Obesity surgery free essay sample

The motivation behind this paper is to fundamentally audit the examination completed by Ogden, Clementi and Aylwin (2006) on â€Å"The effect of the heftiness medical procedure and the conundrum of control: a subjective study†. This examination was done to explore the patient experience on stoutness medical procedure. Along these lines, this paper will attempt to distinguish the exactness of the bit, the method of reasoning behind the exploration work and its point. The qualities and shortcomings will be featured, writing will be fundamentally audit with help from applicable sources, moral issues, technique for investigation and the approach received will be distinguish (Bryman, 2008). The bit of this article was unmistakably expressed and brief. Cutcliffe and Ward (2006) call attention to that the bit of an article ought to mirror the substance of the work and furthermore invigorate the enthusiasm of the peruser to understand it. Likewise a portion of the title words were refered to in the catchphrases subsection (Marshall, 2005; Parahoo, 2006). The validity of the scientists, without a doubt the analyst work environment was referenced suitably. We will compose a custom exposition test on Heftiness medical procedure or then again any comparable subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Be that as it may, there is no proof of two of the specialist being connected to the expert field pertinent to the exploration undertaking. (Ryan et al. 2007). The article experienced a thorough survey process before it was acknowledged for distribution (Day, 2012; Benos et al. , 2007). Ogden et al. (2006) was gotten first in 2004; in conclusive structure 2005 and was distributed in 2006. The reference in the article is forward-thinking (extending from 1977-200) which shows that the article is upheld by rang of studies over a concentrated edge of time. Along these lines is a logical article (Shewan and Coats, 2010). The theoretical gives a brief outline of the paper, the synopsis of the presentation, point of the investigation, technique utilized and consequence of the discoveries (Calmorin and Calmorin, 2008). Likewise, as indicated by Hek and Moule (2006) a theoretical gives a compact examination of an investigation. The exploration utilized a subjective technique to investigate the experience of the members. Ogden et al. (2006) accomplished this via completing exploration on the experience of the members on heftiness medical procedure which was done in a characteristic setting (Kylea et al. , 2003; Daymom and Holloway, 2001). All the more so the adaptability of the exploration was clear by the utilization of inside and out meeting which gave further knowledge on the wonder under investigation. Boyce and Neala (2006) demonstrate that top to bottom meeting is acceptable when the analyst need to comprehend in insight concerning experience, thought and conduct. In spite of the fact that the strategy the specialist utilized for information assortment is liked. Be that as it may, the reaction of the member to the inquiry question might be one-sided (Boyce and Neala operation cit 2006). The presentation has foundation data and offers a hypothetical setting of study that orientate the peruser to the issue (Ellison and McGraw-hill’s, 2010; Marshall, 2004). What's more, the writing was very much surveyed through data drawn from legitimate sources, which demonstrated that Ogden et al,(2006) did a wide and intensive hunt to contrast the pass concentrated with present examination and the writing audit were identified with their investigation (Marshall, 2005; Calmorin and Calmorin, 2008). A subjective analyst ought to guarantee that a decent compatibility is set up with the interviewees (Dicicco-Bloom and Crabtree, 2006). It gives a helpful air for the respondents to feel quiet and agreeable to give access to data of their accounts (Polit and Beck, 2008). Subjective scientists ought to have the option to call attention to the setting where the example was create, the testing strategy utilized and portray their example as far as attributes and importance to the more extensive populace (Aderson, 2010). In spite of the fact that Ogden et al.(2006) introduced that 22 patient from a past quantitative examination that had finished their surveys were welcome to be met, the setting the example was chosen was not referenced so the suitability of the example can't be find out. As per Polit and Beck (2004) the outside legitimacy of an examination relies upon the ampleness of the inspecting configuration utilized. In addition, the analyst was required to us an example strategy which will put the age range, populace and normal for the example into thought (Profetto-McGrath, Polit and Beck, 2010). Moreover, the scientist expressed the quantity of members in the example; these incorporate 15 out of the 22 individuals that are welcomed for the meeting. Smith and Osborn (2008) and Carey (2013) noticed that example size relies upon various variables and that there is no â€Å"right† test size and that a little example size is standard in interpretative phenomenological investigation (IPA) as bigger information may prompt misfortune in significance of the outcome. Ogden et al. (2006) utilized top to bottom meeting to research the experience of the respondents on Obesity Surgery. He brought up that after the 15 individuals were talked with; they expected to have accomplished immersion as no new subject where developing and closeness stories were additionally observed to be rising, hence no further meeting were organized. â€Å"Saturation† is a dangerous idea in this specific circumstance. As indicated by Klenke (2008) the idea of immersion is improper. Anyway analysts may present to have accomplished immersion which they will most likely be unable to clarify or demonstrate (Bowen, 2008). The specialist applied moral thought by getting endorsement from emergency clinic moral advisory group (Denscombe, 2009). Anyway Ogden et al. (2006) didn't acquire a composed assent from the members. As indicated by Jefford, (2008) individual has the option to settle on a â€Å"reasonable† choice to take an interest or reject. Ogden et al. (2006) utilized interpretative investigation to dissect their information which is a strategy that help in understanding human experience better (Smith, Jarman and Osborn, 1999). Moreover the specialist demonstrated proof of friend survey assessment which is basic in subjective exploration, where they picked that the transcript were re-perused by JO and CC to have great knowledge of the information (Holloway and Wheeler, 2010). That makes the believability of their discovering obvious somewhat. Notwithstanding, the specialist gave space for analysis; they were by one way or another one-sided in dissecting the information on the grounds that the whole analyst had just viewed medical procedure as a positive treatment elective (LeCompte and Margaret, 2000). Taking everything into account, despite the fact that the setting and the examining technique utilized in producing the example was not notice, likewise there was no composed assent acquired from the member. In any case, the specialist utilized interpretative phenomenological examination to break down the information which is a dependable technique. Finally it has uncovered the upside of weight medical procedure over conduct intercession and other medical advantage.

