Monday, May 25, 2020
Sample details Pages: 19 Words: 5565 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? In these contemporary days, all businesses trying to keep their working capital management at high level and also trying to get with 21th century .Up to date, the main aim for all business are to survive, to exist and to struggle each other; so this requires keeping a proper working capital management against unexpected events resulting from the future. Two companies, ArÃ §elik a.ÃÆ'Ã¢â¬ ¦Ãâ¦Ã ¸. which was established at 1955 by Rahmi KoÃ § , has 22,000 workers and 14 facility around world and 8,4 billion Tl revenue within ; Vestel a.ÃÆ'Ã¢â¬ ¦Ãâ¦Ã ¸. DonÃ¢â¬â¢t waste time! Our writers will create an original "Working Capital Management Relevant In The 21st Century Finance Essay" essay for you Create order which was established at 1953 by Mehmet Zorlu that wants to become worldwide company continued export oriented growth strategy and has 15 000 workers , were chosen for this case study. Quality racing and competition of last 10 years helped home appliance industry has in large degree in Turkey. Immediately after, beginning of consumer awareness led businesses into competition.Thus, among the companies which are operating in the same sector, ArÃ §elika.ÃÆ'Ã¢â¬ ¦Ãâ¦Ã ¸. And Vestel A.S. should have the right working capital management mechanism to survive. Moreover, by checking of ArÃ §elik and Vestel working capital management, it can be said that which kind of problems they will face and will affect on the market. For example, DSO , DPO , DIO and CCC have to be low and also CCC must close to shortest(smallest) level which is company reach , minimum level of CCC represent effective operation and cash management for companies ,so after analysis which will be made , the right comments can be made about ArÃ §elik and Vestel. In the end, depending on the results and problems, the right recommends can be mentioned. 2. Introduction It can be said that 3 phases in business life; First one is introduction part for investors ideas and plans, Second phase is that the investment which is decided to be made by investors and turning out of the company. In the last phase, going into operation of a company, meaning that, providing of all equipments, labor force, starting to produce and to sell of all products. Importance of working capital management arises. Working capital management is the most important component of business activities, and focuses on short term investments and investment decision of companies success of company depends on having enough of net working capital and being of good quality. This is Due to the success of a company related with power of paying its debts. , capable of finding new credits and also having a good net work ing capital. At the first instance this easily explains why working capital management is so important for progress. Whether an international company or a domestic company, all principles of working capital are the same for all institutions. Thus, companies decide that how much amount of investment will be made and how to finance them by taking into consideration of risks and stability. Companies try to raise their values with decisions in working capital management. However; international businesses encounter with difficulties as international financing and investment opportunity as well as fluctuations in value of money, the potential foreign exchange controls, a large number of tax applications. As its seen, working capital management is not only the component of working capital; it also includes decisions about how working capital will be funded for future beings. Nonetheless, Current assets and current liabilities play an important value for balance sheet of businesses; a lso ensure continuity of businesses, which are components that deeply related with working capital management. Lastly , Working capital company work at full capacity, production must continue, uninterrupted , for positive business volume, broaden, and thus reducing the risk to meet its obligations to increase the credit worthiness, financial distress in times of crisis, and not live to carry out the profitable activity and efficient manner is of great importance. 3. Is Working Capital Management relevant in the 21st century? It is strongly seen that working capital is most important case in the 21st century. Working capital finances the cash flow cycle. When working capital is negative, and then means company has no funds from its day to day operations. Working capital answers that how much funding a business needs to operate? Short term funding is very necessary for companies; because to make the way in long term, it is needed cash in short term to survive against go ba nkrupt. Later on, net working capital will be positive means that current asses excesses current liabilities. From companies looking, excess of working capital operating inefficient. Because it shows that customers still owe to the company, there is no money return and cannot be used for company obligations. This can be observed by comparing working capital structure of the companys time to time. If there is slow collection, this can give signal of incoming problems. The main goal of working capital management is to obtain the balance of each working capital components. Therefore; the main is, convert funds held in banks to cash thereby maximizing the interest earned. In recent years, dynamic discounting method is used on customers to maximize working capital. This will provide early payment to companies, more cash inflow to be used for obtaining proper operating in working capital management. At the present day, necessity of working capital may vary according to departments. Each component must be placed on the right department to be used. Because, whilst some departments need significant levels of inventory; the others need little. The necessity of working capital management must be taken into account in relation to other aspects of departments. 4. Definition of working capital management Working capital is all assets convertible to money and all expenses are done, in order to be used for starting into operation of a company as well as to carry these all activities on. Current assets are gross working capital. So, what is net working capital? It is the result of: Current assets -short term liabilities = Net working capital Therefore, all current assets defined as: 1-liquid assets 2-securities 3-receivables 4-stocks 5-prepaid expenses for future months 6-income accruals All components of current assets are really important case for business to provide a good lead in working capital management to avoid from current risks in this current century. In accordance with all of these informations, a successful working capital management has to bear these points below: 1-divisible capability 2-Short-term and liquid 3-all components are moving and interrelated each other 4-working capital decisions can be revised as soon as possible 5-Investments have limited effect on the degree of business risk CASE STUDY -ARÃâ¡ELÃÆ'Ã¢â¬Å¾Ã °K 5.1Company Profile Vision Statement: -Providing of profitable, long-termed and sustainable growth -To maintain with positive growth, increasing of target market share threshold -Innovative, reaching more consumers with the products and implements -To see the future with institutional consciousness -Being a global group; providing of integration of all components and optimization Mission Statement: Adding value of human life by providing innovative, protector of nature, authentic, technologically developed products to create value for the customers. Objectives: They change their objectives due to the changing on new vision and Core operation goals pegged in line with its new vision describe three aspects of sustainability in economical, environmentally and socio-cultural. Targeting participate in solution within the profile of perpetuity approach, ArÃ §elik. sustains its efforts targeted towards change in climate and safe keeping of scarce natural resources. 5.2 Company s business segments and Market share ArÃ §elik growth %8 in 2010 in 6 products, ArÃ §elik A.