Shareholder value analysis of carphone warehouse - Free Essay Example

The chosen company for our shareholder value analysis is Carphone Warehouse Group Plc. The company has outstanding growth and has a dominant market position. It is the largest independent mobile retailer in Europe. After reviewing the latest Annual reports between 2000 2009, the model is used to calculate the shareholder value minus the estimate of total corporation value. Here are the 10 steps used to calculate the Shareholder value analysis for Carphone Warehouse Group Plc. Step 1: Calculate weighted average Cost of Capital Weighted Average cost of capital (WACC) = Ke * We + Kd * Wd Where, Ke stand for cost of equity Kd stands for cost of debt We stand for weight of equity proportion to total capital structure Wd stands for weight of debt proportion to total capital structure The figure below shows the WACC in detail. step 1 calculate WACC  wacc = ke *we+kd*wd risk free rate = 3.50% FTSE return = 9% beta = 101%  ke = 3.5%(101%*9%-3.5%))  gross debt = 5% tax adjustment = (1-28)  kd = 5%*0.72% =  debt to equity ratio = 20:80  we = 80%  wd = 20%  WACC = (9.6%*80%)+(3.6%*20%) = 8.4% Step 2: Calculate Future Turnover Total turnover for the year = Turnover for the last year + increase (turnover of the last year * growth rate) The assumption of the growth rate was calculated using the previous annual records for the company. This is given in the SVA model and shows to be 24.37% This was then used to calculate an estimated forecast of turnover for the next 7 years. Step 3: Calculate Operating Profit We calculated the average profit margin using the previous 10 years of data; hence using the change in percentage from previous year we used the average of that as our rate of profit margin which is 2.18%. We then used the forecasted turnover from step 2 and multiplied this to the profit margin to calculate the forecasted profits for the next 7 years pre tax. Step 4: Calculate After-Tax Inflow This step was used to calculate the post tax of estimated profits. We got our results by multiplying the pretax profits with the tax rate of 28%; we then subtracted the tax worked out from the post tax profit to get the post tax inflow. Step 5: Calculate Incremental Investment Needs We first calculated the working capital investment rate, we did this by dividing the turnover with working capital per year from 2000 2009 as a percentage and then we used the average percentage as our working capital rate. This was then used to used to work out the capital required, we did by multiplying the turnover per forecasted year by the working capital rate (6.2%). Step 6: Calculate Free Cash Flow (FCF) FCF = After-tax inflow [fixed investment cash outflow + working capital Investment cash outflow] Free cash flow measures how much money a company generates after deducting maintenance. FCF is important as it allows the company to pursue opportunities that will enhance the shareholders value. Step 7: Calculate Present value of future cash flow in seven years Discount the future cash flow based on weighted average cost of capital PV of FCF for each year= FCF *Discount Factor Total Present value of Future cash flow for seven years = FCF year 1 / ( 1+WACC) + FCF year 2 1/(1 +WACC)^2 + FCF year 3 1/(1 +WACC)^3+ FCF year 4 1/(1 +WACC)^4+ FCF year 5 1/(1 +WACC)^5+ FCF year 6 1/ (1 +WACC)^6 = 2677003479.09 Step 8: Calculate Business Value First calculate PV of RV which equals to after tax inflow divided by WACC (calculate from step 1) then the result to be multiplied by the discount factor. Present value of Residual value can be calculated as the form of perpetuity. There is assumption made that the cash flow after seven years would be constant amount and forever, which the definition of perpetuity is and it can be calculated using formula. Business Value = Cumulative PV of FCF + PV of RV Therefore, total Business Value = 26770034791 + 69502852504= £ 96272887295 Step 9: Calculate Corporate Value The total corporate value is the sum of Business value and the Marketable securities like equities offered by the corporation. Marketable security is used as of year 2009  £ 872000000.00 Corporate Value = Business Value + Marketable Securities (investments)  £ 96272887295 +  £ 872000000.00 Therefore, Corporate value =  £97144887294.68 Step 10: Calculate Shareholder Value Shareholder Value = Corporate Value -Total Debt Total Debt = Long term + Short term Total Debt = 425000000 + 33000000 = 458000000 Corporate Value=  £97144887294.68 458000000 Total Shareholder Value =  £ 96686887295 Part A (2) ÃÆ' ¢-  The growth rate This was calculated based on the previous 9 years of annual revenue of the company. The annual Growth rate was worked out using the average percentage of change between 2 financial years, i.e. 2001-2000. The growth rate is 24.37% The growth rate is moderately high and that is largely to the fact that the company has expanded with its venture with Best Buy in the United States. We thought about not including the 2009 annual figures within our model but then decided using our judgment that it would be best to use