Diabetes Mellitus Long Term Damage - 1144 Words

Introduction The term diabetes mellitus describes a metabolic disorder of multiple aetiology, characterized by chronic hyperglycaemia with disturbances of carbohydrate, fat and protein metabolism resulting from defects in insulin secretion, insulin action, or both. The effects of diabetes mellitus include long–term damage, dysfunction and failure of various organs (1). There are two main types of diabetes (2-6); Type 1 diabetes (T1B) usually develops in childhood and adolescence and patients require lifelong insulin injections for survival. Type 2 diabetes (T2B) usually develops in adulthood and is related to obesity, lack of physical activity, and unhealthy diets. This is the more common type of diabetes (representing 90% of diabetic cases worldwide) and treatment may involve lifestyle changes and weight loss alone, or oral medications or even insulin injections. Both main types of Diabetes are caused by a combination of genetic and environmental risk factors (4). However, there are other rare forms of diabetes that are directly inherited. These include maturity onset diabetes in the young (MODY), and diabetes due to mutations in mitochondrial DNA (7). In type 1 diabetes, the cause is an absolute deficiency of insulin secretion. Individuals at increased risk of developing this type of diabetes can often be identified by serological evidence of an autoimmune pathologic process occurring in the pancreatic islets and by genetic markers (8). In the other, much more prevalentShow MoreRelatedEssay on Diabetes Mellitus1381 Words   |  6 Pages1. Discuss the pathophysiology of Diabetes Mellitus. Diabetes Mellitus is a chronic condition in which the body has the inability to produce insulin or react normally to insulin. The pathophysiology of diabetes mellitus is extremely complex, as diabetes mellitus is characterized by different types but share common symptoms and complications. Diabetes mellitus is classified in two types: Type 1 and type 2 diabetes. Although the disease is characterized by different etiologiesRead MoreDiabetes Mellitus : The Most Common Disorder Of The Endocrine System957 Words   |  4 PagesDiabetes Mellitus stems from the Greek word diabetes, which means to siphon, or to pass through. Mellitus is Latin for sweet or honeyed. Diabetes Mellitus is the most common disorder of the Endocrine System. The pancreas is an organ behind the stomach that produces a hormone called insulin. When this happens, our liver compensates by increasing glucose production from amino acids and glycogen causing hyperglycemia. There are different types of diabetes; however, this paper strictly focuses on TypeRead MoreDiabetes Mellitus : A Major Public Health Problem Worldwide Essay1480 Words   |  6 PagesDiabetes Mellitus has increased in recent years due to bad eating habits and inactivity. Diabetes Mellitus is a major public health problem worldwide. Improved testing accuracy has improved which has confirmed more cases. 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When carbohydrates are broken down into sugars in the stomach glucose enters the blood circulation simulating the pancreasRead MoreEar Infection: Overview of Otitis Externa1152 Words   |  5 Pagescondition. â€Å"Rheumatoid Arthritis is the autoimmune inflammatory condition that involves an immune response to the synovial membrane, causing synovitis. Proteins are released at the site or where the joint inflammation is. This eventually causes damage to the cartilage, bone, tendons, and ligaments of the affected joint. This eventually causes the joint to lose its shape and alignment, causing deformity and great pain. It is believed that the disease is triggered by an infection in people withRead MoreHealth Promotion For Age Related Type 2 Diabetes Mellitus Essay1379 Words   |  6 PagesAge-Related Type 2 Diabetes Mellitus Type 2 Diabetes Mellitus is one of the most common health challenges world-wide, especially in older adults. In this paper, I am going to delve into how health promotion can be a significant factor in reducing the risks of Type 2 Diabetes Mellitus in the aforementioned demographic. Through academic research and resources, in my first paragraph I will be providing the definition of Health Promotion and its importance for patients with Type 2 Diabetes Mellitus. My second

`` The Moral Instinct By Paul Bloom - 911 Words

Morality can be shown, and express in different ways. Some argue that a sense of morality has been present since born, while others argue that this sense comes after experiences. In the text, â€Å"’The Moral Instinct’ (2008)† Steve Pinker argues that, moral sense has been a science that every individual create in their own in order to focus on ethics, separately of what society has established as the rights and wrongs. Giving numerous experiments that support his claim, Pinker creates a strong essay e that explains morality. Nevertheless, Pinker’s claim can be compared to other ideas. The text â€Å"The moral life of babies (2010)† by Paul Bloom extends Pinker’s argument by saying that â€Å"humans do have rudimental moral sense from the very start of life.† In the other hand the text, â€Å" Can You Call Nine Year Old a Psycopat (2012)† Jennifer Kahn complicates Pinkers text by giving opposite evidence referring to the low lev els of cortisol and below-normal function in the amygdala, provoking a lack of processing fear and social emotions towards situations. In this essay I would be creating a comparison between ideas and how they support or oppose each other’s by their evidence and claims, in order to see if this comparation creates a new perspective in my opinion of Pinker’s argument. In support his argument, Pinker , the Johnstone Family Professor of Psychology at Harvard University, creates an explanation of five universal spheres which are: harm, fairness, community or group loyalty,Show MoreRelatedThe Myth Of Good And Evil Essay1591 Words   |  7 Pagesjudge any given situation. What remains a mystery, however, is what, exactly, is the basis of morals. It is commonly believed that morals are learned through lived experiences, as well as, from those who act as each person’s individual caretaker(s). Even though these factors do play a significant role in determining morality, these factors alone neither create nor determine a person’s moral compass. In Paul Bloom’s work, Just Babies: The Origins of Good and Evil, we are introduced to the idea thatRead MoreSymbolism of Albrecht Durers Master Engravings Essay1627 Words   |  7 PagesIn the engraving, Knight, Death, and Devil, it appears that the hero (the Knight) is gaining a moral victory over death. 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The conception of the ‘Christian soldier’ embodies and ideal of manly virtue which the traditional instincts of the Germanic race, German mysticism and Northern versions of Renaissance ideals all contributedRead More Learnability of a Language Essay2889 Words   |  12 Pagesthat nonlinguistic symbolic reference may underlie the symbolic capacities of language (Pinker Bloom, p. 478). Their rhetoric makes their viewpoints seem further apart: Deacon suggests that talk of a Language Instinct is misleading, because it encourages uncritical and unrealistic innatism, such as proposals of Fodorian language modules (in Fodors strong sense of modularity). The Language Instinct, according to Deacon, tends to be interpreted in terms of a false dichotomy that has deeply confusedRead More Playing God in Mary Shelleys Frankenstein Essay5215 Words   |  21 Pagesreveal to him the concept of creation, a creation he then questions Victor about. 