Class Inequality In The Kite Runner - 1320 Words

All it takes is one little thing for humans not to be seen as equal, whether it be be a person s race, belonging to a certain religious or ethnic group, or social status. It shouldn’t be that way, but that’s the predicament that society finds itself in. In the novel, The Kite Runner by Khaled Hosseini these problems are evident throughout the book. Taking place in war torn Afghanistan and the safe haven of the United States, Amir and his father Baba face the struggle of transitioning from the upper class lifestyle in Afghanistan to the life of middle class in America. To better illustrate inequality of social classes Hosseini uses literary devices to get his ideas across. Using irony and imagery, Khaled Hosseini vividly describes scenes†¦show more content†¦However in public that all slips away, Baba is more concerned about keeping his high social status and is okay with other people of the higher class picking on Ali. To the public eye, Baba treats Ali as a se rvant and nothing more. Including situational irony helps Hosseini show the reader the drastic difference in social class and how people react to the difference in status. Imagery is also included in the novel to add more layers to the theme. Amir grew up as a part of Afghanistan s upper class, he is the son of a well respected businessman. No stranger to money, Amir lived a pampered lifestyle using his father’s social status to his advantage. His whole childhood, he lived in what was considered â€Å"the prettiest house in all of Kabul† (Hosseini 4). Baba insisted that he drive Amir to school daily in his Mustang and threw him huge birthday bashes yearly. Amir was spoiled when it came to things, his father would buy him expensive toys, such as watches, art sets, and bicycles for holidays that he would rarely, sometimes never even touch. As a child, Amir saw the lower class and was exposed to it, however he was still very sheltered from it and never saw it as it really was. Amir and Baba flee to the United States after Afghanistan is taken over by the Russians. Older now, Amir is moreShow MoreRelatedAnalysis Of The Kite Runner 1229 Wor ds   |  5 PagesThe Kite Runner’s plot is centered on the story of Amir, a young boy who grew up in Afghanistan with his father, and friend, Hassan. Amir was raised without a mother, and had no womanly influence in his life until he was married. This lack of women in the storyline has caused some to argue that the novel is demeaning to women (Gomez). The vulgar language and explicit themes are seen as demoralizing towards the female gender (Schaub). In the novel the women are required to remain committed and submissiveRead MoreThe Kite Runner and the Caste System Essay1844 Words   |  8 Pagesplays an important role throughout the Kite Runner. The book sates that there needs to be an order of the people to make sense of things worthwhile. The two boys try to defy that the caste system is nothing more than a state of mind. The Afghan people feel alienated from their own history because of the caste system. Kite fighting is a perfect example of the caste system. One has the fighter who attacks other kites, and the runner who chases he fallen kites. Hassan who is a Shia while Amir isRead MoreEssay On Hassan As An Archetype1014 Words   |  5 Pagesfactor, including symbolic actions, cultural conventions, and the unspoken bond between Hassan and Amir. To facilitate significant exploration and development of ideas, source material will not be limited to only the literary text The Kite Runner, will it will make use of secondary research material that supplements my understanding of the work, including interviews with the author, literary commentaries, the historical significance of the time period the book is set in, as well the religiousRead MoreA Thousand Splendid Suns And The Kite Runner3258 Words   |  14 PagesKhalad Hosseini the author of two heart touching and utterly amazing stories, has watched his people suffer, die and fight miserably for their freedom. He expresses his sorrow and love for his country in his writings A Thousand Splendid Suns and The Kite Runner. He explores the values of the Afghan society. Through his works, the readers have a sense of understanding of the exotic and rich culture that exists in Afghanistan. Hosseini expresses through his writing, the beautiful culture and traditions thatRead M oreThe Kite Runner By Khaled Hosseini3402 Words   |  14 Pagestitle â€Å"The Kite Runner† is symbolic as fighting kites and the kite runnings are impacting moments in the novel. Hassan was the best kite runner in Kabul, if not the whole country, after Amir won the kite fighting the running of that last blue kite triggered the monumental changes for Amir. For the beginning of the story the kite running was associated with Hassan’s rape and Amir’s grief. As kites appear throughout the story, they begin Amir’s story and also end it. Amir flying the kite with SohrabRead MoreEssay on Conflict Between Social Classes1880 Words   |  8 PagesSocial class, which can define one’s