Power of Cash Flows

The Power of Cash Flow Ratios EXECUTIVE SUMMARY CASH FLOW RATIOS ARE MORE RELIABLE indicators of liquidity than balance sheet or income statement ratios such as the quick ratio or the current ratio. LENDERS, RATING AGENCIES AND WALL STREET analysts have long used cash flow ratios to evaluate risk, but auditors have been slow to use them. SOME CASH FLOW RATIOS COMPARE THE RESOURCES A company can muster with its short-term commitments. OTHER CASH FLOW RATIOS MEASURE A COMPANYS ability to meet ongoing financial and operational commitments.THERE IS NO CONSENSUS ON THE DEFINITION OF NET free cash flow, although the authors suggest taking off-balance-sheet financing into account. AUDITORS CAN USE THE INSIGHTS uncovered by cash flow ratios to spotlight potential problem areas, thus helping them plan their audits more effectively. JOHN R. MILLS, CPA, PhD, is a professor in the Department of Accounting and CIS at the University of Nevada, Reno. His e-mail address is www. [email  protected] unr. edu1. Mills experience includes auditing and consulting in the gaming industry. JEANNE H.YAMAMURA, CPA, PhD, is an assistant professor in the accounting and CIS department at the university's Reno campus. Her e-mail address is www. [email  protected] edu2. Yamamura worked as an auditor overseas, including a stint in Papua, New Guinea. To fully understand a company's viability as an ongoing concern, an auditor would do well to calculate a few simple ratios from data on the clients cash flow statement (the statement of sources and uses of cash). Without that data, he or she could end up in the worst possible position for an auditor—having given a clean opinion on a client's financials just before it goes belly up.When it comes to liquidity analysis, cash flow information is more reliable than balance sheet or income statement information. Balance sheet data are static—measuring a single point in time—while the income statement contains many arbitrary noncas h allocations—for example, pension contributions and depreciation and amortization. In contrast, the cash flow statement records the changes in the other statements and nets out the bookkeeping artifice, focusing on what shareholders really care about: cash available for operations and investments.For years, credit analysts and Wall Street barracudas have been using ratios to mine cash flow statements for practical revelations. The major credit-rating agencies use cash flow ratios prominently in their rating decisions. Bondholders—especially junk bond investors—and leveraged buyout specialists use free cash flow ratios to clarify the risk associated with their investments. That's because, over time, free cash flow ratios help people gauge a company's ability to withstand cyclical downturns or price wars.Is a major capital expenditure feasible in a tough year? If the last time total cash got a hair below where it is now the company's capital structure had to be r evamped, the auditor should treat the deficient value like a loud buzzer. Many auditors and, to a lesser extent, corporate financial managers have been slow to learn how to use cash flow ratios. In our experience, auditors traditionally use either a balance sheet or a transaction cycles approach. Neither approach emphasizes cash or the statement of cash flows.While auditors do use the cash flow statement to verify balance sheet and income statement accounts and to trace common items to the cash flow statement, their use of ratios for cash-related analysis has been limited to the current ratio (current assets/current liabilities) or the quick ratio (current assets less inventory/current liabilities). According to an informal survey of Big 5 and other national accounting firms, even now their audit procedures have not changed in ways that take advantage of the information presented in the cash flow statement, even though that statement has been required for over a decade.The value of cash flow ratios was evident in the collapse of W. T. Grant. Traditional ratio analysis performed during the annual audit did not reveal the severe liquidity problems that resulted in a bankruptcy filing shortly thereafter. While W. T. Grant showed positive current ratios as well as positive earnings, in fact it had severely negative cash flows that rendered it unable to meet current debt and other commitments to creditors. Educators have not been emphasizing the cash flow statement either. Auditing textbooks commonly include only ratios based on the balance sheet and income statement with little or no discussion of cash ratios.The next generation of auditors needs to learn how to use cash flow ratios in audits because such measures are becoming increasingly important to the marketplace. Investors and others are relying on them. The cash flow ratios we find most useful fall into two general categories: ratios to test for solvency and liquidity and those that indicate the viability o f a company as a going concern. In the first, liquidity indicators, the most useful ratios are operating cash flow (OCF), funds flow coverage (FFC), cash interest coverage (CIC) and cash debt coverage (CDC).In the second category, ratios used to assess a company's strength on an ongoing basis, we like total free cash (TFC), cash flow adequacy (CFA), cash to capital expenditures and cash to total debt. Lenders, rating agencies and analysts use all of these. Auditors should know when and how to use them, too. The gaming industry expanded to 12 states from 2 between 1989 and 1995. During that time, many of the traditional casino corporations managed asset growth rates of 200% and more. Rapid expansion led to major problems, including bankruptcy, when revenues did not meet projections.As this examination of two gaming companies shows, cash flow analysis can help avoid business meltdowns, providing auditors and clients with an additional level of comfort in both planning the audit and ev aluating the strength of the going concern. Boomtown was a relatively young but successful Nevada company that went public in October 1992, with assets of $56 million. By 1995, its assets were up to $239 million, dropping to $206 million in 1996. Company operations grew from one casino in the local Nevada market to four properties in three states—Nevada, Louisiana and Mississippi.In the same period, Circus Circus was one of the largest and most profitable gaming corporations in the industry. Its properties, also all in Nevada at that time, included the Excalibur and the original Circus Circus in Las Vegas, the Colorado Bell and Edgewater in Laughlin and the Circus Circus in Reno. The company grew from total assets of $783 million in 1992 to over $2. 2 billion by 1996, including acquisitions. By the end of 1996, it had operations in three states—Nevada, Louisiana and Mississippi. Liquidity Assessment Exhibit 13, shows a variety of ratios calculated from the financial st atements of Boomtown and Circus Circus.The figures cover the period from 1992 to 1996, although Circus Circus was on a January 31 fiscal year while Boomtown used a fiscal year ending September 30. Look at the lines for the current ratio (current assets/ current liabilities) and the quick ratio (current assets less inventories/current liabilities) for each. Viewed through the lens of these traditional balance-sheet-based ratios, Boomtown appears to be stronger financially than Circus Circus. But this was not the case. Boomtown's current ratio was frequently well over 1. 00, even soaring to 4. 4 in 1993, while Circus Circus current ratio never strayed over 1. 32. Boomtown was able to maintain a higher quick ratio as well. Over the five years in question, Boomtown's current ratio showed fairly consistent improvement, a trend that would be reassuring to most auditors. Although the balance sheet ratios for both companies are fairly low, that is normal for the gaming industry. Casinos jus t don't carry much inventory—mostly perishable foods and the like. And gaming companies carry practically no receivables because gaming generally is a cash business.The traditional measures don't address operating cash flows or cash interest coverage directly, but auditors can use cash flow ratios to answer questions about their clients liquidity—Are these companies generating enough cash to cover their current liabilities? How many times does cash flow from operations cover interest expense? Running a Casino†¦ Image Boomtown's cash interest coverage was considerably weaker than that of Circus Circus, except in 1993, when Boomtown had no long-term debt. Circus Circus consistently maintained cash in excess of 5 times debt. Now look at the line for OCF.Over the interval shown, the Circus Circus OCF ratio slipped under 2. 00 only once, meaning that it generated enough cash to cover its current liabilities twice over—and even improved on that despite a rapid gr owth rate. The company's cash interest coverage ratio also was consistently high. Boomtown's cash flow ratios, however, might surprise an auditor relying solely on balance sheet ratios. Its OCF was consistently weaker than that of Circus Circus, even slipping into a negative position in 1994. Once Boomtown's OCF slipped below 1. 00, it was not generating enough cash to meet its current commitments.Accordingly, it had to find other sources for financing normal operations. An auditor relying solely on the quick and current ratios in this instance would have missed that important point. An auditor who bothered to calculate two other cash flow ratios—FFC and cash/current debt—would have gotten even more remarkable results. Because Circus Circus carried very little current debt, its cash covered current debt well over 175 times in every year, while Boomtown's cash didn't even cover current debt in 1994, and its cash/current debt coverage was in the single digits for three o f the other four years.More remarkably, Boomtown's FFC went negative in 1994 and again in 1996 and was consistently weaker than that of Circus Circus in every year. Accordingly, the conclusions an auditor might draw after looking at the cash flow ratios might differ sharply from his or her opinion based solely on balance sheet ratios. Going-Concern Analysis Traditionally, auditors have used the balance-sheet-based debt-to-equity ratio (total debt/total equity) and the times-interest-earned (EBIT/annual interest payments) ratio to examine a company's longer-term financial health (see exhibit 24).These measures do provide one perspective on the company's ability to carry its long-term debt obligations and its solvency. The traditional solvency ratios reveal big differences between Circus Circus and Boomtown. Although both companies expanded considerably in 1993 and 1994, the effects on each corporation's financial position were drastically different. Circus Circus showed a downward tr end in its traditional debt-to-equity ratio, an indicator of an increasingly strong balance sheet, while maintaining a fairly stable times-interest-earned ratio.After 1992, Boomtown's debt-to-equity ratio rose steadily, showing increasing reliance on outside borrowing. Its times-interest-earned ratio also weakened, even going negative twice. Cash flow ratios, however, provide an even clearer picture of each company's financial solvency. Consider the lines for TFC, two for each company—one based on actual capital expenditures and the other on estimated maintenance spending. Negative figures in 1993 reveal that Circus Circus needed to go outside to raise cash for capital expenditures in both 1993 and 1994.However, using a capital maintenance approach, figures consistently greater than 1. 0 show the company was clearly generating enough cash flow from operations to maintain its normal operations and to provide at least some funds for additional growth. But 1993 and 1994 were yea rs when total assets grew at 21% and 37%. Few companies could expand at this rate solely with internally generated funds from operations. Analysis of Boomtown's cash flow ratios unveils a very different kind of growth. Its TFC (maintenance) ratio slipped below 1. 0 for three years in a row.An auditor who notices that Boomtown wasn't able to fund normal operations from internal sources for three consecutive years has heard an alarm; however, the noise from the TFC (actual) ratio is even louder. Boomtown did not manage any of its growth from internally generated cash—it's TFC (actual) ratio never got above 1. 