ÃÆ'Ã¢â¬ ¦Ãâ¦Ã ¾. is the leader of the consumer durables sector in Turkey and Romania, the second place in UK market. The first five place in all Europe .Worlds top ten consumer durables brands in nine main product segments,ÃâÃ leader in consumer durables marketÃâÃ and in fridge, freezer and oven product groups in UK. Second brand in the fridge market in Belgium, In Poland, the second exporter in washing machine market and third exporter in freezer markets, In Lithuania, first brand in all white goods marketÃâÃ and in washing machine and fridge product groups. Business segment produce in durable consumer goods industry, marketing and after-sales services. .White Goods .Consumer Electronics .Other Market size 6.5 million unit Market value 4.5 billion Tl %20 of Eastern Europe and Russia 5.3 Business performance EBIT and ROCE EBIT: Firstly, lets look at the EBIT, which is illustrated by graph below. We can see that amount of EBIT tl mn was changing year by year. The exact amount of each year is follows: EBIT 2009: 686 EBIT 2010: 638 EBIT 2011: 646 EBIT 2012E: 846 The graph is showing us general vision of the company, which provides assumption how much cash get into the company from their core business before the interest and taxes. Moreover, it presents operating profit after the global crisis in 2009 when the company increases their operating profit. However, after 20 09 the operating profit tends to reduce due to the euro crisis in EU zone. When we look forward at the ArÃ §elik global operating network, we can notice that 10 countries from EU zone fit in decreasing profits (Romania, France, Slovakia, Germany, Czech Republic, Spain, Italy, Slovakia and Poland). In result disposable income reduced in EU zone and the costs of raw material and unfinished goods accrued. In spite of that from 2010 to 2012 the operating profit tends to increase due to crisis effect decrease. ROCE: Indicates the efficiency and profitability, which are coming from companys capital investments. ROCE should always be higher than companys borrowings, because high borrowing rates cause less shareholders earnings a good ROCE is greater than borrowing rates. The formula is: EBIT / (Total Assets-Current Liabilities) ROCE2009: 686/3246:0.2113=%21.13 ROCE 2010:638/4979: 0.1281=%12.81 ROCE2011:646/5667: 0.1139=%11.22 Change, which has place from 2009 to 2010, h as got two causes. First one is total asset, the company increased their total assets for investing, total assets getting narrowed within net capital working, which reflected liquidity problem. Furthermore, from 2009 to 2010 they reduced their current liabilities and this was the reasons, which affected ROCE in 2011 increasing total assets continued. Firm faced to liquidity problem, but in the other hand, when we are looking at credit note from Fitch Ratings is AA. Thats why quality of companies is in bit higher risk than AAA and this position makes AAA the best credit note, which is stable and at minimum risk. 6.1 Companys Profile ( Vestel ) -Vestel focusing on the core business activities of the production of high-quality consumer products constantly under the control of both revenue and profitability development aims to achieve. -Europe will be remaining as the main target of Vestel, to respond new trends and add new products; its portfolio aims to be close the market. -In order to maintain its position in the market, Vestel, aims to invest more in research and development. -Internal market of the company will continue to play a pivotal role in all business activities. -The main target areas are electronic products and white goods; Vestel also expects to improve its efficiency both domestic area and abroad. 6.2. Business Segments and Market Share Vestel continued to be the leading choice of customers a total of 15 million units in 2008 with the production of the main export market in Europe. Vestel serves its customers as produce TVs, white goods and digital goods. Vestel that exporting to 131 countries worldwide offers leading-edge product to consumers. Accounting of %76 of sales, which is 2.8 billion dollars composing of %86 total exports were to Europe. The target countries are Germany, Switzerland, Australia, Denmark, Spain, Italy and Portugal .Vestel carried out export LCD TV as by %82 in 2010.Vestel has hold the title of Turke y export champion in the electronics industry for over 13 years; also Vestel won the second prize among 500 most exporting companies. Vestel is not satisfying with being export champion of its sector also it wants to be a champion in Turkeys market thanks to module production. 6.3 Business performance EBIT and ROCE We should take into account the white good market for Vestel company by the reason of different sector. Due to this we are taking VESBE (Vestel White Good company ) as an exaple. The ebit data from 2009 to 2011: 2009-169 2010-31.4 2011-59.9 indicates that after 2009 the operating profit is significantly decreasing in Vesbe and ArÃ §elik EBIT, but in here the decrease is so sharply, which is the first cause of EU zone crisis due to the increasing costs. Taking further look at the balance sheet and income, in 2010 statement income from sale accures as compared to 2009, but the cost of sales are increasing as well. Another important point is that gross profit, and gross profit from business operation, decreased for about %50. Moreover, administrative and marketing expenses increased as well as RD. After all to see the core causes there is need for investigate the other ratios, but even if we compare Vestel with ArÃ §elik, there is one conclusion that ArÃ §elik managed the crisis better than Vestel Even so, in 2009 governmet encourged excise tax and companies, therefore, increased their incomes. this is very important information to understand the difference between 2009-2010. ROCE : For Vestel company ROCE now is very significant for investors due to EBIT. The formula is : EBIT /(Total Assets-Current Liabilities ) ROCE2009 : 169/647 :0.2612=%26.12 ROCE2010:31.4/596: 0.0526=%5.26 ROCE2011:59.9/567 : 0.1056=%10.56 As we can see in graph in 2009, due to the government policy, Vestel used opportunity well, but after 2009 the datas decreasing sharply and it is pointing out that this company is not stable. By the reason of t his, it is not possible to managed the risk and unexpected developments from credit rating the notes from Moodys they gave to Vestel B2 (rating) it means Judged as being risky and a great credit risk It appears to be,ÃâÃ its unstable and the company is not so confident in dealing with investors also the risk level maximum in this company for investors. In other words Vesbe for investors is like a dice game. 7. Working capital analysis 7.1Total revenues Price times quantity gives total revenue. For short-term analysis, production decision, its very important component for companys due to balance quantity and price to get maximum profit. We will compare Vestel and ArÃ §elik company with graphs (The graph shows the difference between ArÃ §elik and Vestel. For the first look we can notice that ArÃ §elik and Vestel are increasing their total revenues, which is a positive signal for countrys economy, like also important factor for development in export, by the reason o f exported goods. 2010-2011% changed total revenues for Vestel, which in consequence gave %38. It is significant increase for this company, but on the other hand for ArÃ §elik from 2010-2011 % change in total revenue amount %21. As the result, this two data showed us that white good sector is getting wider in internal and external market. However, important thing is that, it should be sustainable for these two companies. Below there is the other information about revenues, inventories increasing from 2009 to 2011: For ArÃ §elik: (ml tl) 2009: 906 2010: 987 2011: 1530 For Vestel: (ml tl) 2009: 131 2010: 162 2011: 229 For Vestel from 2010 2011 increasing from inventories was at %41 and for ArÃ §elik in 2010-2011 %55. Therefore, now we can understand why the operating income is decreasing from 2009 until 2011. On the one hand, these two companies should increase their Total revenue sustainable, on the other hand they have to take into consideration inv entories and cost of production, its reducing the aim of profit maximization and the last thing is Total revenues and operating income should be parallel for company s goodness. 