The synergy of branding and MPR Essay Example | Topics and Well Written Essays - 500 words

The synergy of branding and MPR - Essay Example The rebellion and fierce battles in Syrian are a topic of discussion in the national/international media these days and the main focus of the argument among different media threads is the American support for the rebels. There has been a lot of discussion and mainstream media has arranged several talk shows, webinars, table talks and interviews on this topic. America is funding the rebels in Syria because of the fact that freedom and democracy is the need of Syria but the main line of argument for all those who are targeting this strategy in a critical way is that funding these rebels is growing your own enemy because American nation has suffered a lot just because of the fact that they helped the Afghan militants in the soviet war. Sources like CNN, independent, Huffington post, guardian, Aljazeera, BBC, CBS, ABC news have vowed this issue a lot and on daily basis, then news of Syria is getting in the limelight. There are two groups in the rebellions according to the media and there must be a clear differentiation between these groups. The first group is known as Free Syrian Army (FSA) which is an offshoot of the Syrian army who were the rebels. FSA started to wage war against Bashar al Assad regime some years ago because they were furious against his oppressions against the Sunni Muslims, a major sect in Syria. The other group of the rebels is the most lethal and according to the national media, this group can be the real cause for the headache for America and that is known as Alqaeda.

Human Activity and Climate Change Assignment Example | Topics and Well Written Essays - 500 words

Human Activity and Climate Change - Assignment Example Carbon dioxide has been described as one of the most anthropogenic greenhouse gas. That is it is caused by human activity and the influence that they have on the environment. The concentration of carbon dioxide in the atmosphere has increased from 280 parts per million (ppm) before the industrial revolution to 379 ppm3 in 2005. Additionally, the concentration of to carbon dioxide in the atmosphere in 2005 was much greater than the natural range of 180 to 300ppm over the last 650,000 years. This information has been determined from ice cores spanning thousands of years. Continuous measurements show that during the ten years spanning 1995 to 2005 the annual growth rate of the concentration of carbon dioxide was 1.9ppm and this is more than that for the period 1960 to 2005 when the concentration was 1.4ppm. The use of fossil fuel has been found to be the main source of the increased concentration of carbon dioxide ever since the pre-industrial period which dates from 1900 to 1926 with annual emission increasing from an average of 6.4 GIC per annum in the 1990’s to 7.2 per year during the period 2000 to 2005. Greenhouse gas emissions that have been attributed to the change in the way land is used has been found to be significantly less when compared to greenhouse gas emissions from carbon dioxide at a rate of 1.6 GtC per year throughout the 1990’s. However, these estimates According to California Energy Commission, there are three major forms of fossil fuel – coal, oil and natural gas. They have formed millions of years ago during the Carboniferous period which is part of the Paleozoic Era. Carboniferous comes from the word carbon and carbon is the basic element that makes up coal, oil and natural gas. Coal is used to fuel power plants and other factories.

Sales and Distribution Essay Example for Free

Sales and Distribution Essay Company Snapshot CEAT Limited RPG Tyre Industry Automobiles Born tough; Take it on Products are known for durability and superior quality Parent Company Category Sector Tagline/ Slogan USP Manufacturing units 4 Location of manufacturing units 3 in India- Bhandup, Halol, Nashik and 1 in Srilanka Total capacity 940,000 Tyres per month Distribution Coverage 186 Districts Clearing and Forward Agents 112 Dealership over 3500 Company owned showrooms 70(in 2012 to be increased to 200 by 2013) Total sales(in Rupees) INR 4492. 03 Crores (in 2012) Increase in sales y-o-y 27.35% (2011 to 2012) Business Markets segmentation (B2B, B2C, B2G): B2B B2G B2C Heavy-duty Trucks and Buses Cars Light Commercial Vehicles SUVs Earthmovers Forklifts Tractors Trailers Motorcycles and Scooters Auto-rickshaws IBS Hyderabad Page 3 Quotes to Quote â€Å"Quality for us is more than state-of-the-art, we would say its state-of-the-mind. When you think right, you always deliver right. † -CEAT. in Website â€Å"For the man who counts signals to reach home safely. For the woman who drops her child to school. For the vendor who has to reach the market in time. For the young rider who wants to race the wind we make quality our responsibility. And we take our responsibility seriously. † -CEAT. in Website â€Å"We believe that our brand must help our consumers in doing their businesses better or helping them in leading a better, safer life. † -Vinod Kumar, GM, Marketing, CEAT Ltd â€Å"We dont believe in flashing numbers, we let quality do our talking. And it is with reason that CEAT marks the highest exports from India in truck, OTR and LCV categories. † -CEAT, Network, Citation date- 16th Jan 2013, http://www. ceat.in/newsite/worldwide/network. asp IBS Hyderabad Page 4 II. Economies and Industry Overview i. Economy- Overview The recent financial year (2011-12) was challenged much by the critical waves from different geographies and has hit the world businesses at a large scale. The Europe sovereign debt crisis and its skepticism on its potential to become a global meltdown pushed the investor confidence again after the 2 008 crisis. Inspite of the government? s reforms and third party? s (UNO, World Bank, etc) assistance the economies are still fragile and recovering at a much slower phase. With US and other developed nations recover slow, developing nations has become the sweet spot for many. India sustained its growth estimates very close to that of the RBI estimates to 6. 9% in 2011-12 (CSO estimates). Still India has mounting challenges in infrastructure, inflation, fluctuations in the value of rupee, political instability etc. In reference to it the road map of 12th 5 year plans (2013-17) brings optimism, which expects the growth to 7. 4 to 7. 6% in 2013 (FY) and 8. 6 per cent in 2014 (FY) with some major policy reforms (FDI, taxation, etc) taken into account. Tyre Industry- Overview The demand for tyres globally by 2015 is expected to be in the value of 3. 3 billion units (USD 220 bn) with a 4. 7% annual growth in units. The APAC region (Asia Pacific) is the largest market for tyres and signals strong demand in the future. The increase in income of the developing countries would be supported with the demand for automobiles thus would ultimately create a demand for tyres (World Tyre Report). India has the organized tyre maket (apart from bicycle tyre industry) and is dominated by cross ply tyres. Major contributor to the industry is the Commercial Vehicle (CV) tyres followed by Passenger Vehicle (PV) tyres. Remaining share is taken over by the 2 and 3 wheelers, tractors, construction equipment and Off-The-Road (OTR) tyres. The size of the Indian tyre industry in 2011-12 was around Rs. 389 billion, and is estimated to reach Rs. 443 billion in 2012-13, with 14 per cent growth. One important segment of tyre industry, i. e OEMs (Automobile Manufacturers) are bound to grow in the future but frequent hikes in interest rates, rise in fuel prices, high inflation. Reviving the India Growth Story, Union Budget 2012 by PricewaterhouseCoopers IBS Hyderabad Page 5 etc slows down the growth of automobile sector. The sector that grew 30% in 2010-11 grew only to 2% in 2011-12. 2 (See table Categorywise Tyre Production Exports in India for FY 2010-11 and 2011-12 to have full picture of Indian tyre production and exports) The Indian tyre industry- Snapshot Total turnover Tyre Production (Tonnage) Total Tyre Production in all categories Number of companies Companies contribution Rs.389 billion Rs. 14. 