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Thus, the monster is now capable of understanding its nature and its origins, and it uses it against its own creatorRead MoreDeveloping Management Skills404131 Words   |  1617 Pagesmanagement and leadership: â€Å"envision the productive community,† â€Å"first look within,† â€Å"embrace the hypocritical self,† â€Å"transcend fear,† â€Å"embody a vision of the common good,† â€Å"disturb the system,† â€Å"surrender to the emergent process,† and â€Å"entice through moral power.† An international study of 6,052 managers from 22 countries focused on differences in managerial attributes and identified attributes such as inspirational, self-sacrificial, integrity, diplomatic, malevolent, visionary, administrative, self-centeredRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesTaboo No More?) †¢ New feature: glOBalization! †¢ New Myth or Sci ence? (â€Å"We Are Better Judges of When Others Are Happy Than When They Are Sad†) †¢ Revised introduction to the topic †¢ Review of research on moods and employee attachment †¢ New section on â€Å"moral emotions† †¢ Discussion of emotion regulation strategies and their consequences †¢ New research on gender and emotions †¢ Updated content on emotional displays at work †¢ New section on Emotional Intelligence, with substantially more coverage and a newRead MoreInnovators Dna84615 Words   |  339 Pagesknowledge or opportunity. In fact, by carefully examining Jobs’s behaviors and, speciï ¬ cally, how those behaviors brought in new diverse knowledge that triggered an innovative idea, we can trace his innovative ideas to their source. What is the moral of this story? We want to convince you that creativity is not just a genetic endowment and not just a cognitive skill. Rather, we’ve learned that creative ideas spring from behavioral skills that you, too, can acquire to catalyze innovative ideas

Research on Global Business Opportunities

Question: Discuss about the Research on Global Business Opportunities. Answer: Introduction In the globalization of the businesses, it is essential for an Australian Pharmaceutical firm to enhance its market share, business performance, and product positioning in the global pharmaceutical industry through setting of new business ventures or operations in new destination or country including China and South Africa. This assessment will discuss the business opportunities and risks (commercial risks, country risks, currency or financial risks, and cross-cultural risks) for the company while setting up new business ventures in another destination (Bryan and Christiansen, 2014). For this report, China is preferred to South Africa as a new destination for starting the foreign business operations by the Australian pharmaceutical firm. Along with this, Strategic Alliance through merger or acquisition is selected as an entry strategy, which is a potential entry strategy that will provide the firm new business opportunities for setting of the businesses in a new destination. For this report, the Australian Pharmaceutical firm, Lawley Pharmaceuticals is selected which is planning to enter into new markets for the growth of the businesses. Background Information of Lawley Pharmaceuticals Lawley Pharmaceuticals is an Australian pharmaceutical firm founded by Michael John Buckley in 1995. It is a private limited pharmaceutical company having its headquarters in Perth, West Leederville in Western Australia. The firm is concentrated on the transdermal administration of the natural occurring hormones including progesterone, testosterone, and oestradiol. It is the global leader in the research and development of the typical hormones. Lawley works in collaboration with manufacturing partners Perrigo Australia which has world class manufacturing facility in Balcatta, Western Australia. The firm provides the solutions related to the hormones-related disorders as it is fundamentally focused on the use of natural-occurring hormones (Lawley Pharmaceuticals, 2015). Lawley specializes in the manufacturing of the hormone replacement therapy through the development of the progesterone and testosterone creams. It provides the hormone replacement therapy for the treatment of the hormo nal disorders or endocrine deficiencies (eg. Klinefelters Syndrom, Castration, Low Libido, and hypogonadism in men and Menopause, Fibroids, PCOS, Endrometriosis, Infertility, Hysterectomy, Menorrhagia, and Female Endrogen Efficiency in women). Evaluation of Commercial risks, Currency (financial risks), Country risks, and Cross-cultural risks There are different types of risks involved while operating the businesses in the new destination by the foreign company (Australian Pharmaceutical Company). These risks involve country risks, cross-cultural risks, commercial risks, and financial (currency risks) that can affect the business operations and activities of the firm while starting new business ventures by an overseas firm. The evaluation of these risks is following discussed:- Country risks- This type of risk is involved of the political instability, government legal systems and laws related to foreign investments, government intervention, protectionism and barriers to trade and investment, bureaucracy in country systems, corruption and unethical activities in the country, mismanagement or failure of the national economy, markets, and economic unrest. The political instability, economic unrest, and country legal system affect the business operations and activities of the firm while starting the new pharmaceutical ventures in a new destination. This type of risk affects the business growth, revenue, and profitability of the foreign firm caused due to the development of the countrys legal and political environment systems. The political system is a set of formal institutions constituted by the government that includes democracy, socialism, and totalitarianism systems. It includes political parties, trade unions, legislative bodies, and lobbing groups (Yuann, 2008). The legal system includes civil laws, common laws, religious laws, and mixed systems. It is a system for establishing and enforcing laws, rules, and regulations. It affects the business activities of the foreign firm, such as taxing economic outputs, protection of the intellectual rights, and resolving disputes in the commercial activities. Commercial risks- The commercial risks refer to the potential loss arising from the misunderstanding of the trading partners or the market conditions in the country. This type of risk is comprised of the partners insolvency or unwillingness to pay, differences in the trade agreements between two partners, and not acting in the accordance of the partner to comply with the country trade legislations or trade agreements. This risk also involves poor execution of strategy, competitive intensity, operational problems, poor financial strength of the partner, and timing of entry into the foreign markets. This risk affects the partner selection, market entry timing, pricing and distribution strategy, product features, and promotional themes of the company in another country (IBP, Inc. 2015). This type of risk may affect the business expansion, profitability, production capacity, and the sales growth of the company while initiating the new commercial ventures in the foreign country. This type of risk results into the potential loss or failure of the firm to execute the business strategies, procedures, and tactics. Currency risks (financial risk) - This type of risk includes currency exposure, asset valuation, changes in fiscal and monetary policies, foreign taxation, inflationary and transfer pricing. This risk creates potential loss caused from the fluctuating foreign exchange rates while the foreign investor has exposure to foreign currency investments for the exchange of goods and services. This type of risks caused from the unexpected fluctuations in the exchange rates or currency values. This type of risks is caused due to denomination