position in society, sometimes contributes to a form of conflict for people with socially low status who try to gain rights and equality in society. This can often been seen in the twentieth century history, such as the movement towards African and Indian independence, where p eople rebelled in order to create their own government and have better living conditions. The rise of conflicts due to social inequality happened in all over the world, and consequently,Read MoreDeveloping Management Skills404131 Words   |  1617 Pagesmymanagementlab is an online assessment and preparation solution for courses in Principles of Management, Human Resources, Strategy, and Organizational Behavior that helps you actively study and prepare material for class. Chapter-by-chapter activities, including built-in pretests and posttests, focus on what you need to learn and to review in order to succeed. Visit www.mymanagementlab.com to learn more. DEVELOPING MANAGEMENT SKILLS EIGHTH EDITION David A. Whetten BRIGHAM YOUNG UNIVERSITY

The Sarbanes Oxley Act Of 2002 - 1525 Words

Most word references characterize fraud as a bogus representation of true data. Whether that false data is given by expressing false words, deluding claims, or by concealing or disguising uncovered data, it is viewed as fraudulent because of the beguiling nature. In spite of the fact that it is deceptive to give false data, people even in real companies will attempt to cover their misfortunes by reporting false data. Taking after many years of monetary frauds and outrages including executives and officers at a portion of the biggest organizations in the United States, Congress established the Sarbanes-Oxley Act of 2002 (Cheeseman, 2013). Congress ordered the Sarbanes-Oxley Act of 2002 (SOX Act) to shield customers from the fraudulent exercises of significant partnerships. This paper will give a brief history of the SOX Act, portray how it will shield general society from fraud inside of partnerships, and give a presumption to the viability of the capacity of the demonstration to shie ld purchasers from future frauds. History of the SOX Act Congress established the Sarbanes-Oxley Act of 2002, which is otherwise called the Public Company Accounting Reform and Investor Protection Act, in the beginning of corporate and accounting scandals that prompted liquidations, serious stock misfortunes, and a loss of trust in stocks (Batten, 2010). The demonstration forces new obligations on corporate administration and criminal authorizes on those supervisors who spurn the law, and itShow MoreRelatedSarbanes-Oxley Act of 2002985 Words   |  4 Pages Sarbanes-Oxley Act of 2002 Week # 2 Individual Assignment â€Æ' Sox Key Main Aspects for a Regulatory Environment Sarbanes-Oxley Act was passed in 2002 by former president George Bush. Essentially to combat the Enron crisis. The Sox Act basically has regulatory control and creates an enviroment that is looking out for the public. Ideally this regulatory environment protects the public from fraud within corporations. Understanding, that while having this regulatoryRead MoreThe Sarbanes Oxley Act Of 20021614 Words   |  7 PagesThe Sarbanes-Oxley Act of 2002 (SOX) was enacted to bring back public trust in markets. Building trust requires ethics within organizations. Through codes of ethics, organizations are put in line to conduct themselves in a manner that promotes public trust. Through defining a code of ethics, organizations can follow, market becomes fair for investors to have confidence in the integrity of the disclosures and financial reports given to them. The code of ethics include â€Å"the promotion of honest andRead MoreThe Sarbanes Oxley Act Of 2002 Essay1605 Words   |  7 Pages well-known acts have been signed into laws by the presidents at the time to protect investors and consumers alike. A brief overview of the Sarbanes-Oxley Act of 2002, a discussion of some of the provisions therein, opinions of others regarding the act and also my personal and professional opinion will be discussed below. The same will be examined about the Dodd-Frank Wall Street Reform and Consumer Protection Act. Senators Paul Sarbanes and Michael Oxley were the sponsors of the Sarbanes-Oxley Act of 2002Read MoreThe Sarbanes Oxley Act Of 20021563 Words   |  7 PagesThe Sarbanes-Oxley Act of 2002 (SOX) was enacted to bring back public trust in markets. Building trust requires ethics within organizations. Through codes of ethics, organizations conduct themselves in a manner that promotes public trust. Through defining a code of ethics, organizations can follow, the market becomes fair for investors to have confidence in the integrity of the disclosures and financial reports given to them. The code of ethics includes the promotion of honest and ethical conductRead MoreThe Sarbanes Oxley Act Of 20021015 Words   |  5 PagesThe Sarbanes-Oxley Act of 2002, also known as the SOX Act, is enacted on July 30, 2002 by Congress as a result of some major accounting frauds such as Enron and WorldCom. The main objective of this act is to recover the investors’ trust