88 lacs MT 1,192 lacs 39 Top 10 companies account for over 95 per cent of the total production Source: Automotive Tyre Manufacturers Association (ATMA) There three broad areas through which Indian Tyre Industry creates demands (% contribution by each segment in 2011-12 are given below), The 2011-12 growth of tyre industry is completely attributed to the increased export contribution and particularly from the bus and truck segment. Different Segments % Con tribution to Indian Tyre Industry in 2011-12 Replacement Market 26 63 OEMs Exports a. Replacement market- The nature of the replacement market is the margin creator. This is the important spot through which the manufacturers has an upper hand (relative to other segments) and hence it dominates the Indian tyre industry. With the increase in number of driving licenses registered, with increasing self driving habits in India, whereby the tyre gets depreciated soon, there is a large scope for the replacement market? s growth. b. Original Equipment Manufacturers (OEM)- The OEM segment has dominance over the tyre manufacturers due to the competition and uniformity in quality; hence it has thin margins but plays with high volumes. In this segment the tyre manufacturers reputation, 2 The Economic Times, January 2012 IBS Hyderabad Page 6 capacity to supply large orders, working together, quick delivery with customization and price plays dominant role in securing and retaining an OEM. Due to uncertain global conditions and job market it is expected to grow modestly at a rate of 11-13% in 2012-13.

Impact of Privatization on Firms Performance

Impact of Privatization on Firms Performance 1.0 Introduction Privatization throughout the 1980s has been considered to be the solutions to the problems associated State Owned Enterprise (SOE)s both in the developed and developing economies and even in the socialist economies (Vickers and Yarrow 1995). In reality privatization is an economies policy and other times a political policy that is difficult to achieve mostly when is implemented in a corrupt setting like in most developing countries. However it is wise for a competitive and well regulated business environment structure to be established before privatization takes place. In recent times there has been a significant increase in the privatization of SOEs. Megginson et al (2004), suggest that political persuasion by government as a result of poor and unsatisfactory financial and operational results by SOEs has cause the transfer of ownership to private investor who will impact their business discipline in order to improve the level of performance for the newly privatized SOEs. While Aktan (1995) suggest that privatization goes beyond the sale of SOEs, assets or shares to individuals or private firms but in a broad meaning, it is to restrict government role and function in providing economic activities and put forward some methods or policies in order to strengthen free market economy. Privatization is often meant to be the transfer of control and ownership of government asset or firm to private investors. It could be partial or whole, through private placement or public offer of share via the capital market as well as through the distribution of vouchers. The major purpose of privatization is to grow and develop the economic by creating competition that can bring about efficiency ***. It will be right for the logical argument of this research study to compare or examine the different view of academics on what privatization means. Parker et al (2005) states that privatization is used to cover many arrays of different policies like liberalization, commercialization but in one of its studies, Privatization in Developing Countries: A Review of the Evidence and the Policies lessons, suggest that privatization means the transfers of productive asset from the state to the private sector, but also stressed that the most important factors to be considered is the introduction of effective competition and regulatory measures alongside with existing firms and for government to accept the political changes that occurs when privatization takes place. While, Beesley (1997) suggest that privatization is the formation of a companys act company and the subsequent sale of at least 50percent of the total shares of a company to private shareholders. However it is obvious now that privatization starts with the government transfer of its assets or a controlling share to private investors or shareholders in order to stimulate econom ic development. Privatization as an inherent part of government efforts to rationalize the SOEs. Its mostly done to reduce the burden on National Budget, improve efficiency of individual enterprise and ensure wider distribution of business ownership among its citizens and other foreign investors. However in most cases it brings about the introduction of market force (Demand and Supply forces) into the economy. Privatization can be set up to achieve different objectives depending on the Political, Economy and Social condition of each individual Country. This is due to the fact that what is applicable in the UK for instance will most likely not applicable in Russia due to the differences in techniques or method of privatization, general government objectives, SOEs condition, firms sectors activities and the countries characteristics. According to Bennett (2003) there are different methods used during privatization, either one used has its own advantage and disadvantage. The share option method is the mostly used method, it involves the sales of SOEs through the issue of shares to the public through stock market. For this method to be successfully implemented, the local country privatizing its SOEs must have an established Stock market where the trading of these shares should take place. Also there should enough public awareness to sell shares. While the private placement option which involves the sale of SOEs to the highest bidder helps government rise substantial revenue but the issues involved here, is the highest bidder will always want to get back their money back in time by exploiting the consumers. This option is mostly done in developing countries where there stock market is still very weak and there are trying to get foreign investor to invest. Lastly the voucher method which is common with Eastern Europe an countries like, Russia, Czech Republic etc, tends towards alleviating poverty. It involves the allocation of SOEs shares to virtually all local qualified citizens of a state in order for both the poor and rich to be co-owners of the SOE. But in most case the poor ones are more likely to sell their share to the rich one who will then have a controlling stake. 1.1 Background to the Study The telecoms industry is a sizable sector offering a wide range of products and services as well as employment opportunities across virtually all professional, skilled and unskilled discipline in the economy. However the industry has expanded and develop rapidly since late 1980s, in the 1990s and even more rapidly in most recent times due its consistency in constant need for Research and Development (RD), technological change on both the service providers and suppliers sides respectively in other to satisfy its market and be more efficient to maximize profitability. The telecommunication industry whether in a developed or developing economies has had its impact towards the growth and development of virtually all parts of an economy ranging from the political, social, financial, technological sectors over its 100 years of existence. However like every other service providing sector, it provides services to the local market and international market where business strategic is always aimed at gaining competitive advantage in the existence of competition and tight regulatory business environment in terms of providing service to users, expanding its economies of scale and scope and equity expansion. Many countries grant monopoly power to their local telecoms but establish an office that will regulate their activities and in other cases some merge their postal services and telecoms services together, example is the United Kingdom (UK). The UK Telecommunication has been in existence dating back to 1879, with its first telephone exchange established in Coleman Street, London. 