them. The assumption here is that the mobile phone industry is expanding globally which are good future prospects for the sales of independent retailers of mobile phones and electronics. ÃÆ' ¢-  profit margin (pre tax) : We used the the profit margins from the annual reports dating back to 2000, and worked out the average of 2.18%. In my opinion this rate is a more realistic value even though the comp any is showing high sales growth. ÃÆ' ¢-  tax rate Here, is the assumption made that Taxes is depend on the Revenue and it is assumed that tax rate will be constant for the seven year period but the total amount of tax paid each year will vary based on the growth of revenue. we have assumed that the tax rate in countries other than UK averages 28% as well. This is because of lack of information on the international operations and taxation of  CWG  and because the majority of the business of  CWG  after the joint venture in the States is now in UK. Therefore we have not included any other taxes regarding taxation. ÃÆ' ¢-  fixed capital investment rate To calculate the fixed capital investment forecast the fixed capital in terms of plants , machinery fixed assets will be used for seven year time period. The expected future growth rate is calculated similarly from compounded annual growth rate in which annual growth is assum ed to constant but it can vary with in the year period. The assumption is that the organization fixed assets requirement will be similar in the past. ÃÆ' ¢-  Investment in working capital rate Here, is the assumption made that working capital requirement will depend on the Revenue and it is assumed that growth rate will be constant for seven year period but the total amount of investment in working capital each year will be varied based on the growth of revenue. Thus, to calculate the investment in working capital the growth rate used is the sales growth rate. Part A(3) Report to the director This report will be outlining the main constraints of the valuation model and how risk and uncertainty could be incorporated into the valuation process. The valuation module indicates that Carphone warehouse will be succeeding in the foreseeable future. However the future results are assumptions that we have calculated using formulas. Many factors can influence changes that are out of our control such as environmental, political, economical and technical factors. Risks may arise from any of those factors listed above. The awareness on shareholder value does not take into account societal needs. Shareholder value financially benefits only the owner of t he corporation; it does not provide a clear measure of social factors such as employment, environmental issues, or ethical business practices. As a result, a management decision can exploit shareholder value while adversely affecting third parties, including other companies. Shareholder value is a term that suggests that the decisive measure of a companys success is how well it enriches its shareholders. Shareholder Value Analysis is one of a number of techniques used as substitutes for traditional business measurements In May 2008 Carphone Warehouse merged into two commercial agreements with Best Buy, a leading US consumer electronics retailer, also launching Best Buy Mobile an independent retail format in the US. They also invested in a launch of a Geek Squad, a home technology support business, in the UK, to assist customers with their increasingly complex home technology needs. The key component of the valuation module is the estimation of future cash flows, it can be extremely difficult to complete accurately, and the risk of this can lead to incorrect or misleading figures forming the basis for strategic decisions. When calculating the figures we found difficulty as a group finding data as well as understanding the formulas to calculate the organizations shareholder values. It can be extrem ely difficult to estimate future cash flows accurately. The limitations we faced was dependent heavily on two key drivers, cost of capital and planning horizon as well as non cash measures such as operating profit margin due to the difficulties of finding information and the importance of having the information in the method to enable us to complete the formulas and accomplish affective results. We understood the importance when planning is to adopt the shareholder value as a significant financial objective and the implications and best approach for our chosen business Carphone Warehouse. Part B THE VALUATION METHODS NAV Long Term Liabilities  Long Term Debt -425 Group Loans (long t.) 0 Director Loans (long t.) 0 Hire Purch. Leas. (long t.) 0 Hire Purchase (long t.)  Leasing (long t.)  Other Long Term Loans -425 Total Other Long Term Liab.  Accruals Def. Inc. (l. t.)  Other Long Term Liab.  Provisions for Other Liab.  