Thats Life in the Big City Essay Example for Free

Thats Life in the Big City Essay An implied warranty of habitability is a warranty set forth by law in respect to all residential leases in a way to ensure that the premises are fit and conducive for human habitation. In addition the warranty is aimed at ensuring that the condition of the premise remains fit and habitable throughout the duration of the lease. The landlord- tenant law in regard to warranty of habitability is very useful because it imposes certain duties that are supposed to be adhered to by the two parties. Such obligations on the part of the landlord include maintenance of the premises in habitable conditions such as providing adequate weather proofing, available heat, water, electricity, and clean sanitary condition (Bright Gilbert, 1995). If these conditions are not met the tenant can seek for legal intervention justification as defined by the tenant defensive act. Even though there are no definite rules regarding to how the landlord was supposed to carry out the maintenance, the landlord should have been responsible for repair of any defects in the rental unit and comply with state and local building health regulations. Being a residential lease between a landlord and a tenant the landlord should have ensured that the he leased property is fit to live in. This means that the leased property should be safe and sanitary for other human being and also to the people who are leaving in that premise. The conditions that violate the implied warranty of habitability vary depending on the nature of the violation and the cause of the violation. In this case, the landlord had violated the implied warranty of habitability by failing to provide timely repair on faulty air conditioning and heating system. As required by the law, when a tenant identifies existence of uninhabitable conditions he is supposed to notify the landlord in time an act which Bill and Ted did. However, the problem comes in the part failure of the landlord to carry out these repairs in time. Therefore it was unreasonable for the landlord to take more than one month to repair the defect. In this case, the landlord did not put into consideration the uninhabitable conditions a factor which could have necessitated for specific actions to be taken by the tenants. For example the tenants can decide to move out and terminate the lease or repair and deduct the cost incurred in the process of repairing the inhabitable conditions from their rent (Koster, 2006). The tenant can also decide to sue for the damages or either sues to force the landlord make the repairs. Therefore landlords should consider the importance of the warranty of habitability and its application to its property. Since Bill and Ted have rented an apartment and they have paid the landlord a security deposit, the landlord should take up any issues responding to the property management and ensure that Bill and Ted are living well under his property. Any issue that arises as a result of the property management should be regarded considered with urgency and possible measures be carried out. In this case, the landlord does not play his role in property management and he fails to take any meaningful measures or either look upon complains of these tenants in time. Since Bill and Ted had notified the landlord and the superintendent had assured them of a timely repair, they had every reason to believe his word. However, the repair took more than necessary time. The landlord should have compensated them for the disturbances the incurred when they moved out yet they had paid for the apartment. The landlord portrays neglect on his part since he knew that the weather was worsening yet he failed to provide fans for them. In essence the landlord never responded to their request. This is seen when the temperatures fell and the water boiler broke down as well as the pipes froze and the two were left without water. Therefore, according to the warranty of habitability, the rental property is supposed to be safe on the dwelling for human beings. In such a case Bill and Ted should file for a breach of implied warranty of habitability. In case of the uninhabitable conditions such as the one that Bill and Ted faced, after the landlord has been notified immediately about the uninhabitable condition, it is the responsibility of the landlord to respond by making changes within the next thirty days or within a reasonable time given to him depending on the nature of defect. As for Ted and Bill, if the landlord does not respond to the changes of the uninhabitable conditions then they are allowed to move out and terminate the lease. This is because the landlord is unable to make the repairs within a reasonable time. They have a liberty of deciding to move out and terminate the lease. They are also allowed to repair and deduct there repair cost from the next months rent but they should consider on the amount it would cost (Nandorf Nassif, 2008). This is possible especially when the damaged property would not cost much to repair compared to the house rent. Therefore, before the tenant repairs the damages considering the value and the cost of repairing s very important, the tents might also decide to move out the house and terminate the lease. In either case the tenants may also decide to sue the landlord for the damages from the date of the landlord’s acknowledged of the poor condition. They can also decide to sue and force the landlord to make repairs through a court order which would force the landlord to make the repairs. Even though the court is capable of utilizing this option, it is an expensive task because it requires court supervision to ensure the repairs are carried out. The implied warranty of habitability cannot be waived and since the landlord was notified about the extent of the uninhabitable condition on the rented house and no action were taken immediately. Therefore, Bill and Ted should take immediate actions on the landlord’s inactivity. A legal action against the landlord is one of the remedial actions that the tenants should which would see him compelled by the court to repair the damages that have occurred. In summary, Bill and Ted may decide to sue for the damages incurred since the day that the landlord was notified about the breach of warranty of habitability. This is on the basis that the inhabitable condition reduces the value and comfort of the rented premises on fair market rental values. Since the landlord has not responded to the issues regarding the damages from the tenants, the tenants may also consider repairing and deducting the cost from the next month’s rent.This is one of the easiest methods because the landlord had overlooked the duty of repairing the damaged property. References Bright, S and Gilbert, G. (1995). Landlord and Tenant Law: The nature of Tenancies. Oxford: Clarendron press Koster, K. (2006). The Landlord- Tenant Law: General obligations of Landlords and Tenants. Retrieved on 9 July 2010 from http://ago. mo. gov/publications/landlordtenant. htm Nondorf, K and Nassif, T (2008). Tenant Remedies. Retrieved on 9 July 2010 from http://images. jw. com/com/publications/963. pdf

Challenges and Opportunities to Chinas Banking Industry