in the stock market, and to p revent and detect corporate accounting fraud. I will discuss the background of Sarbanes-Oxley Act, and why it became necessary in the first section of this paper. The second section will be the act’s regulations for the management, externalRead MoreThe Sarbanes Oxley Act Of 2002 Essay1070 Words   |  5 Pagesof Sarbanes-Oxley Act of 2002. This Act was placed into law to protect the consumer against fraudulent activity by organizations. This paper will provide a brief history of the law and discuss some of the ethical components and social implications on corporations. This research will provide information on how the Sarbanes-Oxley Act affects smaller organizations and how it encourages employees to inform of wrong doings. Brief Synopsis of Sarbanes-Oxley The U.S. Congress passed the Sarbanes-OxleyRead MoreThe Sarbanes Oxley Act Of 20022137 Words   |  9 Pagesdishonest act that remained common amongst companies such as Enron, WorldCom, and Tyco was the fabrication of financial statements. These companies were reporting false information on their financial statements so that it would appear that the companies were making profits. However, those companies were actually losing money instead. Because of these companies’ actions, the call to have American businesses to be regulated under new rules served as a very important need. In 2002, Paul Sarbanes from theRead MoreSarbanes Oxley Act of 20021322 Words   |  6 Pagesï » ¿Sarbanes-Oxley Act of 2002 Descriptions of the main aspects of the regulatory environment which will protect the public from fraud within corporations are going to be provided in this paper. A special attention to the Sarbanes – Oxley Act of 2002 (SOX) requirement; along with an evaluation of whether Sarbanes-Oxley Act will be effective in avoiding future frauds based on their implemented rules and regulations. The main aspects of the regulatory environment are based on the different laws and regulationsRead MoreThe Sarbanes Oxley Act Of 2002 Essay1302 Words   |  6 PagesThe Sarbanes-Oxley Act of 2002 was the result of a number of large financial scandals in the United States in the late 1990s and early 2000s. One of the most well-known corporate accounting scandals was the Enron scandal, which was exposed in 2001. Enron, an energy company that was considered one of the most financially sound corporations in the United States before the scandal, produced false earnings reports to shareholders and kept large debts off the accounting books (Peavler, 2016). Enron executivesRead MoreThe Sarbanes-Oxley Act of 20024779 Words   |  20 PagesThe Sarbanes-Oxley Act of 2002Introduction2001-2002 was marked by the Arthur Andersen accounting scandal and the collapse of Enron and WorldCom. Corporate reforms were demanded by the government, the investors and the American public to prevent similar fut ure occurrences. Viewed to be largely a result of failed or poor governance, insufficient disclosure practices, and a lack of satisfactory internal controls, in 2002 George W. Bush signed into law the Sarbanes-Oxley Act that became effective on

Principles of Corporate Finance Imperial Tobacco

Question: Discuss about the Principles of Corporate Finance for Imperial Tobacco . Answer: Introduction Imperial Tobacco is a UK based company with headquarters in Bristol and primary listing on LSX. It has global presence with manufacturing locations spread across 51 worldwide locations and customer base in excess of 160 countries. The key markets for the company are EU and other European countries along with US and Asia (Imperial Tobacco, 2015). The current report aims to highlight the myriad risks that are prevalent in the business and also financing of the same. The financial performance is analysed by deployed ratio analysis tool for the consolidated financial statements for FY2014 and FY2015. Besides, the current capital structure of the company is critical analysed and suitable recommendations have been extended for an optimal funding mix going forward. Business and Financial Risks Akin to other businesses, the company also has sizable exposure to a plethora of business and financial risks. These are highlighted as shown below. Reducing size of the legitimate tobacco market An overall reduction in the tobacco products market is happening primarily because of the below mentioned reasons (Imperial Tobacco, 2015). The demand of products containing tobacco and their availability in most geographies is regulated towards government intervention due to the negative impact that these products have on human health. This regulation if increased in the near future would adversely impact the consumer demand and also enhance the costs for compliance. The government typically increases the excise duty levied on tobacco products which serves twin objectives. It increases the price of these products and thus limit the underlying usage while also enhancing the funds available for generating public awareness against such products. The above two measures give rise to a flourishing illegal trade market where