of the financial transactions in the foreign currency than the base currency of the company in the Australian country. This type of risk includes the transactional exposure, translation exposure, economic exposure, and contingent exposure of the financial statements (Arora and McIntyre, 2014). The currency risk comprises of all form of international traded monies including foreign currencies, bank deposits, cheques, and electronic transfers. The changes in interest rates, exchange rates, inflation rates and currency value affect the international business operations and activities of the company. The financial or currency exchange risk affects the demand and supply of the goods and services, financial transaction, and liquidation of the financial investments. Cross-cultural risks- The cross-cultural risk is comprised of the differences in the cultures, traditions, and customer shopping patterns, cultural blunders, interpretation of culture, negotiating pattern, language and communicational differences, ethical practices, decision-making styles, differences in the customers age groups and background, and cultural pattern. It arises when the cultural communication issues affect the human values at stake. It exists due to differences in the cultural environments characterized by unfamiliar languages and changes in the human values systems, beliefs, and behaviors of the customers in another country. The cross-culture risk determines the success of the foreign outsourcing company in another country where it is planned to start the business ventures. This type of risk will affect the business profitability, customer base, sales performance, and product positioning of the company in another country (Scarlett, Koslow, Ph.D., and J. D. 2009). It w ill also affect the risk tolerance, operational processes, entrepreneurship, control system, decision-making and employees development and reward structures of the company. It will also affect the managerial roles, leadership qualities, technical competences, and interpersonal skills of the employees in another country. Opportunities and risks in China and South Africa for the Pharmaceutical business and Justification for the Chosen Country China is selected as a new destination for starting new business ventures by this Australian pharmaceutical firm because china is one of the fastest growing economies in the world that provides the foreign investors a lots of business opportunities for generating large revenues and achieving the high sales growth. Along with this, the Chinese government supports the foreign investment operations of an overseas firm by providing the sophisticated business infrastructure, technology, and labors at low costs. Additionally, there is lesser cross-cultural risk, currency risk, country risk, and financial or currency exchange risks in China than South Africa. China is one of the largest countries in the world having the most number of people in the world (Yong-Hwang, 2015). The healthcare and life science activities are rapidly growing robustly in China that has been creating lots of opportunities for the new firms. China is one of the largest pharmaceutical markets in the world that is gro wing rapidly and yet not mature. The combined forces of the economic development, government stimulus, enhanced health awareness in general public, improved research and development capabilities, market consolidation are some causes that will prove the justification for the selection of China than South Africa. China pharmaceutical market also has long chain of the suppliers, manufacturers, drug distribution companies, healthcare service providers, and medical service providers. While, on the other hand, in South Africa there is lesser population in comparison to China as there are not so much growth of the pharmaceutical business as China. The risk level is also lesser in China than South Africa as Chinese Government supports healthcare and pharmaceuticals business in China. China is the third largest economies in the world which has currently low unemployment rates, low inflation rates, and low interest rates in comparison to South Africa. Because of the high population rates in China, there is large number of customers for the healthcare or pharmaceutical products. Along with this, China has high potential markets because of the large consumer and business to business markets for the pharmaceuticals business in China. The GDP, currency value, and growth rates are higher in China than South Africa. There is no restriction on the foreign trade of the pharmaceutical products because the Chinese Government supports the foreign investments by the overseas firms. The political and legal system, technological advancement, and the economic structure of the Chinese Government support the entry of the overseas pharmaceutical firms in the host country. In addition to this, there are lesser trade restrictions on the foreign exchange of goods and services, and lowe r amount of taxes on the pharmaceutical products than the South African Country. The Chinese Pharmaceutical industry is a knowledge-based, innovative, and technological-intensive industry that supports the business ventures of an overseas firm in the host country by making the trade partnership with the local Chinese pharmaceutical firm. There is high customer base and high level of competition among the pharmaceutical firms in China that will encourage the overseas firm to enter into Chinese markets for the growth of the pharmaceutical businesses as well as enhancing the market share, business performance, and positioning of the company in the pharmaceutical world (Slideshare, 2015). The Chinese pharmaceutical industry is comprised of the pharmaceutical companies, bio-medical research centers, biotechnology firms, generic medicine companies, and healthcare centers. Along with this, there is a range of top pharmaceutical firms in China, Lawley Pharmaceuticals can expand its businesses by making strategic partnership with any of these firms in the host country. Recommendations on Entry Strategy and Justification There are several market entry strategies including Exporting, Licensing, Strategic Alliance or Partnership, Ownership, Joint Ventures, and Foreign Direct Investment (FDI). The selection of the entry strategy will depend on several factors including firms resources and capabilities, nature of competition and risks, agreed goals and objectives of the firm, the market focus, financial strengths and resource capabilities of the partnership firm, and the competition level and environmental conditions in another country. After considering all these factors, the strategic alliance or partnership is selected as an appropriate market entry strategy that will be suitable to grow the businesses of Lawley pharmaceutical company by starting new business ventures through building strategic partnerships with the Chinese pharmaceutical firms. This is an appropriate market entry strategy because of the suitability of products for the Chinese market, nature of indigenous competition in the Chinese ph armaceutical industry, and identifying customers needs (Ncube, Ndou, and Gumata, 2016). This is an appropriate strategy for the overseas firms to start the business ventures in new destinations in order to enhance the market share and product positioning of the company in the global pharmaceutical industry. This strategy will assist the firm to share the ownership rights and control over the property rights and operations. The strategic alliance is a type of business strategy that enables the business firm to achieve the agreed business objectives and long-term goals in new marketplace (Isoraite, 2009). It will also be effective to develop outsourcing relationships between the parties when the businesses are desired