Working hours directive

Working hours directive The European Working Time Directive (EWTD) was adopted in 1993, and came into force in the UK under the Working Time Regulations 1998 as a safety measure, because of the recognised negative effects on health and safety of excessively long working hours. It also provides for statutory minimum rest-break entitlements, annual leave and working arrangements for night workers. The EWTD is also designed to help work life balance by limiting long hours, which is both stressful and harmful to health. For example, some research has shown that driving while tired provided similar results to driving after having drunk alcohol. The EWTD regulations place a legal requirement on employers, which means that if it is not implemented, national governments will be liable for payment of heavy financial penalties and potentially sanctions from the European Union (EU). There are no rights to work long hours, but there is legal protection to protect workers rights to reasonable working environment and conditions, and to family life. The main features of the EWTD are; no more than 48 hours work per week; 11 hours continuous rest in 24 hours; 24 hours continuous rest in seven days (or 48 hours in 14 days); a 20 minute break in work periods of over 6 hours; four weeks annual leave; and for night workers, an average of no more than 8 hours work in 24 hours over the reference period. The EWTD was considered by the UK Government as an issue of working conditions, not as a health and safety issue. As a result, in 1993, the UK negotiated an opt-out clause, which allows Member States not to apply the limit to working hours under certain conditions, such as: prior agreement of the individual, no negative fall out from refusing to opt-out, and records kept of working hours of those that have opted out. The European Commission announced on 23rd September 2004 its controversial proposal to update the 1993 Working Time Directive. This will most likely mean the UK will have to abandon its opt-out clause. If this is the case, and working hours are restricted, there will be many advantages and disadvantages for both employees and employers. The advantages and disadvantages range from health and safety issues to financial issues. The advantages for employees are; firstly, no longer shall employees be pressured into signing a contract with an opt-out clause stating if required, they must work extra time. This will also stop a lot of employers blackmailing potential and/or current employees, which can be often the case. For example, an employer may say to a potential employee, that if they do not sign the opt-out clause contract then they cannot have the job. Health and safety issues will improve for employees, because when they are forced to work longer than what they want/can, then they will inevitably feel ill. For example it is very common for workers to have headaches, muscular problems, stomachaches, stress, sleeping problems and irritability from just simply working too much. Not only improving your health, being limited to a maximum of 48 hour week, will vastly improve a workers family life who had previously been working 60 hours a week. Having a four-week holiday will also be beneficial, as apposed to a lesser holiday the employee most likely used to have. Also, as a result of being more healthy and less stressed, this should improve the workers actual efficiency/quality of work, because the worker will not feel as tired or overloaded with work. Employees who are over worked, often find it very hard to manage their financial issues, due to lack of time. So by limiting employees to a maximum of 48 hours work a week, will help prevent them overlooking their financial matters. One main advantage for women in particular, is the clear link between the lack of women in managerial positions and long working hours. The culture of long working hours in higher professional and managerial jobs is an obstacle to the upward mobility of women, and sustains gender segregation in the work place. Therefore by limiting the working hours of a week will vastly improve the chances for women to improve their status. Flexible working time patterns and part time work have an important impact in this area as well. The disadvantages for employees are mainly financial, because they will no longer be able to earn as much over-time pay as what that may like. This will be especially frustrating for employees who are willing to do extra work in order to save money for their future/family etc. As a result, this could have an advert affect on their moral, because they may find themselves with nothing to do, when they could be quite easily doing more work in order to earn more money. The advantages for employers are; that their employees will be more efficient and motivated; therefore the employees should be more productive than before, thus helping deadlines to be achieved etc. Having a more relaxed workforce will also lead to a better work relationship between the employer and his subordinates (as well as between the employees and themselves), which will therefore improve the communication within the workplace. Given that the employees will be more relaxed and healthy, as a result they will be less absent from work due to illness. So therefore, again the employers objectives will be more likely to be completed, and the productivity of the employees should increase. The disadvantages for employers are that in the past, they would be able to say to their employees that they wanted a certain objective completed by a certain time, for example ‘by the end of the day. This will no longer be an option for employers, as employees will not be able to work longer than 48 hours (or whatever their contract states) a week. Employers may find they will have to hire extra staff in order to get more work done, or pay for employees to do overtime (those that can!) This could end up costing a substantial amount of money; more than what the employer spent in the past on his workforce. As a result budgets will need to be rethought in the future, and also possibly cutbacks will be made if money is an issue. Employers will not like this fact, especially as in the past, they were often getting their employees to put in extra hours of work for free! The situation in the UK, is that the main characteristics of the system governing working time have not really changed since the Directive was introduced. This is largely due to the opt-out clause. Latest figures show that about 16% of the workforce currently works more that 48 hours per week, compared with a figure of 15% at the beginning of the 1990s. About 8% of the workforce say they work over 55 hours per week, 3.2% over 60 hours per week and 1% over 70 hours per week. The UK is the only Member States where weekly working time has increased over the last decade. Approximately 46% of people that say they work over 48 hours a week, are in managerial positions and are covered by the exemption relating to managers. Looking at other countries, ranked by collectively agreed working hours, Germany idles in the bottom third in the EU. In 2003 the contractual annual working time in West Germany was 1,643 hours (East Germany 1,722). The EU-15 average was 1,708. In Germany working time is a problem, particularly for manufacturing. In some sectors, such as metal and engineering or printing, the 35-hour week is standard for a large proportion of the workforce, even for employees salaried above the collectively agreed pay scale. Overall, the collectively agreed working week in West Germany