tobacco products are imported from regimes which attract less taxation. Further, the counterfeits for various brands are on the rise in order to satiate the demand for tobacco products through cheaper substitutes. Besides, any slowdown in the economy particularly in prominent markets would adversely impact the income levels and thus would reduce the size of the legal market as consumers would decrease smoking or shift to cheaper alternatives in the form of illicit market. Regulatory and Legal Compliance Costs Due to the underlying nature of the business, there are sizable costs related to legal suits and compliance cases that negatively impacts the profitability of the business primarily because of the below mentioned reasons (Imperial Tobacco, 2015). Considering the wide geography of customer market which spans almost the globe, there are instances where the domestic law or the international laws are violated and the company has to pay financial penalties along with reputation loss. The users of tobacco products along with the e-vapour segment tend to file litigations against the company on account of the harm caused and hence sizable legal costs need to be expensed by the company in managing these, thus diminishing overall prof Markets downside risk particularly in Europe The company is present in various European markets in a very big way and hence its fortunes are related to the market conditions in these geographies. Any significant disruption in the stability of these would have profound impact on the sales. In case of any civil unrest or sustained instability in the region such as issues within the EU or exit of any particular nation, the business operations of the company would be hampered (Imperial Tobacco, 2015). Financial Risk It is evident that there is sizable debt in the books of account and hence decrease in the credit rating can result in higher finance costs thus acting as a drag on profitability. Further, sustained financial downturn in key financial markets may limit the refinancing capacity of the company and thus may require higher costs to service debts which are about to mature in the near future. Also, there is default risk especially if the business diminishes particularly to government regulation and thus default risk may go up which would lead to higher interest costs (Imperial Tobacco, 2015). Recent Financial Performance The financial ratios have been computed using the consolidated financial statements for the two most recent years. This serves as the basis for the comparison of the financial performance of the company in the recent times. Profitability Ratios Analysis The requisite profitability ratios are summarised in the tabular format shown below (Imperial Tobacco, 2015). Ratio Formula FY2014 FY2015 Gross profit margin Gross Profit/ Revenue 19.58% 20.45% Net profit margin Net Profit/ Revenue 5.46% 6.81% Return on Assets Net Profit/ Total Assets 5.58% 5.72% Return on Equity Net Profit/ Total Equity 26.45% 30.25% It is evident that gross profit has improved from 19.58% to 20.45% primarily to improvement in operational efficiency driven by the various initiatives for cost management undertaken by company. The increase in net profit margins is primarily due to hike in income from investment coupled with decline in tax outflow besides margin gains at gross level (Imperial Tobacco, 2015). The improvement in ROA and ROE is being driven by the increase in net income in FY2015. The comparable profitability ratios for BAT (British American Tobacco) are given below. It is apparent that BAT has superior profitability margins as compared to Imperial Tobacco. However, in the recent year there has been a sharp decline in the gross profit margins for BAT. But the profit margins continue to rise on back of cutting down on operating expenses. Hence, Imperial Tobacco has improved its profitability but more needs to be done. Liquidity Ratios Analysis The requisite liquidity ratios are summarised in the tabular format shown below (Imperial Tobacco, 2015). Ratio Formula FY2014 FY2015 Current Ratio Current Assets/ Current Liabilities 3.35 3.30 Quick Ratio (Current Asset - Inventories)/ Current Liabilities 2.98 2.99 It is evident that at the end of FY2014, the current ratio was higher as compared to the corresponding value at FY2015 end. This is because the % increase in current liabilities was comparatively higher than % increase in current assets in FY2015. The current liabilities increase can be explained on account of the increase in short term loans from a mere 429 million at FY2014 end to 1,957 million at FY2015 end. Quick ratio underwent marginal improvement at FY2015 end as the inventory level decreased marginally (Imperial Tobacco, 2015). Turnover Ratio Analysis The requisite turnover ratios are summarised in the tabular format shown below (Imperial Tobacco, 2015). Ratio Formula FY2014 FY2015 Asset Turnover Sales/Total Assets 1.02 0.84 Inventory Turnover Cost of goods sold/Inventory 7.40 7.08 Receivables Turnover Sales/Accounts Receivables 9.58 10.31 Payables Turnover Cost of goods