External Sources of Finance Essay Example | Topics and Well Written Essays - 1000 words

External Sources of Finance - Essay Example Financing decisions are normally very fundamental considerations to be made by any multinational corporation like Acme which seeks to venture into large scale operations. As such, the whole prerogative clearly rests on the finance managers to appropriately select the best financing method out of the myriad option available in the world today. The various option of finance that Acme can opt for are lucidly outlined below. The corporation can opt for the issuance of preference or ordinary shares in order to raise sufficient capital for the foreign expansion. This is a major source of finance for most organizations across the world. Its advantage lies in the fact that it is â€Å"non-redeemable†. As such, it is an existing and permanent source of finance that is not to be repaid like other sources of fund. The repayment process only occurs upon the winding up of the company. On the contrary, it can be argued that this form of financing has the disadvantage of diluting the ownership strength of the company since it involves the addition of new shareholders into the company (Steffens 45-9). In the same vein, as the number of shareholders increases, the control of the company becomes very difficult as decision making becomes very procedural and bureaucratic due to the wide consultation needed before any major decisions are made. Bank loans Loans from banks and other financial institutions are usually good sources of finance for business organizations. Obtaining such loans is always simple for most large organizations that are known to have wide capital bases. The use of loans as a source of financing has the advantage that it never leads to a loss of direction for the business as in the case of issuance of new shares. Bank loans are normally long-term sources of finance and can always be obtained in large sums unlike other sources. In most cases, loans are used to buy fixed assets such as vehicles and machinery. The major disadvantage of using loans as sources of finance revolves around the huge interests paid (Gopalan 67). Most banks charge very high interest rates and it therefore becomes unprofitable to acquire loans without the assurance that the business will raise sufficient profits to cover for the high interest rates. Short term loans can also be obtained in form of overdrafts in which case most banks need no collateral. However, bank overdrafts are always charged at very high interest rates than other loans. Debentures The issuance of debentures is also another source of capital that Acme can adopt for its expansion program. Debentures are usually units of loan which a company issues to the debenture holders and are usually traded like shares. The advantages and limitations of using debe ntures are basically similar to those of most bank loans. The loans are usually obtained from other companies, individuals or financial institutions. In that regard, Acme will then be prepared to repay the debenture holders the interest accrued. One striking characteristic of a debenture is that it is only backed by the company without any form of collateral like other loans. It therefore leaves the company’s assets free which can then be used to obtain further financing in the future. Leasing Leasing is one of the most common sources of financing in the increasingly competitive business environment. In essence, a business cannot purchase all the fixed assets it requires to set up operation in a foreign land. Leasing enables companies to