Challenges and Opportunities to Chinas Banking Industry The banking industry in China has the platform for future growth opportunities but often come with strategic challenges. ACMR-IBISWorld forecasts that in the five years through 2021, total assets of the Commercial Banking industry in China will increase at an average rate of 11.9% per year, to $48.2 trillion by the end of 2021.1 Industry revenue is forecast to grow at an average rate of 5.4% per year to $818.5 billion in 2021.1 China has become the target of many foreign banks and financial institutions as a result of its huge market size. Other reasons include continuous deregulation, WTO commitments and the improving market conditions with strong fundamentals. However, there are also several main challenges that obstruct the industrys growth. Opportunities Opening Requirement: According to the China Banking Regulatory Committee, foreign banks accounted for barely 2.3% of total commercial bank assets at the end of the third quarter of 2012.1 However, in order for China to meet its World Trade Organization (WTO) accession commitments, they are required to further open its banking sector to foreign banks. The easing of restrictions provide an opportunistic window for foreign banks to grow or enter the market. Deregulation: Beginning in 2003, China has begun to allow qualified foreign banks to offer RMB banking services to Chinese enterprises. In addition, some restrictions on geographic distribution and foreign exchange services offered by foreign banks have been lifted. Banking services have been opened to overseas banks in 13 cities, up from only 2, Beijing and Shanghai, before Chinas WTO entry.1 Innovation: In 2006, China officially opened its banking sector allowing foreign banks to conduct RMB business, removing geographical and client restrictions.1 In 2009, new development opportunities for commercial banks opened up which led to many changes in terms of competition, technologies, product diversification and industry profitability. As a result, domestic banks face increasing pressure to upgrade operations management, internal controls and product and service innovation. Banks with a technological edge or process driven technology can begin creating a strategic opportunity to gain the competitive advantage and market share in China. Challenges Governmental Barrier to Entry: The banking industry in China is known to have high levels of regulation and policy. For companies looking to enter the China market, the requirements for obtaining a license in order to operate as a commercial bank in China are set up through the Financial License Management Rules and approved by the China Banking Regulatory Commission (CBRC).1 In addition, Commercial banks in China are subject to the supervision of, and regular inspections by, the CBRC. In general, the application for preparing the establishment of a new branch by a policy bank, a wholly state-owned commercial bank or a joint-stock commercial bank shall be filed with and reviewed by the CBRC provincial office in the province where the proposed branch is to be established, and shall be subject to the final approval by the CBRC headquarters. Competition: Given the strict government controls and the high level of intervention in the industry, prices are quite regulated and product innovation and diversity are not the main basis for competition. In general, the approval requirements for new products are very strict. They are often the subject of complicated approval processes and lengthy approval times, and as a result are not main competitive factors. Chinas banking industry brings heavy competition as commercial banks generally offer similar products at similar prices providing difficult to gain a competitive advantage. Relationships: In China, the biggest competition has focused on client relationships with large customers, an important part of the business environment.1 Relationships are usually found using guanxi which is a combination of developing personal connections with customers as well as a network of close contacts.2 Given the low level of product diversification and similarity in services and prices, banks compete for specific and often the same customers in hopes of developing long-term relationships.

Corporate Social Responsibility for Competitive Advantage

Corporate Social Responsibility for Competitive Advantage Introduction The famous Nobel Prize winning economist Milton Friedman who once said that there is one and only one social responsibility of business to use its resources and engage in activities designed to increase its profits (Friedman 1970). Friedman outlines views which are characterized in two perspectives with regards to social responsibility, on one hand we are aware that attaining profits is one of the primary objectives but it doesnt mean that the managers should be focusing only on profits when making business decisions. There are other factors as well, with can be explored around different perspectives related to social responsibility, however focusing on a businesss application of Social responsibility to make decisions and benefiting society (Spector, 2008). Regardless of whether businesses pose any responsibility to partake in social matters is an ever-growing part of the commercial and industrial world, not too long ago businesses were expected to avoid any harm being done, however recently its almost frowned upon if a corporation does not engage in corporate social responsibility (CSR) at all. Qualitative Analysis Forbes published a blog and the writer carried out a survey about consumer behavior, attitudes and awareness about cause marketing, consumer and employee perspectives on CSR issues. The results were that 65% strongly considered leaving their jobs if harm is caused to the environment by the company and a staggering 90% of the consumers said improving society should go hand in hand with achieving company business goal (Epstein-Reeves, 2010). 30,000 consumers were interviewed on Corporate Social Responsibility conducted by Neilson Global this survey ranged across 60 countries with the purpose to understand how invested consumers are with regards to sustainable practices in their daily purchases. It also covered which segments are ecologically and socially supportive in the responsibility efforts made. 50%+ respondents claimed they purchased at a minimum one service or product within the span of six months from a company that is socially responsible. Out of every 10 respondents, four said they have made socially and ethical purchases, these respondents were from North America and Europe (Nielson, 2014) Per Net impacts what workers want report, from the sample size, 45% of the staff agreed to have 15% reduction in pay that has a positive environmental or social effect. A further 51% of employees claim that helping make a better world working towards contribution to society are fundamental to the working society (Heldrich et al. 2012). Criticism however of business extends much further in that much more is expected of corporations today, with realization of ineffective government solutions on a social responsibility platform, for this and other reasons, in developed countries at least. Private sectors organizations are baring the burden of this responsibility to solve these social problems, let alone the directly responsible cases and matters it must rectify ie. Pollution, health and safety of products produced (smith, 2013) Discussion It is clear that with increased public and media pressure CSR is a matter of competitive advantage. From a Moral stand point, the argument is that with all the money businesses have as well as the power they possess to make societal changes, and are now obligated to do so, which seems to be the view of supporters of CSR which is similar to Crowther et all (2008) when he explained in his book that its the obligation of the firm to consider and include the society within its decision making and business operations. However, some argue that large companies have the only responsibility to maximize profits and have no grounds in socially moral matters otherwise, this may seem like a heartless view, whereas the supporters of CSR argue that charitable initiatives tend to shift the focus away from organizations harmful and unethical practices (Tran, 2015) The issue is then how does a business engage in actions that benefit everyone, this is a very difficult task however business managers must be able to balance these competing interests. Shareholders are those individuals to invest their money in the company in exchange for a percentage of ownership and typically voting rights, this makes shareholders the actual owners of the company and shareholders dont necessarily have the time or expertise to make a big decisions they elect the board of directors corporate officers to manage the day-to-day operations and send shareholders who again are the owners to make the decisions is the responsibility of the corporate officers to make decisions that are in the best interests of the shareholders and what is more important to shareholders profit so it is the responsibility of the corporate executive