Da Vinci Essays - Giftedness, Renaissance Painters,

Da Vinci I chose Leonardo Da Vinci as the greatest renissance personality. I chose Da Vinci because he made many contributions to the time period. Da Vinci was an artist, a scientist, and a philosopher. A lot of the famous artists and thinkers of the time weren't recognized as being great for many years after their death. The kings and other important people of the time recognized Da Vinci as a great artist. This is why I chose Da Vinci as the greatest renissance personality. Leonardo Da Vinci was born in 1452 on his father's estate in Vinci, Italy. At 15 his father had noticed Leonardo's potential and had decided to send him to be an apprentice to the artist Andrea del Verrocchio in Florence. This was also when he first developed an interest in anatomy. In 1482, Leonardo was hired by the duke of Milan, Ludovico Sforza, to be artist and engineer. He stayed in Milan for seventeen years. There he completed five paintings: two portraits of the 'Last Supper', two versions of 'The Virgin of the Rocks', and a decorative ceiling painting in the Castello Sforzesco. In Florence, he was commissioned to do a number of paintings, but other interests and tasks kept him from finishing them. The most well known piece to survive from this time period was the famous "Mona Lisa". During the years 1513 to 1516, Leonardo was in Rome at the invitation of Cardinal Giuliano de' Medici, brother of Pope Leo X. His work in painting and sculpture over the next seven years remained mostly in the planning stage. But his scientific work flourished. He continued his notebooks with observations and drawings of human anatomy, optics, mechanics, and botanical studies. In 1516, at the age of 65, he accepted an invitation from Francis I, king of France, to leave Italy and work for him. Leonardo spent the last three years of his life in the palace of Cloux, near the king's residence at Amboise, near Tours. He was given the title of "first painter, architect, and mechanic of the King" and given freedom of action in what he wanted to do. No matter where you go in the world, everyone knows of the "Mona Lisa". The picture is on stamps, shirts, posters, and just about anything else you can think of. It one of the most well renowned paintings in the world. This piece is unusual because of the mystery of the painting. To this day no one knows whether the woman in the painting was a real person, or whether it was Leonardo's vision of himself as a women. Leonardo Da Vinci had a very strong influence over the world, artistically and scientifically. Leonardo devised plans for prototypes of an airplane and a helicopter. His extensive studies of human anatomy were shown in anatomical drawings, were among the most significant achievements of Renaissance Science. Due to Leonardo's remarkable illustrations, European artists began to study the model of nature more closely and to paint with the goal of great realism. They learned to create lifelike people and animals, and they became skilled at creating the illusion of depth and distance on flat walls and canvases by using the techniques of perspective. He is deservedly considered one of the greatest painters of all time. This is why I think he is the greatest renissance personality.

Alactraz essays

Alactraz essays Imagine yourself existing in a dirty, smelly, cold prison cell that has water dripping down the walls from the ceiling and hardly ever seeing daylight. If you were a guest at Alcatraz, that is exactly what you would experience. Alcatraz was a Federal Prison located in the San Francisco Bay. It was built on a twelve acre, solid rock island, one mile from the main land. There were no roads or bridges built to get there. The only access was by boat. The name Alcatraz means Pelican or strange bird. The reason it was named that was because when it was being built it had a lot of strange birds on it. It was built in 1933 as a federal maximum security prison. But prior to Alcatraz being built it had been a military prison and before that an Indian Reservation. There have been several famous inmates who served time at Alcatraz. A short list would include Al Capone, George "Machine Gun" Kelly and Robert "Birdman" Stroud. Al Capone was convicted of mass murder after ordering his gang of mobsters to gun down 9 members of a rival mobster family execution style. It was said to be the most brutal mass murder in history. He was held at Cook County Jail in Chicago until arrangements could be made for his transfer to Atlanta. On May 4, 1932 he started his prison sentence there. It was not until August of 1934 that he was transferred to Alcatraz. He spent 4 1/2 years there. It wasnt an easy time for "Big Al". He got in a fight with another prisoner and was put in isolation for eight days. He was also stabbed with a pair of shears while he was getting his hair cut. After being diagnosed with a terminal disease in 1938, he was transferred to Terminal Island Prison in Southern California to serve out the remainder of his sentence. He was released in November of 1939 and died in his Palm Beach Mansion on January 25, 1947. George "Machine Gun" Kelly got his name by waving around a machine gun, threatening to blow everybodys he ...

A research about plastic pollution in California Paper

A about plastic pollution in California - Research Paper Example This trash does not simply go nor does it decompose, it stays and pollutes the environment in a range of ways. Plastic is the most extensive form of rubbish disposed to our ecosystem and the issue has become a problem in need of instant solutions because its effects to our environment are devastating environmentally. California would have been the first state in the nation to implement a ban on the plastic ban in July 2014. However, due to the intervention of industries associated with plastic and bag manufacturing who paid some amount to stop this ban, the state pushed forward the deadline to November 2016. Other organizations as well contributed against the lobby with the aim of keeping factory workers’ jobs intact as well as preventing the 10-cent per paper bag used pay for all residents in California. All people resident in California should be at the forefront in advocating for the new bill concerning banning plastic bags because their pollution poses far reaching environ mental as well as health issues to the lives of human beings, animals, marine life and other species in the ecosystem generally. Environmentalists are the leading groups of people pushing for major changes of human behavior with regard to plastic bags menace. The leading plastic distributors are always stores and malls who give consumers these bags free and after using them go ahead and discard them aimlessly without minding their effects on the environment. This issue has been at the central part of many debates and it has created different opinions from the citizens of California. Those in favor of the ban have come up with measures to curb the plastic bag menace but opponents, a great number of whom are the plastic industry and bag manufacturers are against this move (Kumeh). This has created a row such that the state secretary announced a referendum to let the public decide about this decision. Plastic bags need replacement of a better substitute

Blindsight Research Paper Example | Topics and Well Written Essays - 1750 words

Blindsight - Research Paper Example The result is that there is a reduction in the visual sensitivity that responds to luminance contrast; the case being more severe in case of high spatial and low temporal frequencies (Barbur, Harlow, & Weiskrantz, 1994). It is also a phenomenon that this sensitivity is not totally finished off in case of low spatial and high temporal frequencies and this is the reason that several reports have been made of residual visual capacities; in this is included detecting and discriminating any stimuli that may be present within the field defect. Such is what happens in forced-choice tests (Cowey, 2010). The phenomenon of blindsight does not just state that it is normal vision but in the absence of awareness. Besides the loss of primary visual cortex, there is another issue that has to be considered. Retrograde degeneration of relay neurons within the subsequent areas of the lateral geniculate nucleus and concomitant transneuronal degeneration of as much as 90% of the retinal ganglion cells ( especially the P? ganglion cells) (Cowey, Stoerig, & Perry, 1989) is responsible for the extremely low contrast sensitivity for low temporal and high spatial frequencies, with subsequent damages to the capacity of discriminating form, reduced motion, and wavelength (Cowey, 2010) – these skills are usually dependent upon the parvocellular system (Schiller, Logothetis, & Charles, 1990). Literature Review The problem of blindsight in human beings has a certain exceptional property. This property states that there is a possibility of detecting and discriminating a stimulus even without there being any subjective awareness. That means, a person suffering from blindsight does still have certain visual abilities, and two of these capacities include detection and discrimination of movement (Weiskrantz, 1986). The patients suffering from blindsight are actually blind to conscious visual perception but they do have the ability of performing visual manual reaching works, which means tha t they can respond to visual information although they do not have any visual perception (Sanders, et al., 1974). According to certain studies cortically blind patients have the ability of discriminating the direction of motion of single spots (King, et al., 1996) and bars (Azzopardi & Cowey, 2001); they are better able to discriminate the faster moving things and this suggests that their sensitivity to high temporal frequencies is increased (Barbur, Harlow, & Weiskrantz, 1994). The cases of blindsight that have already been published had been caused due to lesions in the visual cortex. These patients still adhere to their feature of functional vision, for instance the ability to detect movement, to point correctly at light flashes in the absence of conscious visual perception, and to be able to guess if there is a stimulus in the visual blind field. The cortically blind patients do not hold the ability of discriminating the direction of the stimuli movement that does not change its location globally, for example, gratings and random dot kinematograms that depict transformation, comparative movement, and motion in depth (Azzopardi & Cowey, 2001). There is still a possibility of there being a difference in the direction discrimination and random kinematograms, gratings and so on, due to the fact that such stimuli concern themselves with various motion-processing methods that are reliable in relation to the variations that might be present between them regarding their local and global features. When this argument is considered it will be possible for there to be discrimination of direction in the cortically blind visual field on the grounds of a method which directly perceives movement information of the stimulus.