Deferred Tax  Other Provisions  Pension Liabilities  Balance sheet Minorities  Long Term Liabilities -425   Total Assets less Liabilities 1,116 Shareholders Funds  Issued Capital 1 Ordinary Shares  Preference Shares  Other Shares  Total Reserves 1,115 Share Premium Account 476 Revaluation Reserves 0 Profit (Loss) Account 690 Other Reserves -51 Shareholders Funds 1,116 Taking Carphone Warehouse 2009 accounts the NAV per share is: 1116/914108246= 1.22p per share Net asset value is a term used to describe the value of an entitys assets less the value of its liabilities. In the case of no-load funds Carphone Warehouses NAV, market price, and offering price are the entire matching figure, which the public pays to buy shares, offer prices are quoted after adding the sales charge to the net asset value. NAV is calculated by most funds after the close of the exchanges each day by taking the closing market value of all securities owned plus all other assets such as cash, subtracting all liabilities, and then dividing the result by the total number of shares outstanding. The number of shares outstanding can vary each day depending on the number of purchases and redemptions. This is not very successful and commonly used approach as it has many drawbacks and limitation. It does not take into account of time value of money. It also not concerned about the capital structure of firm has. Price earnings ratio P/E Ratio = Market Price EPS P/E ratio = 194.40p/ 347million/914108246= 194.40/0.3796= 512.11 times The P/E ratio of a stock is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share. The P/E is usually based on earnings from the last four quarters; the P/E is more than a measure of Carphone Warehouses past performance. It also takes into account market expectations for  a companys  growth. Carphone warehouse stock prices reflect what investors think a company will be worth. Future growth is already accounted for in the stock price. As a result, a better way of interpreting the P/E ratio is as a reflection of the markets optimism concerning a companys growth prospects. If a company has a P/E higher than the market or industry average, this means that the market is expecting big things over the next few months or years. A company with a high P/E ratio will eventually have to live up to the high ra ting by considerably increasing its earnings, or the stock price will need to fall. Discounted Cash Flow Basis Free cash flows: Revenues less operating costs plus depreciation less investment expenditure Revenue =347 million operating costs= -771million depreciation= 54 million investment expenditure= 872 million 347m 771m + 54m 872m = 7560000 P/E is short for the ratio of a companys share price to its per-share earnings. As the name implies, to calculate the P/E, you simply take the current stock price of a company and divide by its earnings per share Discounted Cash Flow is a cash flow summary  adjusted to reflect the time value of money.  DCF is an important factor to Carphone Warehouse when  evaluating or comparing investments, proposed actions,  or purchases, Other things being equal, especially in 2009 when Carphone Warehouse emerged with a company called best way in America. The  action or investment with the larger DCF is the better decision. When  discounted cash flow events in a cash flow stream are added together, the result is called the Net Present Value.

Embryo Adoption A Only Of A Kind Thing - 1613 Words

Embryo adoption also known as embryo donation is a one of a kind thing. Couples who are infertile typically chose in vitro fertilization (IVF), intrauterine insemination (IUI), adoption, or a less common method of embryo adoption. Couple who choose the first, IVF, go through a process of obtaining eggs and sperm, allowing the embryo(s) to form outside of the body, and then having the embryo implanted into the mother’s uterus. Typically, multiple embryos are developed and the parents either choose to keep them for later use or when they are finished, sometimes forget about the embryos and in time, they die. Unfortunately, many couples are not informed about donating their frozen and leftover embryos to clinics, where other infertile couples can adopt them. The good news is, it is becoming more popular and people are becoming more educated. Embryo adoptions is such a great thing and more couples should really consider it. Embryo adoption went underway through an organization by the name of Nightlight Christian Adoptions, in 1997. They called is the ‘Snowflakes Embryo Adoption Program. Not only have they 480 babies been born because of this program, but over 1,100 families have been informed about embryo adoption and have donated their remaining embryos through it. (Embryo Adoption) Because of their bravery and willingness to save innocent lives, there are over 500 embryos adoptions clinics in the United States. Out of the 50 states, 42 offer one or more clinics for infertileShow MoreRelatedVitro Fertilization Is An Acceptable Option For Christian Couples1369 Words   |  6 PagesThesis: In Vitro Fertilization is an acceptable option for Christian couples. Genesis chapter 1 tells us of how God created the universe and everything in it in six days. Days one through five were things such as the world, light, plants and animals. 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Comparison Patenting Life by Michael Crichton and...

