living. He wants to leave this sort of life and accomplish something different that is helpful. This shows Chappie isn't as awful as the peruser suspected. He is delineated as somebody with honest goals. His solitary issue is all out reliance on his companion Russ. Nonetheless, the relationship with Russ is fleeting in light of the fact that they separate after some time. The procedure of detachment begins when Bone notification an adjustment in their relationship. He perceives that he doesn't need to keep contingent upon Russ. He additionally understands that he is the person who settles on the greater part of the choices, not at all like in the past when Russ used to be the choice maker.Advertising Looking for article on american writing? We should check whether we can support you! Get your first paper with 15% OFF Learn More When he finds that he is done driving in dynamic in their undertakings, Russ chooses to end his companionship with Bone. Now, Bone is disillusioned and discovers life troublesome. He says, â€Å"Because up to then for me living was equivalent to Running through some serious hardship with a gas suit on† (Banks 152). He searches for someone else who can permit him to lead their companionship. In the wake of severing from Russ, Bone’s freedom begins to increment. He has figured out how to live autonomously. Afterward, he meets with I-Man, and they get to know each other. Their relationship is unique in relation to the relationship that Bone had with Russ. Rath er than being absolutely subject to I-Man, Bone and I-Man have a harmonious relationship. Every one of them contributes something to their relationship, and none feels persecuted. Bone is glad to be in this sort of relationship since he feels like an equivalent in the relationship, not at all like in the past relationship with Russ where he was reliant on him. It is around this time he begins to call himself ‘Bone’, implying his autonomy. His life now is generally serene. How Chappie/Bone is a unique character eventually in his life, he invests some energy with I-Man in the school transport. It is this episode that changes his life completely. He understands that he can do things alone. He discovers that his companions shouldn't control. Rather, they ought to be individuals he can converse with, yet he should settle on choices about his life. Banks utilizes the connection among Bone and I-Man to show how Bone creates from being reliant on companions to being a free indi vidual. Bone learns this through asking I-Man inquiries. I-Man can control him on the most proficient method to live freely, since he has been autonomous for quite a while in his life. Another bend that happens in Bone’s life is the point at which he begins to see sedates in an unexpected way. At the point when Bone was living with Russ, he used to take a ton of medications, especially pot. This is apparent in Bone’s words when he says that, â€Å"It is stunning how quick great weed goes when you’ve got the cash to purchase it†¦Ã¢â‚¬  (Banks 8). Nonetheless, when he begins living with I-man, this changes. He can take this medication with some restraint and during explicit occasions, not generally. This difference in disposition is likewise an angle that portrays that he has gotten autonomous. He is not, at this point dependent on this medication however smokes it just as a method of unwinding. His dependence on this medication appears to end when their ki nship with Russ is terminated.Advertising We will compose a custom paper test on Rule of the Bone explicitly for you for just $16.05 $11/page Learn More Bone carries on with an absolutely autonomous life once he begins living in Jamaica. He can adjust to life there. He has developed so autonomous that he can conflict with what individuals advise him to do and stand firm with his choices. His dad is glad to meet him as portrayed in the accompanying statement: â€Å"But he smiled, he really looked glad to see me and he stated, lemme see you! Lemme see what you resemble, for Christ sake!† (Banks 283). In any case, Bone doesn't permit individuals, including his dad, to impact him to settle on awful choices. He knows that he has a great deal of freedom yet doesn't mishandle it. His dad likewise appreciates this sort of autonomy and lives in a way that the vast majority would need to live. He does anything he needs and wouldn't fret what individuals think or state about him. In spi te of carrying on with this way of life, his life can't be depicted as a decent life. He is corrupt and dependent on drugs. Bone’s autonomy is generally clear in this circumstance. He decides not to live like his dad. In spite of the fact that he has a chance to live richly, he decides to carry on with an unassuming life. He accepts that a ton of freedom isn't useful for an individual and can make one carry on with a defiled life. He wouldn't like to wind up like his dad. While still in Jamaica, Bone chooses to return to America. The fundamental motivation behind why he has chosen to come back to America is on the grounds that he wants to carry on with a decent life. He is experienced and astute enough to get that, the sort of life found in Jamaica isn't what he needs. In the event that he had gone to Jamaica before on in the story, he would have wanted to live there. Notwithstanding, he has developed in all parts of his life and comprehends the uselessness of such a real exi stence. Despite what might be expected, his companion Russ moves to Jamaica. It is conceivable that since he has not experienced what Bone has encountered since they gone separate ways, he probably won't have the option to use sound judgment in Jamaica. The time that Bone spends in Jamaica turns into the pivotal occasion of his life. During this period, he develops from a kid who wanted to smoke cannabis to a grown-up who comprehends what is really significant throughout everyday life. He finds that he has a real existence in front of him and needs to plan something for improve the nature of this life.Advertising Searching for article on american writing? How about we check whether we can support you! Get your first paper with 15% OFF Find out More One of the emotional changes that Bone makes throughout his life is the point at which he advises Russ of his choice to leave Jamaica. He plans to return to class. From the start, Russ is stunned and neglects to accept this. Bone has found the estimation of instruction and that he needs it to carry on with an ordinary life, while Russ is as yet having a similar outlook as a youngster. He accepts that he needs to appreciate life without limit and that having a great time is the most significant thing. Bone, nonetheless, is a changed individual and is prepared to change his life. Taking everything into account, it is important that Chappie’s character changes as the story advances. He changes from being a reprobate youth and before the finish of the story, he is a transformed individual. He is likewise ready to adjust to any circumstance he winds up in. The book finishes strong. Works Cited Banks, Russel. Rule of the Bone, New York: Harper Perennial, 1996. Print. This exposition on Rule of the Bone was composed and presented by client Ajaxis to help you with your own examinations. You are allowed to utilize it for research and reference purposes so as to compose your own paper; in any case, you should refer to it appropriately. You can give your paper here.

Weekly Events at SIPA Global Sex Trafficking and The Business of Modern Slavery COLUMBIA UNIVERSITY - SIPA Admissions Blog

Weekly Events at SIPA Global Sex Trafficking and The Business of Modern Slavery COLUMBIA UNIVERSITY - SIPA Admissions Blog The SIPA feature event this week was a talk given last night by author Siddharth Kara. Mr. Kara recently published the book, Sex Trafficking: Inside the Business of Modern Slavery. The event was hosted by The Southern Asian Institute and is one of 10 events taking place this week. SIPA students are fortunate to be able to have access to programming such as this through 21 different regional and functional institutes and centers. You can further explore all of these centers by visiting our Institutes and Centers Web page. Below is a short YouTube Video where Mr. Kara briefly describes his new work, published by Columbia University Press.

Rwandan Genocide As A Civil War - Free Essay Example

According to the articles of the United Nations Convention on the Prevention and Punishment of the Crime of Genocide, genocide refers to violent crimes committed with the intention of destroying, in whole or in part, a national, ethnical, racial, or religious group. This can be done through not just the killing of the members of the group, but by inflicting serious bodily or mental harm to the members, deliberately inflicting conditions of life made to bring about their destruction, imposing measures to prevent births in the group, or forcibly transferring children of the group onto another. Vital to the prevention of genocide is the understanding of the process, the recognition of the stages within the conflict, the quick response and action of those within their power to intervene, and the existence of courts for accountability. Dr. Greg Stantons Eight Stages of Genocide outlines the genocidal process, explaining the first six stages of progressive early warning signs, explaining the genocide itself, and discussing the aftermath that contributes to the success of the genocide. The 1994 Rwandan Genocide had been dismissed by the international community as a civil war despite the appearance of warning signs and even as the large-scale massacre began. Looking closely at their history and the actions preceding the tragedy, it is clear that the deaths of about a million Rwandans was planned, organized, and intentional in exterminating the Tutsi people.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The first stage of early warning signs, classification, is one easy to justify and dismiss. In this stage, groups of people are classified by nationality, ethnicity, race, or religion. This provides an almost built-in conflict by dividing the society and creating tensions between the groups. Doing so creates an us versus them mentality as the groups naturally begin to claim or become assigned roles in a hierarchy and power struggles ensue. In pre-colonial Rwanda, ethnic identities did exist, including the Hutu and Tutsi clans, but they were used mainly as status terms rather than ethnic identities and not meant to create division (Hintjens, 2001). Instead, they were seen as inseparable elements of a single social structure as the state of Rwanda held strong cross-cutting allegiances within their kingdom that provided some social fluidity. Rich and powerful cattle-owners were referred to as Tutsi while others were Hutu. Despite this, Tutsi chiefs controlle d only Tutsis and Hutu chiefs only controlled Hutus, meaning there was still not necessarily a distinction of an inferior or superior race. The polarization based on wealth would also allow for Hutus to climb up economically and earn the distinction of Tutsi. It was the German colonists in the 1890s that applied the European thinking of the time and defined Tutsis and Hutus as being inferior and superior races, respectively. It was during their time under Belgian rule post-World War I that they were subjected to identity cards and entered Stantons second stage symbolization (Kaufman, 2015). They distinguished between Rwandans through physical differences, comparing attributes such as nose size and height, because they held much of the same cultural aspects, including the same spoken language and the same religious beliefs. This created definitive social categories between the Tutsi, Hutu, and Twa people as they solidified Tutsi control, giving them power over Hutus and providing them with western education. After pressures from the United Nations following World War II, in a move to end feudalism and introduce democratic institutions, education and access to clerical press was offered to ambitious Hutus. This allowed for the later publication of a Hutu denouncing Tutsi rule and calling for democracy and more opportunity for the Hutu people through their emancipation. Political parties began to form in 1 959 after Belgian announced plans to turn Rwanda into a constitutional monarchy and hold an election. An atmosphere of violence ensued as royalists attacked Hutu leaders and they responded in turn, and the polarization caused by this set the tone for future elections. The success of the Hutus in the elections and their actions as people in power exacerbated the tensions between the two groups. Tutsis deemed them racist and dictatorial and launched terrorist attacks against the Hutus in 1960, but Hutu leaders took power and formed a new government (Kaufman, 2015). Extremist Tutsis increased their efforts, pledging to be as numerous and difficult to stamp out as cockroaches, but failed in their biggest efforts in December 