to make as much money as possible while of course operating within the rules of the game which refers to establish laws now engaging in what is termed social responsibility is in direct conflict with the shareholder model because it diverse resources in energy is away from profit maximising behaviours Take for instance giving to a charitable organization Freeman isnt arguing against donating to a local church but he is arguing that a business is not the appropriate vehicle to do it. for one finding cars that all of its shareholders agree with would be nothing short of a miracle and secondly by spending energies and resources on social responsibility the businesses giving up those alternatives that it may have otherwise engaged those alternatives may produce more of a benefit for the business. Instead Freeman believed that this is a super super profit maximization is actually making as much money for shareholders as possible and with that extra cash shareholders to donate to whatever organization they wish Freemans views of course represent just one of the two perspectives related to social responsibility the second perspective is known as the stakeholder model and maintains that businesses have a responsibility to not only see profits but also satisfy the interests of multiple sta keholders these stakeholders represent individuals or groups that have an interest in the actions and behavior of the business The conceptual thinking behind the stakeholder model is that for an organization to operate effectively the business managers need to continuously maintain a positive relationship and understanding with the environment and the society within which it operates. Failure to manage and maintain this will effectively cause harm to the reputation of the business in turn hinder their ability to operate. Since all stakeholder have different types of influence on organizations, they are then separated in to primary stakeholders and secondary stakeholders. Primary stakeholders represent those individuals or groups to have a greater influence on the organization they include businesses, customers, employees, suppliers government agencies and the local community (Henriques et al. 1999). These groups are very importance because the business depends of them for long term existence and survival. Consider the impact on the business if suddenly customers seize to buy and products or even the withdrawal of investors. The stakeholder model business managers top priority should be satisfying the various interests of these groups. Common secondary stakeholders like the media maybe not critical in the role played in CSR, however secondary stakeholders do pose strong publish perceptions which can influence the business (Henriques et al. 1999). Case Study 1 British Petroleum The stakeholder group do not carryout business on a regular basis with the company but the information that they communicate impacts the perception of the public drastically. For example, the lengths British Petroleum has taken to repair is damaged image in the light of the Deepwater Horizon oil spill (Spence, 2011). The shareholder and stakeholder models above clarifies the if the objective if profitability, does it make it wrong to proceed with decisions with the profitability objective in mind although one can confidently argue the case that boosting profits by cutting cost didnt benefit BP in the long term. Therefore, conducting oneself as socially responsible is less about being socially responsible and being more profitable in an unadulterated socialistic way as Freidman suggests. On the other hand, Shell does portray and provide good examples of CSR by promoting openness. Shell makes it clear that it is keen to commit to transparency when debating with stakeholders. Tell Shell is a discussion blog or forum which tackles issues and matters relating to Shell on a global scale. The posts are criticizing Shell and at the same time supporting Shell, and regular responses from Shell (Shell, 2017). Once the correct personnel are in place, the identification of which stakeholder representatives should be engaged with, specific types of engagements should be determined and a measurement of social performance. A detailed understanding of the companies current corporate social performance is vital when constructing a plausible CSR strategy with clear objectives and goal (Shell, 2017) Case Study 2 Kraft Heinz Kraft Heinz Co suffered a blow from the media in 2009/10 because of Cadburys hostile acquisition. Even though the unions of Cadbury opposed and fought the case in the anticipation that there will be major job cuts. Following the take-over, many top potions employees and executives quit and as much as 30% of the Cadbury staff were privy to leadership posts (Moeller, 2012). As the acquisition ended, over four hundred job had been made redundant despite the promise of Kraft to retain employees (Stiener 2017), this was seen to be a horrible PR let alone a worst case of CSR for Kraft since Kraft now has been negatively portrayed socially. The rising government and public pressure regarding the manner in which companies operate and the total effect it has on the environment is increasing. Kraft as well as many other snack food companies are under pressure with their role in buying palm oil which has direct and considerable links to deforestation (Allen, 2015). Kraft as all multinationals has strict regulations when in operation, these rules are constantly changing with the evolvement of new contaminants globally, but was forced to recall 11 types of chocolate in Chine when it was reported that 50,000 babies become sick and 4 died by contaminated milk by a chemical product (Rigby, 2011) Kraft invests largely in improving its technology to minimize their Co2 emission and protect the environment and reduce global warming. They have incorporated policies to increase the use of rail and low emission modes of transport instead of using trucks (Kraft, 2010) Key Drivers To get and understanding to what the key drivers are, then answering questions of intent is the first item to uncover. An examination of processes and practices is not the only method when studying CSR, but also in depth discussions of communication strategies within CSR. In which way do social and organizational factors cultivate and shape the beliefs and norms that drive organizations to engage in socially responsible activities? A practical way to accomplish this would be to consult top management since they are normally the candidates that spear head CSR initiatives (Lee, 2010) Ethical Consumerism How aware are end users of the activities of the company they buy their product from? Front a B2B standpoint, are converter factories making conscious decisions about who they trade with? Responsible Investment This drives public /institutional investors as well as high net worth individuals to invest in ethically responsible companies. This is a big encouragement for companies to comply and produce CSR reports Shrinking Role of Government This is evident in the fact that due to the shrinking role of governments to solve the problems and issues within the society, its it becoming increasingly clear that organizations are taking on this role. Public Pressure/NGO We can establish that trade unions and NGOs do play a big role in pushing CSR initiatives, therefore due to the possible reputational consequences, firms are partly incorporating more inclusive CSR policies and initiatives. Conclusion Parameters for measuring a companys value or worth and competitiveness has evolved over time, especially since the time Friedman wrote his article in the 1960s. Hence with the ease of access and availability of external information, ie. Macro factors, yes parameters have changed. Therefore in the 60s, companies that took part in social initiatives were rarely publicized or even made known to the larger audience or media. Where as in this current day and age, even the slightest alteration in the CSR policy of the company or social activity is documented and either praise or frowned upon. To sum up, this is a view point Milton Friedman may have not anticipated at the time when analyzing and writing his report.

