In my everyday life how do I measure success and failure Essay Example for Free

In my everyday life how do I measure success and failure Essay The aim of this paper is to discuss how to measure success and failure in everyday life. The evaluation of the social concept of success should start with acknowledging that social definition of success varies from culture to culture and even from one social group to another. In other words, every society has its own belief about what social success is. For example, if a person drives a 2007 Jaguar and lives in a nice house, he or she is regarded as successful by society norms. People are trying to move up the social ladder because the society is placing a lot of pressure on them to belong to the highest class possible. Government uses the relationship between social class (lower, middle, and upper) to suggest that society is equally just. Growing up in the city, I could witness stereotypical views of low income families. I could witness people being discriminated because they didn’t have nice suits or dresses, and their vocabulary was not equal to or better than the person they were talking to. Sometimes the idea of social success puts too much pressure on people so they sometimes forget their morals and values. The problem is all they want to do is to reach new social status because that is what society has led them to believe and what society expects of them. My grandfather often cited a southern saying that reads as follows: â€Å"Money is the root of all evil. † Through the years I often wondered if he was correct. Society describes lower class as government assisted or a troublesome group of people. Hanratty and Meditz stated that â€Å"[i]n contrast, the masses were composed of the illiterate and the impoverished who lived on the margin of subsistence and possessed little or no security, skill, or stable employment. † I disagree with Hanratty and Meditz statement: most lower class people do have work-related skills and are literate. In a lower class neighborhood at a local barber shop there are always conversations about how the upper class is destroying the lower class, and why lower class people cannot integrate into the mainstream society. Some would say that their major obstacle on the way to social success is fear or ability to adapt to change. Lower class is aware that they are labeled; however, they are determined to be a driving force in society. The stereotype of a successful family implies that a husband and a wife have an income that allows them to live in a nice neighborhood. Society would classify that family as middle class. Samuelson writes that â€Å"[c]ompounding the stress, the price of entry into the middle class is always rising. The more we can have, the more we must have. Keeping up with the Joneses is the curse of our advances and ambitions† (19). The problem with middle class and the problem of trying to belong there is that the upper class considers itself middle class at times. It forces hard-working middle class people to work harder, often taking on two jobs to maintain their social status. Some upper class people continue to downplay their status as middle class. That would put pressure on truly middle class people to stay (or even move up) in the social status. Expectation of what society requires of the middle class often puts pressure on the middle class to advance. Being born into wealth has been the only way to integrate in the upper class. Today the upper class is comprised of a diverse group of people unlike years before when the rich just had to travel and throw socials. The perception of upper class as seen on television is sometimes different from reality, as the rich have large amounts of money and can abuse their power. The rich are excuse from a lot of mishaps, while the middle and lower class would have not received the same treatment. Domhoff writes that â€Å"[f]rom infancy through young adulthood, members of the upper class receive a distinctive education. This education begins early in life in preschools that frequently are attached to a neighborhood church of high social status. Schooling continues during the elementary years at a local private school called a day school. Higher education will be obtained at one of a small number of heavily endowed private universities. Harvard, Yale, Princeton, and Stanford head the list, followed by smaller Ivy League schools in the East and a handful of other small private schools in other parts of the country† (24). The upper class continues to work hard on staying on top: they put pressure on themselves and their children to stimulate them to stay in the same social class. What we as society fail to realize is that success comes from within. In every culture there are social problems that result from being in a certain situation. Everybody has their own definition of what success is; definitions of success range from being rich, driving a fancy car, and living in a big house to simply being in good health and having a stress-free life. I have read a lot of articles through the years on what it takes to be successful and I stil.

Life Outside Our Biosphere :: essays research papers

Life Outside Our Biosphere The fragile balance of the Earth's ecosystem is constantly being disrupted. Overpopulation is placing heavy strain on the world's resources. We are burning all our fossil fuels to create the energy we need, and clearing our rainforests to make enough farmland to feed everyone. The ozone layer is slowly eroding, exposing us to harmful UV light. The room we have on this planet is just enough to provide for our population now! As the population grows, we will find ourselves more and more crowded, with no room left to expand. Solution: Transfer part of the population off the Earth, to colonies established either on other planets or on orbiting space stations. This will lessen strain on the world's land resources by providing more agricultural area, and will help solve problems associated with overcrowding. In our solar system, a few planetic possibilities exist for colonization. Mars, one of our closest neighbors, was previously a prime choice until it was explored more in depth. Scientists have now found it to be a red, rocky, barren desert with little atmosphere, no water, and containing no life. If Earthlings were to settle on Mars, we would remain totally dependent on the Earth's resources. Another close planet is Venus, the second from the sun. This "sister planet" of Earth proved to have extremely hostile conditions. Scientists were hopeful when they found traces of water vapor in the upper atmosphere, but were disappointed when concentrations of sulphuric acid were discovered mixed with the water. Venus has surface temperatures of around 600 degrees Fahrenheit, and an atmosphere one hundred times as thick as the Earth's. (This produces pressure equivalent to pressure two miles under water on Earth.) These conditions project a less than comfortable life on Venus. The Moon has held Man's curiosity since we were created, leading to such missions as the Apollos. These space missions have taught us a lot about what life on the moon would be like. The moon has little to offer us in the way of settlement: it has little to no atmosphere, and only one sixth of the gravity of Earth. Although the moon might not be the best place for colonies to settle, it would be an excellent source of resources for nearby space stations. ( Scientists can extract oxygen from the rocks, and glass, aluminium, and other metals as well.) Space stations orbiting in the past have been very dependent on the Earth's supplies for construction and maintenance. The Soviets have launched a brigade of structures called Salyuts. In fact, one of their cosmonauts has lived in space for more than 235 days! They supplied the Salyuts by shuttle

Small Scale Industries

Small-Scale Industries in the Globalization Era: The case of Jordan Basem M. Lozi, Assistance Professor, Al-Balqa Applied University, [email  protected] com Abstract The research examines the role of SSI in the economic development of Jordan by showing the effects of the SSI on the unemployment rate, production, and sales. The research concludes with policy recommendations to ensure the sustained and competitive growth of small-scale industries in Jordan. The results of the study show that the growth of SSI in Jordan in terms of employment, production and sales has increased due to globalization and domestic liberalization.However, it is still not as significant as planned. The SSI sector should be encouraged to make a sustainable contribution to the national income, employment, and exports. Keywords: Small scale industries, policy, globalization, Jordan, competitiveness. Introduction The development of small-scale industries (SSI) has been one of the major planks of Jordan’ s economic development strategy since Jordan's independence. The SSI sector occupies a place of strategic importance in the Jordanian economic structure due to its considerable contributions in terms of output, exports and employment.SSI play a key role in the industrialization and development of any country. This is because SSI provides an immediate large scale employment, ensure a more equitable distribution of national income, and facilitate an effective mobilization of resources, capital, and skills which might otherwise remain underutilized. It is possible to determine the concept of the SSI in accordance