7.2 DSO It indicates that a number of the days to get revenue by a company which has been paid after transaction .If DSO is low the company will be paid in fewer days so the account is receivable. Otherwise, high DSO shows that the company receives money in longer days, like credit to its customers. The formula of DSO Accounts receivable/Total Credit Sales x Number of Days In this graph as we can see again Vestel DSO is amazingly high in 2009. Then if we look at the Account receivable from 2009 to 2011 (2009: 347, 2010: 444, 2011: 606) Account receivable is increasing,. When we turn back the formula we can understand the reason of credit sales decreasing due to the lack of collecting receivable activity. If we look at the different perspective to this case, Vestel wanted to catch ArÃ §elik in Do mestic and Foreign market. In addition to this they made amazing promotions like 36 48 month installment for white goods, which reflected on 2010 EBITs reduction from 168 to 31. Moreover, due to the collecting activity 210.37 days when the company couldnt take the money from customer, the production of new products was impossible and RD department couldnt make new investment. Finally, the most important thing is the company needs liquidity for the continuation of it. However, after 2009 they changed the policy on credit sales and the DSO was going back to the balanced way like ArÃ §elik. Also as we can see the graph, ArÃ §elik is trying to defend their policy just in 2009 we can notice that government excise tax incentive. The DSO was increased due to this promotions cost too. Therefore, good advice is: If your competitor is making promotion you should make too. Nevertheless, this changing is not as significant as Vestel after 2009 by the reason they turned back the normal policy and the DSO was going to be stable, which is also very important for companies (it should be not high and stable). What is more to mention, industrial averages is very important on this topic and for White Good business generally producer is selling their product with long periods. Also we can look from the other perspective and see that the company doesnt fix on their income to DSO as the consequence the company has got strong economy. In this example ArÃ §elik is taking positive advantage. 7.3 DIO A financial measure indicates that how long time the companys inventory turn its inventory into sales quickly. This gives investors an idea of this process will be higher or lower. The lower DIO is the better, means that inventory quickly turn into sales and become cash; but DIO varies from one industry to another. So, decreasing days show an improvement in working capital. Here is how the DSI is calculated: Inventory/Cost of Sales x 365 DIO has got key role for working c apital management. The issues are being debated on last 5 years in whole world and DIO is able to make change in industrial perspective. For instance, for automotive sector the number can be 7.6 times or 8 times in one year. In the DIO ArÃ §elik company is trying to do not change their policy and again it is showing us significant role of the ArÃ §elik Company in this sector. Further, as we can see in this graph ArÃ §elik is trying to develop their working capital year by year (we will see the graph of Net working Capital) DIO mean how quickly company can turn inventories into cash and it mean Liquidity after 2009 and as the result both company decrease their DIO levels, which is good sign for both company. What is more in 2009 Vestel under the average industrial level of DIO by 155.24 days and created Liquidity problem for company. The sharply decrease from 2009-2010 explained again to us why it happened (Also we will see in DPO) In white good sector its important to keep the hi gh level of DIO, but in assumption that 40 days level can be arguable for Vestel again. 7.4 DPO It indicates the average number of days a company pays to its suppliers. The formula is: (Account payables/cost of Sales)*365 Days payable outstanding is the activity how a good a company managing its account payable. The lower ratio, the quickest time the company has to pay the liabilities, the higher ratio means better credit ratio term the company gets from the suppliers. So increasing in DPO is improvement, decreasing in DPO is distortion. In 2009, as we can see in the graph, Vestel is paying their supplier more than 1 year 371.84 days and after 1 year they decreased to 64.61 days and the DPO making it longer. The DPO is positive affect to our company, but on the one hand when we will make this time longer our suppliers will affect from this negatively and for next year it will affect our net profit, operation profit etc. In addition, one more time we can understand the sharply decreased in 2009-2010 of Vestel company in this example. On the other hand, for ArÃ §elik DPO is very small for 2009 34.9 days and this is good for our retailers, but for our company C2C cycle it will affect negatively. According to this information ArÃ §elik increased and we can assume that made it longer DPO period 34.96 day to 64.90 days. 7.5 Cash Conversion Cycle The length of time, in terms of days, that takes for a company to convert its resources into cash flows. This amount of time the inventory is needed to be sold, to collected receivables and the time the company is capable of paying its bills. Company obtains inventory on credit, results that accounts payables. And also company can sell products on credit, results that in account receivables. So, cash conversion cycle measures the time between cash outflow and cash inflow. The cycle is important for especially retailer, accordance with in short term importance. The shorter cycle, the less time capital i s attached to business process, and so the better for the company profit line. The formula is : CCC:DIO+DSO-DPO In Cash conversion cycle we will understand better other indicators too. Now we should look at 2009 for both companies. Vestel has negative CCC, which means that they are not paying their supplier and concentrate at the DPO Vestel DPO we will see that is 371.84. By the reason of that it represents that they are not paying and it is affecting CCC. What is more there is explanation of sharply decreasing in 2009-2010 and increase of CCC after 2009. The result of this is change in the policy of DPO (they are bringing it to balance). ArÃ §elik decrease their CCC, which made a positive effect for company and after 2009 they brought it up to the steady line. Moreover, for ArÃ §elik we cant suggest the same fluctuation is going on 2009 to 2010, because of increasing from 2010 to 2011 decreasing. Therefore, period from 2010 to 2011 provided to as suggestion that Vestel is t rying to fix their company structure. In contrast to that from 2009 to 2010 for investors Vestel is like risky game, but in general perspective ArÃ §elik is trying to do their vision statement of Sustainable growth and they are not dice. On the other hand, Vestel is taking a big risk for their company. Further, we can look at the other companies for White good market in graph below. The Electrolux CCC from 2009 to 2010 is decreasing and after one year increased a bit, but we can assume that the graph looks like ArÃ §elik graph, so also Electrolux looks like ArÃ §elik, of course there is a difference from amount, but ArÃ §elik has got 2 problems in CCC. First one is about low DPO and the second one is about high DSO. When ArÃ §elik reduces DSO 40-60 days level, and also when the DPO level move to 60 days, the CCC will come to 50-60 days level. In the consequence the company will be more efficient than before. Furthermore some people do not support this analysis by the reas on of misleading information for Investors. To understand whole financial structure of companies we should analyses all indicators. Net Working Capital for ArÃ §elik A.ÃÆ'Ã¢â¬ ¦Ãâ¦Ã ¸ Mn TL 2009 2010 2011 Account Receivable 2,233 2,325 3,181 Inventory 907 988 1530 Account Payable (762) (969) (1250) Net Working Capital 2378 2344 3461 Net Working Capital for Vestel A.ÃÆ'Ã¢â¬ ¦Ãâ¦Ã ¸ Mn TL 2009 2010 2011 Account Receivable 347 444 606 Inventory 131 162 230 Account Payable (196) (271) (442) Net Working Capital 282 335 394 After that this two firms in the last 3 years are increasing their Nwc. However, when we look at the 2008 the crisis term we will notice that VESBE has got -80(mn TL) and ArÃ §elik has got 3241(mn Tl) Nwc. This repercusion is giving us a suspicious perspective for analysis again. Yet, the other ratios Vesbe doesnt stabilize their economical background and becoming insecure for Investors, but from 2009 to 2011 they improved their capital working and it is the reason why they will try to fix their economic structure. ÃÆ'Ã¢â¬Å¾Ã °t appears to be that more analysis for this matter are needed, but the scale show ArÃ §elik again, which probably will help to understand better why they are leaders in this sector .In this tables we can see the Market Capitalization and Industrial avarage for our 2 companies additionaly Financial ratios for Investors and general view on our companies. C:UsersuserDesktopsektÃ ¶r.png Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ Ãâ 8. Debtor Management and Cash Flow ARÃâ¡ELÃÆ'Ã¢â¬Å¾Ã °K 2009 2010 2011 Net Financial Debt/Equity %44 %22 %31 Current Ratio 1.31 2.03 1.99 Financial Leverage Ratio 0.57 0.53 0.54 VESTEL 2009 2010 2011 Net Financial Debt/Equity %238 %250 %248 Current Ratio 1.1 1.2 1.1 Liquidity Ratio 0.8 0.8 0.9 Its the strategy improved to help debtors to manage their debts. This strategy is usually enforced by an outside company or organization for debtors. Because debtors are not capable of manage the debts by their own, due to lack of knowledge and to be full of business. To minimize the loss due to taking money from debtors is the main goal of debtor management. 8.1. Analysis for ArÃ §elik A.