Animal Farm, by George Orwell :: Animal Farm Essays

The Significance of Squealer The novel Animal Farm, by George Orwell, is an allegory portraying the dangers of a totalitarian government. It seeks to show how a society where all live completely equal has not been, and cannot be achieved. Orwell, through the use of the character Squealer, shows how propaganda can affect members of a communist society in a negative way. By drawing parallels to events in communist Russia, Orwell’s Animal Farm illustrates how propaganda was used to control the Soviet people by deceiving them, threatening them and keeping them ignorant in an attempt to maintain order. The story uses simple language to explain and expose the corruption of communist Russia. Throughout the story, Orwell uses Squealer to illustrate how propaganda persuaded and victimized Russian citizens. Squealer is a sly, crafty pig who is not only intelligent, but a manipulative speaker as well. His cunning is key to the deception of the other animals. In chapter three, Squealer deceives the animals of the farm for the first time. The animals find out that the milk and apples are given solely to the pigs, and Squealer is sent to explain the uneven distribution of farm resources. â€Å"‘Comrades’ he cried. ‘You do not imagine, I hope, that we pigs are doing this in a spirit of selfishness and privilege?’† (Orwell 42) He goes on to explain, â€Å" ‘Milk and apples (this has been proved by science, comrades) contain substances absolutely necessary to the well-being Williams 2 of a pig. We pigs are brainworkers (42). Here, Squealer tries to convince the animals that it’s for health reasons that they take the apples and milk, but he tries to persuade them in other ways as well. Squealer continues, â€Å" ‘The whole management and organization of this farm depend on us†¦. It is for your sake that we drink that milk and eat those apples’†(42). Finally, he convinces them with fear. â€Å" ‘Do you know what would happen if we pigs failed in our duty? Jones would come back! Yes, Jones would come back!’† (42) Here, Squealer frightens the animals into submission with the threat of the return of Mr. Jones, the abusive farmer that was driven out of the farm by the animals. Squealer is desperate to obtain the apples and milk and will stop at nothing to manipulate the other animals into believing that the pigs should be the sole recipients of this luxury. By masking their true intentions by misleading the animals, the pigs are soon able to acquire whatever they want with little resistance. Orwell uses Squealer to represent the Pravda, the Russian newspaper controlled by the government during Joseph Stalin's regime.

Marriages in China :: essays research papers

Many different countries celebrate marriages different ways. In the US, the bride wears a white gown, and the groom wears a tuxedo. In countries like China, the bride wears a brightly colored dress. From ancient times marriage has been regulated by law and religious practice. China has a very interesting marriage celebration. In the 19th century, A wedding represented the transfer of a woman’s dependence on money from her family to her new husband. There was also a transfer of the woman's property, called a dowry, from the bride’s father to her husband. This transfer of property was made if the marriage was voluntary or an arranged marriage where the woman's consent was not asked for. Most times in the 19th century, when a couple got married, it was arranged by the parents, and the couple had no say in it. In the 20th century, things changed for the better. China proclaimed a marriage code giving spouses equal rights in the control of property in 1950. Laws of most countries require the husband to support his wife and children. With the increase in the number of women working outside the home, the women sometimes support themselves and child support has fallen upon her nearly as much as her husband. Couples now choose their own partners, but must get the consent of their parents. As a wedding give, it is customary for the parents to buy appliances for the couple’s new home. They have a simple ceremony, and the date is chosen by the parents. A popular date for weddings in China is the seventh day of the seventh moon. They say that a fairy from heaven can bless their marriage on that day.