with two measures: the size of the labor force employed; and the amount of invested capital in this industry. Jordan has adopted the first concept to distinguish between the SSI and other industries.An establishment is considered small if it employs not more than 10 workers, while industry employing between 15-30 workers is considered a medium scale industries, and when having more than 30 workers the industry is considered large scale industry's category. Although many countries have adopted this criterion, other, countries determined the higher ceiling of the number of the labor in this industry to become 15 workers as it is in Iraq and Ghana, while Egypt, Belgium and Denmark adopted the criterion that the number of workers should not exceed 50 workers.In contrast , countries such as France and Italy adopted the criterion of 500 workers to distinguish between small-scale and other industries But in Japan and in the United States the total number of workers working in small scale industries was set at 300 in Japan and 1000 workers in the United States(Subramanian 1995). Furthermore , the SSI are characterized by their degree of spread as show in table (2), the SSI in Jordan comprise nearly 84% of the established industries during the period of 19901998 and increased to nearly 90% of the total industries established during the period of 1999-2006 (Hachur e 2004).Moreover, most of these industries were characterized as being environmentally friendly. The possibility of establishing these industries in different regions is favorable because they do not need a special infrastructure, once these industries are well established then the encouragement of their spread in the rural regions will help to achieve many of the social and economic goals, such as increasing income in rural areas, controlling the migration from rural areas to cities and controlling demographic growth.Objectives of the study The main objective of this paper is to highlight the importance of SSI in the Jordanian economy as SSI occupies a place of strategic importance in the Jordanian economy due to their considerable contributions in terms of production, sales and employment. These 1 contributions have emerged despite of the fact that this sector has been exposed to intensifying competition. Research Questions This paper is also attempting to answer the following res earch questions.The answers to these questions are part of the objectives of this study. †¢ Why should global and national policy development affect SSI in Jordan? How? What are its implications? †¢ How far have SSI been able to cope with the competitive environment? What was their growth performance in the last decade? †¢ What was their effect on employment, production, and sales? †¢ What policies need to be taken to strengthen SSI to ensure their sustained contribution to the Jordanian economy?Methodology This study is based on the primary and analysis of secondary data. The data was gathered from published studies and reports available in both English and in Arabic languages. Relevant statistics were obtained from the Central Bank of Jordan and the Department of Statistics. These data were then analyzed to describe and explain the objectives of the study. Review of literature The literature review indicated that the numbers of studies which have examined SSI i n Jordan are very limited.The most notable studies are: A special report was conducted by the International Bank in the Middle East and North Africa (2005). This report shows that the financial gap which is the difference between the capitals offered and the capital needed has decreased, which means the SSI influenced part of the financing problem. Another study was conducted by the Royal Scientific Society (2001), concluded that if the SSI control the cost of needed materials for production, then the role of these industries in the economic development of Jordan will be significance.Additionally, N. Khalil (2004) reported on his paper â€Å"The role of SSI in decreasing the poverty and unemployment rate in Jordan†, that the SSI has a minor effect on the poverty and unemployment especially in the rural areas. While, I. Krabiliah (2002) in his paper â€Å"Relation between the no. of SSI and the unemployment rate in south Jordan†, that the no. of SSI in south Jordan is l imited compared to other districts. Therefore, the SSI in the south has a minor effect on the unemployment rate.Ironically, Almeyda (1996) reports that commercial banks role in SSI finance is significant even when compared to large and developed non-governmental organizations. It was found that 70 percent of the outstanding value of microfinance and SSI loans was extended by the 25 banks, whereas 150 non-governmental organizations were responsible for 4 percent only. A world Bank survey of 206 microfinance intermediaries world wide (2001), finds out that many area of the world – unlike the Middle East and North Africa and contrary to perceived barriers – banks are becoming a major player in microfinance.This report states that â€Å"banks may be the most efficient channel for providing microfinance to the entrepreneurial poor†. Global and national changes implications for small scale industries Last decade was a remarkable period in terms of policy changes natio nally as well as internationally. Since the beginning of 1990s, policy changes have been taking place at two different levels: global and national. Both have implications for the functioning and performance of SSI in Jordan. Globalization refers to free movement of factor inputs as well as output among countries.However, the developments that have been taking place since the early 1990s are mostly reference to the movement of capital, commonly known as Foreign 2 Direct Investment (FDI), and the free movements of goods, particularly from the developed not the developing economics. The liberalization of FDI regimes and the strengthening of international standards for the treatment of foreign investors give foreign firms greater freedom in making internationally location decisions. More than 58 countries have annually introduced changes in their investment regimes during the 1991-2006.In 2001 alone, 70 countries made a total of 150 regulatory changes, of which 147 were more favorable t o foreign investors (Stiglitz 2002). As a result, global FDI increased from US $ 209 billion in 1990 to US $ 1591 billon in 2000. The increased flow of FDI has led to its greater share in gross capital formation in all industries as well as manufacturing industries (Table 1). The increase was more significant in developing countries. This would have led to intensifying competition in the national as well as international markets for small firms.Table (1): FDI in capital formation (1980, 1990, and 2005) Region FDI as a percentage of Gross capital Formation ( All industries ) World 1980 1990 2005 Developing countries 1980 1990 2005 Source: UNCTAD The formation of the World Trade Organization (WTO) in 1995 has only accelerated the process of scaling down tariff and non-tariff restrictions on imports. Jordan, as a member of the WTO, had substantially done away with its quantitative and non-quantitative restrictions by 2000. The process of removal of quantitative and non-quantitative res trictions across countries has led to a greater movement of goods between countries, including Jordan.However the reduction of restrictions on the movement of goods between countries and the subsequent increase in world exports have benefited Multinational Corporations (MNC) much more than small enterprises. This situation has not been examined along with the process of economic reforms launched by the government of Jordan at the national level. This has resulted in considerable freedom for enterprises – domestic as well as foreign – to enter, expand or diversify their investments in Jordanian industry.Jordan's economic reforms have two major outcomes. Firstly, the growth of the public sector decreased considerably since 1988 compared to the earlier period, in terms of not only investment and employment but also production. Secondly, there has been a rapid increase in FDI inflow, into diverse sectors of Jordanian industry. This economic reform in Jordan has treated the small scale industries in two ways: first is due to opening the door for intensified competition for non-durable consumer goods industries.The second way is by providing an opportunity for outsourcing to small enterprises in durable consumer goods and capital goods industries. Performance of small scale industries in the globalization era SSI is considered as the backbone of the private sector all over the world, which assures their role in production, employment and sales. In addition to their role in economic development, 1. 2 4. 0 8. 3 11. 7 22. 3 29. 8 2. 3 4. 7 9. 