ÃÆ'Ã¢â¬ ¦Ãâ¦Ã ¾. ArÃ §elik, especially in the second and the third quarters led to a significant improvement in the performance and profit margin. The amount of net financial debt decreased by more than 60% thanks to generation of a positive cash flow during year. Merger between ArÃ §elik and Grundig was completed in the middle of 2009, contributed the process management and profitability. ArÃ §elik, which is one of the most profitable companies have continued to increase between competitors in 2009.ArÃ §elik reduced its freedom from debts to 740 billion dollars due to successful working capital management in 2009.At the end of the first quarter 2011, net freedom from debts of the company in the current period reached 1 billion TL in order to having capital requirements. Last month, Finch increased the credit ratings of ArÃ §elik A.ÃÆ'Ã¢â¬ ¦Ãâ¦Ã ¾. from stable to positive. Thus, the company may borrow money at the lower interest rates. So the companys freedom from debts may decrease even more. (DPO 2009: 34.96, 2010: 64.90, 2011: 68.66). DPO rating is increasing per year; this can be said that ArÃ §elik A.ÃÆ'Ã¢â¬ ¦Ãâ¦Ã ¾. catches the ideal rate of DPO. 8.2. Analysis for Vestel First of all, paying outstanding for Vestel A.ÃÆ'Ã¢â¬ ¦Ãâ¦Ã ¾. is 367 days so at this situation it is more than 1 year. This naturally decreases Vestels credit notes ; but after due to good policy making the credit note increased to B2 ( days of payable debts decreased from 367 to 321 ).Other hand , when it is compared with ArÃ §elik,Vestel has bad credit rating, judged as being risky and great credit risk, so in the short-term debts are being more credit risk. Buy backing of its 225 m outstanding bonds , Vestel got a significant chance to refinance the risks and had a better position in 2011.Fitch also has affirmed the senior unsecured rating of Vestel Electronics Finance A.ÃÆ'Ã¢â¬ ¦Ãâ¦Ã ¸ guaranteed issue of USD225m 8.75% 2012 maturity notes at B/RR4.Debt burden is increasing because of demand contraction in Europe. However premium at Euro eases the burden in 2011.Also, inventory turnover was increased by Vestel especially after crisis in 200 8 so this is also another reason to ease the debt burden. Cash management Cash management is an essential skill for small businesses because they typically have limited access for proper credit and have a significant amount of prepayment costs they need to manage while waiting for receivables. Good managing cash provides a company to meet unseen expenses in addition to handling regularly-occurring events like payroll. One of The key ratio for measuring cash management is working capital productivity it s measures how the company will use the cash effective and productive ÃÆ'Ã¢â¬Å¾ÃâÃ ±t can be formulate as Total revenue/Net working capital. When its compared ArÃ §elik and Vestel WCP, the results above are obtained: 2009 2010 2011(ArÃ §elik) 2009 2010 2011(Vestel) %19 %20 %23 %11 %14 %11 As we can see in the results ArÃ §elik company is managing their cash management more productive than Vestel and it s bring us a valuable result when companies are getting specialized on working capital management they made a win-win circle (customer-investor-company future) furthermore using working capital productive rescue the company from expenses, idle money, unnecessary investments and when they are improving working capital(it s come from how the company using cash)the result bring to company high level position in market like ArÃ §elik. When ArÃ §elik and Vestel are compared in terms of cash management, ArÃ §elik is seen more advantageous than Vestel. Being of ArÃ §elik is an older company than Vestel, provides to give more professional decisions; due to fluctuations in value of copper and Euro, ArÃ §elik is affected less than Vestel. This is the evidence of how ArÃ §elik uses working capital very well. The other point is that due to both companies are exporter, t hey have a direct effect on domestic market (balance of payment), using cash efficiently adds a plus the country economy. In the end, it is seen that Vestel is trying to increase its working capital, in case of this comes true they can go further. Research and development must be more cared of by Vestel. 9. Recommendations Weighing the pros and cons, I come to the conclusion thatÃâÃ in the whole project, working capital is the key element for companies economy and also important matter for whole economy in every country. Due to export when the countrys export rate is bigger than Import rate, the trade balance is getting fixed and this is significantly important for whole economy. Although, in country it effects directly to the GDP, and by the reason of that GDP ratio is the key ratio for understanding economical situation for country, because when our GDP is in sustainable growth position we can understand that our economy is growing and our life of quality is increasing . In this case this two companies are making the positive effect for country economy with export facilities. In addition to this, two company has to know how to use their cash and they shouldnt waste money. For example, if we go back to the analysis, due to the WCP, Vestel has lack of information about how to use their cash more effective. On the one hand, ArÃ §elik is using the money more efficient and its bringing the leadership for ArÃ §elik. On the other hand, Vestel should make rational choices, because when we are analyzing the ratios we are noticing that Vestel has got fluctuate situation due to their policies and Crisis. As I already indicated, they should focus on their policy and decisions first. Secondly the new market should be introduced to produce new goods (Undeveloped countries). Additionally, also we can mention that improve of efficiency level on operations is needed, because as we looked at the EBIT it was getting narrower day by day and it was also important re ason to understand Vestel situation. 2008 crisis and EU zone crises effected the purchasing power thats why companies should make discounts and promotions (its significant for using idle Inventory) for customers. The other problem worth to consider was that copper cost increased within 2008-2010, which also made the negative effect on the sector there. I should like to emphasise thatÃâÃ for minimizing the risk level (coming from outside), companies are required to improve liquidity, because when it will happen companies will be needing a cash. If they cannot find enough assets, the companies will live the bankruptcy. Also, if the companies dont want to live this situation there are 4 steps for Vestel. First, increase the WCP, then enhances the investments, after increase the RD facilities and finally the most import thing is to accrue the quality level of products (from customer comments) which makes the final decision for Vestel. So all in all I believe that from the ArÃ §eli k perspective they should keep the general level on company economy and for the sustainability should continue on Net Working Capital productivity. 10. Conclusion Crisis period that started in 2008 2009, affected Europe and in the end of it , working capital management become more important lastly. Cash demand, occurred in crisis time, while some companies went bankrupt, the others operated effective working capital management and survives from suffer in crisis bad effects. On behalf of two Turkish company ArÃ §elik and Vestel has picked up for this case study, the attracting point is that turning out of vision statements. ArÃ §elik stresses on sustainable growth insistently and we saw that it became real. As for Vestel, it wants to raise its profitability. The difference is, it shows that the robust strategies get companies to the solutions quickly, like ArÃ §elik. The point we want to attract is, mission and vision has how much important role on company and give us ge neral view because there lays fact of company strategy. DIO, DSO, DPO and CCC analysiss says that ArÃ §elik is more trust giving compared to Vestel. According to this result, Vestel should catch ArÃ §elik in terms of financial statement. This process will provide country to have two strong companies compete each other to be the leader in the sector .In fact, this is very important issue that competition creates values and get this value, companies will spend more money on their research and developments to call upon the customer satisfactions. In conclusion, the cash demand in crisis period and decreasing disposable income will continue to be as nightmare of businesses; but the companies which have strong working capital management and quick reacted to changes will stand after crisis. Thereafter, Vestel should use its cash management more efficiently to turn it as an opportunity in crisis time. As for ArÃ §elik, by protecting its current state, it should increase its activi ties around the world.