averages 37.5 hours. However, the actual time worked is approximately 6% longer than the collectively agreed hours, and is close to the EU-15 average. This is due to overtime and the fact that an increasing proportion of the workforce, especially in small and medium sized businesses, already work longer than collectively agreed. In the SIMAP and Jaeger cases, the rulings of the European Court of Justice had major financial and organisational implications for the health sector in the EU and following the rulings, France and Germany applied the opt-out to their health sectors. Measures were also put in place to allow opting-out in the hotel and catering industry. However until recently, the UK was the only Member State to have a generalised opt-out clause (Cyprus and Malta took up the option last May), and it is clearly in the firing line of the European Commission who claims that there is evidence that the opt-out is being misapplied, in particular that workers are being pressured into opting-out. The debate has been furious in the UK, fuelled by the Confederation of British Industry (CBI), who claims that it should be every workers choice to decide on how long he/she works, and the Trade Union Congress (TUC) who argue that it spreads an unjustified long hours culture. Regardless of the fact, people are working much more than recommended, (which you would assume was in order to save more money), according to the latest research people are squandering away their earnings on treats to reward themselves for their hard work. A quarter of people say they regularly work more than their contracted hours, however almost half admit they often waste money on treats they do not need, with 30 percent of workers wasting away at least  £100 a month. As a direct result, people are usually too busy to try to keep track of their finances, and get a shock when their statements arrive. People are spending so much of their time working, it seems a shame they are not planning for their future and making the most of their money. I think Britain should be compelled by the EU to abandon its opt-out clause under the EWTD, and thus restrict its workings hours, because people are working for far too long nowadays and as a result not only does their health suffer, but their work suffers as well. At the moment, with the current opt-out clause in Britain, almost one in four men in England and Wales are working more than 48 hours a week! The longest hours are worked in the City of London, Kensington and Chelsea and Westminster, according to Britains General Union, who say nearly a quarter of men are exceeding the 48-hour limit set by the EU. Therefore, as a result, the UK businessmen are hindering British productivity by working the kind of hours that burn out their enthusiasm, creativity, innovation and forward planning. You simply cannot be at your best if you are continually working more than 48 hours a week. Not only are they hindering the British productivity, but also by persisting in allowing people to work longer than they are capable of they are holding back on the UKs competitiveness with Europe. The Government is burning out Britain by practically encouraging longer working hours. They argue that more than a million people would lose out on paid overtime if they had to stop working extra hours. Or is the Government just worried about the amount of revenue they will loose out on?

The black death Essay -- essays research papers

What was the Black Death, and what was its impact on European society? The Black Death was a bacterium which was carried by flea infested rats. This disaster spread across Europe quite rapidly. Much accusation for the cause of the plague was pressed onto the Jewish community. The most common plague was the bubonic plague, although the pneumatic plague also existed. This disaster caused economic, social, political and cultural havoc. Approximately 50% of the infested population died, which, was estimated between 19 to 38 million. During this occurrence 25 to 50 percent of the population throughout Europe decreased. The plague began around 1347 and did not end until around 1369. What major problems did European states face in the fourteenth century? There was economic mayhem during 1347-1351 caused by drop in population, which was caused by the immense amount of deaths caused by the Black Death. Peasants salaries were increasing where as aristocrats’ loss around 20 percent of their income. This caused social instability and lead riots. Peasants revolted against the nobles which affected commercial and industrial activities. The political structure changed causing instability. This was due to internal conflicts on who should lead to bureaucracy. How and why did the authority and prestige of the papacy decline in the fourteenth century? The papacy began to lose control when King Philip IV chose to tax the French clergy, without the pope’s consent. The Struggle...

Patriarchy in Hamlet Essay -- Essays on Shakespeare Hamlet

Patriarchy in Hamlet  Ã‚     Ã‚  Ã‚   William Shakespeare’s Hamlet employs the concept of patriarchy in several scenarios and each on different levels. These levels of patriarchy, if even for the same character, vary in their role in the play. Three patriarchal characters are easily identified: the ghost of Hamlet’s father, the king Claudius, and the lord chamberlain Polonius. Despite their variances each patriarchy displays values and actions which are key factors in bringing about the cataclysmic ending to Hamlet. Claudius fills the role of father figure as both king to a nation and stepfather to young Hamlet, whose father has died unexpectedly. It is revealed later that Claudius is responsible for the death of his brother, King Hamlet. This very act of murder to obtain the throne and marry his own sister-in-law, an act equal to incest in the eyes of their society, displays from the first the poor quality of monarchy that can be expected from Claudius. Young Fortinbras of Norway feels that since the King Hamlet is dead he is entitled to his inheritance of land, and rightly so as the contract was drawn between King Hamlet and Fortinbras’s father. The young Fortinbras is obviously some form of a threat to the kingdom, a thought expressed as well by Horatio and Bernardo as they stand watch in the opening of the play (1.1.80-125). Claudius does not appear to be overly concerned with the matter. He sends two couriers to Fortinbras’s sick uncle asking that he stop Fortinbras and his at tack on Denmark. Meanwhile, it seems as if Claudius does not give the matter another thought. It is odd that he does not more safely guard the kingdom that meant enough to him to kill his own brother to obtain it. He of all people should know what one ... ...blishers, 1999. Chute, Marchette. â€Å"The Story Told in Hamlet.† Readings on Hamlet. Ed. Don Nardo. San Diego: Greenhaven Press, 1999. Rpt. from Stories from Shakespeare. N. p.: E. P. Dutton, 1956.    Homer. â€Å"The Odyssey.† The Norton Anthology of World Masterpieces. Expanded Edition in One Volume. New York: W.W. Norton & Company, 1997. 101-336. Shakespeare, William. â€Å"Hamlet.† The Norton Anthology of World Masterpieces. Expanded Edition in One Volume. New York: W.W. Norton & Company, 1997. 1634-726.    Shakespeare, William. The Tragedy of Hamlet, Prince of Denmark. Massachusetts Institute of Technology. 1995. http://www.chemicool.com/Shakespeare/hamlet/full.html No line nos.    Ovid. â€Å"Metamorphoses.† The Norton Anthology of World Masterpieces. Expanded Edition in One Volume. New York: W.W. Norton & Company, 1997. 684-99.      