00! That can't go on forever. Now look at the total debt ratio line and the two cash flow adequacy (CFA) ratio lines for each company. The total debt ratio, to which credit-rating agencies and loan officers pay close attention, was quite stable for Circus Circus throughout.Boomtown's, which started out weaker, took one wild fluctuation way up and then collapsed. Looking at the CFA ratios, once again Circus Circus exhibits more than adequate funds for maintenance and sufficient internally generated cash for new capital investments in all but one year. The one exception was attributable to rapid growth. Boomtown's spectacularly negative ratios shout the company's need for substantial outside funding. Turning to the capital expenditures ratio lines, Boomtown was unable to generate enough cash internally to even maintain plant and equipment in 1994, despite more than doubling its total assets.Circus Circus, on the other hand, had plenty of cash for maintenance throughout and needed outside cash to fund growth only for a two-year interval. In fact, Boomtown's cash ratios do indeed reveal that drastic changes would have been needed for this company to survive on its own. It didn't. Boomtown was acquired by Hollywood Park, Inc. , on June 30, 1997. Boomtown also disposed of its Las Vegas property, which had generated continuing operating losses. Despite its earlier promise, Boomtown ran out of cash. Traditional ratios would not have provided sufficient warning, but cash flow ratios would have.Auditors who employ cash flow ratios to assess corporate liquidity and viability can help their clients spot trouble in time to take corrective action. HOW TO TEST SOLVENCY WITH CASH FLOW RATIOS Creditors and lenders began using cash flow ratios because those ratios give more information about a company's ability to meet its payment commitments than do traditional balance sheet working capital ratios such as the current ratio or the quick ratio. When a loan officer evaluates the risk she is taking by lending to a particular company, her greatest concern is whether the company can pay the loan back, with interest, on time.Traditional working capital ratios indicate how much cash the company had available on a single date in the past. Cash flow ratios, on the other hand, test how much cash was generated over a period of time and compare that to near -term obligations, giving a dynamic picture of what resources the company can muster to meet its commitments. Operating cash flow (OCF) Cash flow from operations Current liabilities Company's ability to generate resources to meet current liabilities Operating cash flow (OCF) ratio. The numerator of the OCF ratio consists of net cash provided by operating activities.This is the net figure provided by the cash flow statement after taking into consideration adjustments for noncash items and changes in working capital. The denominator is all current liabilities, taken from the balance sheet. Operating cash flow ratios vary radically, depending on the industry. For example, the gaming industry generates substantial operating cash flows due to the nature of its operations, while more capital-intensive industries, such as communications, generate substantially less. The gaming giant, Circus Circus, exhibited an OCF of 1. 37 for fiscal year l997 while the media king, Gannett, produced an OC F of 1. 148 for a similar period. In order to judge whether a company's OCF is out of line, an auditor should look at comparable ratios for the company's industry peers. (For further details, see the case study5. ) Funds flow coverage (FFC) EBITDA (Interest + Tax-adjusted* debt repayment + Tax-adjusted* preferred-dividends) Coverage of unavoidable expenditures *To adjust for taxes, divide by the complement of the tax rate. Funds flow coverage (FFC) ratio.The numerator of the FFC ratio consists of earnings before interest and taxes plus depreciation and amortization (EBITDA), which differs from operating cash flow. Operating cash flow includes cash paid out for interest and taxes, which EBITDA does not. The FFC ratio highlights whether the company can generate enough cash to meet these commitments (interest and taxes). Accordingly, interest and taxes are excluded from the numerator. The denominator consists of interest plus tax-adjusted debt repayment plus tax-adjusted preferred divi dends. To adjust for taxes, divide by the complement of the tax rate.All of the figures in the denominator are unavoidable commitments. An auditor can use the FFC ratio as a tool to evaluate the risk that a company will default on its most immediate financial commitments: interest payments, short-term debt and preferred dividends (if any). If the FFC ratio is at least 1. 0, the company can meet its commitments—but just barely. To survive in the long run, any company must have enough cash flow to maintain plant and equipment. To be really healthy, it should be able to reinvest cash for growth. Accordingly, if a company's FFC is less than 1. , the company must raise additional funds to meet current operating commitments. To avoid bankruptcy, it must keep raising fresh capital. Cash interest coverage Cash flow from operations + Interest paid + Taxes paid Interest paid Company's ability to meet interest payments Cash interest coverage ratio. The numerator of cash interest coverag e consists of cash flow from operations, plus interest paid plus taxes paid. The denominator includes all interest paid—short term and long term. The resultant multiple indicates the company's ability to make the interest payments on its entire debt load.A highly leveraged company will have a low multiple, and a company with a strong balance sheet will have a high multiple. Any company with a cash interest multiple less than 1. 0 runs an immediate risk of potential default. The company must raise cash externally to make its current interest payments. The cash interest coverage ratio is analogous to the old-fashioned coverage ratio (also known as the interest coverage ratio). However, where the numerator of the coverage ratio begins with earnings from the income statement, the numerator of the cash interest coverage ratio begins with cash from the cash flow statement.Cash interest coverage gives a more realistic indication of the company's ability to make the required interest payments. Earnings figures include all manner of noncash charges—depreciation, pension contributions, some taxes and stock options. A company with a low income-based coverage ratio may actually be able to meet its payment obligations, but the mask of noncash charges makes it difficult to see that. A cash-based coverage ratio gives a direct look at the cash available to pay interest. Cash current debt coverage Operating cash flow—cash dividends Current debtCompanys ability to repay its current debt Cash current debt coverage ratio. The numerator consists of retained operating cash flow—operating cash flow less cash dividends. The denominator is current debt—that is, debt maturing within one year. This is, again, a direct correlate of an earnings current debt coverage ratio, but more revealing because it addresses managements dividend distribution policy and its subsequent effect on cash available to meet current debt commitments. As with the cash interest coverage ratio, the current debt ratio indicates the company's ability to carry debt comfortably.The higher the multiple, the higher the comfort level. But like most other ratios, as long as the company is not insolvent, the appropriate level varies by industry characteristics. HOW TO USE CASH RATIOS AS A MEASURE OF FINANCIAL HEALTH Beyond questions of immediate corporate solvency, auditors need to measure a client's ability to meet ongoing financial and operational commitments and its ability to finance growth. How readily can the company repay or refinance its long-term debt? Will it be able to maintain or increase its current dividend to stockholders? How readily will it be able to raise new capital?Banks, credit-rating agencies and investment analysts understandably are very concerned with these questions. Accordingly, they have developed several ratios to provide answers to them. Auditors, who are more concerned about full disclosure, can use these same ratios to pinpoint area s for closer scrutiny when planning an audit. Capital expenditure Cash flow from operations Capital expenditures Company's ability to cover debt after maintenance or investment on plant and equipment Capital expenditure ratio. The numerator is cash flow from operations. The denominator is capital expenditures.A financially strong company should be able to finance growth. This ratio measures the capital available for internal reinvestment and for payments on existing debt. When the capital expenditure ratio exceeds 1. 0, the company has enough funds available to meet its capital investment, with some to spare to meet debt requirements. The higher the value, the more spare cash the company has to service and repay debt. As with all ratios, appropriate values vary by industry. Cyclical industries, such as housing and autos, may show more variation in this figure than noncyclical industries, such as pharmaceuticals and beverages.Also, a low figure is more understandable in a growth indu stry, such as technology, than in a mature industry, such as textiles. Total debt Cash flow from operations Total debt Company's ability to cover future debt obligations Total debt (cash flow to total debt) ratio. The numerator is cash flow from operations. The denominator is total debt—both long term and short term. Total cash flow to debt is of direct concern to credit-rating agencies and loan decision officers. This ratio indicates the length of time it will take to repay the debt, assuming all cash flow from operations is devoted to debt repayment.The lower the ratio, the less financial flexibility the company has and the more likely that problems can arise in the future. Auditors should take diminished financial flexibility into account when identifying high-risk audit areas during planning. NET FREE CASH FLOW RATIOS Other ratios that spotlight a company's viability as a going concern rely on a computation of net free cash flow. Net free cash flow (NFCF) is not yet well defined, although bankers are working to standardize these computations in a way that would facilitate comparisons across companies and across industries.However, at present, there are still many variations of net free cash flow. We propose a total free cash (TFC) ratio developed by First Interstate Bank of Nevada, which uses it to make loan decisions and loan covenant agreements. This TFC computation offers the advantage of incorporating the effects of off-balance-sheet financing—by taking into account operating lease and rental payments. Total free cash (TFC)†  (Net income + Accrued and capitalized interest expense + Depreciation and amortization + Operating lease and rental expense – Declared dividends – Capital expenditures) (Accrued and capitalized interest expense Operating lease and rental expense + Current portion of long-term debt + Current portion of capitalized lease obligations) Company's ability to meet future cash commitments †  These rat ios require computation of the company's net free cash flows. As net free cash flow can vary by company as well as by industry, the formulas should be considered as recommended rather than absolute. TFC ratio . The numerator of this ratio is the sum of net income, accrued and capitalized interest expense, depreciation and amortization and operating lease and rental expense less declared dividends and capital expenditures.The denominator is the sum of accrued and capitalized interest expense, operating lease and rental expense, the current portion of long-term debt and the current portion of long-term lease obligations. Varying definitions of capital expenditures can confuse the issue. Since different definitions change the value of free cash flow ratios, it is best to be clear about which definition the auditor is using and why it makes sense for a particular purpose. For example, if the auditor is trying to determine whether the company can maintain its present level of operations, the capital spending figure used hould exclude new investments and be limited to the amount of spending required to maintain operating assets. Sometimes maintenance spending is estimated at 2% of total assets, or up to 5% of property, plant and equipment. Industries with very long-lived capital assets may use smaller percentages to estimate maintenance spending. However, if the auditor is more interested in long-term growth potential, then actual capital expenditures from the cash flow statement should be used. Cash flow adequacy (CFA)†  (EBITDA – taxes paid – interest paid – capital expenditures) (Average annual debt maturities scheduled ver next 5 years) Company's credit quality †  These ratios require computation of the company's net free cash flows. As net free cash flow can vary by company as well as by industry, the formulas should be considered as recommended rather than absolute. Cash flow adequacy (CFA) ratio. The numerator is earnings before interest, taxes, depreciation and amortization (EBITDA) less taxes paid (cash taxes) less interest paid (cash interest) less capital expenditures (as qualified above). The denominator is the average of the annual debt maturities scheduled over the next five years.Cash flow adequacy helps smooth out some of the cyclical factors that pose problems with the capital expenditure ratio. It also makes allowances for the effects of a balloon payment. Companies with strong NFCF compared with upcoming debt obligations are better credit risks than companies that must use outside capital sources. Thus, a high CFA means high credit quality. KNOW YOUR CLIENT In order to fully understand where to set the levels at which the cash flow ratios discussed here should trigger deeper investigation, auditors need to understand their clients businesses and the industries in which they operate.As with any other ratio, an auditor should listen to the client's explanation of any unfavorable changes in cash r atios before becoming too alarmed. An auditor should know what cash concerns are critical to a company's business. We wouldn't suggest that a successful audit is just a matter of picking the right equations and plugging in the numbers. There are no absolutes. But properly applied, cash flow ratios can be revealing to auditors during the audit planning stages and can give the auditor a more accurate picture of the company. Auditors must ascertain whether the financial statements are fairly presented in accordance with GAAP.They must be satisfied with the accuracy of the transactions and balances summarized in the four financial statements and the related disclosures. Effective auditors can use cash flow ratios to improve their understanding of the cash concerns critical to the particular company and to plan the audit more effectively. References ^www. [email  protected] unr. edu (www. readability. com) ^www. [email  protected] edu (www. readability. com) ^Exhibit 1 (www. journalo faccountancy. com) ^exhibit 2 (www. journalofaccountancy. com) ^case study (www. journalofaccountancy. com)

