Product Summary Essay

The commercialization of the internet proves to be a major opportunity of for business organizations in the global arena. It should be noted that this technology has allowed the creation of new business model where companies can become more efficient and generate more revenue by establishing online presence. The internet has become a venue where sellers and buyers meet for purchases. Some business organizations have opted to augment their brick and mortar strategies by having online outlets while still others have opted to solely operate online. Perhaps three of the most successful business organizations which utilized the advancement of internet technology are retailers like eBay, Amazon, and Walmart. All these industry players have gained the reputation of being the top in internet retailing both in the number of visitors and the amount of sales generated.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   If I am given the chance to be a competitor of these giant retailers, I will utilize the individual strengths which they display while staying away from their weaknesses. In order to avoid direct competition from these already established players, I will specialize catering to a small segment instead of going after the whole market. This will help me in building the right image for the company and establishing public awareness for the product and service that I would offer.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   eBay represents one of the purest market in the world today where buyers and sellers can directly transact with each other. The website is a very good place to buy products because buyers and sellers can negotiate on the price, payment, and other service. However, I believe that an online retailer should have a fixed price and rules when dealing with its customers. Before entering a transaction, the customer should be adequately informed on the price which is most acceptable in the exchange of product and service. The establishment of a fixed system of payment, delivery, and price will eliminate the necessity of having to answer queries for each customer when they find details to be unclear. However, I will consider the user-friendly and frequently upgraded website of the company in order to attract buyers.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Amazon is remarkable because of its being purely an online entity. What I will adopt with this company is its system of recording customers’ details which they can use in their future purchases. I believe that this is a very much essential value-added feature because it really makes customer more convenient as they don’t need to type information again and again. Amazon should also be applauded for its customers’ reviews which aids prospective buyers in making their purchase decisions. I will integrate this when putting up an online retailing entity.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Walmart is known as the market leader when it comes to price and quality. The company also extends this in its website which showcases all its affordable products. The website of the company is very extensive almost comprising its entire product line which it has in store. What I like about Walmart is the warmth of experience even in online shopping. Customer service is still very remarkable and consistent both in its outlet and its online store. This consistency makes shopping very relaxing in an online marketspace where customer emotions are not often considered. References Kotler, P 2002, Marketing Management, Prentice Hall: New Jersey

Columbia River Pulp Company Inc

CORP. received refinanced approval of its long term debt from Toronto – Dominion Bank (AD Bank) amounting to $200 million based on floating rate. The floating interest rate represents the significant risk that needs to be mitigated through hedging products. There were some hedging products that AD Bank offered to CORP., swaps, caps, or collars, or some combination? There were definite trade-offs between these hedging products In terms of flexibility, interest rate protection, and true cost. Andrew Theatre, Chairman of CORP., had to decide on the amounts and maturities of the various transaction hedging offered.Issue Business Kraft Market pulp Is a truly global commodity, which prices changing quickly In response to capacity changes, inventory levels, and purchase levels. While market alp is produced in about 25 countries, historically more than two-thirds of world output has come from five northern countries : the united States, Canada, Sweden, Finland, and Norway. One major c hange in the global pulp market was the mid – sass launch of pulp futures markets . While these markets were not an immediate success, there was enough trading volume to sustain at least market, the Pulped/ Finish Options Exchange.It was hoped that futures markets, widely used to trade futures in commodity products – such as copper, aluminum, sugar, and coffee – would bring more price stability to the pulp market and even out some of the extreme price fluctuations that have plagued the global market pulp Industry. Price levels for market pulp as shown below : In 1978, CORP. had financed the original cost of the mill from a group of united States insurance companies. The insurance companies was in doubt about the quality of their loans. This was because of the cumulative operating losses over the 1982 – 1986 period which totaling $ 39. 1 million.CORP. was unable to meet the repayment schedule on the debt. So, in march 1988, CORP. approached Toronto  œ Dominion Bank (AD Bank) to refinance $200 million of its long term debt. On July 21 , 1988 CORP. received reedit approval from AD Bank Board. CORP. received rationalization financing a $200 million, seven year reducing, revolving term facility and a $25 million operating facility from the syndicate of six international banks. The floating rate borrowing options and bank lending margins were shown below : The use of floating rate debt to finance fixed assets represents significant risks If the interest rates increased.The risk can be offset through interest rate swaps, caps, and collars. In order to partially engage ten Tolling rills rate on ten mans ten Dank syndicate had included a positive covenant in the credit agreement which effectively arced the company to lock in fixed rates of interest on its debt. This covenant stated the following : within 90 days after closing, the borrower will arrange interest rate swaps or similar hedging arrangements so that a total of $100 million of debt has a term of at least three years and an interest rate not to exceed 12%.

Pyrometallurgical Recovery Of Metals From Electronic Waste Environmental Sciences Essay