Friday, May 15, 2020
Abraham Lincoln: Vampire Hunter The novel Abraham Lincoln: Vampire Hunter was written by Seth Grahame-Smith and published in 2010. In 2012 the movie adaptation was released and made a gross amount of $37,516,013. Both discuss the theme and topic of slavery while telling the story of how Abraham Lincoln discovered, trained, and fought against vampires, who were planning to take over the United States. (Ã¢â¬Å"Abraham Lincoln: Vampire Hunter (2012)Ã¢â¬ ). Abraham Lincoln is known as Ã¢â¬Å"honest AbeÃ¢â¬ , the 16th president of the United States during the Civil War. Vampires are known as being blood sucking, creatures of the night that, in some lure, have extreme abilities and limitations. The addition of vampires to the historical content of the novel could be used to reflect the awful, deadly effects of slavery. I believe Abraham Lincoln: Vampire Hunter is laced with historical evidence thatÃ¢â¬â¢ll help support and show Abe LincolnÃ¢â¬â¢s battle against vampires, who symbolize and endorse slavery. In the Introduction section before the novel begins, Seth Grahame-Smith introduces himself as a character who writes the novel. The Seth Grahame-Smith in the novel is a store owner who gains the trust of Henry, a vampire that nursed Abraham Lincoln back to health and trained Lincoln to fight vampires. Henry entrusts Smith with the secret journals of Abraham Lincoln. Smith Ã¢â¬Å"Check[s the journalÃ¢â¬â¢s] incredible claims against the hard Ã¢â¬ËfactsÃ¢â¬â¢ of heralded Lincoln biographiesÃ¢â¬ ¦It turns out that the towering myth ofShow MoreRelatedAbraham Lincoln : Vampire Hunter971 Words Ã |Ã 4 PagesAbraham Lincoln is an American President who hasnÃ¢â¬â¢t been overlooked in the decades following his death. His character still lives on today as he resonates through popular American culture. Many books and movies have been produced about his life to show the role he played in our history and the impact he had on our country. The most recent film, Abraham Lincoln: Vampire H unter, captivated audienceÃ¢â¬â¢s attention with a riveting tale about our sixteenth president hunting vampires. The film contains someRead MoreWheres Abraham Lincoln in Abraham Lincoln: Vampire Hunter?542 Words Ã |Ã 2 PagesPride and Prejudge and Zombies and Abraham Lincoln: Vampire Hunter. Grahame-Smith has collaborated on two film adaptations, Dark Shadows, and his own novel, Abraham Lincoln: Vampire Hunter. Seth Grahame-Smith and his wife, Erin, live in California with their two children Jacob and Joshua. Currently Grahame-SmithÃ¢â¬â¢s novel Pride and Prejudice and Zombies is being adapted for film, and Smith is said to be writing a sequel/ spin off of Abraham Lincoln: Vampire Hunter, staring Henry Struges. Both the filmRead MoreMaking An Abraham Lincoln Movie901 Words Ã |Ã 4 Pages Making an Abraham Lincoln movie can be very tricky and a difficult job. Everybody knows the story of Abraham Lincoln and knows the persona that President Lincoln can give out. SpielbergÃ¢ â¬â¢s, FordÃ¢â¬â¢s, and GriffithÃ¢â¬â¢s Lincoln all did very notable work. GriffithÃ¢â¬â¢s Lincoln in Birth of a Nation was a worthy performance by Henabery. FordÃ¢â¬â¢s Young Mr. Lincoln was known as one great over all film. The scenes in the film were spot on and the Lincoln played by young Mr. Henry Fonda was the best in the businessRead MoreThe Views Of Abraham Lincoln1147 Words Ã |Ã 5 PagesA more recent myth that has developed is the theory that Abraham Lincoln was homosexual. This myth came to light in 1999 when Larry Kramer, the founding member of the Gay MenÃ¢â¬â¢s Health Crisis, made the statement that Lincoln was homosexual and backed up his statement with diary excerpts from LincolnÃ¢â¬â¢s bunkmateÃ¢â¬â¢s Diary. The excerpts read: He often kisses me when I tease him, often to shut me upÃ¢â¬ ¦ He would grab me in his long arms and hug and hugÃ¢â¬ ¦ our Abe is like a school girlÃ¢â¬ (Steers 126). Kramer also
Wednesday, May 6, 2020
Persian Gulf War A brief history of the middle east and the nation of Iraq prior to the Persian Gulf War will help explain why the Persian Gulf War was viewed as necessary by the allied countries. The formation of a coalition of countries, the use of innovative military equipment, and strategic military operations helped the allied forces secure victory in the Persian Gulf War. The effects of this victory and subsequent conflict have changed our world as we know it. The Persian Gulf is one of the oldest known trade routes in the world. Conflict is a major issue in that region also. Oil is a part of the reason there is conflict. Great Britain used to control Iraq because of the oil in the nation. Iraq has been a nation with copious amounts of border conflicts and wars. Saddam Hussein, who supported the Ba athist party, assumed the role of president of Iraq in 1979. In September 1980, Saddam Hussein ordered his troops into Iran oil fields, thus starting the Iraq-Iran war; another Iraq i conflict; in which Saddam Hussein was fighting Iranian leader Ayatollah Ruhollah Khomeini, a ShÃ «Ã ¿ite who disliked Saddam Hussein. (Ã¢â¬Å"Saddam HusseinÃ¢â¬ ) Saddam Hussein could be classified as brutal leader, as he warred against the ethnic groups the Kurds, and the ShÃ «Ã ¿ites. He used biological and chemical weapons while fighting, and continued to build up his military. (Ã¢â¬Å"Saddam HusseinÃ¢â¬ ) In 1990, he accused Kuwait of drilling IraqÃ¢â¬â¢s crude oil. Hussein also blamed Kuwait and other surroundingShow MoreRelatedU.s. Involvement During The Persian Gulf War1374 Words Ã |Ã 6 Pages1st Persian Gulf War Ã¢â¬Å"One of the good things about the way the Gulf War ended in 1991 is, you d see the Vietnam veterans marching with the Gulf War veteransÃ¢â¬ (George H. W. Bush). President Bush stated that the Persian Gulf War was not fully supported by the soldiers who fought in the war. Gulf War veterans marched like Vietnam veterans because they also viewed the war as unjustified. Persian Gulf War veterans would say, Ã¢â¬Å"American soldiers lost their livesÃ¢â¬â¢ for oil.Ã¢â¬ The first Persian Gulf War startedRead MoreIran-Iraq War Essay1610 Words Ã |Ã 7 PagesIran-Iraq War The eight year Iran-Iraq War was, by the standards of international conflicts, a very long one. It lasted longer than both World War I and World War II. In this conflict, the two most powerful states in the Persian Gulf, Iran and Iraq, who were the worldÃ¢â¬â¢s largest producers of petroleum, were locked in mortal combat and appeared intent on destroying each other. The war began when Iraq invaded Iran, simultaneously launching an invasion by air and land into Iranian territory on SeptemberRead MoreThe Battle Of Khorramshahr And The War1412 Words Ã |Ã 6 Pagesthat kicked off the Iran-Iraq war, was a predominately wealthy, upper class city with a population of over 200,000 people. The once cosmopolitan city, Khorramshahr, became known as Khuninshahr, the Ã¢â¬ËCity of BloodÃ¢â¬â¢, because of the violent conditions and number of casualties suffered in the city. Most of the Iraq-Iran war took place just inside the borders of both countries and in the Persian Gulf. A truce was called on July 20, 1988 after nearly eight years of war. Iran accepted a United NationsRead MoreAnalytical Failure Of Iraq During Persian Gulf War1599 Words Ã |Ã 7 PagesIraq in Persian Gulf War Affiliation StudentÃ¢â¬â¢s Name Ã¢â¬Æ' Introduction Failures analysis is the process of