Business Entities, Laws, and Regulations Paper Term

Business Entities, Laws, and Regulations - Term Paper Example The next step is to fulfill these legal formalities by complying with the mentioned regulations and lastly to keep a track of the time period for submission of the taxes and trademark fees to remain eligible for the protection and enforcement rights (‘Business’, 2011). In the United States, there are various options for owning the rights in a business. The SBA website of US Government highlights that apart from sole proprietorship and partnership form of business entity, one can form a Limited Liability Company (LLC), non-profit organization, S corporation or a cooperative (‘Follow’, 2011). Each of these business ownerships require that it should be registered with the government within a stipulated time frame. 1.2) Trade Name/ Trademark Search According to the United States Patent and Trademark Office, the business entity has to apply for trademark availability search. Once the desired trademark has been allowed for adoption, the trademark is applied for re gistration in the name of the applicant. The registration of the trademark acts as a legal document which authorize the owner to use, manufacture, export, import, sell, license or assign the trademark and goods under the trademark for a defined period. Those cases where the trademark used is the ownership of another applicant would be considered an infringement of intellectual property rights which is penalized. Therefore, it is important for the business to take a thorough check of the availability of the trademark before the founding of the business entity. 1.3) Taxation The US Government have laid down the various taxes which a business entity has to pay on a frequent basis to remain legalized. An import or export business has to pay custom taxes, excise duties, and other related taxes upon every consignment or shipment of cargo. The restaurant business however, is required to charge sales tax on each order and to file the sales tax returns along with business tax returns every f iscal year. Additionally, there are property and automobiles taxes which have to be paid accordingly. 1.4) Insurance The insurance is a necessary part of a business in the modern times. Particularly, in the import or export business the law requires that each consignment is fully insured to remain protected of the future unprecedented occurrences. 1.5) Risks Business involves risks. However, one has to identify them and take necessary precaution to avoid any losses. 1.5.1) Failure: In a newly launched business of a restaurant, the first and primary risk is of failure in business which ends up in winding up and withdrawal from the market. Due to high competition in this field and high demand of quality food, there are high risk factors that signal towards loss. Nevertheless, the sports bar concept act as a competitive edge to the business and can help it to remain afloat. 1.5.2) Entry of New Competitors: Other risks include the copy-cats or the entry of new competitors in the busines s copying the similar method of forming a sports bar with a different and advanced style. This is the most expected risk in a business which is the driving force for strengthening or failure of the business. 1.5.3) Lowering of Profits: Another risk is of increase of competition leading to lowering of