In â€Å"Patenting Life,† Michael Crichton argues that the government is mishandling the patenting office with the awarding of patents for human genes. Gene patenting is blocking the advancement of modern medicine and could be costing many patients their lives. The hold on research results in the discovery of fewer cures for modern diseases. The United States Patent Office awards patents to companies that discover cures, tests, and medical operations for human genes. These patents are in use to compensate these companies for their discovery and encourage them to advance their research and create more medical advancements. Canavan disease is a disorder children inherit that begins to show symptoms at three months; they cannot crawl or walk and†¦show more content†¦9). Michael Crichton has many good points in his paper, but the fact that the argument uses bias word choice and does not give positives and negatives shows that the argument has fundamental flaws. Crichton n eeds to state facts and real life situations, while depicting positives on both sides of the issue. Crichton needs to be more open to gene patenting when writing his essay. Michael Crichton makes a good point when talking about the examples given. The situation dealing with Canavan disease and the Miami Childrens Hospital Research Institute is a good example of how gene patenting can block the general population from enjoying a medical advancement. Another example is when Crichton states, â€Å"When SARS was spreading across the globe, medical researchers hesitated to study it because of patent concerns† (442 par. 12). Gene patenting has a fundamental flaw in it because it is slowing the advancement of modern medicine. Gene patenting blocks researchers from looking into genes that companies own and demands royalties every time the patent is in use. This is a problem that the United States needs to address so that patients can enjoy all the medical advancements that are in rea ch for the future. Michael Crichton gives weight to his argument by using the

Washing Dishes free essay sample

Washing Dishes Cleaning dishes doesnt look like a difficult Job to accomplish, but doing It Is another story. First start by scraping off all the extra food Into a garbage can or a disposal, so there wont be any messes and It would be a lot easier to clean. Soak the dishes In some warm water and soap for about five minutes. While that Is happening, get out a dish rack and a towel to dry the dishes.After the five minutes are up, drain the sink from all the water. Get a wet sponge and start scrubbing the dishes, get all the extra food of the object. Turn the water faucet on and start rinsing the dish thoroughly, making sure there Is nothing left and Its spotless. Place the dish on to the dish rack and repeat this process for the rest of the dishes left In the sink. We will write a custom essay sample on Washing Dishes or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Get the towel out and dry the dishes until they are fully dry, not damp.Place all the dishes back into their proper places. Squeeze the sponge out into the sink to get the retained water out of the sponge and place it under the sink. Drain the water that may have been left on the dish rack; wipe the rack and place it neatly under the sink. Wipe down the entire sink and counter tops that have water on them with the towel you used for the dishes. After your finished toss the towel in the washing machine and youre done.

What are the complexities in complex emergencies Essay Example

What are the complexities in complex emergencies Essay The term complex emergencies emerged during the late 1980s as a pseudo-euphemism for crises in the developing world. This term has often been used by governments of developing nations themselves to hide the reality of an internal conflict and to encourage indiscriminate aid distribution (i.e. aid distributed to the perpetrators of war rather than the victims of war). However, the term complex emergencies implies much more than a simple euphemism for internal conflict, as the complexities of the situations that occur under this label are many and varied. It is not just the actual situations themselves that are complex (i.e. the environmental disasters, civil wars, ethnic killings) it is the way in which the situations are dealt with (by the international community) that presents even more complexity to the situation.The phenomenon of complex emergencies in the developing world seems to have developed during the post-cold war period. The states of the developing world were used as the political (and military) battlefield by the capitalist and communist superpowers, leaving little scope for any kind of domestic politics reflective of the states themselves. The power vacuum left by the downfall of the Soviet bloc allowed states in the developing world a newfound political freedom to question the status quo. The post cold war period saw a questioning of national sovereignty and a rash of internal conflicts bursting forth, most notably in the Balkans and in Africa1.The number of conflicts that emerged after the collapse of the Soviet Union were many, so much so that by 1996 10 percent of global official development assistance and one half of the UN aid budget were devoted to relief2. Also, the nature of internal conflicts changed after the cold war. Prior to 1989, the conflicts were largely based on defined political goals (i.e. pro capitalist/communist) and at least claimed to be based on popular support. However, Civil war in the developing world is now far more li kely to be based on ethnicity with the use of terror tactics used more frequently.The complexities of complex emergencies arise from the confusion over what kind of situation is exacerbating a disaster. The International Community is extremely adept at dealing with natural disasters such as floods or drought and has acted accordingly in the past. Initially the model for relief efforts was based on those for natural disasters, with relief and development being seen as very separate issues3. However, when the phenomena of natural disasters are combined with a situation such as civil war, the circumstances of relief and development become much less black and white for the International Community. This is because aid is seen by opposing factions (quite rightly) as a valuable resource, particularly during a time of war. The presence of aid can create further conflict between the warring factions and help to make the situation deteriorate further.For example, in Sudan, there is a drought situation coupled with war between the