gathering data and information in order to find the cause of failure especially when the goal had been set. Analytical failure of war, on the other hand, is failures by decision making bodies to make appropriate decision which will lead to victory. This failures occurs when military and political leaders come up with war strategies which when implemented leads to failures or losses. War analyticalRead MoreThe Iran Iraq War1566 Words Ã |Ã 7 Pageswhich made it the longest conventional war of the 20th century. The consequence of the war cost billions of dollars and millions of lives. The result of the war, although stalemate would be a critical factor that would shape the future of the Middle East. The historical deep-rooted hostile relationship that emanated from the ethnic Arab-Persian and religious Sunni- ShiÃ¢â¬â¢ite tensions between the two neighbouring countries contributed to the conditions necessary for war. Although many historians and scholarsRead MoreIraq War Between Iran And Iraq1405 Words Ã |Ã 6 PagesIraq, the two most powerful states in the Persian Gulf, had boarder disputes dating back to 1501, Iraq has always had a long history of conflicts with its neighboring countries but none more conspicuously than Iran. Historians believe that the forty battles of the Iran- Iraq war were fought because of territorial and government disputes. After e ight long years, the Iran- Iraq war was adequately more than people had every imagined it to be. The bitter war devastated both countries and left many withRead MoreIII. Dependence of the Gulf states on external security guarantees The previous part of the1200 Words Ã |Ã 5 PagesIII. Dependence of the Gulf states on external security guarantees The previous part of the essay mostly focused on internal political dimensions of instability and conflict in the Arab part of the Gulf. Other factors of instability in the Gulf belong to the systemic level of the Gulf subregion. One of these factors is the existing regional security architecture, which fosters dependence on the U.S. to provide means of defence and deterrence. Part of the issue is that U.S. security guaranteesRead MoreHistory Is Filled With Wars1502 Words Ã |Ã 7 PagesÃ¢â¬â¹History is filled with wars. Wars are one among the foremost attention grabbing, nevertheless the scariest, aspects of history. If there have been no wars, the globe would be terribly totally different. One will agree that we have a tendency to learn our mistakes from wars. However, history is understood for continuation itself. There for, there are continuously new problems and conflicts that result in wars. ItÃ¢â¬â¢s a part of attribute to disagree most things for numerous reasons. After all, everyoneRead MoreThe Gulf Cooperation Council Essay1709 Words Ã |Ã 7 PagesAthbi Al-Subaie Methodology Final INS 611 The Militarization of the Gulf Cooperation Council to Deter Threats How Fear Shapes the Future of the Region Introduction: The Gulf Cooperation Council (GCC) Peninsula Shield Force expresses the principle to protect against any political turmoil or security infringement in any GCC part state. The Peninsula Shield Force depends on the standard of group and coordinated security and barrier, with each GCC part state promising to ensure and protect the commonRead MoreA Brief Look at the Persian Gulf War1479 Words Ã |Ã 6 PagesPersian Gulf War, also called Gulf War, (1990Ã¢â¬â91), international conflict that was triggered by IraqÃ¢â¬â¢s invasion of Kuwait on August 2, 1990. IraqÃ¢â¬â¢s leader, Saddam Hussein, ordered the invasion and occupation of Kuwait with the apparent aim of acquiring that nationÃ¢â¬â¢s large oil reserves, canceling a large debt Iraq owed Kuwait, and expanding Iraqi power in the region1. The Iraqi leader Saddam Hussein claimed as a reason for the invasion a territorial dispute over the Shatt al-Arab, the waterway which
Tuesday, May 5, 2020
Question: Discuss about the Financial Analysis of AGL Limited. Answer: Introduction This report is designed to provide a brief understanding of financial accounting and its relevance. For this purpose, two accounting items that are, Accounting receivables and inventory have been chosen from the annual report of AGL Limited which is an Australian company, for the year 2016. The report discusses the applicable accounting policy on these items along with the significance of these items on the financial statements and financial health as well. Finally, a reflection is also included in the report on the AGLs annual report. Significance of on financial items Accounting receivables Accounting receivables are the companys assets who owe money to the company. The amount of the debtors is shown in the balance sheet, which constitutes the sum of all the outstanding invoices at a particular point of time (Deegan, 2016). These are the vital items of the current assets as they provide stakeholders a view of companys solvency as well as flexibility. Inventory Inventory is another important item of the balance sheet, which constitutes of raw materials, work-in-progress goods, and finished merchandise. This account becomes useful for the management while making sales and reviewing the cost of production in the income statement. This item is significant as it enables to get an insight into the manufacturing department of the business and the efficiency with which the inventory is utilized to generate income. Applicable Accounting Policy : Accounting receivables Australian Accounting Standard Board 118 regulates the treatment of accounting receivables in financial statements of the companies. This policy requires the receivables to be measured at the fair value of the consideration received or receivable after deducting trade discounts and rebates, if any. AASB 101 also requires the receivables to be broken into amounts receivable from trade customers, advance payments, receivables from parties, and other amounts. Inventory AASB 102 regulates the treatment of inventory in financial statements. This policy requires the inventory to be categorized as production supplies, merchandise, work in progress and finished goods. Also, according to AASB 101, the inventories should be written down to their net realizable value while recording on the balance sheet (Franklin et al., 2017). The Australian Accounting policies also require the entities to periodically analyze the inventory quantity on hand and determine if there is any excess or obsolete stock. Social Impact of disclosing accounting items Companies that have effectively updated their disclosures by emphasizing on required and relevant information bring positive impacts on the society. Proper accounting items disclosure boost up the investor confidence due to the availability of more valuable information. The efficiency in auditing is also increased which enables auditors to reveal fair information about the company to the society (Guthrie et al., 2017). The coordination in the firm gets improved across the organization, including the board of directors, and with supervisory bodies and external consultants. Furthermore, appropriate disclosure fosters the organizational social reputation and leadership. Reflection on the annual report of AGL As an existing shareholder of AGL Group, I have analyzed from its Annual Report that its financial position statement is quite sound. The cash flow statement is informative enough to provide