to achieve the long-term benefits and innovation based on mutually desired outcomes. The strategic partnership with the Chinese Pharmaceutical firm will assist to provide the expertise, technology, product infrastructure, and market access that the firm would not be able to afford on its investment. The strategic partnership will also assist to share the products and services of others as well as reducing the operating costs through joint marketing efforts or sharing of distribution channels. This strategy will assist to cover the large customer segments of these Chinese markets by making alliances or partnership with the local Chinese pharmaceutical firm (Hanna, 2009). Lawley Pharmaceuticals can choose mergers or acquisition as a strategic partnership for acquiring the business operations of the Chinese pharmaceutical firm. This entry strategy will assist to identify the customers needs and nature and intensity of competition in the Chinese market. This strategy will also assist to capture the most business opportunities by reducing the market risks (commercial risk, financial risks, currency risks, and cross-cultural risks). This entry strategy will assist the company to obtain additional sales and affiliate generates greater revenues from the Chinese markets. Advantages and Disadvantage of Strategic Alliance entry Strategy Advantages- It assumes greater control over decision-making and future directions of the firm It facilitate transfer of technology, knowledge and resource between two firms It assists to attain the common goals driving joint ventures It is effective to quickly respond to the changing technology and market conditions It facilitates simple management structure that can be adjusted easily It assists to enhance the production capacity by extending a supply chain or providing a sophisticated distribution system It assists to provide a competitive advantage through pooling of skills, knowledge, and resources It is effective in the development of new production technologies (Gekonge and Christogfer, 2013). It will be effective to increase the production capacity and sales volume It provides opportunities to access to new markets through acquiring new customers It enhances the brand awareness and access to supplementary services Disadvantages- The strategic partnership with other firm can lose some degree of control over the way in which the business is perceived The partners may have different perspectives and views on the partnership business It may create conflicts between the contracting parties over resource and profit sharing It can bring certain inherent difficulties because of lack of trust and credibility issue (Wagner and Disparte, 2016). Justification of Selection of Entry Strategy The rationale behind the selection of this entry strategy is that it will be appropriate for Lawley Pharmaceuticals in expanding the businesses by starting the business ventures in new destination through making strategic partnership with another firm. Along with this, this strategy will be appropriate for finding the nature or extent of competition and customer base in the Chinese market. This entry strategy will suit to the foreign investment operations of this Australian pharmaceutical firm. By using this strategy, the firm will be able to enhance the production capacity and sales volumes, generating higher revenues, and profitability (Richardson, Steffen, and Liverman, 2011). This strategy will be appropriate to assume greater control on sharing of resources, profit sharing, and decision-making. This strategy will be effective to develop new pharmaceutical products or services by sharing technology, knowledge, and resources of each other. This strategy will be effective to create new opportunities by reducing risks and costs. Conclusion From the above studies, it can be concluded that Lawley Pharmaceutical firm can expand its business in the international markets by starting new business ventures in the Chinese Pharmaceutical industry. China is one of the fastest growing economies that provide a lot of business opportunities for the overseas firm to grow its business by starting business operations through making huge investments. Along with this, there are lesser risks including commercial risks, country risks, currency risks, and cross-cultural risks in China than South Africa. The Chinese Government also supports the new business operations by an overseas business firm for creating more foreign investment opportunities, new jobs opportunities as well as ensuring the high economies of the firm. For this assessment, the strategic alliance or partnership is selected as a new entry strategy for initiating the business operations because this strategy will be effective to grow the businesses by making mergers or acqui sition with the local Chinese pharmaceutical firms. References BMI Research (2015). South Africa Pharmaceuticals and Healthcare Report. [Online]. Available at: https://store.bmiresearch.com/south-africa-pharmaceuticals-healthcare-report.html. (Accessed: 23 September 2016). Bryan and Christiansen (2014). Handbook of Research on Global Business Opportunities. London: IGI Global. Deloitte (2014). Opportunities in China's pharmaceuticals market. [Online]. Available at: https://www2.deloitte.com/content/dam/Deloitte/ch/Documents/life-sciences-health-care/ch_Studie_Pharmaceutical_China_05052014.pdf. (Accessed: 23 September 2016). Deloitte (2015). Pursuing Risk Intelligence In a Rapidly Changing industry. [Online]. Available at: https://www2.deloitte.com/za/en/pages/governance-risk-and-compliance/articles/operational-risks-faced-pharmaceutical-companies.html. (Accessed: 23 September 2016). Financial Times (2015). Chinas Pharmaceutical Markets: Risks and Opportunities. [Online]. Available at: https://www.ft.com/content/7c1e0385-6d70-377d-96d9-8a502e7a2539. (Accessed: 22 September 2016). Gekonge and Christogfer, A. (2013). Emerging Business Opportunities in Africa: Market Entry, Competitive Strategy, and the Promotion of Foreign Direct Investment. London: IGI Global. IBP, Inc. (2015). China Investment and Business Guide Volume 1 Strategic and Practical Information. Australia: Lulu.Com. Isoraite, M. (2009). IMPORTANCE OF STRATEGIC ALLIANCES IN COMPANYS ACTIVITY, Journal of Strategic Business Management, Vol. 1 (5), pp. 39-46. Lawley Pharmaceuticals (2015). Introduction and Background Information of Lawley. [Online]. Available at: https://www.lawleypharm.com.au/about.php. (Accessed: 22 September 2016). Ncube, M., Ndou, E., and Gumata, N. (2016). Global Growth and Financial Spillovers and the South African Macro-economy. London: Springer. Peng, W. M. (2010). Global Business. USA: Cengage Learning. Richardson, K, Steffen, W., and Liverman, D (2011). Climate Change: Global Risks, Challenges and Decisions. USA: Cambridge University Press. Scarlett, H. R., Koslow, E. L., Ph.D., and J.D. (2009). Global Business. UK: Routledge. Slideshare (2015). The four risks of International Businesses. [Online]. Available at: https://www.slideshare.net/ibc-business-strategy/dealing-with-risks-in-internationa-business. (Accessed: 20 September 2016). Wagner, D. and Disparte, D. (2016). Global Risk Agility and Decision Making: Organizational Resilience in the Era of Man-Made Risk. London: Springer. Yong-Hwang, S. (2015). Introduction: What is International Business. [Online]. Available at: https://www.google.co.in/url?sa=trct=jq=esrc=ssource=webcd=1cad=rjauact=8ved=0ahUKEwi9jcr58p_PAhUUHmMKHTLPBSkQFggiMAAurl=http%3A%2F%2Fgraduatebusiness.sejong.ac.kr%2FBBSNormal%2FFileDown%2F6%2F86%2F154usg=AFQjCNH9ohk5f4PlfYHg-noivc8--alOIQsig2=7uZ_kjvDywmfaXvsJQB8Mw. (Accessed: 20 September 2016). Yuann, K. J. (2008). Supertrends of Future China: Billion Dollar Business Opportunities for China's Olympic Decade. Australia: World Scientific.