1896 saw the Post Office take over the private sector trunk services while in 1912, all national telephone company exchange was controlled by the Post Office as a monopoly supplier of telephone service in the UK. The Post office had two departments the postal service and telecom. As a rule as stated by Ratto-Nielsen, telephone operations, the postal service where subsidized while labor union where paid high rents to organize labor. However in 1969, the Post office become a State Public Corporation and after the Carter Report of the Post Office Review Corporation was published, the 1981 the British Telecoms Act 1981 became law and the postal and telecoms of the Post Office became the responsibilities of two separate Corporation namely; The Post Office and British Telecoms (BT) Cable and Wireless, which was privatized. While BT was created as a Public Corporation charged with the responsibilities for Telecommunications, Supplies, Installations and Maintenance. The first competitive rivalry in the industry was the granting of license in 1982 to Mercury Communication Limited (MCL) to operate a fixed Link network in order to compete with BT. This only made a little impact as BT has a huge competitive advantage over MCL because it already had the market share, established and experienced Skilled employees and existing contracts with leading telecoms equipments manufacturers and service providers to operate and even if a year later both where give the advantage to operate without rival firms providing fixed link networks in the UK for seven years The Government White Paper published, proposed for the sale of 51percent of BT and the creation of a telecoms regulatory body, to be named Office of Telecommunication (Oftel) whose duties where to supervise all the activities going on in the telecoms industry and to also prosecute those who do not comply with the set rules and regulation of the industry as well as protect services users from exploitation. Two years later Oftel was signed into law and then administration of Margret Thatcher creating BT as a Limited Company wholly owned by the Government as BT Plc but was later privatized by selling off 50.2percent Shares to the Public. BT is one of the world oldest telecommunication Firm and dates back to be the first ever British telecom firm which also had the sole monopoly of providing telecom services in the UK with the backup of British Government. During the period, from 1878 the UK telephone service was been provided by the private sector companies, National Telephone Company (NTC) who were also faced with competition from the General Post Office (GPO) and in 1896 the GPO took over operation of the telephone service from and became a monopoly market for the in 1912 controlling the entire telecoms market in the UK. In 1965, some finding made by a working party was presented to the government which there found substantial enough. This lead them to split GPO into two divisions; the Post and Telecommunication which gave birth to BT and five units Post, Telecommunication, Savings, Giro and National Data Processing Services respectively. The Post Office act of 1969 made the Post Office to be controlled by the government and established as a public corporation. This gave them the sole right to run the telecoms system with listed power to authorize others to run such systems. However the Post Office retained its telecommunication monopoly. The Carter Committee of 1977 suggest for the restructuring of the Post Office into two separate units and further renaming of the Post Office to British Telecoms but it also remained a part of the Post Office. In 1981, the introduction of British Telecommunication act transfer the provision of telecommunication from the Post Office as a resulting establishing two different corporations a bold step to create competition in the utility industry (Telecoms). This empowered the trade and industry ministry and the British Telecoms the right to grant Licenses to other telecoms operators to run telecommunication systems therefore creating competition in the sector. However, in July 1982 the government officially announced her intention to privatize BT by selling up to 51 percent of BT shares to private investors. In 1984, more than 50 percent of BT was sold to the public through share option, then the largest ever most successful SOE privatization exercise in the history of privatization leaving the government with just forty 47.6 percent. This was about the most radical and the largest scale privatization exercise ever had in the history of Britain. However most investor where scared that it was going to fail. It was but in 1991 the government share of BT was reduced to 21.8 percent by rising up to  £5 billion and creating about 750,000 new shareholders of BT. In reality, the privatization of BT opened the telecoms market for other operates to come into the market, invest in the sector and breaking the monopoly advantage had by BT over the years by fighting for market shares through intense competitive business environment. This however forced BT into having fairer business policies, improved technology to optimize productivity as well as to raise its level of efficiency as government regulatory body would introduced a price cap system. On the other side this allowed other firms to spring up and compete with BT in the telecom sector bringing about maximum utilization of available resources, cost cutting and efficiency. Telecoms consumers where the most rewarded people as operator gave them the best deals ever in order to gain market shares. BT Plc is now run in over 170 countries all over the world and faced with about 150 other telecoms operator. This has forced them virtually to constantly to research and develop their existing technolog y as well as acquire new ones in order to keep pace with their consumers new and market share. 1.2 Rationale for this Study In this research study aims to examine the impact of privatization in the telecom sector in the UK post privatization era. Also it will examine if the method of privatization contributes to both the operational and financial performance*** 1.3 Objectives to the Study My objectives will be subdivided into two sections aimed at determining to what extends privatization affected BT performance in terms of one; financial performance By looking the determinants working capital management, Share price movement and it covariance relative to the telecoms sector and FTSE 100 and Financial annual report Secondly; operational performance Level of efficiency Market Share strategy Competition and Regulation 1.4 Limitation There are inevitable limitation to this research study caused by the different economy situation post privatization era of BT. This can be ranging from some systematic economy problems to specific economy problems that can either be a general issue associated with all other sectors of the economy or rather that has to do alone with the telecoms sector or BT performance over time. Also political issues that arise for political interference in BT or the telecom sector which can either be from change of government. Finally as a research study there will be minor statistical error but this research study still represent a substandard measurement of BT post privatization operational and financial performance within the very dynamic, rapid, competitive and volatile telecom sector indices and the FTSE 100 at large. 1.5 Research Questions Why would one witness a difference in performance in terms of operational and financial factors when a firm is managed by government compared to when been managed by the private individual or investors? 