an insight into the emerging liquidity position of the company. The financial statements also reflect that the company delivers high returns to the shareholders while making growth in achieving financial goals (Cherry, 2016). For instance, AGL is nearer to meet out its divestment target of 1 million AUS dollar in under-performing as well as non-strategic resources by the end of 2017. Also, the report shows that the legislative loss after tax of AGL distributable to shareholders in 2016 was $408 million. On the other hand, statutory cash flow from operating activities increased to $1186 million in 2016. The underlying profits have also increased to around $700 million, which enables the company to increase the final dividend payable over 35% per share (Franklin et al., 2017). However, the impairments are unsatisfactory, but I have noticed a significant net increase in the shareholders worth from the companys upstream gas investments during the past decade. Conclusion On the basis of above discussion, it can be concluded that financial accounting analysis is an essential part of the business analysis of a company. The analysis of two accounting items selected in the report shows how the company uses its resources and the money invested by different stakeholders. The accounting policies applicable to the disclosure of these items is important in providing the stakeholders a true picture of the companys operations and potential economic benefits to be obtained resulting from the financial transactions. Moreover, the reflection of AGLs annual report indicates that the company is doing well and is planning to get a competitive advantage over others. References Deegan, C., (2016) So, who really is a noted author within the accounting literature? A reflection on Benson et al.(2015).Accounting, Auditing Accountability Journal,29(3), pp.483-490. Guthrie, J., Guthrie, J., Parker, L.D. and Parker, L.D., (2017) Reflections and projections: 30 years of the interdisciplinary accounting, auditing and accountability search for a fairer society.Accounting,Finance ,Auditing Accountability Journal,30(1), pp.2-17. Franklin, E., Lowe, D. and Stocks, M., (2017) Assessment of Market Participation Opportunities for Behind-the-meter PV/Battery Systems in the Australian Electricity Market.Energy Procedia,110(1), pp.420-427. Cherry, M., (2016) Accounting for Trust: A Conceptual Model for the Determinants of Trust in the Australian Public Accountant-SME Client Relationship.Australasian Accounting Business Finance Journal,10(2), p.3.
Sunday, April 12, 2020
Introduction The concept of leadership can be broadly defined as the intrinsic ability to internalize a setting with the intention of empowering a group or team to proactively and creatively contribute towards problem solving (Bass 2000).Advertising We will write a custom report sample on Leadership Motivation: Anita Roddick, Founder of Body Shop specifically for you for only $16.05 $11/page Learn More On the other hand, management, in the broad spectrum, can be defined as the process in an organization that is inclusive of setting, strategic planning, managing resources and deploying the needed resources to realize specific objectives that are measurable within a specified period of time (Bennis Goldsmith 2003). Thus, this analytical paper attempts to explicitly analyze the concepts of leadership in terms of its application, scope, and features in the management styles. Specifically, the treatise adopts a reflective research in exploring the components of leadership and management such as transformational leadership, Ã¢â¬ËmanagerialismÃ¢â¬â¢, and organizational realities in the management style of Anita Roddick who founded the Body Shop. External Environment and Strategic Challenge By definition, leadership is the capability to internalize the environmental setting that incorporates and empowers a group to creatively contribute towards definite course of addressing a challenge. Reflectively, Anita was not impressed with the services that many beauty shops were offering in the UK. The aspect of talent envisioned Anita to review her natural skill and ability that gained proficiency through personal experiences to establish an all-round body shop that could allow customers to buy all beauty products within one roof (The Body Shop 2012). The main characteristics of leadership include adaptability, empowerment, commitment, contribution, and critical problem solving skills. The aspect of adaptability influences the adjustments that may be required in exercising influence over a challenge.Advertising Looking for report on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More Through these adjustments, Anita was in a position to model a unique setting that reassures and discerns the wants and desires of the subjects. Besides, she inspired self esteem and confidence among the subjects to align their feelings to specific intuition or instinct in her body shop concept. Through this leadership, she was able to facilitate the degree of empowerment feeling and faith in solutions given to her clients (Bustin 2004). Leading Others Since leadership inspires the need to contribute proactively towards creation of a suitable environment for closing the gap that may exist between a challenge and its solution, Anita used creative leadership which is a rich recipe for an imaginative response to stimulation that created a wider chain of adaptation of viable solutions to the demands of her clients (Slack, Chambers, Johnston Betts 2005). Through proactive management, Anita rolled out an organized process within her business that involved setting, planning, managing customer demands and deploying assets to achieve specific goals and objectives such as offering competitive prices and convenience to customers. Since management is about reproducing an action plan and implementing the same, Anita developed solutions that addressed the concerns of her diverse customers with different preferences. This strategy was successful since Anita inspired trust on the long-range perspective that challenged and concentrated on doing what was right and not ideal for the clients (The Body Shop 2012). Conclusively, leadership development focuses on how individuals think about themselves and activities that affect these thoughts and feelings in an organizational environment especially during selection, perfection, and persuasion procedures.Advertising We will write a custom report sample on Leadership Motivation: Anita Roddick, Founder of Body Shop specifically for you for only $16.05 $11/page Learn More Therefore, it is critical to analyze the concept of leadership in management in order to understand the unique features that are independent of each other and have the same scope. Anita successful applied these concepts to develop a successful business empire in the UK. References Bass, B. (2000). Bass StogdillÃ¢â¬â¢s handbook of leadership: Theory, research, and managerial applications. The Free Press, New York. Bennis, W., Goldsmith, J. (2003).Learning to Lead. New York: Basic Books. Bustin, G. (2004). Take Charge: How Leaders Profit From Change. Irving, Texas: Tapestry Press. The Body Shop. (2012). Dame Anita Roddick. Web. This report on Leadership Motivation: Anita Roddick, Founder of Body Shop was written and submitted by user Tate Stevens to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.