1963. During this independence period for the Hutus, an estimated thirty thousand Tutsis were killed as another wave of Tutsis fled the country, making them even more of a minority (Kaufman, 2015). A second wave of Tutsi attacks led to the hundred thousand Hutu deaths, and retaliation pushed more Tutsis to flee. In 1972, Hutu leadership was displaced as army chief Habyarimana led a military coup to take over and create a new regime. Under Habyarimana leadership, discriminatory policies against Tutsis loosened, allowing them to act relatively freely economically, but became more systematic in other ways, barring their participation in the military, capping their acceptance into schools, enforcing intelligent agencies investigations on candidates for high responsibility jobs to ensure that Tutsis did not surpass Hutus, and refusing Tutsi refugees return to Rwanda. This systematic approach to repressing and eliminating Tutsis under the Habyarimana government further enforced and justified psychological degradation and dehumanization, the third stage of genocide. Under this phase, the normal human revulsion against murder is overcome. Threats of economic recession and civil war under this regime allowed the redirection of stresses into ethnic hatred, reducing conflicts to this single struggle. Hutus were encouraged to believe that all the countrys problems and all their personal struggles were the fault of the Rwandese Patriotic Front and Tutsi allies as the economic crisis was blamed on the work of Tutsis. This campaign of suppression worked further to strengthen Hutu unity by emphasizing their common origin and shared race as opposed to the other, the Tutsi. Their supposed foreign origins that were onced used to defend their inherent right to rule in earlier Rwandan society was used to justify ideas to drive them out of the country. In one exa mple and in a key hate speech, Hutu politician Leon Mugesera claimed that Tutsi should be sent back home through a river, one in which hundreds of Tutsi bodies were found to be floating during the 1994 genocide (Hintjens, 1999). In another instance of their own claims being used against them, the term cockroach, that Tutsi guerrilla fighters used to describe their stealth and strength, was used by Hutus against them as a derogatory term, equating them to vermin. One of the most prominent means of Tutsi hate propaganda was through the Radio Television Libres des Milles Collines. They released statements, claiming that the Tutsis must be taken care of, making them powerless, and that ?they will disappear (Abimbola, 2013). One Hutu participant from a southern district reported to be less prejudiced than the north emphasized the impact of the radio, explicitly stating that it was the radio that had fired [them] up and taught them hateful words (Kaufman, 2015). Through the radio and in t he Kangura newspapers and magazines, ethnic hatred was spread to incite genocide, convincing the Hutu population that they were being threatened by Tutsi existence and their supporters. Akazu, the Rwandan ruling elite, proposed that the only way to solve Rwandan Hutu struggle was through racial purification and the elimination of the Tutsi people (Hintjens, 2001). The Rwandans ingrained culture and long history of obedience to authority made them especially compliant, ensuring that the killing of Tutsi people was seen as act of civic duty among the Hutus rather than an act of cruelty.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   With strong hatred directed towards the Tutsi people, the Hutus organized to carry out their elimination. In this fourth stage of genocide, akazu formed hundreds of civil defense associations and covert death squads and a youth militia, called the Interahamwe, and fashioned them with machetes and other weapons. They were trained to exterminate Tutsis under the guise of protecting their people   from the RPF and their allies and given lists of Hutu opponents to slaughter (Hintjens, 1999). In these early 1990s, military leaders continued to try out techniques of killing also under the pretense of looking for internal enemies (Newbury, 1998). This relatively small scale of killings in comparison to the genocide following just a few years later allowed Hutu elites to understand two principles, according to Newburys article: 1) this violent means of mass killing was feasible and 2) their actions didnt elicit any alarming responses from outside powers. In oth er words, they were in the clear. They felt safe enough to continue their attempts at ethnic cleansing without any international ramifications. Though the Hutu extremist government implemented this systematic approach to psychologically ruin the Tutsis and formed protected, organized militant groups to physically remove them, these groups and their killings and crimes committed were made up of and perpetuated by average citizens (Abimbola, 2013). Their culture of obedience and reverence towards power easily allowed the government to exploit them to carry out their notion of Hutu power.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   An invasion by the Tutsi-led RPF a few years before the organization of Interhamwe resulted in a panic among the Hutus that gave way to strategy in favor of polarization and Habyarimana. With any intervention by outside forces not likely, Habyarimana chose to exaggerate Tutsi threat, justifying retaliation under the guise of self defense (Kaufman, 2015). Theyd staged a fake RPF attack near the capital of Kigali and used this as an excuse to make thousands of arrests of mostly Hutu political opponents. Creating this politics of protection further divided the Hutus and Tutsis as it escalated the ideas of the physical threats the targeted group posed.   This attack also motivated the Hutu elite to become more explicit and blatant in their racism and dehumanization of the Tutsis. The Kangura published the Hutu Ten Commandments that claims anyone associated with a Tutsi to be a traitor, that advocates the discrimination of Tutsis in all aspects of life, and denounces any pity for the Tutsi people. Hate propaganda intensified through the publication of ideals such as these and the use of old symbols of Hutu myth of their oppression under Tutsi rule before independence. With it, they casted the Tutsi people as inherently evil and unable to change, justifying their elimination. As hate-filled propaganda continued to intensify and militias were organized, preparation, the sixth and final warning stage, had already begun. The Rwandan military increased to over 30,000 by 1994 and emergency financial aid provided to the Rwandan government for food and essentials was redirected to arms purchases, a move supported by their French allies (Hintjens, 1999). Within the year preceding the genocide, about half a million machetes were imported alongside twenty thousand new rifles. The identification cards enforced in their period of being under colonial rule served as a physical division between the people, making it easier for Hutus to identify Tutsis, or more specifically, unarmed Tutsi civilians, at checkpoints they set up on major roads to block Tutsi travel (Kaufman, 2015). Aforementioned Hutu militant groups were given death lists of prominent Tutsi political opposition. The preparation for this massacre had been long going, building throughout the other stages. T heyd continued to engage in massacres preceding the 1994 genocide. With a lack of international response, military support from allies, an already small target population, a deeply embedded psychology of hate towards and fear of the Tutsi people, and a culture of obedience, one participant had summed up the justification of genocide as the only solution proposed that was promised to be final (Kaufman, 2015). Hed called it the perfect solution.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The extermination itself, the seventh phase in Stantons genocidal stages, occurred brutally in 1994. The Rwandan genocide was set off with the murder of President Habyarimana. On April 6, the plane carrying Habyarimana and the Army Chief as they left for peace negotiations was shot down. Theres still discourse about whether this was an order by the RPF or Hutu extremists angered at the possibility of Tutsi integration. Within hours of his death, the genocide began. Cleansing began from the top down as they murdered government leadership in the capital of Kigali and moved onto those in lower level government positions, and this move allowed Hutu power leaders to step into high command. The mass killings in the capital spread into the rest of Rwanda with as many as one million dead within the next few months as militiamen, activists, and ordinary citizens participated in the slaughter, whether they had genuinely believed they were acting honorably or threat ened to do so. It appeared that many Tutsi civilians were taken by surprise by the bloodshed despite the way they were viewed. The allusions to genocide were shrouded by euphemisms of tree felling, referring to bush clearing and pulling out roots of bad weeds (Hintjens, 2001). The agricultural euphemisms had allowed the extremists to normalize the hatred, mitigate the horror of the massacre, and appeal to the ordinary Hutus to engage in slaughter against their neighbors. The radio had referred to it as simusiga, meaning hurricane, as a way of portraying the genocide as a quasi-natural event futile to resist. The international community continued to remain on the sidelines as the massacre began. Perceiving it as civil war rather than genocide, any UN discussions about intervention did not come into fruition. Though they had forces in Rwanda, they were not mandated to stop the killings. The U.S. had also been weary of intervening shortly after the death of U.S. soldiers in Somalia. Th e Belgians and other peacekeepers had pulled out after ten Belgian soldiers had been killed. The French, whod supported Rwandan army militarily, was approved to set up a humanitarian zone, but discourse still exists concerning their intentions as they were accused of also aiding Hutu participants in escaping while not doing enough for the Tutsi people. Instead they allowed them to battle it on their own. Though the genocide lasted three months and the death toll rivaled that of the Holocaust, the Hutus focus on the extermination of unarmed, Tutsi civilians, few troops were able to face the RPF successfully and the Tutsi guerrillas, backed by the Ugandan army, overran the extremist regime in early July (Kaufman, 2015).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The eighth and final stage of genocide is the denial of the massacre. Characterized by any denial of evidence or malicious intent, the Rwandan genocide was largely denied during and after the massacre. The Hutu power elite had made the violence out to be a civil war caused by the invasion of the Tutsi exiles, while others had posed it as tribal or interethnic conflict deeply rooted in their history (Hintjens, 1999). Evidence was also denied or in question as one stated that the number of reported deaths was inconsistent with the Tutsi population or as another claimed that the Hutus instead had lost a majority of their people and therefore it could not have been a staged attack on Tutsis. The genocide hadnt become apparent until May when photos began to surface. The mass graves and piles of uncovered dead in the churches, in the streets, and floating in rivers could not be ignored by the international community. It was glaringly apparent that the Rwandan m assacre was well-planned and politically motivated. Still, no intervention was enacted. It wasnt until November 1994 that international communities were allowed to refer to the atrocity as a genocide.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   After the RPF had taken control, more than two million people, mostly Hutu, had fled to neighboring countries in fear of retaliation. The new regime had instead called for a ceasefire and created a coalition government until the Hutu president had been arrested for inciting ethnically-driven hate. New rule under Kagame, born from a Tutsi family, was rigid. Talk of ethnicity had become illegal as a preventative measure. Strict laws were enforced against dissent or any political opposition. The fleeing of millions to Congo had created further tensions as theyd been accused of allowing Hutu militant groups to terrorize in their area, leading to confrontations between the two states. Tutsi rebel groups also remain active, refusing to cease, claiming to be at risk of genocide otherwise. Dr. Stantons ideas on preventative measures include the dismantling of groups like these and may be more in line with Kagames opposition of speaking on ethnicity.   Because t he denial of genocide can indicate further genocides and extend these ideals to future generations, the promotion of commonalities and tolerance rather than differences and division can prevent this.