Active Versus Passive Mind Debate Essay Example for Free

Dynamic Versus Passive Mind Debate Essay Étienne Bonnot de Condillac an eighteenth century French rationalist battled that the faculties are the establishment for all thoughts and different capacities did in the psyche. Another conspicuous French scholar, Renã © Descartes bolstered the Rationalistic hypothesis; a clarification of conduct dependent on rationale that has nothing to do with the faculties. Condillac’s Sensationalism reason and Descartes hypothesis of Rationalism fill in as fuel for the exemplary dynamic versus inactive psyche banter. The inactive psyche hypothesis recommends that all learning happens through the experience of sensations, without intentional brain control forms, while the dynamic psyche hypothesis asserts the specific inverse; that people effectively center certain psychological procedures around the topic and the faculties have no impact simultaneously. Descartes likewise accepted that tactile information was slanted to be bogus and was along these lines futile, recommending that scientific conclusion was the main way to reality. Justin Skirry 2008 I accept that the two hypotheses have some legitimacy. The issue emerges for me with the utilization of the word all by Condillac, and the utilization of the word just by Descartes, which is the thing that takes the hypotheses from the moderate piece of the continuum to the extraordinary. Tangible learning is obviously a demonstrated actuality, however it is additionally a reality that dynamic learning happens also. It isn't surprising for a logician to be both a sentimentalist and a pragmatist simultaneously. I will in general trust my deductive forces of thinking more than my faculties, on the grounds that numerous outside powers can change the faculties. Take feeling for example, I am mindful of the job unchecked feelings can play in broken dynamic. I have learned not to settle on significant choices when I am in a profoundly passionate state.

How to Succeed in Psychology Classes

How to Succeed in Psychology Classes Student Resources Print How to Succeed in Psychology Classes By Kendra Cherry facebook twitter Kendra Cherry, MS, is an author, educational consultant, and speaker focused on helping students learn about psychology. Learn about our editorial policy Kendra Cherry Updated on February 19, 2020 Tony Garcia / Getty Images More in Student Resources APA Style and Writing Study Guides and Tips Careers Starting a new semester of school can be stressful and overwhelming at times, but there are steps you can take to ensure that you get off to a great start and enjoy a successful school year. Fortunately, these steps dont have to be difficult or time-consuming. By simply tweaking your existing habits, you can minimize back to school anxiety while improving your performance in all of your classes. 1. Start Preparing Early Be sure that you are fully prepared before any class, assignment, or exam. Create a simple plan of action to help you determine what you need to do to be ready. Start by finding an organizational method that works for you, and always write down the due dates for assignments, papers, or exams. 4 Study Tips for Every Psych Student Consider all the steps youll need to check off (such as research, outlining, writing, and studying) to ensure the task is completed. Next, schedule these tasks into your organizational plan. By writing down these steps, you will be better able to keep track of the things you need to accomplish. 2. Find Ways to Combat Procrastination Putting things off until the last minute can hurt your classroom performance, grades,  learning, and health. While it can be tempting to set aside tasks that seem dull or daunting, procrastination will only create more work for you down the road. Avoid last-minute stress and frustration by finding innovative ways to fight the urge to procrastinate. Try breaking your assignments up into more manageable chunks. Tackling a small portion of a task each day will help you complete assignments on time. 3. Reevaluate Your Study Habits As you begin a new semester, start by taking a serious look at how you study for each class. While your current study habits may be effective, there are always new tips and tricks you can incorporate into your routine to increase the efficiency and effectiveness of your learning. Study Techniques for Psych Class The strategies you use to study may vary depending on the demands of each class you are taking. For example, a statistics class may require more intensive rehearsal and memorization of problems and formulas, while social psychology courses might require more reading and group discussion. Do you know your learning style? Understanding how you learn best will help you plan more effective study habits. For example, if you learn best by hearing information, consider downloading and listening to psychology podcasts. If you learn best by visually reviewing information, read your course texts, notes, and psychology study guides. 4. Do the Required Readings Early Professors generally instruct students to read the assigned chapters before coming to class. While its good advice, students often wait until the end of the given week to do the readingsâ€"or worse, try to read all the material just days before an exam. Get the maximum benefit out of course lectures and discussions by always going to class prepared. Read assigned chapters prior to attending your classes so youre familiar with new concepts. The 8 Best Psychology Books for Students of 2020 During class, ask questions about the readings if something wasnt entirely clear to you. Participate in discussions in order to expand your understanding of the topic and develop richer connections to the information youre learning. 5. Learn How to Write Psychology Papers The ability to write well and communicate effectively is important for success in psychology classes. From lab reports to critique papers, you will be expected to plan, research and write on a wide variety of topics. Writing papers for a psychology course is similar to writing papers for other subjects. Your papers should be well-organized, accurate, and communicate information clearly. Many types of psychology papers follow a specific format. Understanding how to properly format your paper will make the writing and revision process easier. Start by finding an interesting topic, then spend some time researching the subject using psychology journals found in your university library. Finally, always remember to use proper APA format when writing your psychology papers. 12 Rules of APA Format for Writing Psych Papers

Accounting For Classification Of The Lease Agreement With...