Veldbuizen and Sipple ( 1994 ) acknowledged that stuffs come ining into the reactor are immersed in a liquefied metal bath where the temperature is around 1250 grades, which is churned by a mixture of supercharged air. The burning of plastics and other inflammable components in the eating procedure cut down the cost of energy. In the reactor, all drosss including Fe, Zn and lead are converted into oxides and so converted into scorias to silica by the agitated oxidization zone. These scorias are cooled and milled to acquire more and more metals before the disposal ( Cui & A ; Zhang, 2008 ) . The diagrammatic word picture of the works and the recycling procedure of E-waste are given below. These two diagrams will explicate how cast-off waste of Personal computers and laptops are recycled and disposed off. The Cu matte incorporating cherished metals is removed and transferred to the convertors. After the patterned advance in the convertors, liquid blister Cu is refined in anode furnaces and dramatis personae into anodes with about absolute pureness of 99.10 per centum. The residuary 0.9 per centum holds the valuable metals such as gold, Ag, Pt and Pd. There are besides some other recoverable stuffs like Ni, Se, Te etc. Afterwards, electro-refining of the anodes recovers these marketable metals ( Cui & A ; Zhang, 2008 ) . Fig-9 shows that E-waste can be fed into the procedure in different stairss depending upon their purenesss. High Cu incorporating bit is fed into change overing procedure straight but low class E-waste is fed into Kaldo Furnace. The needful O is supplied by the O spear for the intent of burning along with oil O burner. The off-gases require an extra burning air of about 1200 grades after burning. Thermal energy is recovered by a steam web through criterion gas handling system.Figure: – 8 Pyrometallurgical Recover Process at Recycling Plant( Beginning: Cui & A ; Zhang, 2008 )Figure: – 9 Recovery of Cherished Materials( Beginning: Cui & A ; bent, 2008 ) The installing of off-gas emanation control system in an IsaSmelt Furnace ( a new method of E-waste recycling and metal recovery ) is an illustration for retrieving thermic energy by a steam web through criterion gas handling system. Here the hygienic gases and procedure gases are cooled to retrieve the energy and are cleaned utilizing techniques like bag house filters, electro filters etc.2.12.3 Recovery of Cherished Metallic elements Using IsaSmelt Furnace:The smelting ( the procedure of runing to retrieve metal from its ore ) procedure in the recycling of E-waste is done in IsaSmelt Furnace ( Cui & A ; Zhang, 2008 ) . Like Pyrometallurgical Process one of the most of import advantages of utilizing this method is that the demand for energy beginning and cut downing agent for the smelting procedure will be quarterly substituted by the combustion of the organic substances like plastics that are present in the E-waste ( Hageluken, 2007 ) . The smelting procedure offprints cherished me tals in Cu bullion from other metals that are present in a lead scoria, which is further treated in a BMO. The cured Cu bullion is used in the following procedure of valuable metals recovery through copper-leaching ( a method used for the recovery of Cu from its ore ) and electro-winning ( method of taking drosss from the metals ) procedures. There are three nucleus processing stairss in the BMO: The Lead Blast Furnace: to diminish the oxidized lead scoria from the IsaSmelt together with high lead incorporating 3rd party natural stuffs. The Lead Refinery: the assorted lead bullion, roll uping most of the non-precious metals is farther treated here and the procedure is called Harris procedure. Particular Metallic elements Plant: pure metals are recovered in this works. ( Cui & A ; Zhang, 2008 ) The image of the emanation control system is as under and could be adapted by the recycling centres to cut down the degree of emanation. Hageluken ( 2007 ) , in his study accepted that the emanations from the works are much below the bounds set by the European bureaus and authorities.Figure: – 10 IsaSmelt Furnace Fitted With Emission Control System( Beginning: Cui & A ; Zhang, 2008 ) Apart from recycling methods like Pyrometallurgical Process and method utilizing IsaSmelt Furnace, bio-metallurgical procedure is another method of retrieving cherished metals from E-waste. Due to moo cost and high specificity for the mark elements, bio-metallurgical processing is attractive and soon limited to merely rich states ( Cui & A ; Zhang, 2008 ) . Brand et Al, ( 2001 ) displayed how Fungi ( Aspergillus Niger, Penicillium Simplicissmum ) and Thiobacillus bacteriums can enable metal filtrating from electronic bit. To retrieve gold, Cu etc from E-waste, Creamer et Al ( 2006 ) engaged Desulfovibrio Desulfuricans.2.13 Batteries: Recycling & A ; Material Recovery:Batteries are one of the terminal merchandises of E-waste recycling because it remains integral during the E-waste recycling procedure ( SWEEEP, 2010 ) . Land make fulling or Incineration of these batteries can do terrible wellness and environmental jeopardies ; when the shell of these land filled battery corrodes it can ensue in air, dirt and H2O pollution because it contains toxic substances like lead, quicksilver, Cd ( human carcinogen: substance that causes malignant neoplastic disease ) etc ( Frick & A ; Knudsen, 2002 ) . Similarly incineration of batteries will ensue in air pollution and other wellness jeopardies. On the other manus proper intervention and recycling of these batteries will be good both for the environment and for the economic system because it contains valuable stuffs like steel, Ag, nickel, Zn, manganese, gypsum etc which can be recovered and the harmful substances like lead, Cd, quicksilver can be safely separated and can be reused as secondary natural stuff ( G & A ; P, 2010 ) . UK generates 20,000 to 30,000 metric tons of waste batteries every twelvemonth and out of it less than 1,000 metric tons are recycled ( Resource Management & A ; Recovery, 2003 ) . Harmonizing to waste battery ordinances in Europe ( European Batteries Directive, 2006/ 66/EC ) , UK is needed to recycle 10 % of portable batteries in 2010, but in UK, merely 3 % of portable batteries are presently being recycled.2.13.1 Methods of Battery Recycling:Harmonizing to Espinosa, Bernardes & A ; Tenorio ( 2004 ) , it is imperative to cognize the composing of batteries in order to advance its recycling because the chemical composings of different batteries are different, so same methods can non be used for recycling different batteries. But unluckily there is no relationship between the size or form of batteries and their composing. There are chiefly three methods for the recycling of batteries: Pyrometallurgy Hydrometallurgy Separation of constituents through unity operations of excavation intervention Out of these three methods the most normally used method by all the recycling companies in UK and Europe are Pyrometallurgy and / or Robust Pyroprocess ( another method ) severally because of their simpleness and high efficiency / capacity ( even though the energy demands for these procedures are high ) ( Jan Tytgat, 2010 ) . The Pyrometallurgy and Robust Pyroprocess methods of recycling will be discussed in item in chapter four.2.13.1 Hydrometallurgy Method of Battery Recycling:In the past two decennaries, the most active research country on recovery of metals from battery is retrieving cherished metals by Hydrometallurgical procedure ( Horn & A ; Holt, 1990 ) . In this method the unsorted batteries are fed straight to the furnace. Inside the furnace the organic constituents will acquire decomposed to organize bluess ( Sequeira, 1994 ) . For illustration quicksilver compound will acquire decomposed to organize quicksilver vapor. These bluess are so passed through a capacitor to retr ieve quicksilver and other condensable liquids. The condensate will acquire fractionated by the centrifugation procedure into quicksilver, waste H2O etc. The waste H2O will so passed through an aluminum cementor to retrieve the residuary quicksilver in the signifier of an aluminium-mercury metal. The staying waste from the cementor is send to an evaporator to bring forth some steam or H2O and a salt mixture ( disposable ) in order to forestall the inordinate salt construct up in the procedure. The residuary gases and other organic bluess are oxidized in an afterburner and expelled to the ambiance in the signifier of H2O vapor and C dioxide after a careful intervention to take the staying sum of quicksilver since this quicksilver may incorporate hints of risky substance like Cd ( Sequeira, 1994 ) . The staying solids from the furnace are shredded and leached ( acid or acerb leaches ) before the magnetic separation of Fe and Ni from other non magnetic solids. The leaching solutions which contain oxides of C, Zn, manganese etc are so subjected to separation and purification processs such as precipitation of drosss, solvent extraction, ion-exchange etc. Consequently, the solutions are treated by electro refinement procedure for metal recovery ( Sequeira, 1994 ) . It is estimated that for retrieving a metric ton of Cu this procedure requires around 3,400KWh of energy ( Liew, 2008 ) . Precipitation of drosss is nil but the drosss present in the solution will go a precipitate ( solid ) during the chemical reaction, which can be removed subsequently by filtrating. Thus the staying liquid ( supernate ) above the solid containing cherished metals can be separated and cherished metals can be recovered by electro refinement. Electro refinement is a method of sublimating metal by electrolysis. Here the impure metal and cathode will be immersed in a solution ( electrolyte ) incorporating cations and electric current will be passed between the impure metal and cathode. As a consequence of it the pure metal will acquire deposited on the cathode and can be separated. Solvent Extraction is the procedure of dividing liquid mixtures by doing usage of solubility differences of the different constituents ( Cox & A ; Rydberg, 2004 ) . Ion-Exchange is an electrochemical procedure in which an unwanted chemical constituent is removed from solution by replacing it with a more attractive one ( Friedrich, 1995 ) . The chief terminal merchandises of this procedure are C and black lead which can be removed subsequently by filtration. Compared to Pyrometallurgical procedure Hydrometallurgy is more exact and predictable but its operating cost is high and it is more complicated ( Sequeira, 1994 ) . This method is chiefly used for the recycling of lithium-ion, nickel Cd, Zn oxide and quicksilver oxide batteries.Figure: -11 Hydrometallurgy Method of Battery Recycling( Beginning: Sequeira, 1994 )2.13.2 Separation of Components through Unity Operations of Mining Treatment:Separation of constituents through unity operations of excavation intervention method is besides used for battery recycling ( e.g. nickel Cd batteries ) . Using this method more than 2kg of Ni home bases present in a nickel Cd battery can be recovered. A compound with a high sum of Cd can besides be obtained and can be farther treated ( cadmium distillment ) to retrieve the stuff. This method is non used often because of its high oper ating cost and complexness ( Espinosa, Bernardes & A ; Tenorio, 2004 ) .2.13.3 Recycling Procedures under Pyrometallurgy & A ; Hydrometallurgy:There are several battery recycling procedures that works by the Pyrometallurgy and Hydrometallurgy rules. Sometimes these procedures are designed for specific sort of battery, but there are some in which batteries can be recycled together with other types of stuffs. The procedures are as follows: Sumitomo: It is a Nipponese procedure which is wholly based on calcinations ( method of change overing metals to its oxide at high temperature ) at about 1000 grade centigrade in a furnace ( Tedjar et al, 2010 ) . Its cost is really high and it is used to recycle all types of portable batteries e.g. lithium-ion battery. The residues formed as a consequence of calcinations is crushed and screened. The residuary pulverization will incorporate oxides of different metals. It is non suited for recycling nickel Cd batteries.Figure: -12 Sumitomo Method of Battery Recycling( Beginning: Sequeira, 1994 ) Recytec: It is the Swiss procedure that combines pyrolysis ( thermic intervention ) , gas intervention, tear uping, rinsing, electrolysis ( for non-ferrous substances ) followed by magnetic separation and other physical interventions ( Sequeira, 1994 ) . It is used for recycling all types of portable batteries and besides fluorescent lamps and quicksilver incorporating tubings. Initially pyrolysis is done at 550 grade centigrade in a reduction atmosphere and the waste gases produced during this procedure are passed through a capacitor for purification. The solids that left after the pyrolysis are shredded and washed with H2O to call up different salts and oxides. The oxides of manganese and zinc get dissolved in an acidic leaching process and these are at the same time separated by an electrodeposition procedure. Ferro-magnetic stuffs are separated by magnetic separation procedure from other non magnetic substances like black lead. The stuffs separated by the magnetic separation procedure so enter into an electrochemical system and from here the stuffs are separated by anodal disintegration method. The method of anodal disintegration offers 99 % pureness of the metals recovered.Figure: -13 Recytec Method of Battery Recycling( Beginning: Sequeira, 1994 ) This procedure does non recycle nickel Cd batteries. The initial investing for this procedure is smaller than that for the Sumitomo procedure, but its operating cost is high ( Espinosa, Bernardes & A ; Tenorio, 2004 ) . Another advantage of this procedure compared to Sumitomo is its first-class recycling efficiency of 95 % i.e. merely 5 % of secondary waste. TNO: It is a Hydrometallurgical Dutch procedure for the recycling of bit batteries. This procedure developed two recycling options one for alkaline family batteries and the other for nickel Cd batteries. The option for family batteries was non commercially implemented ( Espinosa, Bernardes & A ; Tenorio, 2004 ) . In this procedure the waste batteries are foremost shredded into little ( all right ) fractions. Many metal and plastic parts can be retained from these all right fractions. These all right fractions are so subdivided into two fractions: magnetic and nonmagnetic. Then both these fractions will be leached with hydrochloric acid to fade out the Cd content in it. The magnetic atoms like Fe and Ni will be separated by magnetic separation procedure after the leaching procedure. These separated Fe and nickel atoms will incorporate Cd and this Cd can be removed by extraction procedure with the aid of TBP. The Cd salt from the infusion will be farther removed by acerb extraction. The sourness of the so formed Cd chloride is so adjusted to precipitate residuary Fe as ferrous hydrated oxide and it is separated by the filtration procedure. By utilizing the electrolysis procedure metallic Cd will be recovered and the staying solution is discarded ( Sequeira, 1994 ) . Accurec: It is a German Pyrometallurgical procedure to recycle batteries chiefly used for nickel Cd batteries. This procedure has got several advantages like: it is merely a one measure procedure compared to other procedures, the emanation of green house gases to the ambiance is less ( & gt ; 0.01g/h ) , it is energy efficient and a extremely secured procedure ( Accurec, 2010 ) .Figure: -14 Accurec Method of Battery Recycling( Beginning: Accurec, 2010 ) Snam-Savam: Gallic procedure for Ni Cd battery recycling, wholly based on Pyrometallurgy method ( Espinosa, Bernardes & A ; Tenorio, 2004 ) . This is a closed furnace battery recycling technique in which Cd is distilled at 850-900 grade centigrade. This method offers 99.9 % pureness of the cured stuffs ( Sequeira & A ; Moffat, 1997 ) . Sab Nife: Swedish procedure for Ni Cd batteries. This method is besides based on Pyrometallurgy. In this method the Cd is distilled at high temperature ( 850-900 grade centigrade ) in a reduction atmosphere. Then the Cd is chemically leached with the aid of sulfuric acid and eventually Cd is recovered from the leachate by electrolysis ( Sequeira & A ; Moffat, 1997 ) . Atech: This procedure is based on the physical intervention of cast-off batteries ; it is holding relatively lower cost than the other types of recycling procedures but the pureness of the cured stuffs will non be high. It is used for recycling all types of portable batteries. Recycling Companies does non trust on any individual method or procedure but it uses the combinations of many methods and procedures for the recycling of assorted types of batteries, as it is apparent that there are many types of batteries holding different forms, size and chemical composing. So, the company uses the method and procedure which are suited for the peculiar set of batteries.Table aa‚ ¬ † 11: Valuable Materials that can be recovered by Battery Recycling:Name of the BatteryMaterials that can be RecoveredLead Acid Lead, Polypropylene, Gypsum Zincs Based Steel, Zinc, Manganese Nickel Cadmium Nickel, Steel, Cadmium Lithium-Ion Cobalt, Steel Silver Oxide Silver, Steel Mercuric Oxide Mercury, Steel ( Beginning: G & A ; P, 2010 ) These recovered metals and stuffs has got many applications like: lead and Cd can be used for doing batteries once more, steel and Ni can be used in the steel industry, polypropene can be used for doing battery instances, gypsum can be used for agricultural intents, Co and Ag can be used in electronic and photographic industries etc. Overall E-waste is really insecure for the environment and for the human wellness. On the other manus if proper recycling Centres are established, the economic system as a whole would be benefited and there would be fewer loads on natural resources like gold, Cu, aluminum, Ag and other cherished metals and stuffs. In this manner the reuse rate would be increased and less emanation of green house gases would happen. It would be good for the environment, human wellness and national economic system of the UK to set up proper and dedicated recycling Centres to better the status. UK particularly needs it, as it has the highest figure of computing machine users. As per estimated information there are at present 360 million computing machine users in UK ( Internet World Statistics, 2009 ) . One can easy do appraisal of the volume of E-waste, maintaining in head the maximal life of computing machines and replacing in UK.2.14 Decision:From the reappraisal of the available literature, it can b e argued that E-waste is earnestly really unsafe for the environment and for the human wellness every bit good. The whole universe needs to take proper enterprise for managing E-waste and there should be dedicated recycling Centre for it. Although, there are enterprises that have been taken but those are non plenty as the measure of E-waste is turning twenty-four hours by twenty-four hours. The authoritiess across Europe and the authorities of UK have enacted Torahs and directives for extenuating the ill-impact of E-waste. After the earth acme in 1992, two ordinances have been enforced to extenuate the ill-effect of E-waste i.e. the Swiss ORDE ordinance and EU WEEE ordinance. Under both the ordinances, the list of electronic points is by and big same and contains about the same list. The turning market for Personal computers and its incursion and replacing markets in developed states like UK and high obsolescence rate have made WEEE as one of the fastest turning waste watercourses. Puckett & A ; Smith ( 2002 ) approximately estimate the chemical and non-chemical substance nowadays in E-waste and it is truly really flooring as the measure projected could be highly harmful for the environment and human wellness. Precisely, it could be wellness jeopardy as the chemicals present in E-waste are lead, Cd, quicksilver, plastics etc ( Culver, 2005 ) . If these chemical substances and metals are burned, it will hold terrible impact on the environment and on the human wellness. Widmer et Al, ( 2005 ) say that these E-waste contains extremely toxic chemicals and the paradox is that the UK and EU is bound to dispose E-waste within their ain geographical country as they are obliged to follow the directives because the directives of the Basel Norms prohibits them to merchandise with Non-OECD states. The UK authorities is really serious for the environmental protection and it explores what actions might be taken and poses inquiries, on which remarks and suggestions are invited from a scope of participants including the general populace. Phillips et Al ( 1998 ) argues that there is an pressing demand for the effectual protection of the environment and prudent usage of natural resources, so that the sustainable development programme could non be hampered. The direction of E-waste is acknowledged as indispensable to the sustainable development in UK. Earlier, the E-waste has used to be disposed through land fill and incineration. Landfill is / was non an effectual manner to dispose E-waste as it is non bio-degradable and used to harm the birthrate of the land. Incineration is besides really unsafe as it can breathe a batch of harmful gases and substances. Spalvins et Al ( 2008 ) and Dagan et Al ( 2007 ) argued against the disposal of E-waste along with MSW as the toxic features could non be mitigated through landfill and could dispute regulative conformity. To get the better of this serious menace authorities has introduced the construct of EPR both lawfully and operationally. It involves dealing cost, aggregation cost, recycling cost and other types of costs. The makers besides have to negociate with recycling Centres and to place the aggregation centres so that E-waste could be collected expeditiously and economically. The makers are now bound to do such electronic merchandises so that at least 70 % to 80 % ( by weight ) of the stuffs could be collected from recycling and the reuse rate of stuffs must non less than 50 % by weight so that natural resources could be protected. There are presently assorted theoretical accounts have been adopted for the direction of E-waste. Among that the four stage theoretical account is really effectual. Another extension of the EPR is the ARF. It is collected at the clip of purchase of electrical equipments and besides from the terminal users, so that the recycling procedure could be financed once the merchandise is discarded by the terminal users. The cast-off E-waste particularly the personal computing machines bits are valuable in the sense that it carries metals about 70 % of the weight of computing machines and are reclaimable. This is the major drive force behind the recycling of E-waste as every company want to understate the input cost and maximize the profitableness. Earlier Pyrometallurgy is used for the recovery of valuables metals from the bit E-waste. However there are some failings in this method. It was non really friendly for the environment as there is more emanation of green house gases. Cui & A ; Zhang ( 2008 ) argue that the retrieval of energy from E-waste pave the manner for utilizing plastics in E-waste. Now it has been apparent that thermic processing of E-waste delivers an attack for recovery of energy from E-waste if a broad runing emanation control system is installed. The batteries that are the terminal merchandises of E-waste recycling can be farther recycled to retrieve and divide cherished stuffs like steel, Ag, nickel etc and toxic substances like lead, Cd etc severally. The recovery and separation of these metals and stuffs will farther lend to the economic system of the state and sustainability of the environment. There are several methods and procedures for battery recycling and no same method or procedures can be used for different batteries since they differ in their chemical composing. The procedure of Pyrometallurgy and Robust Pyroprocess are sooner used by the recycling companies in Europe. From the available literature it can be argued that most of the above mentioned recycling procedure / methods offer about 90 % to 95 % pureness of the cured metals and stuffs which is an advantage. On the other manus these methods have got many disadvantages. Most of these procedures / methods that works under the rule of Hydrometallurgy are complicated as it needs to undergo many other sub-processes in between ( except few procedures like Accurec ) , e.g. it needs to undergo tear uping procedure before the existent recycling. Hydrometallurgy procedures are most of the clip dedicated to merely a peculiar type of battery chemical science / little scope of different chemical sciences ( Jan Tytgat, 2010 ) . Higher energy demand is another disadvantage of these methods ( chiefly for procedures that works under Pyrometallurgy rule ) . For illustration most the methods required energy of about 1000 degree centigrade or more. As consequence of it the operating cost is high. Discarding the terminal merchandise which contains valuable metals ( which can still be recovered ) is another disadvantage. Discarding of the staying solution after the electrolysis of Cd in the TNO procedure is an illustration for this. As mentioned above the loss of staying 5 % to 10 % pureness of cured stuffs is besides an of import affair that needs to be considered