How Feature Writers Use Delayed Ledes

A lede, usually used in feature stories, that can take several paragraphs to begin to tell a story, as opposed to hard-news ledes, which must summarize a storys main points in the first paragraph. Delayed ledes can use description, anecdotes, scene-setting or background information to pull the reader into the story. How Delayed Ledes Work A delayed lede, also called a feature lede, is used on feature stories and allows you to break free of the standard hard-news lede, which must have the who, what, where, when, why, and how and outline the main point of the story in the very first sentence. A delayed lede allows the writer to take a more creative approach by setting a scene, describing a person or place or telling a short story or anecdote. If that sounds familiar, it should. A delayed lede is much like the opening of a short story or novel. Obviously, a reporter writing a feature story doesnt have the luxury of making things up the way a novelist does, but the idea is much the same: Create an opening to your story that will make the reader want to read more. The length of a delayed lede varies depending on the kind of article and whether you are writing for a newspaper or magazine. Delayed ledes for newspaper feature articles generally last no more than three or four paragraphs, while ones in magazines can go on much longer. The delayed lede is generally followed by whats called the nutgraph, which is where the writer explains what the story is all about. In fact, thats where the delayed lede gets its name; instead of the main point of the story being outlined in the very first sentence, it comes several paragraphs later. Example Heres an example of a delayed lede from the Philadelphia Inquirer: After several days in solitary confinement, Mohamed Rifaey finally found relief in pain. He would wrap his head in a towel and whack it against the cinder-block wall. Over and over. Im going to lose my mind, Rifaey recalls thinking. I begged them: Charge me with something, with anything! Just let me out to be with people. The illegal alien from Egypt, now finishing his fourth month in custody in York County, Pa., is among hundreds of people caught on the wrong side of the domestic war on terrorism. In interviews with The Inquirer inside and out of jail, several men described long detentions on minimal or no charges, unusually stiff bond orders, and no allegations of terrorism. Their tales have worried civil libertarians and immigration advocates. As you can see, the first two paragraphs of this story constitute the delayed lede. They describe the inmates anguish without explicitly stating what the story is about. But in the third and fourth paragraphs, the angle of the story is made clear. You can imagine how might have been written using a straight-news lede: Civil libertarians say many illegal aliens have recently been jailed recently as part of the domestic war on terrorism, despite the fact that many have not been charged with any crime. That certainly sums up the main point of the story, but of course, its not nearly as compelling as the image of the inmate banging his head against the wall of his cell. Thats why journalists use delayed ledes — to grab a readers attention, and never let go.

Education And Academic Achievement Gap - 1304 Words

Anna, a young first grader, squeals with delight as the whistle blows to announce the end of recess. What may seem as a sad end to the best part of the day for most students fills Anna with complete joy. Why? Anna is on the way to her favorite class—music. Anna enjoys it because she likes to sing, but what she does not know is that the class that she enjoys the most is also extremely beneficial to her academic and social life. Sadly, for many students, art classes are not commonly offered due to cost or the perception that art education is unimportant. Although seen as less important than core subjects, art education should be a part of basic curriculum because of its academic and social benefits for students. Many people believe that schools should focus on excelling on standardized testing, such as state tests and college entrance exams, and lowering the academic achievement gap. After all, these examinations are major factors in students’ future decisions and scho ols’ academic success greatly affects their overall achievement. Focusing on standardized testing is important; however, basic courses—such as English, mathematics, and science—are not the only subjects that are beneficial when preparing for these tests. In a study prepared by the President’s Committee on the Arts and Humanities (PCAH), arts integration-focused schools were followed over a three-year timespan and it was found that they had reduced the reading gap by fourteen percent and the mathematics gapShow MoreRelatedGraduation Speech : Education And Academic Achievement Gap2101 Words   |  9 PagesThe achievement gap, I could have swear I heard that word every parent teacher conference. I just never payed attention until lately when I notice I fall under that criteria. What is the achievement gap in education refers to the many different levels of academic performance of students from , ethnic and economic backgrounds. The lack of access to high-qu ality education in a child s early years has a deep and enduring impact on development and academic achievement. This mostly happens in the publicRead MoreEvidence Of The Problem From The Professional Literature Essay1550 Words   |  7 PagesHistorical achievement gap. Historically, the achievement gap was an unobserved problem back in the 1800s during the Reconstruction Era when unequal education existed. Butchart (2010) reported that racism and segregation between European American and African American students attributed to unequal education. Before and after the Emancipation, many African Americans attempted to set up schools for students, but violent assaults occurred that hindered African Americans from obtaining an education (ButchartRead MoreThe Achievement Gap1119 Words   |  5 PagesIn the education sector, the achievement gap delineates the observed disparity in school performance among student groups. This gap is manifested in measures such as test scores, grades, co llege completion and dropout rates, and selection of courses. Within the U.S. context, the achievement gap has often been used to refer to the worrying performance disparities between Latinos and African-Americans on one hand and their non-Hispanic white counterparts on the other. The gap also describes academicRead MoreDifferences Between Socioeconomic Classes And The Achievement Gap Between Students1234 Words   |  5 Pagesclasses influence the achievement gap between students in America? 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HoweverRead MoreGraduation Speech : The Achievement Gap1182 Words   |  5 Pages REVIEW OF LITERATURE Introduction The achievement gap is a term that has evolved over the past decades to describe the academic achievement primarily between racially, culturally, and linguistically marginalized and poor families and other students (Nieto, 2010). Barton (2004) asserted that the basic rights to equal school access eventually became a reality, but that equal access had not led to equal achievement. Imagine an elementary school where all teachers are able to differentiate theirRead MoreEssay On K-12 Education1239 Words   |  5 PagesMethod This study would look at schools specifically in Wisconsin focussing on schools that teach k-12 education. In order to have sufficient data, 5,000 students will take part in the study with 2,500 of them coming from majority white schools and 2,500 coming from majority nonwhite schools. The participating schools will be spread throughout Wisconsin so some of them come from cities where the cost of living is higher and some of them come from rural areas where the cost of living is lower. AlsoRead MoreEffects of Socioeconomic Status and Ethnicity on a Child1542 Words   |  7 Pagesfamilies stunt their children’s ability to learn by depriving them of early learning opportunities, which delays brain development. Education leads individuals onto different paths in life. In 2009, the education levels of developed nations were compared. Results showed that America ranks behind 16 other nations (Zhao, 2012). As one of the leading world powers, the education system in America is failing. In America, 8% of students drop out of high school each year (National, 2011). According to IkomiRead MoreThe National Assessment For Educational Progress895 Words   |  4 PagesEducational Progress (2015) reported that there is an academic achievement gap between black and white students. The academic achievement gap refers to the statistical difference between the scores of students with different backgrounds such as: race/ethnicity, gender disability and income. The long-term result of the achievement gap is there is a gap in high school and college completion and job placement. Strategies to close the academic achievement gap are still being explored and smaller class sizesRead MoreThe Impact Of Educational Attainment On Stem Amongst Underrepresented Populations939 Words   |  4 PagesDepartment of Education to address shortfalls within the education system to allow for better representation of minorities. Increasing minority participation in STEM presents numerous challenges that are often ignored and unchecked. In fact, in many parts of the country minorities are still facing significant obstacles that include limited access to STEM related courses, income inequality and specialized teachers in STEM education (Hansen, 2014). Disparities have created achievement gaps that consists

What Can You Cure Cancer - 1626 Words

Introduction: Learning how to cure cancer is one of the most asked questions in the medical field today. While this question hasn’t been answered, medical professionals know how it is started and some ways of preventing certain types of cancer. These tips do not guarantee that an individual won’t get this disease, but they up their chances of avoiding it. Treatment: Many studies have been done to find cure for cancer. Doctors have however, found treatment options for cancer that do not always guarantee that the patient will be cured but instead they take away the side effects of cancer. When a patient is first diagnosed, the doctors must run test and find out background information in order for them to be able to give the most effective†¦show more content†¦Some physical effects of cancer include easy bruising as well as the needle marks that could be left from treatment. (4). Causes: Cancer can be caused by mutations in the DNA of the child. Also, the parents could cause it due to smoking or doing drugs during pregnancy as well as the environment that they raise the child in. Since this is about a child, their personal choices do not contribute to cancer as it would adults because adults can make the choice to do things such as smoke. While some of these causes can’t be prevented, the ones that can be are good for one to know so that they can make every possible effort to prevent giving or getting this disease Cancers effect on families: The families of these patients as well as the patient themselves experience things that can cause harm to the stress levels of both the child and the parents. The patients and their family experience strain in the relationship that they have with each other and find it hard to cope with this. Some people don’t realize that even if the child does recover from the disease, the life of the child after treatment is never the same. As Flosnik and Griffith2 say in their article, â€Å"An evaluation of emotional problems in a young adult cancer survivor should take into account the developmental effects of the original cancer diagnosis on the patient and the patient’s family.† Even though the emotional factors play