Health Care System Essay -- Comparative, Finland, Germany, Tukmenistan

Turkmenistan is located in central Asia As a consequence of the collapse of former Soviet Union Turkmenistan declared its independency in 1991. It occupies an area of 491 200 km2 and has an estimated population of 4 611 700. Turkmenistan has five administrative regions, called velayat. Each velayat is subdivided in number of districts called etrap. In 1997 life expectancy was for male 57.9, and for females 65.3 years.[3,5] 2.2 Finland Finland is located in north-east of the Baltic Sea. It has been independent republic since 1917. It has an area of 338 145 km2 and had 2005 a population of 5 260 000. Finland can be divided in three parts, state, province and municipality. 2005 there were 415 municipalities. The life expectancy for men was in 2005 75.8, and for female 82.7 years.[6] 2.3 Germany The Federal Republic of Germany is located in central Europe and it has an area of approximately 357 000 km2. The Germany, as we know it today, exists since 1990 as the former German Democratic Republic accessed the Federal Republic of Germany. It consists 16 states, each of them have a constitution which is consistent with the principles of national constitution. 2004 Germany had 82 500 000 inhabitants. Life expectancy at birth was in 2003 for male 75.6, and for female 81.6 years.[1] 3 How do the public and the private sectors function to provide health services? 3.1 Turkmenistan The basic organizational structure of health care system follows the standard model set down in soviet times. However, the organization and management of health services in urban area differs from those in rural area. There are two levels in health care, primary and secondary care. Primary care facilities are often very dilapidated; they need investment for e... ...od and new patients keep on coming to them for treatment. This results in my opinion lots of redundant diagnostic interventions, which are made just because the patient wants them to be done, even though there would not be a medical indication. In some cases the line between an inpatient treatment and a â€Å"wellness vacation† is fading away. It is an extremely expensive health care system with the result of the first health insurance company went bankrupt this summer. In the future there are further bankrupts to be expected, if new powerful reforms are not going to be executed or the benefits of this current statutory health insurance are not going to be prioritized. In my opinion the funding of German health care system, in the way it is at the time, will lead to bigger problems as they already have, which implies unnecessary misery for the weakest in their society.

Nature of Financial Management

Chapter 3 – NATURE OF FINANCIAL MANAGEMENT What is finance Finance can be defined as he art and science of managing money. Virtually all individuals and organizations earn or raise money and spend or invest money. Finance is concerned with the process, institutions, markets and instruments involved in the transfer of money among individuals, business and governments. Nature of Financial Management Financial Management as an academic discipline has undergone fundamental changes as regard its scope and coverage.In the earlier years, it was treated synonymously with the raising of funds. In the later years, its broader scope, included in addition to procurement of funds, efficient use of resources. Scope of Financial Management Financial is broadly concerned with the acquisition and use of funds by a business firm. The important tasks of financial management, as related to the above, may be categorized as follows: – A. Financial Analysis, Planning and Control †¢ Analy sis of financial condition and preference †¢ Profit Planning †¢ Financial forecasting †¢ Financial Control B.Investing †¢ Management of current assets (cash, marketable securities, receivables and inventories) †¢ Capital Budgeting (identification, selection and implementation of capital projects) †¢ Managing of mergers, reorganizations and divestments C. Financing †¢ Identification of sources of finance and determination of financing mix †¢ Cultivating sources of funds and raising funds †¢ Allocation of profits between dividends and retained earnings Important Topics in Financial Management Table 1. 1 Balance Sheet and Topics in Financial Management Share CapitalEquityCapital Structure and Cost of Capital Preference Reserves and Surplus Debentures Unsecured Loan Current Liabilities & ProvisionsWorking Capital Trade CreditorsFinancing Policy Provisions Fixed Assets (Net)Capital Budgeting Gross Block Less Depreciation InvestmentSecurity Ana lysis Current Assets, Loans and Advances Cash and bank balancesCash Management ReceivablesReceivables Management InventoriesInventory Policy Loans and Advances Miscellaneous Expenditure and Losses Table 1. 2 Income statement and Topics in Financial Management Net SalesRevenue risk Cost of goods SoldMaterials and stocks Wages and Salaries Other Manufacturing Expenses Gross ProfitGross profit margin Operating Expenses Selling and Administration Expenses DepreciationDepreciation Policy Operating Profit Non operating surplus / deficit Earnings before interest and taxBusiness risk InterestFinancial risk Profit before tax TaxTax planning Profit after taxReturn on equity DividendsDividend policy Retained Earnings Goals / Objectives of Financial Management- Traditional Approach – It has been traditionally been argued that the objective of a company is to earn profit.This means that the finance manager has to make decision in a manner that the profit is maximised. Each alternative, th erefore, is to be seen as to whether or not it gives maximum profit. Profit maximization objective gives rise to a number of problems as below: – i) Profit maximization concept should be considered in relation to risks involved. There is a direct relationship between risk and profit. Many risky propositions yield high profit. Higher the risk, higher is the possibility of profits. If profit maximization is the only goal, then risk factor is altogether ignored. i) Profit maximization, as an objective does not take into account time pattern of return. Proposal A may give a higher amount of profits compared to proposal B, yet if the returns begin to flow say 10 years later, proposal B may be preferred which may have lower overall profits but the returns flow is more early and quick. iii) Profit maximization, as an objective is too narrow. It fails to take into account the social considerations as also the obligations to various interests of workers, consumers, society as well as ethical trade practices.Further, most business leaders believe that adoption of ethical standards strengthen their competitive positions. iv) Profits do not necessarily result in cash flows available to the stockholder. Owners receive cash flow in the form of either cash dividends paid to them or proceeds from selling their shares for a higher price than paid initially. Modern Approach – The alternative to profit maximization is wealth maximization. This is also known as Value maximization or Net Present Worth maximization. Value is represented by the market price of the company’s equity shares.Prices in the share market at a given point of time, are the result of many factors like general economic outlook, particular outlook if the companies under consideration, technical factors and even mass psychology. However taken on a long-term basis, the share market prices of a company’s shares do reflect the value, which the various parties put on a company. Normally, the value is a function of two factors (i) The likely rate of earnings per share of a company (EPS) and (ii) The capitalization rateEPS are calculated by dividing the periods total earnings available for the firm’s common shares by the number of shares of common shares outstanding. The likely rate of earnings per share (EPS) depends on the assessment as to how profitably a company is going to operate in the future. The capitalisation rate reflects the liking of the investors for a company. If the company earns a higher rate of earning per share through risky operations or risky financing pattern, the investors will not look upon its shares with favour. To that extent, the market value of the shares of such a company will be low.If a company invests its fund in risky ventures, the investors will put in their money if they get higher return as