Financing the Mozal Project Essay Example | Topics and Well Written Essays - 1250 words

Financing the Mozal Project - Essay Example Along with the great benefits of the project there are also risks factors associated with its implementation. Some of the risk factors that must be considered in the business plan of a project are recurring revenue, economic uncertainty, and liquidity (Bizkanal). Mozambique is a high risk country due to a variety of factors. Among 20 African nations the country ranks last in road infrastructure, completion of secondary school, and legal effectiveness. It also ranks second to last in openness to trade and time spent to obtain permits. These factors make the country a difficult sell to foreign investors. Another major risk in the region is the political factor. The country is recovering from the effects of a civil war that lasted 17 years. There are still political tensions and bitterness between the Frelimo and Renamo parties. A risk that can inhibit the profitability and success of the project is a decline in the market price of aluminum in the future. The price of electricity is a d eterminant of the plant’s competitive position. Some of the key partners of the Mozal project are Alusaf, the government of Mozambique, Eskom, Electricidade de Mucambique (EdM), trustee responsible for the administrative duties, lenders, and the International Monetary Fund (IMF). Alusaf is the company that will own and administer the project. The company is a subsidiary of the Gencor Group. In 1996 Alusaf generated net income of $41.7 million. The company has the vision of expanding the firm through the Mozal project. The risk of acquiring its primary raw material, alumina, will be naturally hedged by fixing the prices based on LME. Eskom and Electricidade de Mucambique will supply the project with all the electricity it needs for production. The government of Mozambique is an important partner that must invest in improving the infrastructure of the country as well as honor the economic incentives and tariff exemptions available in the Industrial Free Zones. These factors wil l provide the company with a competitive advantage. The risk of the government bailing out and breaking the agreements is low because the government desperately needs the income and jobs the project generates. The trustee will be responsible of collecting sales proceeds, paying debt, remitting expenses, and paying dividends. The International Monetary Fund is a key partner because it has the capacity to provide large funds of money. Getting its approval would help the company obtain more financing from the private sector. The risk of the IMF are minimized by performing a throughout evaluation of projects to ensure its sustainability and that it provides an economic benefit for the community. There are several key factors to the success of the Mozal project. One of those factors is the ability of the company to develop and manage its human resources adequately. The management of human resources starts in the construction phase of the project. The company plans to bring experienced ma nagers and skilled workers from South America during the initial phases of the project. It is imperative to properly manage the construction phase of the project. The firm is responsible for the work performance of a construction crew composed of 5,000 workers. The timeliness and the ability of the firm of completing the project within budget are highly dependent on being able to motivate the workers to perform at a high level. A second factor

Thank you for smoking Movie Review Example | Topics and Well Written Essays - 750 words - 1

Thank you for smoking - Movie Review Example He tries to explain the curiosity of the tobacco industry and the interest they have. This is usually misunderstood for being wrong as the world has a negative influence about it. The challenge arises when Nick has to go on a talk show of Joan Lunden where he has to face people who are against smoking and a person who has been suffering from cancer because of this smoking habit. (Dargis, n. p.) He tries to defend himself by saying that if this person suffering from cancer faces death it would not benefit the tobacco industry; moreover they'd be losing a customer which they wouldn’t want. Hence it is not the tobacco industry that wants the cancer stricken persons death but other antismoking vigilantesthat would benefit from the individuals death by making their contributions rise. Nick considers to be "trafficking in human misery". The way Nick advocates his point and proves all the antismoking vigilantes are wrong is a proof of his capabilities. Nick has mastered the art of ly ing and knows how to manipulate people in a way that they fall for him. The best thing that attracts one to this movie is how Nick practices this art of lying. Nick represented the monopoly of the tobacco industry on the platform he's been provided. The purpose behind this movie was to symbolize the image of activities which involve smoking as appealing and refined hence considering it be a habit interlinked to social and moral values. The personality of Nick is very impressive, and hence, one gets quite influenced by the way he speaks and motivates by the power of his words. Nick uses the force of the visual provocation to attract its viewer in approval of smoking. He knows that by developing a positive image of something it helps to persuade humans. Furthermore the virtues he depicted convinced the audience even more. During the beginning of the movie Nick works on the agenda of developing a positive image of himself in front of the masses. The purpose behind this was to lay the f oundation and to give credibility to the movie. Another thing that he flaunts during the movie is the moral flexibility that convinces and helps to build upon trust within each other. The way he knows how to play along with words and to mold them in such a manner that they turn in favor of him and help him to keep his audience away from the truth. The movie has a huge baggage of sexual activities and abusive language incorporated in it. The movie delivers a stark image of how Nick is successful in transforming words, changes and altering message, other modes of negotiation and various methods of communication so that he develops confusion in their minds and nothing becomes clear. The strategies used in the movie are merely to manipulate and leave the viewer in a dilemma. Furthermore, this film still exhibits the essence and the beauty of love although showing immense fraud, deceit and manipulation. Nick although being very stubborn and taking support of all sort of lies and tactics to manipulate others is influenced by the love of his son. There are many segments in the movie that show emotional bonding and an outburst of feelings in a very passionate manner. The change in the course of the movie comes at the time when Joey who is Nick's son makes him rethink and develop second thoughts about his work. The reason that joey gives him. Usually it is seen in such movies that the protagonist changes by the end but this movie turned to be different in such a manner that Nick just swayed, changed his target audience and used his art on them. This made him a hero in the eyes of his son and gave him a reason to be like his dad. In the end Joeys wins a debating competition proving that he's walking on the same lines as his father. The movie

A Journal opinion article Essay Example | Topics and Well Written Essays - 750 words - 7

A Journal opinion article - Essay Example n of the FED hinted at reducing asset purchases which currently stand at US$85billion according to ‘The Globe and Mail’ online newsfeed, has made investors to pull out their investments out of the emerging markets and prepare to buy the dollars readying to invest in the US markets (Reuters 2013). Domestic problems have not helped the situation get better; the unrests that have been experienced in the mining industry have worsened the strength of the rand. The closer of Lomnin mines unnerved investors forcing the large pull off witnessed in early may, and with the riots not seeming to end anytime soon and the negotiations still in progress, the rand seem likely to remain on low levels for the coming few months. Another issue that is ailing the south African rand is the widening trade deficit that the country has; according to end of April report, the12-month debt levels had reached a staggering ZAR134 billion which is approximately 6.5% of the country’s GDP. With the strikes in the mines and crisis in the Euro zone where South Africa mainly exports its manufactured goods to, the deficit problems is not likely to go away and with it the current trends in the rand are to be maintained. The import market in South Africa has suffered the greatest blow; importers of good from overseas have been forced to increase prices for their commodities, which have trickled down to the citizens in this middle-income country in Africa. Exporters, who some few years back were lobbying the central bank to weaken the rand have also suffered huge setbacks in their business as they have to pay more to import the heavy machineries that are used in mining and manufacturing industries. The South African chamber for commerce is also not very optimistic about the situation as it reported lower confidence levels in the markets in the last two months. Most of the firms that depend on imports and goods for the high-end consumers have had to cut on their costs that includes laying off