Is Corporal Punishment Effective Essay - 1650 Words

Corporal Punishment Introduction On a student’s cell phone, a teacher is caught hitting students with a thick stick. He continually hits everywhere from the students’ hips to the head harshly without a hesitation. This video is opened to the public by a student in the class posting it on the Internet. According to the other students, they were punished because they skipped class when the school inspectors came. All the people who looked at it on the Internet were surprised to see this kind of behavior. Recently, we’ve heard a lot on the media about punishment by teachers in school. Some people agree with the teacher’s power to punish, claiming that it is a part of education. However, contrary to this opinion, I disagree with corporal†¦show more content†¦Hyman (1989) says its roots in the Old Testament trace to Proverbs (13:24), where Solomon urges that He that spareth the rod hateth his son, he that loveth him, chasteneth him. Other Old Testament pronouncements include: Proverbs (23:13-14) Withold not correction from the child: for if thou beatest him with the rod, he shall not die. Thou shalt beat him with the rod, and shall deliver him from hell. Or Proverbs (22:15) Foolishness is bound in the heart of a child; but the rod of correction shall drive it from him (p.163). Though many people would argue that much of this is symbolic, this is good evidence that corporal punishment has been around for thousands of years. I partly agree that corporal punishment helps straighten out children’s bad behavior fast. When people are hit or feel some other sort of pain, they immediately stop the behavior because they don’t like the feeling of pain. It has immediate results. Let me give an example from Korea when physical punishment is used and has immediate results. When a young student starts smoking, teachers in Korea choose to give physical punishment to correct the student’s bad behavior. They know that making someone stop smoking is very difficult so they want to put an end to it as soon as possible. For this reason, they need strong discipline to make them stop smoking as quickly as possible. The studentShow MoreRelatedCorporal Punishment and the Effects of Its Usage757 Words   |  3 PagesCorporal Punishment and the effects of its u sage Corporal punishment is the ability to make physical contact as a form of punishment for reprimanding ones behavior. Corporal punishment versus positive reinforcement while they both serve their purpose corporal punishment is known to be more effective. The most common form of disciplining has always been either a spanking, corporal punishment has been dated all the way back to biblical times. Now the corporal punishment that occurred during biblicalRead MoreCorporal Punishment in Schools1484 Words   |  6 PagesCorporal Punishment in Schools Corporal punishment is the deliberate infliction of pain as retribution for an offence, or for the purpose of disciplining or reforming a wrongdoer, or to deter attitudes or behaviour deemed unacceptable (Miller, Vandome, amp; McBrewster, 2009). Corporal punishment can be divided into three categories, these include: judicial, domestic and school. For the purpose of this essay we will be focusing on school corporal punishment, the advantages and guidelines to followRead MoreShould Parents Be Allowed to Spank Their Children1456 Words   |  6 PagesShould Parents Be Allowed To Spank Their Children? The inhuman act of corporal punishment at home that is discouraged globally by a number of pressure groups and social welfare organizations should be completely banned, and parents should be allowed to spank their children. Physical violence practiced on children also known as corporal punishment has been discouraged globally by a number of pressure groups and social organizations for a number of reasons with serious consequences for violatorsRead MoreIs Corporal Punishment Child Abuse?841 Words   |  4 Pagesthat corporal punishment is a part of the list of child abuse. Corporal punishment should not be considered child abuse whether in the home or in public schools, because it has long been used in society for hundreds of years and has proven to be an efficient and suitable punishment for children. Corporal Punishment- punishment of a physical nature, such as caning, flogging, or beating. (Farlex). Corporal Punishment is mainly thought of only in schools but can also include a kind of punishment inRead MoreCorporal Punishment or Physical Chastisement963 Words   |  4 PagesCorporal punishment or known as the physical chastisement of someone who has disobeyed or gone against their right to do something. 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Glaxo Pakistan Free Essays

string(81) " right people in a format for decision making, it is a burden, not a benefit’\." Table of Contents INTRODUCTION As per Jim Collins, *â€Å"V*ery few have a capability of going from Good to Great†. Many companies strive to be the best in the market. Most never succeed. We will write a custom essay sample on Glaxo Pakistan or any similar topic only for you Order Now Many do so only temporarily and subsequently lose their position through misunderstanding how they got there and what is needed to stay there. http://www. roi-ally. com/BPE_vol1. htm Therefore in order to maintain the business position and to identify its future needs, one requires an accurate analysis of the reality of the business situation and determine its financial health. This is rather complicated yet necessary for keeping one’s financial affairs clean and sustains the organization’s growth. Recognizing the importance of the above subject matter, I choose topic 8 for my research report i. e. â€Å"An analysis of the financial situation of your choice of organization. † The company selected for this purpose is *â€Å"*GlaxoSmithKline Pakistan Limited*†*, also referred to as â€Å"GSK† or â€Å"The Company†. REASON FOR CHOOSING THE TOPIC Topic selection is based on a number of factors which derived me towards selecting this topic for my thesis in comparison to other topics specified in research and analysis project guidelines. Following are the few reasons for choosing the said topic: Relevance to the Current profession: While working in the Financial Advisory Services Department of Deloitte Pakistan, I got various opportunities to explore different sectors and industries. This has equipped me with strong interpretational and analytical skills which helped me to work effectively on the said topic. Future Assistance: The pharmaceutical industry provides a lot of financial analysis opportunities because of the complexity of its operation. This complicated structure enabled me to better understand and practically apply theoretical knowledge and be better equipped to undertake financial analysis in my future career. Importance in ACCA: Financial analysis is one of the most important topics tested in ACCA examinations. I personally feel that it is an interesting topic which has a practical application. Moreover, it enabled me to utilize my IT skills and the knowledge that I gained from my studies. COMPANY AND SECTOR Industry: Pakistan has a very vibrant and forward looking Pharma Industry. It has about 500 pharmaceutical manufacturing units including those operated by 25 multinationals present in the country. It has shown progressive growth over the last one decade and now meets around 70% of the country’s demand of Finished Medicine. The industry has invested substantially to upgrade itself in the last few years and today majority of the industry is following Good Manufacturing Practices (GMP), in accordance with the domestic as well as international Guidance. The industry has the capacity to manufacture a variety of product ranging from simple pills to sophisticated Biotech, Oncology and Value Added Generic compounds. http://www. ppma. org. pk/ The Company: History: There are four major companies in the history of GSK: Burroughs Wellcome Company, Glaxo Laboratories, Beecham and SmithKline and French. GlaxoSmithKline Pakistan Limited was created on January 1st 2002 through the merger of the aforementioned companies operating separately in Pakistan. Today GSK is standing as one of the largest pharmaceutical company of the world. Business: As a leading international pharmaceutical company, GSK is dedicated towards global healthcare and believes it to be ethically important and a key to its business success. GSK Pakistan’s primary activities are manufacturing, import, export and marketing of research-based pharmaceutical and consumer healthcare products. It operates mainly in two industry segments: Pharmaceuticals (prescription drugs and vaccines) and consumer healthcare (over-the-counter- medicines, oral care and nutritional care). Market Share: GSK Pakistan limited holds a major market share in terms of products, asset base, revenue and innovation. It produces 5 brands among the 10 top brands of the pharmaceutical products in the market. It is the 1st company in Pakistan’s pharmaceutical industry which reached the revenue of Rs 10 Billion and currently holds 18. 33% of the total volume of the pharmaceutical product traded in Pakistan. Products: GSK has a large products portfolio ranging from tablets, toothpaste, inhalers to complex capsules, in over 28,000 different pack sizes and presentations. Principally GSK produces antibiotics, respiratory, dermatological, gastro-intestinal, metabolic, analgesics, central nervous system (CNS) products and vaccines. AIMS AND OBJECTIVES Objectives and milestones are of crucial importance for any activity and are the core of its success, or failure. Setting an objective before initiating the project provides the required directions and assists in anticipating its result. This report aims to evaluate and assess the financial business position of GlaxoSmithKline Pakistan Limited for financial year ended December 30, 2008. This will be achieved by the following three key tools: Vertical Analysis It deals with the most sophisticated technique for analyzing the financial statements which is ratio analysis, also known as trend analysis. This analysis will be conducted to compare GSK’s current year performance with its previous periods under four broad categories i. e. Profitability, Short Term Solvency, Liquidity and Efficiency, Long Term Solvency and stability Market ratios. Within each category different ratios would be calculated depending upon their significance and appropriateness. Horizontal Analysis For a more meaningful and judicious picture of the entity’s position it is compared with its competitor within the industry. Through this horizontal or competitor analysis, GSK’s current year performance is judge against its major competitor Sanofi Aventis. This analysis is conducted by the use of financial ratios in the same four broad categories. Business Analysis Business analysis is a well-established means of thinking critically about an entity, its resources and its environment. This analysis aims to evaluate GSK’s performance not only from the financial perspective but its business as a whole. This will be achieved by the use of technique namely â€Å"SWOT (Strength, Weaknesses, and Opportunities