Financial Ratios: TESCO and J. Sainsbury Essay

1. Introduction The purpose of this report is to conduct a comparative ratio analysis of the financial statements of J. Sainsbury PLC and Tesco PLC for the year-ending 2013. The financial information that is provided from each company’s annual report and the comparison between them will help possible users of this analysis to understand not only the differences between these two companies but also each company’s weaknesses and strengths. Below, the profiles of the two companies will be referred as well as eight accounting ratios for each company will be presented in order to have the appropriate financial information to analyse. Furthermore, the possible users of this analysis will be identified and all their differing information requirements will be mentioned. Finally, there will be provided a short discussion on the importance of supplementing financial analysis with non-financial considerations and a general conclusion will be made which will contain a summary of the main findings of this report. 1 .1 Tesco’s PLC profile Tesco PLC (Public Limited Company) is a food retail company which operates in nine markets with 923 stores across the world. It employs more over 240,000 people which sell its products giving access to 260 million people (Tesco PLC., 2014). Over the past five years, Tesco has expanded from the UK’s supermarkets into new countries with new products and services including a major non-food business. More specifically, the company has started to sell electrical devices, internet shopping, toys, sports equipment, home entertainment, home shop, cook shop and furniture. Also it provides financial services in cooperation with Royal Bank of Scotland serving 3.4  million customers which reveals the company’s intentions to expand in new markets. 1.2 J. Sainsbury’s Profile Sainsbury PLC is engaged in grocery and related retailing. The company’s activities are organised into three segments which are retailing (supermarkets and convenience), financial services (Sainsbury’s Bank), and Property investments (The British Land Company PLC and Land Securities PLC) (Reuters, 2014). The Company employs around 150,000 people and it operates over 1,000 stores acquiring 572 supermarkets and 440 convenience stores. The Company also acquires an online entertainment company, Global Media Vault Limited and HMV Group plc’s holding in Anobii Limited, a social network and online retailer of e-books. 2. Financial-accounting information and ratios According to Roger Hussey (Hussey, 1999), the financial accounting information is primarily concerned with communicating a ‘true and fair view’ of the financial performance and financial position of an entity to external parties in accordance with established principles, legal requirements and accounting standards. The general purpose of financial statements is to provide information that is useful to a wide range of users for making economic decisions and assessing the organizational management (IFRS, 2014). Accounting ratios are related with this information and their purpose is to describe a quantitative relationship between two values permitting the comparison of company’s performance with the previous years, competitors and with the industry benchmarks. Below, profitability, liquidity, working capital control and financial risk ratios will be presented and compared for the two companies providing the appropriate financial information. 2.1 Profitability and efficiency ratios The main objective of a financial statement analysis is to value a firm’s equity securities which mean that the firm has to ensure its profitability for the future (Mackenzie et al., 2013). Profitability and efficiency ratios are used by financial information users in order to assess the firm’s operating performance. They provide information about how much profit the firm makes in relation with its sales and how efficiently the business is using its assets to generate revenue. 2.1.3 Return on capital employed (ROCE) is a financial ratio that measures the percentage return on the total funds employed in the business and shows how effective management is in generating revenue and controlling costs. TESCO plc has slightly a bigger ROCE percentage than its comparable company J. Sainsbury which fact for some people would be irrelevant but if it will be examined in depth it can be comprehended that TESCO company has a better management because it uses more efficiently its capital. 2.1.3 Asset turnover ratio TESCO GROUP Asset turnover ratio  £m Sales revenue 64,826 Capital employed 22,550 Asset turnover (%) 287,47 % J. Sainsbury Asset turnover ratio  £m Sales revenue 23,303 Capital employed 9,580 Asset turnover (%) 243,24% Asset (or capital) turnover ratio measures how many times the capital employed was turned over during the year to achieve the revenue which fact indicates the efficiency of the company’s deployment of its assets. The above tables show that even though the two companies surpass the rank of one hundred percent which means that their capital employed was turned over at least one time during 2013, TESCO exceeds J. Sainsbury for 44, 23 %. This fact demonstrate that TESCO deploys almost a half time more efficiently its assets than J. Sainsbury and in accounting terms it is explained as 2.87 dollars were generated per dollar of assets 2.2 Liquidity and working capital control 2.2.1 Current ratio TESCO GROUP Current ratio  £m Current assets 13,096 Current liabilities 5,889 Current Ratio x:1 2.22:1 J. Sainsbury Current ratio  £m Current assets 1,914 Current liabilities 3,115 Current Ratio x:1 0.61:1 Current ratio is a liquidity ratio that measures the ability of the company to meet its short-term obligations (liabilities) such as debt and payables with its short-term assets such as cash, receivables and inventory. TESCO’s current ratio is estimated to 2.22:1 and it absolutely does not seem to have any liquidity problem in the business in contrast to J. Sainsbury company which current ratio is estimated to 0.61:1. More specifically, these numbers show that TESCO had 2.22 dollars of current assets for each dollar of current liabilities and J. Sainsbury had 0.61 dollars of current assets for every dollar of current liabilities. These results reveal a liquidity problem that J. Sainsbury has which means that the firm can not pay its short term obligations properly. However this does not necessarily mean that the company will be a bankrupt in the near future if it will not pay its short-term liabilities for some small period of time but it is definitely a bad sign of not good f inancial health and it is required from the company to access more financing sources in order to overcome this problem. 