Agency and Partnership Law Essay Example | Topics and Well Written Essays - 3750 words

Agency and Partnership Law - Essay Example ADC Ltd is a company needs 20 sets of Model XXP computers by Christmas 2009 by spending no more than  £20,000. Dan is the sales assistant from PC Express, who offers Andrew 20 sets of the new Model XXP Plus computer at a discount price of  £30,000. Andrew is sure that ADC Ltd would want the new model of computer rather than the old model and asked Dan to wait for an hour so he can speak to ADC Ltd in order to get the permission. He discloses that this order would be beyond his power and he is only acting as the agent. When Andrew rings Dan back to confirm the order he is asked specifically whether he received consent from ADC Ltd, Dan is told that it has all been sorted and that permission has been given, the order is made and the goods are delivered. However, Andrew did not in fact seek permission from ADC Ltd, he did ring but no one answered the phone call. Considering he had to contact Dan from PC Express in an hour, he concluded the deal before the written or oral permission from ADC Ltd.  After Christmas, ADC Ltd asked Andrew to buy another 35 sets of Model XXP computers due to the expansion of the business. James owns a company involved in the production of computers and his business is mainly on importing computers from China and reselling them to the customers in the UK. James has just imported some Model XXP Computers from China. Knowing that Andrew often works as an agent for many companies in the computer business he contacted him with the purpose of concluding a contract.

Business Policy & Strategy Essay Example | Topics and Well Written Essays - 11500 words

Business Policy & Strategy - Essay Example Established companies are already in the industry and dedicated to maintaining their clientele. Initially, such disruptive technologies have no market. During the ‘tug-of-war’ for expansion, ventures aimed at the explicit requirements of existing clientele or on the wants of current consumers that a dealer has not yet been capable to get in touch with will always influence schemes to extend goods for markets that are not present (Christensen, 2003, p. 77). A huge business may not think about a fresh, undersized market as a lucrative option. It might think that a million-dollar deal is not something to be worried about. The extent of the business must be proportionate with the extent of the market. From time to time, established companies have done well within small and simple product markets by starting ‘spin-offs’, or independent divisions to manage the fresh product. A well-known example is the division IBM in Florida, which created the Personal Computer d uring 1980. The head of the company seriously wanted the PC. He struggled against the interfering conflict as well as institutional disinterest for a number of years to obtain one. At last, he funded the venture with unrestricted finances, with project supervisor reporting to him directly without anyone’s interference. This initiates one of the most magnificent achievements in the history. The IBM PC was invented within record time, sales go up rapidly, and in a couple of years, IBM was the unbeaten leader of the industry. However, during the year 1984, sales of PC turn out to be vital to IBM's revenues, so executives in corporate headquarters regained power on the business. They suppressed improvement, decreased IBM's market share to below 5 percent, and from 1984, the company has persistently lost funds. In the meantime, the competitors such as Hewlett Packard, Compaq, and Dell have earned billions (Dastur, 2011, p. 139). Entering market for simpler, cheaper products may be inexpensive, but it is also less lucrative, sluggish, less consistent, and/or less resourceful.

Affordable Care Act in United States Research Paper

Affordable Care Act in United States - Research Paper Example This paper illustrates that the main idea of health care is to improve and reform health care which is of great concern to individuals. Despite how much one is earning in America, there is the need for one to set aside a particular budget that can be used when one is in poor health and thus the aim of Affordable Care Act. Insurance coverage in the companies are of benefit to individuals who work in the factories and other companies since in case of an accident or any other issue related to one health, then the insurance partners can intervene and medical expenses are covered by the insurance company or the use of Affordable Care Act. The Affordable Care Act was signed into a law by President Obama in 2010 in United States federal statute where the government had to work along with health care and education reconciliation act to represent the United States interest in health care issues. The aim of Affordable Care Act is to increases the quality and affordability of healthcare making sure that those who do not have insurance coverage can get access to health insurance and thus expand public and private insurance coverage for the United States residents. The policy aims at lowering the cost of healthcare for individuals and the government as a whole where the government will have the mandate to make sure that all the residents in the United States will have the insurance coverage, subsidies will be available and insurance exchanges that are meant to increase the insurance coverage at affordable rates. The policy requires all the insurance companies to make sure that all residents are covered with minimum standards regardless of preexisting conditions or sex. The policy requires an individual to be covered by insurance from the employer-sponsored health plan and this means that one will have two insurance coverage. Failure to pay an approved insurance policy will mean that an individual will pay a penalty of 1% on income tax and thus the residents must comply with the Affordable Care Act. The policy aim is to get more than 30 million people who are going to be enrolled in the Affordable Care Act. The policy also requires low-income earners and those families with incomes between 100% to 400% federal poverty level will be considered and thus they are going to receive federal subsidies and only if the mode of purchase is through an exchange.

Case study Essay Example | Topics and Well Written Essays - 250 words - 29

Case study - Essay Example The fact that the business has existed for numerous years makes the renovations as proposed by Jason inevitable. Similarly, narrowing the business’ target market as proposed by Bradley would enhance its operations thus improving the profitability of the company. Mr. Lynch must therefore consider the possibility of consolidating the two approaches with the view of enhancing the longevity of the business and quelling the differences between his sons. Renovating the pub will place it in the modern society. The renovation will seek to satisfy the demands of the modern day customer. In renovating and expanding the pub, the management must consider the demands of the modern day customer thus safeguarding such features as convenient and comfort. As stated earlier, renovating the pub is inevitable. This implies that Mr. Lynch and his two sons must determine the most appropriate ways of renovating the pub thus positioning the business strategically in the modern society. While doing this, the management must narrow the pub’s target market a feature that will enhance the management. In doing this, Mr. Lynch must consider the importance of diversity in enhancing the profitability and longevity of business in the contemporary market. In expanding and renovating the pub, Mr. Lynch can therefore develop a section of the pub and permit Bradley to customize it strategically for its LGBT target market. Jason should then manage the other section that targets the general consumer. This way, the business diversifies its services while safeguarding the peace and unity of the two siblings. Such is an appropriate approach that will serve as an effective marketing research and analysis tool that will provide the two sons with the most appropriate trends in the market thus enabling the two to change the structure of their business based on the response of the market. Diversity is