Threat) analysis† and by conducting a general analysis of business highlighting its major performance area. Future Prospects: This report will also highlight the company’s future objective and strategies and assess its alignment with GSK’s vision and purpose of existence. INFORMATION GATHERING ‘Information is a source of learning. But unless it is organized, processed, and available to the right people in a format for decision making, it is a burden, not a benefit’. You read "Glaxo Pakistan" in category "Papers" William Pollard Any course of action that generates a successive message can be considered as a source of information. Information can be gathered from virtually anywhere but ideal information is that, which when used, adds value. Keeping this in mind, I exploited the most appropriate and authentic information sources. The major sources used to gather the information are: Annual Reports The most reliable source of information is the company’s annual report. These not only contain financial statements of an entity but also other information of current and future scenarios which helps in evaluating its performance. Annual Reports of GSK for December 2008 and 2007 and its competitor Sanofi Aventis for the December 2008 were obtained from their websites. Meetings Several informal meetings were conducted with the management of GSK regarding its business and financial stance. I also managed to have meeting with senior associates at Deloitte who had an experience of conducting audit of Abbott Laboratories (Pakistan) Limited. They provided me guidance to conduct the business analysis and industry knowledge, to facilitate me in achieving my goals effectively. Internet Internet proved to be one of the strongest sources which enhanced the frequency and quality of information gathered during the project. The official website of GlaxoSmithKline Pakistan Limited (http//:www. gsk. com. pk) assisted to assemble constructive information for its better understanding which helped in scrutinizing the company’s financial performance. Additionally, different quotes and definitions were gathered from Google Search Engine. Articles The Article published in Student Accountant by ACCA, â€Å"How to Approach Performance Appraisal Questions? by Steve Scott from May 2006 issue, helped in the interpretation of the financial position of GlaxoSmithKline Pakistan Limited. ACCA Study Texts The study texts of ACCA Paper F7 and P2, P3, CAT Paper T6 published by BPP and FTC, were the helpful resources in gathering definitions and interpretations of ratios and conducting business analysis. Financial Analysis Financial analysis is an aspect of the overall business fina ncial position that involves examining historical and competitor data to gain information about the current and future financial health of a company. ttp://www. enotes. com/small-business-encyclopedia/financial-analysis Comparison with the prior periods (Vertical analysis) and with the competitor (horizontal analysis) in the form of ratios assists an organization in taking appropriate measures for improving its financial credibility. Vertical Analysis: Trend or vertical analysis is an aspect of technical analysis that evaluates the current performance of the company using the past data. It is based on the idea that what has happened in the past gives traders an idea of what will happen in the future. ttp://www. investopedia. com/. This analysis is done under four broad ratio categories discussed below: Profitability Ratios: RETURN ON CAPITAL EMPLOYED (ROCE): The primary measure of profitability is normally considered to be ROCE. It is the ratio which measures the relationship betwee n the sizes of the profit figure relevant to size of the business. (Student Accountant – May 2006) ROCE of the company has reached at a level of 36. 84% in 2008, which is a growth of 4% from 2007 32. 89% that had reduced by 2. 29% compare to 2006 (35. 18%). This increase in 2008 was mainly due to the rise in net profit of 17% in comparison to FY 2007. Whereas, in the year 2007, the increase in noncurrent liabilities by 40. 65% (in comparison to 2006) caused a decline in its ROCE. {draw:frame} GROSS PROFIT MARGIN (GP %): The gross profit margin ratio tells us the profit a business makes on its cost of sales. GP% of GSK was 28. 77% in the year 2008 which demonstrated a downward trend, since the recorded margin in the year 2007 was 37. 25% and 38. 33% in 2006 respectively. Despite of the rise in the sales revenue by 26% in 2008, GSK’s GP% has decreased. This was due to the drastic increase in its cost of sales by 43. 38% over 2007 (which was particularly due to the rise in raw material commodities prices), whereas there was no consequent increase in its sales prices (because of no increase in drug prices sanctioned by the government since 2001). The same reason was observed in the year 2007 which squeezed its GP% by 1. 08% over 2006, regardless of the increase in its net sales by 5. 6%. {draw:frame} NET POFIT MARGIN (NP %): â€Å"A change in the net profit margin is a measure of how well a company has controlled its overheads†. Student Accountant- May 2006) NP% of GSK has shown a declining trend by an average of approximately 1% per year during the three years periods. It was 15. 74% in 2007 but decreased to 14. 59% in the year 2008. However, this reduction was not in the same proportion as of gross profit, due to the increase in other operating income by 100. 15% (which is 65. 46% of the net profit) and tighter control of c ompany on its expenses during the year. In the year 2007 the NP% decreased by 0. 76% from 16. 50 in 2006, nonetheless indicating no major variation. {draw:frame} ASSET TURNOVER: The asset utilization ratio (sales/net assets) shows how efficiently the assets are being used to generate sales. (ACCA P3 BPP Study Text) Asset turnover of GSK was 1. 26 times in 2008, which was an increase of 22% from 2007. This was due to an increase in sales by 26% from 2007 and the raise in fixed assets by 4. 54% (which was because of the capital investment of 646 million made by the company, the major portion of which was spend on facility improvement, rationalization and upgrading its plant) that resulted in the improvement of its assets turnover. However, in the year 2007 it declined by 3% from 1. 7 times in 2006 to 1. 04 times, which was due to the increase in total assets by 7. 63%. {draw:frame} RETURN ON EQUITY (ROE): ROE is the amount of net income returned as a percentage of shareholders equity. It measures an entity’s profitability by revealing how much profit a company generates with the money shareholders have invested. http://www. investopedia. com/ ROE of GSK was 23. 4% in the year 2008 that was 2. 82% higher than 2007, which was because of the boost of 17. 04% in its net profits figure. In the financial year 2007, it slightly dropped by 1. 32% from 22. 9% in 2006 to 20. 58%. The issued common stock (Bonus Shares) in FY 2007 resulted in its equity enlargement by 7. 7% over 2006, consequently decelerating its ROE. {draw:frame} Short Term Solvency, Liquidity and Efficiency: CURRENT RATIO: Current ratio measures a company’s ability to pay its short-term obligations. www. investopedia. com The current ratio of GSK was 4. 22:1 in 2006 further declining to 4. 27:1 and 4. 11:1 in 2007 and 2008 respectively. Although there have been a raise in current assets by 5. 98% but current liabilities are increased in a greater proportion i. e. y 10% during 2008, thus decelerating GSK’s current ratio by 4% from 2007. Whereas, the decrease of 15% from 2006 to 2007 in current ratio was due to 3. 3% rise in the company’s current liabili ties. Although there have been no drastic changes in current assets figure over the three year period, however, it comprises almost 34% of cash and bank balance, signaling towards ineffective cash management. {draw:frame} QUICK RATIO: The quick ratio measures the company’s ability to meet its short-term obligations with its most liquid assets. It shows better liquidity position than current ratio. ww. investopedia. com The quick ratio of GSK has decreased from 3. 13 in FY 2006 to 2. 98 in FY 2007 to 2. 31 in FY 2008. In the year 2008 GSK’s quick ratio has declined in a greater proportion than its current ratio, indicating cash being stuck in stock in trade which can be seen by an increase of 53% in stock in trade figure over 2007. This implies the company has made high investment in less liquid assets which resulted in the increase of its cash operating cycle. Therefore there is a need to restrain any further increase in its inventory level. In the year 2007, inventory only increased by 7%, indicating no substantial change. {draw:frame} ACCOUNTS RECEIVABLE COLLECTION PERIOD (In Days): It is a measure of the average number of days that a company takes to collect revenue from its customers after a sale has been made. www. investopedia. com Account receivable collection period of GSK had radically increased from 4 days in the year 2007 to 27 days in 2008, which was caused by 770% increase in its accounts receivables (mainly because of high receivable on government tenders) over 2007. Although, this resulted in the augmented sales turnover but it also raised doubtful debt provision from 2. 9 million in 2007 to 4. 6 million in 2008. However, no significant rise was observed in receivable collection period days of 3. 06 days in FY06 from FY07. {draw:frame} ACCOUNTS PAYABLE PAYMENT PERIOD (In Days): It is used to calculate the average number of days that a business takes to pay off its creditors. www. investopedia. com Account payable days of GSK have decreased by 22 days from 93 days in FY 2007 to 71 days in FY 2008. This sudden decline was due to the increase of 43. 8% in cost of goods sold, which is fairly less in comparison to the 9. 94% rise in trade and other payables. However, in FY 2007 the 7% increase in COGS was in proportion to the 6. 25% raise in trade and other payables, resulting in no considerable change in the year 2007 in comparison to 94 days of its preceding year 2006. {draw:frame} Long Term Solvency and stability Ratios: GEARING (Long Term Debt / Equity): Gearing is a general term describing a financial ratio which compares some form of owner’s equity (or capital) to borrowed funds. It is a measure of financial leverage, demonstrating the degree to which a firm’s activities are funded by owner’s funds versus creditor’s funds. Financial gearing ratio of GSK is not significantly important as it has remained below 1% in the 3 year period from 2006 to 2008. Gearing ratio for FY 2008 and FY 2007 is 0. 25% and 0. 29%, which are relatively better in comparison to 0. 88% for the financial year 2006. This indicates that the company is highly dependent on its internal cash flow generation system and holds a stable financial position. Therefore, it currently and subsequently would have no problem to borrow funds but at present, it does not seem to rely on the strategy of generating finance through debt. {draw:frame} INTEREST COVER: It is a ratio that indicates how many times a company can cover its interest charges on a pretax basis. Failing to meet these obligations could force a company into bankruptcy. www. investopedia. com Interest cover of GSK had declined by 191 times being at 40. 05 times in FY 2008 in comparison to 231. 18 times in FY 2007 which was an increase of 93. 92 times in comparison to 137. 