Electric Cars Essays (1562 words) - Green Vehicles,

Electric Cars Electric Cars History: Early electric vehicles may have appeared as early as 1830. Scottish inventor Robert Davidson constructed the world's first prototype electric vehicle in 1837, but historians generally credit J.K. Starley, an English inventor, and Fred M. Kimball of Boston with building the first practical electric cars in 1888. Later in the in the decade, William Morrison of Des Moines, Iowa, constructed his version of the electric vehicle in 1891. His vehicle required 24 storage battery cells, took 10 hours to charge, and could run for 13 hours. It could carry up to 12 people and had a 4-horsepower motor. His car could reach speeds up to 14 miles per hour. Morrison, however, never mass-produced his vehicle. The first commercially produced electric vehicle was the Electrobat. It was manufactured by Philadelphia-based Morris and Salom Company. In 1896, the Woods Motor Vehicle Company of Chicago became the first American manufacturer of electric cars. The Electrobat was one of several electric cars, which competed in a race sponsored by Illinois publisher H.H. Kohlsaat. He had challenged inventors to come up with a car that could travel the distance from Chicago to Evanston and back (58 miles). Electric cars and gas cars competed against each other in this competition. Although none of the cars performed in an especially notable manner, the electric cars failed miserably. It seemed that the slushy country roads generated a great deal of friction, which drained the strength of the batteries quickly. Shortly after the Kohlsaat race, Thomas Edison said he believed gasoline, not electricity, would provide the dominant power source for the automobile of the future. As it looks at the present, he said, it would seem more likely that (the cars) will be run by a gasoline or naphtha motor of some kind. It is quite possible. However, that an electric storage battery will be discovered which will prove more economical, but at the present the gasoline or naphtha motor looks more promising. It is only a question of a short time carriages and trucks in every large city will be run on motors. Thomas Edison seemed to predict the future. Even so, in 1904 one-third of all the cars in New York City, Chicago, and Boston were electrically powered. By 1912, there were 20,000 electric cars and 10,000 electric busses and trucks were on the road in the United States. Only a handful of manufactures, notably Baker and Detroit Electric, made it into the 1930's. Former President Woodrow Wilson owned one of the most elegant cars of the period, a 1918 Milburn Electric. In the 1960's and 1970's a handful of electric car manufactures started to reappear because of the increasing concern about air pollution and a depleting supplies of petroleum. In the late 1970's and 1980's, manufactures started developing electric cars called hybrids. These cars have all the components of the electric cars plus an internal-combustion engine. In the late 1980's, one of the most e technologically advanced electric cars was the Sunraycer, developed by General Motors Corporation. This experimental car used solar energy to recharge its batteries. More recently, in 1996, General Motors Corporation announced the first modern, mass-produced car designed specifically as an electric car. Also in 1996, the Honda Motor Company introduced another electric car, the first with nickel-metal hydride batteries, for sale in the United States. Italian automaker, Fiat, announced it will begin making vehicles with a new, standard-sized battery based on a European standard in 1996. Technological Concepts: An electric car has a battery and a controller, connected to the accelerator pedal, for directing the flow of electricity between the battery and motor. Most electric cars use lead-acid batteries, but new types of batteries, including zinc-chlorine, nickel metal hydride, and sodium-sulfur, are in the works. The motor of an electric car harnesses the battery's electrical energy by converting it to kinetic energy. Kinetic energy is the energy that makes the car move. The driver simply switches on the power, selects Forward or Reverse with another switch, and steps on the accelerator pedal. While the internal-combustion engine of a conventional car has many moving parts, an electric motor has only a single rotating element. Like a gasoline-powered car, an electric car has a system, called a power train, of

Buy Back of Securities- An Analysis

Buy Back of Securities- An Analysis Free Online Research Papers Introduction Share capital is a very essential part of a company, listed or unlisted. Share capital can be of two types i.e. equity share capital or preferential share capital. The share capital of a company has to be subscribed by one or more persons. After the share of a company has been allotted to the subscribing members, the subscribers have no right over the money gone as proceeds of the shares subscribed. All that the shareholder has is the right to vote at the general meetings of the company or the right to receive dividends or right to such other benefits which may have been prescribed . The only option left with the shareholder in order to realize the price of the share is to transfer the share to some other person. But with the introduction of section 77A, 77AA, and 77B in the Companies Act, 1956 the shareholder can realize the price by selling directly to the company . Buy Back of Securities In general terms buy back of shares can be understood as the process by which a company buys its share back from its shareholder or a resort a shareholder can take in order to sell the share back to the company. Buy-Back of shares is nothing but reverse of issue of shares by a company . It means the purchase of its own shares or other specified securities by a company. In case of buy-back, a company offers to take back its shares owned by the investors at a specified price generally determined or arrived at on the basis of the average price of the shares in the past few months. This calculation is usually done at a premium on the market price so as to attract more number of investors, which may vary as per the financial prudence of the company . Thus, buy-back is one of the prominent modes of capital restructuring. Legislative History Under Section 77 of the Companies Act, 1956, a limited company is prohibited from buying back its own shares. The basic reason for such a prohibition was a feeling that allowing companies to buy-back their shares could give rise to companies ‘trafficking’ in their own shares leading to undesirable practices in the stock market, like insider trading or other such unhealthy influences on stock prices . There was also an apprehensions that introduction of buy-back was unlikely to improve the stock market climate, but on the contrary worsen the climate as buy-back would in all likelihood facilitate more manipulation This general prohibition has been diluted by the statute, which permits a company to buy-back its securities after following the procedural safeguards provided in Section 77A, 77AA and 77B of the Companies Act. Prior to the Amendment of the Companies Act in 1999, the laws as to the buying of its share by the companies were very stringent. There was no way a company could buy its shares back from the shareholders without a prior sanction of the Court (except