Is man Good or Evil? Essay

Man is innately good, but has the ability to be evil. I believe that a majority of people do what they believe to be right. Whether they are correct or not is another matter. In order to be truly evil, I believe that one has to purposely, consciously, try to hurt others. Be it physically or mentally, a conscious effort to injure others is for no obvious benifit to the human race is evil. I also think that good and evil are on totally different planes than right and wrong. They do not go hand in hand. I believe this because good and evil in my mind are concrete, they do not change. Right and wrong, however, are more of an individual thing, which can not be confined to guidelines. As I said before, I believe that people try to do good most of the time. As in every rule, however, there is an exception. There are certain circumstances in life which can change the way a person acts. There is a definite duality within me. I am usually a good person. I open doors, push in chairs, listen to people, and help little kids. But, occasionally I catch myself thinking about how I could make someone feel bad. I automatically feel my face turn red, and that would be the end of the thought. But I think once in a while everyone thinks something like, ‘He would really be embarrassed if I told everyone about that time at camp. Plus I could get him back,’ or something like, ‘She doesn’t deserve that. What if they found out what she did last year. ‘ This is not exactly evil thoughts, but it can quite possibly lead to evil actions. Prejudice is another form of evil that produces alienation and war. I have certain prejudices that I carry and I am not very proud of them, though often my instinct about a person is right. My major prejudice is against people who cannot grasp new concepts at a relatively quick rate, or those who cannot understand quickly. Somebody put it best by saying, ‘Oh, you mean the stupid people. ‘ I truly do hate calling them that, because often what they don’t succeed at academically, they make it up through artistic talents, athletic, or mechanical talents. But the people I have no respect for are those who I know can think for themselves, and understand things, but choose not to. I sometimes have trouble understanding if a person just absolutely cannot get it. I have a couple of friends who are that way, and they just cannot figure out trig. or chemistry. I just get frustrated and want to yell, ‘Why don’t you get this? Why can’t you understand that the thirty-sixty triangle always has a 1-2- 3 ratio!? ‘ But I can’t because one, I would seem like a total jerk, which I probably would be, and two, they are my friends. Then there are those people who dress and act, and are in fact, ‘druggies’. This prejudice kind of ties in with the first one because if the person is intelligent, than I have absolutely no problem with them dressing etc. like they do. But if they are one of the people who think that the cranium is a type of juice, then I seriously get so stressed out that I want to grab them by their lapels and shake them to jump start the brain I know they have. How does this effect my life? I know that it puts a great amount of extra stress on me that I could definitely live with out. But it also really makes me fell bad that I feel this way. I think that I am pretty open minded when it comes to the types of prejudice that are usually discussed, such as racism and sexism. I also am not homophobic and usually do not discriminate on the basis of age. In fact, I am very much biased against the people that are such. However, I believe that my prejudices are not something which contribute to hate crimes, the deaths of minorities or the dreams of a young girl. I feel that my biases are very much benign. A Shaker saying is something which if all men lived by, the world would be a ahppy place. Mary Whitcher said,’Be slow to anger, slow to blame, and slow to plead thy cause. but swift to speak of any gain that gives thy friend applause. ‘ View as multi-pages TOPICS IN THIS DOCUMENT Discrimination, Mind, Human, Thought, Good and evil, Virtue, Evil, Prejudice. RELATED DOCUMENTS Is Man born Good or Evil Essay †¦ Is Man Born Good Or Evil? I do not think that man was born neither good nor evil, I believe that man are raised into there chosen behavior because of the society, environment, family, culture, or even the media, but I believe man has this natural instinct to be good or evil. I do believe that man is both good and evil†¦. 691   Words | 1   Pages READ FULL DOCUMENT good Essay †¦ feel a sense of foreboding for what is to come. Finally, Miller’s dialogue is possibly the most important part of the play captured fairly accurately by Hytner. 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This is a question that many philosophers, psychologists, and scientists have questioned for centuries. According to Thomas Hobbes men are created so alike that there difference in their strengths and weaknesses are no significant. For example if two men desire a thing they wouldn’t be able to attain it simultaneously, hence they become enemies. The pleasures to achieve the thing sometimes lead their actions†¦ 691   Words | 2   Pages READ FULL DOCUMENT Essay on Man Inherently Good and Evil †¦determine the good as well as the bad, but really it’s depends on the individual and most definitely the choices they make. IS MANINHERENTLY GOOD OR EVIL? Is Man inherently good or evil? This is a question that many philosophers, psychologists, and scientists have questioned for centuries. We have learned from Webster that good is morally excellent, virtuous, and pious. He†¦ 691   Words | 1   Pages READ FULL DOCUMENT CITE THIS DOCUMENT APA (1996, 01). Is man Good or Evil?.

Cancer and Nutrition Research Paper Example | Topics and Well Written Essays - 3500 words

Cancer and Nutrition - Research Paper Example A variety of fruits and vegetables need to be added to once diet and it is good to select these fruits and vegetables based on different color. Different phytonutrients are present in fruits and vegetable with different color and a variety based on this criterion would be easy for identification by a layman. A diet that has high fiber food such as whole wheat, a balanced ratio of omega 3 and omega 6 fats, antioxidants and phytonutrients from fruits and vegetables, such as ? & ?-carotene, ?-cryptoxanthin, vitamin C, vitamin E, selenium, and other nutrients can aid in prevention of different types of cancers. This paper focuses on the role of nutrition in prevention of cancer and recurrence in those undergoing treatment for cancer. Cancer and Nutrition Introduction Cancer has always been a dreaded disease that I have ever come across in my life. There are many who have cancer and unfortunately, in many cases, it is because of ignoring some of the basic aspects of life such as good nutr ition. I have seen people suffer and die of this disease. My grandfather died of bone cancer and my mother has had thyroid cancer. Today, though there are easy methods of detecting and good treatments available, I believe that it is better to prevent cancer rather than look for treatments after having it. Over the years I have been keen to find natural methods to prevent cancer and nutrition is one of the prime subjects that I have come across. This paper highlights the importance of balanced nutrition in preventing cancer and also looks into the role of balanced nutrition in the recovery phase among the survivors of cancer. Hippocrates (460-377 BC) stated that â€Å"†¦.let food be your medicine and medicine be your food†. Today, after several centuries I would like to believe that what goes into the body as food mainly determines the health of a person. Though environment and other exposures may be reasons for a disease, a healthy person will be able to withstand advers e circumstances. Therefore, if nutrition has to take care of us, then what kind of nutrition is best for preventing diseases such as cancer? Researchers suggest that a plant based diet that includes fruits, vegetables, whole grains and legumes are the best for cancer prevention (Mahtani, 2010a, para. 1). It is estimated that about one third of all cancers are due to poor nutrition. The use of tobacco is another major reason for additional one third cancers and if these two factors are controlled many people can be protected from this dreaded disease. Understanding the basic fact that a healthy diet plan together with regular exercise, a check on the body weight and avoiding tobacco and alcohol are some of the most simple techniques to keep one healthy and free from cancer or at least lower the risk of cancer. A plant based diet is rich in chemicals known as phytonutrients. These are healthy nutrients that are very essential for the well being of individuals. Phytonutrients include v itamins, minerals, and other chemicals such as antioxidants necessary for the prevention of cancer. Researchers suggest that the intake of phytonutrients is directly linked with the prevention of cancer. It is important to consume variety of fruits and vegetables rather than the same set of fruits and vegetables on a day-to-day basis. This gives us the benefit of a variety of plant based nutrients maximizing the cancer fighting agents in the body (Mahtani, 2010a). Another important question to be answered is that how will nutrition help cancer survivors? Though there are many researchers who have studied the role of nutrition in prevention of cancers, very less research has gone into role of nutrition for cancer survivors. Today, there are an increasing number of researchers who are contributing to

Biology for General Ed Essay Example | Topics and Well Written Essays - 500 words

Biology for General Ed - Essay Example To address the hypothesis, the researcher will conduct a scientific method to solve the question. Using visual observation, the first thing the researcher noticed in the garden are different varieties of plants and insects particularly some bees that fly over colorful flowers. At the left-side of the garden is a faucet and a green-colored hose which is connected to a metal water sprinkler used in watering the plants. Basically, it is a common knowledge that plants need watering in order to grow. In the absence of rain water, human beings intervene with the watering of the plants using the man-made faucet and hose. Carbon monoxide that has been emitted by cars or the end-result of smoking is harmful to the health of human beings. Even though a lot of cars that passes by the park emit carbon monoxide, plants never seem to be affected by it. Fourth – expose the laboratory apparatus to sunlight for at least 5 hours (this will allow plants to produce gas within the inverted test tube. (See Figure I – The Production of Oxygen in Photosynthesis on page 4) After exposing the apparatus under sunlight, gas was observed to be present inside the test tube. After removing the inverted test tube, a glowing piece of wood will be inserted into the tube to allow the wood to burn. This proves that plants are able to produce gas from photosynthesis. (Exell, 2002) Given that oxygen (O2) is present in the atmosphere, plants could easily make use of carbon monoxide combined with excess oxygen found in air in order to produce carbon dioxide which is necessary for plants’ photosynthesis. Based on the research findings, hypothesis I which assumes that plants have special properties that enables it to convert carbon monoxide into something useful is scientifically acceptable. By combining carbon monoxide with oxygen, carbon dioxide