1.6 Structure of the Study In Chapter two, this study will focus on the methods of privatization while chapter three of this research is literature review which includes theoretical framework and a review of relevant literatures. The theoretical framework will look at the different theories of privatization, how those theories where applied during privatization and the impact it had in the telecoms sector. Also the literature will critically review the impact of privatization in the telecoms sector focus mainly on the operational and financial performance of SOEs before and after privatization. While Chapter four will discuss the methodology adopted to achieve this study. Chapter four will be analysis of datas and stating of findings. Finally Chapter five would be conclusion. Chapter two 2.0 Methods of Privatization 2.1 Introduction This chapter will focus on the different methods of privatizations ranging from share issue method to voucher or the mass method and finally the asset sales method. It will also discuss the justification why a particular method is chosen rather than the other toward the achievement of privatization exercise and finally the advantage and disadvantages of each method used. 2.2 Share Issue Method This method of privatization involves the sale of all or part of SOE to investor through a public share offer which are similar to initial public offer (IPO) in the private sector via the stock market. This is structured to raise money for the government, divest them also from ownership and for them to achieve political objectives. However in the words of Megginson (2005) this method is the largest and most successful method to transfer SOEs to private ownership. Yet it is the most dramatic because if it turns out successfully or fails respectively it becomes the most political and economy bad or good decision depending on what happens. However, the process of using this method involves the passing through three steps; How to transfer control: This involves whether to sell the whole SOEs strategically to the public once or step by step. If the last option is chosen then government will have to determine what percent should be sold initially and subsequently but the most important thing here is for the government to put up tight regulation to control corporate decisions after the privatization exercise. How to price the offer: The pricing decision requires whether government should do the pricing by tender offer, a booking-building exercise or a fixed price but whatever the decision government makes it must be in advance. However the government always issue out SOEs share below the true market value as an incentive to encourage investors to buy shares. Finally, how to allocate the shares: This depends on who the government intends to favor most, it could be the employees, labor unions or potential investors and even foreign investors. Also it could make use an investment banker as lead underwriter or favor national champion. Meanwhile this method of privatization needs the existence of a capital market and also has some comparative advantage over the other methods which is rationale behind why it can be used in some situation rather than the others. In most case SOEs share prices are underpriced relative to the market price, hence foregone government revenue that will make investor make a premium on top of there investment The needs to expand the stock market operational capacity to accommodate new issued equities Advantage Can raise huge amount of revenue for the government The strategy employed can be use to create wealth evenly for local investors by allocating a set percentage of share to every region within the country. This usually occurs in situation where there is less inequality of income The use of share option, most likely develops the capital market. It is also used when the SOE to be privatized is large and profitable. For example BT, It also transforms the size and efficiency of both the nations investment banking sector and its capital market. Disadvantage It is time consuming to organize It is extremely expensive to coordinate due to the fact that before the share are put to sale the government have to hire and pay consultants 3. Transaction cost is another issue. It include cost of sales, advertising, underwriting. 2.3 Asset Sales Method This method involve the sale of the whole or part of SOE clearly for cash to individual investors, group of investors or an existing corporation with or without experience in that sector (Meggison 2005). Vuylsteke et al (1995), suggest that transaction here can occur in different forms from direct acquisition by a similar corporate firm or private placement to targeting various institutional investors. However there are different procedures to follow in this method of privatization exercise. This includes; firstly the full competitive process which involves a privatization process of pre-qualification of bidders to win the final bid to take-over the said SOE. While the second procedure involves the use of direct negotiations between investors and government representatives to take-over the said SOE which usually involve the search for a larger number of investors. Both process would usually involve the investor who are either new or have an excellent record of both operational and financial performance in the past. This though is not a major concern for the government or standard to win the bid but can only be as confidence booster for both the government, SOE labor unions and management. However the governments have strict interest in the bidders that can meet their financial requirements as well as all other agreement without violating. Advantages It brings about a speedy and flexible negotiation towards the sales of SOE between the individual or group of investors and the government body that is interested in the transfer of the SOE to private hands. It can yield more revenue for the government as the highest bidder wins the ownership of SOE to be privatized It is the most reliable method of privatization in economies where the stock market is underdeveloped as well as encourage to a great extend property right theory. It attracts Foreign Direct Investment (FDI) cash flow income into the economies of the local country. It can also bring about innovation in technology, management skills and expertise especially when these SOE are bought over by foreigners. Disadvantages It is the least transparent method of privatization as the government might only target to sell to the group of investor that favors they own political objectives. It can bring about exploitation as the new investor might be under pressure to pay back loans and t the same time maximums profit within a short period of time. The group of investors or individual investor might not have the required technical expertise or skill and experience to run the new privatized SOE. These are mostly common with local investors favored by the government or are new in business. 2.4 Voucher Method This is also known as mass privatization, usually common in Eastern Europe. It is a method whereby eligible citizens of a nation can use vouchers that are distributed free or at nominal cost. This gives holders the right to bid for stake for SOEs or other assets been privatized. This method is mostly used in transition economies like in the Central and especially Eastern economies respectively to bring about fundamental change in the ownership of business asset in these economies, although not always change in effective control (Meggison 2005). However, low income distribution level prompted most nations in Eastern Europe to adopt this method of privatization as it became clear that the only viable way to privatize and maintain significant domestic ownership was the voucher method if not only individuals with the wealth to acquire shares which were communist, criminal and foreigners would buy up everything. (Parker and Saal 2003) This method of privatization as suggested by Boycko, Shleifer and Vishny (1994) shows that the reason to purse and specifically design the program is largely dictated by politics. This involves the divestment of SOE through the distribution of vouchers to a nations citizenry that people can use to bid for the SOEs on offer. This method has been used in mass privatization exercise programs mostly in transaction economies in the Czech Republic, Russia and other Eastern and Central Europe countries. However this method has been really successful in the past but most recently are failing because there do not attract new capital or management to the privatized SOEs. Experience has also shown that it do not provide effective ownership structure for the new privatized SOE instead insiders end up controlling most of the more valuable companies