Ethnic Groups in Pakistan Essay Example for Free

Ethnic Groups in Pakistan Essay Recommended Citation Khan, Adeel, Ethnic nationalism and the state in Pakistan, Doctor of Philosophy thesis, Faculty of Arts, University of Wollongong, 2001. http://ro. uow. edu. au/theses/1736 Research Online is the open access institutional repository for the University of Wollongong. For further information contact the UOW Library: [emailprotected] edu. au Ethnic Nationalism and the State in Pakistan A thesis submitted in fulfilment of the requirements for the award of the degree of Doctor of Philosophy from University of Woilongong by Adeel Khan Sociology Program, Faculty of Arts February 2001 Declaration I, Adeel Khan, declare that this thesis, submitted in fulfilment of the requirements for the award of Doctor of Philosophy, in the Sociology Program of Faculty of Arts, University of Woilongong, is wholly my own work unless otherwise referenced or acknowledged. The document has not been submitted for qualifications at any other academic institution. Adeel Khan 26 February 2001 11 Aknowledgements I would like to thank the Sociology Program and the School of Critical Enquiry at the University of Woilongong for helping me to travel to Pakistan twice to do my fieldwork. In Pakistan there are too many people who have helped me in many different ways. I am grateful to all those academics, journalists, politicians, lawyers and activists who spared their time to speak to me. I would like to especially thank Mazhar Abbas who not only provided me with very useful information and contacts but also arranged meetings with the MQM leaders. I am indebted to Ahmed Shah and Ayub Shiekh for organising one of the most entertaining as well as productive trips to Hyderabad where they arranged meetings with Ibrahim Joyo and Rasul Bux Palejo and other Sindhi nationalists. In Lahore I had the pleasure of Khawar Malik and Imtiaz Alams company in one of the most dramatic months in Pakistans history when the chief justice and the prime minister were caught in a bizarre battle of ego that had created a serious political crisis. In Quetta, Abdul Sami Kakar, a former Pukhtim Student Federation activist, who was introduced to me by Tahir Mohammad Khan, was a wonderful company and great help in organising interviews with Baloch and Pukhtun nationalists. In Islamabad I shall always miss late Eqbal Ahmed with whom I had some of the most stimulating discussions. My supervisor, Stephen Castles, has been an unrelenting source of encouragement and inspiration. He not only encouraged me to think as deeply and as critically as possible but also, at times, forced me to explore different aspects of the argument whenever he felt I could do better. I have particularly benefited from Stephens knowledge of European history. What impressed me the most about Stephen, however, is that he is one of those people who are so comfortable with themselves that they hardly care what others think of them, and therefore they are unassuming and full of humility. I wish I could learn that from him, too. My wife, Rafat, deserves more than a few words of gratitude for she is the one who had to put up with my anxiety, self-doubt, writers block, mood swings, and all the other hazards that come with a person who agrees with Adomo that (o)nly those thoughts are frue which fail to understand themselves. I stand obliged to her for bearing with me. As is customary, and in legal terms, too, I must admit that only I am responsible for the mistakes and weaknesses in my work, but as I have made it obvious that I would not have been able to produce this work without the help of all those mentioned above, and therefore, morally at least, they cannot escape the responsibility. The only consolation I can offer to them is that I apologise for the mistakes and weaknesses and promise to try harder, next time, to fail better. Ill Abstract Nationalism is a way of dealing with a world where everything melts into thin air. It is a form of self-love in which individuals celebrate their collective identity. And like all forms of self-love it gets its strength more from the hatred of others than its love for the self Here lies the secret behind some of the most intractable conflicts in the world. Nationalism is, probably, the only form of self-love that gets its life-blood from an institution, the modem state. Had the state not been behind the self-love of the Germans, they would not have been able to torture and murder so many Jews in such a short period of time. Likewise, had the west not helped the Jews to establish their own state in Palestine, the Jews would never have been able to displace and kill so many Palestinians. Nationalism is not the pathology of the modem world, but is, as a sentiment and as a doctrine, only a pathetic way to deal with a pathetic world. But nationalism as a game of power, as a politics, is lethal and destructive. As a sentiment and as a doctrine nationalism may be the child of an unstable and fast changing world but as a politics it is the child of the nation state. This thesis explores the relationship between the nation-state and the nationalisms of four ethnic groups, namely, Pukhtun, Sindhi, Baloch and Mohajir, who have, at various points in time, contested the legitimacy of the administrative structure of the Pakistani state. It starts with identifying the issue of ethnic conflicts, goes on to review the available literature and then outlines a framework for studying ethnic IV nationalism. As the emphasis here is on the role of the modem state in provoking ethnic discontent and resistance the second chapter discusses the interventionist role of the state and tries to highlight its relationship with nationalism. The second section of the chapter looks at various approaches to nationalism and explains as to which approach is more suitable and why for dealing with ethnic nationalism. The third chapter endeavours to explicate the difference between pre-colonial and colonial state in India as well as the way the colonial state despite being modem was different from the modem state system in the west. The fourth chapter discusses the state system in Pakistan and argues that the postcolonial state is a replica of the colonial state. The next four chapters examine the emergence of four ethnic movements and their varying strategies for dealing with the centralising and homogenising policies of the state. Throughout, the focus remains on the ethnic groups distance from and proximity to the state system as the major factor in determining their relationships. Table of Contents Declaration Acknowledgments Abstract 11 iii iv Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Introduction Nationalism and the State Colonisation of the State in India Nationalisation of the Colonial State in Pakistan Pukhtun Ethnic Nationalism: From Separatism to Integrationism Baloch Ethnic Nationalism: From Guerilla War to Nowhere? Sindhi Ethnic Nationalism: Migration, Marginalisation, and the Threat of Indianisation Mohajir Ethnic Nationalism: El Dorado gone Sour! At a Crossroads as Ever Before! 1 24 45 67 99 133 Chapter 7 158 Chapter 8 Chapter 9 201 238 References Appendix A Interviews 244 259 VI The whole is the false Adomo Inversion of Hegels famous dictum, the whole is the true (1978:50) Vll Please see print copy for image Source: 1998 Census (Statistical Pocket Book of Pakistan, 2000) PAKISTAN.