7 9 14 22 FDI as a percentage of Gross capital Formation In manufacturing 3 they play a vital role in social, political, and cultural development as well.However, the notable spread of SSI contributed to the increased severity of competition between these industries that often leads to the failure of these industries. Most SSI fail during the first year of establishment, and 90% of these industries are subject to fai lure during a period not exceeding their first 5 years. On the other side, the Mexican experience illustrates of the 200,000 small projects entering the market annually, no more than 70,000 projects continue in the market by the second year (Bencivenga, V. Bruce, S. and Starr, R. 1995).Table (2): The relative importance of the SSIs in Jordan (1990-2006) Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 No. of SSIs 52496 54696 64752 66160 66100 74896 76468 78580 81856 92923 106730 103753 105662 130149 126196 132166 135732 No. of all industries 58984 61388 74369 75920 80363 91520 93432 95856 98768 109532 118271 115820 118492 140338 141944 145699 150222 Relative importance 89% 89% 87% 87% 81% 82% 82% 82% 83% 84% 90% 89% 89% 92% 88% 90% 90% Source: Department of statistics, yearly statistical bulletins, various issues.As shown in table (2) the number of the SSI increased from 52496 projects in 1990 to 135732 projects in 2006. These numbers illustr ates the relative importance of the number of SSI of the total number of industries in Jordan is more than 80%. The SSI was distributed in Jordan into three districts as follows (Department of Statistics 2005): The northern district: 22% of the total small scale industries in Jordan. The middle district: 68% of the total small scale industries in Jordan. The southern district: 10% of the total small scale industries in Jordan.Furthermore, discrepancy in the relative importance of the spread of the SSI in the districts can be attributed to many factors. The most important factor is the demographic distribution that characterizes Jordan's districts, as well as to the nature of the concentration of the economic activities in these districts. However, the geographic distribution of the spread of the SSI may not relate to other economic indicators, but it is possible to accept it as an indicator to express the strength of most of these indicators in favor of the middle district.On the ot her hand, the lack of data and information about the geographic distribution of all the economic and social indicators concerning the SSI – such as investment , employment , production , sales †¦.. etc. – led to making the analysis inclusive for all of Jordan without dealing with details at the district level. 4 The investment Investment is the major driving force for the development process in any country. For instance, the greater the size of capital invested, the more its positive effects on the national economy. Table (3): Total amount of capital invested in the SSIs in Jordan (1990-2006) JD.Thousands* Year Small scale All industries Relative importance industries 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 26205 39347 44981 39149 46413 51345 47886 56048 54268 55355 57889 58322 60142 63324 65589 66639 67174 551811 591426 647104 751231 976636 947662 1208362 1354252 1429333 1438452 1457334 1467441 1492211 1521123 1543189 1551132 1561114 4. 7% 6. 7% 7. 0% 5. 2% 4. 8% 5. 4% 4. 0% 4. 1% 3. 8% 3. 8% 3. 9% 3. 9% 4. 0% 4. 1% 4. 2% 4. 2% 4. 3% Source: Department of statistics, yearly statistical bulletins, various issues. JD. 0. 71 = 1 $ From table (3), it can be noticed that the average of the relative importance for capital invested in the SSI is nearly 4% of the total capital invested in all industries during the period 1990 -2006. This illustrates that the SSI are characterized by the relative reduction in the capital needed to establish these industries compared to other industries. Such characteristics encourage and attract the investor's savings towards this category of industries because it achieves faster and bigger revenues compared to medium and large scale industries.Adding to such attractiveness the autonomy, flexibility and the accommodation the SSI are enjoying. Furthermore table (4) indicates that the average of the available capital for the SSI does not exceed 3. 6% of the total available capital for the different industries during the period 19902006. This is notably less than the average of the relative importance of capital invested in the SSI compared to the total invested capital. In other words, this category of industries depends on its financial resources from its own capital and from the circulated revenues more than the medium and large scale industries do. Table (4): Total value of fixed assets in the SSIs in Jordan (1990-2006) JD. Thousands Year Small scale All industries Relative importance industries 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 32641 45784 61329 48069 54317 72196 56977 69985 72803 73985 73376 72987 73324 73297 74122 75032 76125 980996 1007398 1030155 1062687 1603036 1698525 2084144 2471266 2480713 249687 250991 251543 257198 256244 259822 258970 259765 3. 3% 4. 5% 6. 0% 4. 5% 3. 4% 4. 3% 2. 7% 2. 8% 2. 9% 2. 9% 2. 9% 2. 8% 2. 8% 2. % 2. 8% 2. 9% 2. 9% Source: Department of statistics, yearly stati stical bulletins, various issues. It is important to notice that it is not realistic to explain the aforementioned result on the basis that the financial institutions did not perform their duties towards the SSI in financing their investment activities. The justification must be linked by knowing the nature of the fixed assets for this category of industries. Despite the attractiveness of SSI for investment, financial institutions seem hesitate to finance this industry.This situation can be explained by the fact that SSI are characterized as being traditional assets, handmade in many instances, and their low prices when comparing the capital assets of the medium and large scale industries. Also, the SSI does not conduct systematic studies for the benefits of their capital expenditure in the field of fixed assets. Therefore, financial institutions appear not willing to finance these industries at the current interest rate in the market because of the high risk.But the financial insti tutions could provide the finance for this category of industries at low interest rates only if these industries could provide more guarantees to the financial institutions. There is another alternative to financing SSI so as to receive the needed finance for their operations without bearing any additional financial burdens through loan guarantee's program. In order to over come this dilemma, the Central Bank of Jordan and the financial institutions established the Jordanian Company for Loans Guarantee in 1994, with the aim of providing the needed guarantees to cover the risk of the provided loans for SSI.This company guaranteed 5269 loans with JD. 140 million during the period 1990-2006. The financial institutions are characterized by their wide spread, as there are 17 banks providing the finance for this category of industries, and they accredited more than 24 programs. Some programs were oriented towards a specific age category such as the youth. While others oriented toward a sp ecific districts or specific geographic regions. Moreover the number of the institutions and the differences in financial programs for SSI, created a big discrepancy in the nature of the small loans terms.For instance, the interest rates ranged from 0% as in the case of the National Aid Fund into 22% for the Jordanian 6 Woman Department Establishment. The term of these loans extended from 3 months for the Women Loan Fund to15 years in the Agricultural Credit Corporation. On the other hand, the volume of the small grant reached JD. 192 million during the period 1990-2000. The first stage of the Social Security bundle program (1998-2000) provided loans backed by JD. 14 million for the SSI. The American Agency for the International Development (USAID) worked during the end of the last century to provide JD. 8 million as a grant to finance the SSI. This illustrates the relative sufficiency for the small financial grants compared to the needs to finance the activities of these industries during the past decade. To support this, one study conducted by the International Bank in the Middle East and several North African countries during the year 2005, showed that the financial gap for industries with less than 10 labors in Jordan reached nearly JD. 38 million, while the previous estimates for the financial gap for the SSI, and was JD. 48 million.Through this comparison it is evident that the financial gap was lowered, which means that the financial intuitions notably contributed in financing the SSI and the growth rate for the financing needs for these industries was lowered which contributed in reducing this gap. On the other side, the results of a field survey conducted recently by the Royal Scientific Society confirmed this indirectly as the study concluded that the cost reduction of the needed materials for production is one of the major factors that contribute to solving the problem.Employment The capability of the SSI to attract a large labor force is one of the most prominent aspects that characterized these industries. Also, the possibility of establishing these industries in all regions is considered an added function of the SSI to limit the unemployment in these regions. Table (5) indicates that the SSI provided opportunities for 18% of employment during the period 1990-2006. This percentage clearly demonstrates that the SSI contributes in alleviating the unemployment rate in Jordan.Table (5): Total no. of employees in the small scale industries in Jordan (1990-2006) Year Small scale All industries Relative importance industries 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 80134 83522 855121 88991 90115 93145 96244 98100 98541 100241 103788 93269 82008 123248 97340 100541 105211 421191 455621 479131 482231 491522 501993 521177 539981 544189 563131 585140 575930 573243 617466 705838 706111 706233 19. 0% 18. 