2.2.2 Quick ratio TESCO GROUP Quick ratio  £m Current assets 13,096 Inventories (3,744) Current liabilities 5,889 Current Ratio x:1 1.58:1 J. Sainsbury Quick ratio  £m Current assets 1,914 Inventories (987) Current liabilities 3,115 Current Ratio x:1 0.29:1 Quick ratio is an another liquidity ratio and it is very similar to current ratio but the difference from these two ratios is that quick ratio is more conservative because it shows the relationship between liquid assets (from which the inventory is excluded) and current liabilities in contrast to the other ratio. The results are almost the same except the ratio numbers. TESCO has 1.58 dollars of liquid assets available per one dollar of current liabilities and J. Sainsbury has 0.29 of liquid assets for each dollar of current liabilities. The problem for J. Sainsbury remains the same as the company has a bad finance health because it cannot meet properly its short -term obligations. 2.2.3 Inventory Turnover and holding ratio TESCO GROUP Inventory Turnover ratio  £m Cost of sales 60,737 Inventories 3,744 Inventory Turnover ratio 16.22 J. Sainsbury Inventory Turnover ratio  £m Cost of sales 22,026 Inventories 987 Inventory Turnover ratio 22.31 Inventory turnover ratio measures the times that an inventory was sold and replaced over a specific period of time. A low turnover ratio indicates low sales and simultaneously an excess in the inventory of the company which can lead to liquidity problems. On the other hand, a high turnover shows that the firm either has good sales or it implies ineffective buying of its products which mean that the company buys small quantities of product very frequently for a higher price than this that it would get if it would buying bigger quantities leading to a shortage or an inadequate inventory. TESCO during 2013, has turned over its inventory 16.22 times which is 6.09 lesser than J. Sainsbury’s turnover which is estimated to 22.31 times for the same year. This means that in comparison with J. Sainsbury even though that TESCO is a bigger company, in relation with both companies’ capabilities TESCO seemed to have an excess in the inventory which reveals the fact that the company w as dropped out from its expectations in contrast to J. Sainsbury. More products in the inventory implies more cost for the firms so both of them and more specifically TESCO have to improve its ability to liquidate  its stocks from the inventory. 2.2.4 Inventory holding ratio TESCO GROUP Inventory holding period ratio  £m Inventories 3,744 Cost of sales 60,737 Inventory holding period ratio 22.49 days J. Sainsbury Inventory holding period ratio  £m Inventories 987 Cost of sales 22,026 Inventory holding period ratio 16.35 days Similarly to the inventory turnover ratio, inventory holding period ratio shows the period of time (days) that stocks were kept in the company’s inventory. A low inventory holding period indicates that stocks that were kept in the inventory were for a small period of time. Accordingly happens when the inventory holding period is high which means that stocks in there are kept for a long period of time. According to Japanese industry statistical website (M&A BANK Co. LTD, 2014), the average inventory turnover for food retail companies such as TESCO and J. Sainsbury, is 34.44 days. The fact that TESCO has a bigger inventory turnover is illustrated in the inventory holding period for both companies. For each inventory turnover, TESCO was keeping its inventory for 22.49 days and J. Sainsbury for 16.35.  These results lead to the same conclusions of inventory turnover statements that were mentioned above. 2.2.3 Receivables collection period TESCO GROUP Receivables collection period ratio  £m Trade receivables 2,525 Sales revenue 64,826 Receivables collection period ratio 3.89 days J. Sainsbury Receivables collection period ratio  £m Trade receivables 306 Sales 23,303 Receivables collection period ratio 4.79 days The receivable collection period ratio measures the period of time (days) that the company awaits to collect receivables from its clients. A low receivable collection period indicator shows that the company collects its dues from its clients quickly. If this indicator is too low, then it is understandable that the firm does not offer credit facilities to its clients resulting loss in business. On the other hand, when there is a high receivable collection period indicator it is obvious that the company have some difficulties collecting receivables from its clients. TESCO seems to take its receivables almost one day earlier (3.89 days) than J. Sainsbury (4.79 days) which fact mentions again the difference in the liquidity of these two companies. J. Sainsbury which has a liquidity problem has to collect more efficiently its receivables from customers to empower liquidity  as much possible improving its financial position in the market. 2.3 Financial Risk and debt to equity ratio Financial risk shows the possibility of failure in an investment that an investor would have if he would have invest in a company with debt that would not have meet its financial liabilities (ЛÐ ¸Ã'‚Ð ¾Ã ²Ã' Ã ºÃ ¸Ã'…, 1999). TESCO GROUP Debt to equity ratio  £m Non-current liabilities 14,483 Total equity 16,661 Debt to equity ratio 86.92 % J. Sainsbury Receivables collection period ratio  £m Non-current liabilities 3,846 Total equity 5,734 Debt to equity ratio 67,07 % Debt to equity ratio measures the percentage that corresponds to debt and equity of a company. A high debt to equity ratio means that the company has developed with a big amount of debt which can lead to big interest and would have an impact on shareholder’s earnings or even it would lead to a bankruptcy in an extreme case. In the above table, TESCO shows a debt to equity ratio estimated to 86.92 % and J. Sainsbury 67.07 % which is lower for 19.85 % in relation with the first company. It is obvious that TESCO in  the previous year was aggressively financing its growth than J. Sainsbury which means that the company has many liabilities and it is already on the red line to start facing the consequences of a such high ratio. 3. Users of financial analysis and their information requirements According to Gokul Sinha (Sinha, 2009), â€Å"financial statements are the means of providing information to the various users for their decision making but users are different and accordingly, their needs are also different.† In the below table (Table 1.0) the seven categories of the users of financial analysis will be presented with all of their differing information requirements and potential decisions. 