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Do you think murmurin judges is a hopless play? Essay

David Hares aim to paint a portrait on some of the chronic wrongs within the dysfunctional, corrupt Justice system has definitely shown. As throughout this play we start to come to realise critical issues, and situations that often occur in real life such a prejudice, racism, sexism and stereotypes. However the ending of the play gives us a blurry light at the tunnel because although Sandra gives us a glimpse of hope as she says, ‘I want the chief Superintendant. I wonder. Could I have a word?’, some people would have predicted the ending to of had a larger impact of justice. This can be distressing and slightly worrying as it causes the reader to feel unsafe as we have to rely on the odd moral characters such as Irina, and Sandra. If Hares intensions were to reveal what goes on in the system, then he definitely portrayed that, but if his intentions were to reassure the audience that there is always hope then he didn’t for fill that as it only made us feel worse. Hare also underlines the issues that the system were facing in England in the 8o’s and early 90’s such as the increased levels of immigration and terror of the (IRA), and highlights the prejudge situations against the Irish within the system. Such as when Barry’s showing a slight hatred towards the Irish which he says to Sandra, ‘He was kind of Irish as well. He may happen to Hail form the north, but he did stand with a load of Micks outside the pub on Clampham Common every evening. I think we can guess his primary allegiance’. Barry also threatened Travis and Fielding which the semtex plantation, here Hare is showing elements of the terror attacks of the 80’s and 90’s. The play is not hopeless in the respect that is has taught us not to automatically believe the high status of the people in the high courts, as we have been blinded by there qualifications, there wealthy life’s and there high hierarchy in this world. We have learnt to respect and believe the image of powerful authority through social learning and we all forced to believe that there right. But most of these judges and barristers have never seen the real world, and have never considered the backgrounds of there clients, they think they know everything. Such as when Sir Peter makes up his own language towards criminals as ‘the sub-average human’, and says ‘I have represented dozens of people like him. He’s an ordinary, slightly sub-average human being who has landed himself in a dam stupid mess’. In this play Irina also says, ‘A lawyer should never be emotionally involved’, this makes the audience feel that maybe there should be some sort of relationship between the lawyer and the client, because otherwise why would the client trust the lawyer with there problems or the truth? The lawyer will never be able to find justice if they never know the truth behind there clients. An allegory of the justice system being portrayed as a factory of workers, as in each section of the justice system everything is everything is being passed on up the chain. Such as a manufactory chain from the prison (primary work), the police force (secondary work) then the judiciary (tertiary work).  I think the overall message is not hopeful as there is still a innocent man (Gerrard) as he reminds in prison and only to people Irina and Sandra trying to revolutionising the system against a whole battery of lawyers, police and prison officers.

Ratio: Balance Sheet and Financial Results

UVA-C-2332 Rev. Oct. 17, 2012 RATIOS TELL A STORY—2011 Financial results and conditions vary among companies for a number of reasons. One reason for the variation can be traced to the characteristics of the industries in which companies operate. For example, some industries require large investments in property, plant, and equipment (PP&E), while others require very little. In some industries, the competitive productpricing structure permits companies to earn significant profits per sales dollar, while in other industries the product-pricing structure imposes a much lower profit margin.In most low-margin industries, however, companies often experience a relatively high rate of product throughput. A second reason for some of the variation in financial results and conditions among companies is the result of management philosophy and policy. Some companies reduce their manufacturing capacity to match more closely their immediate sales prospects, while others carry excess capacity to be prepared for future sales growth. Also, some companies finance their assets with borrowed funds, while others avoid that leverage and choose instead to finance their assets with owners’ equity.And some corporate management teams choose to not pay dividends to their owners, preferring to reinvest those funds in the company. Of course, another reason for some of the variation in reported financial results among companies is the differing competencies of management. Given the same industry characteristics and the same management policies, different companies may report different financial results simply because their managements perform differently. And last, one other reason is that some industries are more susceptible to macroeconomic conditions than others.This can be true when macroeconomic conditions (e. g. , foreign exchange rates, interest rates, and taxes) are weak and deteriorating as well as when they are strong and improving. Or this can also be true when such conditions are stable versus volatile. Those differences in industry characteristics, in company policies, in management performance, and in responsiveness to the macroeconomic environment are reflected in the financial statements published by publicly held companies. Furthermore, they can be highlighted through the use of financial ratios.Exhibit 1 presents balance sheets, in percentage form, and This case was prepared by Professor Mark E. Haskins, Darden Graduate School of Business Administration, and has benefited from collaborations with various colleagues over the years on earlier versions. It was written as a basis for discussion rather than to illustrate effective or ineffective handling of an administrative situation. Copyright ? 2012 by the University of Virginia Darden School Foundation, Charlottesville, VA. All rights reserved.To order copies, send an e-mail to [email  protected] com. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of the Darden School Foundation. ? -2- UVA-C-2332 selected financial ratios computed from fiscal year 2011 balance sheets and income statements for 13 companies from the following industries: ? ? ? ? ? ? ? ? ? ? ? ? ? irline railroad pharmaceuticals commercial banking photographic equipment, printing, and sales discount general-merchandise retail electric utility fast-food restaurant chain wholesale food distribution supermarket (grocery) chain Internet retailing advertising agency services computer software development Study the balance sheet profiles and the financial ratios listed for each of the 13 companies as presented in Exhibit 1. 1 Your assignment is to use your intuition, common sense, and basic understanding of the unique attributes of each industry listed above to match each column in the exhibit with one of the indus tries.Be prepared to give the reasons for your pairings, citing the data that seems to be consistent with the characteristics of the industry you selected. Ours is not a perfect world, however, and for our class discussion, it will be helpful if you will also identify those pieces of data that seem to contradict the pairings you have made. Please note that using the data available here, you will find it difficult to identify those companies whose financial results differ because of management policy and competence.Please note in Exhibit 1: OCI = Other Comprehensive Income, CFFO = Cash Flow From Operations, ST = Short Term, and LT = Long Term. 1 -3The ratios in Exhibit 1 are based on the following formulas: 1. ROS (return on sales) = Net income Net sales Net sales Average total assets Net income Average total assets ROS ? Asset turnover Average total assets Average total owners’ equity Net income Average total owners’ equity ROA ? Financial leverage Total current assets Total current liabilities Cost of goods sold Average ending inventory Average accounts receivable Net sales/365 days UVA-C-2332 . Asset turnover = 3. ROA (return on assets) or = = 4. Financial leverage = 5. ROE (return on equity) or = = 6. Current ratio = 7. Inventory turnover = 8. Receivables collection = 9. Revenue growth = This year’s net sales—Last year’s net sales Last year’s net sales Net sales—Cost of goods sold Net sales Cash dividends Net income Research and development expense Net sales 10. Gross margin = 11. Dividend payout 12. R&D ratio = = -4Exhibit 1 RATIOS TE ELL A STORY Y—2011 Selected Financ Data for 13 C S cial Companies (b balance sheet amou are percentage of total assets) unts UVA-C-2332 V