Reflective Report Essay Example | Topics and Well Written Essays - 500 words

Reflective Report - Essay Example After my graduation would like work as an auto dealers to learn additional selling skills. Researching on more luxury brand through reading makes up part of my future goals. With this, I will be acquainted with information regarding the brands background, their strategies and target market. Using this information, I will be in a better position to compete effectively in the market. During the field research, I came up with a budget that was derived from an informed price and product quotations made after sending an email to the Fast Copy Company requesting the same. Consequently, the feed back report served a great deal with regard to influencing the number and types of fliers to be produced. In developing the deliverables identified in my proposal, I considered the need to increase their young listeners. To ensure the success of this project my team together with the Client opted to undertake active work during the class from Monday through Friday between 9:00am and 10:40 am. In addition, Email became an important means used to contact the clients. The development of our deliverables followed the production of three different flyers for Arizona Public Media KUAZ. This included three sets of 300 fliers each with various colors of 20lb and printed on neon paper. Here, each of the three members was responsible over production of a single style flier. Following this project, I learned that while working with client a person needs to get prior knowledge on some issue. These issues include the problem facing the clients at that moment as you are doing business, the aspects of a product or service that a client wants to change, and the specific need that usually is the driving force for the step taken. There are also other lessons that I learned of which I did not expect. This include the use a computer program referred as publisher to make fliers, the use of Email to

Disaster communications Essay Example | Topics and Well Written Essays - 250 words

Disaster communications - Essay Example Consequently, the soviets were quick to react and sent two fighters so that they can intercept the intruding plane. After dialogues between fighter pilots and soviet control, the fighters were able to locate the Korean plane quickly and attempted to contact the pilot of the passenger plane. However, after failing to get a feedback from the pilot, one of the fighters lost patience and fired a missile to the plane, making it to plummet into the Sea of Japan, leaving 269 people dead (Grier, 2013). This is a clear illustration of how poor communication can result to severe damages such as death and destruction of equipment. The incident claimed innocent lives due to poor communication. A single action that would have prevented this occurrence was swift responding. The pilot of the Korean plane would have responded to the soviet fighters because he was aware that he was flying on unauthorized space. In the event that he had communicated adequately, the fighters would have allowed the pilot to use the Russian space. Conclusively, implementation of proper communication is possible and prevents occurrence of similar incidents in

The European Debt Crisis, Can the World Ignore it and Keep it European Research Paper

The European Debt Crisis, Can the World Ignore it and Keep it European - Research Paper Example Most of these outcomes are as a result of the stimulus packages that were passed by the European governments in an aim to stop the economic crisis that is taking place in Europe1. Most the European governments have spent a lot of resources on the stimulus packages in an attempt of preventing themselves from great collapse but have in turn created a debt crisis2. i. Thesis Statement With reference to the discussion question given, this paper will analyze if the world can afford to ignore the European debt crisis and leave it to the Europeans. It will also analyze the causes of the crisis and what the European governments are doing to try and solve the impending crisis which is threatening to destroy the prosperity of the European countries which have been economically stable as compared to the rest of the continent. ii. Discussion The world cannot ignore the European debt crisis because the European countries came into these debts as a result of trying to solve the financial crisis th at many countries were facing at the time. This debt crisis has made so difficult for most of the European countries to finance the debts that are owed by their governments without any assistance from the outside world. By the end of 2010, over 90 of the biggest banks in Europe had lent over 760 Euros to countries like Ireland, Portugal, Italy, Greece and Spain. Due to this, the bank system in Europe is on the verge of recession. Every attempt at being made to save a bank system that is struggling with that, the same banking system had lent a lot of money to governments. Despite the financial crisis that is being faced by European governments that Euro has managed to remain stable on the financial market although many financial analysts have predicted of its loosing of strength against all the other market currencies3. In November 2011, it was seen that the Euro was trading slightly higher in the financial market than it was at the beginning of the financial crisis. Three countries that were most affected by the financial crisis were Greece, Ireland and Portugal. These three countries account for 6% of the Eurozone’s gross domestic products (GDP) collectively4. iii. Causes The European debt crisis was caused by the financial markets and other financial institutions which were greedy and blind in terms of the eurozone. In addition to that, there was the adoption of the Euro which led to the biggest drop in the interest rates and a lack of confidence from financial institutions to the European governments5. The domestic demand for finance also went very high which in turn cause a surge in the financial sector and in turn caused the a crisis. The growth of the Eurozone countries which was driven by the services offered domestically and construction was accelerated while the export industry in these countries remained in the same position thereby causing abundance in the foreign capital invested in the Eurozone countries. When European countries went to sav e the globe from a financial crisis, the European countries ended up with debts that the governments cannot afford to pay for. In the meantime as this looming crisis was at hand, Germany was transformed in a historic transformation to become one of the world’s largest exporters6. There was also excessive lending by financial institutions which led to a loss of competitiveness due to the unsound economic developments in several Eurozone countries

Tsar Alexander I Research Paper Example | Topics and Well Written Essays - 1250 words

Tsar Alexander I - Research Paper Example Alexander was made the Emperor after the murder of his father Paul 1 and ruled Russia during one of its most unstable periods. A liberal at heart, Alexander tried to bring about social reforms. Family and Personality There is a strong relationship between the personality of Alexander and his early childhood. The struggle for power between Alexander’s father Paul and his mother had a deep rooted impact on his personality. From a very early age he learned the art of distancing himself from his family and developed a strong conscious of his own power. During his rule as emperor of Russia this side of his personality was evident. He was always a person who could change is ideology and impression according to his target audience. Thus Alexander was able to master different cultures and skills. He was equally apt at art as he was at military strategy. He could advocate the Rousseau’s humanitarian ideologies and preach the traditions of Russian aristocracy at the same time. Th us it is widely believed that Alexander proclaimed that he loved humanity but in reality hated it which is shown from his various decisions in power. This is also shown by the dual decisions taken by him in both foreign and domestic policy. Succession At the age of fifteen years Tsar 1 was married to Louise of Baden. She was later named as Elisabeth Alexeievna. Catherine wanted to appoint Alexander the King due to her differences with Alexander’s father Paul 1. However before she could take on this task she died in 1976. This created a power vacuum and there was only Paul 1 who could fill this vacuum. Thus instead of Alexander, his father became the king. Paul 1 as compared to Alexander was more intent on bringing about social reforms in Russia. This saw a massive opposition from the court and other power sources. These social reforms were resulting in a direct decrease in their power therefore it was inevitable that there would be opposition against Paul 1. The opposition fi nally resulted in his death as he was murdered in 1801. There is still much confusion on Alexander’s actual role in his father’s murder. It is however believed that in either case Alexander knew about the plot and was willing to take the throne. Reforms The early year of rule of Alexander 1 saw many efforts at bring about a change in the stagnant governing system of Russia. Russia in the era worked through a centralized system of governance consisting of Collegias. These Collegias were abolished in Alexander’s rule and new ministries were set up in their place. A big hindrance in this process was the old allies who has propelled him into power by killing his father. Tsar 1 systematically replaced them with young and enthusiastic friends from his own company. The ultimate aim of Alexander was to form a constitutional monarchy which would not reduce his power and bring about social reforms at the same time. Most of Alexander’s reforms were constitutional su ch as the creation of a new law and committee of representatives. These reforms did not change life of the common man during his time but had a long lasting effect on Russia. A very simple example is the abolishing of serfdom by his nephew many decades later. Although Alexander 1 could not achieve this goal during his rule, the changes brought about in law (allowing serfs to own land) enabled later generations to bring about reforms. Wars The most remarkable thing about the rule of Alexander was his wars with Napoleon. Initially the young Tsar had a very good

Frye Art Museum in Seattle Essay Example | Topics and Well Written Essays - 750 words

Frye Art Museum in Seattle - Essay Example ..Through different approaches that include product pricing, promotion, marketing, and circulation, Lui seeks to investigate, understand and discuss value – particularly the complex characteristics of value in art – as well as the rules, mechanisms, and politics behind the creation of value.† (introduction to Liu Ding’s Store) It is in light of this intellectual context that Liu Ding’s presentation will have to be viewed. And this politico-economic context adds richness and meaning to what would otherwise be dull, unimpressive works. For example, a prominent painting in this exhibition is that of a huge python whose body is not yet fully painted. By showing only the head and tail of the giant snake, the painter is prompting the viewer’s imagination to fill in the space. This feature opens up the scope for interpretation as well. Moreover, this artistic angle underscores the role of synthetic imagination in the discourse on aesthetics. Coming t o the politico-economic angle, the exhibition shows how method, planning, schedule and intermediary stages supplement the production of works of art – a fact that is often shadowed by the beauty of the finished product. Another painting under the theme of ‘unfinished paintings’ is the Die Svende, which is an elaborately decorated frame enclosing nothing. Far from the conventional, Liu Ding’s exhibition can prove to be either thought provoking or disappointing, based on the taste, refinement and patience shown by the viewer. Ties That Bind: American Artists in Europe is another exhibition in the Frye Art Museum. This exhibition, though, is quite conventional, in that, it showcases portraits and landscapes representing classical styles that evolved in 18th and 19th century Europe. When the dust settled after the end of the Civil War in 1865, many American artists ventured across the Atlantic to learn, assimilate and master the flourishing artistic culture in Continental Europe. Europe at the time was witnessing a peaking of artistic, cultural and intellectual expression, and American artists sought the excitement and stimulus of such an atmosphere. The result is a whole era of artistic production that adapted European techniques and traditions to American talents. William Merritt Chase’ Portrait of a Lady against Pink Ground (ca.1886) is one of the paintings on display. According to Chase’ experience â€Å"each sitter presents some new phase of personality that one has never done before. There is constant variety; constant study in my work† (from accompanying note). Seen in this vein, the portrait in discussion captures the bohemian attitude in the pose and posture of the lady (Miss Virginia Gerson). John Singer Sargent’s Mrs. Frederick William Roller (dated 1895) is similar in theme adapting a mature style of portraiture that captures â€Å"the interior life of the sitter against the backdrops of finely ar ticulated spaces† (from the explanatory note accompanying the painting). The elderly lady Mrs. Roller, dressed in a black gown, standing in the backdrop of an architectural frame, makes quite an impression. The impact on the viewer is heightened by the skilful depiction of the curves of her dress and in the attention to detail given to the room setting. The fact that Mrs. Roller is shown with minimal jewelry and accessories is a testament