Mcdonalds Have Used Effective Global Expansion Strategies Commerce Essay

Mcdonalds Have Used Effective Global Expansion Strategies Commerce Essay The McDonalds is one of the most thriving global restaurant chains around the world. McDonalds have used effective global expansion strategies to enter new markets and gain a share of the foreign fast food market. This report presents McDonalds best practices in the global food industry, international growth trends and challenges.   It will also look at the McDonalds Corporation in relation to its major competitors and analyze how the company has responded to its surrounding environment. In closing, report will look at the prospects for McDonalds future and it will be clear that McDonalds will be able to maintain its dominant market position. It will continue to be a model that serves as a benchmark for others in the industry. Overall, the report provides an overlook of how McDonalds creates both customer and brand loyalty for their products and services. This report focuses on McDonalds international success, challenges and strategies. Index 1: Introduction -05 1.1. Background of the report06 1.2. Aims and Objectives:-06 1.3. Methodology06 2. Literature review and Analysis09 2.1. Environmental factors impacting upon McDonalds09 2.2. Strategic analysis of McDonalds16 3. Conclusion -21 4. Recommendations22 5. Reference:23 1. Introduction In the world of globalisation the fast food business is the most dynamic and growth orientated business. And without any doubt McDonald is the leader of all. McDonalds Strategy is continued growth, providing exceptional customer care, remaining an efficient quality producer, offering high value effectively marketing. Now McDonalds is a global scale brand. Since the start of the company in 1973, McDonalds Corporation began spreading domestically throughout the United States thus establishing its brand recognition. Its initial strategy began by advertising directly to the middle and upper class citizens, as can be seen in countries such as India and China. However, with its many bargain deals on several of its food items, McDonalds began to cater to several people belonging to the lower class. The key strategic elements that make McDonalds so successful is adding 700-900 restaurants annually, using new menu items, low price specials, extra value meals to promote frequent customer visi ts, being highly selective in granting franchises, choosing sites convenient to customers, focusing on limited product line consistent quality ,careful attention to store efficiency extensive advertising use of Mc prefix, hiring courteous personnel; paying an equitable wage; providing good training. Originated in Ray Krocs founding principles of Quality, Service, Cleanliness Value, McDonalds management has constantly believed in being a leader in issues that affect their customers. This belief is evident in McDonalds involvement in various community projects regarding education, health care, medical research, and rehabilitation facilities. These activities help the corporation to extend their image beyond fun and entertainment into social responsibility. Background of the report The background of this report is to evaluate environmental factor and key drivers impacting McDonalds success and strategy. The McDonalds restaurants are operated by MacDonalds Corp, franchisees, or affiliates under joint venture agreements. At March 31, 2005 there were 18,306 franchised restaurants (generating 60% of 2004 system wide sales), 8,091 company operated restaurants (27%) and 4,111 affiliated restaurants (13%). In addition to the McDonalds restaurants operating under the same brand name, which is one of the 10 most popular brand names in the world, McDonalds Corp operates other restaurant chains under its Partner Brands which include Boston Market and Chipotle Mexican Grill. The restaurants operating under these brands are approximately 1,000 and represent 3.22% of the stores operated or franchised by the company. (www. Mcdonalds.com) Aim and purpose of the study Aim and purpose of the report is to evaluate and analyse the key drivers that impact MacDonald success and strategy, its swot analysis and examine current strategies. Methodology Pure research is concerned with the expansion, examination proof and improvement of the research methods and techniques and tools that from the body of research methodology. Examples of clean research include just beginning a sampling method which can be applied to a specific situation; developing a methodology to access the force of the procedures. Normally research in the social sciences is applied. In other words the experiments, methods, and research tools which is called the research methodology. Research methodology is useful to collect the information in the different aspects of an issue, problems and situations. Research will carry out mainly, using the qualitative method of research methodology, as the nature of research is based on primary data which will be collected by doing personal interview questionnaires. Quantitative vs. Qualitative Quantitative research is based on the measurement of the quantity. It is applicable to phenomena that can be expressed in term of quantity. The importance of the primary narrative and theoretical conjecture Figure : 3.1 Source: Remenyi, D et al (1998), Doing Research in Business Management An introduction to Process Method pp-125, by Sage Publication. According to Saunders (2000) the research philosophy depends on the way we think about the development of knowledge and this thinking affects the way we do search. Whilst undertaking the research, a clear understanding of research philosophy is essential since it helps the researcher to refine and specify the research methods to be used in a study, that is, to clarify the overall research strategy to be used (Easterby-Smith et al., 1997) 2. Literature review and Analysis This chapter will provide a detailed literature review. The literature review helped frame the initial focus of this study, as well as focus the data analysis Swanson Holton, (1997). Literature reviews help researchers limit the scope of their inquiry as well as act as a benchmark for comparison purposes. According to Creswell (2003) literature reviews provide a framework for establishing the importance of the study. According to Swanson and Holton (1997), Research is a process of a specific type of outcome. Outcomes of research are new knowledge, obtained through an orderly, investigative process. Typically the research process begins with attempting to solve a problem, which is done by asking a question and identifying a solution or, in essence, drawing a conclusion. 2.1 Environmental factors impacting upon McDonalds McDonalds is one of most thriving companies in the world today. With its rapid globalization, the firm has been able to expand and maintain numerable growth; as well as continuing to explore with its growth potential in the coming years. From the creation of the companys development in the United States, to its spread in England, Australia and more recently India and China, the firm has been able to provide a variety of hamburgers and other foods to its consumers. From the Big Mac, to the Maharaja, the companys successive strategies, specifically with heavy research and development have allowed it to fulfill the tastes of locals in every country it operates. Its leaders in all of its major departments have established prices worldwide in all types of currencies, making its foods affordable for customers of all classes. The companys challenges of providing healthier foods to its patrons have contributed to its financial success, thus enabling loyal consumers. In certain countries, suc h as India and China, eating at a McDonalds has become a luxury, primarily among the middle class, who feel a sense of empowerment that they too can afford to eat at quality restaurants. However, as the company continues to settle into its new environments, it will slowly cater to the lower class, as can be seen in the United States. The strategies developed by its experts, thus allows for the company to increase in revenues, quality, and bring about consumer satisfaction. McDonalds SWOT analysis Strengths MacDonalds has a strong global presence with its nearest domestic competitor being only half its size, McDonalds is the market leader in both the domestic and international markets. MacDonalds benefit from cost reduction through economies of scale because of its enormous size and its huge global presence allows it to diversify risk involved with the economic performance of specific countries. In international markets, MacDonalds is well placed to expand and take advantage of long-term economic growth. Weaknesses The food industry is really saturated. As a result of this, MacDonalds has to deal with the prospect of looming market saturation, which could make it difficult to add new outlets. The market is forecast to grow by around 2% per year. Opportunities MacDonalds sold its Donatos Pizzeria back to its founder in 2003 and discontinued Boston market operations outside of the US. The company will instead focus on Chipotle Grill which is the companys most successful non MacDonalds branded chain of restaurants. Also to increase profitability the company has slowed its expansion of McDonalds restaurants so as to refurbish and change the image of current restaurants and adding new features such as Internet access. Threats McDonalds is exposed to changes in the global economy. The companys aggressive international expansion has left it extremely vulnerable to other countries economic slowdown. Foreign currency fluctuation is also another problem global companies like McDonalds. The Fast food industry is becoming an increasingly competitive sector. MacDonalds keeps up with competitors through expensive promotional campaigns which leads to limited margins to gain market share. McDonalds is attempting to differentiate itself, with new formats and new menu items, but other fast food industry are doing the same too. McDonalds SWOT analysis shows us that even though there are many threats against the fast-food industry, McDonalds occupies a relatively strong position in the global marketplace.   According to the five forces model, the strongest competitive force is between rival sellers in the industry.   This SWOT analysis shows the much strength that Mc Donalds employs to keep itself at the top of the fast-food industry.   Although there are various weaknesses, these can all be turned around following the McDonalds Plan to Win, which was implemented with the hiring of Jim Cantalupo.   Obviously all fast-food chains are going to have to combat the new consumer health expectations, but we feel that under Cantalupos leadership, McDonalds has a strong enough consumer base to grow in the upcoming years.   The financial analysis shows certain flaws in McDonalds finances, but these are largely due to the expansionary policy in place in the company.   SWOT Analysis and Grand Strategies Source:  P. Wright, C.D. Pringle, and M.J. Kroll,  Strategic Management,  2nd ed. (Boston: Allyn and Bacon, 1994), Competitive Forces The quick-service sandwich industry faces competitive pressures from a number of forces.   The major competitive threats originate from competing sellers in the industry as well as firms in other industries that offer substitute products.   McDonalds main competitors within the quick-service sandwich industry are continually deriving new strategies through offensive and defensive tactics in order to gain customers and market share.   In 1989, Wendys implemented the 99 cent value menu as an offensive strategy to gain customers looking for a quality product at a value price.   In response, McDonalds and Burger King took a defensive approach and also instituted a value menu in their respective stores so that they wouldnt lose market share and customers to Wendys.   Firms in the quick-service sandwich industry are constantly jockeying for better market position through offensive strategies and in response to these strategies, other firms will take a defensive approach to guard against that offensive move made by the rival firm. Forces in the Industry Analysis Source: Based on M.E. Porter,  Competitive Strategy: Techniques for Analyzing Industries and Competitors Substitute Products In addition to competition from rival sellers in the industry, sandwich firms also face intense competitive pressure from firms in other industries selling substitute products.   The substitute products for the fast-food industry are probably some of the most diverse in the world.   These substitute products may include products purchased from the local grocery store, food from sit-down restaurants, or delivery foods such as pizza.   The primary issue with these substitute products is that they are readily available to the customer and the customer tends to view them as being comparable or better in terms of the quality of fast-food products.   Another issue that faces the fast-food industry is the availability of products that cater to the health-conscious lifestyle.   The majority of the public tends to view fast-food restaurants as primarily serving foods that are high in fat content and unhealthy and as a result they are likely to look elsewhere for a healthy alternativ e.   In response to the product offerings, buyers also exercise a great deal of bargaining ability through their purchasing power.   While fast-food products may not always be associated with health and quality, fast-food restaurants to possess a major advantage over firms selling substitute products through the price of their products and the quick, convenient service.   New Entrants The threat of potential new entrants and the bargaining power of suppliers is not a significant competitive force in the fast-food industry.   Occasionally, new entrants will come along and compete with firms in the fast-food industry and offer substitute products.   However, in order to compete on a large scale, it will require a great deal of capital to invest in real estate and build physical restaurant locations.   In addition, the market is already so saturated that the new competitor might find it difficult to establish a customer base and become profitable.   Suppliers in the fast-food industry do not have substantial bargaining power due to the fact that firms in the fast-food business tend to purchase their materials from various outlets.   One company might purchase their meat supplies from a couple different meat manufacturers, then purchase their dairy needs from a number of different dairy companies, and also purchase their bakery products from a variety of sou rces.   Since the fast-food firms divide their purchases among a diverse array of suppliers, the suppliers tend to have little or no bargaining power or leverage since there are multiple suppliers for the same products.   Driving Forces   There are a number of driving forces which have molded the current state of the fast-food industry.   In the beginning, fast-food companies typically focused on being the low-cost provider and sought to expand into as many markets as possible.   As these national brands have grown, the markets they are competing in have become overly saturated with restaurant options.   As a result, the fast-food industry has begun to focus on the needs of the customer.   The buyer has a great deal of leveraging power due to the fact that if they are dissatisfied with one brand they can easily switch or purchase from an alternate brand with little or no monetary repercussions.   The fast-food firms have implemented strategies to improve the quality of customer service and the cleanliness of the restaurant locations in order to please their customers in hopes that they will become a repeat customer.   Health Factor All fast-food hamburger chains, McDonalds included, are forced to respond to the shift in customer preferences from high-calorie burger and fries to healthier items such a deli sandwiches and baked potatoes. All the chains are expected to be struggling for several years to come to meet new consumer health expectations without compromising the original menu items. McDonalds customer service and opposing points    As years have progress many issues have arisen for McDonalds but the greatest is probably its poor customer service. A customer service index done in 2003 found that McDonalds has the lowest the customer service ranking in the fast food industry and is ranked even lower on customer service than the IRS. One reason for this is a high employee turnover rate. McDonalds has the highest employee turnover rate among its competitors. Another contributing aspect to the poor customer service is slow service at the drive-through window. McDonalds currently ranks fifth in speed at the drive-through window and 19th in accuracy. If you compare its speed and accuracy to its competitors and keep in mind that McDonalds generates 60 percent of its revenue from its drive-through and assume it is losing one percent of revenue for every six seconds that its behind, than McDonalds is loosing approximately 97,000 dollars annually. While McDonalds feels positive about its newly implemented changes the critics are rather skeptical. It was stated that long-term they believe that it will be tough to sustain growth and margin expansion. Specific concerns include McDonalds ability to maintain it current level of product innovation and competitors ability to copy those ideas. The critics even went as far to question if McDonalds recent improvement was more of a reflection of the market and the dollar rather than its newly implemented strategy. In response, McDonalds officials stated that they will need to deliver on their stated goal of sustaining increases in sales and operating income. Following with the most significant question of weather or not the new changes will sufficiently provide McDonalds with core competencies necessary to build a sustainable competitive advantage in the global fast-food industry. 2.2 Strategic analysis of McDonalds McDonalds Global strategy McDonalds already holds a strong position in the global economy.   It is recommendation that they decrease expansion in the almost saturated domestic markets, and continue their expansion in foreign countries, such as Asia, and the Pacific.   Companies generally expand into foreign markets in an attempt to gain new customers and capitalize on core competencies.   McDonalds core competency is that they are able to produce and sell quick and cheap food to a large number of customers.   With this concept, they have been able to expand into other countries, and they currently are the largest global fast-food chain in the world.   Since they already hold this lucrative position, they should continue expansion in an effort to drive out competition.   One strong recommendation would be for McDonalds to expand into emerging markets.   Since they focus on low-priced food, it is likely that many could afford their products, and therefore, McDonalds could expand into a stronger co mpany. Politically Sensitive Strategy One of the companys major concerns was to develop ways to avoid political confrontation with the Indian government. The other major concern was to be careful of the religious sensitive in India. Almost 80% of Indians do not eat beef, and over 150 million Indian Muslims do not eat pork, therefore, instead of supplying the normal Big Mac, which consists of beef, the company developed the Maharaja Mac that is made of two lamb patties. Other foods were also added to the non-standardized menu including McAloo Tiki Burger, and other common Indian dishes. Emphasis on Local Management Throughout the world, McDonalds prides itself in hiring locals, specifically management in order to gain acceptance into the country by its citizens. The emphasis is based on the think global, act local theme of the company. For instance, the company decided to establish two joint ventures with two local entrepreneurs in New Delhi, who were selected to manage the fast food restaurant. This strategic move allowed the company to gain easy access to the bureaucracy associated with the countrys government. Employment Opportunity Foreign enterprises are often reluctant to hire locals in their companies, specifically at the managerial positions, however, McDonalds research concluded that in order to survive the brutal Indian government, it would have to hire locals as cashiers, cooks, managers, etc., as well as provide jobs for the countrys agricultural workforce. In fact, McDonalds outsources its products to several Indian companies throughout India. This provides evidence to the Indian government that McDonalds is not only customer friendly, but also employee friendly. Environmental Friendliness In order to achieve a positive reputation, as well as follow local and national policies of a country, McDonalds tries to establish services that are environmentally friendly. India is an example where the company provides financial contributions and sponsors several community related activities in order to promote environmental protection. This is primarily seen within schools; thus indicating that the company also supports local schools. Corporate Citizenship In order to better its reputation, this multinational firm gives back to the local citizens in all countries it operates. For example, the company provides several financial donations to local organizations. This is one way to encourage consumers to eat at its restaurants, as it is an incentive that is used to spread the name. Diversification One strategy that McDonalds as well as many of the other fast-food chains have embraced is that of diversification.   We feel that McDonalds should continue this trend.   With the large health-craze hitting the United States, many restaurants have to change to healthier, higher quality menu items.   The fast-food industry is no exception.   Healthier burgers, low-fat salads are all popping up on menus across the country.   We feel McDonalds should continue its diversification and incorporate more healthy foods, including low-carb burgers and fries.   If McDonalds is able to stay ahead of the competition in this aspect, they will have a strong competitive advantage over such companies as Wendys and Burger King.   Defend strategy The purpose of this strategy is to make it harder for challengers to gain ground and for new firms to enter. A fortify-and-defend strategy works well with firms that have already achieved industry dominance. Since McDonalds is already the industry leader in the fast-food market, they can opt for a number of tactics using this strategy to maintain their industry position. They can continue their expansion tactics by continuing to open more stores around the world. This expansion would help defend against and help to discourage smaller companies from increasing their market share. In addition, they can also elect to invest capital in RD to aid in developing new technologies for their operations. These new technologies will help them remain cost-competitive and technologically progressive. Recommended strategy for McDonalds The main goal of the stay-on-the-offensive strategy is to be a proactive market leader. The principle of this strategy is to continually stay one step ahead of your competitors and force them to play catch up. McDonalds is already the industry leader in the fast-food industry with a market share of 33 percent compared with the number two chain in the industry, Burger King at 13 percent market share. They can stay out front by implementing technological improvements in their restaurants to enhance the production methods or to improve the ordering process of the customer. In addition, they can also introduce new or better product offerings to satisfy the needs of their customers. The best approach that McDonalds can take through this strategy is to improve their customer service. McDonalds customer service ranking was the lowest in the fast-food industry and was even lower than the Internal Revenue Service. To improve upon this substandard attribute, McDonalds should revamp their train ing process for newly hired employees and introduce new educational modules for currently employed personnel. Training and learning McDonalds should put more emphasis on training of its employees as part of their strategy of growth. Training and learning is the main tools for HR to prepear management for any upcoming change in the organization. According to Beardwell and Claydon (2007) the role of formal training in organisation today appears to have declined significantly. Firstly, the speed with which skills requirements change in some sectors means the formal time consuming, to deliver efficiently as required. Secondly, the growing recognition of Human resource development as a tool to achieve competitive advantage has raised awareness of the need of the embrace learning as a central strategic concern and to be part of the culture of the organisation. Employees, employers, managers, leaders, government, European and international bodies, customers and Human resource development specialist consultants all of them needs more training for the future. Equal opportunity Equal opportunity, means changing workplace behaviour in the areas of discrimination, sexual harassment and affirmative action to ensure that all employees have equal access to fulfilling and productive working lives. Wright,N (2003) 3. Conclusion In analyzing McDonalds, the strengths, weaknesses, opportunities, and threats were inevitably explored to better understand the current situation. This SWOT analysis shows us that although there are numerous threats against the fast-food industry, McDonalds occupies a relatively strong position in the global marketplace.   According to the five forces model, the strongest competitive force is between rival sellers in the industry.   This SWOT analysis shows the much strength that Mc Donalds employs to keep itself at the top of the fast-food industry.   Although there are various weaknesses, these can all be turned around following the McDonalds Plan to Win, which was implemented with the hiring of Jim Cantalupo.   McDonalds has adopted many strategic changes during its business cycle.  McDonalds business will continue to thrive as long as the core competencies are recognized and never forgotten.   With every issue and challenge the corporation faces, it has the opportunity to improve itself and prove itself to the public, shareholders, and stakeholders.   With every battle conquered, another one rises and with a secure mission and vision in mind, the corporation should never stray too far from the roots and success of the company. The recommended strategy will strengthen this plan because it is doing what McDonalds does best and more so.   Despite the downturn the company has seen, the general impression we receive from McDonalds financial situation is that the company is slowly climbing out of a low period and making a turnaround.  Ã‚   We must never forget the key success factors of the business which really makes the business for what it is today, including franchises that off er quick, efficient service in a clean friendly environment. 4. Recommendations Team building Team building is crucial for any individual McDonalds store for improvement of their sales figure and as a whole for the organization. If the organizations have the proper team than they can face all sorts of challenges, they can achieve the competitive advantage, and organizations can maximize their profit. Sustainable growth Managers and employees of McDonalds need to put more effort about the sustainable growth. In this constant changing world of organizational dynamic only sustainable companies will survive. McDonalds should have concern more on their product and the way they produce it , and environmental issues. Total quality management Total quality management is the key of the success in the development path. If everything is done by as they planned, than they will the quality in every field of the organisation. The reason behind is, why researcher is emphasizing on these studies, because after covering these factors managers, employees and organisations will get the continuous development path.