3% 17. 8% 18. 4% 18. 3% 18. 5% 18. 4% 18. 2% 18. 1% 17. % 17. 7% 16. 2% 14. 3% 20. 0% 14. 0 % 14. 0% 15. 2% Source: Department of statistics, yearly statistical bulletins, various issues. 7 The importance of SSI for employment in Jordan was similar to their role in other countries. In the African countries SSI reached nearly 40% of the total labor force during the 1980s, while this rate was more than 50% for the developing countries during the 1970s and 1980s. The SSI in the United States contributed no less than 50% of the employment in the private sector during 1970s.In addition to the aforementioned, percentages one study conducted by the International Bank in 2005 pointed out that the rate of the labor force in the small and middle projects increased in developing and developed countries, such as Indonesia (79%), South Korea (78%),Turkey (62%),Brazil (59%),and the United State (52%). Also noted by comparing the contents of table (5) to the contents of table (3) is that the average capital density for each worker in the SSI reached JD. 2146 during the study's period 199 0-2006.This means that providing an additional job opportunity in this category of industries needs an investment of nearly JD. 2100, while average capital investment needed to provide a job during the same period reached JD. 1118, which is equal to the average of the capital density for each worker according to the industrial survey's data for the years 1984, 1988 and 1994. The result was surprising when it was noticed that the average of the relative importance for the number of the females working in the SSI during the research period was no more than 2% of the total labor force in these industries.In addition to what was mentioned above, the data by the Department of Statistics for the period 1990-2006, pointed out that the percentage of the labor force in the small scale industries was 92% of the total industrial sector. The average of the relative importance of working women in small scale industries did not exceed 5% of the total female labor force in the total industries dur ing the same period of the study. Some of SSI depends on employing foreign labor because low wages and salaries in this industries.Therefore, employment policies have to be geared to force the SSI to give domestic labors the first priorities for employment. However, the capability of these industries to eliminate poverty in Jordan is relatively limited. Production The SSI is characterized by their relative large contribution to the GDP. For instance, the average contribution of the SSI to the gross domestic product in Malaysia is 21%, the United States 40%, Spain 64%, Canada 52%, and France 54%. Table (6) shows the contribution of SSI to Jordan GDP is about 8. 5%. the significance of SSI to GDP could be noticeable by relating their ontribution to GDP ( 8. 5%) to their need for capital (4%) from the total invested capital. Table (6): Value added of the SSIs in Jordan (1990-2006) JD. Thousands Year Small scale industries 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 4955 2 56307 84191 76133 73393 85987 73277 84163 93049 94154 93690 95050 638955 643299 738460 766819 916853 1001738 988548 1089376 1145344 1149805 1116732 1140964 7. 8% 8. 8% 11. 4% 9. 9% 8. 0% 8. 6% 7. 4% 7. 7% 8. 1% 8. 2% 8. 3% 8. 3% All industries Relative importance 8 2002 2003 2004 2005 2006 96248 96119 98546 99187 100235 169870 1161779 1179806 1169901 1206509 8. 2% 8. 2% 8. 4% 8. 5% 8. 3% Source: Department of statistics, yearly statistical bulletins, various issues. This characterized can be explained by the nature of SSI as extensive use of labor which is considered the major element in the production process compared to the capital element. On the other hand, comparing the contents of table (6), to those of table (5), revealed that the average annual labor productivity for SSI during the period of the study reached nearly JD. 3600. While before 1990 the average was JD. 3300 annually.Additionally, the data of tables 5 and 6 showed that increase in the average of no less than 9%, which indicates an increase in the labor productivity in the SSI. Table (7): Total sales of SSIs in Jordan (1990-2006) Year Small scale industries 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 67272 89472 149612 115469 104037 113891 115675 117988 136515 130665 135788 137430 140870 142997 143065 144087 148980 1499371 1637914 1947837 2030058 2482996 2769218 2766048 3029266 3094727 3278654 3199054 3304530 3587861 3689954 3788293 3803572 4006590 4. 5% 5. % 7. 7% 5. 7% 4. 2% 4. 1% 4. 2% 3. 9% 4. 4% 4. 0% 4. 2% 4. 1% 3. 9% 3. 7% 3. 7% 3. 8% 3. 7% All industries JD. Thousands Relative importance Source: Department of statistics, yearly statistical bulletins, various issues. Table (7) shows that the average contribution of the SSI total sales for all industries did not exceed 4. 8% during the period 1990-2006. This average is considered â€Å"neutral† because it is completely equal to the small scale industries share of the total capital investe d in these industries. Analyzing the sales structure of the SSI in Jordan demonstrates that 99. % of total sales were directed into domestic markets. In other words, the share of these industries for international market did not exceed 0. 06% of the total sales. 9 Conclusion The findings of this study revealed: 1- Generally, the SSI plays an important role in achieving social and economic development. The average invested capital in these industries reached 4. 8% of the total invested capital in all industries, during the period 1990-2006. Also, the SSI provided 22% of the total job opportunities and contributed in achieving nearly 8. % of the total value added. Lastly, their share of the total sales in the industrial sector was 4. 8%, and most of the sales were in the domestic market. 2- Despite the positive effects of the SSI in the Jordanian economy, the SSI still suffer from many weaknesses such as low average employment of women which is due to the socioculture. The percentage of women working in the SSI was only 1. 7%. Also, the percentage of foreign labor in the SSI is relatively high. 3- The financial institutions are characterized by their wide spread.There are 17 banks providing finance for this category of industry and more than 24 programs have been accredited. Some programs are oriented towards a specific age category such as youths, and some institutional activities are exclusively for specific district or specific geographic regions. 4- There is an increase in the productivity of labor in the SSI, which indicates that the training programs directed towards these industries have increased. 5- Increasing the investment in SSI by 1% lead to an increase of the value added by 0. 78%, production growth by 0. 81%, and employment by 0. 7%. 6- All the results of the statistical analysis of the SSI were statistically acceptable and no differences were noticed between the effect of SSI and other industries on the economic development of the Jordanian econo my. 7- Marketing has been identified as one of the major problem areas of the small scale industries and it has been ranked as the second most important reason for the closure of small scale businesses. Accordingly, small firms will not be able to penetrate markets, national or international, even if marketing support is given by government agencies.Recommendations Based on this study's analysis and results, the following recommendations may contribute to increasing the role of development of SSI in the Jordanian economy. 1- Establishing government centers in all districts in Jordan to provide the needed services and facilities to SSI in order to increase their role in the economic development of the Jordanian economy. 2- Establishing specialized training centers for SSI to provide special training programs on how to establish a project and how to maintain the continuity of that project. – Fostering technology development through either technology transfer or technological in novations or inter-firm linkages should be emphasized in the light of dimensions of global competition and its negative fall out as well as positive opportunities, to SSIs entrepreneurs through seminars and workshops, at the local level.4- The financial infrastructure is needs, and an adequate inflow of credit to the sector should be ensured, taking into consideration the growing investment demands including the requirements of technological transformation. – Limiting the establishment of small scale industries to designated industrial areas for better monitoring and periodic surveys, enabling the Ministry of Industry to make policy corrections from time to time. 10 6- Establishing strong relations between small and large firms. One of the major objectives of this scheme would be to provide reliable information by large-scale industries to the smallscale industries about new methods of marketing and how to participate in the international market. 7- Increasing exports of smal l- scale industries with governmental aid by exhibiting their productions in International Exhibitions. – To reap the benefits of SSI, Jordanian policy and decision makers have to enact and enforce the employment of Jordanian workers in the SSI. 9- It is highly recommended that Jordanian policy and decision makers to work in cooperation with other interest groups to train and encourage SSI to employ more Jordanians women. It is obvious that a large portion of unemployed in Jordan is among women.