for the preferential shares). In 1887, in was held in the case of Trevor v. Whitworth , that a company limited by shares may not purchase its own shares as this would amount to an unauthorized reduction of capital. The rationale for this decision was that though the creditors of the company make decisions about its credit-worthiness on several grounds, but an important ground is the amount of its share capital. If the courts had not established at an early stage that capital was ‘sacrosanct’ and could not be returned to shareholders at their whim, then share capital would not have been protected. Without this protection, creditors could find shareholders depleting share capital, with creditors left to carry all the business risks. In India, the rule in Trevor v. Whitworth was enshrined in Section 77 of the Companies Act, 1956 which prohibited a company limited by shares, or by guarantee, and having a share capital from buying or canceling its own shares, nor may a company do so indirectly, by getting another person to buy the shares on its behalf, unless it complied with the provisions and followed the procedure for reduction of share capital under Sections 100 to 104 of the Companies Act, 1956 which involved sanction by the Court. Thus, by implication, an unlimited company can purchase its own shares. Article 3(e) of Table E, Schedule 1 to the Act gives power to such companies to reduce its shares in any way . Similarly, forfeiture for non-payment of calls and valid surrender do not involve purchase of shares by the company . Any valuable consideration paid out of the company’s assets amounts to a transaction of purchase . A prohibition on the buy-back of shares thus existed by virtue of Section 77 of the Companies Act, 1956 under which a buy-back could be made only by reduction of share capital. Later, the recommendations of a Working Group on Companies Act, 1956 constituted by the Central Government, led to insertion of section 77A and 77B. This Amendment was suggested to bring Indian law in parity with its British counterpart . Thereafter, the concept of Buy-back of securities which was proposed in the Companies Bill, 1997 was incorporated in the Companies Act by the Companies (Amendment) Ordinance 1998. Section 77A of the Act refers to the power of a company to purchase its own Securities subject to the provisions of Section 77A (2) and section 77B of the Act. The Securities and Exchange Board of India (SEBI) has issued the SEBI (Buy-back of Securities) Regulation 1998, which are applicable to listed company on a stock exchange. The other companies are regulated by Private Limited Company and Unlisted Public Limited Company (Buy-back of Securities) Rules, 1999. OBJECTIVES OF BUY-BACK OF SHARES In the words of the working group which recommended the introduction of buy back in the companies act: â€Å"It is an erroneous belief that the sole reason for buy back is to block hostile take-over. In this connection it is pertinent to list five reasons why the bank of England favoured the making of law to allow companies to repurchase their shares of which blocking take-over was only one: To return surplus cash to shareholders To increase the underlying share value To support the share prices during temporary weakness. To achieve or maintain a target capital structure. To prevent or inhibit unwelcome take-over bids. Briefly a company resorting to the buy-back may have surplus cash, and it may not have found the right avenue to invest such surplus cash, during such period of dilemma the company may decide to return the surplus cash by buying back its shares, with a hope that at a later time when the company brings on an expansion the investors do not loose their faith in the company. Secondly the company might as well think of buying its shares with a view to increase the value of the shares which after the process of buy back still remain in the market. For after the shares are bought back the number of marketable shares become less and thus the prices increase. Thirdly, at times there is a slump in the share market due to no fault of the company. Though the slouch may be temporary but may have continued far too long .The management then may decide to give value to the shareholders and buy back their shares at a price higher than the market price. This is generally done to instill faith in the m inds of the shareholders. Saving a company from hostile take-over has always been seen as a major force behind bringing about this amendment, the company may use the surplus cash available in buying back its shares and bringing the number of floating shares down, resulting in the suitor not finding it a worthy investment or a profitable acquisition. These could be certain reasons why a company may resort to buy back of its shares. Thus in short, shares may be bought back by the company on account of one or more of the following reasons: To increase promoters holding; Increase earnings per share; To improve return on capital return on net worth and to enhance the term shareholder value; To provide an additional exit route to the shareholders when shares are undervalued or are thinly traded; To enhance consolidation of stake in the company; To return surplus cash to the shareholders; To achieve optimum capital structure; Rationalize the capital structure by writing off capital not represented by available assets; Support share value; To thwart hostile takeover; To pay surplus cash not required by business. MODES OF BUY-BACK The buy-back of shares or securities may be in any one or more of the following modes: existing security-holders on a proportionate basis(tender offer method); the open market through: o book building process in accordance with Regulation 17; o stock exchanges in accordance with Regulation 15; or odd lots, that is to say, where the lot of securities of a public company, whose shares are listed on a recognized stock exchange, is smaller than such marketable lot, as may be specified by the stock exchange; or the securities issued to employees of the company pursuant to a scheme of stock option or sweat equity. PROHIBITED MODES OF BUY-BACK: No company shall directly or indirectly purchase its own shares or other specified securities : Through any subsidiary company including its own subsidiary company; or Through any investment companies or group of investment companies; or If a default, by the company, has been made in respect of: o Repayment of deposit or interest payable thereon, or o Redemption of debentures or preference shares, or o Payment of dividend to any share holder, or o Repayment of any term loan, or o Interest payable thereon to any financial institution or bank. If the company has not complied with the provisions of section 159, 207 and 211 of the Act. Moreover, a listed company is prohibited from buying back its securities through negotiated deals, spot transactions, private arrangements and insider dealings . SOURCES FOR BUY-BACK The Act provides that buy-back of shares can be financed only out of free reserves -Where a company purchases its own shares out of free reserves, then a sum equal to the nominal value of the share so purchased is required to be transferred to the capital redemption reserve and details of such transfer should be disclosed in the balance-sheet; or securities premium account; or Proceeds of any shares or other specified securities. It is provided