and ordinary investors receive claims of the weakest and least promising SOEs. Advantage It ensures a wide share of shares ownership, where as a lot of people would have been too poor to buy and own a share. Disadvantage It yielded no cash inflow to the government or firms and thus there were no transfers of technology, capital and expertise from foreign investors or multinational companies to the privatized companies. It also gave the new owners of the privatized who where existing managers and employee little incentives to effectively restructure the firms operation and reduce the amount of staff needed in order to cut cost. In most cases, government never gave up the full control of important privatized companies to private owners other than managers because government still heard a majority shareholding and thus felt that the firms will be too strategic to be left unsupervised. This was because government wanted to ensure that no serious staff cut which would have impact on operational restructuring as the exercise was politically rational but economically deliberate. Government allowed the politicization of credit extension also made the newly privatized firms continue to enjoy soft budget constraint for an infinite amount of time also contributed to one of the weakness of voucher privatization. 3.0 Theoretical Framework and Literature Review 3.1 Introduction The privatization of SOEs has over time been a big and important issue in the growth and development of the economy. This has lead to the development of many theories which explains the ideas behind what is expected in principle and practice in privatization exercise. This chapter will however discuss the relevant theoretical and empirical literatures of this research study objectives and rationale. This involves critically examining the theories that have been developed over time by different authors and how their impact privatization as regards the objectives of this study. This will also state why privatization is vital for the growth and development of some sectors and why, it will not in some other sectors within the economy. Finally, analysis on how privatization affects the performance of a firm will also be discussed. 3.2 Factors Determining Privatization SOE were highly inefficient and grow at a very slow pace, too much bureaucratic issue can cause no room for quick decision making, innovative changes. Also constant government political intervention as well as administration changes is an issue. It is also over dominated by the power of Labor Trade Union (Veljnovski 1987). However after the successful privatization of BT in 1984 by the Thatchers administration, it became an economic policy that can be used to reduce the financial pressure on government budget as well as the concern to prevent SOEs from failing in terms of its inefficient use of financial and operational resources. But could this be a means to wealth creation for investors, who through the spread and acquisition of shares ownership, restructuring and refocusing of SOEs economic objectives as well as cutting of trade labor unions influence and power will see SOE to maximize both there operational and financial performances. An argument that must be stressed here is that of the difficulty in interpreting the indictors of both operational and financial performance of SOEs post privatization within and outside the business environment economy. Take for example; poor financial performance may be consistent with high rate of internal efficiency if the formal is as a result of government policy of price control. However, since SOEs frequently respond to anticipated market failures, profit maximization and similar related measures might not necessary, be a reliable indicator for their poor performances over time (Ramanadham 1993). Rather this study will support that failure of SOEs, could be as a result of rapid demand for their goods and services faced by their steady but slow growth to reach maximum productivity movement rather than to totally shift production function to meet all demands and avoid poor operational and financial performance. Yarrow (1986), however argued against privatization stating that competition and more forceful accountability will even be better than privatization in promoting both financial and operational efficiency but his argument has a limitation, it only focused on a small number of company within UK. Ramanadham (1993) pointed out that the objective of privatization is realized more if it becomes successful within a short period of time either by stock market price rise or increase in the level of efficiency or productivity bringing about instance economic growth and development. But when reverse is the case (if it fails), which happens some time it even makes privatization more undesirable. So it is best re-engineer SOE by over hauling it, as well s to set up a transparent regulatory frame work to remedy what might be a failure when the objectives of privatization are not met as anticipated in order to level the firms operational and financial performance post privatization. In a further argument by Megginson et al (1994) whose strong support from recent theoretical and empirical perspective, that private firms will always outperform SOEs stating that privatization itself will always increase both the financial and operational efficiency of firms irrespective of the business environment. While another view by Moore (1992) who argued that the act of privatization promotes economic efficiency and public confidence (one of the major objectives of property right theory) in the system of industrial capitalism and thus SOEs should be sold off before efficiency gains can be realized. He also argued that the success of privatization transforms business attitude towards ownership, economic responsibility and towards the improvement of corporate performances. It also allows government play an important role of regulation the business environment leaving the ownership of firms in the hand of investors and individuals who will perform better as there are faced with scare resource and market forces. It is clear now that different factors can lead to privatization especially when SOEs has underperform operationally and financially causing political pressure, budget deficit and waste of scare resource for the government and even to the extent of administrative failure. 3.4 Evaluation of the theories of Privatization Principal Agent Theory Vickers and Yarrow (1995) points out that a problem exist in the principal agent theory as the principal interest greatly lies in profit maximization and high return for investment therefore this aim might conflict with that of the agent who might pursue other objectives apart from profitability. Further stating that since the formal do not have full information concerning what is happening within the SOE and cannot fully control the attitude of the agents who might be over ambitious and purse his own objectives, this will certainly create monitoring problems for the principal. This in fact creates both financial and operational problems directly or indirectly.** However when shareholders can influence the behaviors of agents (management) through vote as the only way to keep them in check, the agent might however work at a more efficient level and focus on a set objective towards profit maximization. On the other hand when the rate of efficiency increases, it leads to higher revenue which is mostly one of the objectives, to brings about higher income and dividend for its shareholders.** Property Right Theory This is a set of right to control assets. It is a consequently grants of authority made to an investor or a group of investors through right of issue of share or control either public or private and acknowledged by other persons or organizations (Lindblom, 1977) De Soto (2006) argues that lack of formal property right is what has kept developing economies from been developed stating that it limits the amount of goods and services that can be exchanged in the market in order to have a sustainable long term economy growth. While Easterly (2001) opinion is quite similar to the views of Soto, Easterly suggests that property right is a s