compared to that from a low risk share. The market value of a firm is a function of the earning per share and the capitalisation rate. S uppose the Earning per share are expected to be Rs. 7 for a share, and the capitalisation rate expected by the shareholder is 20 per cent, the market value of the share is likely to be 7 7 x 100 —— = ———- = Rs. 5 20% 20 This is so because at this price, the investors have an earning of 20%, something they expect from a company with this degree of risk. The important issues relating to maximizing share prices are Economic Value Added (EVA) and the focus on stakeholders. Economic Value Added (EVA) is a popular measure used by many firms to determine whether an investment – proposed or existing – contribute positively to the owner’s wealth. EVA is calculated by subtracting, the cost of funds used to finance or investment from its after-tax-operations profits.Investments with positive EVA increase shareholder value as those with negative EVA reduce shareholders value. For example, the EVA of an investment with after tax operation s profits of Rs. 510,000 and associated financing costs of Rs. 475,000 would be Rs. 35,000 (i. e. Rs. 410,000 – 375,000) Because this EVA is positive, the investment is expected to increase owner wealth and is therefore acceptable. What about Stakeholders? Stakeholders are group such as employees, customers, suppliers, creditors, owners and others who have a direct economic link to the firm.A firm with a stakeholder focus consciously avoids actions that would prove detrimental to stakeholders. The goal is not to maximize stakeholder well being but to preserve it. It is expected to provide long run benefit to shareholders by maintaining positive stakeholder relationships. Such relationship should minimize stakeholder turnover, conflicts and litigation. Clearly, the firm can better achieve its goal of shareholder wealth maximization by maintaining cooperation with other stakeholders rather than having conflict with them. The Role of ethics – Ethics is standards of conduc t or moral judgment.Today the business community in general and the financial community in particular are developing and enforcing ethical standards, purpose being to motivate business and market participants to adhere to both the letter and the spirit of laws and regulations concerned with business and professional practice. An effective ethics program is believed to enhance corporate value. An ethics program can reduce potential litigation and judgment costs, maintain a positive corporate image, and build shareholders confidence, and gain the loyalty, commitment and respect of the firms stakeholders.Such actions, by maintaining and enhancing cash flow and reducing perceived risk, can positively affect the firm’s share prices. Ethical behaviour is therefore viewed as necessary for achieving the firm’s goal of owner wealth maximization. Place of Finance function in the organization structure: – The finance function is almost the same in most enterprises. The det ails may differ but the important features are universal in nature. The finance function occupies such a major place that it cannot be the sole responsibility of the executive.The important aspects of the finance function have to be carried on by the top management i. e. the Managing Director and the Board of Directors. It is the Board of Directors, which makes all the material final decisions involving finance. Financial management in many ways is an integral part of the jobs of managers who are involved in planning, allocation of resources and control. The responsibilities for financial management are disposed throughout the organization. For example: †¢ The engineer, who proposes a new plant, shapes the investment policy of the firm. The marketing analyst provides inputs in the process of forecasting and planning. †¢ The purchase manager influences the level of investment in inventories. †¢ The sales manager has a say in the determination of receivable policy. â₠¬ ¢ Departmental managers, in general, are important links in the financial control system of the firm. The chief financial officer (CFO) is basically to assist the top management. He has an important role to contribute to good decision making on issues, which involve all the functional areas of the business. He must clearly bring out financial implications of all decisions and make them understood.CFO (his designation vary from company to company) works directly under the President or the Managing Director of the company. Besides routine work he keeps the Board of Directors informed about all the phases of business activity, including economic, social and political developments affecting the business behaviour. He also furnishes information about the financial status of the company by reviewing from time to time. The CFO may have different officers under him to carry out his functions. Broadly, the functions are divided into two parts. (i) Treasury function (ii) Control functionTre asury function (headed by financial manager) is commonly responsible for handling financial activities, such as financial planning and fund raising, making capital expenditures decisions, managing cash, managing credit activities, managing the pension fund and managing foreign exchange. The control function (headed by Chief Accountant / Financial Controller) typically handles the accounting activities such as corporate accounting, tax management, financial accounting and cost accounting. The treasurer’s focus tends to be more external, the controllers focus more internal: – BOARD OF DIRECTORSManaging Director/President V. P ProductionV. P FinanceV. P Sales Treasurer Controller Credit Cash Banking PortfolioCorporate Taxes Internal Budgeting Management Management Relation ManagementGeneral Audit Accounting & Cost Accounting Fig 1. 1 Organization chart of finance function Relationship of field of finance with economics – The field of finance is closely related to e conomics. Financial managers must understand the economic framework and be alert to the consequences of varying levels of economic activity and changes in economic policy.They must be able to use economic theories as guidance for efficient business operation. Examples include supply-demand analysis, profit-maximizing strategies, and price theory. The primary economic principle used in managerial function is marginal analysis, the principle that financial decisions should be made and actions taken only when the added benefits exceed the added costs. Nearly all-financial decisions ultimately come down to an assessment of their marginal benefits and marginal costs. Relationship to Accounting – The firm’s finance (treasurer) and accounting (controller) activities are closely related and generally overlap.Normally managerial finance and accounting are not often easily distinguishable. In small firms the Controller often carries out the finance function and in large firms ma ny accountants are also involved in various finance activities. There are two basic differences between finance and accounting: – i) Emphasis on cash flows: – The accountant’s primary function is to develop and report data for measuring the performance of the firm, assuming its financial position and paying taxes using certain standardized and generally accepted principles. The accountant prepares financial statements based on accrual basis.The financial manager places primary emphasis on cash flows, the inflow and outflow of cash. ii) Relating to decision-making: – Accountants devote most of their operation to the collection and presentation of financial data. The primary activities of the financial manager in addition to ongoing involvement in financial analysis and planning are making investment decisions and making financing decisions. Investment decisions determine both the mix and the type of assets held by the firm. Financing decisions determine bo th the mix and the type of financing used by the firm.However the decisions are actually made on the basis of cash flow effects on the overall value of the firm. Interface with other Functions – Finance is defined as the lifeblood of an organization. It is a common thread, which binds all the organizational functions as each function when carried out creates financial implications. The interface between finance and other functions can be described as follows: – Manufacturing Finance – i) Manufacturing function necessitates a large