Re: Accounting for classification of the lease agreement with Developer Inc. Facts Tech Startup Inc. (â€Å"Lessee†) is entering into a contract with Developer Inc. (â€Å"Landlord†) the rent Landlord’s newly constructed office building located at 15 Tech Drive in San Francisco, CA. The lease term is 10 years, and the estimated life of the building is 40 years. Lessee will occupy all 12 floors of the building. At the end of the lease term, Lessee has the option to purchase the property for $16.25 million. The fair value of the building at the time is expected to be $17 million. Monthly, Lessee will be required to pay $50,000 to occupy the building, plus a monthly supplemental rental cost based on Lessee’s sales (1% of sales). From experience,†¦show more content†¦To classify the arrangement, ASC 840-10-25-29 states that â€Å"If at its inception a lease meets any of the four lease classification criteria in paragraph 840-10-25-1, the lease shall be classified by the lessee as a capital lease.† On the contrary, if none of the criteria is meet, the lease should be classified as an operating lease (ASC 840-10-25-30) ASC 840-10-25-1 presents the criteria the Lessee will consider as part of classifying the lease. Each criterion will be analyzed separately to determine if it meets the classification as a capital lease. ASC 840-10-25-1a states: Transfer of ownership. The lease transfers ownership of the property to the lessee by the end of the lease term. This criterion is met in situations in which the lease agreement provides for the transfer of title at or shortly after the end of the lease term in exchange for the payment of a nominal fee, for example, the minimum required by statutory regulation to transfer title. It is unclear from the criteria if the purchase option established in the lease will meet the transfer of ownership criterion(a). However, ASC 840-10-25-50 details that such purchase option does not satisfy the transfer of ownership criterion, therefore, criterion (a) is not met. ASC 840-10-25-1b states â€Å"Bargain purchase option. The lease contains a bargain purchase option.† To conclude if criterion (b) is met, ASCShow MoreRelatedThe Boeing Company 2007 Annual Report61846 Words   |  248 Pagesbacklog†  66,387 4,074 5.26 8.8% 296,964 327,166 61,530 2,215 2.84 4.9% 216,567 250,253 53,621 2,572 3.19 5.2% 160,637 205,215 51,400 1,872 2.24 3.9% 104,778 152,873 49,311 718 0.85 0.8% 104,855 155,498 *Before cumulative effect of accounting change and net gain (loss) from discontinued operations †  Total backlog includes contractual and unobligated backlog. See page 25. 2 Message From Our Chairman Driving long-term growth and value creation 3 W. James McNerney, Jr., ChairmanRead MoreEyemax Corporation: Evalution of Audit Differences17497 Words   |  70 PagesCompleting the audit, Reporting to Management, and External Reporting C A S eS INC LU De D IN T h IS Se CTION 12 369 379 385 391 395 12.1 EyeMax Corporation 12.2 Auto Parts, Inc. 12.3 KK, Inc. . . . . . . . . . . . . . . . . . . . . . . . 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The Dos and Donts of Mentorship Essay Samples

The Do's and Don'ts of Mentorship Essay Samples The Fundamentals of Mentorship Essay Samples Revealed To get acceptance in any respect levels of the company and to make sure the seriousness of the proposal is taken into consideration, go and talk along with interact with senior managers regarding how coaching can be utilised to shape business outcomes. Be particular with the milestones that you want to achieve in some specific periods. If you're one of them, and you're thinking about a mentoring relationship, you might be asking yourself if it'll be well worth the time and energy. A mentoring action program might be an easy document. however, it sure can offer a great deal of advantages and advantages. Since you're already aware on the best way to develop your own mentoring action program, you've got to stay in mind it is also crucial that you observe the completion of all of the details which you will include in the document. Developing a printable SMART action plan for a mentoring program is just one of the greatest things you may do if you wish to maximize and utilize the advantages and advantages that you're able to receive from the transaction. A mentoring action program, exactly like a restaurant action program, academic plan, and company plans, can offer information regarding the particular call-to-actions that has to be implemented within specific time frames. The Ugly Side of Mentorship Essay Samples 1 profession that may support the idea that mentorship is critical in the workplace is the Nursing career. An effective placement for students Is perceived based on their personal objectives and aspirations. If you begin to see yourself as an unaffiliated individual in society, you will begin to plan ahead to prevent inevitable deadlines. Therefore, it influences the choices individuals opt to venture into. You will likely realize that you can aid your mentor in ways too, so the relationship is reciprocal. Nonetheless, the mentoring program shouldn't be a one-size fit for each and every proposition (Owen, 2011). You will realize that a fantastic mentoring relationship can support you in clarifying your requirements and help you strategize methods to meet your targets. Because most mentoring relationships are mentee-driven, a lot of you may shy away from deciding on a mentor as you're not certain what the partnership entails. There's also group activities that involves the entire program. Tell them your best challenge, and the way you struggled to overcome it. So make sure you understand just what is expected from the both groups. For instance, one group includes both mentors and proteges that are blind. It's possible to observe the a variety of projects which were available here. Irrespective of how successful you've been through your doctoral program, postdoctorate or other interim employment, you will see that university life is extremely different. Once you've already created your mentoring action program, attempt to evaluate how it has affected the mentoring program that you're currently involved in. A mentoring action program may