Saturday, August 31, 2019

4 Reasons Chinese Companies Ipo in America Essay

Reasons Chinese Companies IPO in America Why do so many good Chinese companies go public in foreign markets rather than let domestic investors share in the profits of growth? Chinese investors often complain about why would â€Å"good companies†, like Tencent (0700. HK), Baidu (NASDAQ: BIDU) and Sina (NASDAQ: SINA), choose to list in the US and Hong Kong instead of on the Chinese A-shares market. There are four main reasons: 1. If a ‘Chinese’ company takes foreign investment using a VIE structure, it can only list abroad 2. Many companies don’t meet the strict financial standards for a Chinese listing 3. China’s listing process takes a long period of time and not very transparent, a torturous examination compared with America’s speedy registration 4. China’s regulatory agencies perpetually overregulate, rather than letting the market decide 1) If a ‘Chinese’ company takes foreign investment using a VIE structure, it can only list abroad The core reason is simple. These companies aren’t at all eligible to listed on the Chinese A-Shares Market, which restrict the overseas-funded enterprises severely. To receive foreign investment, a great number of Chinese companies set up a corporate structure called the  VIE or Sina structure, because some industries such as internet info & services and financial services are restricted or even prohibited in foreign-funded investment. This structure is especially common for technology companies that raise financing early and often, frequently from foreign investors. State-owned enterprises aside, most ‘Chinese’ companies in the US are not legally Chinese at all. They’re Cayman Islands, British Virgin Islands, etc. ompanies that control Chinese entities. Chinese regulators have raised the idea of allowing foreign companies to list on the A-Shares Market, but at present that’s still speculative. A worry for foreign investors is that the entire VIE structure, which largely serves to circumvent Chinese laws barring foreign ownership, has been  called into question  by Chinese regulators  in recent months. 2) M any companies don’t meet the strict financial standards for a Chinese listing In August 2005, when Baidu (NASDAQ: BIDU) listed in US, Chinese asked this very question. Let us review. Baidu didn’t reach profitability until 2003. When it went public, it had been profitable for just 2 years. The company’s profit was only $300,000 (2. 4 million RMB) in the quarter prior to its IPO. This is far from the minimum IPO criteria for the Chinese Small and Medium Cap A-Shares Market, where â€Å"net profit in the recent 3 fiscal years must be positive and the sum exceeds 30 million RMB; aggregate cash flow from operational activities in the recent 3 fiscal years exceeds 50 million RMB, or aggregate operating revenue in the recent 3 fiscal years exceeds 300 million RMB. Baidu didn’t even live up to the standards for listing on the Chinese Growth Enterprise Market: â€Å"Profitable for the previous 2 years, with aggregate net profits of not less than 10 million RMB and consistent growth† or â€Å"profitable in the previous year, with net profits of no less than 5 million RMB, revenues of no less than 50 million RMB, and a growth rate of revenues n o less than 30% over the last two years. † Nor may capital be less than 20 million in the year prior to the IPO. )  China’s listing process takes a long period of time and not very transparent, a  torturous  examination compared with America’s speedy registration Going public is like going through a round of torture. In the prolonged process of waiting for review, they have not only to be upset by countless uncertainties, but also incur high costs off the balance sheet. 4)  China’s regulatory agencies perpetually overregulate, rather than letting the market decide Chinese regulatory agencies are actually most concerned about investors. They fear that investors will buy low-quality stocks and they therefore spare no efforts to set up strict review processes for IPOs. They are also concerned about investors losing money in the secondary market and therefore set up â€Å"protection measures† like downward limits and upward limits and make adjustments to the â€Å"IPO rhythm† to stabilize the secondary market. But these ‘good intentions’ only end up leading everybody astray from the original  market intention. The quality of companies listed on the A-Shares Market is far from satisfactory, while most of the companies with the best growth potential and highest returns to investors list abroad. Moreover, the A-Shares Market remains one of the capital markets with the largest fluctuations in the world! The conclusion should be fairly simple: regulatory agencies should not and cannot be held responsible for a company’s quality through an IPO review. The operational risk of a company does not move in lock step with static indicators like financial data. Regulatory agencies should not and cannot be responsible for the luctuations in the secondary market. Fluctuations of the market can never be contained by up or downward limits, nor can the regulator effectively set the â€Å"IPO rhythm. † Chinese companies will continue to list abroad, despite sky-high A-Share Market valuations To be fair, under the elaborate care of regulatory agencies, A-Shares do have their own magic, that is, a super financing power. Especially in the fiery Growth Enterprise Market over the last year, PE ratios frequently shoot up to 100x. Every single listed company has been overjoyed to get more funds than planned. With such â€Å"stupid wealthy people† circumstances, will companies still want to list in foreign markets? I believe so. Again, there are many companies that will never meet the standards of the A-Shares Market. For growth companies that really desperately need funds, even the listing threshold of the Growth Companies that list abroad don’t have to worry that investors will criticize them for a broad definition of â€Å"misappropriation. † For them, going public is not just a one-time IPO sale, but also a sustainable financing platform. In Conclusion To sum up, the pre-IPO review and post-IPO trading have made A-Shares Market a different ecosystem from foreign markets. It is hard to say which is better. But companies themselves have preferences. Therefore, I don’t think fewer companies will list in foreign markets despite the high valuations of A-Shares. It’s hard to tell if â€Å"quality Chinese companies† will give A-Share investors a chance to invest. Article by Simon  Fong ( ),  Founder & President of Snowball Finance, iChinaStock’s parent company. The original Chinese article was published in the October edition of The Founder.

Friday, August 30, 2019

A Tale of Two Coaches Essay

The path-goal theory relies on the how a leader motivates their subordinates to accomplish the task before them. This theory evaluates the relationship of the leader’s style of leadership and the characteristics of the subordinate and how the two compliment or supplement each other to achieve the desired outcome. In the cases of Coach Knight and Coach Krzyzewski, both were achievement-oriented. They both had clear goals and expectations of their players, win the game. This is evident by both coaches high lifetime career win totals. They both set high standards that their players were expected to meet. Each team was put through a series of drills and practices to prepare them and help build their confidence to succeed. Coach Krzyzewski â€Å"invested heavily in drills and skills with his players, practicing set plays and exhaustively analyzing practices, game films, and strategies† (Snook, Perlow, & Delacey, 2005, p. 3). The ability of both coaches to use achievement-oriented leadership contributed to their success. Each coach challenged and set high standards for their players. This raised the players’ confidence that they had the ability to achieve their goals. The achievement-oriented leadership demonstrated by each coach helped motivate the players to want to succeed. The leader-member exchange theory is a â€Å"process that is centered on the interactions between leaders and followers† (Northouse, 2013, p. 161). Two main groups of subordinates exist in the LMX model: the in-group and the out-group. Research found that there is a direct connection with high quality leader-member exchanges and job satisfaction and performance. Evaluating the leadership styles of Coach Knight and Coach Krzyzewski shows that there is evidence of the leader-member exchange theory in addition to the positive performance results that were indicated by the research of Dansereau (Northouse, 2013, p.162). Building relationships is important to Coach Krzyzewski. The success of his team was built on the relationships he established with his players and making everyone part of the in-group. He uses his â€Å"high-quality leader-member exchanges† to increase the positive performance of his players. It is a standard practice among his players that when they talk to each other they look each other in the eye. This way they are honest and truthful with each other at all times. Coach K also stated he believed â€Å"people have to be given the freedom to show the heart they possess. I think it’s the leader’s responsibility to provide that  type of freedom. And I believe it can be done through relationships and family. Because if a team is a real family, its members want to show their hearts† (Snook et al., 2005, p. 4). Coach Knight on the other hand was not as concerned about his relationship with his players. His demonstrated attitude was that he was there to do a job and so were the players. A good practice was flawlessly executed drills where players were â€Å"taught to play his game of basketball. Coach Knight’s motivational toolkit included push-ups, wind-sprints, and insulting verbal barbs† (Snook et al., 2005, p. 2). He was a perfectionist and he expected perfection of himself and his players. His players were mainly part of the out-group. They did not appear to spend much time developing relationships and the leader-member exchange was not as high-quality as the leadership experienced by Coach K’s players. The dominant leadership style used by Coach Knight is the Authority-Compliance style. He is task oriented and is looking for results. He is not as concerned about the individual or establishing relationships. On the other hand Coach K is more interested in the relationships with his players. He wanted them to feel a part of his family. His leadership style is more Team Management. He is task oriented but the difference is he places almost equal importance on the interpersonal relationships established with his players. In studying both of these great basketball coaches, who were equally successful, I learned that great successes can be achieved with various leadership styles. The team’s winning records is only one type of success. The larger picture is how willing were the player’s to follow, support, defend, or even send their own son’s to be coached by either Coach Knight or Coach Krzyzewski. Coach Krzyzewski has his players’ universal approval and therefore he is the more effective leader.

Thursday, August 29, 2019

Search proposal ( 6 pages ) only Essay Example | Topics and Well Written Essays - 1500 words

Search proposal ( 6 pages ) only - Essay Example The process begins with research into e-learning in general and at Saudi universities and ends with the culmination of the final report. A realistic time period for this to take place is over the next several months. As much as the word 'e-learning' is tossed around, one would think that every aspect of the term has been thoroughly researched. That is not the case. There is a lack of literature focusing on e-learning in certain countries. One of these countries is Saudi Arabia. In order to prime the reader for this project, it is necessary to review some literature on the topic first. Below are several reviews that pertain to e-learning and that can be utilized for the purposes of this study. Through studying e-learning, one can quickly note that seemingly endless definitions exist. This website does a great job putting together an all-encompassing one that will be helpful to the research. According to them, it can be defined as: The use of network technologies to create, foster, deliver, and facilitate learning, anytime and anywhere; The delivery of individualized, comprehensive, dynamic learning content in real time, aiding the development of communities of knowledge, linking learners and practitioners with experts; A phenomenon delivering accountability, accessibility, and opportunity to allow people and organizations to keep up with the rapid changes that define the Internet world; and A force that gives people and organizations the competitive edge to allow them to keep ahead of the rapidly changing global economy. King Saud University Acquires ISI Web of Knowledge, by Thomson (http://scientific.thomson.com/press/2005/8285822/) This article reveals an important technological update for the oldest and largest Saudia Arabian University: King Saud University. The university signed a deal with Thomson Scientific to subscribe to "ISI Web of Knowledge - the integrated, Web-based platform designed to support all levels of scientific and scholarly research within academic, corporate, government or non-profit environments." According to the article, "ISI Web of Knowledge facilitates discovery by offering seamless navigation to high-quality, multidisciplinary journal, patent, and Web content; evaluation tools; and bibliographic management products. ISI Web of Knowledge combines this high-quality, evaluated content with the technologically-advanced tools necessary to analyze and manage the information." The ISI Web of Knowledge is a big step for King Saud University. It will allow students and college professionals to navigate to high-quality content with ease. "From a single point of entry, ISI Web of Knowledge integrates journal literature from Web of Science and Current Contents Connect with patent data (Derwent Innovations IndexSM), proceedings information (ISI ProceedingsSM), life

Wednesday, August 28, 2019

Critical Literature Review Example | Topics and Well Written Essays - 1500 words

Critical - Literature review Example But one thing which certainly can be implemented is innovation in governance, the way of operating of its public sector organizations. This review critically examines cases of innovation in governance style and differentiates them from private sector product and process innovation. Critical Review Lot has been written on private sector innovations of products and processes but not much on public sector innovation. Governance innovations in public sector require and deserve greater attention as they go beyond the organizational boundaries to involve other public/private sector organizations, leads to a network based decision making leading to a more efficient implementations and tap new pools of resources among existing resources (Moore and Hartley, 2008). The focus of their paper is on how public sector innovation is different from private innovation in two distinct ways of the latter being very narrow and specific and two the changes are far more concentrated than general as compare d to public sector. They focus on how public sector innovation is much more macro than private sector involving a change in thinking patters of management, change in complex social systems and its restructuring, financial changes, process changes and end result is a changed social delivery. Since these are changes in the existing way of operating and managing, they are tangentially different than inventions (Bessant 2003). Moore and Hartley (2008, p. 4) quotes Lynn (1997) that: ‘Innovation must not simply be another name for change, or for improvement, or even for doing something new lest almost anything qualify as innovation. Innovation is properly defined as an original, disruptive, and fundamental transformation of an organization’s core tasks’. Today many public sector organizations are leading their way in redefining the reason for their existence. There is enough criticism which is found in literature which states that only process level innovation in publi c sector will not lead to any significant change in society and it is unlikely for one best practice to exist for all public sector organizations (Habday, 2005). Savory (2009, p. 150) writes about building knowledge translation capability into public sector innovation process and its special application to National Health Service (NHS) of the UK. this organization thrives on innovation in public health sector in all respects of technology, service and service delivery. This is possible due to two different modes of innovation which is practice based and research based. Both are effective in their own respect, but needs a lot of support from the structure of the organization, policy making and financial resource allocation for the process of real innovation take place. Power lobbies in health care sector and interests of various stake holders also effect the innovation process in NHS, which means that any worthy change to occur at ground level, a network wide change has to occur whic h reemphasizes the importance of Innovation in Governance. NHS modernization agency was proposed in 2000 for promoting change management the way it’s done in private sector. unlike private sector, change management was divided in two parts, innovation of services and innovation of technology. Though this paper emphasize that similar capacity management can be applied at in similar way for