government and the SPLM (rebel forces). UN sources said Sudans civil war would make it harder to get food aid to rebel-held parts of Eastern Equitoria state where the government is refusing to give permission for UN humanitarian flights to land4. This situation is further perpetuated by war in neighbouring Ethiopia and Eritrea. The recent resumption of hostilities between Eritrea and Ethiopia is adding to Sudans already swelling population of displaced persons with 50,000 Eritreans fleeing across the border to escape the Ethiopians mass offensive5.What has become apparent through aid operations over the last 15 years is that aid can have a very negative effect. This is especially apparent in war-torn areas where government or rebel factions control the areas where aid is needed. Again and again aid workers tell how their aid is distorted by local politics and is misappropriated by warriors to support the war6. Not only does the aid itself becom e a resource for the warring factions (acquired through theft or local collaboration) but also the distribution of aid can feed rival tensions by discriminating between rival groups, free the use of local production for the purpose of war and legitimise local forces in the area of distribution. For example, in Sudan Operation Lifeline Sudan (an agency designed to ensure access to the civilian population) has been reported as becoming a legitimising force for the government. The Report to the Aid Agencies identified 11 major institutional problems.These included the uneven observance of international law by the belligerents [and] the structural bias of OLS toward the Sudanese government7. As a humanitarian non-governmental organisation, OLS should not become politicised, yet the situation in Sudan (and many other developing countries where a complex emergency is occurring) makes it very difficult for such agencies to remain outside of the role of political legitimisation, as these ag encies have to deal with local military forces on a daily basis and are reliant on their cooperation for success. The administration of aid has also caused a perpetuation of conflict. During the Relief work after the Rwandan genocide, Refugee camps in Eastern Zaire were controlled by former perpetrators of the genocide.These leaders saw the camps as a means to maintain control over the population and prepare for a future invasion of Rwanda8. This provides a shocking example of how the complexities of complex situations can be ignored; resulting in the exact opposite effect of what is trying to be achieved. Conversely, the role of aid can be overplayed by some academics. For example, the UNITA faction in Angola derives a massive portion of wealth (around $500 million per annum) from the sale of diamonds to finance its war against the Angolan government. This figure dwarfs the dollar value of aid in Angola, and monetarily plays virtually no part in financing military operations in the country.Yet it is the current (and past) paradigms of the International aid community that further complicate the matter. For many years it has been accepted that aid distribution along the lines of the European Recovery Program (the Marshall plan) used during the post war period in Germany. Although this approach certainly has its advantages (such as the emphasis on local involvement in recovery) it has failed to adapt to contemporary society. These dissimilarities [of todays society and that of 50 years ago] include the current distribution of global power; the locus and nature of contemporary violence; the nature and absorptive capacities of todays postconflict states; and the resources and will of the donor community9.The International community has also embraced the idea of peace at all costs. The 1991 UN document an agenda for peace defined the overriding paradigm of the UN. Yet the agenda for peace has not been fulfilled. For example, the Rwandan peace process (set out in th e Arusha accords) was fiercely guarded by the International Community. Yet this incessant devotion to peace at all costs served to distort the issue of ethnic tensions and is partly to blame for the slow response of the International Community to the Genocide.The framework of abstraction that the UN and other international organisations have adopted has led to a rigid, linear approach to complex emergencies. Certain assumptions have been made about the processes of complex emergencies that have been detrimental to the civilian populations of states contain within a situation of emergency. The tendency among donors and within international organisations to treat conflict and postconflict as separate categories and distinct phases in a quest for lasting peace has carried with it the expectation (and planning assumption) that the formal end of armed hostilities also marks a definitive break with past patterns of violence10.The International Community has also adopted a stance of State- Centrism whereby negotiations are principally conducted with the recognised, formal apparatus of the state. This ignores potential spheres of influence that may operate within the nation (such as rebel groups, warlords) and further exacerbate the situation of war. This is no more apparent than in Rwanda, where negotiations prior to the genocide were conducted chiefly with the Hutu government. It has now become apparent that within that government were the main planners of the genocide, yet the International Communities obsessive dedication to peace at all costs and the narrow focus of negotiation with the formal government lead to a disastrous ignorance of the genuine issues.The devastating effects of complex emergencies are multiplied by the vulnerability of the populations of developing countries. Poor infrastructure, the legacy of war, drought, famine and other natural disasters serve to undermine the ability of people in the developing world. These factors not only make the deva stating effects of complex emergencies worse, but they also make recovery far harder. Under such conditions (particularly war) relief work is made far more complex. What has emerged from the practise of International Development is that the agencies operating in countries under a state of complex emergency have been separating Relief and Development into two distinct processes. It has become clear is that these processes are intrinsically linked and the success of one is dependant on the other and vice versa. Duffield points out that in both Africa and the Balkans, complex emergencies were occurring precisely because of the failure of development11.This complexity created by the approach of