Environmental Ethics Essay -- Ethics Philosophy Global Warming Climate

"At the current rate, we're headed for and environmental disaster," many say, but how much truth does that statement hold. Have humans really destroyed, pillaged, and polluted enough to cause a serious, wide scale, disaster? If not, then can we continue on without changing, and not learn from our mistakes? If so, then can we do anything today that will bring about a tomorrow available to us? All of these questions hold great pertinence for our current situation. Humans don't exactly hold the best track record for environmental protection and preservation. Throughout time we have exploited nature and its creatures for our own benefit. We have made technological advances that threaten and disrupt the environment with total disregard for that fact. We took slipshod short cuts that are now catching up to us today, and we can think of no available alternatives that will remedy the problem quickly and usefully. We have developed a huge and thriving society; and in the process we deforest huge sections of land for living and livestock grazing. This decreases oxygen and increases carbon dioxide in the atmosphere; possibly adding to global warming though the greenhouse effect. This mass population produces mass amounts of waste, so to deal with that we just throw it into the ground, which in turn contaminates our water supply and contributes to further deforestation. We develop motorized transportation; and then burn non-renewable fossil fuels that put lead, carbon monoxide, sulfur and nitrogen oxides, ozone, excess carbon dioxide, and other harmful particulates into the atmosphere (Skjel & Whorton 95-108). This produces dangers like smog and cancer and contributes to global warming. In the production of fuel we exhaust o... ...the environment, but how badly we?ve endangered ourselves. The environment is not possibly headed towards disaster, we are. Works Cited * American Chemical Society. Chemistry in Context. New York: Primis Custom Publishing, 2000. * Crichton, Michael. Jurassic Park. New York: Baltine Books, 1990. * ---. The Lost World. New York: Alfred A. Knoff, Inc., 1995. * Curran, Roger and Lawrence Haw. Environmental Issues in the 21st Century. 2001: http://www.library.thinkquest.org/C0127068.html. * Michaels, Patricia A. Environmental Philosophy: Good for the wallet, Good for the Soul, Good for Nothing. http://environment.about.com/library/weekly/aa031697.htm. * Singer, Peter. Practical Ethics. New York: Cambridge University Press, 1996. * Skjei, Eric and M. Donald Whorton. Of Mice & Molecules. New York: The Dial Press, 1983.

The Impact of the World Trade Center Attacks on New York Citys Economy :: Economics

The Impact of the World Trade Center Attacks on New York City's Economy A study by the New York City Partnership and the Chamber of Commerce estimates that New York City's economy will sustain a gross loss of about $83 billion and lose 57,000 jobs over three years as a result of the World Trade Center attacks. The study, which was released Nov. 15, said even after payment of insurance claims and federal reimbursement for rescue, cleanup and infrastructure repair costs, the net damage to the economy is likely to be at least $16 billion in lost economic output. "If third-party reimbursement is delayed or inadequate, or if New York lags behind the nation in recovery from the national recession, the loss could be far greater." The report estimates that 125,000 jobs would be lost in the fourth quarter of this year as a direct result of the attack. "While many of these jobs will return, New York City will still have a net loss of approximately 57,000 jobs attributable to the attack at the end of 2003," the partnership said in the report. The NYCP brought together a group of consultants and economists to help tally and evaluate how the attacks of Sept. 11 would impact the main drivers of the city's economy, especially the financial services industry. Consultancies including A.T. Kearney, Bain & Company, Booz Allen Hamilton, KPMG, McKinsey & Company, Boston Consulting Group and PwC Consulting worked on the report. The group in turn worked with state agencies as well as the Federal Reserve Bank to cull economic data and provide assesssments of 14 separate private industry sectors. Not surprisingly, the study showed that lower Manhattan absorbed the greatest damage. In addition to the thousands of lives that were lost in the destruction of the World Trade Center, the downtown region lost 100,000 jobs along with close to 30 percent of office space in the wake of the attack. "This puts at risk many of the 270,000 jobs that are still located in the area south of Chambers Street." The financial services industry, which generates 24 percent of the city's $440 billion annual economic output and 14 percent of the city's tax revenue, was by the far the most impacted in the short term.

Principles for implementing duty of care Essay

Explain what it means to have a duty of care in own work role. As a care assistant, I have a Duty of Care that is a legal requirement/obligation, requiring that I adhere to a good quality & standard of care when providing care & support to my service users. Every individual should be supported & enabled to live in an environment which is free from prejudice & safe from abuse. My responsibility under the duty of care is to do everything reasonable within my job role description & in conjunction with my employer’s policies & procedures to make this happen. It is part of my job role to care for individual’s, ensuring that the individual’s needs & well being are looked after. As individual’s, all service users have a right to be treated with respect, given choice, treated fairly & equally & not to be mistreated or subjected to any form of abuse. Taking on the role of a care assistant, I have agreed to provide a duty of care to the individual by following: â₠¬â€œ the codes of practice (outlined by HASWA), following company policies & procedures, undertaking the necessary training & conducting myself in a respectful, professional & competent manner. Following these guidelines empowers me with the knowledge, skills & competence to carry out my day to day tasks whilst ensuring that all who I come into contact with during my working day are protected from harm, injury or abuse: i.e. the service user, their family & friends, fellow work colleagues etc†¦ Explain how duty of care contributes to the safeguarding or protection of individuals. In my current role, I have a duty of care to ensure that all service users are safe. I have a duty to raise any & all concerns I have about any facet of my job e.g. inadequate working conditions, poor equipment, poor training, bad practice by other staff members, raising concerns about potential abuse & situations of neglect. My duty of care contributes to the safeguarding & protection of the individual, by ensuring that individuals are safe from any sort of harm such as: illness, injury or abuse. It is my responsibility to work within the codes of practice & my employer’s policies & pr ocedures. This involves the recording & documenting of all information when an accident or incident occurs & pass this  information immediately on to my superiors & other relevant persons i.e. doctors & social workers. Know how to address conflicts or dilemmas that may arise between an individual’s rights and the duty of care. Describe potential conflicts or dilemmas that may arise between the duty of care and an individual’s rights. It is my duty of care to support my service users to take their medication that has been prescribed by a doctor & to ensure that they are in good health. If a service user refuses to take their medication that is their right, however, this could be detrimental to their health. I would ask the individual as to why they did not want to take their medication, as there may be an underlying issue such as: the individual has developed a problem swallowing or is finding the tablets too large to swallow. In each case I would call a doctor & explain the sit uation. The doctor may say the individual has tonsillitis & can prescribe smaller tablets. I would then record this information & report it back to