Between The Forest And Greed :: essays research papers

Between The Forest and Greed Within the past decade there has been a rising "environmentally conscious" movement. The spectrum of issues in contention by environmentalism has expanded virulently and is reaching its zenith. Public dissatisfaction with the environmental movement is forming, as the movement has taken the fight for the environment too far. Donella Meadows is an environmentalist who has yet to fully think about the issue she is arguing. In her piece "Not Seeing the Forest for the Dollar Bills," she takes an almost infantile approach to the logging industry and the concept of clear cutting. The monetary motivations behind the logging industry is her explanation for clear cutting, trying to portray the logging industry as a cold money making machine. This of course neglects the fact that the reason logging generates capital is because the world needs wood. There are several economic and environmental issues that are considered when loggers enter and area. Haphazard clear cutting of forests, while it maybe what Meadows would like us to think, does not happen. With every industry, every aspect is carefully debated and analyzed for the short and long term outcomes. Any industry that capitalizes on earth's resources figuratively signs a pact with the earth. This pact bonds this industry to the earth and requires that any harvesting of resources is not done so with haste and waste. There is a symbiotic relationship between the two. For the industry to exist there must be a constant supply of the resource. Without a constant supply the industry dies. Now, many people believe that the logging industry's objective is to cut down all the trees that are currently standing. As horrific as this scenario may sound, it is far from the truth. Without trees to cut down there is no industry. The logging industry is not so foolish as to rampage the forests and cut down all the trees. As they cut, they plant. Replacing forests with samplings may look inadequate, but over a long period of time these samplings will become a new forest. The earth as we know it today has been in existence for millions of years. Even if newly planted tress take a century to grow back that is only a pinpoint on the time line. The millions of acres of forested land left untouched currently will not be engulfed by blades and tractors instantly. It will take time to cut down the trees, as it will take time to grow them back. Meadows seems to have a misconception of industries and the service they provide. All industries, whether it be recycling to logging, are trying to