Malaysia’s financial service Essay Example for Free

Malaysia’s financial service Essay 1.0 Introduction Maybank was established in 1960, Maybank has grown into an international brand. Malaysia’s financial services leader with presence in 20 countries operating from 2,200 offices, with a workforce of over 47,000. Corporate responsibility is integral to the way they do their business. For more than 50 years ago, they have believed in an actively practiced ‘Putting People First’. To be Maybank customers, investors, partners, employee or even the community. In 1990, Maybank has set up the Tabung Kebajikan Kumpulan Maybank (TKKM), a trust fund through which Maybank could reach out to various communities to bring about good social. Over the years, TKKM has evolved and grown. Beginning with medical and social welfare, the fund soon found other ways in which it could contribute to positive change by nurturing continuing economic and community development, heritage preservation and environment conservation. In 2010, in conjunction with the group’s 50th anniversary, the Maybank foundation replaced TKKM as a guidance of hope for all those who are isolated and disadvantaged. As Maybank new vehicle for Corporate Responsibility, the Maybank foundation aims to expand their impact across the region, touching lives wherever they are operate, and empowering communities to build a better future both for present and future generations. http://maybankfoundation.com/history.html Maybank Group offers a comprehensive range of products and services that includes commercial banking, investment banking, Islamic banking, offshore banking, leasing and hire purchase, insurance, factoring, trustee services, asset management, stock broking, nominee services, venture capital and Internet banking. 1.1 Introduction Maybank’s mission is to humanize financial services across Asia, by providing access to financial services to the people at fair terms and pricing, and to be always at the heart of the community. Maybank vision is to be the leading financial solutions provider in the target markets and communities they commit to save. http://www.maybank.com/en/about-us/who-we-are/overview.page The target market would be for resident that has identity card of themselves and local, it can be adult, youth and young kids for their saving money. The resident can be a consumers, investors, entrepreneurs, non-profit organizations and corporation any purpose can using the Maybank without worrying. . 2.0 Comparison with others competitors 2.1 SWOT analysis Strength (function() { var scribd = document.createElement("script"); scribd.type = "text/javascript"; scribd.async = true; scribd.src = "https://www.scribd.com/javascripts/embed_code/inject.js"; var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(scribd, s); })() Strength of Maybank is the leading regional market. It is the largest bank in Malaysia in terms of number of branches where is it was 384 domestic branches and 190 international branches and office of the Maybank. Maybank is the largest listed on the Malaysian stock exchange, Bursa Malaysia, with market capitalization of over RM54 billion as end of March 2011. Capital adequacy, Dividend Yield, Return on Assets and return on Equity are substantially higher than the industry and sector average. A Higher returns is according to its financial report Maybank showed low overhead and cost. Maybank has a customer base of more than 21 million. The user of friendly website, www.maybank2u.com.my is the pioneer for internet banking in Malaysia and easy to be used, it does not wasting people time to go to the bank to make their business. With maybank2u people can do their business smoothly without worrying their busy time. Maybank is the largest Banking Service Provider in Malaysia with their ATM Machines widely available all over Malaysia even the international money transfer service was owned by a Maybank Malaysia, its available through Malaysia, Singapore, Indonesia, Brunei, Philippines, Cambodia, Vietnam and Pakistan. Maybank product line is diversification from loans, financing, deposit, insurance to investment Banks, over 100% increase in Sales Performance at branches increased product penetration in Maybank’s corporate client product portfolio. Weaknesses Weaknesses of Maybank is too much of Banking Operation are focused in and around Malaysia and Singapore, hence limited global penetration and too much revenue comes from retail banking and Islamic Banking, less revenue comes from other offerings. Revenue Concentration with all the good branding, Malaysia is still low of the customer satisfaction rating. They are rated at number of 17out of 17 banks in Malaysia for the customer service in year 2010. Maybaks has no continual evaluation and updating of human resources practice and policies. The workers collateral agreement has been passed due from March 2010. The increase of none Interest expense, Maybank has a reputation for the new product development and creativity. However, they remain vulnerable to the possibility that their innovation may weaken overtime due to homogeneous product service. Maybank has a strong presence in the Malaysia, as they need to look for a portfolio of other countries in order to spread business risk. Mayban k tends to invest in countries which have none stable economic presence such as Vietnam, Indonesia and Philippines. Maybank share price is low than other banks and have to pay a huge amount of money to stakeholder. 2.2 SWOT analysis Opportunity Maybank growing global Islamic Finance Market as a Maybank Islamic Berhad on track to record RM1 billion in pre-tax profit for 2012. The wider regional Islamic Finance Market to Singapore, Indonesia, Brunei, China, the Philippines and the Middle East. Maybank were the business expansion that can explore and exploit are sized up and its growth potential assessed in the profile. The strategic Restructuring scout for the potential investments and acquisition targets, with detailed insight into the company’s strategies, financial and operational performance. Maybank high opportunity is to expand into countries like Laos, once the banks gets the license to operate and to grow in investment banking in Hong Kong. Growth in internet banking will increase the customer base. Maybank is exploring the international banking opportunity in Thailand, Myanmar and Cambodia to achieve its plan to become Regional Financial services leader in 2015. Threats 2.2 Marketing strategies Marketing strategies is the Maybank employee promotes their product from old product to new product to everyone. Which is they promote at a shopping mall, where a lots of people and easy to get a customer. They promote by using a card or giving a short talk about their product such as in terms of giving loan with smaller interest. There are many types of the product for the Maybank to promote for the customer. Undisputed No. 1 Retail Financial Services Provider in Malaysia In Malaysia, Maybank is aiming to maintain their top ranking, in terms of overall market share, across their core retail financing products including mortgages, automobile financing, credit cards, unit trust financing, and individual deposits. Maybank is intending to reinforce their leadership position in touch points and distribution network as a key community destination and focal point. The Maybank Customer Value Proposition centers on convenience and serving the needs of the community and they are committed to the values of a One Stop Shop, Needs Based Selling and World Class Services. They will leverage on a shared distribution model across all parts of the Group network, and will customize and differentiate their products by segment to meet the needs of their four different types of customers: High Net Worth, Affluent, Mass and SME. The Group will also capitalize on technology and innovation to achieve high performance in processing times and customer service. Leading ASEAN Wholesale Bank and eventually to expand into the Middle East, China and India Maybank is aim to become the leading ASEAN wholesale bank which will involve enhancing to corporate relationship model. Strategic initiatives will include Improving domestic and regional market position for corporate and non-retail deposits; Building a regional investment bank, increasing contributions to revenue from non-domestic markets and increasing the fee to income ratio contribution. Maybank also aim to expand to the Middle East, Chi na and India. Undisputed Insurance and Takaful Leader in Malaysia and Emerging Regional Player Maybank is seek to be the domestic insurance champion and an emerging regional player by 2015 through the growth of their life, general insurance and takaful business, carried under the Etiqa brand. For general insurance and takaful, the Group will keep pace with industry growth while maintaining a healthy portfolio mix and supporting a better combined ratio compared to the market. To achieve organic growth in life or family business, they are aggressively growing the Assets under Management (AUM) of their life or family funds through product innovation. The strategy of the Maybank asset management subsidiary is to build a leading asset management brand by providing strong investment management support for Etiqa funds, wholesale funds and institutional mandates as well as by leveraging on Maybank’s extensive distribution network. Truly regional organization, with ËÅ"40% of pre-tax profit derived from international operations by 2015 Maybank goal is to become a truly re gional organization with approximately 40% of loans and pre-tax profit derived from international operations by 2015. This will be driven by their key markets of Indonesia and Singapore. At the same time, Maybank are developing a presence in the Philippines, Cambodia, Vietnam and China by building scale and scope in these growth markets. Global leader in Islamic Finance Maybank target is to have one third of their domestic financing backed by Islamic financial assets by 2015. To achieve this, Maybank Islamic banking operations will take full advantage of Maybank’s huge domestic branch network as well as its electronic banking platforms and the various distribution outlets of Maybank strategic partners. Maybank also aim to grow their Islamic business in markets like Indonesia and Singapore. Our Islamic banking operations, meanwhile, will focus on delivering innovative and globally accepted products and services that differentiate they Maybank from other Islamic financial institutions. http://www.scribd.com/doc/106370482/Swot-Analysis 2.3 Pricing strategies http://www.onlinebanksguide.com/maybank/loan.html Maybank provides various types of loans to both the personal and business banking customers. The available loans include personal, home, car, ASB and government guarantee loans as well as the Maybank Mikro and Islamic Mikro for a small business enterprises and self-employed individuals. Apart from Malaysia, various types of loans including personal, car, education and home or housing loans are also available in Singapore and consumer loans in Philippines. Maybank Loan ASB Maybank ASB loans or financing are provided for purchasing ASB unit trust. ASB are available in two types namely ASB financing and ASB financing I. Both are offered with a minimum loan amount of RM 10,000 and up to a maximum of RM 400,000. The details of pricing, payment, period and other requirements can be obtained from the website. Maybank Loan Car Maybank car or auto loans are available for purchasing and financing on new or second hand cars. On the other hand, these loans can also be used for financing on reconditioned or modified the motor vehicles. In addition, the Islamic and conventional car loans are available with the margin of finance value up to 90% of the seller’s invoice at the maximum and the maximum repayment period of to nine years. Maybank Loan Home Maybank home loans are provided for buying a new house or financing on various types of properties under construction or completed properties. These loans are available as the following types. * Maxi Home * Maxi Home–i with variable and fixed rate option * Home Equity-i Maybank Loan Rate Maybank loan rates are varied from one type to another and the interest rate also depends on the type of the loan and amount borrowed from the bank. For the home loans, the rates are available in various options including the variable and fixed rate packages. In fact the home loans are offering at the lowest rate of 4.50% for the first 3 years. Maybank Loan Calculator Maybank provides various types of web based calculators to calculate the monthly repayment, maximum repayment amount, maximum financing amount for the home loans and monthly installment for car or auto loans. These calculators are available as home loan, Islamic home loan and hire purchase calculator. 2.4 Product concentration 2.5 Types of short term and long term loan available Business loan http://www.maybank2u.com.my/mbb_info/philippines/public/personalList04.do?channelId=FIN-FinanceprogramId=FIN05-CorporateComLoanchCatId=/mbb/Personal/FIN-Finance Floor Stock Financing A revolving facility providing finance for auto dealers working capital requirements to support purchase of inventory of new vehicles for a short term period Salary Loan Salary deductible loans for any legal purpose granted to qualified employees of companies accredited by the Bank. Revolving Credit Line Loan granted for purpose of working capital, where the amount paid is made continuously available provided it does not exceed the approved credit line. Short Term Loan Term loans are granted for the purposes of project financing, capital assets acquisition, or business expansion 3.0 Conclusion Assignment 2 1.0 Question 1 Calculate the future value of RM1, 000 invested today for three years at 10% (i=0.10) interest rate per annum? Simple interest FV = P (1+ (I x n) ) P = amount borrowed / principal I = interest rate N = number of years FV 1st year = RM1,000 (1+ (0.10 x 1) ) = RM1,000 (1.1) = RM1,100 FV 2nd year = RM1,000 (1+(0.10 x 2) ) = RM1,000 (1.2) = RM1,200 FV 3rd year = RM1, 000 (1+(0.10 x 3) ) = RM1,000 (1.3) = RM1,300 1.1 Question 1 Compound interest FV = P (1+i)n FV 1st year = RM1,000 (1+0.10)1 = RM1,000 (1.1) = RM1 100 FV 2nd year = RM1 100 (1+0.10)2 = RM1 100 (1.21) = RM1 331 FV 3rd year = RM1 331 (1+0.10)3 = RM1 331 (1.331) = RM1 771.561 2.0 Question 2 PV= FV1+in PV = RM100 1(1+0.05)1 + RM100 1(1+0.05)2 + RM1000 1(1+0.05)3 PV = RM100(1.05) + RM100(1.05)2 + RM1100(1.05)3 PV = RM95.24 + RM90.70 + RM950.22 PV = RM1 136.16 3.0 Question 3 Simple interest FV 1st year = RM10 000 (1+ (0.06 x 1) ) = RM10 000 (1.06) = RM10 600 FV 2nd year = RM10 000 (1+(0.06 x 2) ) = RM10 000 (1.12) = RM11 200 FV 3rd year = RM10 000 (1+(0.06 x 3) ) = RM10 000 (1.18) = RM11 800 FV 4th year = RM10 000 (1+(0.06 x 4) ) = RM10 000 (1.24) = RM12 400 FV 5th year = RM10 000 (1+(0.06 x 5) ) = RM10 000 (1.3) = RM13 000 3.1 Question 3 Compound interest FV 1st year = RM10 000 (1+0.06)1 = RM10 000 (1.06) = RM10 600 FV 2nd year = RM10 600 (1+0.06)2 = RM10 600 ( 1.1236) = RM11 910.16 FV 3rd year = RM11 910.16 (1+0.06)3 = RM11 910.16 (1.191016) = RM14 185.19 FV 4th year = RM14 185.19 (1+0.06)4 = RM14 185.19 (1.26247696) = RM17 908.48 FV 5th year = RM17 908.48 (1+0.06)5 = RM17 908.48 (1.338225578) = RM23 965.59 4.0 Question 4 5.0 Question 5