Tuesday, August 27, 2019

Bullying in Schools Essay Example | Topics and Well Written Essays - 1000 words

Bullying in Schools - Essay Example In general bullying can be defined as powerful child or group attacking those who are less powerful intentionally to cause harm. Bullying can therefore take three forms: physical which generally involve beating, punching kicking, pushing, taking personal belongings etc.; verbal which involve taunting, teasing, nicknaming, making threats; and psychological such as spreading rumors, manipulating social relationships, or intimidation through gestures or social exclusion (Ericson, 2001). Bullying in schools has become such a serious issue that most of the schools are taking steps to prevent it through anti-bullying policies. If we take a look at the statistics it is estimated that 30 percent of American children are regularly involved in bullying, either as bullies, victims, or both (NRCSS, 2001). Besides, researchers have also pointed out that about 15 percent of students are "severely traumatized or distressed" by one or the other bullying incidence, and about eight percent of the students report being victimized at school at least once a week (Hoover and Oliver, 1996; Skiba and Fontanini, 2000). It is a proven fact that bullying is one of the most serious anti-social activities that can harm individuals and groups. ... On the other hand, children who bully are more likely to become violent and aggressive adults (Banks, 2000). It is important to note that even those students who are not directly involved in bullying are affected. Children and teens who often witness bullying at school suffer from insecurity feeling and have a less secure learning environment. They fear that they may become the target of bullying some day. If we take into account the statistics of the real impact of bullying in schools, researchers found that 160,000 students miss school every day due to fear of attack or intimidation by a bully (Fried and Fried, 1996). Roughly about 20 percent of students are afraid of bullying during much of the school day (Garrity, et al., 1997). Weinhold and Weinhold (1998) estimated that 10 percent of students who drop out of school are because of repeated bullying. Besides, 60 percent of students according to Banks (2000) characterized as bullies in grades 6-9 had at least one criminal conviction by the time they reach the age 24. Hence, these statistics point out that there is an urgent need to bring in policies in the schools to control bullying. Strategies to combat bullying Several researchers have said that the most effective means of addressing bullying is through comprehensive, school-wide programs involving students, parents, teachers and counselors (Atlas and Pepler, 1998). It is also important to have special programs designed to reduce the bullying activities in schools. For instance, the Olweus Bullying Prevention Program, developed, refined, and systematically evaluated in Bergen, Norway, in the mid-1980s, is one of the best-known initiatives designed to reduce

Monday, August 26, 2019

Consumer Essay Example | Topics and Well Written Essays - 500 words

Consumer - Essay Example The financial system performs the overall function of moving money between savers and borrowers and this allows people to transfer their ability to use money to transform the world through time and space. (Shavinina 2003, p. 530) The financial system interacts with real economic activity through its various functions by which it facilitates economic exchange. What is the significance of this system for consumers, one may ask. The financial system plays an important role in mobilizing funds in such a way that they are transformed into assets that better meet the needs of individuals as investors and as consumers. A specific example is when financial intermediaries facilitate portfolio diversification. Here, resources are transferred across time and space, allowing investors and consumers to borrow against future income and meet current needs. Financial systems also have existing mechanisms that are pivotal in developing pricing information. This information such as the appraisal of the value of companies allows investors to make informed decisions in regard to how they allocate their money. A market that is plagued by information imperfection will result to an imbalance in the quantity and quality of investment hurting an economy’s potential. In regard to financial institutions such as banks, they perform various functions within the financial system, including the use of technological infrastructure to profitably and reliably deliver services and so extend the institutional trust upon which the financial system depends. A particularly important role played by financial institution is how they ease the tension between a saver’s preference for liquidity and the entrepreneurs’ requirement for long-term financing. Because of this, wrote Nnadozie, at any given level of saving, an efficient financial system will allow for a higher level of investment by maximizing the proportion of saving that actually finances investment. (p.

Sunday, August 25, 2019

Current Trends in Hypnosis Therapy Essay Example | Topics and Well Written Essays - 2250 words

Current Trends in Hypnosis Therapy - Essay Example Current theories of hypnotherapy attempts to find out the neurological connections and alterations associated with it, and once the neurocognitive significance of such diseases would be elucidated, hypnotherapy, as expected, would perhaps get the status of treatment from its current status of adjunct to treatment. Current research calls for more extensive studies to develop specific criteria for development of management guidelines. Introduction: It is difficult to define very precisely what hypnosis is, and on the face of very many different definitions, it can be defined as a temporary condition of altered perception in the subject which may be induced by another person and in which a variety of phenomena may appear spontaneously or in response to verbal or other stimuli. These include alterations in the consciousness of the subject and in his memory, may involve increased susceptibility to suggestion, and these may lead to production in the subject of responses or ideas that are familiar to him in the usual state of mind. Hypnosis is all about the manipulation of the unconscious mind. The unconscious mind of any individual not only holds information that is outside his consciousness, but it also manages sensations and body functions. Thus, not only does information from the mind affect the body, but there is now scientific evidence that any mental processes, mental states, and mental behaviors affect all the cells and all the organs in the body all the time. Hypnosis, in one form or another, has been used in different parts of the world to treat various medical and psychological disorders since ancient times. As yet no universal definition or explanation of hypnosis has been postulated. Many theories, loosely classified under state and nonstate theories, have been advanced to explain hypnosis, but none of the theories has satisfactorily explained all the phenomena associated with. State theorists conceptualize hypnosis as a trance or altered state of consciousness, influenced by subjective traits and the states of the hypnotized person. According to Alladin in 2006, the nonstate theorists purport a social, psychological explanation and maintain that there is nothing unique about hypnosis; they argue that most hypnotic phenomena can occur without a hypnotic induction (Alladin, A., 2006). These theorists focus on the social or relational aspects of the hypnotic interaction, and they emphasize the role of a variety of interactional forces, such as expectations and situational demands, in the production of hypnotic phenomena. These different formulations of hypnosis have broadened our understanding of the subject. Academics and experimentalists have generally endorsed nonstate, interpersonal, or multifactorial views of hypnosis, whereas clinicians have tended to adopt state, intrapersonal, or single views of hypnosis. There is another theory; the neodissociation theory of hypnosis is a new approach that has been accepted by the clinicians. Proponents of both camps, however, agree that hypnotic suggestions can produce altered states,

Saturday, August 24, 2019

Paper assignment Example | Topics and Well Written Essays - 1500 words

Paper - Assignment Example His conformity to the society makes him act in ways that are not ideal for an individual. If he existed in the 21st century, he would probably be accommodative to the society’s liberal view. Babbitt realizes the hypocrisy and dissatisfaction of his life when it is too late to rebel from it. The story captures the 1920 ban on alcohol by the American government (ONeal 91). However, Babbitt and many other middle-class and wealthy people continued to consume illegal alcohol. American society’s hypocrisy at the time is partly revealed through the consumption of alcohol by Babbitt and his friends. For example, one of the reasons the prohibition was put in place was because it was morally wrong for Americans to drink and merry while its young men went to war (ONeal 91). From Babbitt, it seems that most Americans in the middle and upper class were too self-indulged to remember the soldiers at war. Additionally, the prohibition was repealed because people were willing to drink a lcohol provided they did not speak (ONeal 92). Babbitt is an example of people that publically rebuked taking alcohol but secretly and constantly took alcohol. He even practiced it publicly at the time when he rebelled. When Verona Babbitt expressed interest in working for charity, her father quickly dismissed her and the idea of charity as a whole (Lewis 24). According to Babbitt, charity was almost an equivalent of socialism. He said that encouraging charity enfeebled a working man’s willpower to fend for and feed his children. Additionally, he claimed that it gave children of the lower class notions above their status. Babbitt represents the selfish and self-indulged nature of the middle-class society at the time. The 1920’s were spent crashing labor unions and reducing wages (ONeal 71). In fact, Babbitt is one of the people in the 1920’s that opposed labor Unions. As a business owner, he believed that while radical unions destroyed property and good labor unions were useful in

Friday, August 23, 2019

Beuaty Essay Example | Topics and Well Written Essays - 250 words

Beuaty - Essay Example Whats interesting is that in this poem, Shakespeare doesn’t glorify the beauty of the mistress or anything remotely connected by using elaborate metaphor. He doesn’t make any comparisons with his love for Venus either. He reflects on the ordinary beauty and the humanity associated with a mortal in his love. He feels that the aforementioned attributes are very important. He makes a deliberate attempt to use those typical metaphors of love poetry in the opposite context. (TimeOut) On the other hand the poem Beauty by Tony Hoagland is the poet’s reflection of his sister and her obsession with meeting some arbitrary standard of beauty. The poet explains how the medicines that she was taking were adversely affecting her natural beauty. He feels that she carries with herself the â€Å"burden† of looking beautiful. The poet reflects on the concept of beautiful musingly. He is bewildered with those women who are obsessed with appearance and attractiveness and have it on their mind always. He draws a contrast between what his sister was going through with the beauty of nature during spring time. Later on when she finally gives up on the idea of trying to look beautiful or reach that arbitrary standard of beauty, she feels a lot more relieved and free. He feels that even the new found freedom is beautiful too in its own right. In a gist the poem implies that we often get too caught up reaching a certain standard of beauty and once that effort relinquishes or becomes a burden, it is wiser to let go of it. Both the poems depict a very practical account of beauty perception today. While Shakespeare’s poem is a sonnet in which he claims his love for a dun mistress to be just as extra-ordinary as it could have been for any other goddess who is better than her, Tony’s poem is a reflection of women’s race to look beautiful and then how they finally find solace from it. While Shakespeare’s poem reflects on the traits of his

Phd proposal Research Example | Topics and Well Written Essays - 500 words

Phd - Research Proposal Example Some of the things I learned in my Masters included the fact that fact that tourism in Saudi Arabia has brought great benefits to the country. Tourism has led to a better understanding between many different types of people. When people come together in a different country, they are able to mix well, regardless of backgrounds, religious affiliations or cultures. Tourists come to a country to have an opportunity to relax and learn about different cultures. They take in the ambiance, the foods and the customs of that country. Saudi Arabia has always been a good place to go for understanding new cultures. Tourism can also have negative challenges in the country. As an example, environmental challenges can happen when people who do not understand the country are visiting. They can also disregard national and traditions of nationals. Often, sand dunes and pollution can create problems for the environment. All of these are issues that I would like to explore and study at a deeper level. Saudi Arabia has a harsh desert climate and can experience extreme temperatures, which means that most people will visit only four months of the year: mid-April, February, November and October. I would like to find out whether there is something that we can do that will create tourism all year round. My interest in tourism goes back to an interest that I had as a child. I have liked travel as an adult because I enjoy meeting people and helping them. As an Arabian man, I know that there can be stereotypes with some foreigners who may come to my country and there can be challenges because of misunderstandings. I want to complete my PhD in this area so that I can understand more about the global market and how people interact with Saudis. I have a thirst for knowledge in this area and that is why I want to continue to do it on a deeper level. According to the information I have found in your course guides, I find that what you are offering for a PhD program would be