Immigrant Outline Essay Example

Immigrant Outline Essay Example Immigrant Outline Essay Immigrant Outline Essay Full-sentence Outline l. Illegal immigrants are very hard workers. A. Immigrants are up for anything. They are breaking the patterns of segregation in American neighborhoods Hispanics live and work with African Americans B. Theres the myth that immigrants take Jobs from legal citizens. Thats not true: they take Jobs that few others would do for very low wages and some of them also become entrepreneurs. They also pay taxes: state, sales and social security. Some states couldnt survive without those undocumented citizens. A. Mexicans and other immigrants are very educated Illegal immigrants have illiteracy rate ah times greater than U. S. Citizens. They know more than one language and can be very useful. B. Immigrants come from hard times They move to make a better life for themselves. Do whatever it take to get the Job done and be successful. Ill. Immigrants deserves rights to healthcare, employment, and voting A. After become legal immigrants should be able to do a lot of things such as: vote, drive, healthcare, and employment Public services available to citizens, Including education, healthcare, and access to public facilities, should be available to all residents without regard to citizenship status, and that all should have a corresponding Responsibility to pay taxes. B. Immigrants should be able to vote If a resident is In the U. S The growing ranks of new citizens are Increasingly important political players. The Issue of non-excellent voting will no doubt be a long and protracted debate with uneven results, so why not let Immigrants vote If theyve been staying In the U. S.

The Leader of South Africa essays

The Leader of South Africa essays To be a great leader there are a lot of things that one needs to possess. Having business skills along with political and civic means are some of the ways to be established as a leader. Taking control and guiding your people through trials and tribulations shows many characteristics of leading. For South Africa that leader was a man named Rolihlahla Dalibhunga Mandela also known as Nelson Mandela. Based on his life and his political attributes Mandela was a hero to a near falling country. Mandela once stated that The struggle is my life, and he was not kidding everything that he tried or did accomplish in his life took a struggle to get it done and in the right way, the Mandela way. Mandela was born in the Transkei province in Eastern Cape pf South Africa. His father Hendry Mphakanyiswa Gadca was the chief of the Mvezo. Mandela was the first member of his family to attend school while at school he was given his English name of Nelson by his teacher. At the age of 10 his father died and he then began to attend a Wesleyan mission school. At the age of 16 he began to go to Clarkebury Boarding Institute; he completed his junior certificate in 2 years instead of the 3. Around the 1940s Mandela started his BA degree at Fort Hare University where he met and became life long friends with Oliver Tambo. After being asked to leave Fort Hare for political reasons, he moves to Johannesburg where he completed his degree with the University of South Africa (UNISA), he then received his law degree at Wits University. In 1944 he helped found the African National Congress Youth League (ANCYL), whose program of action was adopted by the ANC in 1949. Mandela than began to travel around the country organizing resistance. Following him founding the youth league he was suspended and during that time he created the M Plan where the ANC branches were broken down into underground cells. By 1952 Mandela and ...