give a notion about the standards that are necessary to be met to be certain that the mentoring program will do the job for the very best benefit of the mentee. Mentoring is a strong development and consent. The web is a sea full of adventure. Student learners are motivated in so many distinct ways, especially when it regards acquiring knowledge and achieving academic performance. Students, particularly if they are on their very first clinical placement, can locate a specialised learning environment intimidating and overwhelming occasionally. Use templates as references if you would like to have a well-formatted mentoring action program. What's more, you should develop a document that contains all the vital details that could positively impact the outcomes of the mentoring. Assess and assess the general document when you have already finalized and put together the content of the mentoring action program. Any documentation and videos about the undertaking will be quite helpful also. It is essential for you to get a routine so you're able to organize all the activities and programs which are going to be accomplished. After six months, you may apply for different positions within Zynga and try a new team or perhaps a new site. Students are intrinsically motivated should they love or enjoy what they're doing even if there's no reward or incentive for it. The test is quite much like a HackerRank test.

Economics Assignment Free Essays

ECONOMICS ASSIGNMENT For a market of your choice, keep track of the spot or share price fluctuations during a period of at least two years. Prepare a report of approximately 3000 words, for each market, discussing in detail the multiple forces (interesting developments) responsible for the trends. Tuesday 24 May 2011 Table of Contents Executive Summary Executive Summary In analysing the consumer market, we have chosen the share prices of two JSE listed companies, namely SABMiller and Rainbow Chicken which belong to the beverages and food producer’s sub-sectors respectively. We will write a custom essay sample on Economics Assignment or any similar topic only for you Order Now Our two-year analysis is for the period March 2009 to May 2011. We will explore how Rainbow Chicken fared relative to its nearest competitor – Astral Foods. SABMiller allowed us to expand our thinking and methodology as the company also has a dual-listing on the London Stock Exchange. Its three closest competitors Heineken, Anheuser-Busch InBev and Carlsberg Breweries have foreign listings. It stands to reason, therefore, that we begin our assignment with an overview of the global context in which both companies operated in the period under review. The aftermath of the recession and changes in global economic indicators like the ZAR:USD exchange rate and the price of Brent crude oil will be examined. What we found particularly interesting was the resilience of both company’s share prices in the challenging global economic climate. We mention the factors that insulated each share from the global downturn. We then turn our attention to South Africa’s economic environment and examine the extent to which the foregoing global factors impacted on South Africa’s macroeconomic policy landscape. The two variables that we pay particular attention to are the local repo and CPI rates. We address the extent to which changes to these local variables impacted on the share prices of SABMiller and Rainbow Chicken. As mentioned in the first paragraph, our analyses consider the industries in which both companies operate by comparing their share prices with those of their nearest competitors. Our company analyses focus on internal considerations and the strategic objectives detailed in SABMiller’s and Rainbow’s annual reports for the 2009 and 2010 financial year ends. In our analyses of each company’s share price, we remain mindful of the fact that, although not directly responsible for the share’s daily performance, the objectives and calibre of management nevertheless impact on the share price. We conclude each analysis with a justifiable prediction of the expected trajectory of each company’s share price. The concentric eclipses in the diagram below depict the logical progression of our assignment’s structure, beginning with the outer-most eclipse. The diagram also shows the inter-relatedness of each eclipse relative to the other and how it is impossible to isolate the effects of one from the other. This reinforces the aphorism that: â€Å"in Economics everything is related to everything else; and usually in more ways than one. † The Global Environment [pic] Source: www. eia. doe. gov The price of Brent crude oil has been steady at an average level of $70 to $80 a barrel until November 2010. Since December 2010, the oil price has been rising, reaching a peak of $120 / barrel in April 2011. This has been partly due to uprisings in the Arab world, which holds the majority of global oil reserves. The oil price affects domestic inflation as fuel and energy are a major component of South Africa’s CPI basket. The price of petrol, which is based on oil prices, also raises logistical costs. SABMiller and Rainbow paid more to transport their products in the December 2010 to May 2011 period as a result of the spike in oil prices. It stands to reason that these higher transportation costs would be passed on to consumers as higher product prices by both companies. pic] Source: www. xe. com The graph above shows that the Rand has been strengthening relative to the US Dollar from 1USD:10ZAR to 1USD:6,3ZAR between March 2009 and May 2011. The strong rand has had a favourable impact on our terms of trade as can be seen from the self-explanatory graph below which depicts the Balance of Payments. The company analyses below reveal that SABMiller exports and imports a number of its brands across the world. Rainbow Chicken imports the soy component of its chicken feed wholly from Argentina. The rand’s strength impacts on both companies’ performances (and hence) their share prices favourably. [pic] [pic] Source: www. resbank. co. za The South African Environment Domestic interest rates [pic] Source: www. resbank. co. za The graph above shows that the Reserve Bank’s