International relief agencies has since lead to a re-appraisal of development and relief techniques and a shift in the current paradigm. There has emerged a relief-development continuum whereby it has been acknowledged that the two issues cannot be separated, with the focus on development becomin g more important.Yet another dimension of complexity introduced by the UN is the practise and deployment of peacekeeping operations in areas affected by war. Barry Munslow points out three main factors of complexity created by these operations. The first is that media coverage and opinion may not favour the task being undertaken by the UN forces. As the military manpower needed to carry out peacekeeping operations is derived from the member states of the UN, the media may perceive certain distant operations as unworthy when compared to the risk that UN soldiers experience while undertaking peacekeeping missions (thus leading to negative public opinion on such operations).Secondly, it is possible that the task forces may heighten tensions between the warring factions, as they may be seen as favouring one faction or the other (as I mentioned earlier, the UN has often been state-centric in its negotiations). Thirdly, it is quite clear that the USA is essential for the running of these missions as it is the only member state large enough to fund the very costly business of peacekeeping. This gives the US massive influence in deciding where peacekeeping should be undertaken. This dimension has been extremely distorted during the last year since September 11th as most foreign operations undertaken by the US seem to operate on the basis of an anti-terrorism agenda. The 2001 report on UN peacekeeping operations stated Over the last decade, the United Nations has repeatedly failed to meet the challenge of protecting people from war12.This presents a major dilemma for the UN peacekeeping agenda. Firstly, there is a major distinction between peacekeeping and peace enforcement. The former operates on the basis of an already established but fragile peace, whereas the latter operates on the basis of continuing conflict. The latter poses many problems, not least of all the notion of the impartiality of the UN. The main difference between peace enforcement and war was imparti ality The key difference from war is there was no designated enemy13. This is an extremely sensitive issue, as military operations and the use of force make it very difficult to operate without a designated enemy. This also poses the problem of re-igniting tensions between warring factions where it is believed that one side is being favoured over the other.Perhaps the most diverse and atomised feature of complex emergencies is the volume and variety of the organisations that assist in humanitarian aid. There are multilateral organisations (UNHCR, World Food Program) independent government development agencies (i.e. Overseas development ministries) (Non governmental organisations (Oxfam, Christian aid) and financial institutions (World Ban, IMF). However, the coordination of these agencies is often haphazard and lacking in focus. No overall plan is defined in the distribution of humanitarian assistance, leaving the development stage of assistance without any real chance of significan t success.It is also pertinent to the debate that almost all of the NGOs involved in relief and development are wholly unaccountable and act in ways that they think best. This leaves NGOs competing against one another in an effort to deliver humanitarian aid, a phenomenon that is detrimental to the populations of countries in a state of complex emergency.The main grey area however, is between the UN and the NGOs. Coordination with NGOs for purposes of emergency relief is also losing out due to overlapping jurisdictions within the UN. Under the present modus operandi the decentralization needed for effective and efficient emergency relief delivery is not possible14. The lack of a defined process to designate which agencies go where and do what is causing further complications in a situation that is already enormously complex.Arrested Development has paradoxically, often been caused by the International Community itself (somewhat inadvertently) through the failure of structural adjust ment programs (SAPs). These SAPs have been forced on developing countries as pre-requisites for the administration of badly needed financial and humanitarian assistance. This has resulted in a vicious circle of failed SAPs followed by international aid, the welfare state of the developing world. A further aspect of complexity arises from this; aid is the product of the international community and is controlled by the international community both in volume of aid and distribution of aid. This leaves much of the developing world without any real influence in the development of their own countries, a situation akin to the days of European colonialism.Health care during complex emergencies is also a massive priority, yet the sheer scale of expertise required and the lack of political will or funds to provide such care is sometimes lacking. Emergency relief remains largely an amateur field, practiced by people who are deeply concerned by the sometimes overwhelming problems, but who are u naware of even the most firmly established health care priorities15. HIV and AIDS has reached epidemic proportions in Africa and the developing world, largely due to the lack of Sex education available and has been described as a threat to human security. This presents a massive problem, especially during a complex emergency when other more overt diseases and injuries take priority. HIV spreads fastest wherever poverty, social disenfranchisement and instability prevail. And nowhere all these conditions more extreme than in complex emergencies16.The complexities in complex emergencies vary greatly, and new facets of complexity are emerging constantly. This is perhaps the most problematic aspect of complex emergencies. As new factors emerge (AIDS, terrorism, environmental disaster) it becomes increasingly difficult for relief and development agencies to develop a consistent and coherent framework for dealing with complex emergencies. Complexity also comes (in no small amount) from the institutions themselves, and the debate on the benefits versus the drawbacks of humanitarian aid is largely inconclusive.However, it is clear that complex emergencies cannot be dealt with in a two dimensional way; the plethora of complexity means that flexibility and a non-linear approach to relief and development seems to be essential for success in the future.