that no buy back of any kind of shares or other specifies securities can be made out of the proceeds of the same kind of shares or same kind of other securities as it will frustrate the purpose sought to be achieved by an issue and will make no sense. It can however be used for buy-back of another kind of security. CONDITIONS FOR BUY-BACK The Companies Act provides that a company can buy-back its shares only when : It must be authorised by the articles of association of the company. It is, therefore, necessary for a company proposing to resort to a buy-back to make sure that such an authority exists in its articles. If the articles do not contain such a provision, the company must follow the procedure laid down in Section 31 of the Companies Act for altering its articles to incorporate such a provision by passing a special resolution and filing a certified true copy of the same along with Form No. 23, with the concerned Registrar of Companies, for registration as required by Section 192 of the Act. A special resolution has been passed in general meeting of the company authorizing the buy-back; However, the said special resolution shall not be required to be passed if the following conditions are satisfied : o The buy-back is or for less than 10% of the total paid up equity capital and free reserves of the company, and o A resolution authorizing the buy-back is passed at the meeting of the board. Provided that no company can come out with a fresh proposal to buy back its shares within a period of 365 days from the date of the preceding offer of buy-back. The ratio of the debt owed by the company is not more than twice the capital and its free reserves after such buy-back: Provided that the Central Government is empowered to relax the debt-equity ratio in respect of a class of companies but not in respect of any particular company . The impugned shares/securities must be fully paid-up. The buy-back of the shares or other specified securities listed on any recognized stock exchange is in accordance with the SEBI (Buy-back of Securities) Regulations, 1998. The buy-back in respect of shares or other specified securities other than those listed on any recognized stock exchange shall additionally comply with the provisions of the Private Limited Company and Unlisted Public Company (Buy-back of Securities) Rules, 1999. EXPLANATORY STATEMENT The explanatory statement accompanying the notice convening the general meeting at which the special resolution will be passed should contain all the relevant particulars of the buy-back such as: All material facts, fully and completely disclosed: The necessity for buy-back; The class of security intended to be purchased by the buy-back; The amount to be invested under buy-back; The time limit for completion of buy-back. The company is also required to pass a special resolution in its general meeting after following the procedure laid down in section 171, 172 and 173. TIME LIMIT OF COMPLETION OF BUY-BACK Every buy-back is required to be completed within 12 months from the date of passing the special resolution or the Board resolution, as the case may be or where the resolution is passed through postal ballot, the date of declaration of the result of the postal ballot, as the case may be. OTHER FORMALITIES Declaration of Solvency- A declaration of solvency is required to be filed by the company with the Registrar and SEBI in the prescribed form before the buy-back is implemented to guaranty its solvency for at least a year after the completion of buy-back . It should be verified by an affidavit and signed by two directors, one of whom must be the Managing Director, where there is one. However, a company whose shares are not listed on the Stock Exchange is not required to file this declaration with SEBI. Physically Extinguishment of Securities- A Company after the completion of buy-back is required to physically extinguish and destroy its securities within 7 days of the last day on which the buy-back process is completed . Prohibition on Further Issue of Shares- A Company buying back its securities is prohibited from making a further issue of securities within a period of 6 months except by way of a bonus issue and discharge its existing obligations such as conversion of warrants, stock option schemes, sweat equity or conversion of preference shares or debentures into equity shares . Register of Securities Bought Back- A Company is also required to maintain a register containing the particulars of the brought back securities, including the consideration paid for them, the date of cancellation, the date of physically extinguishing and physically destroying securities and such other particulars as may be prescribed . Such particulars are required to be entered in the register of buy-back of securities within 7 days of the date of completion of buy-back. Filing of Return- On completion of the buy-back process, the company shall within a period of 30 days file with SEBI and the Registrar a return in e-form No. 4C containing the particulars prescribed. A private company and a public company whose shares are not listed on a recognized stock exchange should file the return of buy-back with the Registrar only . The conditions specified below are applicable to only buy-back of shares effected under the said provisions and the conditions applicable to Sections 100, 104, 391 cannot be applied to buy back of securities . TRANSFER OF CERTAIN SUMS TO CAPITAL REDEMPTION RESERVE ACCOUNT Where a Company purchases its own shares out of free reserves, then a sum equal to nominal value of the shares so purchased has to be transferred to the Capital Redemption Reserve Account referred to in clause (d) of the proviso to sub section (f) of section 80 and its details are required to be disclosed in the balance sheet . Such a transfer of capital redemption reserve account will not be required when buy-back of securities is other than shares. Further, the Central Government may, from time to time notify other securities as specified securities and such notified securities may not be shares. PENALTY If a company makes default in complying with the provisions, the company or any officer of the company who is in default shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to fifty thousand rupees, or with both. The offences are compoundable under section 621A of the Companies Act, 1956. CRITICAL ANALYSIS APPRECIATION This scheme is advantageous to the Companies as: Companies may buy-back its shares to take advantage of low share prices and hope that their value will rise quickly. Companies considering that its share price has been unfairly lowered buy-back them to give the price a boost. A company with excess cash may choose to buy its own shares rather than give out dividends. Once a company gives out dividends, investors expect them to be passed out regularly. But if the company’s cash dwindled in future years, it might have to cut the dividend and anger shareholders. A company could be taking advantage of the lower price to infuse its employee stock option program. A company may buy-back it shares to safeguard itself from hostile takeover bids. CRITICISM However, there are certain drawbacks and areas of concern in the legislation: Under section 115-O of the Income Tax Act, 1961, dividend tax at the rate of 10 % has to be paid on any amount declared, distributed or paid by way of dividend