stance to monetary policy has been expansionary. This is shown by the gradual decline in the repo rate from 9,5% in March 2009 to its current level of 5,5% in May 2011. The Reserve Bank’s mandate is to keep the inflation rate within its target band of 3% to 6% and it uses the repo rate as the instrument with which to impact inflation. The Reserve Bank’s lowering of the repo rate is due to the CPI breaching its upper target limit of 6%. This is shown in the graph below. There is a positive relationship between the repo rate and CPI. It stands to reason, therefore, that the gradual lowering of the repo rate would be accompanied by a decline in the CPI rate. This is indeed the case. However, because of lags, the effect of a fall in the repo rate on the inflation rate is not reflected immediately and the CPI remains significantly above the upper limit. A fall in the repo rate eases pressure on consumers by raising their disposal incomes since they, theoretically, spend less on their credit commitments. All things being equal, this would raise the sales volumes of SABMiller’s and Rainbow’s products. Domestic Inflation [pic] Source: www. statssa. gov. za The graph above depicts the trend in inflation. It is clear that although the inflation rate has been on a downward trajectory (following the lowering of the repo rate) it was in breach of the upper limit of 6% from March 2009 to Oct 2009. It was within the target band in November 2009 but breached the upper limit again between December 2009 and February 2010. The latter breach is attributable to the market’s inflation expectations because of the steep increase in electricity tariffs during this period (www. eskom. co. za). As mentioned previously, the biggest components of South Africa’s CPI basket are food and fuel and the graphs below will be used to explain the impact of inflation on SABMiller’s and Rainbow’s performance specifically. CPI indicator relevant to SAB Miller pic] Source: www. statssa. gov. za This graph shows that inflation for alcoholic beverages has not only been consistently higher than the upper limit of the inflation target band, it has also been significantly higher than the country’s inflation rate. This is due to the fact that a major component of the price of alcohol is a â€Å"sin tax†, which is imposed by the finance ministry, because of the relative ly inelastic nature of the price elasticity of demand for alcohol as well as irresponsible and excessive consumption patterns. For some consumers, even a sharp increase in the price of alcoholic beverages does not result in a fall in the quantity demanded. There would, in all likelihood, be a shift away from the consumption of relatively more expensive alcoholic beverages towards relatively cheaper alcohol – not a complete cessation in the consumption of alcohol. This is one of the reasons that SABMiller’s share price has shown steady gains relative to the market. CPI indicator relevant to Rainbow Chicken [pic] Source: www. statssa. gov. za Consumer food price inflation decelerated sharply from December 2010. It is also interesting to note, that between January 2009 and January 2010, the prices of wheat fell by 24,58%, maize by 22,57% and sunflower seeds by 18,49% (www. finweek. co. za) Decreases in the prices of these staple foods has a positive impact on the poor as they spend 33,4% of their incomes on food; versus the rich who spend a mere 2,6% of their incomes on food. Poor people consume relatively more chicken than red meat because the latter is relatively more expensive. Chicken is the cheapest form of protein in South Africa and demand for it is high (www. astralfoods. com). Furthermore, the above staple foods are used as chicken feed which is a significant input cost for Rainbow Chicken, therefore the company has had cost savings because of bumper crops and the consequent price decreases in these commodities. The table on the following page clearly accounts for the nearly vertical decline in the graph above which shows food price inflation. [pic] Source: www. resbank. co. za GDP – South Africa [pic] [pic] Source: www. statssa. gov. za The graphs above show that South Africa was in a recession in 2009, as defined, because of the two consecutive quarters of negative GDP growth. Our recovery from the global recession was due to the fact that we had a low exposure to the sub-prime market crisis that was responsible for the global meltdown. Our banking and macroeconomic policies remain robust. The growth in the economy from the third quarter of 2009 is also due to infrastructural investments that were made for the 2010 Soccer World Cup as well as South Africa’s contributions to the BRIC emerging markets bloc – especially our trade with China. It is expected that our formal inclusion to the BRICS nations since April 2011 will maintain the upward trend in GDP (www. lobalsherpa. org). Positive GDP growth has a positive impact on the performance of SABMiller’s and Rainbow’s shares. In a boom everyone does well. SABMiller, in particular, has a presence in all five BRICS nations and is poised for growth as emerging market economies have overtaken developed economies in their contributions to global GDP. We now examine SABMiller’s s hare price in more detail and then turn our attention to Rainbow Chicken in light of the foregoing discussions on the global and local environments. Analysis of SABMiller pic] SABMiller is a global operation covering 75 countries on six continents and employing over 70 000 people. Its portfolio of businesses is divided into six regions and is well balanced between developed and emerging markets. Between them, the businesses produce over 200 different brands and sell 213 million hectoliters of lager a year. Since listing on the London Stock Exchange 10 years ago the company has grown substantially and has a market capitalisation of ZAR 419,837,700,000 on the JSE and GBP 36,099,310,000 on the LSE. The company’s markets range from developed economies such as the USA to the fast growing BRICS economies (SABMiller Annual Report, 2009). SABMiller is also the number one bottler of soft drinks for The Coca Cola Company. The breweries market can be seen as oligopolistic in nature since