4. The importance of supplementing financial analysis with non-financial statements Non-financial considerations were always a great tool for companies which had the knowledge how to use them. Christopher Ittner and David Larcker (Christopher Ittner, 2000) have stated that by supplementing financial analysis with non-financial statements, the organization creates a closer link to the long-term strategies of it. More specifically non-financial data make the companies to communicate different informational objectives with managers, providing them motivation in order to plan long-term strategies in the future. Moreover they referred that some critics argue that intangible assets such as customer loyalty and intellectual capital are the drivers of success for many companies in different industries and they have to pay more attention on these two. Finally, both authors mentioned about the accompanied noise of non-financial data about which the managers must be aware in order to determine how much success they will get if they make their actions which will lead to a maximizing effect on the organizational performance. 5. Conclusion In conclusion, the profiles and activities of TESCO plc and J. Sainsbury were detailed as well the mean of the financial-accounting information was explained. Furthermore, there were presented two ratios from each of profitability, liquidity, working capital control categories and one ratio that describes the financial risk for both of companies. Afterwards the users of the financial analysis were referred and all of their differing requirements were described. Finally, there was a reference on the importance of supplementing financial analysis with non-financial statements as well as the capabilities of using non-financial considerations. Bibliography Christopher Ittner, D.L., 2000. Mastering Management series. Financial Times. Hussey, R., 1999. Oxford Dictionary of Accounting. Oxford: Oxford University Press. IFRS, 2014. IFRS Foundation. [Online] London: IFRS Foundation Available at: http://www.ifrs.org [Accessed 18 April 2014]. Kirk, A., 2014. Chron. [Online] Available at: http://www.chron.com [Accessed 19 April 2014]. M&A BANK Co. LTD, 2014. EDIUNET Industry Avg. [Online] Available at: http://industry.ediunet.jp [Accessed 19 April 2014]. Mackenzie, B. et al., 2013. Wiley IFRS 2013: Interpretation and Application of International Financial Reporting Standards. New Jersey: John Wiley & Sons. Maynard, J., 2013. Financial Accounting, Reporting, and Analysis. Oxford: Oxford University Press. Reuters, 2014. http://uk.reuters.com. [Online] Available at: http://uk.reuters.com [Accessed 18 April 2014]. Sinha, G., 2009. Financial Statement Analysis. New Delhi: PHI Learning Private. Tesco PLC., 2014. Global Sources. [Online] Available at: http://www.globalsources.com [Accessed 18 April 2014]

Individualism in Mary Shelley’s Frankenstein

Mary Shelley’s Frankenstein is clearly a cautionary tale that spells the moral and sociological implications of the philosophy of the Enlightenment. There is a tendency to limit the theme of the novel to science, and thereby to ignore the underlying philosophy. But the scientist is only encouraged, or discouraged, by the social and philosophical milieu in which he exists. In this sense the rise of modern science must be properly attributed to the philosophy of Enlightenment, that which believed in the infinite perfectibility of man through the strict practice of reason.If experimental philosophy is one expression of this philosophy, then philosophic individualism is another. This latter philosophy maintains that the human being is intrinsically free, and therefore his nature is ultimately good, which also implies that it is devoid of evil. Apparent evil only reflects the constraints of man as a social being. The aim of politics must therefore be to minimize society and encoura ge the individual as far as possible. The extreme manifestation of such thinking is anarchism. We next take note that Mary Shelley was brought up in a climate of extreme anarchism.Both her parents were anarchists, and she was brought up in the same mould. Her husband, the celebrated poet Percy Bysshe Shelley, was also an avowed anarchist and atheist. Therefore the novel may be fruitfully analyzed from the point of view of philosophic individualism. Victor Frankenstein is not the representative of science in the novel, as is normally believed. The true such representative is the explorer Robert Walton, who is on a scientific expedition to the Artic Circle. This location symbolizes the extreme edge of the material universe.The journey symbolizes the straightforward and happy path to knowledge. Such an attitude is reflected in Walton’s following comment, made in a letter to his sister: â€Å"What may not be expected in a country of eternal light? † (Shelley 16). Science p romises to throw clear and eternal light on all things, and the path is a straightforward one of experiment and induction. Walton is not supposed to know of that which lurks beneath the surface, and he only comes to know it through the narrated experience of Frankenstein, whom he picks up on the way.He may not understand the full implication of what Frankenstein tells him, but the implied caution is enough, so he aborts his mission and turns his ship back. He is able to absorb enough of the message, that the practice of science is fraught with danger, and that it is not wise to strive towards the limits of knowledge.Frankenstein is far more than a mere scientist. Not mere rational explanations, he aims for â€Å"the philosopher's stone and the elixir of life† (Ibid 48). He sees science as a futile endeavor if it can never come to the ultimate cause of things, and must then only dabble with immediate causes.He shuns science in favor of alchemy on his first entering university. Alchemy is the arcane discipline which takes into account the limitations of science, and aims to overcome them by the more profound understanding of the processes of Creation itself. In the end it is science that is employed in the creation of â€Å"the creature†, but is also certain the secret of generation lies with alchemy. The latter is successful only when it overcomes the limitations of science. Therefore the creature, which is imbued with life, must be called a successful union of alchemy and science.Frankenstein is in the end an alchemist. He must operate in the darkest secrecy, this being the only mode of alchemy. Concerning the arcane sciences Montaigne has observed, â€Å"[T]o go according to nature is only to go according to our intelligence, as far as it can follow and as far as we can see; what is beyond is monstrous and disordered† (391). Caught