5 times in FY 2006. One of the major reasons for this drastic decline in the interest cover in 2008 is because of the rise in financial charges of GSK, which rose because of the foreign exchange losses occurred during the year by the company. This depicts an inefficient FOREX risk management for importing of raw material and exports of its products. While in the year 2007 exchange losses are apparently low comp ared to the other two years. {draw:frame} Market Ratio: EARNING PER SHARE (EPS): EPS is the portion of a company’s profit allocated to each outstanding share of common stock. Earnings per share serve as an indicator of a company’s profitability. www. investopedia. com EPS of GSK had increased from 9. 79 per share in 2007 to 11. 46 per share in FY 2008, but it was lower as compared to 12. 19 per share of 2006. The increase in the current year (FY 2008) is due to vigorous 17. 04% increase in net profit in comparison to the profit of FY 2007; however no further shares issue was made during the year. Whereas, the decline in FY 2007 was due to the issue of common shares (bonus shares) which expanded the company’s common stock by 25% but net profit remained almost same as of FY 2006. draw:frame} PRICE EARNING RATIO (P/E): A valuation ratio of a company’s current share price compared to its per-share earnings. It is calculated as: Market Value/ share divided by Earning per share. www. investopedia. com P/E ratio of GSK has decreased by 13. 03 to 6. 63 in the FY 2008 compare to the FY 2007, but in 2007 it increased by 19. 66 compared to the 1 2. 81 of FY 2006. The decrease observed in the year 2008 was because of the undervalued share price and improvement in the EPS during the year. The market price of the share in Dec 2008 was Rs. 75. 9 (Dec07: Rs. 192. 4) and the earning per share was Rs. 1. 46 (Dec07: Rs. 9. 79). The low P/E ratio will result in the high expectations of investors for the potential rise in share prices. The stock prices were generally low due to economic recession in the country and fragile moves of the investors at the stock exchange. The increase in P/E ratio during 2007 was due to decrease in EPS by 20% over 2006. {draw:frame} DIVIDEND PAYOUT RATIO (DPO): Dividend payout ratio is the percentage of earnings paid to shareholders as dividends. www. investopedia. com Dividend payout ratio of the company is depicting a growing trend. Its DPO in the FY 2008 reached to 82. % from 76. 6% in FY 2007, i. e. approximately an increase of 6%. This was due to a raise in net profit by 17%, consequently meeting it s investor’s expectation. Whilst the payout ratio of GSK indicates that it was able cover 65. 6% of the total profit in FY 2006. However GSK retained 23. 4% and 32. 4% of its net profits in the year 2007 and 2006 respectively, since heavy capital expenditure was incurred within these two years, which was financed by its retained earnings. {draw:frame} Horizontal Analysis: Knowing your customer is critical, but knowing your competition can be even more valuable. Better knowledge of rivals proffers a legitimate source of competitive advantage, horizontal analysis commonly known as competitor analysis is used for that purpose. This analysis tends to evaluate the entity’s standing in comparison to the other companies within the industry. It is not vital that the companies within the same industry are direct competitors (which can be seen in the case of GSK Sanofi Aventis hereinafter referred to as SA); even then they would be expected to broadly demonstrate similar performance, in terms of growth. (ACCAP3). The Horizontal analysis of GSK is done within the same categories of trend analysis. Profitability Ratios: Profitability ratios of GSK are better than that of SA. The huge difference in the profit margin of these two corporations is due to the difference in their size. Gross profit margin of the GSK is 28. 77%, which is 4. 48% better than that of SA. GSK’s vast product range allows it to purchase and produce in bulk, hence reducing its overall cost. On the other hand, SA manufactures low volumes of products which increase its ordering cost and consequently raise its cost of production. Net profit margin of GSK is 14. 9% while that of SA is 0. 88% in the FY 2008. This difference of 13. 71% indicates that excessive non production cost of SA is squeezing its net profit. As a consequence low ROCE of SA of 15. 36% is witnessed in comparison to GSK’s 36. 84%. SA’s asset turnover of 1. 46 times indicates that it has utilized its assets 0. 2 times more efficiently than G SK to generate sales revenue. Short Term Solvency, Liquidity and Efficiency: The current ratio of GSK for FY 2008 is 4. 11 and of SA is 0. 98. Since SA’s current ratio is less than 1, it is can lead to the difficulty in fulfilling its short term obligations. SA’s liquidity problems can be witnessed from its short term borrowings covering 48% of the total Current Liabilities. Conversely, Current ratio of GSK is high showing signs of over capitalization. Additionally, cash and bank balances of GSK are 34 % of its total current assets which indicates weak working capital management. Quick Ratio of SA and GSK is 0. 2 and 2. 25 respectively. This enormous difference from the current ratios of these companies highlights the possibility of investment in assets which are less liquid. The inventory (stock in trade) of the SA is almost 62% of its total current assets while GSK holds around 44% of its current assets. SA has kept a stringent control over its working capital while GSK’s policy seems much more relaxed with its creditors and Debtors. These relaxed terms could be one of the reasons which helped GSK in increasing its Sales revenue by 26% in FY 2008 from FY 2007. SA, in contrast, has less receivable collection days and increased payable payment days. Hence SA is better at controlling its cash conversion. Long Term Solvency and stability Ratios: Both the companies hold stable positions in the context of long term solvency. Gearing ratios are not significant as these are less than 1% in both the companies. Interest cover of 40. 05 times shows a sound financial position. Finance cost occurred by GSK mainly consist of the foreign exchange losses borne by the company in importing the raw material. While SA has interest cover of 0. 51 times due to the high finance cost on short term borrowing. Market Ratios: The huge difference in EPS of GSK and SA is due to their different profitability position. Moreover GSK has a high payout ratio of approximately 83% as compared to 35. 28% of SA. NAV of SA is 2. 5 times higher than GSK particularly due to the high number of equity shares (common stock) issued, which is also reflected in its share price. SA currently has a share price of Rs. 211 and GSK’s shares are of Rs. 75. 94/share respectively. SA’s P/E ratio of 53. 18 indicates low earnings and high market price of its shares. This is a source of concern indicating that its shares are overvalued. Conversely, GSK’s P/E ratio of 6. 63, highlights that its shares are currently undervalued. Business Analysis The business performance analysis of GSK will be carried out using SWOT analysis and by general discussion of its business practices. SWOT SWOT analysis is fundamentally about discovering what a company does well, how it could improve, whether it is making the most out of the available opportunities and whether there are any changes in the market that call for corresponding changes in the business. http://www. bnet. com/2410-13240_23-66478. html Strengths The largest pharmaceutical company in Pakistan. The first company in Pakistan’s pharmaceutical industry that crossed Rs 10 billion sales mark. Produces 269 varieties of products, out of which Augmentin, Amoxil, Panadol, Ventolin and Ampiclox are among the top 10 pharmaceutical Rx products of Pakistan. The sales revenue of Augmentin and Amoxil reached to PKR2bn and PKR1bn in 2008. Betnovate is its leading brand by volume. Segment leadership in antibiotics, respiratory products, anti-malaria, gastrointestinal (GI), derma and hepatitis products, vaccines and anti helmentic medicaments. Stood at 1st position in poster competition of â€Å"International Clinical Operations, Community of Practice Meetings†. Awarded with corporate philanthropic award certificate in 2008 by Pakistan Centre for Philanthropy. Contributes to social welfare by running various charitable programs with leading NGO’s in Pakistan such as Pakistan National Forum, National Children Human Development on women’s health, concern for Children trust and the trust for health and medical sciences. Awarded as â€Å"Best place to work-2008† by a leading HR consultancy in association with Pakistan Society for Human Resource Management. Committed to innovation by developing medicines through its global R effort. Weaknesses Due to high cost of importing raw material for medicines, GSK faces strong competition from low-cost generic equivalents. Ineffective foreign exchange currency contracts resulted in the increase of exchange losses (financial charges) for the current year. Strict labor laws and a corporate income tax rate, makes it difficult for GSK to operate. Weak cash management. Opportunities: Potential for growth in the domestic market. Sector modernization initiatives will create expansion opportunities. Cut of import duties were made by the government on Pharmaceutical products. This will increase the import of products and motivate foreign involvement in respect of the investment, raw material purchase and technology transfer. Prospective increase in exports of medicines is possible as currently, Pakistan is ranked among the top eight leading exporters of herbal medicine. Threats: Significant counterfeit drug industry. Domestic patent law is below international standards. Illegal copying, counterfeiting and law enforcement is continuing to present significant problems for the international pharmaceutical companies operating in Pakistan. Rising numbers of generics is a major barrier to multinational investment. Increasing inflationary trends without consequent increases in the prices of drugs. Exposed to foreign exchange currency risk as the company is highly dependent on import of raw materials. Slow registration process for approving new formulae for medicine thus hampering its access. More about GSK: The Vision: â€Å"The opportunity to make a difference to the lives of billions of people† GSK states that they are aware of the work they do to improve the quality of people’s lives. It takes pride in this and is committed to produce products that benefit patients. It is committed towards improving and implementing the healthcare programs in Pakistan, particularly the area of preventive healthcare and vaccines remains essential and explicit. GSK is the world’s leading developer and manufacturer of vaccines. In order to evaluate the alignment of company’s activities with its vision, I have conducted the business analysis under the following heads: Market Eminence: GSK has always remained a strong wing of the pharmaceutical industry of Pakistan. It has managed to maintain a consistent growth in demand of different vaccines, antibiotics, dermatology, gastro intestinal cardio vascular portfolios. GSK has a wide distribution network, it sell its products to wholesale drug distributors, hospitals, government entities and other institutions, hence covering almost the whole pharmaceutical market. It produces 7 out of 20 top brands in the pharmaceutical industry of the country. It was as awarded â€Å"The most preferred pharmaceutical company† of the year. It is the market leader of pharmaceutical industry of Pakistan. Quality Management: Quality in the Pharmaceutical industry is of significant importance. Due to the sensitive nature