investment. Productive use of resources ensures a cost advantage for the firm. i) Optimum investment in inventories improves profit margin. iii) Many parameters of the production cost having effect on production cost are possible to control through internal management thus improving profits. iv) Important production decisions like make or buy can be taken only after financial implications have been considered. Marketing Finance  œ i) Many aspects of marketing management have financial implications e. g. hold inventories to provide off the shelf service to customers and thus increase sales; extension of credit facility to customers to increase sales. i) Marketing strategies to increase sales have additional cost impact, which needs to be weighed carefully against incremental revenue. Personnel Finance – In the global competitive scenario business firms are moving to leaner and flat organizations. Investments in Human Resource Development are also bound to increase. Restructuring of remuneration structure, voluntary retirement schemes, sweat equity etc. have become major financial decisions in the area of human resource management. Strategic Planning – Finance –Finance function is an important tool in the hands of management for strategic planning and control on two counts – i) The decision variables when converted into monetary terms are easier to grasp. ii) Finance function has s trong inter-linkages with other functions. Controlling other functions through finance route is possible. Methods and Tools of Financial Management – i) In the area of Financing – Funds are procured from long-term sources as well as short-term sources. Long-term funds may be made available by owners, i. e. hareholders, lenders through issue of debentures / bonds, from financial institutions, banks and public at large. Short-term funds may be procured from commercial banks, suppliers of goods, public deposits etc. The finance manager has to decide on optimum capital structure with a view to maximize shareholder’s wealth. Financial leverage or trading on equity is an important method by which return to shareholders can be increased. ii) For evaluating capital expenditure (investment) decisions, a finance manager uses various methods such as average rate of return, payback, internal rate of return, net present value and profitability index. ii) In the area of worki ng capital management there are various methods for efficient utilization of current resources at the disposal of the firm, thus increasing profitability. The centralized method of cash management is considered a better method of managing liquid resources of the firm. iv) In the area of dividend decision, a firm is faced with the problem of declaring dividend or postponing dividend declaration, a problem of internal financing. There are tools to tackle such situation. v) For the evaluation of a firm’s performance there are different methods.For example, ratio analysis is a popular technique to evaluate different aspects of a firm. vi) The main concern of the finance manager is to provide adequate funds from the best possible source, at the right time and the minimum cost and to ensure that the funds so acquired are put to best possible use through various methods / techniques are used to determine that funds have been procured from the best possible available services and the funds have been used in the best possible way: Funds flow and cash flow statements and projected financial statements help a lot in this regard.The changing role of Financial Management in India – Modern Financial Management has come a long way from the traditional corporate finance. The finance Manager is working in a challenging environment, which changes continuously. As the economy is opening up and global resources are being tapped, the opportunities available to finance manager have no limits. At the same time one must understand the risk in the decisions. Financial management is passing through an area of experimentation and excitement, as a large part of the finance activities carried out today were not heard a few years ago.A few instances are enumerated below: – i) Interest rates have been deregulated, further interest rates are fluctuating, and minimum cost of capital necessitates anticipating interest rate movements. ii) Rupee has become freely convertible in current account. iii) Optimum debt equity mix is possible. The firms have to take advantage of the financial leverage to increase the shareholders wealth. However financial leverage entails financial risk. Hence a correct trade off between risk and improved rate of return to shareholders is a challenging task. v) With free pricing of issues, the optimum price of new issue is a challenging task, as overpricing results in under subscription and loss of investor confidence whereas under pricing leads to unwarranted increase in number of shares and also reduction of earnings per share. v) Maintaining share prices is crucial. In the liberalized scenario the capital markets is the important avenue of funds for business. The dividend and bonus policies framed, has a direct bearing on the share prices. i) Ensuring management control is vital especially in the light of foreign participation in equity (which is backed by huge resources) making the firm an easy takeover target. Existing ma nagements may loose control in the eventuality of being unable to take up the share entitlements. Financial strategies to prevent this are vital to the present management. Forms of Business Organization – The three most common forms of business organization are the sole proprietorship, the partnership and the company.Other specialized forms of business organizations also exist. Sole proprietorship are the most In terms of total receipts and net profits corporate form of business dominate. Sole Proprietorship – A sole proprietorship is a business owned by one person who runs for his own profit. Majority of the business firms are sole proprietorships. The typical sole proprietorship is a small business e. g. bakeshop, personal trainer or plumber. The majority of sole proprietorship is found in the wholesale, retail, service and construction industries.Typically, the proprietor along with few employees runs the business. He raises capital from personal resources or by bor rowing and is responsible for all business decisions. The sole proprietor has unlimited liability, towards creditors not restricted to the amount originally invested. The key strengths and weaknesses of sole proprietorship are given in table 1. 3. Partnership – A partnership firm is a business run by two or more persons for profit.Partnership accounts for the next majority of business and they are typically larger than sole proprietorship. Finance, legal and real estate firms often have large number of partners. Most partnerships are established by a written contract known as ‘Deed of Partnership’. In partnership, all partners have unlimited liability for all the debts of the partnership. In India, partnership is governed by the Partnership Act, 1932. Strengths and weaknesses or partnerships are summarized in Table 1. 3. Company Form –A company form of business is a legal entity, separated from the owners, with perpetual succession. Just like an individual , the company can sue and be sued, make and be party to contracts and acquire property in its own name. The company form of organization is the dominant form of business organization in terms of receipts and profits. Although, corporations are involved in all types of business, manufacturing corporation account for the largest portion of corporate business receipts and net profits.The key strengths and weaknesses of corporate form are summarized in Table 1. 