Managerial Exercise 2 Essays - International Trade, Free Essays

Managerial Exercise 2 Essays - International Trade, Free Essays Name: Muhammad Adeel Qayum Shaikh Managerial Exercise 2 The Asian country of Tamoa imports large quantities of down pillows each year. DownPillow, a US company, would like to do more business there, but it has a problem. Tamoa has a large number of regulations affecting importation and the sale of down bedding. After reading the following five regulations, evaluate their legality and their impact on DownPillow. What course of action should DownPillow take? 1.Pillows made from down harvested from Tamoan flocks may be labeled as goose down even though they contain up to 25 percent duck down, (Down is taken from both geese and ducks, but duck down is considered inferior). If the pillow is made from foreign down, then a pillow labelled goose down may contain no more than 5 percent duck down. US regulations recognize that geese and ducks often get plucked together and therefore permit goose down to contain up to 10 percent down duck. DownPillow believes the 10 percent tolerance is reasonable, but given farming methods in most countries it is not possible to sort out the geese and the ducks any better than that. Tamoa believes that the stricter standard for imported pillows is justified to protect Tamoan consumers from fraud, and because Tamoan farmers do not raise any ducks, the 25 percent domestic standard is irrelevant anyway. Ans: DownPillow should look at procurement rules that protect foreign firms from government favoring domestic producers. They can ask the USTR to present the case to WTO if the domestic standard is irrelevant. Also, the MFA agreement can work in DownPillows favor to get restrictions reduced. 2.Tamoa also requires that the cotton coverings of all pillows be certified to meet certain ecology and human health standards for textiles, they may not contain any harmful chemicals such as chlorine, and they must be tested to minimum standards set by the International Organization for Standardization. Certifications are accepted from testing labortaries in any country. US regulations dont require certification. Ans; According to the principle of less restrictive trade, these regulations may not be used more than necessary, and unless they are trade neutral. DownPillow can also bring the WTO agreement on Sanitary and Unsanitary restrictions into light that do not allow imposing of such standards if they restrict trade. 3.All pillow imports must be inspected on arrival in Tamoa. No inspects are permitted at the foreign factory. Taomoa has one inspector who must remove down from at least three pillows from every shipment and subject it to laboratory analysis. Given the current backlog, inspections are taking up to 4 weeks, during which pillows can be damaged by humid weather. Ans: This certainly makes DownPillow suffer a loss. They should bring the WTO agreements on notice that do not allow such inspection to take place if it is making imports too restrictive. 4.Tamoan restrictions also require DownPillows plant to be inspected, and the sterilization process to be approved by officials. In the US, the down is sanitized and washed, and subjected to hot air. But the Tamoan ministry refused to accept sterilization permits, and approvals from state health department in the US. Tamoa doesnt pay the overseas travel expenses of its inspectors. Ans: This violates the fair trade practices and agreements such as the MFA. Tamoas exports to the US will suffer if they continue this practice. According to fair trade rules set by the WTO, the sterilization process can be relaxed and permits by the US health department can be accepted if trade is being harmed. 5.Tamoan regulations prohibit pillows and comforters from being vacuum packed and compressed for shipment to ensure the down is not damaged in the shipment. DownPillow ships smaller orders by air freight and larger orders by ocean container. Ans. DownPillow can envoke the clause of the WTO that prohibiting these two items from being compressed or vacuum packed prevents damage to them, as the WTO doesnt encourage such policies unless they are backed by scientific evidence.