of industry, strict quality parameters are set by the regulatory bodies for pharmaceutical companies. GSK is one of the few companies which not only follow the quality standard set locally but also practice international quality standards. It was reward with the prestigious â€Å"Corporate Excellence Award† by Management Association of Pakistan (MAP). This was presented after independent evaluation of quality of management practices followed by GSK including corporate governance practices, marketing planning, production, R, corporate social responsibility and remarkable financial performance. GSK has always set high quality standards in the industry. It has recently introduced quality management system and is conducting workshops for its successful implementation. It has also installed one of the fastest tube filling and cartooning machines for its production efficiency and is continually advancing towards improvement in product’s quality and productivity. Research Developments: GlaxoSmithKline, Pakistan (GSKP) Limited is the largest research-based pharmaceutical company in the country and the second largest in the world. It has recently conducted 19 Phase-II and III studies in therapeutic areas of Oncology, Neurosciences, Psychiatry, Metabolic and Hematology. It got 1st Position in poster competition in â€Å"International Clinical Operations, Community of Practice Meeting† held in Bangkok. Its R department’s 10 team members were presented with â€Å"Gold Awards† and Certificate of Recognition by CMD. It spends globally around US $ 14 million on research and development each day. The Company has consistently launched new products. † Sensodyne Total Care† and â€Å"Sensodyne Gentle Mouthwash† launched with unique formulation are its recent addition. Overall, it has supported the Pharma industry of by introducing low cost and quality pharmaceutical products. Employee’s Development: GSK is well known for being one of the most preferred employers. It has been awarded as â€Å"Best place to work† in 2008 by a leading HR consultancy in association with Pakistan Society for Human Resource Management. International Day of Disability was celebrated at GSK, showing its strong believes in equal opportunity employment. Its HR team recently launched a new initiative titled â€Å"Mentoring†, which provides guidance and assistance for developing talent. It also conducted a learning fair in 4 major cities of Pakistan, which offers a diverse range of courses for employees’ development and learning exposure. In order to promote and give a chance to new talent, its HR team visited 14 Universities during its recruitment process. Corporate Social Responsibility (CSR): GSK believes that corporate social responsibility is an integral and embedded part of its business. It is sincerely involved in the community work and in various charitable projects in Pakistan and around the world. It works under the context of various health, women and child development, education, and relief programmers’ at grass root level. In 2008 GSK has been rewarded with a corporate philanthropy award in recognition of its support for the social development causes in Pakistan. It is the major corporate donor for numerous NGOs and also a member of the National Commission for Human Development (NCHD). As a movement to its corporate social responsibility GSK Pakistan has introduced 1st of its kind, value health card. The card will be issued solely on the prescription of doctors, for those who cannot afford pharmaceutical products at their standard retail prices. Environment, Health and Safety (EHS) Environment, health and safety are major concerns for GSK. It continually works towards improving people’s health and safety and for developing environment friendly products. It has received Environment Excellence Award (AEEA 2008) and EHS Excellence Awards in recognition to its good environmental practices. It has installed low-cost engineering solution (glove box), which reduced OEL level by 40%. Business Continuity Plan desktop exercise was also conducted at all of its sites. CONCLUSION: GSK leads the industry in terms of value, volume and market shares. It has managed to improve the quality of human life along with showing consistency and stability in its overall business growth. This report’s objective, to assess the financial and business position of GSK, was achieved in four key areas. This report aims to analyze the financial and business position of GSK over the three year period from 2006 to 2008. In the context of aforementioned objectives this report concludes: Business: GSK‘s overall business performance is in line with its mission and is contributing towards its strategic objective. Due to its presence in the country since 1955, it has managed to build strong business foundation and is able to maintain consistent growth in the market. It has excelled in the field of Research and Development by introducing new products covering various generics, ensuring employees satisfaction by providing better environment to work, expanding its operation through empowerment of diverse product portfolio, contributing towards corporate social responsibility by capturing tasks; to work for the social health and safety, education and environment friendliness and most importantly being profitable, depicts its strong businesses practices. Financial Trend: GSK Pakistan has managed to give better financial results in the current year 2008 as compared to the FY 2007, which identifies its financial stability and further growth prospects. Even though the returns (ROCE ROE) in the current year have improved but its profit margins (GP% NP %) have depicted a declining trend, which was a result of raise in its revenue expenditure (COGS, Admin, S and Financial expenses). However it can be witnessed that the company has remained focused on continuous improvement in its business processes and sustained its investment in its product promotion to offset the negative impact on margins through productivity improvement and sales growth. Although the company was not able to perform well in the year 2007 in comparison to its preceding year 2006, but it was able still able to deliver a stable financial performance having no major threats. This decrease in its financial position during the year was mainly due to the increase in inflation and depreciation in rupee that affected its operating margin negatively. Moreover the capital expenditure made during the year caused a decline in its profitability ratios, but its benefit will be obtained in the later years. The company has always provided sound investment returns which can be seen by consistent growth in its payout ratio. In the year 2007, GSK announce bonus issue of 1:4 when it declared lower dividends, thus retaining its investor’s confidence and being a reliable company for all of its stakeholders. Competitor’s Comparison: Due to its larger asset base, vast product portfolio, global presence and skilled research development function GSK has a natural edge over its competitor Sanofi Aventis. Overall GSK’s financial performance is better than its competitor in the FY 2008. Almost all of the ratios calculated under the four broad heads, shows that GSK is giving better returns and incurring less cost. Profitability ratios of the GSK show a better picture than that of Sanofi Aventis, with the exception of Asset efficiency which shows a better utilization of assets by Sanofi to generate revenues. Liquidity position of both the companies is stable apart from the huge investments that were stuck in the stock in trade. Higher EPS and low P/E ratio of GSK shows that there is a potential for rise in its share price of the Company, in comparison to the overvalued shares of SA resulted in high P/E ratio. Future Prospects: The company can be seen as being committed to respond to the challenges of the operating environment and continues to seek opportunities to drive growth in its existing portfolio. It has a good pipeline of innovative new medicines together with the sustained availability of existing products. However, the pharmaceutical industry, in which GSK exists, has ample of barriers such as high inflationary environment without general price relief, which makes it difficult to manage its business operations. The company has a great potential for growth, but its sustained success depends on the industry’s regulatory environment, that should be able to balance the interest of the company with the need of affordable healthcare. APPENDIcES APPENDIX 1: BALANCE SHEETS (GSK) {draw:frame} APPENDIX 2: PROFIT LOSS STATEMENTS (GSK) {draw:frame} APPENDIX 3: BALANCE SHEETS (SA) draw:frame} APPENDIX 4: PROFIT LOSS STATEMENTS (SA) {draw:frame} APPENDIX 4: RATIOS FORMULAE {draw:frame} APPENDIX 5: RATIOS CALCULATIONS {draw:frame} Key Skill Statement Skill and Learning Statement is the testimonial which includes the compilation of key factors learned during the course this project. This part of report includes following: What did you learn from the meetings with your project mentor, includin g the presentation that you gave to your project mentor? How well do you think that you have answered your research question(s)? How have you demonstrated your interpersonal and communication skills during the project work? How has undertaking the RAP helped you in your accountancy studies and/or current employment role? Choosing a Mentor In accordance with the guidelines, I was required to hold three meetings with my mentor. Working as a trainee in one of the big four audit firms, made the task of locating a mentor quite easy. Mr. Qayam Karim Maknojia (ACA from Institute of Chartered Accountant of Pakistan), Manager in Financial Advisory Services at Deloitte Touche Tomastu, agreed to occupy the role of my mentor. I choose Mr. Qayam as my mentor because of his vast knowledge and experience in the field of advisory and audit. Meetings Planning all the meetings before hand ensured their smooth running, and enable maximum to be achieved in the shortest time. Meeting 1 Due to time constraint and workload, first meeting took place at 7 pm, Wednesday 16th September, 2009 at our client’s office. In order to get most out of the 1st meeting, I had performed all the background work and shortlisted two topics, topic 8 and Topic 20 for the purpose of this report. I also selected the potential organizations that I was willing to use for each respective topic, but before making the final decision I decided to consult Mr. Qayam. After discussing number of issues like learning potential and merits of each topic I decided to underpin my research report on Topic 8, business and financial analysis of an organization over a three year period. We also discussed the potential sources of information which I could use for the purpose of this report. Due to workload, Mr. Qayam told me that we will hold the next meeting after finalizing the client and asked me to mail him the agenda and progress of the report one week before the meeting. Meeting 2 Second meeting took place at the 6:30 pm, after office hours, at Deloitte Karachi Office on Thursday 29th October, 2009. As requested by Mr. Qayam, I e-mailed him the agenda, my uncompleted report and excel generated worksheet one week before the meeting. By then my report consisted of interpretation ratios of the Company and business evaluation aspects with initial data in bullet points that I was going to use. Mr. Qayam assessed the work that I had performed and pointed out weaknesses and lack of reasoning in my interpretation. He also suggested that I should incorporate