Thursday, August 22, 2019

Stinky Laundry Business Analysis Essay Example for Free

Stinky Laundry Business Analysis Essay Table of Contents Table of Contents2 1. Background4 The general nature of this business activity4 Benefits to society in terms of need satisfaction4 Why we chose this business venture5 2. Idea description6 The nature of our products and services6 Reasons why consumers will buy our products/services7 Our special services7 3. Idea feasibility8 4. Location11 7 important site selection factors11 Location of business12 How location factors apply to our business12 5. Enterprise Forms13 Type of enterprise13 Factors of selection of enterprise13 Legal name of business13 6. The Environment14 Internal environment14 Market Environment15 Macro environment of South Africa17 ? 1. Background The general nature of this business activity The cleaning of garments and other fabrics, that get dirty from everyday use, has always been a difficult task. Machines have reduced the labour but not much has changed in the three basic functions of laundering: cleaning, drying and finishing. The commercial laundry business offers laundry services to customers and is a very reliable and profitable investment. It requires minimum supervision and low operating costs. It has a typical return on investment of about 20-30% and classified as one of the safest investments with numerous benefits. It is a great part-time venture that requires a small amount of or no prior experience and can be located almost anywhere. It is highly profitable especially when located in minority communities and low-income neighbourhoods. It is also one of the most recession-proof investments. Many households use Laundromats on a daily basis with the key customer representing the fastest growing segment in the nation. Benefits to society in terms of need satisfaction The predominant benefit of the services offered by a Laundromat is convenience. People make use of this service because getting their clothes and other garments cleaned is a basic need satisfied by services on offer by Laundromats. People whom lack the time or money to do the washing at home prefer a quicker and easier way to getting it done. Students and other individuals staying in non-permanent residences like hostels or apartments mostly make use of this service. Other examples include organisations that make use of uniforms that is dirtied on a daily basis e. g. Mechanics and butchers. Another benefit is people who struggle to get their garments dry due to bad weather conditions (in winter) can dry-clean it at Laundromats. Lastly, it saves money that would otherwise have been spent on detergents and appliances. ? Why we chose this business venture We chose this business because there is always a need for Laundromats. It is cheap and easy to start and it is very sustainable because people need to use this service throughout the year regardless of the change of season. Innovative ideas can easily keep you ahead of your competitors like having specials. It is a very profitable venture and is very stable. Students would always want to make use of this service because it is quick and easy and removes the hassle of having to deal with your laundry. The laundry business is very stable, and unfailingly profitable. Families need clean towels and sheets regardless of other economic factors. People need clean clothing in summer and winter, on vacation or working, whether they are newborns, teenagers or retired ? 2. Idea description The nature of our products and services Our coin operated, self-service, washing and drying machines will serve as the base of services. Each load off washing ash will cost our clients R8 and for every load dried, we will charge R9. 50. Customers have the convenience of coming into our shops doing their laundry, enjoying the benefits of our other services. Our other services include: †¢Ironing or pressing of clothes. On request, our customers can get their clothes ironed or pressed by our attending staff at a fee of R10/kg. †¢Selling laundry products. We will be a retailer of washing powder, fabric softener and bleach to our clients if they wish to buy. †¢Selling laundry equipment. Our business will act as an intermediary between companies selling washing machines, tumble dryers, etc and clients wanting to buy laundry equipment. We will display a catalogue showing the equipment available and if bought through us we will make a commission on the sales. †¢Executive dry cleaning. We will offer extra care dry for clothing that are extra delicate or just needs a bit of extra care. Our executive dry cleaning will be at an extra cost to customers but we will call in our trained staff specialising in delicate clothing care to handle the items. This service will also come with a guarantee for immaculate attention to detail. †¢Pick up service. Our store will run a pick up and drop off service to UWC and CPUT Wednesdays and Saturdays. We will have one pick up and drop off point at each campus for students to get there laundry done with ease at an extra charge off 10%. †¢Arcade section. If our clients do bring their children along our arcade game section will keep their children busy while they wait for their laundry, create more convenience for our clients and creating wealth for our business through charging R1 per arcade game token. ? Reasons why consumers will buy our products/services Stinky laundry offers convenience to our customers our floor layout, products and extra services are for their convenience. In addition, a conventional home washing machine holds around a maximum weight of 120kg taking an hour to complete the load. At Stinky, our industrial sized washing and drying machines take four times the load and does it in half the time. Our innovative products and services will quickly gain an outstanding reputation for exceptional quality while our arcade friendly staff free reading material and free washing powder will do the rest. Our special services †¢Innovative ‘laundry package’ contracts. Our clients can buy washes, drying and ironing services before hand in bulk saving themselves money and time †¢Pick up service. Our pickup and delivery service to students will take a time consuming chore away from students at affordable prices ? 3. Idea feasibility Technical Where sustainability is concerned the equipment should be of good quality so that the business does not have to deal with unforeseen circumstances such as the equipment malfunctioning. The development of a business venture of this nature has is minimal. The materials the business will make use of include detergents and equipment such as washing machines and tumble-dryers. This is reasonably easy to get access to and if there is liaison with suppliers, you could possibly get these products at a cheaper rate than the competitors could. Labour would be cheap and easy to control as there is not much the employers have to do in a Laundromat business. Transportation can be easily provided to clients when they need their garments delivered i. e. clients with huge contracts who need their huge quantities of garments to be delivered. A technical feasibility study is an excellent tool for trouble-shooting and long-term planning. In some regards it Legal There are many legal implications that this specific type of business has to deal with. Some of the many different laws that would affect such a business venture are as follows: The labour relations act Consumer act (sales and service) These laws affect the business in such a manner that all your actions within the internal functions of the business have to comply by treating the employees and customers correctly. ? Financial This specific business venture is very sustainable as there will always be a need for it. If all the proper financial procedures are followed, there should be no future problems. The area where your business is situated plays a major ole on the financial credibility of your business. Long-term contracts would provide sustainable income and you would have a guaranteed return on investment Market There is a huge market for this type of business, as everyone needs to wash his or her clothes e. g. the hospitality industries, health industries. The specific industry described in the type of business is a service industry. A Laundromat provides a service to the public. After doing a thorough market analysis you can determine what target market is the most lucrative. The competition in such a business is very feisty as this a very successful business venture. Prices should be as cheap as possible but still maintaining a good profit. Organisational When it comes to the organisational part of this type of business, it is important to look at the management function. There should be someone overseeing the basic activities involved in the daily running of the business. This will be possible if all duties that are assigned to the employees involved in the different functions of the Laundromat. Making certain the form of the business model follows desired outcomes and functions. An effective governance structure should be in place and the right constituencies should be represented. All the people involved should be in the right people. ? Physical and environmental feasibility Site considerations, architecture, engineering, and community and neighbourhood planning have to be looked at thoroughly. There are not many challenges, but many opportunities regarding site and physical infrastructure considerations. There will be no impacts to the quality of water, air, and soil during the course of the running of the business. With regard to other ecological considerations, the business has to take into consideration factors that could harm the environment. Once this is done correctly, no future problems will arise. Competitive A Laundromat business has a very competitive market, as it is a common business and is reasonably easy to start. Competitors in this market will raise and drop prices easily and have many specials to prove to consumers that there Laundromat is the better of the two. ? 4. Location 7 important site selection factors †¢Accessibility of human resources. Where will employees come and how much will be paid in terms of the quantity and quality of the education they received. Owners can’t run the business alone employees need to be accessible to help with the daily running of the business †¢Distance of competitors and market share. How close companies delivering the same services or selling the same products. Of what degree of quality are the products or services of the surrounding competitors and will this influence the consumer market. If there is too much competition for the business and the market share of the business is too low business will never thrive †¢The frequency and price of transport. By what means will products, external services and employees reach the business, road, rail, air or water. How often do those services run to the business. Transport to the business is crucial, if customers, employees or external services, like repairs, cannot reach the business frequently business will not exist at all. Availability of buildings and the costs involved. Buildings need to fit a required size and must be appealing to customers as well as be placed in the right area for business. If the business is too far from resources needed to run the business cost of getting them will exceed what they need to be and if customers don’t get a good feel for their surroundings i. e. in the building, they will always feel uncomfortable doing business there. †¢Adequacy of electricity, water, and the costs thereof. Enough electricity and water must flow to the business. Utilities are needed in order to satisfy customers without business will come to an idle. †¢Building and health regulations and the behaviour of those enforcing them. What are the cost of renovating, what are the laws regulating building in an area, like building regulations and property rates, and what are the costs abiding to them. Costs of certain areas may be higher than others and that cost may be hard to catch up with in terms o gain on investment †¢The state of surrounding business. Will surrounding business aid in growth. For example is there repairs and health care near the business location. Location of business Bellville Mall, corner of Strand Road and Bill Bezuidenhout Avenue, Bellville How location factors apply to our business †¢Accessibility of human resources. Bellville is rich in human resources, there is a high demand for labour and the best suitable for the job can be hand picked †¢Distance of competitors and market share. There aren’t too many Laundromats in Bellville, the majority of the laundromats those in the surrounding areas are of low quality and the business that have the ability to compete with Stinky Laundry don’t have the proper infrastructure or proper don’t have better innovations to compare. The frequency and price of transport. There are a number of ways to get to Bellville, those are train bus taxi. All three services run frequently throughout the day, but the most efficient way to travel to the laundry would be by car as there is enough infrastructure and better for carrying the load. †¢Availability of buildings and the costs inv olved. Buildings in Bellville are sufficient in the cases of expansion or move. Costs of the buildings may run a little high for the quality of the buildings but with the big influx of people it won’t be a bad investment †¢Adequacy of electricity and water and the costs thereof. Being the busy place that it is electricity and water won’t be a problem because of the already available networks, the cost of electricity in SA is on the rising but its an expenses any business must deal with. †¢Building and health regulations and the behaviour of those enforcing them. Being a constantly developing area Bellville is regulated with a strong hand but the city is eager for new development so developments will not be a problem. †¢The state of surrounding business. Bellville has enough of everything in the area gaining nothing in Bellville will be a problem. 5. Enterprise Forms Type of enterprise Close Corporation Factors of selection of enterprise †¢With 1-10 members of the C. C. , start up capital will be easier to raise. †¢More than one member will provide a wider range of knowledge. Different members might have different areas of expertise. †¢Close corporations are relatively easy and inexpensive to start. Compared to other forms of ownerships C. C. are easy to start all they need is an opening statement and they are ready to start. †¢Members of the C. C have limited liability, meaning the members can only lose what they invested in the business not their personal belongings. †¢The C. C. as unlimited continuity. The ownership of the business can be transferred easily and if a member dies the business goes on Legal name of business Dirty Laundry C. C. ? 6. The Environment Internal environment Stinky laundry will be managed by its owners and will employ several workers to help with the daily running of the business. Open seven days a week from 7am t ill 7pm business. Some of the main aspects affecting our business are: Staff tasks. Staff will have the tasks of dry cleaning, ironing, maintenance, repairs, cleaning Equipment. The equipment of our business will be bought in bulk to save us money. The main sort of equipment required are washing machines, tumble dryers, irons, clothes pressers and washing baskets. Perishables. Our perishables, namely washing powder, fabric softener, etc, will be supplied by Surf on condition that we advertise and sell their products exclusively. Vision and mission statement Vision of Stinky Laundry: Stinky laundry wishes to become a profitable Laundromat, offering a reliable service to all customers and expanding the business by opening more Stinky Laundry branches across South Africa and revolutionise the way South Africans do laundry. Mission Statement: Stinky laundry is a local Laundromat that strives to achieve the status of the most recognised Laundromat in South Africa by offering cleaner, softer and a more affordable laundry service than any other Laundromat. Our ambition is to expand Stinky Laundromat and transform the business into a franchise that will be recognised all throughout South Africa. SWOT analysis of stinky laundry: Strengths- The cost of service of stinky laundry is cheaper than the average Laundromat, our staff is friendly and competent and we are situated in a fairly busy location in Bellville. Weaknesses- Technical difficulties arise occasionally regarding the washing machines, the repair costs tend to be costly and when a machine is out of order we are making less money. Stinky laundry is also under exposed. Opportunities- We can increase the exposure of Stinky laundry by means of advertising, take opportunity of all the lazy students who need their washing to be cleaned. Threats- Stinky laundries main threat would be other older Laundromats, because of their experience and loyal customers. Strategic objectives of Stinky laundry: †¢Create relationships with customers which will create more loyal customers †¢Make sure all customers are satisfied †¢Advertise at university residence Market Environment The target market for our particular service would be that of students, who have no time to do their own laundry. We try to keep our prices to a minimum so that it is affordable to the students, because they don’t have a particularly strong buying power due to the fact that majority of students don’t have income. Need satisfaction. We will satisfy consumer needs by providing a service to students and the general public who find doing laundry a waste of time. Being a retailer of cleaning products we satisfy needs of consumers specifically looking for laundry products Buying power and market share. Offering an all round service to the community we expect a larger market share because of the wide range of needs we satisfy. This intern brings us a large turnover and greater buying power to save on purchasing of new equipment. In order to maintain our low prices we have searched for the most cost effective suppliers, Stinky Laundry is also very much about quality, so it was difficult to locate a supplier that offered good quality washing powder at a low price. Suppliers. Our main supplier cleaning products would be Surf. We advertise their name and in return we save on the purchasing of their product. Since Stinky laundry offers a service we don’t really have intermediaries, because they is no need for a bridge between manufacturer and consumers. We will however need a bank, Bellville has a Absa branch in the area which we could deal with. Cleaning products could be bought from the nearby retailers in Bellville. Competitors are pulling out all the stops to compete with our business by trying to lower their prices and offering specials, but Stinky Laundry strives to be the best Laundromat, so that means we have to be a step ahead of our competitors, we do that by allot of advertising making sure that all residence in our area know who we are and are familiar with what the Stinky brand offers. Threats are rife in all of South Africa but Bellville is a busy place and police are aware of that. A security gate will be installed at the entrants to the building. The security gate can only be opened from the inside. ? Macro environment of South Africa South Africa, like many other countries, have lots of issues influencing the outcome of the growth of the country. Some of the main areas affecting us today are: Technological environment: †¢In South Africa we have experienced an rapid increase in technology and it is impacting business greatly. What these technological advances do is they help improve productivity of a business and can also even help improve the quality of your product/service. The negatives of technological advances are that if a competitor obtains more superior technology than you, you are then put at a disadvantage. If the buying power of your company is not big enough it is at risk. On the other hand technology aids businesses exponentially by decreasing production time and increasing profits †¢ The most important technological advances in South A frica would be water technology, Mineral technology, marine technology, agricultural technology, medical technology, transport technology and electrical technology. Economic environment: †¢Rates govern earning and profits made by individuals and businesses alike. Inflation rates of SA is now at 7. 5% which is good recovery after the world economic debacle. †¢ Unsteady growth of our economy is due to the high employment rate in SA. Inactive communities are only a burden on tax payers and do not contribute to economic growth but hinder it. †¢The exchange rate in SA is at an low to the dollar proving a good game for imports to our country. This saves us money and brightens our economy. ? Social environment: Demographics are even spread in employment. Previously disadvantaged are now being given a chance to prove themselves and women are showing that they are great assets to our country. †¢Distribution of wealth is still a huge factor in SA. The rich tend to make more money off their assets while those struggling get left behind †¢Values of South Africans are changing. They expect better for their lives and want better livin g conditions. This intern brings about new entrepreneurs wanting to better their lives and thus bringing new innovations to our country. Physical environment: †¢In some parts of South Africa we do see new infrastructure being built to help South Africans. Like the new buses and trains. The amount of South Africans using the new forms of transportation is rising. †¢The environments around us do need changing but more and more we do see businesses and individuals changing their life styles to help fight climate changes. Environmentalists often speak to us about trying to preserve the earth and people are starting to catch on.