Socrates s Theory Of Knowledge - 895 Words

In Phaedo, Socrates argued that knowledge is not learned, but recollected. Socrates used the example of sticks and stones, proving that our perception of the stones change. The stones may look equal from one angle, but different from another angle. This proves that we understand Equality, but Equality does not exist in the real world because it cannot be a real object. Socrates stated â€Å"we must then possess knowledge of the Equal before that time we first saw the equal objects and realized that all these objects strive to be like the Equal but are deficient in this [...] we must have possessed knowledge of the equal itself if we refer our senses perception of equal objects to it† (Plato, 75a-75b, pp. 113). Socrates believed that this knowledge, just as Equality, was not gained through our senses in our lifetime, but was present before our birth. When we use this knowledge, we are not learning, we are actually recollecting. In Plato’s analogy of the divided line, Soc rates and Glaucon discuss the ways in which we access knowledge. Socrates gives an example of the divided line, the line is divided into the intelligible and the visible. The visible is accessed through our senses, they are the reflections and shadows, which are version of the object. These reflections and shadows are the least reliable. In the visible world, there are also opinions. Opinions are formed through the interaction of objects, but they are not reality. The other side of the line is the intelligible,Show MoreRelatedSocrates s Theory Of Knowledge1130 Words   |  5 PagesIn Socrates’ work, Phaedo, transcribed by Plato, Socrates is in jail after loosing his trial. He has been sentenced to death, and is now awaiting to be put to death. On the day of his death, Socrates is visited by a few of his followers who have been loyal for a long time. Fearing his death, they have a last conversation with Socrates trying to get some of the last philosophical knowledge out of hi m that they can get. In this conversation, Socrates tells his interlocutors a lot about life and virtueRead MoreSocrates s Theory Of Recollection1216 Words   |  5 PagesI will show that Socrates answer to Meno s paradox was unsuccessful. First, I will explain what Meno s paradox is and how the question of what virtue is was raised. Second, I will explain Socrates attempt to answer the paradox with his theory of recollection and how he believes the soul is immortal. Third, I will provide an argument for why his response was unsuccessful. 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The Election Of 1860, The North And Southern States Of...

For years prior to the Election of 1860, the Northern and Southern states of America were growing apart. Problems decades earlier such as the South’s lack of railroads were coupled with more recent arguments concerning the future of slavery in America and whether it should be allowed in new territories. Following closely on the heels of many of these divisive problems was the Election of 1860, in which Abraham Lincoln won without carrying a single Southern state. Although it was not his intention, Lincoln’s victory in the Election of 1860 proved to be the final straw for the South, and quickly caused the secession of seven Southern states, ultimately leading to the deadliest war in American history, and the end of slavery in the United States. In the years leading up to the Election of 1860, tensions between the North and the South had been growing steadily. The main reason for this tension was the issue of slavery, and whether or not it would be allowed in new territo ries. Just two of the many controversies surrounding slavery at this time were the Compromise of 1850 and the Kansas-Nebraska Act. The Compromise of 1850 saw California admitted as a free state, and a more strict fugitive slave law introduced. The admission of California as a free state tipped the balance between free and slave states in the Senate, angering many Southerners. The new fugitive slave law angered people in the North because it put all blacks in jeopardy of becoming enslaved regardless ofShow MoreRelatedThe Impact Of The 1860 Presidential Election1442 Words   |  6 PagesAssess the influence of the 1860 presidential election as a cause of the American Civil War The 1860 presidential election of Abraham Lincoln greatly contributed to the outbreak of the Civil War. Abraham Lincoln, born in Kentucky on February 12, 1809, served as the sixteenth president of the United States. He was the very first Republican to serve as president, eventually leading the Union to victory during the civil war. Lincoln opposed the idea of the expansion of slavery but acknowledged thatRead MoreThe Decade Of Crisis During The 1800s996 Words   |  4 PagesDecade of Crisis The period of time including the 1850s-1860s was considered the decade of crisis. This time period consisted of many abolitionist movements, rebellions, and an election in 1860. It also included secessions of states, and eventually triggered the civil war. There were two highly influential people involved in this decade; John Brown and Abraham Lincoln. They positively affected the United States of America. By 1857, Brown returned to the East and began raising money to carry outRead MoreEssay Souths Seccesion and Start of Civil War698 Words   |  3 Pagesthe 1860’s, the people in this country were slowly being divided. From 1850 to 1861, it was apparent that the union was separating into the North and the South and battle was soon to follow. With this division, peace could not continue amongst the country, for the country was filled with problems that affected the common Americans. With the events that led up to the war, the South felt like they had every reason to secede from the United States of America. The divided economies of the North and SouthRead MoreThe War Of The American Civil War1324 Words   |  6 Pagessuch as the Missouri Compromise, Kansas Nebraska Act, Dred Scott Decision, and the Election of Abraham Lincoln resulted in the four yearlong battles between the Northern and Southern states due to social and economic differences on the idea of slavery. In the 19th century, America described their westward expansion as the Manifest Destiny. The topic of slavery was still at a dispute in America. The Southern States, whose economies were heavily dependent on agriculture, needed slave labor for theRead MoreThe War Between The United States944 Words   |  4 PagesThe Causes to the War Between the States The Road of the United States in becoming a truly united nation has not been a path without turmoil. Many lives were laid down to form the structure of this country and fought for its right to freedom. One of the bloodiest conflicts in the United States’ history was the war between states or more commonly referred as the Civil War. This war leads to much unnecessary violence ridden battles that were precluded by many cases. The Civil War had many profoundRead MoreThe Road Of The United States937 Words   |  4 PagesRoad of the United States in becoming a truly united nation has not been a path without turmoil. Many lives were laid down to form the structure of this country and fought for its right to freedom. 