Lehman Brothers

Research a failure that occurred at a large organization such as Tyco, Chrysler/Daimler-Benz, Daewoo, WorldCom, or Enron. In an APA formatted paper that is no longer than 1,050 words, describe how specific organizational behavior theories could have predicted or can explain the failure of the company. Compare and contrast the contributions of leadership, management, and organizational structures to the organizational failure. Lehman Brothers Holdings Inc, the fourth largest US investment bank, succumbed to the sub prime mortgage crisis in the biggest bankruptcy filing in history. The 158 year old firm, which survived railroad bankruptcies of the 1800s, the great depression in the 1930s, & the collapse of long term capital management a decade ago, filed a chapter 11 petition with US bankruptcy caught in Manhattan on September, 15. The following day, its investment banking & trading divisions were acquired by Barclays plc along with its New York headquarters building. In the biggest reshaping of the financial industry since the Great Depression, Wall Street’s most storied firm, Lehman Brothers Holdings Inc. , headed towards extinction. The 158 year old firm, which survived railroad bankruptcies of the 1800s, the great depression in the 1930s, & the collapse of long term capital management a decade ago, filed a chapter 11 petition with US bankruptcy caught in Manhattan on September, 15. The following day, its investment banking & trading divisions were acquired by Barclays plc along with its New York headquarters building. The collapse of Lehman, which listed more than $613 billion of debt, dwarfs World Com Inc’s insolvency in 2002 & Drexel Burnham Lambert’s failure in 1990. What happened that weekend was that the Fed got a bunch of bank presidents together and asked them to invest in Lehman (basically loan Lehman money). The bank CEOs, knowing the risk of such a loan (they could see Lehman's finances), refused to do so without some kind of assistance from the government (whether it be loss-protection, the government paying half of the loan, etc etc). Hank Paulson, the Secretary of Treasury, refused to do this, saying that he didn't want to saddle the taxpayers with paying to save a private company that screwed up. Breakup process IMIDIATE AFTER EFFECTS- US stocks tumbled, more than $300 billion in market value, pummeled by the developments. Lehman plunged 95%; AIG retreated 42% on funding concerns while Bank of America Corp slumped 14% after agreeing to buy Merrill Lynch & Co. for $50 billion. The bankruptcy filing represents the end of a 158-year-old company that survived world wars, the Asian financial crisis and the collapse of hedge fund Long-Term Capital Management, but not the global credit crunch. Financial institutions globally have recorded more than $500 billion of write-downs and credit losses as the U. S. subprime mortgage crisis has spread to other markets. {text:bookmark-start} {text:bookmark-end} Bankruptcy also represents a bad end to Chief Executive Dick Fuld's four-decade career at Lehman. Fuld, who piloted the investment bank through prior crises with aplomb, was widely seen as too slow to recognize Lehman's need to raise capital and shed bad assets. Lehman Brothers filed for bankruptcy because they failed to raise enough capital to secure their debts. The next logical question is why did they have so much debt? This is a two-fold answer: second, Lehman had a ton of what is called â€Å"leveraged assets†. Basically what happened (the non-basic is for another question) is Lehman took their assets and took out loans secured by those assets (for instance, using their on-hand cash as down payments on loans) and then invested those loans in the aforementioned property derivatives. So, not only did those investments lose value, but Lehman had to pay the interest on the money they borrowed (and subsequently lost). In short, Lehman was a casualty of the credit crunch due to exposure to bad debt. In August 2007, the firm closed its subprime lender, BNC Mortgage, eliminating 1,200 positions in 23 locations, and took an after-tax charge of $25 million and a $27 million reduction in goodwill). Lehman said that poor market conditions in the mortgage space â€Å"necessitated a substantial reduction in its resources and capacity in the subprime space†. At the end of August ‘07, Lehman had $600 billion of assets financed with just $30 billion of equity. Having so little capital meant that a 5 percent decline in assets would wipe out the value of the company, which investors saw as a real risk due to the company's billions of dollars of mortgage securities. In 2008, Lehman faced an unprecedented loss to the continuing subprime mortgage crisis. Lehman's loss was apparently a result of having held on to large positions in subprime and other lower-rated mortgage tranches when securitizing the underlying mortgages; whether Lehman did this because it was simply unable to sell the lower-rated bonds, or made a conscious decision to hold them, is unclear. In any event, huge losses accrued in lower-rated mortgage-backed securities throughout 2008. In the second fiscal quarter, Lehman reported losses of $2. 8 billion and was forced to sell off $6 billion in assets. In the first half of 2008 alone, Lehman stock lost 73% of its value as the credit market continued to tighten. In August 2008, Lehman reported that it intended to release 6% of its work force, 1,500 people, just ahead of its third-quarter-reporting deadline in September. On August 22, 2008, shares in Lehman closed up 5% (16% for the week) on reports that the state-controlled Korea Development Bank was considering buying the bank. Most of those gains were quickly eroded as news came in that Korea Development Bank was â€Å"facing difficulties pleasing regulators and attracting partners for the deal. † It culminated on September 9, when Lehman's shares plunged 45% to $7. 79, after it was reported that the state-run South Korean firm had put talks on hold. On September 17, 2008 Swiss Re estimates its overall net exposure approximately CHF 50 million to Lehman Brothers. Investor confidence continued to erode as Lehman's stock lost roughly half its value and pushed the S&P 500 down 3. 4% on September 9. The Dow Jones lost 300 points the same day on investors' concerns about the security of the bank. The U. S. government did not announce any plans to assist with any possible financial crisis that emerged at Lehman. The next day, Lehman announced a loss of $3. 9 billion and their intent to sell off a majority stake in their investment-management business, which includes Neuberger Berman. The stock slid 7 percent that day. Lehman, after earlier rejecting questions on the sale of the company, was reportedly searching for a buyer as its stock price dropped another 40 percent on September 11, 2008. Just before the collapse of Lehman Brothers, executives at Neuberger Berman sent e-mail memos suggesting, among other things, that the Lehman Brothers' top people forgo multi-million dollar bonuses to â€Å"send a strong message to both employees and investors that management is not shirking accountability for recent performance. † Lehman Brothers Investment Management Director George Herbert Walker IV, second cousin to U. S. President George Walker Bush, dismissed the proposal, going so far as to actually apologize to other members of the Lehman Brothers executive committee for the idea of bonus reduction having been suggested. He wrote, â€Å"Sorry team. I am not sure what's in the water at Neuberger Berman. I'm embarrassed and I apologize. † In its Chapter 11 filing, Lehman named Citibank and Bank of New York Mellon as trustees for about $138 billion of senior Lehman bonds. It said Citi's Hong Kong affiliate had made a $275 million bank loan to Lehman. Among Lehman's other unsecured creditors are Japanese banks Aozora Bank, Mizuho Financial Group Inc, Shinsei Bank and UFJ Bank. France's BNP Paribas is also on Lehman's list of its 30 largest unsecured creditors. The firm said that as of May 31, it owed about $110. 5 billion on account of senior unsecured notes, $12. 6 billion on account of subordinated unsecured notes, and $5 billion on account of junior subordinated notes. Lehman also disclosed that it owned stakes of 10 percent or more in a number of companies, including Imperial Sugar Co , Lpath Inc, Derma Services, Flagstone Reinsurance, GLG Partners, Ronco Corp , Pacific Energy Partners, Blount International , Pemstar Inc and Transmontaigne Inc. The investment bank, once the fourth-largest in the United States, had hoped to raise capital by selling off a stake in its investment unit, and use that capital as well as other funds to spin off some of its toxic assets to shareholders. But that plan did not satisfy investors, who punished Lehman's share price, or rating agencies, who pressed the company to find a stronger partner. Lehman said the uncertainty, particularly among banks through which it clears securities trades, ultimately made it impossible for it to continue to operate its business. The bankruptcy filing comes after a weekend of heated negotiations among regulators and Wall Street firms about Lehman's fate. The U. S. government refused to backstop Lehman's worst assets the way it backstopped Bear Stearns Cos Inc's sale to JPMorgan Chase. Government officials told banks to support Lehman or else be prepared for more investment banks to lose investor confidence and fail. But prospective bidders refused to buy Lehman without government support, people briefed on the matter said. In the end, Lehman was allowed to fail, and Bank of America Corp agreed to buy what was seen as the next weakest U. S. investment bank, Merrill Lynch & Co Inc. For many of Lehman's 26,000 employees the outlook is likely to be gloomy, with job losses expected to be substantial even if significant parts of the business can be sold. At Lehman's headquarters in midtown Manhattan on Sunday afternoon, men dressed in suits came and went, while some employees entered the building with what appeared to be empty duffel bags, then left with them full. Others emerged with accordion files, binders stuffed with papers and full valises. On Sunday night, hundreds of Lehman employees were still in the office to clear their desks and pack personal belongings, according to an employee. Several money-market funds and institutional cash funds had significant exposure to Lehman with the institutional cash fund run by The Bank of New York Mellon and the Primary Reserve Fund, a money-market fund, both falling below $1 per share, called â€Å"breaking the buck†, following losses on their holdings of Lehman assets. In a statement The Bank of New York Mellon said its fund had isolated the Lehman assets in a separate structure. It said the assets accounted for 1. 3% of its fund. The drop in the Primary Reserve Fund was the first time since 1994 that a money-market fund had dropped below the $1-per-share level. About 100 hedge funds used Lehman as their prime broker and relied largely on the firm for financing. As administrators) took charge of the London business and the U. S. holding company filed for bankruptcy, positio ns held by those hedge funds at Lehman were frozen. As a result the hedge funds are being forced to de-lever and sit on large cash balances inhibiting chances at further growth. In Japan, banks and insurers announced a combined 249 billion yen ($2. billion) in potential losses tied to the collapse of Lehman. Mizuho Trust & Banking Co. cut its profit forecast by more than half, citing 11. 8 billion yen in losses on bonds and loans linked to Lehman. The Bank of Japan Governor Masaaki Shirakawa said â€Å"Most lending to Lehman Brothers was made by major Japanese banks, and their possible losses seem to be within the levels that can be covered by their profits,† adding â€Å"There is no concern that the latest events will threaten the stability of Japan's financial system. † During bankruptcy proceedings a lawyer from The Royal Bank of Scotland Group said the company is facing between $1. billion and $1. 8 billion in claims against Lehman partially based on an unsecured g uarantee from Lehman and connected to trading losses with Lehman subsidiaries, Martin Bienenstock. After Constellation Energy was reported to have exposure to Lehman, its stock went down 56% in the first day of trading having started at $67. 87. The massive drop in stocks led to the New York Stock Exchange halting trade of Constellation. The next day, as the stock plummeted as low as $13 per share, Constellation announced it was hiring Morgan Stanley and UBS to advise it on â€Å"strategic alternatives† suggesting a buyout. While rumors suggested French power company Electricite de France would buy the company or increase its stake, Constellation ultimately agreed to a buyout by MidAmerican Energy, part of Berkshire Hathaway (headed by billionaire Warren Buffett). The Federal Agricultural Mortgage Corporation or Farmer Mac said it would have to write off $48 million in Lehman debt it owned as a result of the bankruptcy. Farmer Mac said it may not be in compliance with its minimum capital requirements at the end of September. 