SABMiller and its three main competitors (Heineken, Anheuser-Busch InBev and Carlsberg) are the dominant players in the market and have significant market share amongst them. The oligopolistic market structure has a positive impact on the company’s operations and share price performance. In North America, SABMiller (through its strategic partners) is the second-largest brewer in the United States and owns nearly 30% of the US beer market. In Latin America, it is the number one brewer by market share. In the majority of the ten European countries in which it operates, the company is the number one or number two brewer by market share. The same holds for Africa and Asia. In the 2009 annual report Mayer Kahn, the Chairman of the Board, stated that the global brewing industry was expected to continue to consolidate and that participation in industry consolidation provides opportunities to enter growth markets and to create value from scale benefits. The graph below shows SABMiller’s share price relative to its three main competitors. It is clear that all four companies’ trajectories have moved in tandem but Carlsberg’s share price has significantly taken the lead with SABMiller in second place. At the turn of the century, the top 10 brewers accounted for just over one-third of global beer sales volumes. The past decade has seen a rapid consolidation, resulting in the top four brewers – Anheuser-Busch InBev, SABMiller, Heineken and Carlsberg – accounting for almost 50% of beer sales volumes and up to 75% of the global profit pool. (SABMiller Annual Report, 2010) [pic] Source: www. heineken. com Mr Kahn attributes the company’s good results (in both 2009 and 2010) to the operational strengths of the businesses and the power of their leading local brands. He concedes that even though SABMiller was not immune to the global crisis, beer is a fairly resilient product which placed the company in a better position than many to weather the storm. He goes on to say: â€Å"Thanks, partly, to our long experience of emerging markets, we are used to operating under difficult conditions. If we look back ten years to our London stock market listing, it is worth remembering that the Asian currency crisis at that time had shaken investor confidence in emerging markets and that the outlook was far from encouraging. Nevertheless, we prospered and grew and achieved the international expansion that our listing was intended to facilitate. Ten years on, our geographic spread is proving to be an advantage in that different countries are affected by the crisis at different rates and to differing degrees. So while demand in Europe has dropped sharply, countries in emerging markets such as Africa and Asia have fared relatively well despite falling back from the high – one might say unsustainable – rates of growth of recent years. † SABMiller Annual Report, 2009 In short, SABMiller’s diverse spread of businesses, strong market positions, and a portfolio of leading brands mitigated against the risks and negative consequences of the global downturn and contributed to the steady upward momentum in the share price. In response to the mismatch between the supply of, and demand for, certain brewing and packaging raw materials in Africa, the company is increasingly using locally grown crops such as sorghum and cassava to produce affordable brands. This is done to minimise supply shortages and the price volatility of key raw material inputs. Continued robust pricing and productivity enhancements offset increased commodity costs (SABMiller Annual Report, 2010). It comes as no surprise, therefore, that the combination of the above factors resulted in a steady upward trend in the company’s share prices on both the London and Johannesburg bourses in the period under review as seen in the graphs below. [pic][pic] Source: www. sabmiller. com In 2010, Mr Kahn had similar good news for investors, citing the same reasons as for 2009. However he mentions the company’s management team as being a key contributor to the positive results: This year, in addition, we have benefited from management’s ability to reduce costs and selectively increase prices in order to maximise revenues†¦Ã¢â‚¬  Source: SABMiller Annual Report, 2010 In the third paragraph of our Executive Summary, we mentioned that the management of any company is not responsible for the share price. However, in fulfilling its primary objective of maximising shareholder value, the credibility of and strategies employed by management invariably have an impact on the share price. It would appear that the management and directorship of SABMiller are market-friendly. The members of the executive team are representative of each of the continents in which the company operates; with Mr Cyril Ramaphosa and Dr Dambisa Moyo as the notable representatives for Africa. Other market-friendly strategies include the December 2009 announcement that 8. 45% of the shares in SABMiller’s South African subsidiary, The South African Breweries Ltd (SAB), would be placed under Black ownership as part of its commitment to Broad-Based Black Economic Empowerment in South Africa. This transaction created 40,000 new shareholders among SAB employees and qualifying retailers. The deal also created a charitable foundation that holds 18% of the shares that were issued under the transaction. The dividend income will be used for the benefit of the wider South African community (SABMiller Annual Report, 2010). The company also capitalised on the strength of emerging markets (particularly in China and Africa) by channeling its growth strategies to these markets. â€Å"Globally, the beer market grew by 1. 5% in 2010, led by a continuing strong performance in Asia, Africa and Latin America. China grew by 6. 5%, Africa by 3. 