my manager. If a service user just refused to take their medication because they did not feel like taking it, i.e. because they were in a bad mood, they still have the right to do so. At this point I would try to encourage them to take the medication by explaining to them that it has been prescribed to them by a doctor for a reason, therefore you must require it. If the service user still refused, I would make a record of it, report it to my manager, leave the individual & return 30 minutes later to see if they had become more receptive to taking the medication. If the individual still refused to take their medication I would record this & call my manager as I have a duty of care to the individual to report it. Another example of a dilemma could be if a service user who is unsteady on their feet, refuses to use their walking aid. The individual i s at risk of falling causing injury to themselves or others. I have a duty of care to encourage the individual to use their walking aid by explaining the possible consequences of what could happen as a result of their actions. However, it is the individual’s right to make that choice & I cannot force or pressurise them. Describe how to manage risks associated with conflicts or dilemmas between individual’s rights & the duty of care. Managing conflicts & dilemmas of this nature, is best achieved by working with the individual to put risk assessments in place to try & make the situation as safe as possible, but still allowing the individual the freedom & right to do as they  choose. A risk assessment is not carried out to remove the risk, but rather to put in place actions that will help reduce the risk to stop the possibility becoming reality, looking at situations where there is a risk & considering what can be done to reduce it. An example of this could be an individual refuses to take their prescribed medication for whatever reason. The individual has the right to decline taking the medication, but this would then create a risk to the health & well-being of the individual. I would ask the individual as to why they did not want to take their medication, as there may be an underlying issue such as: the individual has developed a problem swallowing or is finding the tablets too large to swallow. In each case I would call a doctor & explain the situation. The doctor may say the individual has tonsillitis & can prescribe smaller tablets. I would then record this information & report it back to my manager. If however, the individual just refused to take their medication because they did not feel like taking it, i.e. because they were in a bad mood, they still have the right to do so. At this point I would try to encourage them to take the medication by explaining to them that it has been prescribed to them by a doctor for a reason, therefore you must require it. If the individual still refused, I would make a record of it, report it to my manager, leave the individual & return 30 minutes later to see if they had become more receptive to taking the medication . If the individual still refused to take their medication I would record this & call my manager as the individual has now created a risk & I have a duty of care to the individual to report it. Describe how to manage risks associated with conflicts or dilemmas between individual’s rights & the duty of care. If a situation ever arose where I required additional support in resolving conflicts/dilemmas, there are numerous sources at my disposal. I.e. Work Colleagues – who may have had to deal with a similar situation & can provide me with advice & support that I require. Policies & Procedures – my employers have strict guidelines which can be found in the policies & procedures handbook. If I am ever unsure of how to deal with conflicts/dilemmas I can refer to this handbook. Trade Union – they are experienced in dealing with conflicts/dilemmas & can easily provide information or support on dealing with various conflicts/dilemmas. Training – my job role requires regular & consistent training in all aspects of  my role, including having to deal with conflicts/dilemmas. This means I can refer to my handouts & notes given to me during my training. Management – any serious conflicts/dilemmas that I cannot resolve I can immediately contact my organiser or higher management who can then support & advise me on the correct course of action to take. Know how to respond to complaints Describe how to respond to complaints. I would respond to any complaint an individual had by firstly, sitting down with them & asking what the complaint is. If the complaint was of a minor nature & something I could resolve without support, I would ask the individual if they would like me to do so. If the complaint was of a more serious nature & of greater concern that may require further investigation, I would show the individual the complaints procedure located in their red folder which is in all the service user’s homes. I would then ask the individual if they would like me to read it to them & ask the individual if they understand. I would then show them the complaints form & ask if they need assistance to complete it. I would have to inform my manager of all the information relating to the complaint. Explain the main points of agreed procedures for handling complaints. Ensure the individual understands how to use the complaints procedure – this would involve asking the individual whether they understood how to use the complaints procedure. If their response was no I would advise & refer them to their red folder. Explain to the individual how the procedure works & when they could expect a response. This involves providing the individual with a time scale on when action will be taken e.g. an initial response to the complaint should be received within three days, then anything up to 28 days for resolution to the complaint; if the complaint is of a more serious nature a formal investigation may be required which will take from 3 – 6 months in total; there may be an informal stage where consultation with the complainant can resolve the complaint fairly quickly. Take the individuals complaint seriously, listen to their complaint, be polite & respectful. This involves; focusing on the individual (making eye contact); do not be judgmental; assure individual complaint will be reported immediately. Offer assistance if the individual requires help filling out the complaints form,  e.g. where the complaints forms can be obtained; they may not understand how the form should be filled in correctly; the individual may not be able to read or write, could be blind, or have very poor English language skills Report the complaint to my organiser. Some complaints are of a very minor nature & can be dealt with effectively there & then, but should still be logged & reported to my manager. For those complaints that are more complicated or serious, my manager or next available senior needs to be made aware of the complaint as soon as possible so that the necessary steps can be taken quickly & efficiently, satisfying the needs & expectations of the complainant. Unit 2 – SHC33 SHC33.1.1 – Explain what is meant by Diversity. Diversity means mixture, variety, difference, be it in whatever way, shape or form. The concept of diversity encompasses acceptance & respect. It means understanding that each individual is unique & recognising our individual differences. These differences can range from, race, ethnicity, gender, sexual orientation, socio-economic status, age, physical ability, religious belief, political belief & many more. Diversity is positive & should be respected, valued & nurtured, because nobody is completely the same as anyone else. Telling them that being different from everybody else makes us all unique & that we must value this diversity & difference that surrounds us, in order to work together to make our society a positive place to live. SHC33.1.1 – Explain what is meant by Equality. Equality means everybody receiving the same privileges, opportunities & respect as everybody else regardless of their shape, colour or beliefs. Equality states that because we are all human, then we must all be equal. Equality is about fostering & promoting the right to be different, to