3. The owners of the company are its shareholders, whose ownership is evidenced by either common shares or preference shares. Shareholders get a return by receiving dividends i. e. periodic distribution of earnings or gains through increase in share price. Owner’s liability is limited to the amount paid on their shares. Shareholder elects the Board of Directors through vote.The Board of Directors has the ultimate authority in running the organization including making the general policy. The President or Chief Executive Off ice (CEO) is responsible for managing day to day operations and carrying out the policies established by the Board. The CEO is required to report periodically to the firm’s board of directors. The corporate form of business are subject to strict control by Regulatory Agencies including Companies Ac, 1956, SEBI, etc. Table I – Strengths and weaknesses of the common forms of business organizations Sole Proprietorship |Partnership |Company | | | | | |Strengths | | | | | | | |Owners receive all profits and incurs all losses |Can raise more funds than the sole proprietorship |Owners liability is limited to the extent paid on | | |their shares | |Low organizational costs |Borrowing powers enhanced by more owners | | | | |Can achieve large size via sale of shares | | |More available manpower and managerial skill | | |Income is included and taxed on owners personal tax | |Ownership (share) is readily transferable | |return |Income included and mixed on individual partnerâ€⠄¢s tax | | | |return |Long life of the firm | |Independence | | | | | |Can have professional managers | |Secrecy | | | | | |Has better access to financing | |Ease of dissolution | | | | | |Receives some tax advantage | | | | | | | | | |Weaknesses – |Owners have unlimited liability and may have to cover | | | |debts of other partners |Taxes generally higher, because corporate income is | |Owner has unlimited liability towards debt of the firm| |taxed and dividends paid to owners are also taxed. | |Partnership is dissolved when partner dies |(the latter has been exempted at the hands of the | |Limited fund raising power limits growth | |shareholders in India) | | |Difficult to liquidate or transfer partnership | | |Proprietor must be jack-of-all trades | |More expensive to organize than other forms of | | | |business | |Difficult to give employees long-run career | | | |opportunities | |Subject to greater control by regulating authorities | | | | | |Lacks continuity when pro prietor dies or unable to | |Lacks secrecy since the shareholders must receive | |operate | |financial reports at periodic intervals | | | | | Limited Liability Partnership A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability.It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence. This is an important difference from that of an unlimited partnership. In an LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation. In some countries, an LLP must also have at least one â€Å"general partner† with unlimited liability. Unlike corporate shareholders, the partners have the right to manage the business directly. In contrast, corporate shareholders have to elect a board of directors under the laws of various state charters.The board organizes it self (also under the laws of the various state charters) and hires corporate officers who then have as â€Å"corporate† individuals the legal responsibility to manage the corporation in the corporation's best interest. An LLP also contains a different level of tax liability from that of a corporation. Limited liability partnerships are distinct from limited partnerships in some countries, which may allow all LLP partners to have limited liability, while a limited partnership may require at least one unlimited partner and allow others to assume the role of a passive and limited liability investor. As a result, in these countries, the LLP is more suited for businesses where all investors wish to take an active role in management. There is considerable confusion between LLPs as constituted in the U. S. nd that introduced in the UK in 2001 and adopted elsewhere  Ã¢â‚¬â€ see below  Ã¢â‚¬â€ since the UK LLP is, despite the name, specifically legislated as a Corporate body rat her than a Partnership. India The Limited Liability Partnership Act 2008 was published in the official Gazette of India on January 9, 2009 and has been notified with effect from 31 March 2009. However, the Act, has been notified with limited sections only. The rules have been notified in the official gazette on April 1, 2009. The first LLP was incorporated in the first week of April 2009. 1. In India, for all purposes of taxation, an LLP is treated like any other partnership firm. 2. be limited to their agreed contribution in the LLP. 3.Further, no partner would be liable on account of the independent or unauthorized actions of other partners, thus allowing individual partners to be shielded from joint liability created by another partner's wrongful business decisions or misconduct. 4. LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession. Indian Partnership Act, 1932 shall not be applicable to LLPs and there shall not be any upper limit on number of partners in an LLP unlike an ordinary partnership firm where the maximum number of partners can not exceed 20, LLP Act makes a mandatory statement where one of the partner to the LLP should be an Indian. 5. Provisions have been made for corporate actions like mergers, amalgamations etc. 6.While enabling provisions in respect of winding up and dissolutions of LLPs have been made, detailed provisions in this regard would be provided by way of rules under the Act. 7. The Act also provides for conversion of existing partnership firm, private limited company and unlisted public company into a LLP by registering the same with the Registrar of Companies (ROC) 8. Nothing Contained in the Partnership Act 1932 shall effect an LLP. 9. The Registrar of Companies (Roc) shall register and control LLPs also. 10. The governance of LLPs shall be in electronic mode based on the successful model of the present Ministry of Corporate Affairs Portal. Chapter Assignments – 1. What are the tasks of Financial Management? 2. Discuss the salient features of the traditional approach to Corporation Finance. 3.Discuss the distinctive features of modern approach to Corporation Finance. 4. What is the normative goal of financial management? 5. â€Å"Financial Management is an integral part of the jobs of all managers. Hence it cannot be entrusted to a staff Department†. Discuss. 6. Discuss some of the problems the financial managers in a developing country like India have to grapple with. 7. Draw a typical organization chart highlighting the finance function of a company. 8. Which of the following functions should be the responsibility of a Finance Manager? i) Maintaining the books of account. ii) Negotiating loans with banks iii) Preparation of cost statements iv) Conducting of internal audit v) Analysis of new projects i) Ensuring that enough cash is available at all the branches and factories of the company. vii) Assisting the management in taking a decision regarding the quantum of dividend. viii) Negotiating under-writing agreements in case of new issues ix) Preparing the financial statements. x) Deciding about change in the policies regarding recruitment. xi) Decision on administrative practices. xii) Change in marketing and advertising techniques routine. 9. Which of the following statements are true? i) It is the job of the finance manager to approve all payments. ii) The finance manager has to keep a proper balance in the procurement and use of funds. iii) Acquisition of fixed assets is of no concern to the finance manager. v) It is always advisable to distribute the total amount of profit as dividend. v) Since it is crucial that all sections of the business have adequate cash, it is a good policy to give each sections of the business double the amount of cash that they normally require so that they can meet even emergencies. vi) Debentures and loans from financial institutions are very important sources of long-term fund s. vii) It is better if no credits are given to the customers since this would mean that no amounts are tied up in sundry creditors. viii) In a period of rising prices, it is better to stock as much as raw material as possible, irrespective of the cost of procuring funds. x) A proper capitalization ensures that there is a balance between long-term funds and short-term funds and also proper ratios are maintained between the various sources of funds. 10. Which of the following statements do you agree? i) Financial management is essential only in private sector enterprise. ii) Only capitalists have to bother about money. The bureaucrat is to administer and not manage funds. iii) The public administrators in our country must be given a basic understanding of essentials of finance. iv) A state owned Transport Company must immediately deposit in the bank all its takings. v) â€Å"Financial Management is counting pennies. We do not believe in such miserly attitude†. vi) â€Å"Finan ce function is important as any other function in an organization†.