Air Asia vs. Qantas Essay Example for Free

Air Asia vs. Qantas Essay 1. Overview 1.1 Qantas-Main business and strategies The main business of Qantas airways limited is the transportation of passengers. Their core strategy of Qantas is profitably grows and the longer-term strategy of Qantas is to reorganize its business structure in order to eliminate mounting losses. The strategy that implement by company is to reduce the capital intensity of the business by forging partnerships with carriers in certain sectors that are uneconomical. (Qantas, 2012) Such as cooperate with British Airways. Qantas use two complementary airline brands; these two brands are used to touch different customers. Two brands operating together has occupied 65% market share in Australia, (Qantas, 2012) because, two brands provide flexibility in varying market conditions. Qantas, (2011 pp. 4) On the other hand, these two brands practice some sub-strategies to support its main strategy. These appropriate sub-strategies are the key success for point that lead to Qantas continually expansion in the world. | Qantas| Jetstar| Sub-Strategy| * Premium full service * Maximized profitability| * Cost leadership * Low fare airline| Operational improvement| * Enhanced customer service focus| * Expand locally and into international leisure markets | In statistics of 2012, Qantas has full-employees for 33,584. Flights over 550 airports and passengers carried are 44,456,000, which increase the 5.06% base on the year 2011. (Qantas, 2012) 1.2 Air Asia-Main business and strategies Air Asia is the largest low-cost flyer carrier in the world. It is establishing with the dream of making flying possible for everyone. On the other hand, it is not only focusing on the cost factor, but also safety first. The Air Asia has operated around 11 years, but it’s still keep high grow rate. The Air Asia is the regional carrier with the largest destination network, highest flight frequencies and high aircraft utilization.( Air Asia, 2012) Air Asia was named the 2012 World’s Best Low Cost Airline in the annual World Airline Survey by Skytrax for three consecutive years. There are some actions that support its main strategy in order to make it success. Such as the lost cost model is based on: (Hill, C. W. 1988). * Single passenger class * Flying to cheaper, less congested secondary airports * A single type of airplane in order to reducing training and servicing cost * Point to point flights with no transfers In statistics, Air Asia has full –employees for 4346. Passengers carried are around 22,474,620 in 2012, which increase more than 10% base on the year 2011. Services network over 216 routes covering destinations in and around world. The below picture has shown that air Asia are trying to get more market share in the southwest of Asia, there are more than 143 routes in southwest of Asia out of 216. This is the developing direction of the Air Asia in recent years. (Air Asia, 2012) 2. Industry analysis 2.1 Overview Goble airlines markets PESTLE mode analysis The Lift side is show that, the air travel remains a growth market. This forecast mentions that air traffic will double in the next 15 years, which means, the external environment still keep optimistic. Both of Qantas and Air Asia have same opportunity. (Airbus, 2012) The PESTLE model lists the factors or driver for growth, external environment can be reasonably expected as optimistic. but this chart showed that real GDP 2011-2031 by region, the economic growth is a key driver for air traffic growth, increasing urbanization will also drive economic growth and the propensity to fly. (Airbus, 2012) PESTLE model PESTLE model| Political * Stable political environment * Deregulation| Economic * Global financial crisis * Rising currency * Rising fuel cost| Social * Changing consumer demographics * Increasing travel lifestyle * Changing consumer preferences| Technology * Internet * Surface transport investments * Efficient aircrafts| Legal * Legislation compliance requirements * Allegations of misleading advertising| Environmental * Greenhouse and carbon emissions * Tourism saturation * Shortage of infrastructure capacity| 2.2 Overview Australia airline markets Qantas is the biggest airline operator in Australia, which represent as 75.6% for domestic market, but Qantas still has some competitors in Australia, such as Virgin blue (14.4%), Skywest (1.3%), Tiger (1.0%) and others (6.3%). We should understand it operate environment before we going to depth analysis, because the every company is restricted by external environment. PESTLE model clearly show Qantas operating external environment According to this chart, we can conclude that the overall environment is good and stable, but overall industry still facing some problem, the biggest issues has shown at lift picture, which is purchases, purchases of fuel. (Australia government 2013) 2.3 Qantas SWOT analysis Strength: 1. As one of the biggest Airline in the world, QAN has large quantity of flight customers and business relationships. Large scale could bring more benefits. 2. Qantas operates in a sea of business activities in different sectors. But all of them the support activities of the aviation industry, such as catering, engineering and baggage handling. Thus operation contributes to helping control supplier and aircraft maintenance costs. 3. Qantas Airways, Canada airlines, United Kingdom airline, United States airlines and Cathay Pacific founded a management company called One world Alliance. This centrally is to help each other in non-core business activities, such as marketing and online ticketing, in purpose of reducing costs and thereby cutting ticket prices. Members of the Union may also transfer passengers for connecting flights. 4. As monopolizing in Australian Market, Qantas has a home advantage. Thus its subsidies could provide better resources for its business. Weakness: Without the authorization of the trade union officials, workers in Qantas took an action called Wild Cat Strikes. Qantas was damaged by that action in delaying flights, exploring its issues between employees and the company. Besides, QAN Company is too concentrated on Australia side. Opportunities: As publishing of Open sky police, such as Pricing determined by market forces, Fair and equal opportunity to complete, Cooperative marketing arrangements, QAN could be beneficial from international aviation liberalization and downsizing in government intervention. In addition, more international destinations especially in Asia are developing. Due to Australia Market is less tapped so far, QAN could get a better chance to gain a major market shares than other airline companies. Moreover, QAN found a new opportunity of new market and created Jetstar witch is a low budget airline to attract potential large quantities of customers. Threat: With the result of merging between n United Airlines and Continental, Qantas is under threat because United Airlines- Continental is planning to penetrate into Australian market. One of Qantas most important international routine, between Australia and USA, will be affected. Unfortunately, large fluctuation in oil prices, together with global financial crisis, big airline companies was affected seriously due to rising operation and labor costs. Increasing Australia Airline market completion also will be a threat for QAN developing. 2.4 Overview Southwest of Asia markets The main competitors of Air Asia are Thai airways, Nok air, One Two GO Airline, and Singapore airlines, among of them SIG is the main competitor with Air Aira, in order to compete with Air Asia, SIG introduced 2 budget airlines; Valu Air and Tiger Airways, both of them are practice as the low-cost position. AIRASIA SWOT Analysis: Strength: AIRASIA has a well-known name and it is famous for its low cost operation. in accordance with the 2011-2012 year financial report, the companys non-fuel costs fell 3%, suggesting that companies continue to implement cost control; in 2011-2012, the company plans to non-fuel unit costs to fall by 5%. While ancillary revenue rose 23%, which helps companies to achieve annual revenue growth targets Moreover, it has the first-mover advantage of first low cost airline company in Asia. After that, AirAisa has strong promotional strategies for general promotion and media advertising. In addition, they companying with other service providers, such as hotel) and credit cards create a unique image among customers. Because of its punctual performance, AirAsia was offered honor of five-star service and flashes. AIRASIA has developed a well-established distribution channel in its products and services. Moreover, it is always using single type of airplane, thus minimizing maintenance fees. Weaknesses Due to the report, Aircraft leasing costs increased by 8% since the number of aircraft increased by 8 per cent while leasing costs and depreciation of the dollar, allowing the company to save rental costs. Airport and operating costs increased by 12%, reached 444.34 million dollars. Other expenses have increased by 14%. As the economic condition recovery, how to control the rising costs becomes o one of the most serious challenges faced by AIRASIA. Because of the lower cost, AIRASIA has limited service resources. Thus also is related to being lack of ability of handling irregular situation. Government interference regulates airports. In addition, AIRASIA receives a lot of complaints from customers such flight delays and not able to change flight. When competition is getting intense, good customer service and management is especially important. Opportunity With having first-move advantages, AIRASIA could be more possible to survive and win under the big intense environment such as rising oil price and government regulation. There is another opportunity for AIRASIA is cooperating with other low cost airlines such as Jetstar. The significant action could help tap into their strength and resources. Besides, larger population of customers is willing to choose cheaper flight. Threat In nowadays, lots of low cost airline companies are appeared such as Jetstar, Virgin, and Southwest. These companies improve that AIRASIA’s low cost strategy could not be a strong competitive advantage in the industry. It could be copied easily. Many kinds of expenses such as security fees and landing fees are out of control. Moreover, unstable economic conditions in the world have impacted on airline industry. Thus treat is same with questions facing by Qantas. 