2008). economies. Furthermore, such wealth effects tend to play out gradually. The 158 year old Lehman Brothers’ move to file for bankruptcy wiped off more than Rs2000 crore from the market valuation of those Indian companies in which the US financial major made equity investments. Major stocks held through participatory notes issued by Lehman Brothers Investment Management, a SEBI- registered foreign institutional investor, saw their prices nosedive. Participatory notes are derivative instruments through which foreign investors that are not registered in India can trade on the Indian markets. In addition to its equity holdings in listed companies, Lehman had also invested in various projects of Indian companies, especially in real estate. In India, Lehman also acquired BRICS Institutional Equities business of research analysts and sales and trading professionals and bought a 26% stake in Edelweiss Capital Finance , a non banking financial company, recently. The investment banking major has also been involved in several Indian initial public offers. IT SECTOR- The meltdown in US had a huge impact on indian IT & IT companies as a large chunk of their revenues is from US. Thus, the crisis had definitely delayed various new projects. Market sources revealed that the companies affected by the crisis such as Lehman Brothers, Merill Lynch and AIG have been outsourcing work to wipro, Tata Consultancy Services & Infosys. There was a direct impact on the revenues of this companies. As more & more consolidation, acquisition & mergers took place in the US, the number of companies in this space came down & shrunk the addressable market for the Indian IT services companies. Consolidation also led to consolidated IT resources & reduction in IT spending, which had negative effect on the IT companies. The slowdown also had an jmpact on the hiring practices of Indian IT services companies, who had to now focus on just-in-time hiring, rather than advanced hiring practices like campus recruitment. Thus, w. r. t. Lehman, as much as 60% of the revenue of India’s software firms comes from the global financial sector, so the fallout of Lehman’s bankruptcy on India’s IT sector cn be well imagined. REAL ESTATE- The collapse of Lehman Brothers and the bailout of Merrill Lynch, the global financial behemoths, affected Indian realty companies that were in the process of raising fresh funds. Many leading realtors, already facing a paucity of funds due to a slowdown or a correction in prices, found it more difficult to raise resources even at the project level. Merrill Lynch & Lehman Brothers had exposure to more than a dozen realty companies, including, Ansal Housing, Anant Raj Industries, Unity Infrastructure, the Puravankara group and J Kumar Infrastructure, among others. The Indian companies are not only unable to raise fresh capital but they are also finding it difficult to sell the inventory of housing stock as demand & prices both have fallen. BANKING- ICICI Bank said that it might need to make an additional provision of $28 million (Rs. 188 crore) on its exposure to bonds issued by Lehman. It had already made provisions of $12 million on these bonds. Indian IT major Wipro Technologies has expressed interest in bidding for the Indian back office business of Lehman. The bankrupt investment banking firm is expected to close its captive unit in Mumbai by the end of this month. The unit’s 1200 employees, who work on equity research and analytics support for the mergers and acquisitions business, have been asked to quit by September end. Unlike employees in Lehman’s investment banking business who have been receiving feelers from domestic banks, employees in the captive BPO are unlikely to find alternate jobs quickly because the IT and IT- enabled services industries have already begun downsizing, owing to the global financial crisis. The RBI had moved quickly to improve liquidity. Still there could be some impact on credit availability. That implies more expensive credit (even public sector banks are said to be raising money at 11. 5%, so that lending rates will inch up to 16 % and higher). For companies looking to raise capital, the alternative of funding through fresh equity is not cheap, either, since stock valuations have suffered in the wake of the FII pull out. Capital has suddenly become more expensive. There is a risk that projects underway will suffer from delays and cost overruns as cost of credit shoots up. Real estate could be most affected sector. Builders may have to resort to dropping prices to find customers for housing projects nearing completion. Another worry is impact on job creation in the country. There could be downsizing in companies in sectors impacted by high cost of credit and fall in demand. The layoffs in IT sector may be a fair portent of things to come. The crisis does have a silver lining. The falling rupee(against the dollar) will mean that exporters affected by the earlier rise of the currency can breathe easy. However importers would be at the receiving end. Importers of oil and other commodities’ prices will neutralize the impact of the dollar’s decline against the rupee. Prices of stocks and real estate, which had appreciated by too much, will come down to realistic levels. The Lehman Brothers bankruptcy filing indicate that as of their May 31, 2008 financial statement that the firm has $639 billion of assets and $613 billion of debt. At that time the firm had about $110 billion in ordinary bonds, and about $17. 6 billion in subordinated bonds. The composition of the other debts is hard to determine, in part, because of a bad cross reference in that part of the filing. As of the last financial statement, accounts payable were about $71 billion, short term debt was $163 billion, other current liabilities were about $29 billion, and long term debt was about $350 billion. As of the filing date, the listing of the top 30 outsider creditors of the firm mentioned $138 billion of ordinary bonds (managed by two bond trustees), $17 billion of subordinated bonds (managed by one of the two ordinary bond trustees), and about 3 billion in bank loans and letters of credit ranging in size from $463 million to $10 million from 23 different institutions (a few of whom appear to be related entities of each other). This leaves about $485 million of debts owed to creditors in amounts less than $10 million and insider debtors. This would suggest that $71 billion+ is made up of trade credit in small amounts per creditor, while $414 billion is made up of financial creditors in amounts less than $10 million and insider debt, with insider debt probably making up the bulk of the debts, as investment banks don't generally take deposits from millions of households the way that commercial banks do. There don't appear to be any significant (i. e. more than $10 million) secured creditors or trade creditors, although this might not include financial rights of setoff. There are more details in an Affidavit of the CFO, which is honestly rather dubious and unsatisfying. I find it very hard to believe that Lehman Brothers is incapable of providing much, much more information than it has to date with only modest effort. While it might not be able to provide ever single creditor in a matter of weeks, it ought to be able to publicly account for more than a third of its outstanding debt. These folks are in the financial analysis business and live and die on their own ability to be highly leveraged without becoming insolvent. Equity The most recent financial statement listed the aggregate value of preferred stock at $7 billion (and did not include it as a debtor in the petition). The aggregate redemption value of the preferred stock based upon the rights of each class of preferred stock, the number of preferred shares identified in the petition (presumably the number of authorized preferred shares in each class), and assuming that preferred stock dividends aren't grossly in arrears, is about $237 billion. This is calculated as follows: 5 million shares, $500 each, $2. 5 billion 4 million shares, $5000 each, $2. billion 12 million shares, $2500 each, $30 billion 5. 2 million shares, $2500 each, $12. 5 billion 66 million shares, $2500 each, $165 billlion 12 million shares, $25 each, $0. 3 billion 12 million shares, $25 each, $0. 3 billion 16 million shares, $25 each, $0. 4 billion 8 million shares, $25 each, $0. 2 billion 4 million shares, $1000 each, $4 billion 2 million shares, $1000 each, $2 billion But, this appears to grossly overstate the amount of preferred stock shares outstanding. There are 694,401,926 common shares outstanding according to the petition. Assets The source balance statement listed the company's assets as $314 billion in cash, $42 billion in net receivables, $4. 3 billion in fixed assets, and $279 billion in non-current assets. Presumably, this number is lower now, due to market losses, particularly in mortgage based securities. Some breakdown on the nature of those assets is available: Sanford Bernstein analyst Brad Hintz estimates that 55% of Lehman's balance sheet can be quickly liquidated, particularly such assets as receivables and short-term loans known as repurchase agreements. There are about $269 billion in securities that are â€Å"another story,† Hintz wrote in a report released Monday. He estimates 27% of the $269 billion is in mortgages, 17% in derivatives, and 8% in real estate. Analysis The two primary bond trustees seem likely to be the dominant voice on behalf of creditors in this bankruptcy on the creditor's committee. This could be a 100% payout liquidity failure bankruptcy, and failing that, could be one in which common stock shareholders, preferred stock shareholders, and perhaps subordinated debtors bear the brunt of the impact, while general creditors are held harmless or nearly so. Indeed, if the company adopts a plan that holds harmless all preferred and general unsecured creditors, and all secured creditors, then only the holders of subordinated debt would have any right to object. Since all of the subordinated debt appears to be represented by a single bond trustee, this might mean that the plan could be confirmed in a one on one negotiation with the representative of that bank. Equity and subordinated debt together are capable of absorbing a $43 billion loss between May 31, 2008 and the bankruptcy filing, and pre-bankruptcy loss estimates had been in the vicinity of $7 billion. Barclays Bank is discussing buying the brokerage and investment banking operations including the headquarters out of bankruptcy for about $8 billion (presumably the usually highly profitable brick and mortar part of the operation which probably also counts for most accounts payable and accounts receivable), and assuming that this is a market value for that operation by some reasonable measure, the market losses that other creditors would have to bear would remain unchanges, but greater liquidity could speed up the payout. The bankruptcy filing covers only Lehman’s holding company. Its brokerage and money-management units are not in Chapter 11 † employees still have their jobs, customers still execute transactions on accounts, and portfolio managers still manage mutual funds. The relative independence of these subsidiaries from the bankruptcy process is what enables Barclays, the U. K. -bank that walked away from a Lehman rescue over the weekend, to consider purchasing part of Lehman. Another interesting possibility would be a plan that allocated good, short term assets to outsider creditors as payment in full, while allocating securities of uncertain value, like the mortgage backed securities, to the insiders. Outsiders can't object if they get quick cash in exchange of the debts owed to them, so this plan could be imposed on them, leaving insiders with any windfalls resulting from market undervaluation of Lehman Brothers' complex financial assets. The biggest overall risk is that the derivatives market, and in particular, the credit default market, will be screwed up by the freezing of the positions of a major market player, although recent bankruptcy law reforms are designed to minimize this impact. Financial crises are terrifying when underlying economic fundamentals are out of line with established theory, leading to bursts of unjustified optimism and/or pessimism. It is the responsibility of the powers that be to bring sense to the market. Every financial crisis is different, but they do all end. The Lehman Brothers bankruptcy and Merrill Lynch’s acquisition by Bank of America is yet another stage in the progression of the financial crisis that had its roots in the US sub-prime mortgage market. The initial stage of the crisis took a toll on direct mortgage lenders like Countrywide Financial. In a subsequent stage, guarantors of mortgage-backed securities like Freddie Mac and Fannie Mae came under attack. This culminated in their going into US government ‘receivership’ (effectively nationalization) a few weeks ago before the bankruptcy was actually filed. Lehman’s demise marks the stage where banks with indirect but large exposures to the US mortgage market, principally through derivative instruments, bear the brunt. This is not necessarily the final stage and the worst is perhaps not over. A key feature of this crisis that started in the middle of 2007 has been the lack of clarity on both the nature and number of financial institutions that have indirect exposure to subprime assets, as well as, cross-product problems involving movement from subprime to prime mortgages with final spillover into derivatives, structured products and counterparty risks. We could see another set of intermediaries coming under severe pressure. The decision by the US Treasury and the Fed not to guarantee Lehman’s financial liabilities is a clear signal to the market that they believe that no institution is ‘too big to fail’. Going forward, a government-funded bailout is likely to be the exception, not the norm. Besides, with Lehman’s bankruptcy, the fate of its counterparties hangs in balance. It is not clear whether a fire-sale of Lehman’s assets will be adequate to pay off its creditors. Besides, apprehensions of other banks meeting Lehman’s fate will keep inter-bank lenders on edge. This could lead to a huge squeeze on inter-bank liquidity and trigger another bout of turbulence in credit markets. Finally, the Lehman episode has ramped up the level of risk-aversion in the global financial system. These are days of extreme and often irrational pessimism. The way to survive this crisis is to stay focused on the fundamentals. From a fundamental perspective, India’s financial system has a lot going for it. Indian banks have no direct exposure to G-7 mortgage markets and their ndirect exposure is minuscule relative to the size of their balance sheet. This has protected us in the past and will continue to insulate us to a significant degree from the turmoil in global markets. As this phase of extreme pessimism abates a bit, global investors are likely to reward India for the robustness of its system. Thus, at last, the bankruptcy of Lehman Brothers Holdings I nc, was mainly caused by the fall in house prices & the easy finance provided for housing at vary low interest rates which made the Dow Jones Industrial Average to fall 500 points. The treasury secretary Henry M. Paulson Jr. had been sending warning signals to Lehman Brothers ever since the firm announced its second quarter losses of $2. 8 billion. Experts were also quoted as saying that the 158-year-old bank was just living off the brand name that it had nurtured over the years. The Lehman bankruptcy had a great impact on INDIA. The undercapitalization of financial houses that was at the core of the financial meltdown in the US & developed markets became a problem in Indian Financial System, too.