Bilingualism in Children

Bilingualism can be viewed in two different ways. One way of viewing bilingualism is that it is a commendable trait for a person to have, that is alongside the thinking that it is a mark of high intellect. Another way of viewing bilingualism is that it is a negative upshot of Globalism, that it is a degradation of culture. It is undeniable that bilingualism is a prevalent topic in today’s society. Some even consider it as an essential trait for survival in the context of the modern world.This notion of bilingualism is especially prevalent in the US, where immigrants should adopt a second language to be competitive in terms of employment. That is why children from immigrant families are advised by their parents to learn a second language early as early as possible. The problem bilingualism arises when parents fail to consider that children are still in the stage of mastering their first language. Acquiring two language simultaneously is would be difficult for anyone regardless of age. It is a common notion that the children would eventually learn the second language.That is alongside the thinking that, as the children are exposed more to the society speaking the second language, the children would naturally the language. Although, it is observable that children from immigrant families gradually become more and more comfortable with second language through time. But it is also observable that the process that the children have to go through is not an easy one. The difficulty of children’s acquisition of a second language is expressed by Eva Hoffman in her book â€Å"Lost in Translation.† She had thrown in a very helpful query for this discussion: â€Å"†¦how does an individual bend toward another culture without stumbling over? † (Hoffman 209) Hoffman’s semi-autobiographical book is about her struggle to acquire a second language when family had migrated from Poland to Vancouver. The bulk of the book is about her lost of he r sense of place and belonging in her new society. But the fact that the acquisition of the second language would come as natural would not necessarily mean that the children would not be subjected to the consequences of being bilingual.Another book that would be helpful to the discussion at hand is Natasha Lvovich’s â€Å"The Multilingual Self: An inquiry to language learning. † In contrast to Hoffman’s work, Lvovich’s book had taken a more attention-grabbing approach. Lvovich’s work is about the struggles that her daughter had to face when they had moved to America. Although there are some minor differences between the two books, they are both talking the same topic of language acquisition. Both of the books had depicted how a child is subjected to consequences of being bilingual.A common consequence of bilingualism as Lvovich had depicted through the story of her daughter â€Å"†¦she is going through a very difficult period of adjustment a s a teenager growing into adulthood† (Lvovich 101) There was even a point in the book that Lvovich’s daughter became reluctant to speak their first language. Hoffman argued that a reluctance to speak the first language would result to the atrophy of the mother language of the child (Hoffman 98) ConclusionFor children of immigrant families to succeed in being multilingual, their parents should first do careful planning and learning about the nature of language acquisition. The parents should always keep in mind that childhood is already full of challenges as is. They should be aware of the consequence of being bilingual and they should also have at least an idea of how to counter them. Works Cited Hoffman, Eva. (1990). Lost in Translation: A Life in a New Language. NY: Penguin Lvovich, N. (1997). The Multilingual Self: An inquiry into language learning. Mahwah, NJ: Lawrence Erlbaum Associates Bilingualism in Children Bilingualism is the production and/or comprehension of two languages by the same individual (Cummins, 1981). Many children of varying nationality, acquire this ability of learning two languages through cultural maintenance and educational enrichment. Furthermore, the media continuously bombards children of stimulation of the other language (Cummins, 1981). Cummins (1981) stated that there is a strong tendency among children of replacing the first language with the other. A series of tests were made by Feldman and Shen (1969) about some language-related cognitive advantages of bilingual five year olds.Three tasks for children were made accordingly to gather information. These tasks of increasing difficulty were (1) object constancy, (2) naming and (3) using labels in sentences, respectively . In object constancy, children were primarily shown with objects such as cups, plates, sponge, match and suction cup soap holder. These objects were later physically transformed in front of them. Crushing the cups, burning the match and painting the plates were some examples of transformation. Transformed objects are placed beside an identical pre-transformed objects.Afterwards, the children were asked to identify which among the two was primarily shown. Naming, on the other hand, purposely tests the child's ability to use verbal labels to name familiar objects. The experimenter tried to confuse the children by switching the names of the familiar object and designating nonsensical names to objects. For example, calling an airplane as â€Å"car† and relabeling the cup as â€Å"wug†. The children were asked which among the objects was really an airplane. They were also asked which one was called a â€Å"wug† and then they were asked what it really was.In the third experiment, the child was requested to show his ability of using three sorts of labels in simple relational sentences such as â€Å" The cup is on the plate. † These labels, as discussed i n naming, were common names, switched common names and nonsense names. The principle for using simple relational sentences was that referential word meaning is the simplest sort of meaning. Words like â€Å"cup†, â€Å"plate† and even the part of the predicate â€Å"on† can all be thought of as referring to things. Results showed that bilinguals perform significantly better in the said three tasks than monolinguals do (Feldman & Shen, 1969).Moreover, bilinguals' advantage over monolinguals was more apparent in comprehension than production measures. These means they execute better where nonverbal pointing responses were required. In addition, functions related to labeling would be more advanced by having two languages. Research by Bialystok (2004), on the other hand, has shown that bilingual children develop control processes more readily than monolinguals do. They respond more rapidly to conditions that placed greater demands on working memory and carry out con trolled processes more effectively (Bialystok, 2004).On the other hand, Macnamara (1966) argued some studies have reported negative effects of bilingualism (as cited in Bialystok, 2004). In Feldman & Shen's (1969) experiment, it was found out that monolinguals do better in the use of either common names alone or nonsense names alone. Furthermore, Fishman (1967) added that disadvantages commonly associated with bilingualism would not appear in bilinguals whose languages were situation specific (as cited in Feldman & Shen, 1969). It was an accepted notion that bilinguals had deficits