3. Accounting policies analysis 3.1 Basis of preparation of the financial statements The accounting policies are the procedures that used by a company to prepare its financial statements. Qantas’ reports basically are prepared in accordance with AASBs, but also following the IFRS (Qantas, 2012 pp.78). Air Asia prepared their reports following the MASBs and also in conformity with IFRS. IFRS is the general guide for these two companies when they prepared their report. It means not only significantly enhance comparability of financial reporting between these two companies, but also decrease our uncertainty, increase the reliability and accurately of analysis. (Burgstahler, D. C., Hail, L., Leuz, C. 2006) These two companies are running same business industry and prepare report in accordance with IFRS, so there are some accounting policies are similar, the following lists show the similarities of accounting policies practiced as these two companies 3.2 Similarities of accounting policies (Qantas, 2012 pp.80, Air Asia, 2012 pp.73) * Reports on the basis of historical costs except in accordance with relevant accounting policies where assets and liabilities are stated at their fair values * Main revenue recognition-The value of seats sold for which services have not been rendered is included in current liabilities as sales in advance * Other revenue-such as fuel surcharge, insurance surcharge, administrative fees, excess baggage and baggage handling fees, are recognized upon the completion of services rendered. * Residual value-the changing estimates are based on historical experience and various other factors that are believed to be reasonable under the circumstances * PPE-Depreciation is used the straight-line method * Inventory-The values of inventories are reported as weight average cost. * Repair and maintenance expenditure, repair treat as cost, deduct in the same period. Maintenance, if it changes in the using life of equipment, it will be treat as capitalization. Even these policies are similar, but they still have some flexibility, such as the report can be influenced by changing accounting estimates. The following table has been showed that there are totally different use for life and residual values between these two companies’ assets. These two factors are depended on the judgment and estimate of management. Matsumoto, D. A. (2002) mentions that management’s estimates and judgments involved in the accounting policies which have significant potential impact on their financial statements, because these matters are really uncertainty. Finally, this uncertainty will reflect on the ROA, ROE, even if these two ratios increase or decrease, it does not necessarily because of changing in the company’s profitability. (Lev, B., Li, S., Sougiannis, T. 2010). | Qantas| As Asia| | Use for life(Years)| Residual values| Use for life (Years)| Residual values| Buildings| 10-40| 0%| 28.75-50| 0%| Passenger aircraft and engines| 2.5-20| Up limited 10%| 7-25| Adjusting according to a prospective basis (note1)| Air spare parts| 15-20| Up limited 20%| 10| Adjusting according to a prospective basis (note1)| Note1ï ¼Å¡Estimates and judgments are continually evaluated by the Directors and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (Air Asia, 2012 pp. 77) 3.3 Main different accounting policies 3.3.1 Receivable Qantas and Air Asia receivables contain of trade debtors, other debtors and loans owing from related parties. Normally, the net receivable is recognized as its original amount less a provision for uncollectible debts. Qantas make an estimate for doubtful debts when collection of the full amount is no longer probable. The estimation of provision of doubtful debt relative to receivable is regularly reviewed. Bad debts are written off as incurred (Qantas, 2012 pp.101). As result, it is a risky way for the company not to assign provision of bad debts according to the percentage of credit sales. In Air Asia, they assign provision of bad debts according to the percentage of credit sale, (Air Asia, 2012 pp. 98) company will operate more stable, less risk then Qantas, but allowance will decrease its operating asset, reflect on the ATO, as result influence ROE. (Davidson Thompson 1962) 3.3.2 Discount Rate Discount rate is the interest rate that used in discounted cash flow analysis to determine the present value of future cash flows. (Qantas, 2012 pp.101) Changing discount rate will influence the company’s pension plan. Normally, pension is company’s liability; it is measured by three factors, PBO, ABO and VBO. Either PBO, ABO, should be discounted before reported. Due to particular category of pension plan, company just reports the different between the pension benefits and pension obligation on the financial report, if the benefits are greater than obligations it will be reported on the assets side, on the opposite, it will be reported on the liabilities side. (Wiener 1995) So the effect will directly reflect on its ROA and ROE. Discount rate of Qantas is based on the risk-free rate for the ten-year Australian Government Bonds adjusted for a risk premium that represented as 10.5% percent per annum (Qantas, 2012 pp.103). Air Asia use weight average effective interest ra te that represent as 10% per annum. The changes in discount rates of Qantas in 2011 to 2012 that lead to decrease in the Workers ’ Compensation provision of $15 million and an increase in the long service leave provision of $45 million. The net effect of these changes was a $30 million increase in provisions as at 30 June 2012. (Qantas, 2012 pp.103) as results, the changing of provision will reflect on the ROE of Qantas, because provision is comprised of liability. Finally, the ratio analysis will lack of comparability. 4. Ratio analysis: 4.1 Return on equity analysis: The ROE changing line of Qantas Airline limited (QAN) has a sharp fluctuation during year 2009, which has reached the top point of almost 60%. Then ROE index declined until 16.89% after the top and maintained about the level figure of 20% from year 2010. Compared with QAN, Aireys Berhad (AIRASIA) has a relative complicated ROE line. AIRASIA started from -50% from end of year 2008, afterwards got to the first top of 35.37% in 2010. After that the concave curve reached the bottom of 14.28%, and was back to the top at point of 37.39%. As personal opinion, AIRASIA has a brighter future than QAN on ROE side due to its growing trend ROE ratio from year 2011 though it had a negative number from the beginning point. In addition, with the research of 5 year average ROE rate, the total airline industry index is 26.9%, which is higher than QAN and lower than AIRAISA (StockCentral, 2013). AIRAISA is doing a better job in using investors’ money and attracting more investing capital. 4.2 Leverage affect From above two graphs, different index reflect different relationships. On QAN side, ROE rates changing are mainly due to changing in return of asset rate. It is indicating that QAN achieved a better effect of asset utilization by increasing revenue and saving asset funds to raise ROE ratio up. Different with QAN, AIRAISA’s ROE rate is primarily rely on financial leverage, which is equal to net financial liabilities / equity. Overwhelming other related facts, higher financial leverage rates mean stronger power of using liabilities to create profit. From this aspect, it is not hard to disclose different profit channels between two companies. 4.3 Borrowing cost driversï ¼Å¡ Downsizing of borrowing cost rate gives opportunities to raise ROE ratio. In QAN, from year 2011 the borrowing rates have been continuously declining which gave contributions to profit gaining. From AIRASIA side, borrowing cost rate kept on level of 3%-4% in recent two years, which may weaken ROE performance competing with QAN. 4.4 Operating profit drivers Return on asset ratio, which could be divided in asset turnover and profit margin directly, affects the performance of ROE. Compared with two companies, ATO ratio gave more impacts on ROA in past five years in QAN. Relatively much higher ATO ratio of QAN reflects that business higher speed of asset utilization from input to output for the period, better enterprises assets management quality and efficiency. Downsizing in ATO rate will directly influence ROA rate, obviously between year 2008 and 2009. In AIRASIA side, ROA ratio variation mainly affect by PM ration. On whole, PM ratio curve indicates increasing trend in the 5-year period, though a slight drop in year 2011. Higher PM ratio compared with QAN could give evidences that AIRASIA has better ability to recover kinds of expenditures and cost of goods sold, benefiting from the low cost strategy. Low costs give contributions to gaining higher ROA ratio of AIRASIA than QAN in recent year. 4.5 Cost structure These two graphs are drawn on the base of revenue as 100%. According to two graphics, we can easily see that After deduct COGS, Air Asia reported Gross profit around 50% over 5 years, but Qantas just has less than 20% for Gross profit, Air Asia practices cost-lead ship strategy, so COGS and its selling administration expense is significantly lower than Qantas. So the Air Asia control its COGS are better than Qantas. But however, the selling administration expense of Qantas (around 11% of 100% revenue) less then Air Asia (around 26% of 100% revenue), which mean Qantas, is good at management. Thus trend indicates that low-costs of airline industry would be bafflement for increasing profit. Compared with two companies’ gross profit and gross margin ratio curve, Qantas has been suffered drop trend in five-year gross profit due to its downsizing revenue and high cost of goods sold. AIRASIA has optimistic trends both in gross profit and gross margin. The company was engaged in exp anding sales and revenue, improving cost management level and seeking appreciate company strategy at the same time. Higher gross profit and gross margin indicate company could have higher possibilities to gain profit. 4.6 Average industry analysis The first graph shows the ROE of Air Asia in the Malaysia airline industry, after 2009, the ROE of Air Asia is significantly higher than average. The second procure compare the Qantas with Australia airline industry, if we calculate the average ROE of Qantas, the result is a little bit lower than average. The last graph we put two-airline companies in the Asia- pacific region, the graph has shown that Qantas’ operating is lower than the average, after 2009, Air Asia is keeping upward. 5. Conclusion After our analysis, due to applying different policies and strategies, two airline companies did different performance in gaining profits. we think that even though Air Asia just set up around 11years, and its size of the company is quite less than Qantas. But they have been adapted to the turbulent global environment. Its strategy has fitted with external environment, the advantage of small company is easy to change its management control system to response with the turbulent environment and better to keep consistent with its strategy. Finally, the whole company will be easier to achieve the goal. As result, AIRASIA seems to be better in raise ROE ratios, benefiting from its increasing sales and costs controlling. So we can concluded that AIRASIA’s performance is better than Qantas. Reference: Qantas, (2012) â€Å"Qantas Annual Report 2012† Qantas Airways Limited www.qantas.com Qantas, (2011) â€Å"Qantas Group presentation December 2011† Qantas Group www.qantas.com. Air Asia, (2012) â€Å"Air Asia Annual Report 2012† Air Asia Airways Limited www.airaisa.com Airbus, (2012) â€Å"Navigating the future† Global Market Forecast 2012-2031 www.airbus.com â€Å"Domestic airline activity, Department of Infrastructure and Transport†, Australia government, update 19 August, 2013 www.bitre.gov.au Qantas Customers 2012, by Segment 2012, Statistic, viewed 8 May 2012, Qantas’ Situation: Yesterday, Today and Tomorrow 2011, The Age, viewed 8 May 2013, Stockcentral (2013), industry averages. Available from: http://www.stockcentral.com/?utm_source=iclubindustryaveragesutm_mdium=link [Accessed: August 17, 2013]. Burgstahler, D. C., Hail, L., Leuz, C. (2006). The importance of reporting incentives: earnings management in European private and public firms. The accounting review, 81(5), 983-1016. Lev, B., Li, S., Sougiannis, T. (2010). The usefulness of accounting estimates for predicting cash flows and earnings. Review of Accounting Studies, 15(4), 779-807. Kotlikoff, L. J., Wise, D. A. (1989). Employee retirement and a firms pension plan. Hill, C. W. (1988). Differentiation versus low cost or differentiation and low cost: a contingency framework. Academy of Management Review, 13(3), 401-412. Matsumoto, D. A. (2002). Managements incentives to avoid negative earnings surprises. The Accounting Review, 77(3), 483-514. Cyert, R. M., Davidson, H. J., Thompson, G. L. (1962). Estimation of the allowance for doubtful accounts by Markov chains. Management Science, 8(3), 287-303. Scott, T. W. (1994). Incentives and disincentives for financial disclosure: Voluntary disclosure of defined benefit pension plan information by Canadian firms. Accounting Review, 26-43. Wiener, H. J.(1995), †Pension Plan Strategy† A Comprehensive Guide to Retirement Planning for physicians and Other Professionals 7(2), 101-212. Appendix Air Asia ANALYSIS| 　| 　| 　| 　| 　| 　| REFORMULATED BALANCE SHEET| | 12/31/2012 USD| 12/31/2011 USD| 12/31/2010 USD| 12/31/2009 USD| 12/31/2008 USD| Operating Assets| | | | | | | Net Receivables| | 315,898,627| 176,713,880| 158,421,275| 170,371,203| 262,514,740| Total Inventories| | 7,758,339| 6,223,975| 5,692,557| 6,093,458| 5,978,035| Prepaid Expenses| | 240,199,477| 149,035,647| 105,739,906| 73,305,199| 32,597,110| Other Current Assets| | 0| 198,398,423| 174,299,659| 180,913,551| 212,788,150| Net Property, Plant Equip.