Culture always builds on the past Essay Example

Culture always builds on the past Essay Example Culture always builds on the past Essay Culture always builds on the past Essay Culture always builds on the past Is proved through lyrics and tunes, and two of the authors experiences. Specializes In digital sampling and mishaps. HIS stage name Is Girl Talk and he compares a variety of songs, proving culture builds on the past. A song by Muddy waters called, you need love Is very similar In lyrics to a song released many years before by a group called Led Zeppelin. It even sounds similar but of course has some differences in tune/pitch because it uses different instruments. Another example is a song called This may be the last time, recorded by Staple Singers in 1966 and then n extremely similar song with again, same lyrics and rhythm was made by the rolling stone in 1965 calling it, The last time. One finally similarity that proves culture build from the past is an instrumental called, The last time, by Andrew Lolled, released in 1 966 and then in 1997, almost the exact piece was then used for the song, Bittersweet Symphony, by the verse. Ten years later, Girl Talk used it and remixed it to make it his own in 2007. All these songs were base off other pieces created years ago to be created into something new. They add their own creative spin on it to make it more original and their own because ideas are all based on other things to create new things. A personal experience the author had and still sees to this day that proves this statement happens all the time in school. Class projects are done all the time in classrooms of all subjects and almost all the time are based on previous works. A Spanish project the author had this month was almost entirely based on a previous work done by someone else. Of course creativity is added to make it more original UT it was influenced mainly off the previous work. This shows that culture always builds on the past and it is not Just the author who has done this but millions of others. Another example proving the statement with a personal experience by author was seen through the fashion Industry. Trends come and go all the time with different designers creating new fashion pieces from the past and from each other. The author once made five pairs of pants Influenced by a design from the ASS that became a trend this year. The design was not stolen; It was built on because she deed her own pieces and fabric design to the pants Just Like the fashion Industry did when It brought back the trend. The fashion Industry and fashion In general Is deeply influenced by the past to create new accessories and clothing pieces. Magnificently proves this through his documentary to inspire the public to fight back for their rights. Every single idea is built upon the past and that is essential to creativity. The public domain needs to be in a healthy state so that ideas can freely build upon each other and copyrights be limited to controlling and destroying creativity.