Promoting Mental Health And Well Being Families Social Work Essay

Promoting Mental Health And Well Being Families Social Work Essay According to the World Health Organisation mental health is a state of well-being in which the individual realises his or her own abilities, can cope with the normal stresses of life, can work productively and fruitfully, and is able to make a contribution to his or her community. According to the North Western Health Board (NWHB) mental health affects our feelings towards others and it also effects how at ease we are with ourselves. Mental health also affects some of our everyday skills, such as interacting with others around us; maintain relationships with people, whether it is intimate relationships or family relationships. Mental health can also affect the way we deal with certain events in our lives. Changes such as bereavement in a persons life or losing or starting a job can have different have a different effect on different people at different points in time. According to Barry Jenkins there are three levels at which the protective and risk factors work. These three levels are known as Individual, social and structural. According to the NWHB each level is supported and reinforcing each level, thus strengthening them. By strengthening human beings we are trying to increase self-confidence and develop their abilities and skills, such as interaction with other people and developing skills to help sustain relationships. Protective factors The following protective factors are based on an individual level. Some of the protective factors are having good coping skills, having good social skills Good Coping Skills If a person is good at dealing and handling certain situations in life, this can be a huge help in relation to combatting mental illnesses. If a person can manage to deal with a certain situation which they may be experiencing without getting too worked up or letting it get them down, this can have a positive effect on their life. If a person can be optimistic about a situation and try to look on the bright side of things and realise that they will come out the other end and that things will get more positive and that they may have a brighter future in front of them, this can only have a positive effect on somebodys life. Social Skills A person that has the ability to fit into society and get to know people no matter where they go will hopefully never really experience isolation. Take for example a person moving to a new area that doesnt know anybody that lives in the area. If they have the skills to integrate themselves into that society and get to know the community they will more than likely be welcomed by members of that society. If a person makes themselves known within the community and gets involved in things going on within the community, isolation will not be a problem for them. For somebody that may be experiencing isolation this can have huge knock on effects on their mental health. If a person feels that they are alone and have nobody to turn to, this can lead to mental illnesses such as depression. I will now discuss some of the protective factors which are based on social level. Some of these are positive experiences of early attachment and positive attachment to family. Positive Experiences of Early Attachment If an individual whilst growing up and while they were children had positive experiences throughout their childhood, in relation to how close they were to their parents and if they had a good relationship can have huge effects on a person later in life. If a person has had a bad relationship with their parents this can have a huge knock on effect later in life. If a person feels that they were not accepted by their parents as a child this may lead to somebody suffering from depression as they may not feel wanted or accepted into society. They may feel that nobody is there for them. If they have had a bad relationship with their parents, they may also find it quite hard to develop an intimate relationship with somebody, as they may be afraid of having such a close relationship with somebody, as they have never experienced a relationship like this before throughout their lifetime. Attachment to family How close an individual is to their family is based on a social level according to Barry Jenkins. How close one may be to their family can have effects on one life. If a person knows that they have their family around them no matter what and that they will be there for them through the good times and the bad then the person knows that they are not on their own on life. They know that their family will stand by them no matter what. People experience so many problems in life, so it is good for an individual to know that no matter what they have a group of people around them that love and care for them, and will support them through lifes challenges. Supportive Social relationships Supportive relationships, whether it be family relationships or intimate relationships is another strengthening factor which can protect mental health. If a person knows that somebody is always there for them, through the good times and the bad and to help them carry heavy burdens which they will come across throughout life, is a huge help to them. I think right now throughout society, a large number of people are carrying heavy burdens in relation to unemployment and bills to be paid. If a person knows that they have someone to lean on and to help them along the way in life this can be a huge weight lifted off their shoulders. If a person has somebody that is supporting them, this means that they have somebody to talk to and discuss any problems that they may be experiencing. Something as simple as just sitting down and talking to someone about the problems you are experiencing in life can help protect a persons mental health. A problem may not seem as bad after discussing it with s omeone. As the saying goes a problem shared is a problem halved. I will now discuss some of the protective factors at a structural level. Some of these protective factors are economic security and employment. Employment Economic Security As we all know we are currently experiencing a severe fiscal crisis in this country. A lot of people are currently unemployed. According to the Irish National Organisation of the Unemployed (INOU) statistics in October of this year 420172 people were unemployed. This is a huge proportion of people in our society that are unemployed. Unemployment is a serious issue and is more than likely one of the leading causes of mental health problems in todays society. For those that are currently unemployed they are struggling to pay bills and meet repayments on mortgages. This can be a very worrying time for people and can lead to mental health problems. It can sometimes lead to people taking their own lives as they are unable to deal with the everyday realities of life and can see no other way out. In a recent article published by the Irish Examiner in June of this year stated that the economy and the current state that it is in is interconnected to the rise in young men taking their own live s. The newspaper article took figures from the Central Statistics Office (CSO) from 2009. The report stated that 443 males took their own life in 2009. This figure had increased by 15% from 2008. Approximately 40% of these men were out of work and 32% of them had previously worked in the building industry, according to Ella Arensman from the National Suicide Research Foundation (NSRF). It is clear to see there is a strong connection with men taking their own life and unemployment. I will now discuss some of the risk factors in relation to mental health. Some of these risk factors are school failure, social isolation and abuse and violence. School failure According to Barry Jenkins School failure is one of the risk factors in relation to mental health. School failure is based on a structural level. School failure can have negative impacts on people lives when it comes to looking for employment later in life. School achievement may not seem important but as people get older they realise how important it is. If a person fails again and again when it comes to trying to get a job this may have huge effects on their mental health. Social Isolation If a person is experiencing social isolation it can have huge effects on their mental health. Take example an elderly person that may have lead a very independent life ends up in long term care. This may lead to loneliness. If a person is in long term care they may be very dependent on someone to look after them and help them with their everyday lives. This can be a big change in a persons life and could possibly lead to depression in the long run. Abuse and Violence Abuse and violence can have a huge effect on a persons mental health. Emotional abuse such as bullying as we have seen over the last few weeks can have severe effects on a persons life. Over the last few weeks numerous young people under the age of eighteen have taken their own lives because of bullying. Obviously the bullying had a huge effect on their mental health and they could see no other way out. Conclusion From my essay it is clear to see that there are numerous strengthening and risk factors in relation to mental health. We as a nation and as individuals should be concentrating on the protective factors. In a report published by the Health Service Executive (HSE) it mentions that the World Health Organisation stated in a report that General Practitioners spend 30% of their time with patients that are dealing with a mental illness. This makes it clear to us that there are a huge number of people are dealing with a mental illness. According to the HSE Ireland has tried to increase peoples awareness of mental health and change their attitudes towards it. They have done this by developing documents such as A Vision for Change 2006 which is based on mental illnesses and mental health. A document titled Reach Out 2005 has being developed in relation to preventing suicide. These documents may change peoples perception of mental illness and they may not look at it in such a negative light. Th ere is a huge stigma attached to mental illness, so hopefully in time this stigma will no longer exist. Mental health can have serious effects on peoples lives. People should not feel ashamed if they have a mental illness. They should not have a stigma attached to them because of this mental illness. People need to be more open minded and not look down on people who are experiencing an illness in relation to their mental health. Hopefully in time the supports that people need will be readily available to them when they need it. A mental illness can be life changing, so for people to know that they have supports available to them on their doorstops can make a huge difference and can help them overcome their mental illness. Reference List Health Service Executive (2007) Mental Health in Ireland: Awareness and Attitudes, Dublin: Health Service Executive Margaret M. Barry and Rachel Jenkins (2007) Implementing Mental Health Promotion, Philadelphia: Elesevier The Irish Examiner (2012) Suicide rise is linked to economy, says study, [Online], Available: http://www.irishexaminer.com/archives/2012/0602/ireland/suicide-rise-is-linked-to-economy-says-study-195996.html [Accessed 21st November 2012] The Irish National Organisation of the Unemployed (2012) Live Register, Figures for the Year 2012 to date by gender, [Online], available: http://www.inou.ie/policy/statistics/liveregister/_figures=national_year=2012 [Accessed 21st November 2012] The North Western Health Board (2005) The North western Health Board Strategy Action Plan for the promotion of Mental Health, Dublin: The North Western Health Board The World Health Organisation (2005) Promoting Mental Health, Concepts, Emerging Evidence and Practice. Switzerland: World Health Organisation Tom, OG. (2012) Promoting Mental Health and Wellbeing, SPL308: Promoting Mental Health and Wellbeing in Families, National University of Ireland Galway, Unpublished