1% and Latin America by almost 3%. Western Europe continued the trend of declining beer volumes, driven by a shift in consumption to other beverages and the decline of on-premise consumption. † Source: SABMiller Annual Report, 2010 In the 2010 financial year the company acquired four new breweries in China, invested in new breweries in Tanzania, Mozambique, Angola and Southern Sudan and carried out expansions and upgrades in Uganda and Zambia. The trends in the graphs depicting SABMiller’s share price on both the London and Johannesburg Securities’ Exchanges (given above) require no further explanation. With good management being both a contributory factor to and a consequence of the share’s strong performance, it is reasonable to conclude that the positive momentum will continue. [pic] Analysis of Rainbow Chicken [pic] Rainbow Chicken Limited is the largest processor and marketer of chicken in South Africa. It is a fully integrated broiler producer that breeds and rears its own livestock which it feeds from its own feed mills. Rainbow processes, distributes and markets fresh, frozen, value-added and further-processed chicken. The company has a market capitalisation of ZAR 6 124 893 000 009 was a very challenging year for the South African poultry industry, both locally and globally. The local chicken industry was negatively impacted by the fall in demand due to the recession. An oversupply by local producers and increased imports due to the strong rand also added to the industry’s woes. These difficult market conditions were a further test of Rainbow’s differen tiated brand strategy, which through its foodservice and consumer brands, seeks more consistent, profitable and sustainable business (Rainbow Chicken Annual Report, 2009). Despite these challenges, Rainbow managed to deliver an acceptable overall performance. Positive performance, like a rally in the share price, is a function of several variables and while we can make inferences about the correlation between the two, we make no such inferences about their causality. Like SABMiller, Rainbow’s Black Economic Empowerment transaction (which was concluded in July 2008) was market-friendly and boosted the company’s share price. Rainbow provided vendor financing for a 15% equity stake that was issued to a consortium that was constituted by its employees, Imbewu Consortium, Ikamva Labantu, and Mrs M Nhlanhla, a non-executive director. The BBBEE transaction resulted in the share price rallying from R12. 0 to R16. 80 in the latter period of the second quarter of the 2009 financial year as shown in the graph on the following page. 2010 was an equally challenging year for Rainbow but its effects were mitigated by South Africa’s steady recovery from the recession, a lower interest rate and inflationary environment. Maize prices d eclined since their peak in July 2008. The global financial crisis caused a dramatic decrease in the demand for maize, improving the previously dangerously low US and global maize stock situations to such an extent that international prices fell sharply from their record levels. Rainbow Chicken, Annual Report, 2010). The fall in maize prices, which is a major component in chicken feed, resulted in a reduction in the company’s input costs which boosted the bottom line. Local producers added significant production capacity for wheat, grain and soy over the past five years. Rainbow imports the soya component of its chicken feed from Argentina and it has a significant FOREX exposure. The strong rand, however, in the period under review, has been in the company’s favour. The company’s 2010 annual report reflected acceptable profit margins. In both 2009 and during 2010, the company’s share price maintained its upward momentum as reflected in the graph below. [pic] |Key Features – Rainbow Chicken Share Price | |Year |Low |High | |2009 |11500 |16800 | |2010 |15900 |16900 | The graph and table above confirm the findings in the preceding paragraphs. Although the difference between the year’s highest share prices is negligible, South Africa’s economic recovery may be gleaned from the fact that the lowest share price for 2010 was 4400c above the 2009 low. Consumer’s disposable incomes were higher in 2010 because of falling interest and inflation rates. Falling input costs and increased consumer demand increased the appetite for the company’s shares as investors’ expectations of earning better returns were supported. Other events that led to sharp movements in the company’s share price include the market’s speculative expectations immediately prior to the announcement of the group’s 2009 results. After the results were announced, the share price dropped to R13. 90 because of the 39. 6% decline in headline earnings. The reason for this decline in earnings can be attributed to the company’s policy of buying feed products forward. The share price stabilised for the remainder of 2010 due to an increase in the multitude of families that joined the ranks of South Africa’s middle class. As the middle class grows in size, so the taste of chicken diversifies allowing entrepreneurs to come up with new ways of marketing chicken to end consumers. We now turn our attention to Rainbow’s competitor, Astral Foods, to get a better idea of the South African poultry industry before making conclusions about how justifiable a continued rally in Rainbow’s share price is. Astral Foods is Rainbow Chicken’s nearest competitor. The company holds investments in subsidiary and joint venture companies. Its primary activities are animal feed pre-mixes, the manufacturing of animal feeds, broiler genetics, the production and sale of day-old broiler chicks and hatching eggs, integrated breeder and broiler production operations, abattoirs and the sale and distribution of various key poultry brands. Its current market capitalisation is R5,5 bn (www. moneyweb. co. za) Despite a 5% drop in sales volumes, revenue for Astral Foods’ poultry division increased by 13% for the 2009 financial year. (Astral Foods Annual Report, 2009). The market was neutral about the appointment of Chris Schutte as the Chief Executive Officer, effective 1 May 2009. The share price was also not responsive to the appointment of Daan Ferreira as the Financial Director. This may be because it was not perceived to be mindful of BBBEE. The improvement in Astral Foods’ revenue for the 2010 period was largely attributable to a sustained growth in volume. The volume growth was on the back of improved production results supported by better poultry health status. Depressed consumer spending, together with higher levels of imports and high local stock levels, contributed