compared with monolingual peers.Nonetheless, studies show significant cognitive advantages of children with bilingual capacities. These advantages were dominant in comprehending rather than performing verbal actions. Other research pointed out bilingual advantages in the areas of creativity, problem solving and perceptual disembedding (Bialystok, 2004). These advantages of bilinguals can be uniquely attri buted to an early development in association and labeling skills (Feldman & Shen, 1969). Bibliography: Bialystok, E. , Craik, F. I. M. , Klein, R. & Viswanathan, M. (2004) Bilingualism, Aging, and Cognitive Control: Evidence From the Simon Task.Psychology and Aging, 19 (2), 290-303. Feldman, C. & Shen, M. Some Language-Related Cognitive Advantages of Bilingual Five Year Olds. Retrieved from http://eric. ed. gov/ERICWebPortal/custom /portlets/recordDetails/detailmini. jsp_nfpb=true&_&ERICExt Search_SearchValue_0=ED031307&ERICExtSearch _SearchType_0=no&accno=ED031307 Cummins, J. Bilingualism and Minority-Language Children. Retrieved from http://eric. ed. gov/ERICWebPortal/custom/portlets/recordDetails/detailmini. jsp_ nfpb=true&_&ERICExtSearch_SearchValue_0=ED215 557&ERICExtSearch_SearchType_0=no&accno=ED215557

My review and judgement for Toyshops online marketing Essay

Top shop online retail website allows their customer to purchase their products online. Top shop is generally regarded as the high street fashion centre for all women and men under 30, reasonably priced clothes suitable for all occasions. Top shop is one of the better laid out online shops the site uses an attractive black colour scheme and the clothes are divided into categories, viewers can choose to browse by New In items, Special Offers, Sale, Kate Moss range, Dresses, etc. Topshop is a high street fashion retailer that has been up and running since 1964 and is has successfully open 300 store across the UK, do shipments to more than 100 countries and has their eclectic British style is known all over the world. Over the years they have built a strong bond with industry insiders and in 2002 they joined forces with newgen, a scheme which allowed them to foster new design talent and provide a global platform for the scene’s brightest new stars. Topshop also the only high street brand to show on schedule at London Fashion week and Topshop Unique has become the style set’s hottest ticket. The Topshop formula is proving not just popular/reputation but profitable too. The chain made around $200 million in pre-tax profits last year on revenues of approximately $1.14 billion. Topshop online marketing system is very effective to its viewers/ users, Topshop’s online website benefits their customers because it give their customers the opportunity to visit their website at any time during business hours which make online shopping an excellent option for many busy shoppers. One of the most obvious benefit for online shoppers is convenience, online shoppers has the ability to purchase products/service from Topshop’s online website at any time which is most convenient for them. Their online website accepts orders twenty-four hours a day during normal business hours. Topshop’s online website provides their customers with total product information. Customers shopping online expect product details which is the Price, information on how the product or service runs on how to use it an so on, this is a benefit for the customer because before purchasing a product they get to see the price and get information on the product on how it will work out for them so they will get an rough idea of how it will work so before purchasing they could compare and select whether the price is suitable for them and if the service or product has what they need. Viewing items is easy – viewers can just click on the item they want to view in more detail and it brings up the name of the item, the price, a brief description of the product, materials used, suggestions for how to wear it, and a picture of the front and the back which you are able to zoom in. customers can see what sizes the item is available in – sizes go from 6-16 and any sizes not in stock are greyed out. The business online features is beneficial to their viewer because it help to their viewers to find exactly what they are looking for in other words ‘easy to use’; images, colours, gifs, videos, drop down menus and search bars are all useful to the business viewers. Topshop’s online website also provides their viewers to be able to create their own account with the company, get additional information on their business, clothing and also complaints, viewers can write their own review on their products and service that the business offers. The effectiveness of the of Topshop marketing The effectiveness of Topshop marketing online gives customers an opportunity to purchase items from their online webpage, collect information about the product, service and also information about the business, their online webpage is also design in a way to enable their customers to get exactly what the they are looking; at the bottom of Topshop online webpage is where customers can get the information there need from the business such as, information about the business, how to find different branches, help and also other website that the customers can visit for update; Facebook, twitter, YouTube and also Google. Images, videos, pictures, drop down menus, gifs and search bar play a big impact on how customers view the business webpage, it make it easier for the customers to locate stuff on the business webpage, because these online features are visual. Topshop online website is effective because it help to attraction new customers to the business. The internet is a main asset to many people because they use this on a regular basis whether it is to communication, gather information or locate new places. Topshop use many marketing techniques to promote their online business, these are; promotional adverts online, email promotion, hyperlinks, on website such as twitter and Facebook and so on YouTube. Topshop also have an app for all smartphone, where customers can use to also purchase item, gather information and so on, this is very effective for their customers because this give their customers the advantage to shop from anywhere, during business hours. Topshop internet marketing states for Facebook and Twitter. Topshop continues to grow its following on social media sites, due to lots of features, in-store promotions and relatively high levels of engagement with fans and followers. Stats from E-Digital Research look at the number of followers for the top 20 retailers on Facebook and Twitter and, for the first time, Google+. Top 20 UK retailers on Facebook Topshop was also in pole position and it has added more than 1m new fans since May 2011. Its target audience are big Facebook and social media in general users, so the strategy of promoting its Facebook presence works well. Content is regularly updated to keep people interested, while it also promotes its social media profiles in stores and from its website. The retailer uses exclusive deals and interactive content to keep people interested. How much this translates into sales is another matter, but it’s significant that it hasn’t opened an f-commerce store, presumably preferring to drive users to its product pages.