| | 3,200,140,615| 2,744,062,776| 3,021,904,005| 2,319,564,252| 1,905,866,763| Other Assets| | 863,519,621| 282,959,621| 106,643,425| 141,351,051| 40,122,254| | | 4,627,516,678| 3,557,394,322| 3,572,700,827| 2,891,598,715| 2,459,867,052| Operating Liabilities| | | | | | | Accounts Payable| | 21,299,542| 25,636,593| 17,245,987| 26,411,507| 31,597,399| Accrued Payroll| | 0| 0| 0| 0| 0| Income Taxes Payable| | 1,674,951| 0| 529,269| 2,869,159| 0| Dividends Payable| | 0| 0| 0| 0| 0| Other Current Liabilities| | 606,007,521| 479,045,110| 400,453,705| 312,255,549| 322,342,775| Provisions for Risks Charges| | 0| 0| 0| 0| 0| Deferred Income| | 0| 0| 0| 0| 0| Deferred Taxes| | -118,180,510| -162,807,571| -233,260,905| -219,414,136| -247,430,347| Other Liabilities| | 166,843,689| 154,044,479| 146,867,196| 0| 0| | | 677,645,193| 495,918,612| 331,835,252| 122,122,079| 106,509,827| Net Operating Assets| | 3,949,871,485| 3,061,475,710| 3,240,865,575| 2,769,476,636| 2,353,357,225| | | | | | | | Financial Assets| | | | | | | Cash Short Term Inv.| | 730,127,861| 666,457,098| 487,957,516| 217,964,953| 44,439,884| | | 730,127,861| 666,457,098| 487,957,516| 217,964,953| 44,439,884| Financial Liabilities| | | | | | | Short Term Debt and Current LTD| | 368,264,879| 187,454,574| 179,660,126| 157,788,551| 157,243,353| Long Term Debt| | 2,381,682,472| 2,267,166,877| 2,368,374,899| 2,064,168,224| 1,776,526,012| | | 2,749,947,351| 2,454,621,451| 2,548,035,025| 2,221,956,776| 1,933,769,364| Net Financial Liabilities (Assets)| | 2,019,819,490| 1,788,164,353| 2,060,077,509| 2,003,991,822| 1,889,329,480| Shareholders Equity| | 1,930,051,995| 1,273,311,356| 1,180,788,066| 765,484,813| 464,027,746| check| | 0| 0| 0| 0| 0| REFORMULATED INCOME STATEMENT| | | | | | | Sales| | 1,617,426,750| 1,418,025,552| 1,280,394,033| 914,982,769| 761,470,520| Total Costs| | 864,089,928| 1,074,545,110| 934,371,331| 648,407,418| 932,758,092| Earnings before Interest and Taxation (EBIT)| 753,336,821| 343,480,442| 346,022,701| 266,575,350| -171,287,572| Tax| | 56,556,246| 69,934,700| 12,143,668| 33,884,638| -107,697,977| Income after Taxation| | 696,780,576| 273,545,741| 333,879,034| 232,690,713| -63,589,595| Net Interest| | 97,912,688| 98,364,669| -10,343,765| 84,832,360| 79,925,723| Net Income (before Pref Dividends Minority Interests)| 598,867,888| 175,181,073| 344,222,799| 147,858,353| -143,515,318| TAX-SHIELD| | | | | | | Effective Tax Rate| | 7.5%| 20.4%| 3.5%| 12.7%| 62.9%| Net Interest| | 97,912,688| 98,364,669| -10,343,765| 84,832,360| 79,925,723| Tax Shield| | 7,350,728| 20,027,643| -363,014| 10,783,119| 50,253,725| TAX-ADJUSTED OPERATING INCOME| | | | | | | Operating Income (with tax shield)| | 689,429,848| 253,518,098| 334,242,048| 221,907,593| -113,843,321| Net Financing Costs| | 90,561,960| 78,337,026| -9,980,751| 74,049,241| 29,671,997| Net Income| | 598,867,888| 175,181,073| 344,222,799| 147,858,353| -143,515,318| AVERAGED BALANCE SHEEETS| | | | | | | Operating Assets| OA| 4,092,455,500| 3,565,047,574| 3,232,149,771| 2,675,732,883| 1,298,921,526| Operating Liabilities| OL| 586,781,902| 413,876,932| 226,978,666| 114,315,953| 65,446,413| Net Operating Assets| NOA| 3,505,673,597| 3,151,170,642| 3,005,171,105| 2,561,416,930| 1,233,475,113| Financial Assets| FA| 698,292,480| 577,207,307| 352,961,235| 131,202,419| 26,432,942| Financial Liabilities| FL| 2,602,284,401| 2,501,328,238| 2,384,995,900| 2,077,863,070| 991,642,182| Net Financial Liabilities (Assets)| NFL(NFA)| 1,903,991,922| 1,924,120,931| 2,032,034,666| 1,946,660,651| 965,209,240| Shareholders Equity| SE| 1,601,681,676| 1,227,049,711| 973,136,439| 614,756,279| 268,265,873| check| | 0| 0| 0| 0| 0| Sales| SA| 1,617,426,750| 1,418,025,552| 1,280,394,033| 914,982,769| 761,470,520| Operating Income (with tax shield)| OI| 689,429,848| 253,518,098| 334,242,048| 221,907,593| -113,843,321| Net Financing Costs| NFC| 90,561,960| 78,337,026| -9,980,751| 74,049,241| 29,671,997| Net Income| NI| 598,867,888| 175,181,073| 344,222,799| 147,858,353| -143,515,318| ROE DECOMPOSITION| | | | | | BASIC ANALYSIS| | | | | | | ATO (sales / net operating assets)| | 0.46| 0.45| 0.43| 0.36| 0.62| PM (operating income / sales)| | 42.63%| 17.88%| 26.10%| 24.25%| -14.95%| ROA (operating income / net operating assets)| 19.67%| 8.05%| 11.12%| 8.66%| -9.23%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| CLEV (net operating assets / equity)| | 2.19| 2.57| 3.09| 4.17| 4.60| ILEV (operating income / net income)| | 1.15| 1.45| 0.97| 1.50| 0.79| ROE ( net income / equity)| | 37.39%| 14.28%| 35.37%| 24.05%| -53.50%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| SPREAD ANALYSIS| | | | | | | ROA| | 19.67%| 8.05%| 11.12%| 8.66%| -9.23%| Borrowing Rate (net financing costs / net financial liabilities)| 4.76%| 4.07%| -0.49%| 3.80%| 3.07%| Spread (ROA financing costs)| | 14.91%| 3.97%| 11.61%| 4.86%| -12.30%| FLEV (net financial liabilities / equity)| | 1.19| 1.57| 2.09| 3.17| 3.60| Leveraged Spread| | 17.72%| 6.23%| 24.25%| 15.39%| -44.27%| ROE| | 37.39%| 14.28%| 35.37%| 24.05%| -53.50%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| Qantas ANALYSIS| 　| 　| 　| 　| 　| 　| REFORMULATED BALANCE SHEET| | 06/30/2012 NZD preliminary| 06/30/2011 NZD| 06/30/2010 NZD restated| 06/30/2009 NZD| 06/30/2008 NZD| Operating Assets| | | | | | | Net Receivables| | 1,138,830,550| 1,099,506,200| 918,979,200| 914,755,950| 955,587,900| Total Inventories| | 385,418,800| 398,263,200| 269,443,350| 269,443,350| 202,112,500| Prepaid Expenses| | 410,020,000| 434,663,600| 326,034,900| 326,034,900| 0| Other Current Assets| | 89,179,350| 23,553,200| 86,154,300| 90,377,550| 287,808,200| Net Property, Plant Equip.| | 14,493,181,950| 14,615,831,200| 10,571,639,400| 10,571,639,400| 9,826,709,750| Other Assets| | 1,618,553,950| 1,675,489,000| 1,319,343,300| 1,319,343,300| 1,558,691,600| | | 18,135,184,600| 18,247,306,400| 13,491,594,450| 13,491,594,450| 12,830,909,950| Operating Liabilities| | | | | | | Accounts Payable| | 661,157,250| 639,148,200| 506,790,000| 506,790,000| 482,644,650| Accrued Payroll| | 0| 0| 0| 0| 337,932,100| Income Taxes Payable| | 0| 0| 0| 0| 0| Dividends Payable| | 0| 0| 0| 0| 4,042,250| Other Current Liabilities| | 5,488,117,700| 5,418,306,600| 4,232,541,150| 4,241,832,300| 4,111,776,700| Provisions for Risks Charges| | 755,461,850| 692,678,200| 473,004,000| 473,004,000| 430,903,850| Deferred Income| | 1,164,456,800| 1,189,436,600| 901,241,550| 914,755,950| 1,024,306,150| Deferred Taxes| | 660,132,200| 821,150,200| 603,924,750| 603,924,750| 490,729,150| Other Liabilities| | 229,611,200| 527,805,800| 195,114,150| 195,114,150| 216,664,600| | | 8,958,937,000| 9,288,525,600| 6,912,615,600| 6,935,421,150| 7,098,999,450| Net Operating Assets| | 9,176,247,600| 8,958,780,800| 6,578,978,850| 6,556,173,300| 5,731,910,500| | | | | | | | Financial Assets| | | | | | | Cash Short Term Inv.| | 3,573,324,300| 4,083,268,400| 3,325,387,050| 3,325,387,050| 3,377,704,100| | | 3,573,324,300| 4,083,268,400| 3,325,387,050| 3,325,387,050| 3,377,704,100| Financial Liabilities| | | | | | | Short Term Debt and Current LTD| | 1,147,030,950| 617,736,200| 532,129,500| 522,838,350| 491,537,600| Long Term Debt| | 5,566,021,500| 5,839,052,400| 4,320,384,750| 4,306,870,350| 3,957,362,750| | | 6,713,052,450| 6,456,788,600| 4,852,514,250| 4,829,708,700| 4,448,900,350| Net Financial Liabilities (Assets)| | 3,139,728,150| 2,373,520,200| 1,527,127,200| 1,504,321,650| 1,071,196,250| Shareholders Equity| | 6,036,519,450| 6,585,260,600| 5,051,851,650| 5,051,851,650| 4,660,714,250| check| | 0| 0| 0| 0| 0| REFORMULATED INCOME STATEMENT| | | | | | | Sales| | 16,117,886,200| 15,945,516,400| 11,632,519,800| 11,632,519,800| 11,764,564,400| Total Costs| | 16,221,416,250| 15,412,357,600| 11,379,969,450| 11,379,969,450| 11,506,668,850| Earnings before Interest and Taxation (EBIT)| -103,530,050| 533,158,800| 252,550,350| 252,550,350| 257,895,550| Tax| | -107,630,250| 79,224,400| 52,368,300| 52,368,300| 46,890,100| Income after Taxation| | 4,100,200| 453,934,400| 200,182,050| 200,182,050| 211,005,450| Net Interest| | 254,212,400| 187,355,000| 102,202,650| 102,202,650| 111,566,100| Net Income (before Pref Dividends Minority Interests)| -250,112,200| 266,579,400| 97,979,400| 97,979,400| 99,439,350| TAX-SHIELD| | | | | | | Effective Tax Rate| | 104.0%| 14.9%| 20.7%| 20.7%| 18.2%| Net Interest| | 254,212,400| 187,355,000| 102,202,650| 102,202,650| 111,566,100| Tax Shield| | 264,280,218| 27,839,900| 21,192,523| 21,192,523| 20,284,745| TAX-ADJUSTED OPERATING INCOME| | | | | | | Operating Income (with tax shield)| | -260,180,018| 426,094,500| 178,989,527| 178,989,527| 190,720,705| Net Financing Costs| | -10,067,818| 159,515,100| 81,010,127| 81,010,127| 91,281,355| Net Income| | -250,112,200| 266,579,400| 97,979,400| 97,979,400| 99,439,350| AVERAGED BALANCE SHEEETS| | | | | | | Operating Assets| OA| 18,191,245,500| 15,869,450,425| 13,491,594,450| 13,161,252,200| 6,415,454,975| Operating Liabilities| OL| 9,123,731,300| 8,100,570,600| 6,924,018,375| 7,017,210,300| 3,549,499,725| Net Operating Assets| NOA| 9,067,514,200| 7,768,879,825| 6,567,576,075| 6,144,041,900| 2,865,955,250| Financial Assets| FA| 3,828,296,350| 3,704,327,725| 3,325,387,050| 3,351,545,575| 1,688,852,050| Financial Liabilities| FL| 6,584,920,525| 5,654,651,425| 4,841,111,475| 4,639,304,525| 2,224,450,175| Net Financial Liabilities (Assets)| NFL(NFA)| 2,756,624,175| 1,950,323,700| 1,515,724,425| 1,287,758,950| 535,598,125| Shareholders Equity| SE| 6,310,890,025| 5,818,556,125| 5,051,851,650| 4,856,282,950| 2,330,357,125| check| | 0| 0| 0| 0| 0| Sales| SA| 16,117,886,200| 15,945,516,400| 11,632,519,800| 11,632,519,800| 11,764,564,400| Operating Income (with tax shield)| OI| -260,180,018| 426,094,500| 178,989,527| 178,989,527| 190,720,705| Net Financing Costs| NFC| -10,067,818| 159,515,100| 81,010,127| 81,010,127| 91,281,355| Net Income| NI| -250,112,200| 266,579,400| 97,979,400| 97,979,400| 99,439,350| ROE DECOMPOSITION| | | | | | BASIC ANALYSIS| | | | | | | ATO (sales / net operating assets)| | 1.78| 2.05| 1.77| 1.89| 4.10| PM (operating income / sales)| | -1.61%| 2.67%| 1.54%| 1.54%| 1.62%| ROA (operating income / net operating assets)| -2.87%| 5.48%| 2.73%| 2.91%| 6.65%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| CLEV (net operating assets / equity)| | 1.44| 1.34| 1.30| 1.27| 1.23| ILEV (operating income / net income)| | 1.04| 1.60| 1.83| 1.83| 1.92| ROE ( net income / equity)| | -3.96%| 4.58%| 1.94%| 2.02%| 4.27%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| SPREAD ANALYSIS| | | | | | | ROA| | -2.87%| 5.48%| 2.73%| 2.91%| 6.65%| Borrowing Rate (net financing costs / net financial liabilities)| -0.37%| 8.18%| 5.34%| 6.29%| 17.04%| Spread (ROA financing costs)| | -2.50%| -2.69%| -2.62%| -3.38%| -10.39%| FLEV (net financial liabilities / equity)| | 0.44| 0.34| 0.30| 0.27| 0.23| Leveraged Spread| | -1.09%| -0.90%| -0.79%| -0.90%| -2.39%| ROE| | -3.96%| 4.58%| 1.94%| 2.02%| 4.27%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| Company | Return On Equity Per Share[Y2008]| Return On Equity Per Share[Y2009]| Return On Equity Per Share[Y2010]| Return On Equity Per Share[Y2011]| Return On Equity Per Share[Y2012]| 1| 　| 　| 　| 　| 　| 2| -27.03| 25.33| 33.93| 14.46| 36.86| 3| 6.1| 20.38| 10.32| -18.51| -27.24| | 　| 　| 　| -16.22| 6.01| Malaysia industry average| -10.47%| 22.86%| 22.13%| -6.76%| 4.81%| | | | | | | 1| 17.02| 2| 1.89| 4.09| -4.07| 2| 22.45| 19.73| 18.2| 11.46| 15.25| 3| 11.61| -21.09| 2.26| -7.32| 2.36| Austrilia industry average| 17.03%| 0.21%| 7.45%| 2.74%| 4.51%| | | | | | | | 　| 　| 　| 　| 　| | Return On Equity Per Share[Y2008]| Return On Equity Per Share[Y2009]| Return On Equity Per Share[Y2010]| Return On Equity Per Share[Y2011]| Return On Equity Per Share[Y2012]| 1| -37.81| 22.91| 39.91| 17.15| 10.29| 2| 14.73| 1.33| 5.13| 5.29| 4.46| 3| -27.03| 25.33| 33.93| 14.46| 36.86| 4| 15.02| -1.08| -13.73| 4.69| 5.27| 5| -19.27| 11.89| 29.11| 9.99| 1.62| 6| -76.38| 57.88| 57.42| 19.5| 17.28| 7| -70.4| -11.18| 23.64| -4.06| 0.1| 8| -51.42| 4.23| 34.87| 17.31| 8.15| 9| -27.96| -10.48| 33.11| 0.5| 1.31| 10| 19.69| 39.08| 9.61| 13.94| 10.66| 11| -20.6| 5.01| 30.35| 19.6| 10.79| 12| -20.47| -30.29| -21.4| -5.16| -14.43| 13| -26.05| -3.37| 14.11| -9.31| 9.83| 14| 6.1| 20.38| 10.32| -110.51| -27.24| 15| -0.11| -13.94| 9.05| 85.17| -13.52| 16| 17.02| 2| 1.89| 4.09| -4.07| 17| 22.45| 19.73| 18.2| 11.46| 15.25| 17| 16.21| 43.36| 56.31| 44.68| 25.97| 18| 13.1| 7.31| 1.58| 7.88| 2.48| 19| -37.71| 14.89| 24.31| -14.64| 9.45| 20| -14.02| 0.34| 17.5| 10.69| 1.37| 21| 11.61| -21.09| 2.26| -7.32| 2.36| Asia Pacific Region industry average| -13.33%| 8.37%| 18.98%| 6.15%| 5.19%|