to vigorous promotional activity with prices at levels below historical levels. Reduced feeding costs during the period countered the effects of lower poultry selling prices. A lengthy period of industrial action at Earlybird Standerton negatively impacted the company’s share performance. (Astral Foods Annual Report 2010) |[pic] | |The graph above shows the steadily upward trend in Astral Foods share price. Not surprisingly, it follows a similar pattern to Rainbow | |Chicken’s share price – with pronounced sell-offs in the first and second quarters of 2009 and improvements thereafter. This pattern | |provides comfort because of the consistency of both company’s responsiveness to events in the poultry industry. It would be concerning if | |the companies had different trajectories. The consensus amongst analysts is that the South African poultry industry is poised for | |significant growth given that the price of chicken has risen by 30 per cent year-on-year while the cost of feed has come down. We | |anticipate that Rainbow’s share price will maintain its upward trend. | | | BIBLIOGRAPHY 1. Astral Foods Limited Annual Report, 2009. www. astralfoods. com 2. EIA Independent Statistics and Analysis, US Energy Information Administration, www. eia. doe. gov 3. www. eskom. co. za 4. www. finweek. co. za/Economy/Food-inflation-still-a-concern-20100301 5. www. globalsherpa. org/china-africa-brics 6. www. heineken. com 7. www. moneyweb. o. za 8. Rainbow Chicken Limited Annual Report, 2009 and 2010, www. rainbowchicken. co. za 9. Reserve Bank Quarterly Bulletin March 2011,www. resbank. co. za 10. SABMiller PLC Annual Report, 2009, www. sabmiller. com 11. SABMiller PLC Annual Report, 2010, www. sabmiller. com 12. Statistics South Africa, Statistical release P0141, www. statssa. gov. za 13. www. xe. com [pic] ———————– Economics Assignment 2011 GLOBAL ENVIRONMENT LOCAL ENVIRONMENT INDUSTRY / COMPETITORS COMPANY SHARE PRICE How to cite Economics Assignment, Essay examples

Muammar Al Qaddafi Essays - Islamic Socialism, Libya,

Muammar al Qaddafi Muammar al Qaddafi is a very dangerous man. He promotes terrorism, and radical causes. He is committed against the U.S, and will help almost anyone who is also against the U.S. He is very intelligent and crafty. In 1969 he led a coup against the Libyan government. He succeeded, and became head of state. He is a devoted Muslim. Qaddafi is a person to be read about and learned about. As I mentioned above, one of his greatest successes was leading a bloodless coup against the Libyan monarchy. He became head of state. He is still in power today. Another success is that fact that most Libyans lead good lives. All Libyans have a house or an apartment, a car, and most have televisions, phones, and recording equipment. The young people are well dressed and fed. He has survived many coup attempts against him. His face and picture are in most buildings in Libya. He always was devoted to school as a kid. He would take a long hike from the desert to school. He would come home only every Thursday, the beginning of the Muslim weekend. Then he would go back to school. He was the first in his family to be well educated. One of his first goals when he was a child was to join the Libyan army. He slowly moved up in rank. It was surprising they even let him in the army; he had a long police record. He eventually joined the King's police. This was when the idea of a coup attempt came. He did succeed. Qaddafi was born in a tent in the desert 20 miles south of the sea. This is a desolate place- burning hot in the summer, and freezing cold in the winter. Most people would consider this place to be uninhabitable. His father was at the bottom of social level in this very poor country. The name of tribe Qaddadfa means in Arabic, " Spitter or vomiter of blood." In Qaddafi's early years, in the 1940's there were tank battles in the desert and thousands of bombing raids by Germans in Libya. Besides this, in the 1920's the Italians under Mussolini had conquered Libya for the second time and had killed large numbers of women, children and old people. They trampled on copies of the Koran, threw men out of airplanes and raped and disembowelled women. So the Libyans of Qaddafi generation grew up full of hatred and misery. All this helps to explain his mental state. In 1970 Qaddafi and his foreign minister travelled to the Arab countries to try to get them to agree to attack Israel because he felt he was he was a real leader for all Arabs. He supported the use of terrorism. At that time he was friendly with the Egyptian leader Nasser, but after Nasser died the new Egyptian leader Anwar Sadat did not like Qaddafi and thought he was sick and possessed of the devil. When Qaddafi went to Egypt in 1973 he lectured the Egyptians that women should stay in the home and that everybody should behave like strict Muslims. The Egyptians didn't like this because they were more liberal. So the visit was a disaster. But Qaddafi really believed that the masses of Egyptian people were with him so he organized 20,000 Libyans to march to Cairo and he thought they would be joined by Egyptian people. The Egyptian government blocked all the roads between Libya and Egypt with railroad carriages, and allowed only a tiny group to go to Cairo. The same thing happened when Qaddafi went to Tunisia and spoke at a rally and told the people to unite with Libya. The president of Tunisia was listening at home on the radio and rushed to the rally, grabbed the micro phone, and "trashed" Qaddafi's unity idea, so to speak. These setbacks made him pull away from dealing with established governments and deciding to support revolutionaries including the IRA, and Black Power move- ments, and all Palestinian terrorists. In the beginning of his power, he used to drive around town in an old battered-up Volkswagen, and pick up groceries. But after many coup and assassination attempts, he gradually disappeared from public life. After the raid of U.S troops in 1986, he was seldom heard from. There were many rumors such as that he was dead, or deposed in a coup, or under mind- controlling drugs. Libyans told U.S reporters that they no longer had cash or food. Slowly Qaddafi