be free from discrimination & to have choice & dignity & the right to be valued as an individual. SHC33.1.1 – Explain what is meant by Inclusion. The term inclusion is seen as a universal human right & aims at embracing  all people, irrespective of race, gender, age, disability, medical or any other need. It is about providing everyone with equal opportunities, choice & access & getting rid of discrimination & intolerance. SHC33.1.2 – Describe the potential effects of discrimination. A prejudice is an attitude or way of thinking based on an unfounded, unreasonable pre-judgement of an individual, particular group of people or situation, rather than on a factual assessment. Prejudices can be positive or negative. If we are positively prejudiced towards someone, we think well of them. On the other hand, if we are negatively prejudiced against someone, we tolerate them less. In the main, negative prejudices develop against people who are different in some way. Discrimination happens when we act out our negative prejudices. Discriminatory behaviour results in unfair, unjust treatment. The people most likely to be discriminated against are those who are different in respect of their: _ Age. Age discrimination, or ageism, isn’t only targeted at elderly people – youngsters can also be on the receiving end of bullying, harassment and undeserved criticism. Sex. Men and women continue to be treated unfairly in certain walks of life, in particular in the workplace. Discrimination based on sex is known as sexism. _ Nationality, ethnic background, religion. Some people consider themselves superior to those from different backgrounds and faiths. Victimisation, bullying and harassment of people for such reasons is known as racism. Ability. Barriers that prevent disabled people from accessing the same opportunities as able-bodied people and the ignorant acting out of negative prejudices against physically or intellectually disabled people , for example through name-calling and damage of their property, is known as disablism. Size. Some of us are guilty of judging people by their size and treating them unfairly as a result. This behaviour is known as sizeism. Financial status. Discrimination against people on the grounds of their income, for example treating people living in poverty as inferior, is known as povertyism. There are two forms of discrimination, direct and indirect. Direct discrimination occurs when someone is intentionally treated unfairly, for example harassment on the basis of skin colour or religion. Indirect discrimination occurs when rules or guidelines meant to apply to everyone unintentionally affect one group of people more than others. For example, a company policy requiring everyone to work night shifts indirectly  discriminates against single parents or people who care for elderly relatives, and menus that fail to offer a selection of food indirectly discriminates against people with specific dietary needs or preferences. SHC33.1.3 – Explain how inclusive practice promotes equality & supports diversity.Inclusive practice is about the attitudes, approaches and strategies taken to ensure that people are not excluded or isolated. It means supporting diversity by accepting and welcoming people’s differences, and promoting equality by ensuring equal opportunities for all. Inclusive practice is best practise. Health and social care workers demonstrate inclusive practice by working in ways that recognise, respect, value and make the most of all aspects of diversity. Having a sound awareness of and responding sensitively to an individual’s diverse needs supports them in developing a sense of belonging, wellbeing and confidence in their identity and abilities. And it helps them to achieve their potential and take their rightful place in society. In addition, inclusive practice involves having an understanding of the disastrous impact that discrimination, inequality and social exclusion can have on an individual’s physical and mental health. Having such an understanding ensures appropriate, personalised care and support, thereby enabling an individual to develop self respect and maintain a valued role in society. Because people who fail to support diversity or promote equality are usually entirely unaware of their attitudes and the impact of their behaviour, inclusive practice involves reflecting on and challenging ones own prejudices, behaviours and work practices. It also involves challenging those of colleagues and other service providers, with a view to adapting ways of thinking and working and to changing services to build on good practice and to better support diversity and promote equality. Discrimination is an injustice and has devastating effects. The UK has in place numerous pieces of legislation (laws), rules, regulations, guidance documents and statutory codes of practice, all of which are intended to promote diversity, ensure equality and end discrimination. In other words they are in place to promote everyo ne’s right to fair and equal treatment, regardless of their differences. SHC33.2.1 – Explain how legislation & codes of practice relating to equality, diversity & discrimination apply to own work role.In England and Wales, the General Social Care Council (GSCC) is responsible for ensuring that standards within the social care  sector are of the highest quality. It has developed Codes of Practice for all care workers that include information on how to protect and promote the rights of individuals using the service. The Codes of Practice provide a guide to best practice and set out the standards of conduct that workers are expected to meet. The General Social Care Council (GSCC) Codes of Practice for Social Care Workers and Employers directs social care workers to treat each person as an individual; respect and, where appropriate, promote their individual views and wishes; and support their right to control their lives and make informed choices. Whilst a health or care worker might not agree with the beliefs and values of the people they work with, nor share their preferences, inclusive work practice involves respecting and promoting: The right to freedom of thought and religion i.e. their beliefs The right to freedom to express their beliefs as they wish The right to freedom of conscience i.e. to personal values and a sense of right and wrong Respecting, promoting and responding to personal preferences. SHC33.3.3 – Describe how to challenge discrimination in a way that promotes change. Talking to people about discrimination does not ensure that they will change their mindset and, as a consequence, their behaviour. Similarly, the existence of legislation, policies and procedures and Codes of Practice does not guarantee that people using services receive fair treatment and that their rights are upheld. If attitudes and behaviours are to change, discrimination needs to be challenged effectively. Another tried and tested method of challenging workplace discrimination and making change happen is by analysing the reasons why a worker behaves in a discriminatory way. Informal discussions, during a coffee break or as part of a training session, provide useful opportunities to reflect on the dire effects of discrimination. Most people using health and care services are liable to have experienced discrimination at some time or another. Indeed, their experience of discrimination may be the reason they are in need of care now. Talking through these issues, especially with people who have been victims of discrimination, and imagining how it must feel to experience unfair, unjust treatment, can have powerful effects on thinking and behaviour. There is no definite way to challenge inappropriate behaviour and no doubt you  will find your own approach to challenging effectively. The following may be useful to consider. Don’t punish or blame – say what is better. Understand your audience. Think about your role in the situation and consider this in your approach. State your position: ‘That’s disrespectful; we don’t talk about people/children like that.’ Understand the situation. Do you challenge there and then, or quietly at a later date? What will bemost effective for the person involved/for those witnessing the incident?