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States rights had the political effect of the southern states believing that since they agreed toRead MoreThe American Civil War Was An Internal Conflict Fought1527 Words   |  7 PagesAmerican Civil War was an internal conflict fought in the United States from 1861 to 1865. The Union faced secessionists in eleven Southern states grouped together as the Confederate States of America. The Union won the war, which remains the bloodiest in U.S. history. Among the 34 U.S. states in February 1861, seven Southern slave states individually declared their secession from the U.S. to form the Confederate States of America. War broke out in April 1861 when Confederates attacked the U.S.Read MoreThe American Civil War981 Words   |  4 PagesThe American Civil War was one of the major events in history that helped develop America to what it is today. Many people think that the American Civil War was fought over the issue of slavery alone, but in reality it was caused by many disagreements and events between the northern free states and southern slave states that occurred prior to the war. Monetary alterations were one of the main reasons the North and South had many conflicts and differences in beliefs. The Civil War was an inevitableRead MoreThe United States And The Civil War1064 Words   |  5 Pagessucceeded from the United States of America. However, Abraham Lincoln’s initial goal was to keep the Union as a whole, as he continu ously worked on achieving this goal. There are many accountable reasons for the Civil War, but the disagreement on slave vs. free states and the election of 1860 were the two main causes to the succeeding of the south. Slavery had always been a big issue in the 19th century. The south believed that slavery was essential for the development of the southern economy. As seen in

You will select a company from this list, Example

Essays on You will select a company from this list, http://fortune.com/fortune500/ and you will analyze the companys financial performance, highlighting accounting principles and methods learned in this course. This project requires you to present, review, and anal Essay Financial Analysis – Tesco PLC Financial Analysis – Tesco PLC The company selected for financial review in this report is Tesco PLC, which is ranked at 63rd position in Fortune 500 companies list. The company is one of the leading global retail companies, which has its head office in the UK and operates retail stores in UK, China, and Europe. The current report discusses basis for preparation of financial statements and the company’s financial performance using financial ratio analysis and trend analysis is evaluated. It also indicates the use of financial information by different stakeholders. To support the discussion, a review of internal controls of Tesco is included. The company records and reports its financial statements â€Å"in accordance with International Financial Reporting Standards (IFRS), IFRS Interpretation Committee (IFRIC) and the Companies Act (2006)† (Tesco Annual Report 2014, 2014, p.72). The company prepares financial statements on a consolidated basis including financials of the parent company and its subsidiaries and joint ventures and associates. It allows stakeholders to have a complete view of the company’s performance in all segments of market and business functions. The company uses historical cost method for determining values of its assets and liabilities. The company records its assets, liabilities, and equity on an accrual basis. The company to record certain assets and liabilities at their fair values uses IAS 13 â€Å"Fair value measurement†. The company record inventory of goods and properties held for sale at the lowest of their cost or fair value (Tesco Annual Report 2014, 2014, p.76). It also records sale of goods upon transfer of risk and reward of ownership to the buyer and realizes revenues generated from such transactions. There are various reporting standards such as IFRS 10, IFRS 11, IFRS 12, etc. that the company did not use that could affect its current reported financial statements (Tesco Annual Report 2014, 2014, p.79). The company’s accounting policies are helps users of financial information including creditors, lenders, tax and regulatory authorizes, and shareholders to understand basis of financial statements. It increases the comparability and transparency of financial information of different companies operating in the same or different industries. The segmental reporting included in notes to the group financial statements indicated that UK is the largest market of the company. However, the company generates highest trading margin from its operations in Asia. In addition to the company’s retail business it also operates a bank i.e. Tesco Bank (Tesco Annual Report 2014, 2014, p.80). Such information helps users to identify weaknesses of the business in different markets and explore its strategies to limit its losses. In case of Tesco, its poor performance in North America market was subjected to heavy criticism by shareholders. The company has a formal and well-defined Code of Conduct and internal policies that are aimed at protecting employees and customers of the company. The company’s governance committees ensure that the company’s operations and management comply with the Code of UK Corporate Governance (Tesco Annual Report 2014, 2014, p.19). The company has executive and non-directors on its board of directors. The company provides fees, bonuses, and share options to directors. The details of remuneration are provided in the company’s annual report. The board of directors is responsible for implementing and ensuring compliance with risk management and internal control policies and procedures. The company has a comprehensive system for estimating risks and their impact on the continuity of the business. The company’s internal control framework assigns responsibilities to individuals and business functions to deal with different forms of risks. The Audit Committee performs reg ular reviews of the company’s risk management and internal controls in order to keep these abreast to address any new issues and risks that the company may face. The company’s external auditors (PricewarehouseCoopers) review information related to the internal control and compliance with the code of to affirm going concern of the business. The disclosure pertaining to corporate governance, risk management and internal controls is useful for shareholders who have limited access to the company’s internal documents and therefore, audited information is highly valuable in order to assess the business ability to serve monetary interests of the company’s shareholders. The company’s financial performance during the last two reported years is analyzed by financial ratio and trends analyses. The company’s liquidity position measured by current ratio and quick ratio indicates weak position of the business. The values of ratios remained below one in both years. However, these are in line with the trends of the retail industry as businesses tend to hold large inventories held for sale in their stores to avoid disruptions in their supply chain. The company’s remained efficient in terms of collection of its receivables in a short period of 14 and 12 days in 2013 and 2014. However, the slow movement of inventory could be of concern for the management as it held up a large