Merchant & A Midsummer Nights :: English Literature Essays

Merchant & A Midsummer Nights A Product of Society? It is hard to determine whether or not Shakespearean comedy is clearly a product of Elizabethan courtly society. It can be said that the answer to that question is both yes and no. It is apparent in The Merchant of Venice that Shakespeare’s writing was strongly influenced by the society surrounding him while A Midsummer Nights Dream is much less realistic and so original that one might think he came from another time period all together. In The Merchant of Venice there are countless examples of how Shakespeare’s works were a product of society. One of the main similarities is religion. The official established state religion in Shakespeare’s time was the Church of England, lucidly Protestant. Everyone was required to attend an Anglican Service once a month. The Anglican service is also called Prayer Service, Prayer Book Service, Common Prayer, or the Lord’s Supper. Although it was not expressly illegal to be of a different religion, it was not exactly legal to practice the faith of ones choice. There were even fines for not conforming to the sanctioned religion; that is, for not going to Protestant services. (Nicoll, 76) Jewish people were quite rare in England during the Elizabethan time period and they seemed to be looked down upon the most (although it was not considered a lot better to be a Catholic). Shakespeare probably never knew a Jewish person directly, but during his time the Queen’s Jewish doctor was executed for being ‘a spy’. Also, during that time it would have been considered quite normal to force someone to convert to Christianity. Shakespeare’s Venice had the same mentality about Jewish people. Anti-Semitism was overwhelmingly abundant. Although Shylock was surely a respectable businessman, it did not seem out of the ordinary for Antonio to spit on him and call him a dog whenever it took his fancy. Shylock seems to be the only one who realizes the hypocrisy of the ‘good Christians’ and makes mention of it in his famed speech in Act III: SHYLOCK†¦ Hath not a Jew hands, organs, dimensions, senses, affections, passions; fed with the same food, hurt with the same weapons, subject to the same diseases, healed by the same means, warmed and cooled by the same winter and summer as a Christian is? If you prick us do we not bleed? If you tickle us do we not laugh?

Biography of Isaac Newton :: Sir Isaac Newton Essays

Sir Isaac Newton was an English mathematician and physicist, considered one of the greatest scientists in history. He made important contributions to many fields of science. His discoveries and theories laid the foundation for much of the progress in science. Newton was one of the inventors of a mathematics called calculus. He also solved the mysteries of light and optics, formulated the three laws of motion, and derived from them the law of universal gravitation. Newton was born on December 25, 1642, at Woolsthorpe, near Grantham in Lincolnshire. When he was three years old, he was put in care of his Grandmother. He then was sent to grammar school in Grantham. Then later he attended Trinity College at the University of Cambridge. Newton ignored much of the established curriculum of the university to pursue his own interests; mathematics and natural philosophy. Proceeding entirely on his own, he investigated the latest developments in mathematics and the new natural philosophy that treated nature as a complicated machine. Almost immediately, still under the age of 25, he made fundamental discoveries that were instrumental in his career science. The Fluxional Method, Newton's first achievement was in mathematics. He generalized the methods that were being used to draw tangents to curves and to calculate the area swept by curves. He recognized that the two procedures were inverse operations. By joining them in what he called the fluxional method, Newton developed in 1666 a kind of mathematics that is known as calculus. Calculus was a new and powerful method that carried modern mathematics above the level of Greek geometry. Optics was another area of Newton's early interests. In trying to explain how colors occur, he arrived at the idea that sunlight is a heterogeneous blend of different colors of which represents a different color. And that reflections, and refraction's cause colors to appear by separating the blend into its components. Newton demonstrated his theory of colors by passing a beam of sunlight through a type of prism, which split the beam into separate colors. In August 1684 Newton was visited by Edmund Halley, the British astronomer and mathematician, who discussed with Newton the problem of orbital motion. Newton had also pursued the science of mechanics as an undergraduate, and at that time he had already entertained basic notions about universal gravitation. As result of Halley's visit, Newton returned to these studies. During the next three years, Newton established the modern science of dynamics by formulating his three laws of motion. Newton applied these laws to Kepler's laws of orbital motion, and derived the law of universal gravitation. Newton is probably best known for discovering universal gravitation, which explains that all bodies in space and on earth are affected by the force called gravity. Biography of Isaac Newton :: Sir Isaac Newton Essays Sir Isaac Newton was an English mathematician and physicist, considered one of the greatest scientists in history. He made important contributions to many fields of science. His discoveries and theories laid the foundation for much of the progress in science. Newton was one of the inventors of a mathematics called calculus. He also solved the mysteries of light and optics, formulated the three laws of motion, and derived from them the law of universal gravitation. Newton was born on December 25, 1642, at Woolsthorpe, near Grantham in Lincolnshire. When he was three years old, he was put in care of his Grandmother. He then was sent to grammar school in Grantham. Then later he attended Trinity College at the University of Cambridge. Newton ignored much of the established curriculum of the university to pursue his own interests; mathematics and natural philosophy. Proceeding entirely on his own, he investigated the latest developments in mathematics and the new natural philosophy that treated nature as a complicated machine. Almost immediately, still under the age of 25, he made fundamental discoveries that were instrumental in his career science. The Fluxional Method, Newton's first achievement was in mathematics. He generalized the methods that were being used to draw tangents to curves and to calculate the area swept by curves. He recognized that the two procedures were inverse operations. By joining them in what he called the fluxional method, Newton developed in 1666 a kind of mathematics that is known as calculus. Calculus was a new and powerful method that carried modern mathematics above the level of Greek geometry. Optics was another area of Newton's early interests. In trying to explain how colors occur, he arrived at the idea that sunlight is a heterogeneous blend of different colors of which represents a different color. And that reflections, and refraction's cause colors to appear by separating the blend into its components. Newton demonstrated his theory of colors by passing a beam of sunlight through a type of prism, which split the beam into separate colors. In August 1684 Newton was visited by Edmund Halley, the British astronomer and mathematician, who discussed with Newton the problem of orbital motion. Newton had also pursued the science of mechanics as an undergraduate, and at that time he had already entertained basic notions about universal gravitation. As result of Halley's visit, Newton returned to these studies. During the next three years, Newton established the modern science of dynamics by formulating his three laws of motion. Newton applied these laws to Kepler's laws of orbital motion, and derived the law of universal gravitation. Newton is probably best known for discovering universal gravitation, which explains that all bodies in space and on earth are affected by the force called gravity.