by any domestic company. However, buy-back of shares made under section 77A of the Act is not treated as dividend by virtue of sub clause (iv) of clause (22) of section 2 of the Income tax Act. It is not mandatory for a company to declare dividend under the Act. Taking advantage of this legal provision, a subsidiary may refrain from declaring dividend and transfer the entire or substantial profits to reserve. Then it can buy-back 25% of the shares at book value, which in any case will be more than the face value. These companies can wait for 6 months and issue further shares to the extent brought back. This process can be repeated any number of times. Thus, buy-back can be used to repatriate profits without paying dividend taxes by subsidiaries of foreign companies. Similarly, subsidiaries of Indian companies can also distrib ute profits without paying any dividend tax. Most of the buy-back taken place to enhance promoter’s holdings in the company rather than with a view to enhance shareholder’s wealth. In case of the multi-national companies, buy-back has been motivated by a desire to get the company de-listed from the Indian bourses. Under the present guidelines, if the promoters are able to get more than 90% shares, law permits the delisting. There is no restriction on repeated buy-backs year after year, which has resulted in increasing promoters equity stake ultimately. There is reduced cooling off period of 6 months between a buy-back and re-issue of same kind of shares within a specified period. There are reports of insider trading in some of the cases before the buy-backs are announced. CONCLUSION With the present competitive environment in India arising due to globalization and multi-nationals entering into the Indian market; it was felt that Indian companies need flexibility. Though the response to buy-back option was lukewarm in the beginning, the situation is changing and the provisions have received laudable response from the corporate world. Since the approval of buy-back of shares by companies, there has been commendable shoot up in the instances of buy-back. If one takes a peek at the web-site of the SEBI, every month on average 2-3 companies make public announcements for buy-back of shares. There are undoubtedly certain drawbacks in the Buy-back of securities in India but the benefits far outweigh the criticism. Thus, enabling Indian companies to buy-back its own shares is clearly a step towards fulfillment of long-standing demand towards liberalization of company law. ? Bibliography Dr. Avtar Singh : Company Law, Eastern Book Company A.K. Mujumdar : Company Law, Kalyani Publishers Palmer : Company Law (Vol 1), Steven Sons Ltd., London Young Patrick : Capital Market Revolution: The Future of Markets in an Online World H.K. Saharay : Company Law, Universal Law Publishing Co. Taxman : SEBI Manual Sanjeev Aggarwal : Guide to Indian Capital Market, Bharat Law House Research Papers on Buy Back of Securities- An AnalysisMoral and Ethical Issues in Hiring New EmployeesAnalysis of Ebay Expanding into AsiaMarketing of Lifeboy Soap A Unilever ProductCapital PunishmentIncorporating Risk and Uncertainty Factor in CapitalTwilight of the UAWNever Been Kicked Out of a Place This NiceComparison: Letter from Birmingham and CritoDefinition of Export QuotasThe Project Managment Office System

Money is the Root of Good Essay Example | Topics and Well Written Essays - 1500 words

Money is the Root of Good - Essay Example Ancient people graduated from Barter trade to using precious metal coins as their form of money. Gold, silver, bronze among other metals served as money in the olden days. Today, money is accepted as physical currency made of paper and coins. The growing technology has also introduced an acceptable business platform that involves online trade where currency is rarely used. These transformations aim at making exchange of goods and services easy. Even though there are various evils associated with money, money’s goodness outweighs its associated evils, thus money is the root of good stands. In the ancient world when money had not been introduced, traders used to engage in barter trade whereby goods were exchange for goods based on mutually inverse needs. It was difficult to agree on the value of goods to be exchanged due to quantity and quality differences. Traders needed to come up with a material that would be used to stop the direct exchange of goods. Money stepped in to determine the value of various goods. Moreover, it was widely accepted. It is divisible and trade has been easy since its introduction in the markets (Wollenberg para 1). Money is any acceptable material of exchange in a transaction. In a hypothetical situation, absence of money would mean that there wouldn’t be any platform to conduct trade. People would acquire goods from others by forceful means. Money has enabled trade thus it is good (Wollengerg para 2). Anything used rightfully and fairly is good. This includes money and general wealth. Wollenberg tells of a story of a poor man whose generosity elevated his financial status in the community but once he became rich, selfishness stepped in. Shannon Christman, in her article â€Å"why money is not the root of all evil† argues that its not money that causes evil but the love for money. Christman suggests that if money was the root off all evil, then religious people would be striving hard to be as

Data Handling Checklist Research Paper Example | Topics and Well Written Essays - 2750 words

Data Handling Checklist - Research Paper Example 1.2 Use data collection sheets to record data from a practical exercise (e.g. measuring temperature change over time) (p264 Chapter 28). Solution: There are a number of methods available to record the raw data. Let here we use tally chart to record the data related to measure the temperature change over time. The data recorded in table 1.2(a) is the raw data about the variation of temperature over time for a hot summer week. 1.3 Identify strengths and weaknesses of different methods of data collection, e.g. tally chart - frequency table (p274 Chapter 28 submit Question 1). Answer. Strengths of Tally chart. A tally chart is a grid used to help clearly show information as it is collected. A good tally chart, -shows the information clearly. -have clear columns and headings. -uses lines to show numbers and a total number to show the frequency. Weakness of Tally chart -Tally chart is not a good option to use for a large complex data collection. -Since Tally chart uses lines to show numbers, therefore for large data the Tally (lines) patterns are not only have an odd outlook but also cover a lot of space. Frequency Table When summarizing large masses of raw data it if often useful to distribute the data in classes or categories and to determine the number of individuals belonging to each class called the class frequency. A tabular arrangement of data by classes together with the corresponding class frequency is called a frequency distribution or frequency table. The data organized in frequency table is termed as grouped data. Strengths of Frequency Table A frequency table can split data into classes or categories. By frequency table the actual number of scores as well as the % age of scores in each interval can be displayed. A frequency table can be used to summaries categorical, nominal, and ordinal data. It may also be used to summar