Wednesday, August 21, 2019

Smiths Group SWOT and PESTLE Analysis

Smiths Group SWOT and PESTLE Analysis Introduction: Smiths Group was first established as a family clock and watch business in 1851 by its founder Samuel Smith. Later in 1944 S. Smiths Sons (Motor Accessories) public limited company was formed with four divisions including motor accessories, aircraft instruments, industrial instruments and English clocks. In 1958 aircraft instruments combined with Kelvin Hughes, establish aviation and marine divisions. Company acquires Portland Plastics and Surgical Plastic in the same year (1958). Industrial division was established in 1960 which was concerned with the industrial instruments. In 1965 company changes its name to Smiths industries in 1965. (Detail history of company is listed out in appendices-1). (http://web.ebscohost.com/ehost/results) In July 2008, Smiths Group announced the acquisition of Triasx, a Brisbane-based wireless communications components manufacturer. In the same month, Smiths Detection opened a high-tech production plant in Germany designed to meet the soaring global demand for its advanced x-ray scanning machines. In September 2008, Smiths Group announced the sale of an eight acre former operational site in Basingstoke, Hampshire for  £16 million (approximately $32 million). In the same month, Smiths Medical developed a unique wireless blood pressure monitor using Bluetooth technology which is set to transform the way medics treat critically ill patients in hospital. Later in the month, the group announced that its interconnect division won long-term design and supply contracts on US military communications programmes worth a potential  £225 million (approximately $450.1 million). In November 2008, Smiths Group announced the acquisition of Zhejiang Zheda Medical Instrument, the Hangzhou-based medi cal instruments manufacturer. In January 2009, John Crane announced that it won a new  £8 million (approximately $16 million) maintenance contract from upstream oil and gas exploration company Talisman Energy (UK). In the same year, the group opened its new headquarters in central London, completing a reorganization designed to increase customer focus and significantly cut costs. (http://web.ebscohost.com/ehost/results) Review and analysis of companys sector and company standing in sector, identify its main competitors: Smiths group provide services and products for medical devices, contraband detection, energy and communication market in more than 50 countries worldwide. Group mainly operates in UK, North America and continental Europe. There are four main divisions of group which are detection, medical, john crane, medical and specialty other. Group is operates with four governments and their agencies, petrochemical companies, hospitals and equipment manufacturers and service provider in different sectors around the world. Smiths Detection is one of world best manufacturers and designers of sensors that detects and identify narcotics, explosives, weapons, chemical agents, contraband and biohazards. Detection division helps customers in the global transportation, borders and ports, critical infrastructure, emergency responder market and military. This division provides services to the customs authorities, emergency responders, security authorities and homeland securities. Division is providing different services to US Transport Security Administration (TSA), UK ministry defense and airport security to BAA in UK. John Carne is another main profits contributing business of Smiths group Plc. It provides products and services for major process industries, which includes chemical, oil and gas companies, pharmaceutical, pulp and paper and mining sector. This division provides services to oil and gas companies, pump, refineries and compressors manufacturers. Main customers include China petroleum, Chevron, BP, Qatar gas, Saudi Amraco, Shell, Total, Dresser, Flowserve, Elliot, ITT, Mitsubishi, Solar Turines and many more. (John Crane to cut 90 at seal factory, Dawson, Brad, Rubber Plastics News; 11/17/2003, Vol. 33 Issue 8, p1-22, 2p) Medical division is one of top specialist supplier of medical devices and equipments for worldwide market. Divisions products like medication delivery, safety devices and vital care are market focused and helping in the treatment of cancer, diabetes and many other illnesses. Division has direct sales in twenty countries and has distribution channels in many other countries. Flex-Tek is another division of Smiths group plc. This division provides engineered components that heat and move fluids for the medical, aerospace, industrial, construction and domestic markets. It is also providing fluids for commercial aircraft and for motor sports fuel and hydraulic applications. It has manufacturing facilities in UK, France, Malaysia, China, India and Mexico. Company customers include Boeing, Electrolux, Carrier, Whirlpool, Trane Part Whitiney GE Aerospace, Airbus, Hoover, Dyson and Panasonic. (MARKET FOCUS, Velocci, Jr., Anthony, Aviation Week Space Technology; 9/29/2003, Vol. 159 Issue 13, p10-11, 2p, 1 Chart, 1 Graph) Following are the few major compotators of Smiths Group Plc. Detail competitors information can be found in appendix. EADS Goodrich Corporation GE Healthcare Flowserve Corporation L-3 Communications Holdings, Inc. 3M Company GE one of the big rival companies is trying to acquire Smiths Group Plc. for  £2.45 billion. If this acquisition is successful than group will lose one of its important division. Smiths Group competitors are making strategic move to take group out of business. For complete list of competitors see appendices-2) (Kanter Jake, Supply Management; 10/22/2009, Vol. 14 Issue 21, p7-7, 3/4p) Smiths Group is operating in highly competitive markets and in those markets competitors have more recourses than the group. Smiths Detection competes with L3 Security Detection Systems, GE Security, Nucteck and Rapiscan Systems. In the emergency responder and military market group main competitors are Bruker, Environics, General Dynamics and Canberra. John Crane is also operation in highly competitive environment. In Oil and Gas rotation technologies major competitors of John carne are Eagle Burgmann Industries, Flowserve, Ocborne Engineering Waukesha. In equipment in upstream energy division face competitors like Norris, Weatherford, Cameron, UPCO and Quinn. Medical division competes with well establish competitors like, Teleflex, Covidien, Becton Dickinson, Cardinal, Hospira, Vital signs, Medtronic and many more. Many small and medium size competitors are working are competing with Smiths Interconnect operations. Competitors of microwave sub system include Deutsch, Radiall, Amphenol and Souriau. Smiths group aerospace tubular systems competitors include Eaton and Parker- Hannifin. Heat solutions domestic appliance and specialty heating element competitors include Watlow, Emerson and Chromalux. In construction related operation group is facing competition from Hitachi, Omega-fex, Hart Cooley, Atco and Goodman. (MARKET FOCUS, Velocci, Jr., Anthony, Aviation Week Space Technology; 9/29/2003, Vol. 159 Issue 13, p10-11, 2p, 1 Chart, 1 Graph) PESTLE ANALYSIS: (P)OLITICAL: Smiths Group has good relationship with governments like, USA, UK, Europe, China, Russia and many others. Smiths group is involved directly in national security of UK and USA. Most of the group contracts are from governments and public sector. Smiths group products are used in detection, medical, oil gas, aviation and many other businesses as well. In order itself operation group has make sure that it deals with governments fairly otherwise it will be difficult for group to keep most of it business. Involvement in national security and defense should be carried out in such a manner that no confidentiality is breached. Change in political government may result in loss of contracts as new governments may not want to continue projects with the group. Change in government policies and tax rate changes will directly affect group profitability. (http://www.smiths.com/ar09/smiths_group.aspx) (E)CONOMICAL: According to IMF reports world economy will be in recession for 2009 and 2010. It is evidenced now that this economic recession was worse than expected. Economic recession will have negative effect on group revenues and group may have to redundant extra staff if this trend continues. (http://www.smiths.com/ar09/smiths_group.aspx) (S)OCIAL: Group is operating directly and indirectly in countries with different social and cultural backgrounds. Thus group has to make sure that it shouldnt work against the cultural and social values of that country. Group should develop such human resources strategies that it will result in motivation for their staff from different back grounds. (http://www.smiths.com/ar09/smiths_group.aspx) (T)ECHNOLOGICAL: Smiths group is operating in such a competitive environment that it has to change its procedures in such a manner it should remain market leader. Technology changes results in cost savings, time saving and resources saving thus eventually results in profits. Group has acquired many running business to have benefit of new market, products and technologies. (http://www.smiths.com/ar09/smiths_group.aspx) (L)EGAL: Group operations may result in law suits either from employee or from customers. Such losses can be big enough to have negative effects on profitability. Thus group should devise mitigation strategies like get insurance for losses etc. (http://www.smiths.com/ar09/smiths_group.aspx) (E)NVIRONMENTAL: Group should operate in such a manner that its operations should result in long term sustainable profits. Group operations are global and it operations will have massive impact on environment. Thus group must act to reduce negative impacts of its operations. Group must not consume all the available resources and must replace all consumed resources as it will bring sustainability to climate and help future generation to exist. (ACCA P3, 2010) SWOT ANALYSIS: Smiths Group one of the biggest technology group globally. Smiths group acquired many companies which brought synergies for the group. On the other hand acquisition also results in many inherent problems. (S)trengths Rapid inorganic growth: Group has acquired well established companies in different sectors which give them more capabilities to meet customer needs. Acquisition of Sartorius Bearing Technology (SBT) has improved group abilities to improve technological improvement and results in high performance rotating equipment for oil and gas industry. (Smiths Group buys six US companies in a year Professional Engineering; 5/25/2005, Vol. 18 Issue 10, p14-14, 1/5p) Strong geographical presences and good customer relations: Group is operating in more than fifty countries worldwide. Group has good relations with governments like US, UK and Europe. Group have contracts with the governments, big industries, hospitals and many other global companies. Smiths detections technology is used at nearly 80% of the worlds airports and 85% of its sales are influenced by the governments and their agencies. Capabilities: Group has strong abilities to develop new technologies. Investment in research and development is significant which is a indication of group commitment to the future organic growth of the business. Group has invested  £ 86 million in RD in financial year 2008, which was 8.9% more than the previous year. (W)eaknesses Poor cash management: As compare to 2007 group cash inflows in 2008 are declining. The net cash inflow from operating activities decreased by 19.5%, if this trend continues in future company will be struggling to pay its liabilities. Poor cash management indicates poor cost controls, inefficient management of resources and poor decision making by the management. High gearing: It is observed in the financial statements of the company that debt in 2008 have increased as compared to the 2007. There is 30.7% increase in debt which means company is relying more on debts than other cheap financing sources like equity and internally generated profits. High debts can result in less profits, compulsory interest payments, loss of investors trust and eventually loss of control because of collaterals. Competitors: Group is operating in highly competitive environment where it faces competition from global companies which have more resources than the group. Competitors like, EADS, Goodrich Corporation, GE Healthcare, Flowserve Corporation, L-3 Communications Holdings, Inc., 3M Company, Anaren, Inc., Amphenol Corporation and many more are well establish businesses. Thus in such an environment it is challenging for Smiths to survive and compete on prices. (O)pportunities Acquisitions: Group has acquired much well established business and it has given more opportunities to gain competitive advantages, access to, new technologies, and new markets, large number of customers and diversification to manage risks. Increasing product demands like, for detection and medical equipment: US medical market has an evidence of growth over the past few years and it is estimated that this trend will continue in future. Thus group has potential of growth in this market. Increased demand in tourism industry has resulted in much stronger rebound of air traffic in recent years than evidenced previously. Thus there is big potential for group to expend in this market and in all other product markets as well. (Smiths confident that growth will continue Massy-Beresford, Helen, Flight International; 3/22/2005, Vol. 167 Issue 4977, p26-26, 1/4p) (T)hreats Global economic recession: According to the IMF reports world economy will be in recession for next two years and this recession will have negative impact on global companies. Highly competitive industry: It will be difficult for company to increase profitability in such an intense competitive environment. (http://www.imf.org/external/pubs/ft/survey/so/2009/res070809a.htm) Financial analysis: Profitability: Profitability