up in such monstrous designs, Frankenstein cannot explain himself throughout the novel, even as the menace o f the monster becomes more and more severe. The aspect of philosophic individualism appears when we come to consider the creature itself.As soon as it has come to life it is an individual, and the inevitable comparison appears with the prototype individual, which is Adam. The parallel comparison is between the Creator and Frankenstein. What is the implication of this conceit to mimic the Creator? A vital clue is found in how Shelley describes the inspirational vision that led her to write the novel, which is included in the Preface to the 1831 edition: â€Å"Frightful must it be,† she says, â€Å"for supremely frightful would be the effect of any human endeavor to mock the stupendous mechanism of the Creator of the world† (qtd. in Lederer et al, 3).It is inevitable that the creature turn out to be a horror. All involved come to this essential truth. Frankenstein realizes this as soon as he sees the first muscle twitch. To the creature too the horror unfolds after he is allowed to compare himself with â€Å"true† creatures. His discovery of Milton’s Paradise Lost is a consummation of his understanding. He has observed the sublime virtues of the human by observing village life from afar. He feels such virtue swelling inside himself. But to express this he must have society, and his horrid demeanor will not allow him to have human company.He is truly alone, and then he discovers the parallel to his own situation in the plight of Adam when alone in Eden. The difference is that Adam’s creator is loving and forgiving, whereas his own creator has forsaken him in revulsion. He knows that the only path open to him is to excite pity in the heart of his creator. Like Adam, he asks for a female being of his kind, whose company will console him. But this is not to be, because his creator hates him too strongly. The moral of the tale seems to be that the overreach of learning tends towards alienation.In the first instance we have Victor Fr ankenstein, whose mad quest for the secret of vitality impels him into a solitary endeavor, and from which there can be no link back to society. Even when the whole thing has gone horribly wrong, and all those close to him are imperiled, and are being murdered one by one, he cannot explain what is intrinsically a secret. The creature too is no less a catastrophe. As Paul Sherwin notes, â€Å"[T]he evacuation of the spiritual presence from the world of the novel suggests that Frankenstein is more a house of ruins than the house divided† (883).The creature is intelligent and sensitive, but suffers the more so because it brings home to him the total wretchedness of his condition. To the world he is a monster, and only his creator can redeem him, through compassion and pity. Both creator and creature have been cut adrift from the world as forsaken individuals. They have both become monstrosities, and indeed the structure of the novel itself is monstrous in many ways, as has been suggested by Daniel Cottom (60). Alienation is shown to be the product of Enlightenment philosophy and the Industrial Revolution.The process of individuation in the West can be traced back to the Protestant Reformation. Calvinism and Puritanism only masked the inner tendency towards individualism, which burst forth in the 18th century as the Enlightenment. The doctrine of Calvin is inimical to all institutions. The very idea of the new individual is what animated Milton to rewrite the story of Creation in Paradise Lost. The latent anarchism of the new faith is found in the following lines where Adam complains to God: Did I request thee, Maker from my clay To mould Me man?Did I solicit thee From darkness to promote me? (Milton 269) We hear a clear echo of the creatures’ lament in these words. So in Milton himself, who was a staunch Puritan, we find the seed of Frankenstein’s monster. In his younger days he wrote scathing anarchist texts, such as Areopagitica. Anarchism has always been a growing trend in the political thinking of the West from Milton onwards. John Locke and Edmund Burke were key proponents in this regards. William Godwin came to voice an extreme form of such thinking, which became extremely influential.When Hazlitt came to sum up the spirit of the age, he put the name of Godwin at the forefront. (Bowerbank 418). With Godwin, not only all socio-political institutions, but even the institution of marriage was suspect. This is the milieu that Shelley imbibed, and came to depict in her novel.The new individual is not always an anarchist by choice. The common man is more likely to be individualist by compulsion. Here we have the distinction between Frankenstein and the creature. The plight of the common man is no less tragic. He is a creature of mechanization, and is alienated from all that surrounds him.Frankenstein’s creature is symbolic of the new individual. It can only appeal to its creator, and is therefore doomed to live w ith mechanization. In this way Shelley paints for us a haunting picture of the new reality which the Enlightenment and the Industrial Revolution had brought about. In conclusion, Mary Shelley’s novel Frankenstein is a cautionary tale about respecting the limits of science, but at an even more profound level it depicts the alienated individual of modern industrial society. Shelley was brought up in a climate of intense individualism.Her parents were anarchists, as was her husband, and she kept regular company with poets and artists who lived and thought in this mode. In the novel, Robert Walton is representative of science, but Victor Frankenstein is a far more important character, because he represents the arcane philosophy that sustains science. But the most important depiction is of the monstrous creature, who is representative of the new individual.Works CitedBowerbank, Sylvia. â€Å"The Social Order vs The Wretch: Mary Shelley's Contradictory-Mindedness in Frankenstein. † ELH. Vol. 46, No. 3 (Autumn, 1979), pp. 418-431.Cottom, Daniel. â€Å"Frankenstein and the Monster of Representation. † SubStance. Vol. 9, No. 3, Issue 28 (1980), pp. 60-71.Lederer, Susan E; Elizabeth Fee, Patricia Tuohy. Frankenstein: Penetrating the Secrets of Nature. Rutgers University Press, 2002.Shelley, Mary. Frankenstein. New York: Collector's Library, 2004.Milton, John. Paradise lost and other poems. Ed. Edward Le Comte. New York: Signet Classic, 2003.Montaigne, Michel de. The Complete Essays of Montaigne. Ed. Donald Murdoch Frame. Stanford University Press, 1965.Sherwin, Paul. â€Å"Frankenstein: Creation as Catastrophe. † PMLA. Vol. 96, No. 5 (Oct. , 1981), pp. 883-903.