English Song Essay Example for Free

English Song Essay The song is basically a tribute for Princess Diana for the genuine kindness and compassion she has shown to the people of England, especially to the common people. The Meaning of Each Stanza: The first stanza aims to bid goodbye to Princess Diana, with a promise that her acts of kindness be remembered in England. The composer also wants to tell everyone how lucky they are to be given a gift like her, who has been with them through difficult times. The second stanza shows how Princess Diana has shared and given hope to those who have nearly given up. The third stanza tells that the memories of Princess Diana will live forever in the hearts and minds of the people of England. The fourth stanza tells that the good acts of Princess D will always have a special place in England and it will never be forgotten even if she has already passed away. The fifth stanza tells that the death of the princess is considered a great loss among the people of England and that they shall always remember her for her deeds. The sixth stanza tells that the death of Princess D is a great sorrow for everyone and that they are thankful to her for her kindness when she was still alive. The seventh stanza expresses how the people felt for the princess death. They expressed how much they will miss her and that they will forever remember her acts of kindness. Connection to Real Life Experiences: If we could still remember, Princess Diana has helped a lot of poor and needy people during her lifetime. She was involved in so many activities with a goal of helping those in need. The song was composed to serve as a tribute for everything she has done for her countrymen and how she has helped them gain strength in the lowest points of their lives. By just listening to the song, one can already imagine how great Princess Diana’s impact was to the lives of her countrymen. Special Meaning of the Song Personally, I consider the song special because in a way or another, Princess Diana’s acts have touched me. The way she cares for the people in England is so pure and genuine that it makes me long to have a million more Diana in the world. Her compassion is extraordinary and since not everyone is capable of giving such selfless love, I really adore her and consider her as my model. Like the people of England, I grieved too when I learned of the princess’ untimely death. Figures of Speech Used: Metaphor is the most common figure of speech used in the song. An example is using Rose as a symbol to describe Princess Diana’s role among the people of England. The song also uses personification in this line â€Å"the stars spell out your name†. Of course the star cannot literally spell out her name because it is inanimate but it was regarded in this song as a living creature. Simile was also used when she was compared to a candle in the wind using the word â€Å"like†.

Engineering Description or Classification of Weathered Rocks

Engineering Description or Classification of Weathered Rocks Introduction The description and Classification of Weathered rocks brought together a series of important studies by leading geologist and engineering researchers due to the countless difficulties encountered by engineers in weathered rock areas, how it affects site exploration, plan and evaluation steps during projects. In the 1950s there has been a considerable amount of literature published on the characterisation of weathered rocks and engineering properties of weathered materials, but there was little or no standardisation of descriptive terminology during this period, the use of these published data for the prediction of the engineering behaviour away from the original study areas is limited. Thereafter the publications by the Geological Society Engineering Group Working Party; the International Society of Rock Mechanics, the British Standards Institution, the International Association of Engineering Geologist and Dearman have rationalised the terminology by the use of standard descriptive indices and simple index testing. These schemes enable the geologist or Civil engineer to describe the materials and rock structure in engineering terms, and how it has been adopted for general practice worldwide. However the choice of which scheme to use is generally dependent on the preference of the engineer responsible. Background Analysis The earliest attempts to classify weathered rocks in such a manner that will prove useful to engineering goes back to the early 1950s when weathering classification of granite was introduced by Moye in the Snowy Mountains of Australia. Moye proposed the scheme for the promotion and identification of engineering properties of weathered rock materials and how it would help to formulate the weathering terms of granite when they are used during site investigation by various group of persons. Six classes of rock materials were described based on the concept that logging of cores would be done on the basis of recognition of weathering types irrespective of order; surface or downwards and without any attempt fitting the initial results of the logging into a formatted or general weathering profile with subsequent zones established in the rock mass. Little (1967), discussing laterites, suggested that the Moye classification could be applied to â€Å"other lateritic-type soils† and would be more successful for the purpose, than the usual temperate soil classification into clay, silts etc. The interesting feature was that Little applied grade numbers to the various degrees of weathering recognised by Moye (1955); grade I was fresh rock and grade VI was rock weathered to a residual soil. Then the classifications of weathered rock came to a stage where a group of specialist came together in the UK and published a report on the first formalised weathering classification of rocks under the name of Geological Society Engineering Group Working Party Report on The Logging of Rock Cores for Engineering Purposes (Anon, 1970 in (Dearman, 1995). Its evident that this was also mainly based on the classification of (Moye, 1955) scheme. However, few amendments were made; the Moyes granitic soil term was changed to residual soil thereby increasing the number of categories from six to seven classes. Thus the new scheme was suggested to apply for a broader range of rocks while it was initially devised to granite. Another point of interest was that of the Working Party scheme which relied mostly on general descriptions and observations, which includes friability while that of Moye was based on classification on specific index test. To pave the way for the mass scheme recommendation in BS5930: 1981 (Anon, 1995), thus the latter scheme grades were reduced back to 6 as it was originally done by (Moye, 1955) and the same terminology was used with a complete different meaning. The argument over using the description of the materials or the mass scales for a classification came on. However, the required different approaches was advocated and grading the materials recommended to be; decomposed, disintegrated, fresh and discoloured. Duncan (1969) also proposed a scheme based on texture, structure, composition and classification (calcareous or non-calcareous), colour and grain size. Following the publication of BS5930: 1981, attempts have been made at developing classification schemes which allow the degree of weathering to be defined for different lithologies, (Table.2) (Anon 1970, Anon 1977, BS 5930 1981). The early schemes (Anon 1970, for instance) were based on the chemical weathering of granite rocks and represented a hybrid material grade and zone scheme. In 1977, the working party of the Engineering Group of Geological Society on the Description of Rock Masses (Geological Society of London 1977) clearly separated the description of weathering on a rock mass scale. This scheme, like the earlier ones, placed great emphasis on the weathering profiles developed on granitic rocks in tropical and sub-tropical environments, although, little guidance was given for the description of weathering. The British Standard proposed that weathered rock materials may be described or graded using four terms: decomposes, disintegrated, fresh and discoloured, but they did not provide any guidance for determining and describing the degree or weathering. Attempts to use these schemes in the description of rock materials have met with difficulty. It is the opinion of the authors that any reference to the degree of weathering should be omitted from the description unless it is known with some certainty on the basis of experience and knowledge of the typical weathering profile for that rock type. For rock weathering in conditions where physical disintegration dominates, it is unlikely that the degree of weathering may be determined from examination of rock materials alone. The descriptive scheme for weathering was later criticized as being too restrictive in scope and not easily applicable to a wide range of rock types and structural situation, though this was the original intention. As its indicated by (Cragg and Ingman, 1995) a number of problems may arise when (BS5930: 1981) is used for major projects. At the initial stage it is difficult to extrapolate the weathering pattern in two or three dimensions of rock cores. In some occasions this question cannot be fully answered unless closely spaced boreholes are cored, logged and then mass zones are ascribed after the complete set has been logged. In addition, drill-hole may be insufficiently dense for a derivation of a mass tract from material core logs. The critics of (BS5930: 1981) do not always have more objective alternative schemes of classifications. For some the type of rock alternative schemes may be preferred over the (BS5930: 1981), including (Chandler, 1969) for Merica Mudstone and (Chandler, 1972) for Upper Lisa Clay and etc. In a situation where weathering dominates many aspects of geotechnics, the complementary classifications of (Moye, 1955) and (Ruxton and Berry, 1957) were essentially adopted as standards by the Hong Kong Government for engineering descriptions in 1979 (Anon, 1979) in (Anon, 1995), however, it is clear that all these alternatives are site or region specified. They are generally rock mass schemes based and gradational or depth controlled. The IAEG (Anon, 1981c) in (Anon, 1995) recommended a presumably factual scale of percentages of weathering with no guidance for how this scale should be applied. According to the scheme, the degree of weathering can be expressed quantitatively by laboratory study. But these approaches remain liable to lead to misunderstanding and disputes concerning descriptions. As far as the problems and difficulties prolonged in all engineering projects in the weathered rocks, the demand for such classification increased. Weathered rocks can cause particular difficulties especially in site investigations. They are often open textured and weakly bonded; they can be very sensitive to disturbance during sampling. Also their profile are often complex and variability cannot be predicted with standard geological interpolation or extrapolation. The confusion, inapplicability of the suggested classification schemes combined with the lack of agreement between professionals working in the field has led to various bodies producing their own classifications, e.g. (Anon, 1988b). Similarly, many have turned back to the (Anon, 1970) and (Anon, 1972). Some others keep using formation specified schemes like that of (Chandler, 1969). The Engineering Group of the Geological Society in an attempt to make critics see the ambiguity in its thesis has commissioned a Working Party to study the description and classification of weathered rocks for engineering purposes. The Report of Working Party (1995) provides a scheme for describing the state of weathering for uniform rock materials which are moderately strong or stronger in the fresh state which shows a clear gradation in engineering properties during weathering. The proposed classification scheme requires the use of appropriate index tests such as the point load text and slaking tests. The most logical approach to the problem of classifying degree of weathering is to describe the rock material without attempting to provide a statement on how weathered it may be, apart from commenting on the presence of discolouration, decomposition, voids and softening. Once sufficient descriptive data on the rock material and the rock mass has been acquired to establish the mechanisms and stages of weathering present, a site specific weathering classification can be developed to provide a consistent means of describing both the rock material and, more importantly the rock mass. According to (Anon, 1995); â€Å"The Working Party this time preferred to make recommendations rather than attempting to deal with all aspects of weathering†. In addition to circulating the draft at various stages among many correspondents and adding valued contribution to it, a three day meeting was held at the Leeds University, UK, in April 1994 for a more elaborate discussion. The Working Party report was then used during a day in the field and employed in the description of the weathered rocks in the laboratory (Anon, 1995). Conclusion Apart from the potential communication problems, there is a strong argument for the need to devise a single modified version of the weathered rock classification proposed that might find more general acceptance and be more readily applicable in field assessments, both rock material and rock mass.