ratios can be used by investors to evaluate company is generating enough profits or not. Management can use these ratios to evaluate whether controls are efficiently working and company achieving will be able to achieve long term sustainable profits or not. (ACCA F9, 2010) Return on capital employed (ROCE): ROCE is a profitability ratio which describes relationship between operating profits and capital employed. Capital employed includes debt and equity financing. ROCE of the company is increasing over the last three years. And company is generating more returns by using available sources of finance. ROCE in 2009 is 19.73% and for 2008 it is 17.98% which is 1.74% higher than the last year. There was 7.84% ROCE in Y/E 2006 but later on company has managed to increase return. ROCE can be further explained by calculating net profit margin and asset turnover. (ACCA F9, 2010) Net Profit Margin (NPM): Net profit margin shows the relationship between operating profits and sales. NPM of Y/E2009 is 15.94% which is 0.28 % higher than the last year 15.66% in Y/E 2008. Over the last five years NPM is increasing but increase is not significant. It may be because of poor controls on direct and indirect costs and high competitive environment. Company may be struggling to compete on price due to competitors actions. Asset Turnover (AT): Asset turnover shows relationship between sales and capital employed. AT shows how efficiently noncurrent assets of company has been utilized over the past years. Company AT in 2009 is 0.09 times higher than the last year and there is not much difference between AT over the last five years. Company noncurrent assets are losing their efficiency and they might need replacements in near future. Gross Profit Margin (GPM): GPM shows relation between gross profit and turnover. GPM is stable over the last five years. This shows that company have good control on direct costs (material, labor and production overheads). (ACCA F9, 2010) Liquidity Ratios: Liquidity ratios show the liquid (cash) resources condition of the business. These ratios explain the ability of company to pay its current liabilities and expenses. (ACCA F5, 2010) Current Ratio (CR): Current ratio explains relation between current assets and current liabilities. Group CR is below than standard CR of 2. Over the last five years company CR is consistent. Company has to fewer current assets as compared to the current liabilities. (ACCA F5, 2010) Quick Ratio (QR): Quick ratio shows the relation between liquid current assets and current liabilities. Group QR is less than standard 1 time. Company has less liquid assets available as compared to the current liabilities. If this trend continues company will be struggling to pay its current liabilities and eventually group can face cash flow problems. (ACCA F5, 2010) Working Capital Ratios: Working capital ratios explain the cash management of the business. It includes further three ratios. Inventory Days (ID): Inventory days of the group are gradually increasing which means group is losing its control over the inventory. Company is keeping inventory for longer period and this trend is increasing every year. Group has to incur extra cost like holding cost in holding inventory for long and if inventory take longer to sale it will result in loss of value. (ACCA F5, 2010) Accounts Payable Days (APD): APD of the group is reducing as comparison to the last five years. If company is paying to their suppliers earlier it will loss cash and eventually will be difficult for company to manage cash flows. If group delay its payments to the suppliers it can use same cash for other purposes and thus can have a benefit of interest free loan. (ACCA F5, 2010) Accounts Receivable Days (ARD): Accounts receivable days shows the time period taken by the receivables to pay organisation. TRD have increased over the last few years and thus group is struggling to get money back from their customers. (ACCA F5, 2010) Solvency Ratios: Financial Gearing: Group long term debts have increased over the last five years. In Y/E 2009 long term debts of the company were 752.2 million which is 31.5 million higher than the Y/E 2008. Group is relying more on debts as compared to the share capital thus group is exposed to high risks. Group is highly geared and investors will lose their interest in investing in to the organization. (ACCA F5, 2010) Interest Cover (IC): IC shows comparison between operating profits and interest charge. Company profits are increasing over the last five year. Company ability to pay interest is increasing over the last few years. Price Earnings Ratio (P/E ratio): P/E ratio can be used to explain the relation between share price and profits. This ratio helps investors to identify whether the company is achieving their aim of maximization of wealth and growth of their wealth. P/E ratio of the company is 4.352 times in Y/E 2009 and is 5.595times in Y/E 2008. If this trend continues investors will lose their interest in group and group will suffer to get equity financing. (ACCA F5, 2010) Earnings per Share (EPS): EPS is the measure of amount of dividend (portion of profit distributed among share holders) available to the share holders. As compared to 2008 company EPS has increased by 1 penny. On average group EPS remain at same level this indication that company is giving regular dividend to its share holders. (ACCA F5, 2010) Share Price: Share price is very sensitive information for shareholders and little variation in share price will change investors choice of investment. There are many factors which affect share price like speculations, company performance, forecasts, company future perspectives, market trends and many more. Group share price variations over the last five years can be seen in appendices. Share price trend shows company share price is coming back to peak as it was in 2008. Group share price fell to the lowest price in May 2009. Group has significant impact of economic recession on its share price. This shows lack of investors trust in stocks market as there was high risk in market due to recession. In 2010 group share price revive and reaches to its maximum, which shows investor still trust group and are willing to invest into company. (ACCA F9, 2010) Appendices: Appendix 1 Smiths Group History: (from 1983 till 2008) In 1983 company ceased production of direct supplies of original equipment to European motor industry. Company sold vehicle heater business to a subsidiary of Hanson Trust in same year (1983). Company also stops operations of mechanical clocks in 1984. At that time (1984) company was operating under three groups industrial; medical systems; and defense and aerospace. In 1987 company acquire US avionics business of Laer Siegler Holidings. Company acquire Graseby which was involved in defense related equipments for biological and chemical detection in 1997. Strategic Technology Systems, a supplier of health and usage monitor systems was acquired in 1999. In 2000 company acquired the BAE systems, Marconi actuation systems and an aerospace division of Invensys. In the same year (2000) company purchased Fairchild Dynamics from Orbital Sience and merged with TI Group and was named as Smiths Group. Group made acquisition of Barringer Technologies, Point- Lok Needle Protection Device from Griff Industries, Summitek Instruments and Bivona Medical Technologies. In late 2001 group sold its vacuum and pressure businesses to BOC Edeards. In mid 2002 group sold its Jhon Crane-Lips marine business to Wartsila of Finland. In 2002 company also acquire Heimann Systems in 2002. Group sold its air movement and cable management businesses by the end of 2002 to HSBC private equity. In mid 2003 group announced to form a new division including Smiths Heimann and Smiths Detection to supply services to detection market. Company streamlined its medical division to for Smiths Medical in same year (2003). Company sells Matzen Timm(international aeronautical industry) to Masterflex and also sell its polymer business to Trelleborg. Company made a contract with Boeing to supply wind pylons for 20 years in the end of 2003. Cyrano Sciences was acquired by Smiths Detection in 2004. Dynamic Gunver Technologies (aerospace business) was acquired by the group for $102 million, in 2004. SensIR Technologies, a manufacturers of infrared based analysers for $75 million. TRAK communications was later acquired in 2004 for $111.5 million and strengthened its interconnect business. A respiratory care device company was acquired in 2004 by Smiths Medical. John Crane acquired Tianjin Timing Seals in 2004 to strengthened its presence in China. The group acquired Farran Technology and strengthened its detection activities, in 2005. In the same year, it acquired Medex, a medical devices company for $925 million. Later in the year, the group acquired ETI Technology, a US bio-technology detection company. Also in 2005, Smiths Group announced that Flexible Technologies business of the specialty engineering division had purchased Hi-Tech Hose in Massachusetts for  £9 million and Farnam Custom Products in North Carolina for  £3.5 million. During the same year, the company acquired Millitech, a millimetre wave and antenna company in the US, for $33.5 million. Later in 2005, it acquired LiveWave for $17.6 million and extended its detection technology range. In 2006, Smiths Group expanded its interconnect business by acquiring the business and assets of Lorch Microwave for $25 million.The group entered into a contract with Shanghai Pudong International Airport to supply x-ray systems, in the same year. Later in the year, the group established engine components facility in North Carolina. Also, the detection division established a new production facility, Smiths Heimann Rus, in St Petersburg, Russia. Also in 2006, the group partnered with Boeing for GoldCare service solution for Boeing 787 dreamliner operators. During the same year, the group launched Tadar, a new people screening system. During 2006, the aerospace division of the group teamed up with BAE Systems to develop an Unmanned Air Vehicle (UAV) technology demonstrator project called Taranis. During the same month, Smiths group entered into $60 million agreement with General Electric on F404 engine. Later in 2006, Dowty Propellers, a business of the aerospace division, entered into a long term propeller support agreement with Flybe Airlines for the Dash 8 Q400 passenger aircraft fleet. Smiths Group announced the acquisition of CDI Energy Services (CDI) in 2007. In the same year, the group sold its aerospace businesses to General Electric. Later in the year, Smiths Detection secured ten year BAA deal to revolutionise UK passenger checkpoints. Deal includes deployment of aTiX, the checkpoint X-ray machine that can automatically detect explosives and liquids. Also, in Russia and Dubai, Smiths Detection gained significant orders worth over $150 million in the transportation and ports border markets. During 2007, Smiths interconnect, part of Smiths Group, announced that four of its businesses, Hypertac, TRAK Microwave Systems, PolyPhaser and Millitech were awarded contracts with a total potential value of over $90 million. In the same year, Smiths Group acquired Sartorius Bearing Technology (SBT), part of Sartorius. SBT is a leading provider of high performance rotating equipment for the oil and gas industry based in Gottingen, Germany. Later in 2007, Smiths Group sold its Marine In March 2008, Smiths Group received 510(k) clearance from the US Food and Drug Administration (FDA) for a new portable medication delivery system that would make pain management simpler and safer for patients and clinicians. After one month, Smiths Group announced the acquisition of Indufil BV, a Dutch-based specialist in filters for the petrochemical and process industries. Smiths Medical announced it would promote and distribute Abbotts FreeStyle Navigator Continuous Glucose Monitoring System in April 2008. In May 2008, Smiths Group announced the purchase of Allrizon Tongguang, a Shanghai-based communications equipment firm. In the same month, the group announced completion of its acquisition of Fiber Composite (Fiberod), a Texas-based company, specialist in oil and gas lifting equipment. (http://web.ebscohost.com/ehost/results) Appendix 2 Smiths Group Competitors List: Anaren, Inc. Amphenol Corporation American Technology Corporation B. Braun Medical Inc Becton, Dickinson and Co. Cobham plc Covidien Ltd. Cardinal Health, Inc. Cameron International Corporation Emerson Electric Co. General Electric Company GE Security, Inc. Hitachi, Ltd. Hart Cooley, Inc. Hospira, Inc. Moog Inc. Medtronic, Inc. Nutech Inc. NORRIS MEDIC Omega Flex, Inc. Pall Corporation Quinn Group, Inc. Radiall SA Rapiscan Systems, Inc. Siemens AG Teleflex Incorporated Tyco International Ltd. United Technologies Corporation Universal Potash Corp Vital Signs, Inc. Weatherford International Ltd. Watlow Electric Manufacturing Company (http://web.ebscohost.com/ehost/results) Appendix 3: Ratios Analysis: Y/E 07/31/09 Y/E 07/31/08 Y/E 07/31/07 Y/E 07/31/06 Y/E 07/31/05 Profitability ROCE=PBIT/CE*100 424.80/(3011.3)*100=19.727% 17.98 17.015 7.848 14.783 NPM 424.8/2664.6*100=15.942% 15.66 14.545 5.447 11.86 AT 2664.6/(1541.5-858)=1.24 times 1.15 1.17 1.37 1.25 GPM 1217.1/2664.6*100=45.68% 45.48 46.36 40.07 38.37 Liquidity Current Ratio 1099.6/858=1.28 Times 1.33 1.21 1.28 1.32 Quick Ratio (1099.6-413.6)/858=0.799 Times 0.86 0.824 0.781 0.77 Working Capital Inventory Days 413.6/1330.1*365=113 days 117 107 102 120 Accounts Payable days 130.7/1330.1*365=35 days 48 55 46 45 Receivables Days 514.4/2664.6*365=70 days 83 75 69 82 Solvency Ratios Financial gearing 752.2/859*100=87.57% 78.68 62.78 63.27 77.83 Interest Cover 424.8/54.4=7.81 8.41 5.43 3.29 7.45 Dividend Cover 30.03 26.6 22.12 2.88 28.63 P/E Ratio 4.352 5.595 4.434 3.772 3.873 EPS 0.054 0.042 0.053 0.057 0.051 Appendix 4 Share price Movement (Adopted from http://ir1.euroinvestor.com/asp/IR/PrinterFriendly/PFOD2.aspx)