a competitor analysis so that a complete financial overview is covered in the report. Furthermore, he also pointed the fact that, it was not feasible to use business model as the data required for them are hard to come by. Instead, he recommended me to take some specific aspect of the company’s operations and evaluate their alignment with its vision and strategic objectives. We concluded the meeting and my mentor told me to take as much time as I want, because the deadline for the submission of the report is too far. He asked me to mail him final draft report once I have completed it. Meeting 3 The last meeting was held in the conference room of Deloitte Pakistan’s Karachi office on Wednesday, 25th November, 2009. I had mailed the final draft report to my mentor around 15 days before the meeting. After receiving his acknowledgment, I prepared presentation on Microsoft PowerPoint 2007 slides to give it a more professional look. I consulted my seniors, as how to make and delivery good quality presentation. Keeping the guidance provided by my seniors in mind, I prepared and rehearsed my presentation several times. I was a bit shaky at the start of the meeting, but my confidence level grew as I proceeded. After the presentation question answer session took place, which was most exciting as my colleagues and mentor tried to challenge my research by asking numerous questions. I was glad that I had prepared myself for this, although I was not able to answer 100% of the questions asked, my mentor and colleagues were satisfied with the work I had performed and effort I gave in preparing this report. Assessment of the Presentation The presentation took place in front of my mentor and my office colleagues. It took me nearly two days to structure and prepare the presentation. After that, I rehearsed the number of times alone to build confidence. The day before the meeting, I gave this presentation in front of my friends, who are MBA professionals so that they can point out any weakness in my communication. At the start of the meeting I distributed, handouts consisting of ratios, competitor analysis and summary of the business performance of the Company. The meeting progressed smoothly throughout the presentation. As I have already informed the listeners that a question answer session will take place after the presentation is over, no interruption occurred in between. In the introduction phase, it was quite clear that most of my colleagues didn’t possess any prior knowledge of GSK Pakistan Limited, so they took a keen interest in the topic. During the Q A session numbers of questions were asked by my colleagues challenging my research. Most of the questions related to the financial aspects of the Company, like why I chose that particular competitor. Most exciting questions were asked by my mentor, which focused on the business performance and which widen my horizon of analyzing the business. Overall the presentation was effective. I was able to deliver the presentation in the allocated time, although question answer session went longer than I had hoped. After the presentation my overall efforts were appreciated by my colleagues and mentor. Presentation Outline {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} {draw:frame} Questioning Questioning is a vital element of effective communication based on any medium. It enhances understanding, searches for clarification and opinions. There are two basic types of questions: Open questions such as; what†¦? Who†¦? Where†¦? The responses they require are in broad terms. Open questions can further be classif ied in to probing questions and leading questions. Closed question defines a parameter which limits the response of the questioned individual to choices like ‘Yes or No. During the three meeting Questioning formed a significant part of the communication. Through this me and my mentor developed ideas and structured my thoughts which helped me in completing my report. During the question answer session both open and close ended question were asked by the audience, which tested my knowledge rigorously and helped me identifying weakness in the communication process. However, Questioning was two way process. Numerous open ended questions were asked by me, in order to gain better understanding of the work I had to perform and whether I was on the right track or not. Listening As communication are a two way process between sender and a receiver. Listening is the act of decoding the information being received and it forms a fundamental part of a communication process. Listening is as important a characteristic as questioning. Every communication process is open to noise and distortion and the meaning of the message being delivered is altered or lost if they are present. The first meeting held was open to frequent physical noises and distractions. One of my weaknesses that came into light during the 1st meeting was that, I found out to be an impatient listener. I interrupted Mr. Qayam at numerous times when I did not agree with his opinions. Learning from the 1st meeting other meetings were arranged and timed to avoid interruption. I started to become more patient and listened to my mentor with full concentration and noted down questions which I asked after he has concluded. During my 3rd meeting I noticed that some of the audience members were not listening effectively as they asked question which have already be answered during the course of my presentation. Self Evaluation {draw:g} Overall communication process consists of a sender, transmitting a message to the receiver through a communication medium. The process of communication is incomplete and/or ineffective until it is confirmed via feedback, that the receiver understood the intended message. The communication between me and my mentor could be seen by the above communication model. During the course of my project, the overall interaction with my mentor was quite effective. We were able to decode each other’s message easily and were able to communicate our thoughts properly. Perhaps, one of the reasons for effective communication was the informal relation with him, which allowed me to ask questions without being reluctant. I have used number of channels to communicate with my mentor, E-mail being the most effective medium after face to face conversation. The interaction with my colleagues during the presentation was not effective. Reason for which could be that I was not able to generate their interest. Due to this I had to repeat things over and over again. I was also asked questions, answers for which were already given in the presentation further implying that communication flow was hampered. Being an ACCA Affiliate and recruited recently, as a trainee consultant in Deloitte Pakistan, requirement for sound evaluation and interpretational skills are essential. During the course of this project, it had not only strengthened my academic knowledge I acquired before and furnished my interpretational and data mining skills, but also helped me into developing presentational skills which I lacked. Significant portion of the analysis of GSK was performed using ratio/trend analysis over a three year period ended 2008. In order for the assessment to be systematic and logical these ratios were broken into 4 broad categories so that proper attention would be given to each section and no major area was overlooked. To give a more meaning evaluation of the Company’s financial performance, I also incorporated, as guided by my mentor, a horizontal or competitor analysis of GSK with Sanofi Aventis. Performing business analysis of GSK was a difficult task, as this analysis required qualitative data in addition to the quantitative data about the Company. After carefully evaluating how to assess the business performance of a company I came to the conclusion that it was not feasible to use business evaluation models for the analyses of GSK as significant internal data was required. I discussed different operations for the company, evaluated whether’ they aligned with its vision and strategic objectives. Furthermore, I also used a corporate appraisal technique called SWOT analysis. In order to make my findings easy to understand for my mentor, I decided to use as minimum figures as I could and instead relied upon using graphs and interpreting data as a percentage. Microsoft Office was extensively used for this and by the end of this research project I was able to navigate around and use advance level options of its applications with ease. According to me, this research and analysis report contains a sound financial and business analysis of GSK Pakistan and fulfills the requirement to Topic of 8 of BSc. guidelines with ease. References Printed Material ACCA Study Text (2008/09) Paper F9 Financial Management. Kaplan Publishing Foulks Lynch ACCA Study Text (2008/09) Paper F7 (INT) Financial Reporting. Kaplan Publishing Foulks Lynch ACCA Study Text (2008/09) Paper P2 (INT) Corporate Reporting. BPP Learning Media Ltd ACCA Study Text (2008/09) Paper P3 Business Analysis. BPP Learning Media Ltd Annual Report (2006), Glaxo SmithKline. Annual Report (2007), Glaxo SmithKline. Annual Report (2008), Glaxo SmithKline. Electronic and Other Material Types BNET. SWOT Analysis: http://www. bnet. com/2410-13240_23-66478. html (Visited 05th November 2009) Financial Analysis http://www. enotes. com/small-business-encyclopedia/financial-analysis (Visited 05th November 2009) Introduction http://www. roi-ally. com/BPE_vol1. htm (Visited 05th November 2009) Industry http://www. ppma. org. pk/ (Visited 05th November 2009) Investopedia. Vertical Analysis: http://www. investopedia. com/terms/v/vertical_analysis. asp (Visited 05th November 2009) Investopedia. Return on Equity: http://www. investopedia. com/terms/r/returnonequity. asp (Visited 05th November 2009) Investopedia. Current Ratio: http://www. investopedia. com/terms/c/currentratio. asp (Visited 05th November 2009) Investopedia. Quick Ratio: http://www. investopedia. com/terms/q/quickratio. asp (Visited 05th November 2009) Investopedia. Accounts Recievable Collection Period: http://www. investopedia. com/terms/a/average_collection_period. asp (Visited 05th November 2009) Investopedia. Accounts Payable Payment Period: http://www. investopedia. com/terms/a/accountspayableturnoverratio. asp (Visited 05th November 2009) Investopedia. Interest Cover: http://www. investopedia. com/terms/i/interestcoverageratio. asp (Visited 05th November 2009) Investopedia. Earning Per Share: http://www. investopedia. com/terms/e/eps. asp (Visited 05th November 2009) Investopedia. Dividend Payout Ratio: http://www. investopedia. com/terms/d/dividendpayoutratio. asp (Visited 05th November 2009) William Pollard. Quote (Visited 07th November) http://thinkexist. com/quotation/information_is_a_source_of_learning-but_unless_it/226524. html BIBLIOGRAPHY Electronic and Other Material Types Competitor Websites Novartis Pharma: http://www. novartis. com (Visited 05th November 2009) Sanofi-Aventis: http://www. anofi-aventis. com. pk (Visited 05th November 2009) Regulators/ Governments Websites Karachi Stock Exchange: http://www. kse. com. pk (Visited 15th November 2009) Pakistan Pharmaceutical Manufacturers Association: http://www. ppma. org. pk (Visited 12th November 2009) Newspaper Websites Business Recorder’s website: http://www. brecorder. com (Visited many times) Dawn’s website: http://www. dawn. com (Visited many times) The Financial Daily webs ite: http://www. thefinancialdaily. com (Visited many times) How to cite Glaxo Pakistan, Papers