Free Essays on Descartes Meditations

Descartes’ Meditations In his second meditation, Rene Descartes reveals and tries to verify the proposition â€Å"I am thinking, so I exist†. As demonstrated in his first meditation, a proposition may only be made true if one cannot conceive of any situation where it may be made false. If one is able to have any reason to doubt the reality of any object, than that object is automatically considered to be dubitable and cannot be taken for full value as it may not even be what it appears to be. However, if one can be certain of something in every situation, it is considered indubitable, and by Descartes would be considered foundational, meaning that they are the basis of what our knowledge is formed upon. The proposition â€Å"I am thinking† is made indubitable by considering the fact that even if one tries to believe they are not thinking, they are still thinking in an attempt to make such a proposition false. As well, Descartes points out that even if one is to be deceived of everything around him, one can still be certain of their own existence. Whether it is by dreaming, hallucinations, or a deceptive evil genius, one can not experience something unless it in fact exists in some world. Although it is possible to experience such things even when they are false, in order for one to conceive of such things they must be in existence somewhere. With this in mind, one can not honestly conceive of any situation where they themselves don’t actually exist. In order for one to experience any sort of sensory or cognitive experience, one must be in existence to do so. Descartes argues that this is what makes one’s own existence indubitable. This leads to the conc lusion that if one is thinking, then one must be in existence to think, therefore making the proposition â€Å"I am thinking, so I exist†, indubitable. On the other hand, the proposition, â€Å"I am walking, so I exist†, would be considered dubitable b... Free Essays on Descartes' Meditations Free Essays on Descartes' Meditations Descartes’ Meditations In his second meditation, Rene Descartes reveals and tries to verify the proposition â€Å"I am thinking, so I exist†. As demonstrated in his first meditation, a proposition may only be made true if one cannot conceive of any situation where it may be made false. If one is able to have any reason to doubt the reality of any object, than that object is automatically considered to be dubitable and cannot be taken for full value as it may not even be what it appears to be. However, if one can be certain of something in every situation, it is considered indubitable, and by Descartes would be considered foundational, meaning that they are the basis of what our knowledge is formed upon. The proposition â€Å"I am thinking† is made indubitable by considering the fact that even if one tries to believe they are not thinking, they are still thinking in an attempt to make such a proposition false. As well, Descartes points out that even if one is to be deceived of everything around him, one can still be certain of their own existence. Whether it is by dreaming, hallucinations, or a deceptive evil genius, one can not experience something unless it in fact exists in some world. Although it is possible to experience such things even when they are false, in order for one to conceive of such things they must be in existence somewhere. With this in mind, one can not honestly conceive of any situation where they themselves don’t actually exist. In order for one to experience any sort of sensory or cognitive experience, one must be in existence to do so. Descartes argues that this is what makes one’s own existence indubitable. This leads to the conc lusion that if one is thinking, then one must be in existence to think, therefore making the proposition â€Å"I am thinking, so I exist†, indubitable. On the other hand, the proposition, â€Å"I am walking, so I exist†, would be considered dubitable b...

Final EXAM Essay Example | Topics and Well Written Essays - 1000 words

Final EXAM - Essay Example According to some individuals, the belief in the existence of human rights is just the same as believing in unicorns and witches. Despite some people questioning the existence of human rights, there is no doubt that human rights does indeed exist (Alexy 15). The answer to the burning issue of the existence of human rights is pegged on what human rights are, and as a way of definition, human rights are rights. What proves the existence of human rights is its universality? Ideally, every human being is eligible for human rights. In most cases, human right is used to put a claim on the right to life for every individual. Apart from this, this is used to denote the right for every individual to take part in the process of political-will formation, especially on the area of voting. While the right to life is universal, the political will formation is applied to only some parts since what might be acceptable in one location might not necessarily be acceptable in another place (Rivers 178). Ideally, human rights are as old as the existence of man and their value remains cornerstone to the human race. However, the usage of this term was heightened in the mid-20th century during the struggle for the recognition of civil rights for blacks led by Martin Luther king Jr. However, for many years, individuals in the United States have been fighting for their rights especially the rights of women and children. This means that the existence of human rights is something that has been around for a long time. In most cases, the question of law and order is used to define human rights. While some people claim that the society is only guided by morality, the truth is that the presumed moral standards are nothing but an observance of the rules set down so that human rights are not violated (Rivers 179). Human rights are theoretical rights, and as abstract rights, human rights in many ways clash with without countless other civil rights. In order to ensure

The CAGE and AAA Models as the Drivers of Globalization Essay - 3

The CAGE and AAA Models as the Drivers of Globalization - Essay Example This research will begin with the statement that globalization, in the business sector, is widening. More and more companies, in the recent days, have either gone global or are contemplating on doing so. The reason as to why a company needs to globalize its dealings are still unclear to most, but they believe that more the company spreads its branches internationally the better. Globalisation comes with its challenges though. Being an international business entails a myriad of issues. It is in this connection that various frameworks and models have been formulated to give insight on what is required successfully to establish an international business. Nokia, BOEING, Renault, FedEx, Virgin Group and Vodafone are perfect examples of successful international companies. Nokia, for instance, is a handset manufacturing company, whose products are sold in over 150 countries. The company earns an estimated annual income of 38 billion sterling pounds. In India, Nokia is the largest multinatio nal company, yet the company is located in Finland. Nokia employed a cost leadership technique in India, to look for various ways of cutting cost and making their products readily available. These involved setting up manufacturing stations for handsets, creating financial options for mobile phones and together with network providers to reduce airtime cost. Nokia also created the distribution network that attracted over 25000 dealers, this was three times the size of Samsung and six times the six that of Sony Ericsson. Moreover, Nokia considered working with distributors of fast moving consumer goods and consumer durables. This enabled their products to be readily available to consumers on the market, thus explaining their dominance in India. Nokia operates in the telephone and communications industry. Globalisation has a played a notable role in this type of industry. Companies are monopolizing their dealing, and this has substantially led to globalization. Large telecommunication c ompanies have taken over this industry and hence denying the smaller companies a chance to develop. The local companies are faced with stiff competition from these multinationals making them pull out of business. According to the CAGE and AAA frameworks, this kills local entrepreneurial spirits and increases dependence on the advanced nations. However, globalization has led to improved services in the telecommunication sector. Large organizations have sufficient capital, hence, investing in expensive networks that are of highly rated. The networks provide faster transfer of quality sound and videos, which are convenient for subscribers. The success of any multinational company depends on the strategies they decide to adopt. A proper framework gives the business guidelines, which could enable it to attain multinationalism. Some of the most popular frameworks include the CAGE distance framework, AAA model, Adding Value and Drivers of Globalization. CAGE distance framework considers th e cultural, administrative, geographical, as well as economic differences, and factors when selecting the countries a company should address when crafting international strategies. This framework was formulated by Pankaj Ghemawat, a business professor, in Spain, at the IESE Business School. The framework links interactions between countries to their national incomes divided by some composite measure of distance. Cultural distance, in this case, refers to the difference in languages, ethnicities, religion, values, norms, and dispositions of a particular nation. Companies should use the CAGE distance framework as it includes both bilateral and unilateral factors. It is also more practical than other frameworks due to some of its aspects.