Tuesday, August 20, 2019

A Trip To The Moon Review Film Studies Essay

A Trip To The Moon Review Film Studies Essay Nowadays, cinema is significantly commercial and digitalised. However, the unique and often entertaining black and white films of the early twentieth century should not be forgotten. They should in fact be revered as films in their own right. A perfect example of early cinema at its peak is A Trip to the Moon (aka Le Voyage dans la Lune), which was directed by film pioneer George M li s in 1902. The majority of films from this period dealt with simple scenes of everyday life, such as the knocking down of a garden wall or the arrival of a train. However M li s made the transition from these early shorts to a more modern form of montage, which led A Trip to the Moon being regarded as a masterpiece of early cinema. The first scene of the film opens with a group of astronomers holding a meeting in order to discuss how to travel to the moon. The main astronomer, played by M li s, suggests that they build some type of capsule and fire themselves at the moon. After some argument, the scientists agree and build a cannon and a bullet-shaped capsule. They are launched at the moon via cannon by a group of showgirls and land comically in the eye of the moon. Once on the lunar surface, they meet the Selenites, the alien hostile inhabitants of the moon. One of M li s main inspirations for the film would be Jules Verne s novel From the Earth to the Moon, from which he got the idea of the projected capsule at the moon. The film also contains elements from H.G. Wells novel The First Men in the Moon, for example, the underground moon cave with gigantic mushrooms and the vulnerable inhabitants, the Selenites. M li s was a master of visual illusion due to him being a professional magician and a producer of theatre. He followed the example set by the main stage magicians of the nineteenth century, such as Jean Robert-Houdin, by integrating the newest technology into his theatrical spectacles. With film, M li s embraced its theatrical possibilities and through experimentation, he made swift advances in special effects, film editing, intricate sets and costumes, and literary content. The set design of the various scenes is elaborate. The painted backdrops merge flawlessly with the constructed parts and props, creating settings with great depth. The set design, costumes, and anthropomorphic objects provide the film with a fantastical surreal appeal, which both attract and astonish audiences. M li s was one of the first filmmakers to make use of special effects, using a number of ingenious techniques to create illusions. Cinematic devices such as stop-motion photography and film splicing were used to give the illusion of objects vanishing or changing. Examples of these techniques can be seen in the Selenites disappearing into a puff of smoke when hit by the scientists and the approach of the capsule towards the moon. For the duration of the film, themes of spectacle, absurdity, and burlesque are given far more importance than scientific logic or realism (Gunning 70). For instance, in the supposedly scientific scene of the launching of the capsule, the cannon is loaded by a troupe of showgirls dressed in a burlesque version of sailor suits (Gunning 70). M li s openly acknowledged the dominance of special effects over the storyline in his films as he once wrote, As for the scenario, the story or tale, I considered it last I utilized it only as a pretext, a context for tricks or pleasing theatrical effects (Gunning 71). A Trip to the Moon is not a forgotten gem of early cinematic history, but a film of energy, imagination, exploration, and humour that still pleasure audiences today. 2. A film review of Duck Soup (1933) The film Duck Soup, starring the Marx Brothers, is a funny satire with lively gags and some of the best physical comedy ever in cinema. Although it is nowadays regarded as a comic masterpiece, the film received poor reviews when it first came out in 1933, mainly for its satirising of politics and warmongering. Even to this day the Marx Brothers are greatly revered because of their masterful ability to treat their audience to riotous slapstick comedy, puns, riddles, and deadpan humour. All of the Marx Brothers comedy films were extensions of their vaudeville days (Gardner 15). Duck Soup is a perfect example of this as the visual gags that had previously been a success on stage, were then incorporated into their comic routines in their films. The 1933 film was directed by Leo McCarey. The film stars Groucho Marx, who plays Rufus Firefly, the new appointed president of the fictional nation of Freedonia. Firefly has a questioning attitude towards work ethic, which can be seen as he attempts to decrease work hours by shortening the length of lunch breaks for the workers. Rufus becomes infatuated with Mrs. Teasdale, but he is in competition for her hand with Ambassador Trentino of the neighbouring country of Sylvania. Rufus immediately insults the Sylvanian ambassador by slapping him across the face instead of shaking his hand. War is consequently declared between the two countries. However, the plot of the film is not of any real importance as it mainly serves as a chance for the brothers to make fun of dictators, government bureaucracy and the irrationality of reckless war. Duck Soup features the Marx Brothers at their very best. Both the continuous sequence of laughs and the satirical storyline are hilarious in their own right, but the film also provides the individual comedy sequences for the brothers, which are the real highlight of the film. The film contains some of their best material, providing a variety of comic settings and dialogue and some quite entertaining musical sequences. Two of their most iconic are featured in Duck Soup the mirror sequence and the lemonade stand scene. The mirror sequence is by far the most entertaining scene in the film, where Harpo, and Chico, and Groucho are all dressed the same and they mimic each other s movements as if they re looking in a mirror at themselves. Another excellent example of Marx comedy is the peanut stand scene where Chico and Harpo engage in a quarrel with the owner of a lemonade stand next to Harpo s peanut stand. Another humorous and surrealistic aspect of the film is in the final battle scene where the Brothers are dressed in an outrageous pastiche of military uniforms that complete the anti-war attitude of the dialogue (Gardner 87). The military uniforms worn by the Brothers are from several diverse nations and from different historical eras. The film is a constant reel of comedy, from the opening scene, where we meet Groucho s character, to the final scene of the shelter being bombed. Similar to other great comedies of the 1930s, Duck Soup does not require special effects or a completely logically storyline to attract an audience. Nowadays, Duck Soup is widely considered to be a stunning success of film comedy, and the Marx Brothers best film.

Monday, August 19, 2019

Solar Powered Housing Essays -- Energy Pollution Essays

Solar Powered Housing With the increasing energy consumption rates and increasing pollution rates as a result, it is important for our society to focus on cleaner, more renewable energy sources. Because households are a major consumer of energy throughout the world, families could contribute greatly to the use of renewable energy sources through the use of solar home systems. If more and more people agree to the use of solar home systems, our fossil fuel consumption rates will drop and we will notice profound improvements throughout our environment. This essay will discuss various topics that are necessary in order to understand the function of a solar home system. First, for a solar home system to function effectively, one must first reduce the amount of energy consumed within the house. This can either be achieved through efficient house design or through efficient energy consumption. Efficient design features include proper sealing of windows, doors, and cracks, proper insulation, proper window design for passive heating, proper air infiltration, and the use of proper materials for heat absorption. By designing your house efficiently, you greatly reduce the amount of energy consumed and therefore reduce the cost and size of your solar home system. Efficient energy consumption is also extremely important when using a solar home system. Energy consumption can be greatly reduced by such acts as buying efficient appliances, keeping doors and windows closed to reduce heat loss, turning off lights and appliances when they are not needed, and turning down A/C levels. These acts also contribute greatly to a reduction in the size and cost of your solar home system. The basic idea behind solar home systems is th... ...reducing the use of fossil fuels while still meeting their energy needs, should definitely consider the use of an SHS in their home. Works Cited About Photovoltaics. 25 October 2002. U.S. Department of Energy. . Advanced Energy Group. 1999-2002.

Sunday, August 18, 2019

One Flew Over the Cuckoos Nest by Ken Kesey :: essays research papers

One Flew Over the Cuckoo's Nest - Hero A hero is considered to be any man noted for feats of courage or nobility of purpose; especially, one who has risked or sacrificed his life. This describes one of the main characters in the highly acclaimed novel, One Flew Over the Cuckoo's Nest, by Ken Kesey. Randle McMurphy is the hero of this novel because he stood firmly against oppressive powers, showing courage and ultimately paying with his life. There were no heroes on the psychiatric ward before McMurphy's arrival. Nurse Ratched wielded supreme power. No single patient had the ability to stand against the injustices to which they were subjected. McMurphy united these patients. He gave them collective courage and a sense that they could resist their persecutor. For example, Harding states, "No one's ever dared to come out and say it before, but there's not a man among us that doesn't think it. That doesn't feel just as you do about her and the whole business-feel it somewhere down deep in his scared little soul." Not only did McMurphy unite his friends, the patients; but he understood the enemy, the staff. He recognized the ultimate authority and oppressive power of those in charge of the psychiatric ward. He also knew that to resist them would put himself at great personnel risk. McMurphy, however, took the risk and defended his fellow patients. For example, McMurphy says to the black boy who is harassing George, "I said that's enough buddy." McMurphy knew this confrontation would have harsh consequences, but he took the chance. In fact McMurphy took one too many chances. This hero's end comes when he lashes out at nurse Ratched, blaming her for the death of Billy Bibbit. McMurphy demonstrated his feeling for Billy by his emotional reaction to his death, "First Charles Cheswick and now William Bibbit! I hope you're

Saturday, August 17, 2019

Biblical References in Haydn Middletons The Lie of the Land :: Middleton Lie of the Land Essays