proportion of the company’s cash. The company’s asset turnover indicated that the company only generated  £1.26 and  £1.27 per  £1 invested in the company’s assets. It indicated that the company had high value of assets generating low value of sales. The management report supported this finding as the company future strategic plans are aimed at closing down large stores yielding low returns and are focused on improving the company’s online store and smaller stores network (Tesco Annual Report 2014, 2014). The company’s capital structure indicated that the company had a high level of external borrowing. Total debt ratio values were 2.01 and 2.41 in 2013 and 2014. Majority of the company’s borrowing was in the form of long-term debentures issued by the company. It was indicated by long-term debt to equity ratio values of 0.60 and 0.63 in 2013 and 2014. Although the company generated sufficient operating profits to meet its interest obligations, the shareholders may be concerned about high level of gearing. It is because the company would have to make payments of principal and interest charge before earnings could be distributed to shareholders. The company’s profitability remained very low in both 2013 and 2014. The lack of focus in the UK market by the company in the recent years had put the company in a weak position in comparison to its competitors such as Sainsbury’s, Aldi etc. Lower profitability could affect investment by shareholders in the company. It could create problems for the company that is already faced with a slowdown in its growth and declining market share. The company only generated ROE of 0.14% and 6.59% and ROA of 0.05% and 1.94% in 2013 and 2014 respectively. The company’s EPS slightly improved from 19.06p in 2013 to 23.72p in 2014. The P/E ratio values were at the end of each year were 16.88 and 14.52 in 2013 and 2014 as the company’s stock price declined due to poor sentiments in the equity market related to the company’s results in the UK market and reduction in its market share. The trend analysis indicated major improvement in the company’s profits in 2014. The trend analysis and key financial ratio values can also assist management in order to identify weak areas of the business. In fact, managers can use real time information from different business functions to carry out the analysis on a regular basis and undertake measures to improve the strategic direction of the business. It would help in improving the business performance and achievement of corporate objectives. References Tesco Plc. (2014). Retrieved December 13, 2014, from https://uk.finance.yahoo.com/q/hp?s=TSCO.Lb=21a=01c=2013e=22d=01f=2013g=d Maynard, J. (2013). Financial Accounting, Reporting, and Analysis. Oxford: Oxford University Press. Tesco Annual Report 2014. (2014) London: Tesco Plc. Tesco Plc. (2014a). History. Retrieved December 13, 2014, from http://www.tescoplc.com/index.asp?pageid=11 Liquidity Ratios 2013 2014 Current Ratio Current Assets/Current Liabilities 0.70 0.77 Current Assets 13,096 15,572 Current Liabilities 18,703 20,206 Quick Ratio Current Assets-Inventory/Current Liabilities 0.50 0.59 Current Assets 13,096 15,572 Inventory 3,744 3,576 Current Liabilities 18,703 20,206 Efficiency Measures 2013 2014 Receivables Turnover Sales/Accounts Receivables 25.11 29.02 Sales 63,406 63,557 Accounts Receivables 2,525 2,190 Receivables Turnover Period 365/Receivables Turnover 14.54 12.58 Receivables Turnover 25.11 29.02 Inventory Turnover Cost of Sales/Inventory 15.83 16.65 Cost of Sales 59,252 59,547 Inventory 3,744 3,576 Inventory Turnover Period 365/Inventory Turnover 23.06 21.92 Inventory Turnover 15.83 16.65 Asset Turnover Sales/ Total Assets 1.26 1.27 Sales 63,406 63,557 Total Assets 50,164 50,129 Leverage Measures 2013 2014 Long Term Debt Ratio Long Term Debt/Total Assets 0.20 0.19 Long Term Debt 10,068 9,303 Total Assets 50,164 50,129 Long Term Debt to Equity Ratio Long Term Debt/ Total Equity 0.60 0.63 Long Term Debt 10,068 9,303 Total Equity 16,661 14,722 Total Debt Ratio Total Debt/Total Equity 2.01 2.41 Total Debt 33,468 35,442 Total Equity 16,661 14,722 Times Interest Earned Operating Profit/Interest Expense 4.61 4.66 Operating Profit 2,382 2,631 Interest Expense 517 564 Profitability Ratios 2013 2014 Operating Profit Margin Operating Profit/Sales 3.76% 4.14% Operating Profit 2,382 2,631 Sales 63,406 63,557 Net Profit Margin Net Profit / Sales 0.04% 1.53% Net Profit 24 970 Sales 63,406 63,557 Return on Assets Net Profit / Total Assets 0.05% 1.94% Net Profit 24 970 Total Assets 50,164 50,129 Return on Equity Net Profit / Total Equity 0.14% 6.59% Net Profit 24 970 Total Equity 16,661 14,722 Return on Capital Net Profit / Total Capital 0.03% 1.36% Net Profit 24 970 Total Capital 69,149 71,528 Market Ratios Diluted EPS    23.72 19.06                   P/EPS Price / EPS 14.53 16.88 Price per Share 344.55 321.79 EPS 23.72 19.06 Group income statement - Horizontal Year ended 22 February 2014 52 weeks 2014  £m Change  £m Change % 52 weeks 2013 (restated*)  £m Continuing operations             Revenue 63,557 151 0.24% 63,406 Cost of sales (59,547) 295 -0.50% (59,252) Gross profit 4,010 (144) -3.47% 4,154 Administrative expenses (1,657) 175 -11.81% (1,482) Profits/losses arising on property-related items 278 568 -195.86% (290) Operating profit 2,631 249 10.45% 2,382 Share of post-tax profits of joint ventures and associates 60 (12) -16.67% 72 Finance income 132 12 10.00% 120 Finance costs (564) (47) 9.09% (517) Profit before tax 2,259 202 9.82% 2,057 Taxation (347) 182 -34.40% (529) Profit for the year from continuing operations 1,912 384 25.13% 1,528 Discontinued operations             Loss for the year from discontinued operations (942) 562 -37.37% (1,504) Profit for the year 970 946 3941.67% 24                Attributable to:             Owners of the parent 974 946 3378.57% 28 Non-controlling interests (4) - 0.00% (4)    970 946 3941.67% 24 Group income statement – Vertical Year ended 22 February 2014 52 weeks 2014  £m Proportion 52 weeks 2013 (restated*)  £m Proportion Continuing operations             Revenue 63,557 100% 63,406 100.00% Cost of sales (59,547) -94% (59,252) -93.45% Gross profit 4,010 6% 4,154 6.55% Administrative expenses (1,657) -3% (1,482) -2.34% Profits/losses arising on property-related items 278 0% (290) -0.46% Operating profit 2,631 4% 2,382 3.76% Share of post-tax profits of joint ventures and associates 60 0% 72 0.11% Finance income 132 0% 120 0.19% Finance costs (564) -1% (517) -0.82% Profit before tax 2,259 4% 2,057 3.24% Taxation (347) -1% (529) -0.83% Profit for the year from continuing operations 1,912 3% 1,528 2.41% Discontinued operations    0%       Loss for the year from discontinued operations (942) -1% (1,504) -2.37% Profit for the year 970 2% 24 0.04%                Attributable to:             Owners of the parent 974 2% 28 0.04% Non-controlling interests (4) 0% (4) -0.01%    970 2% 24 0.04% Group balance sheet - Horizontal    22 February 2014  £m Change  £m Change % 23 February 2013  £m Non-current assets             Goodwill and other intangible assets 3,795 (567) -13.00% 4,362 Property, plant and equipment 24,490 (380) -1.53% 24,870 Investment property 227 (1,774) -88.66% 2,001 Investments in joint ventures and associates 286 (208) -42.11% 494 Other investments 1,015 197 24.08% 818 Loans and advances to customers 3,210 745 30.22% 2,465 Derivative financial instruments 1,496 (469) -23.87% 1,965 Deferred tax assets 73 15 25.86% 58    34,592 (2,441) -6.59% 37,033 Current assets             Inventories 3,576 (168) -4.49% 3,744 Trade and other receivables 2,190 (335) -13.27% 2,525 Loans and advances to customers 3,705 611 19.75% 3,094 Derivative financial instruments 80 22 37.93% 58 Current tax assets 12 2 20.00% 10 Short-term investments 1,016 494 94.64% 522 Cash and cash equivalents 2,506 (6) -0.24% 2,512    13,085 620 4.97% 12,465 Assets of the disposal group and non-current assets classified as held for sale 2,487 1,856 294.14% 631    15,572 2,476 18.91% 13,096 Total Assets 50,164       50,129 Current liabilities             Trade and other payables (10,595) 499 -4.50% (11,094) Financial liabilities:    - #DIV/0!    