sold/Accounts Payable 3.06 2.96 It is evident that in FY2015, the asset turnover has declined because of the decrease in revenue caused due to lacklustre performance of some European markets (Imperial Tobacco, 2015). This drop in sales has resulted in the decrease inventory turnover for FY2015. However, the trend is opposite for receivables turnover ratio which has improved even though sales are lesser primarily because receivables days have become less which leads to drop in the cash cycle and hence diminishes working capital requirements. The cash cycle is further shortened since there has been a decrease in payables turnover in FY2015 which in turn provides a larger credit period for the company (Ross, Westerfield Jordan, 2013). Therefore, all turnover ratios besides the asset turnover and inventory turnover are favourable for the company since it amounts to better liquidity. The comparable ratios for BAT are given below. Even though BAT has seen a drop in asset turnover, but it continues to be superior than Imperial Tobacco indicating better usage of assets for BAT. The inventory turnover for BAT continues to be marginally higher than corresponding value for Imperial Tobacco. The receivables turnover for BAT is higher than Imperial Tobacco which indicates that BAT is able to recover money from its debtors in a shorter time. Gearing Ratios Analysis The requisite gearing ratios are summarised in the tabular format shown below (Imperial Tobacco, 2015). Ratio Formula FY2014 FY2015 Debt to equity ratio (Short term + long term debt)/ Total equity 1.81 2.49 Interest Coverage Ratio Operating Profit/ Interest Expense 1.91 1.64 Long term debt to equity ratio Long term debt/Total equity 1.73 2.15 It is clear from the above values that the contribution of debt has increased which is on account of increases in both term borrowings and current borrowings. The long term borrowings have undergone an increase from 9,462 million at FY2014 end to 12,250 million at FY2015 end. The short term or current borrowings have undergone an increase from 429 million at FY2014 end to 1,957 million at FY2015 end. It is apparent that a major proportion of the outstanding debt is long term in nature (Imperial Tobacco, 2015). Besides, due to an increase in the total amount of debt, the finance cost has also risen which is responsible for the declining interest coverage ratio for FY2015 (Brealey, Myers Allen, 2008). Debt capacity and financing options It is clear that the company has not generated additional funds through equity issue but has instead relied on debt for its funding requirements. The debt equity ratio in FY2015 had touched a crucial level and when seen in light of the declining interest coverage ratio, it poses pertinent questions on the ability of the company to raise more debt for its growth and business operations. Based on the existing capital structure, it is apparent that debt funds about 71% while the remaining is contributed by equity. However, this seems to be acceptable in the industry as BAT also boasts of debt funding of about 77% while the equity component being only 23%. However, the ability of the company to increase the debt levels further may not be wise since owing to greater risk the financing cost may increase thus eroding profitability of the business. It is advisable that the company raises more equity especially as the global markets are steadily improving and as a result, Imperial Tobacco can expect reasonable valuations in case it goes for dilution of holding for raising money. This move would enhance the balance sheet strength and would provide comfort to the lenders who are weary of increasing debt especially in a business where frequent government regulation and legal litigation are a big concern (Brigham Ehrhardt, 2013). Recommendation Any firms optimal capital mix is driven by a host of variable such as firms size and market share, composition of balance sheet, tax regulations, requirement of capital etc. In order to ascertain the capital requirement, the balance sheet and particularly the composition of assets is a critical factor. For imperial tobacco, about 60% of the total assets comprises of the intangible assets namely copyrights, brand name etc. The fixed assets contribute close to 10% to the overall company assets as per FY2015 balance sheet. As a result, any capital is requisite for acquisition purposes of either local player in growing markets along with other brands (Damodaran, 2008). Additionally, for BAT which is a peer group company, nearly 10% of the total assets is in the form of fixed asset and nearly 30% of the total assets is on account of intangible assets. It can be logically derived from the above that the outstanding debt should not be of grave concern keeping in mind that the company has limited requirements of capital for day to day business. Besides, considering the size, market share and global presence, the company can very well afford a balance sheet which is little stretched without causing any discomfort to lenders who would feel secured. But despite that, the company