Tuesday, March 10, 2020
Evidence Against Oswald Essays - Lee Harvey Oswald, Free Essays Evidence Against Oswald Evidence Against Oswald Lee Harvey Oswald, assassin or wrongfully accused? Even though many people believe Oswald was not guilty or that he was not the only assassin, important evidence points all fingers directly at Lee Harvey Oswald. There are many key factors involved in the Warren Commissions investigation that helps convict Lee Harvey Oswald. Though there are many skeptics of the Warren Commission Report, any theories supported by such people who believe that Oswald was not guilty are clearly missing all the facts and are overlooking evidence that shows Oswald to be guilty. The primary evidence, as well as secondary and circumstantial evidence make it clear that Lee Harvey Oswald had motive, means and opportunity to assassinate President John F. Kennedy. To understand why Oswald was arrested for the murder of J.F.K., you need to know of Oswalds whereabouts during and after the time of the shooting and why the police knew where to find him. At approximately 1:16 p.m. on November 22, 1963, a Dallas police officer by the name of J.D. Tippit was shot and killed. Oswald was seen on Jefferson Boulevard less than one mile from the shooting of the officer and was seen by Johnny Calvin Brewer, a manager of a shoe store a few blocks from the Texas Theater. Brewer described Oswald as acting suspicious, he stated, When he heard the police sirens, he looked upand turned around and walked up West Jefferson avenue towards the theater after the police car turned around (Warren Commission Report, pg. 177-178). Mr. Brewer followed Oswald to the Texas Theater because of his suspicions after hearing on the radio announcements of Kennedy being shot. When Mr. Brewer reached the theater he noticed that the man he was following (Oswald) had entered the thea ter without paying. Mr. Brewer informed Mrs. Postal, the ticket office sales person, and she then phoned the police. At 1:45 p.m., police officers appeared at the Texas Theater where Brewer pointed out Oswald to them. Officer McDonald then approached Oswald and while attempting to reach for the gun on Oswalds waist, Oswald struck McDonald (Warren Commission Report, pg. 178). McDonald seized the gun from Oswald and Oswald was arrested as a suspect in the murder of J.D. Tippit. This is very important because if not for Oswald entering the theater without paying, he may not have been arrested and then later be singled out in several police lineups. Howard L. Brennan was an eyewitness to the shooting of John F. Kennedy. Brennan testified that he saw a man fire shots from the sixth floor window of the Texas Schoolbook Depository. The window was approximately one hundred and twenty feet away from Brennan, (Warren Commission Report pg.44), putting him in an excellent position to observe anyone in the window. The night of the assassination, Brennan identified Oswald in a police lineup as the man who most clearly fit the description of the person he saw firing shots from the Depository window. With an eyewitness to the murder of J.F.K, the police now had someone under the arrest for the murder of the President. Brennan had testified that it was the sixth floor window from which he had seen Oswald firing shots and it was there that the police recovered a Mannlicher-Carcano rifle. This rifle had the markings including MADE ITALY, CAL.6.5, 1940 and the serial number C2766 (Warren Commission report pg. 81). Joseph D. Nicol, who at the time was the superintendent of the Bureau of Criminal Identification and Investigation for the state of Illinois, and Robert A. Frazier, a special agent of the FBI (Warren Commission Report pg.84), testified to the Warren Commission. They positively stated that the bullet found on the stretcher at Parkland hospital and bullet fragments found with in the presidential limousine were fired from the Mannlicher-Carcano rifle with the serial number C2766 to the exclusion of all other rifles. Now that the gun that killed Kennedy had been identified, the next step was to positively identify the owner of the gun. The FBI learned that the rifle was distributed from Crescent Firearms Inc, which shipped the rifle with the serial number of C2766 to Kleins Sporting Goods Co. The store searched its records and
Sunday, February 23, 2020
Marks and Spencer - Essay Example According to the latest assurance statement being published, Marks and Spencer had been able to take care of most climate change issues, all of the 100 commitments that it made under Plan A and has also taken care of 32 of the safety and health standards underlying Plan A by 2009. But there are certain limitations in this regard as well. For instance, the company did not abide by the group performance degrees while claiming the completion of Plan A commitments. A lookout for prior to zeroing down upon a company are two aspects define the degree of responsibility that a company complies to while operating its business and their crucial nature often drives these companies to reach out any measures for accomplishing them. Marks and Spencer indeed had complied with the expectations of its investors and stakeholders as promised in Plan A. the company not only undertook measures to retain environmental sustainability but also indulged in community services which even helped it earn rewards from Business in the Community. However, there still remain subtle rooms for improvement in this aspect even though it had come a long way towards a better governance and sustainability position over the last few years.... They must be sufficient enough to motivate the employees to their jobs but not more than needed. In addition, remuneration is incentive based for executive directors, a chunk of whose incomes will base upon individual and organisation performance. However, the structure of their package should be decided in a transparent and fair manner. For instance, no executive will be indulged in deciding his own financial reimbursement. Audit Committee The Board must publish a comprehensible and evaluative company financial report at regular intervals and make transparent arrangements for implementing these reports. Furthermore, it is also the CommitteeÃ¢â¬â¢s responsibility to look after internal control of the firm to protect the interests of shareholders as well as that of the company. They produce an internal audit report where they mention the pace of work being carried on post submission of the report. This report identifies the risks as well as the weaknesses that the company is feature d with and have to be tackled in order to meet the annual targets. Shareholder Relations The company supports a timely dialogue interaction with its shareholders to arrive at mutually agreed company objectives. It is the BoardÃ¢â¬â¢s responsibility to watch over the fact that a pleasing conversation takes place with the shareholders. In addition, investors should be allowed to fully participate in the Annual General Meetings of the company to voice out their concerns (Marks and Spencer Group plc, 2010). Institutional Shareholders There must be a mutual understanding between institutional investors and the company under concern. In addition, these shareholders have voting