Biblical References in Haydn Middleton's The Lie of the Land "This is how the birth of Jesus Christ came about: his mother Mary was pledged to be married to Joseph, but before they came together, she was found to be with child through the Holy Spirit (Matthew 1: 18)." Throughout The Lie of the Land, Haydn Middleton creates "David's Story" through a series of biblical references. These references allow for the speculation of David Nennius as the son of God. This speculation comes about as a result of the rape of his mother by a stranger, the figure of God. Through the use of these references, Middleton allows the reader to see the obvious correlation between the conception and birth of David Nennius, and that of Jesus Christ. Mary is described as "bookish and dried-up," a virgin unscathed by the touch of another male (Middleton 71). Mary returns home one day to find an intruder. "She never worked out exactly how the intruder had got in. He took her arm from behind, quite gently (72)." Though the presence of an intruder, would certainly be enough to strike any woman with certain fear, Mary is seemingly unafraid, almost as if there is something about the presence of this man which comforts her in a way in which words could not express. Throughout his presence, Mary remains unafraid, "it was as if the hideous fact of his presence was shedding its own brilliant light (72)." The use of "brilliant light" suggests the presence of a divine being, almost as if a halo of light is surrounding him as that which surrounds God. Though the actual conception of Jesus did not occur on a physical level in the story set forth by the Bible, Middleton insists on displaying the creation of Jesus through the actual sexual acts of two people. This is interesting from the standpoint that the intruder, though depicted as a powerful and gentle being, is never seen through the eyes of Mary as particularly strong. She speaks of the "weakness" behind his smile; a weakness which overcomes any male when faced with the prospect of sexually satisfying a woman (74). God is, in a sense depicted as having the weaknesses of a normal, immortal male. Like any man, he too has yearned for what only a woman could give him. This becomes the weakness which is so apparent to Mary at the time of conception. Biblical References in Haydn Middleton's The Lie of the Land :: Middleton Lie of the Land Essays Biblical References in Haydn Middleton's The Lie of the Land "This is how the birth of Jesus Christ came about: his mother Mary was pledged to be married to Joseph, but before they came together, she was found to be with child through the Holy Spirit (Matthew 1: 18)." Throughout The Lie of the Land, Haydn Middleton creates "David's Story" through a series of biblical references. These references allow for the speculation of David Nennius as the son of God. This speculation comes about as a result of the rape of his mother by a stranger, the figure of God. Through the use of these references, Middleton allows the reader to see the obvious correlation between the conception and birth of David Nennius, and that of Jesus Christ. Mary is described as "bookish and dried-up," a virgin unscathed by the touch of another male (Middleton 71). Mary returns home one day to find an intruder. "She never worked out exactly how the intruder had got in. He took her arm from behind, quite gently (72)." Though the presence of an intruder, would certainly be enough to strike any woman with certain fear, Mary is seemingly unafraid, almost as if there is something about the presence of this man which comforts her in a way in which words could not express. Throughout his presence, Mary remains unafraid, "it was as if the hideous fact of his presence was shedding its own brilliant light (72)." The use of "brilliant light" suggests the presence of a divine being, almost as if a halo of light is surrounding him as that which surrounds God. Though the actual conception of Jesus did not occur on a physical level in the story set forth by the Bible, Middleton insists on displaying the creation of Jesus through the actual sexual acts of two people. This is interesting from the standpoint that the intruder, though depicted as a powerful and gentle being, is never seen through the eyes of Mary as particularly strong. She speaks of the "weakness" behind his smile; a weakness which overcomes any male when faced with the prospect of sexually satisfying a woman (74). God is, in a sense depicted as having the weaknesses of a normal, immortal male. Like any man, he too has yearned for what only a woman could give him. This becomes the weakness which is so apparent to Mary at the time of conception.