The 6 Things You Should Do the Summer Before Senior Year

As seniors’ acceptance letters pour in and they begin to make their final college decisions, the concept of senior year and all that accompanies it is  probably heavy on many juniors’ minds. The late November to early January application deadline most schools impose is likely already looming large on juniors’ schedules, and while the prospect of being at the top of the social hierarchy is exciting, the additional responsibilities that accompany club or sports team leadership can be nerve-wracking. Whether you feel like you’re not quite ready to be a senior or that senior year couldn’t come fast enough, there’s no denying that it can be one of the most challenging years of students’ high school careers. Balancing college applications with the academic and extracurricular demands of senior year can be tricky, but it’s easier if you take steps over the summer to make sure you start off prepared. Armed with our list, you’ll enter senior year ready to take on the world. It’s important to note that most college applications don’t even open until late summer. The Common App, for example, is available to students beginning August 1st. In general, we at don’t recommend students start their applications before this point. Though it may seem like the deadline is approaching fast, unless you’re applying ED or EA , you have still have half your senior year remaining before your apps are due — a lot can change in that time. You may have additional awards or activities that you want to add to your application, and even your essay topics might change significantly. With all this in mind, you can probably afford to hold off on churning out rough drafts of essays or filling in the activities section for a few weeks. However, this isn’t to say you can’t start seriously considering the sort of information you might include on your application, particularly what you’ll write your essay on. Personal essays are one of the most important components of your application, especially at schools who boast holistic admissions , and writing a killer essay can be your key to success. For this reason, it’s smart to start brainstorming for potential personal statement ideas over the summer. If you can start the school year with a clear idea of what you want to write on, not only for the Common App but for supplemental essays as well, you can save yourself a lot of time and grief later on. Thinking about which activities and honors you want to list on your application is also a good way to prepare for senior year. The Common App only allows for students to describe 10 activities; others, like the University of California application, allow even less (the UC app provides 5 spaces). Consider not only which extracurriculars are most ostensibly impressive, but also those which you’ve spent the most time on or have the most intrinsic value to you. Determining which extracurricular activities have been most meaningful to you can also help you narrow down what to write about for â€Å"Which extracurricular activity listed on your application has meant the most to you, and why?† supplement questions, which are a staple on many top schools’ applications. We’ve already written about the importance of summer activities , but just to be safe, we’ll state it again: it’s to your great advantage to utilize summers for activities like service projects, research opportunities, internships, and more. Not only do you have more free time in the summer to devote to extracurricular activities you probably couldn’t fit into your schedule during the school year, you also have the freedom to travel and branch out beyond the extracurriculars that would normally populate your schedule. In addition, staying busy over the summer before senior year demonstrates your motivation and work ethic to colleges — you have to be pretty diligent to stay cooped up in a lab all summer while the sun shines. Summer can be a great time to prepare for the final few standardized tests you need to take. If you haven’t gotten your dream score on ACT/SAT, SAT IIs, etc., now is the time! Estimating your chance of getting into a college is not easy in today’s competitive environment. Thankfully, with our state-of-the-art software and data, we can analyze your academic and extracurricular profile and estimate your chances. Our profile analysis tool can also help you identify the improvement you need to make to enter your dream school. Summer before senior year is an excellent time to tour the colleges you’re considering applying to. For a West Coaster with Ivy League aspirations , or a New England student who dreams of Stanford or UC Berkeley, summer provides an opportunity to travel across the country (or for international students, across the ocean!) without worries about homework assignments or missed school days. Many colleges provide programming for prospective students over the summer, where students can take classes, attend seminars, and stay in the dorms at the college of their dreams. While applications for these programs are competitive and are due months before the summer begins, well-prepared students get the opportunity to experience life as a student at the college of their choice. Many of these programs also provide financial aid to students for which paying for the programs poses a financial difficulty. Of course, your college list is extremely malleable — you can decide not to apply to a school the day before the application is due, or realize your dreams for attending a college 5 days before their due date. Though making changes to your list is common and inevitable, it certainly does simplify things if you’re able to come up with as complete and final a version of your college list as possible early on. Finalizing your college list in advance can help you avoid a slew of annoyances, like paying to send test scores to a school you don’t even end up applying to, or rushing to think of a unique and engaging essay topic in the final hours before the application is due. Put the thought in and do the research early, and you’ll be thanking yourself later. Senior year is a whirlwind of essays, formal dances, late nights, and acceptance letters; to the unprepared student, jumping head first into the madness can be daunting. However, if you follow our tips for a successful pre-senior year summer, you can start your final year of high school with ease and kiss college application stress goodbye. For more information about extracurriculars and summer activities,