Borrowings (1,910) (1,144) 149.35% (766) Derivative financial instruments and other liabilities (99) 22 -18.18% (121) Customer deposits and deposits from banks (6,858) (843) 14.01% (6,015) Current tax liabilities (494) 25 -4.82% (519) Provisions (250) (62) 32.98% (188)    (20,206) (1,503) 8.04% (18,703) Liabilities of the disposal group classified as held for sale (1,193) (911) 323.05% (282) Net current liabilities (5,827) 62 -1.05% (5,889) Non-current liabilities             Financial liabilities:             Borrowings (9,303) 765 -7.60% (10,068) Derivative financial instruments and other liabilities (770) (11) 1.45% (759) Post-employment benefit obligations (3,193) (815) 34.27% (2,378) Deferred tax liabilities (594) 412 -40.95% (1,006) Provisions (183) 89 -32.72% (272)    (14,043) 440 -3.04% (14,483) Net assets 14,722 (1,939) -11.64% 16,661 Equity             Share capital 405 2 0.50% 403 Share premium 5,080 60 1.20% 5,020 All other reserves (498) (1,183) -172.70% 685 Retained earnings 9,728 (807) -7.66% 10,535 Equity attributable to owners of the parent 14,715 (1,928) -11.58% 16,643 Non-controlling interests 7 (11) -61.11% 18 Total equity 14,722 (1,939) -11.64% 16,661 Total Liabilities and Equity 50,164       50,129 Group balance sheet - Vertical    22 February 2014  £m Proportion % 23 February 2013  £m Proportion % Non-current assets             Goodwill and other intangible assets 3,795 7.57% 4,362 8.70% Property, plant and equipment 24,490 48.82% 24,870 49.61% Investment property 227 0.45% 2,001 3.99% Investments in joint ventures and associates 286 0.57% 494 0.99% Other investments 1,015 2.02% 818 1.63% Loans and advances to customers 3,210 6.40% 2,465 4.92% Derivative financial instruments 1,496 2.98% 1,965 3.92% Deferred tax assets 73 0.15% 58 0.12%    34,592 68.96% 37,033 73.88% Current assets    0.00%    0.00% Inventories 3,576 7.13% 3,744 7.47% Trade and other receivables 2,190 4.37% 2,525 5.04% Loans and advances to customers 3,705 7.39% 3,094 6.17% Derivative financial instruments 80 0.16% 58 0.12% Current tax assets 12 0.02% 10 0.02% Short-term investments 1,016 2.03% 522 1.04% Cash and cash equivalents 2,506 5.00% 2,512 5.01%    13,085 26.08% 12,465 24.87% Assets of the disposal group and non-current assets classified as held for sale 2,487 4.96% 631 1.26%    15,572 31.04% 13,096 26.12% Total Assets 50,164 100.00% 50,129 100.00% Current liabilities             Trade and other payables (10,595) 21.12% (11,094) 22.13% Financial liabilities:             Borrowings (1,910) 3.81% (766) 1.53% Derivative financial instruments and other liabilities (99) 0.20% (121) 0.24% Customer deposits and deposits from banks (6,858) 13.67% (6,015) 12.00% Current tax liabilities (494) 0.98% (519) 1.04% Provisions (250) 0.50% (188) 0.38%    (20,206) 40.28% (18,703) 37.31% Liabilities of the disposal group classified as held for sale (1,193) 2.38% (282) 0.56% Net current liabilities (5,827) 11.62% (5,889) 11.75% Non-current liabilities             Financial liabilities:             Borrowings (9,303) 18.55% (10,068) 20.08% Derivative financial instruments and other liabilities (770) 1.53% (759) 1.51% Post-employment benefit obligations (3,193) 6.37% (2,378) 4.74% Deferred tax liabilities (594) 1.18% (1,006) 2.01% Provisions (183) 0.36% (272) 0.54%    (14,043) 27.99% (14,483) 28.89% Net assets 14,722 29.35% 16,661 -33.24% Equity             Share capital 405 0.81% 403 -0.80% Share premium 5,080 10.13% 5,020 -10.01% All other reserves (498) -0.99% 685 -1.37% Retained earnings 9,728 19.39% 10,535 -21.02% Equity attributable to owners of the parent 14,715 29.33% 16,643 -33.20% Non-controlling interests 7 0.01% 18 -0.04% Total equity 14,722 29.35% 16,661 -33.24% Total Liabilities and Equity 50,164 100.00% 50,129 -100.00%

Causal Argument Why Do People Change The Way They Looks Essay Example For Students

Causal Argument: Why Do People Change The Way They Look?s Essay Causal Argument: Why Do People Change The Way They Look? Oscar Wilde once wrote: â€Å"It is only shallow people who judge by appearance. The true mystery of the world is the visible, not the invisible† (qtd in Davis 1). Obviously, humans have all been created differently. That is why we all do not look alike. But now, the idea of having the ideal shape and look is one of the issues everyone has to deal with. Some want to get thinner, while a few do not care about it. Others even change the color of their skin. The desire to be like someone else is getting bigger and bigger for so many reasons that cannot be completely explained. This is due to the fact that people are different and think differently about their own image. But most of the time, they are filled with a desire that Delia, a senior in college expresses well enough in Am I Thin Enough Yet?:â€Å" I always wanted to be the thinnest, the prettiest. ‘Cause I thought, if I look like this, then I am going to have so many boyfriends, and guys are going to be so in love with me, and I will be taken care of for the rest of my life† (qtd in Sharlene 7). According to Richard Rodriguez, there are complexions because the persons, who care for us like a family, are usually the ones who explain us that we have something to be ashamed of (441). On the other side, Bell Hooks thinks that all these complexions take their origin in the historical supremacy of the white race toward the black in particular (446). These are only a few examples of the probable reasons why people decide to change their look. But I personally think that people change the way they look in order to be attractive and appreciated. They believe that this issue can help in their search for happiness. People chan. .and accept. There is a special inner beauty in each one: the strength to be content of who we are. Everything would be so simple if we just understand that we have been created differently. Thus, trying to look like someone else will be refusing to be who we really are. In this case, what will be our reason for being a member of the Human race? Works cited Hesse-Biber, Sharlene. Am I Thin Enough Yet? Oxford: Oxford University Press, 1996 Gordon, Richard A. Anorexia And Bulimia. Oxford: Richard A. Gordon, 1990 Davis, Fred. Fashion, Culture, And Identity. Chicago: University Of Chicago, 1992 Rodriguez, Richard. â€Å"Complexion†. Good Reasons. eds, Lester Faigley, Jack Selzer. Boston: Longman Publishers, 2001. 441-443. Hooks, Bell. â€Å"Straightening Our hair†. Good Reasons. eds, Lester Faigley, Jack Selzer. Boston: Longman Publishers, 2001. 446-452.