The Aging Process and Caring For the Elderly Essay -- The Aging Body,

Abstract This report presents several aspects of aging. The report looks at a number of theories of why we age, the physical and mental changes we undergo as we age, and ways of caring for the elderly. TABLE OF CONTENTS INTRODUCTION......................................................1 THEORIES OF WHY WE AGE............................................2 Genetics.....................................................2 Cellular.....................................................2 Physiological................................................2 PHYSICAL CHANGES..................................................2 MENTAL CHANGES....................................................5 Alzheimer's Disease..........................................5 Senile Dementia..............................................5 CARING FOR THE OLD................................................6 Retirement Communities.......................................6 Life-care Facilities.........................................6 House Sharing................................................6 Group Homes..................................................7 Low-cost, Government Subsidized Housing......................7 Foster Care..................................................7 Nursing Homes................................................7 CONCLUSIONS.......................................................9 WORKS CITED.......................................................10 INTRODUCTION The purpose of this report is to discuss several aspects of aging. Several theories of why we age, based on genetic research, cellular research, and physiological research will be examined, along with physical and mental changes that are the result of aging. Specific mental changes that will be explored are Alzheimer's Disease and Senile Dementia. The final aspect to be looked at will be the care of the elderly in retirement communities, life-care facilities, house sharing, group homes, low-cost government subsidized housing, foster care, and nursing homes. THEORIES OF WHY WE AGE Since research into aging is not guided by any one universally accepted theory, genetic, cellular, and physiological studies have yielded several hypotheses. Genetics The most popular genetic theory, the Error Theory, assumes that aging is the result of the accumulation of random genetic damag... ...cannot afford to stay for any long period of time. Probably the most unfortunate aspect of these homes is the focus in the news on abuse of the patients. This is the most important thing to research when you are looking at a nursing home. CONCLUSIONS 1. There is no one theory about why we age, but the subject is currently being researched in several areas. 2. The body goes through many changes as it ages, some of which can be slowed or prevented through the use of modern medicine. 3. Alzheimer's Disease is probably the most prominent mental disorder in elderly people, but research has found what it does to the brain, so a cure may be in the future. 4. There is a large range of establishments where elderly people can spend the later years of their life, depending on how self-sufficient they are, and how much they are willing to spend. WORKS CITED Maddox, George L. (Editor), The Encyclopedia of Aging. Springer Pub Co; 3rd edition. 2001. Web. 17 Apr. 2014. Poehlman E, Danforth E. The Aging Body: Physiological Changes. Am J Appl Physiol. 2012 Social Issues Resources Series. "Ways & Means: Options for Aging." Article #39, Vol. 3. Aging. 2014

Ethical Issues Affecting Each Component of the Marketing Mix Essay

Ethical Issues Affecting Each Component of the Marketing Mix Ethical issues in businesses among other related issues like conflicts or success revolves around relationships. In today’s business world, it has become inevitable to built strong and effectives between all the key players in businesses. Key player in this case include shareholders, investors, customers, suppliers and managers who are responsible for the development of strategies aimed at attaining success (Carroll et al 403). The board of directors in every business has the mandate of giving direction and oversight making sure that the business does not stray from its course and remains relevant in achieving its objectives in a socially acceptable, legally acceptable and ethical manner. In many instances of unethical business conduct, there exists a certain degree of compliancy and knowing corporation which acts to perpetuate the acceptance of such conduct. Importantly, most ethical issues come into existence due t o conflicts in belief patterns and value conflicts regarding what is wrong or what is right. This occurs because ethical standards are a derivative of deeply-rooted personal believes and societal morals which may not be universally agreed upon. Ethical issues exist in all functional areas of the businesses including; finance, accounting, production, marketing, operations and even management. They involve practices like product safety, human resource management, plant safety, business practices and environmental problems among others (Carroll et al 412). The elements of the marketing mix are important aspects of the business which can be evaluated in the light of ethical issues. Marketing mix encompasses all the major areas of decision making affecting the marketing process and when carefully blended, desirable results for the organization are obtained. Marketing mix is important for all businesses as it shapes the function of marketing in both non-profit making and profit making organizations. As marketing managers make decisions about the overall process of marketing, they have to consider the specific elements of the marketing mix which include price, promotion, product and place and in other instances they are even supposed to consider the sub-elements in each element in order to satisfy the wants and needs of the customers. Marketing mix holds a special place in businesses in that it is the hub identifying the best and suitable marketing strategy. Its purpose is balancing all the elements in order to come up with an ideal mix of all the controllable  variables. As the markets demands change, the marketing mix also has to be changed in a manner which allows alignment with the goals and objectives of the organization. The external environment therefore plays a critical role in necessitating alterations and other changes in the marketing mix. One of the most fluctuating variables of the external environment is the customer; whose preferences and tastes change swiftly among other factors like brand loyalty (Stone 51). Given the importance of the marketing mix and the fact that all important aspects of the business revolves around it, it becomes a rather sensitive area in ensuring that regardless of the ambitions of the business, the management does not go overboard to affect its relationships with the oth er stakeholders who have any form of interest in the business (Tittle 12). Ethical issues usually arise when some of these relationships are affected or the moral fiber as defined by law or the society in which this business exists is coarsened. This means that the business has a responsibility of providing the society with good made adhering to all ethical issues and also of high quality. In looking closely at all the elements of the marketing mix and how ethical issues can affect them, it is important to point out that the essence of the businesses is not only to maximize profits but also to take care of consumers of the products, the employees and the environment. The product, which is one of the elements of the marketing mix, is a sensitive component with regard to ethical issues (Swarbrooke and Horner 30). The whole product life cycle is vulnerable to ethical issue right from the development to its elimination. Ethical issues may arise from product packaging. Since businesses survival depends on attracting and retaining customers, some businesses use p ackages which do not actually represent what they are offering. This may be in terms of underweight packaging or the use of colorful packages which do not really depict what’s inside. Ethical issues may also arise from the product testing especially for products like medication which must have many guidelines. Testing products on people is unethical and is prohibited by most societies. Cases of selling of banned goods are also many and this also involves the crossing of many ethical lines. It is highly recommended to ensure that all products entering the market are safe. Although â€Å"safe† in this case is subject to diverse interpretation, it is recommended that businesses disclose all the known harmful effect of product. This also touches on the  sensitive issue of genetically modified products which must be clearly labeled to warn the buyers. A very good example of ethical issues arising from particular products was coke’s crisis of 1999 to 2001. In this case, ethical dimensions were explored when people fell ill after consuming this soft drink. Much controversy also surrounded this case because school children fell ill after consuming this drink as the company had signed school contracts as a means of promoting the drink among the school children. The company took responsibility and recalled over 5 million cans under recommendation from the Belgium Ministry of Health. This ethical issues also touches on possible ethical issues which might arise in promotion as another factor in marketing mix. Pricing, which is one of the most regulated areas in marketing, has many possible unethical practices which might even not include illegality. There is price discrimination; transfer pricing, legal prohibitions, predatory pricing, and government price-fixing among other factors which might draw attention of ethical issues as far as ethical issues are concerned. There should be valid reasons governing the increase of prices of products to avoid taking advantage of the customer. The subjective and emotional nature of pricing avails many avenues of misunderstanding between the buyer and seller which might cause ethical problems. Common issues of this nature involve failure to disclose the actual price of the product and price fixing. Other acts pertaining pricing include dumping which is the selling of goods at a loss with the aim of increasing market share but do away with competitors and bid rigging. A case which was well explored was that of Ryanair which is an airline company. This company was faced by much controversy due to their pricing and advertising. Bodies like Advertising Standards Authority claimed that this airline company did not advertise the actual prices it was charging. Further criticism was raised because of the fact that, they were charging very low prices with the intent of spoiling the market opportunities for other players and resulted to great losses in the 2008/2009 financial year even for British airways. Although many of these companies claimed that it was due to increased fuel prices, Ryanair was the root cause because it did not hike the prices accordingly. Promotion employs different strategies like mass selling, personal selling and sales promotion to ensure the target market is informed of the existence of this product and the benefits if  using such product (Fraedrich et al 24). Since it involves modes of persuasive communication and the fact that it involves visibility advertising, it is frequently criticized part in marketing. One true fact about advertising is the fact that the earliest use of advertising was based on genuine reasons and practices which had no ethical issues. Currently however, many issues are coming up which has forced governments and other bodies to introduce regulations to avoid misleading of customers. The content in the promotions must meet high standards of advertisement maintaining truth and honesty. Honesty issues were well explored in the early 1950s when the advertisement of tobacco came under much criticism as it was being alleged in advertisements that is promotes health (Carroll et al 5). This of c ourse was found to be untrue and laws were set regarding false advertising. This is a very good example of unethical conduct which arose due to promotion and attracted a lot of attention from the press and government. It therefore became paramount that all the promoters tell the truth about their products to avoid offence against morality and also the law. Advertisements especially those which will be seen by children must not contain aspects of sex, violence or profanity as they might cross many ethical lines. Still in promotion, it is considered ethically inappropriate and illegal to promote products through negative advertising strategies such as attack advertising. Adverts should not directly attack the disadvantages of the competitor’s goods but should focus on advantages of their own. With advent of the internet, other forms of advertisement have also emerged some of which are considered unethical in nature. These include spam advertisements among other pop up windows which are unsolicited. Direct mail may also infringe on personal rights and therefore cross some ethical lines. The last element of the market mix to be considered is place. Place in this case covers many aspects leading to availing the product to the target market (Shimizu 13). Any product or service is of no value to the customer if it is not available at the right time and place. Ethical issues in the place element arise due to conflicts in the intermediaries of the distribution channel. The relationships in the channel of distribution cause much ethics related issues and these are brought mainly by power imbalance in these relationships. Ethical issues may come in as a result of listing fees which may be hiked and provide a discrepancy between the operations of  large suppliers and small suppliers. Corruption also comes in as a relevant ethical issue which can come in to the supply chain. Violation of the workers’ rights and the use of child labor and other practices like production in sweat shops or ignoring the safety, health or environmental standards can present an ethical problem in the element of place. Sweatshops have been a subject to much controversy in global business ethics. Examples of large corporations which have been implicated in this issue include Reebok, Gap and Nike. Wal-Mart’s case however has been much publicized where employees have been overworked or forced to work for extra hours without pay. Although Wal-Mart has been constantly denying this, there is mounting evidence especially from cases filed in 2005 which suggest that according to the company policy overtime should not be paid. The 1996 Wal-Mart Lee collection was also publicized when it was found that, many of these clothes were made in Honduras in sweatshops with worker laboring for up to 20 hours per day. Discrepancies in pricing of the same item from one place to another are also other forms of unethical acts arising in the element of place. At such a time when there is heightened capitalization of the economy, ethical issues have become critical and the consumer can no longer be ignored. All decisions regarding marketing planning must therefore uphold high ethical standards. Unethical corporate have the capability of inflicting much suffering to investors, employees and consumers. Works Cited Carroll, Archie, and Buchholtz, Ann. Business and Society: Ethics and Stakeholder Management. Ohio: Cengage Learning, 2008. Fraedrich, John, Ferrell O. C., Linda Ferrell. Business Ethics: Ethical Decision Making and Cases. Ohio: Cengage Learning, 2009 Shimizu, Koichi. Advertising Theory and Strategies.16th ed, Souseisha Book Company: 2009. Stone, Phil. Make marketing work for you: boost your profits with proven marketing techniques. Small business. Oxford: How to Books Ltd, 2001. Swarbrooke, John, and Horner, Susan. Consumer behavior in tourism. Oxford: Butterworth-Heinemann, 2007 Tittle, Peg. Ethical issues in business: inquiries, cases, and readings. New York: Broadview Press, 2000.