A Dirty Job Chapter 11

11 THE GIRLS CAN GET A LITTLE DARK AT TIMES The Great Big Book of Death, as it turned out, wasn't that big, and certainly wasn't that comprehensive. Charlie read through it a dozen times, took notes, made copies, ran searches trying to find some reference to any of the stuff covered, but all of the material in the twenty-eight lavishly illustrated pages boiled down to this: 1. Congratulations, you have been chosen to act as Death. It's a dirty job, but someone has to do it. It is your duty to retrieve soul vessels from the dead and dying and see them on to their next body. If you fail, Darkness will cover the world and Chaos will reign. 2. Some time ago, the Luminatus, or the Great Death, who kept balance between light and darkness, ceased to be. Since then, Forces of Darkness have been trying to rise from below. You are all that stands between them and destruction of the collective soul of humanity. 3. In order to hold off the Forces of Darkness, you will need a number two pencil and a calendar, preferably one without pictures of kitties on it. 4. Names and numbers will come to you. The number is how many days you have to retrieve the soul vessel. You will know the vessels by their crimson glow. 5. Don't tell anyone what you do, or dark forces, etc. etc. etc. 6. People may not see you when you are performing your Death duties, so be careful crossing the street. You are not immortal. 7. Do not seek others. Do not waver in your duties or the Forces of Darkness will destroy all that you care about. 8. You do not cause death, you do not prevent death, you are a servant of Destiny, not its agent. Get over yourself. 9. Do not, under any circumstances, let a soul vessel fall into the hands of those from below – because that would be bad. A few months passed before Charlie worked the shop again alone with Lily. She asked him, â€Å"Well, did you get a number two pencil?† â€Å"No, I got a number one pencil.† â€Å"You rogue! Asher, hello, Forces of Darkness – â€Å" â€Å"If the world without this Luminatus is so precariously balanced that my buying a pencil with one-grade-harder lead is going to cast us all into the abyss, then maybe it's time.† â€Å"Whoa, whoa, whoa, whoa, whoa,† Lily chanted like she was trying to bring a spooked horse under control. â€Å"It's one thing for me to be all nihilistic and stuff, for me it's a fashion statement, I have the outfits for it. You can't be all horny for the grave wearing your stupid Savile Row suits.† Charlie was proud of her for recognizing that he was wearing one of his expensive secondhand Savile Rows. She was learning the trade in spite of herself. â€Å"I'm tired of being afraid,† he said. â€Å"I've dealt with the Forces of Darkness or whatever, Lily, and you know what, we're one and one.† â€Å"Should you be telling me this? I mean, the book said – â€Å" â€Å"I think I'm different than what the book says, Lily. The book says that I don't cause death, but there have been two now that have died more or less because of my actions.† â€Å"And I repeat, should you be telling me this? As you have pointed out many times, I am a kid, and wildly irresponsible. It's wildly irresponsible, right? I'm never listening that closely.† â€Å"You're the only one who knows,† Charlie said. â€Å"And you're seventeen now, not a kid, you're a young woman now.† â€Å"Don't fuck with me, Asher. If you keep talking like that I'll get another piercing, take X until I'm dehydrated like a mummy, talk on my cell phone until the battery is dead, then find some skinny, pale guy and suck him until he cries.† â€Å"So, it will be like a Friday?† Charlie said. â€Å"What I do with my weekends is my own business.† â€Å"I know!† â€Å"Well, then shut up!† â€Å"I'm tired of being afraid, Lily!† â€Å"Well, then stop being afraid, Charlie!† They both looked away, embarrassed. Lily pretended to shuffle through the day's receipts while Charlie pretended to be looking for something in what he called his walking satchel and Jane called his man purse. â€Å"Sorry,† Lily said, without looking up from the receipts. â€Å"S'okay,† Charlie said. â€Å"Me, too.† Still not looking up, Lily said, â€Å"But really, should you be telling me any of this?† â€Å"Probably not,† Charlie said. â€Å"It's sort of a big burden to carry. Sort of – â€Å" â€Å"A dirty job?† Lily looked up now and grinned. â€Å"Yeah,† Charlie smiled, relieved. â€Å"I won't bring it up again.† â€Å"That's okay. It's kind of cool.† â€Å"Really?† Charlie couldn't remember anyone ever referring to him as cool. He was touched. â€Å"Not you. The whole Death thing.† â€Å"Yeah, right,† Charlie said. Yes! Still batting a thousand on the zero-cool quotient. â€Å"But you're right, it's not safe. No more talk about my, uh, avocation.† â€Å"And I'll never call you Charlie again,† Lily said. â€Å"Ever.† â€Å"That would be fine,† Charlie said. â€Å"We'll act like this never happened. Excellent. Good talk. Resume your thinly veiled contempt.† â€Å"Fuck off, Asher.† â€Å"Atta girl.† They were waiting for him the next morning when he took his walk. He expected it, and he wasn't disappointed. He'd stopped in the shop to pick up an Italian suit he'd just taken in, as well as a cigar lighter that had languished in a curio case in the back for two years, which he stuffed in his satchel with the glowing porcelain bear that was the soul vessel of someone who had passed long ago. Then he stepped outside and stood just above the opening of the storm drain – waved at the tourists on the cable car as it clanked by. â€Å"Good morning,† he said cheerily. Anyone watching him might have thought he was greeting the day, since there was no one around. â€Å"We'll peck out her eyes like ripe plums,† hissed a female voice out of the drain. â€Å"Bring us up, Meat. Bring us up so we can lap your blood from the gaping wound we tear in your chest.† â€Å"And crunch your bones in our jaws like candy,† added a different voice, also female. â€Å"Yeah,† agreed the first voice, â€Å"like candy.† â€Å"Yeah,† said a third. Charlie felt his entire body go to gooseflesh, but he shook it off and tried to keep his voice steady. â€Å"Well, today would be a good day for it,† Charlie said. â€Å"I'm well rested from sleeping in my comfy bed with the down comforter. Not like I spent the night in a sewer or anything.† â€Å"Bastard!† A hissing female chorus. â€Å"Well, talk to you on the next block.† Strolled up the block into Chinatown, pacing out the sidewalk jauntily with his sword-cane, the suit inside a light garment bag thrown over his shoulder. He tried whistling, but thought that might be a little too clich. They were already under the next corner when he got there. â€Å"I'm going to suck the baby's soul out through her soft spot while you watch, Meat.† â€Å"Oh, nice!† Charlie said, gritting his teeth and trying not to sound as horrified as he was. â€Å"She's starting to crawl around pretty well now, so don't miss breakfast that day, because if she has her little rubber spoon, she'll probably kick your ass.† There was a screech of anger from the sewers and a harsh, hissing chatter. â€Å"He can't say that? Can he say that? Does he know who we are?† â€Å"Taking a left at the next block. See you there.† There was a young Chinese man dressed in hip-hop wear who looked at Charlie and took a quick step to the side so as not to catch whatever kind of crazy this well-dressed Lo pak[1] was carrying. Charlie tapped his ear and said, â€Å"Sorry, wireless headset.† The hip-hop guy nodded curtly, like he knew that, and despite appearances to the contrary, he had not been trippin', but had, in fact, been chillin' like a mo-fuckin' villain, so step the fuck off, wigga. He crossed against the light, limping slightly under the weight of the subtext. Charlie entered Golden Dragon Cleaners and the man at the counter, Mr. Hu, whom Charlie had known since he was eight, greeted him with an expansive and warm twitch of the left eyebrow, which was his usual greeting, and a good indicator to Charlie that the old man was still alive. A cigarette streamed at the end of a long black holder clinched in Hu's dentures. â€Å"Good morning, Mr. Hu,† Charlie said. â€Å"Beautiful day, isn't it?† â€Å"Suit?† said Mr. Hu, looking at the suit Charlie had slung over his shoulder. â€Å"Yes, just the one today,† Charlie said. Charlie brought all of his finer merchandise to Golden Dragon to be cleaned, and he'd been giving them a lot of business the last few months, with all the estate clothes he'd been taking in. He also had them do his alterations, and Mr. Hu was considered to be the best three-fingered tailor on the West Coast, and perhaps, the world. Three Fingered Hu, he was known as in Chinatown, although to be fair, he was actually possessed of eight fingers, and was only missing the two smaller fingers from his right hand. â€Å"Tailor?† Hu asked. â€Å"No, thank you,† Charlie said. â€Å"This one's for resale, not for me.† Hu snatched the suit out of Charlie's hand, tagged it, then called, â€Å"One suit for the White Devil!† in Mandarin, and one of his granddaughters came speeding out of the back, grabbed the suit, and was gone through the curtain before Charlie could see her face. â€Å"One suit for the White Devil,† she repeated for someone in the back. â€Å"Wednesday,† said Three Fingered Hu. He handed Charlie the ticket. â€Å"There's something else,† Charlie said. â€Å"Okay, Tuesday,† said Hu, â€Å"but no discount.† â€Å"No, Mr. Hu, I know it's been a long time since I needed it, but I wonder if you still have your other business?† Mr. Hu closed one eye and looked at Charlie for a full minute before he replied. When he did, he said, â€Å"Come,† then disappeared behind the curtain leaving a cloud of cigarette smoke. Charlie followed him into the back, through a noisy, steaming hell of cleaning fluids, mangle irons, and a dozen scurrying employees to a tiny plywood-walled office in the back, where Hu closed the door and locked them in as they did their business, something they'd first done over twenty years ago. The first time Three Fingered Hu had led Charlie Asher through the stygian back room of Golden Dragon Cleaners, the ten-year-old Beta Male was sure that he was going to be kidnapped and sold into dry-cleaning slavery, butchered and turned into dim sum, or forced to smoke opium and fight fifty kung fu fighters at once while still in his pj's (Charlie had a very tenuous grasp of his neighbors' culture at age ten), but despite his fear, he was driven by a passion that had been embedded in his very genes millions of years ago: a quest for fire. Yes, it was a crafty Beta Male who first discovered fire, and true, it was almost immediately taken away from him by an Alpha Male. (Alphas missed out on the discovery of fire, but because they did not understand about grabbing the hot, orangey end of the stick, they are credited with inventing the third-degree burn.) Still, the original spark burns bright in every Beta's veins. When Alpha boys have long since moved on to girls and sports, Betas w ill still be pursuing pyrotechnics well into adolescence and sometimes beyond. Alpha Males may lead the armies of the world, but it's the Betas who actually get the shit blowed up. And what better testimonial for a purveyor of fireworks than to be missing critical digits? Three Fingered Hu. When Hu opened his thick, trifold case across the desk, revealing his wares, young Charlie felt he had passed through the fires of hell to arrive, at last, in paradise, and he gladly handed over his wad of crumpled, sweaty dollar bills. And even as long silver ashes from Hu's cigarette fell over the fuses like deadly snow, Charlie picked his pleasure. He was so excited he nearly peed himself. The death-dealing Charlie who walked out of Golden Dragon Cleaners that morning with a compact paper parcel tucked under his arm felt a similar excitement, for as much as it was against his nature, he was rushing, once again, into the breech. He headed to the storm sewer grate and, waving the glowing porcelain bear from his satchel at the street, shouted, â€Å"I'm going over one block and up four, bitches. Join me?† â€Å"The White Devil has finally gone around the bend,† said Three Fingered Hu's eleventh grandchild, Cindy Lou Hu, who stood at the counter next to her venerated and digitally challenged ancestor. â€Å"His money not crazy,† said Three. Charlie had noticed the alley on one of his walks to the financial district. It lay between Montgomery and Kearney Streets and had all the things a good alley should have: fire escapes, Dumpsters, various steel doors tagged with graffiti, a rat, two seagulls, assorted filth, a guy passed out under some cardboard, and a half-dozen â€Å"No Parking† signs, three with bullet holes. It was the Platonic ideal of an alley, but what distinguished it from other alleys in the area was that it had two openings into the storm-drain system, spaced not fifty yards apart, one on the street end and one in the middle, concealed between two Dumpsters. Having recently developed an eye for storm drains, Charlie couldn't help but notice. He chose the drain that was hidden from the street, crouched down about four feet away, and opened the parcel from Three Fingered Hu. He removed eight M-80s and trimmed the two-inch-long waterproof fuses to about a half inch with a pair of nail clippers he kept on his key chain. (An M-80 is a very large firecracker, purported to have the explosive power of a quarter of a stick of dynamite. Rural children use them to blow up mailboxes or school plumbing, but in the city they have largely been replaced by the 9 mm Glock pistol as the preferred instrument of mischievous fun.) â€Å"Kids!† Charlie called into the drain. â€Å"You with me? Sorry I didn't get your names.† He drew the sword from his cane, set it by his knee, then dug the porcelain bear out of his satchel and sat it by his other knee. â€Å"There you go,† he called. There was a vicious hiss from the drain, and even as he thought it was completely dark, it got even darker. He could see silver disk shapes moving in the blackness, like coins tumbling through a dark ocean, but these were paired up – eyes. â€Å"Give it, Meat. Give it,† whispered a female voice. â€Å"Come and get it,† Charlie said, trying to fight down the greatest case of the willies he'd ever felt. It was like dry ice was being applied to his spine and it was all he could do not to shiver. The shadow in the drain started to leak out across the pavement, just an inch or so, but he could see it, like the light had changed. But it hadn't. The shadow took the shape of a female hand and moved another six inches toward the glowing bear. That's when Charlie grabbed the sword and snapped it down on the shadow. It didn't hit pavement, but connected with something softer, and there was a deafening screech. â€Å"You piece of shit!† screamed the voice – now in anger, not pain. â€Å"You worthless little – you – â€Å" â€Å"Quick and the dead, ladies,† Charlie said. â€Å"Quick and the dead. C'mon, give it another shot.† A second hand-shaped shadow snaked out of the drain on the left, then another on the right. Charlie pushed the bear away from the drain as he pulled the cigar lighter from his pocket. He lit the short fuses of four of the M-80s and tossed them into the drain, even as the shadows were reaching out. â€Å"What was that?† â€Å"What did he throw?† â€Å"Move, I can't – â€Å" Charlie put his fingers in his ears. The M-80s exploded and Charlie grinned. He sheathed the sword in the cane, gathered up his stuff, and sprinted for the other drain. Inside an enclosed space the noise would be punishing, brutal even. He kept grinning. He could hear a chorus of screaming and cursing, in half a dozen dead languages, some of them running over others, like someone was spinning the dial on a shortwave radio that spanned both time and space. He dropped to his knees and listened at the drain, careful to stay an arm's length away. He could hear them coming, tracking him under the street. He hoped he was right that they couldn't come out, but even if they did, he had the sword, and the sunlight was his turf. He lit four more M-80s, these with longer fuses, and tossed them one by one into the drain. â€Å"Who's New Meat now?† he said. â€Å"What? What did he say?† said a sewer voice. â€Å"I can't hear shit.† Charlie waved the porcelain bear in front of the drain. â€Å"You want this?† He tossed in another M-80. â€Å"You like that, do you?† Charlie shouted, throwing in the third firecracker. â€Å"That'll teach you to use your beak on my arm, you fucking harpies!† â€Å"Mr. Asher,† came a voice from behind him. Charlie looked around to see Alphonse Rivera, the police inspector, standing over him. â€Å"Oh, hi,† Charlie said, then realizing that he was holding a lit M-80, he said, â€Å"Excuse me a second.† He tossed the firecracker in the drain. At that moment they all started going off. Rivera had retreated a few steps and had his hand in his jacket, presumably on his gun. Charlie put the porcelain bear in his satchel and climbed to his feet. He could hear the voices shrieking at him, cursing. â€Å"You fucking loser,† screeched one of the dark ones. â€Å"I'll weave a basket of your guts and carry your severed head in it.† â€Å"Yeah,† said another voice. â€Å"A basket.† â€Å"I think you threatened that already,† said a third. â€Å"I did not,† said the first. â€Å"Shut the fuck up!† Charlie yelled at the drain, then he looked at Rivera, who had drawn his weapon and was holding it at his side. â€Å"So,† Rivera said, â€Å"problems with, uh, someone in the drain?† Charlie grinned. â€Å"You can't hear that, can you?† The cursing was ongoing, but now in some language that sounded as if it required a lot of mucus to speak properly, Gaelic or German or something. â€Å"I can hear a distinct ringing in my ears, Mr. Asher, from the report of your distinctly illegal fireworks, but beyond that, nothing, no.† â€Å"Rats,† Charlie said, unconsciously raising an eyebrow in a so are you gonna buy that load of horseshit? way. â€Å"Hate the rats.† â€Å"Uh-huh,† Rivera said flatly. â€Å"The rats, they used their beak on your arm and evidently you feel that they have a secret desire for cheap animal curios?† â€Å"So that you heard?† Charlie asked. â€Å"Yep.† â€Å"That's gotta make you wonder, then, huh?† â€Å"Yep,† said the cop. â€Å"Nice suit, though. Armani?† â€Å"Canali, actually,† Charlie said. â€Å"But thanks.† â€Å"Not what I'd pick for bombing storm drains, but to each his own.† Rivera hadn't moved. He was standing just off the curb, about ten feet away from Charlie, his weapon still at his side. A jogger ran by them and used the opportunity to quicken his pace. Charlie and Rivera both nodded politely as he passed. â€Å"So,† Charlie said, â€Å"you're a professional, where would you go with this?† Rivera shrugged. â€Å"Not on any prescriptions you might have taken too many of, are you?† â€Å"I wish,† Charlie said. â€Å"Up all night drinking, thrown out by the wife, out of your mind with remorse?† â€Å"My wife passed away.† â€Å"I'm sorry. How long?† â€Å"Going on a year now.† â€Å"Well, that's not going to work,† said Rivera. â€Å"Do you have any history of mental illness?† â€Å"Nope.† â€Å"Well, you do now. Congratulations, Mr. Asher. You can use that next time.† â€Å"Do I have to do the perp walk?† Charlie asked, thinking about how he'd explain this to child services. Poor Sophie, her dad an ex con and Death, school was going to be tough. â€Å"This jacket is tailored, I don't think I can get it over my head for the perp walk. Am I going to jail?† â€Å"Not with me, you're not. You think this would be any easier for me to explain? I'm an inspector, I don't arrest guys for throwing firecrackers and yelling into storm drains.† â€Å"Then why do you have your weapon drawn?† â€Å"Makes me feel more secure.† â€Å"I can see that,† Charlie said. â€Å"I probably appeared a little unstable.† â€Å"Ya think?† â€Å"So where's that leave us?† â€Å"That the rest of your stash?† Rivera nodded toward the paper bag of firecrackers under Charlie's arm. Charlie nodded. â€Å"How about you toss that down the storm drain and we'll call it a day.† â€Å"No way. I have no idea what they'll do if they get their hands on fireworks.† Now it was Rivera's turn to raise an eyebrow. â€Å"The rats?† Charlie threw the bag in the storm sewer. He could hear whispering from below, but tried not to show Rivera that he was listening. Rivera holstered his weapon and shot his lapels. â€Å"So, do you take suits like that into your shop very often?† he asked. â€Å"More now than I used to. I've been doing a lot of estate work,† Charlie said. â€Å"You still have my card, give me a call if you get a forty long, anything Italian, medium-to lightweight wool, oh, or raw silk, too.† â€Å"Yeah, silk's perfect for our weather. Sure, I'll be happy to save you something. By the way, Inspector, how did you happen to be in a back alley, off a side street, in the middle of a Tuesday morning?† â€Å"I don't have to tell you that,† said Rivera with a smile. â€Å"You don't?† â€Å"No. You have a nice day, Mr. Asher.† â€Å"You, too,† said Charlie. So now he was being followed both above and below the street? Why else would a homicide detective be here? Neither the Great Big Book nor Minty Fresh had said a word about the cops. How were you supposed to keep this whole death-dealing thing a secret when a cop was watching you? His elation at having taken the battle to the enemy, something that was deeply against his nature, evaporated. He wasn't sure why, but something was telling him that he had just fucked up. Below the street the Morrigan looked at one another in amazement. â€Å"He doesn't know,† said Macha, examining her claws, which shone like brushed stainless steel in the dim light coming from above. Her body was beginning to show the gunmetal-blue relief of feathers, and her eyes were no longer just silver disks, but now had the full awareness of a predatory bird's. She had once flown over the battlefields of the North, landing on those soldiers who were dying of their wounds, pecking out their souls in her bird form of a hooded crow. The Celts had called the severed heads of their enemies Macha's Acorn Crop, but they had no idea that she cared nothing for their tributes or their tribes, only for their blood and their souls. It had been a thousand years since she had seen her woman claws like this. â€Å"I still can't hear,† said her sister Nemain, who groomed the blue-black feather shapes on her own body, hissing with the pleasure as she ran the dagger points over her breasts. She was showing fangs as well, which dented her delicate jet lips. It had been her lot to drip venom on those she would mark for death. There was no fiercer warrior than one who had been touched by the venom of Nemain, for with nothing to lose, he took the field without fear, in a frenzy that gave him the strength of ten, and dragged others to their doom with him. Babd raked her rediscovered claws across the side of the culvert, cutting deep gouges into the concrete. â€Å"I love these. I forgot I even had these. I'll bet we can go Above. Want to go Above? I feel like I could go Above. Tonight we can go Above. We could tear his legs off and watch him drag himself around in his own blood, that would be fun.† Babd was the screamer – her shriek on the battlefield said to send armies into retreat – ranks of soldiers a hundred deep would die of fright. She was all that was fierce, furious, and not particularly bright. â€Å"The Meat doesn't know,† repeated Macha. â€Å"Why would we give away our advantage in an early attack.† â€Å"Because it would be fun,† said Babd. â€Å"Above? Fun? I know, instead of a basket, you can weave a hat from his entrails.† Nemain slung some venom off her claws and it hissed in a steaming line across the concrete. â€Å"We should tell Orcus. He'll have a plan.† â€Å"About the hat?† asked Babd. â€Å"You have to tell him it was my idea. He loves hats.† â€Å"We have to tell him that New Meat doesn't know.† The three moved like smoke down the pipes toward the great ship, to share the news that their newest enemy, among other things, did not know what he was, or what he had wrought on the world.