in the near future should aim for limiting the debt and may be bring it to a little lower level. A funding mix of 65 (debt):35(Equity) is advisable for the company going forward so as to ensure that balance sheet is not over leveraged. Conclusion It may be concluded that Imperial Tobacco has exposure to various business risks on account of government intervention in the form of duties and taxes besides battling legal issues and compliance with laws. Further, any disruption in select Europe markets may adversely impact the company. Also, on account of significant funding from debt, there is financing risk particularly if this trend goes on. The overall performance of the company has improved in FY2015 as compared to FY2014 as evident from ratio analysis. Currently, the balance sheet seems little stretched but considering the market reputation, global presence and nature of capital requirements, it is not worrisome. However, going forward a capital contribution of 65:35 is recommended so as to ensure business sustainability without too much dilution of equity. References Brealey, R, Myers, S Allen, F 2008, Principles of Corporate Finance, 9th edn, McGraw Hill Publications, LondonBrigham, EF Ehrhardt, MC 2013. Financial Management: Theory Practice, 14th edn., South-Western College Publications, New YorkDamodaran, A 2008, Corporate Finance, 4th edn, Wiley Publications Pvt. Ltd, London Imperial Tobacco 2015, Annual Report and Accounts 2015, Imperial Tobacco Group Plc, Available online from https://ar15.imperial-tobacco.com/pdfs/full-annual-report-2015.pdf (Accessed on March 23, 2016) Ross, S, Westerfield, R Jordan, B 2013. Essentials Corporate Finance, 8th edn., McGraw-Hill/Irwin Publications, New York

Of Mice And Men Dreams Essay Example For Students

Of Mice And Men Dreams Essay FOUND: An intelligent young woman on the verge of graduating seeks an opportunity to further her education. Coming from a small family, this extremely driven and focused woman needs your help in pursuing her dreams. She would like nothing more than to have a chance to better herself and her future. Going to the college of her choice poses a problem to her family however. The lofty expense of tuition may deter her aspirations of earning a degree and a potential career as a physical therapist. With the generous help your association presents as scholarship money, she will be able to reach and excel past her goals. Goals are not a foreign idea to this talented young leader. Since the age of four she has been actively participating in many recreational and competitive soccer clubs. Together with her teammates, scoring and working towards a common goal has been the main purpose throughout her years of play. This game of skill and physical force has taught the young woman about herself and has taught her lessons that can be learned through life. Once a shy timid girl, she has gained an assertive attitude along with the courage to conquer anything that stands in the way of her dreams because of her partaking in soccer. Ambition, respect, motivation, intuition, and the simple idea that hard work combined with cooperation can lead to big rewards has all been expressed to this young woman because of the game, and she takes this off the field into her everyday life.The definition of hard work can only be compared to the course load that she has decided to undertake her senior year. While many of her friends already have started slacking off by taking all art classes, she has not been influenced by their decisions. Enrolled in honors classes such as English IV and Pre Calculus, doubling up on her science classes; Physics and Chemistry, while also partaking in after school activities and honor societies, it has proven to extend this woman to the furthest point of her potent ial. Everyday she endures a new task and undertakes it with the utmost responsibility and precision. The effort which she puts into her everyday tasks reflects what she has learned in these past months from balancing a heavy school load and numerous extracurricular activities. This, I believe is what has progressed her maturation process and has made her a great attribute to the world and the society around her. I am this young dedicated woman who has been found. I know the course I would like my life to take, but I am in need of this scholarship in order for this to happen. Becoming a physical therapist has been my dream since I was injured and kept from playing soccer for an entire summer. The knowledge I already have of the subject has driven me to pursue this as a career. I have the ability to cope with irritated patients, because I once was one myself and have a better understanding of what they are going through. I know that I am an outstanding candidate for this scholarship a nd posses all the characteristics that an upstanding student should. My dream is to go to Northeastern University, better my life, interact in the school, and continue to mentally and emotionally grow.I hope that you would like to help and become a part of making this dream a reality. Bibliography: