Speech given by that candidate Essay Example | Topics and Well Written Essays - 750 words - 1

Speech given by that candidate - Essay Example The goal was reached perfectly. This is because, Mitt Romney first introduced Paul Ryan as his running mate and the selected Vice President of the Republican party, and then went ahead to explain why he was selected. Mitt Romney introduced Paul Ryan as a man of character, who is true to his words, and who respects the opinion of others, even when they are his opponents, without demonizing his opponents (Romney, n.p.). He further defended the character of Paul Ryan as that of integrity and steadiness, being the reason why he was suited to back him up as a running mate, since they do not only share the same vision for America, but have the capability to achieve it, owing to the integrity and steadiness of his running mate. Further, the goal of introducing Paul Ryan as the right candidate was achieved thorough presenting him as a candidate whose judgment is respected by all, and the one who is an ardent supporter of freedom and justice (Romney, n.p.). Emotive language and balance are the two major speech techniques that Mitt Romney applies in this speech. These techniques are effective in persuading the audience to accept Paul Ryan as the best running mate and potential Republican Vice President Candidate. This is because; Emotive language, as the first technique that Mitt Romney applied in this speech, is able to appeal more to the emotions and feelings of the audience, as opposed to indulging them through logic and reason. This is achieved through the application of emotive language seen in Mitt Romney’s statement that â€Å"Pauls father died when he was in high school† (Romney, n.p.).The emotive language is specifically targeted at presenting Ryan as a man of discipline and personal character. This statement forms a tactical application of emotive language, where Mitt Romney was seeking to appeal to the emotions of the audience through showing them that Paul Ryan’s journey has not been easy, yet he has

Why americans will believe almost anything Essay

Why americans will believe almost anything - Essay Example A major part of the public lays the foundation of its opinions and decisions upon what it sees and hears in the news on television, in papers, or at the internet. Therefore, the conveyers of information hold great responsibility towards what they collect and transmit to the general public. Also, even if the media is being honest and transparent, it depends upon the â€Å"predispositions, especially ideology, that influence what news channel one watches and ultimately what news channel one believes† (Johansen 2). That is, the believability of news from any sort of media, on one hand, depends upon the honesty and transparency, and on the other, depends upon what ideology does the viewer or the reader hold. Hence, to protect ourselves from being susceptible, we should, as citizens, correct our own views and opinions, so that we do not believe all that is being shown to us. Johansen, Morgen. "Dont Believe Everything You Hear: Ideologys Influence on News Channel Believability." Paper Presented at the Annual Meeting of the Southern Political Science Association, Inter-Continental Hotel, New Orleans, LA. N.p., 06 Jan. 2005. Web. 15 Oct 2012. . O’Shea, Tim. â€Å"The Doors Of Perception: Why Americans Will Believe Almost Anything.† Mercola.com. Dr. Joseph Mercola, 2012. Web. 15 Oct 2012.

Tesco Credit Risk And Analysis Report

Tesco Credit Risk And Analysis Report As members of Credit Analysis division, our line manager has asked us to prepare a comprehensive credit analysis report for Tesco Plc, as it comes out with a new long-term bond issue, to fund its acquisition of Hilton Foods. This credit risk report focuses among other things, on the business background and strategy of Tesco and Hilton Food, analysis of its annual reports, company websites and other sources, a discussion of the techniques used in the analysis, justification of techniques/ major assumptions used in our analysis and rationale behind our teams recommendation on the credit rating of the bond issue. 2. Tesco Business Description and Strategy: Tesco Plc was founded by Jack Cohen in 1919. It employs about 470,000 staff globally. It is the largest British  retailer  by both global sales and domestic market share, with profits exceeding  £3  billion. It is currently the third largest global retailer based on revenue, behind   Walmart and Frances  Carrefour, but second largest based on profit, ahead of Carrefour.(Ryan 2004). Originally specializing in food and drink, it has   diversified into areas such as  clothing,  consumer electronics, financial services, telecoms,  home,  health  and  car insurance,  dental plans, retailing and renting DVDs,  CDs,  music downloads,  Internet services  and  software. Tescos operations are divided into UK and International operations. In the UK, Tesco stores are differentiated by size and the range of products sold. (wikipedia.org). Tesco also retails through its online shopping channels, tesco.com and Tesco Direct. Tesco has international operations in the following countries- China, Croatia, Czech Republic, France, Hungary, Republic of Ireland, Indonesia, Japan, Malaysia, Poland, Slovakia, South Korea, Thailand, Turkey, United States (Annual Report 2009 hereby referred to as -AR2009). Business strategy: Tesco follows the concept of The Tesco Way. It is aimed at improving its competitive position in the market by becoming more customer focused and concentrated on differentiating itself from other retailers through the services it provides. Tesco has developed principles like Better for Customers, Simpler for Staff and Cheaper for Operations.(Tesco website) Its present operations are based on its strategy laid down in 1997 which focuses on these 5 key objectives: To be a successful international retailer To grow the core UK business To be as strong in non-food as in food To develop retailing services-such as Tesco Personal Finance, Telecom and Tesco.com; and To put communities at the heart of what we do. (AR 2009) It is the pursuit of this five-part strategy that has allowed the business to diversify into new emerging markets. Tesco as a business operates a Steering Wheel a balanced scorecard process whereby goals are set for different areas of the business and overall progress is assessed on a quarterly basis in all countries, to help manage performance and deliver business strategy. The Steering Wheels key areas of focus are: financial, customer, operations, and employee. Every store gets a monthly steering wheel update, a summary of its metrics within each of the four arcs, so that all employees in Tescos multiple regions and formats get feedback on their performance. The steering wheel has helped the company stay focused on its strategy even as it experienced rapid growth over the past two decades (AR2009). Please note- For Business Description and Business Strategy og Hilton Food please see Appendix A. 3. Factors affecting credit rating of Tesco: For the purpose of this credit analysis report I would be analyzing three factors influencing the credit rating of Tesco: They are namely: 1) Business Risk 2) Corporate Governance Risk 3) Financial Risk Definitions Table of Factors affecting credit rating of Tesco Business Risk According to wisegeek.com, A business risk is a circumstance or factor that may have a negative impact on the operation or profitability of a given company. Sometimes referred to as company risk, a business risk can be the result of internal conditions, as well as some external factors that may be evident in the wider business community. When it comes to outside factors that can create an element of business risk, one of the most predominant risks is that of a change in demand for the goods and services produced by the company. If the change is a positive one, and the demand for the offerings of the company increase, the amount of risk is decreased a great deal. Internal factors may also result in the development of significant business risk for the investor. Corporate Governance Risk According to SearchFinancialSecurity.com Corporate governance is a term that refers broadly to the rules, processes, or laws by which businesses are operated, regulated, and controlled. The term can refer to internal factors defined by the officers, stockholders or constitution of a corporation, as well as to external forces such as consumer groups, clients, and government regulations. A well-defined and enforced corporate governance provides a structure that, at least in theory, works for the benefit of everyone concerned by ensuring that the enterprise adheres to accepted ethical standards and best practices as well as to formal laws. To that end, organizations have been formed at the regional, national, and global levels. Risk management factors are employed to manage Corporate Governance Risk. Financial Risk According to Wikipedia.org, The risk that a company or project will not have adequate cash flow to meet financial obligations; thus causing the business to file for bankruptcy. Financial risk is the additional risk a shareholder bears when a company uses debt in addition to equity financing. Companies that issue more debt instruments would have higher financial risk than companies financed mostly or entirely by equity. Bilateral barter can depend upon a mutual coincidence of wants. Before any transaction can be undertaken, each party must be able to supply something the other party demands. To overcome this mutual coincidence problem, some communities had developed a system of intermediaries who can warehouse and trade goods. However, intermediaries often suffered from financial risk. 4. Discussion of Techniques and Methods Employed for Credit Rating 4.1 Analysis of Tescos Business Risk SWOT ANALYSIS OF TESCO PLC(For Definition and Explanation of SWOT Analysis please refer Appendix E) Swot Analysis of Tesco Strengths Increasing market share Insurance Tesco online Brand value UK market leadership reinforced Opportunities Non-food retail Health and beauty Further international growth (Source: Datamonitor) (1) Strengths (a) Sales Growth With the recent Global Financial Crisis (hereby referred to as GFC) retail sales have fallen, but Tesco does not seem to be affected as its sales revenue grew by 10.92% in 2008 and 11.86% in 2009. (b) Market share Tesco still holds the largest share of the UK retail market. It maintains this by constantly diversifying into new sectors and consolidating its existing position as a market leader. (2) Weaknesses Tesco Finance profit levels were impacted through bad debt, credit card arrears and household insurance claims. Tescos position as a price leader in UK markets can lead to reduced profit margins in order to retain the key price points on must have commercial items. Grocer outlets are not set up to operate as specialist retailers in specific areas of product which can be capitalised on by other smaller bespoke retailers. Although international business is growing and it is expected to contribute greater amounts to Tescos profit over the next few years. The company is still highly dependent on the UK market. (3) Opportunities The development of Tesco Direct through online and catalogue shopping will grow the use of technology, providing the launch pad for larger non food based products with moderate to high margin returns and less focus on sales and margin per foot return to space. Further international growth. (4) Threats Increasing foreign exchange exposure with international growth. Rising raw material costs from both food and non food items will impact profit margins overall. Continuous price wars between other retailers e.g ASDA, Sainsbury and WM Morrisons. (Source:businessteacher.org.uk) P.T.O (Please turn over) PESTLE ANALYSIS OF TESCO PLC TABLE( for explanation of PESTLE, please see Appendix F) P E S T L E A N A L Y S I S O F T E S C O P L C Political Tescos organic growth internationally into countries in Europe, Asia and America means it is influenced by the political conditions of these countries. Tesco is subject to a wide variety of regulations in the different countries in which it operates because of the diverse nature of its business. Tesco may be impacted by regulatory changes in key areas such as planning laws, trading hours, and tax rules as well as by scrutiny by the competition authorities. Tesco is influenced in the UK by employment legislations such as the minimum wage requirement Economical Economic factors and the state of the economy affects Tesco, because these influence the business environment of operation, business expectation of investors and the consumption level of Tescos customers which all translate into the levels of demand, supply, and pricing of Tescos goods and services. The economic factors have been seen to have caused the decrease in profit growth rates being experienced by Tesco. Tesco has responded to these issues by ensuring that its product variation strategy is upheld in all their stores. i.e having the same product with varying quality and price for the different target markets in the same store. Socio-Cultural Factors Tesco considers the diversity of its customers in terms of culture and tries to meet their varied expectation by having most food and non food items that are required. This strategy is obvious with aisle for world foods, clothes etc. Benefits from cultural diversity and globalization are also evident in staffing of their stores. Technological Technology as a major driver of efficient resource utilization which has allowed Tesco staff to be more efficient at their jobs with the use of a wide variety of scanners for their sales at their tills and for stock/inventory management. A new invention are self service machines where customers can scan and pay for their shopping, this innovation has also lead to a reduction in staff cost. Legal In the UK, the Financial Services Authority (FSA) which is the regulator of all providers of financial services requires Tesco Personal Finance to be able to meet its sterling obligations without recourse to the wholesale markets for a period of at least five business days. To meet regulatory requirements a diversified portfolio of high quality liquid and marketable assets is maintained. Cash flow commitments and marketable asset holdings are measured and managed on a daily basis Environmental Tesco has been able to manage its environmental impact by adopting a number strategies, some of which are; an energy saving initiative lead, to opening of environmental store in a quest for zero-carbon, carbon labelling of products, green club card initiative which encourages customers to recycle. 4.2 Analysis of Corporate Governance Risk An analysis of the Directors report on corporate governance clearly defines the Directors roles and goals for Tesco Plc, as its main aim is to generate shareholder value and safeguard their long-term interests. Tesco, follows the Combined Code on Corporate Governance, especially Section 1, as defined by the Financial Services Authority (FSA), on compliance of the Code throughout the year. The Executive Board , complied with the Code, with the exception of the provision that at least half the Board, excluding the Chairman, should comprise Non-Executive Directors determined by the Board to be independent. This was as a result of the resignation of Carolyn McCall and E. Mervyn Davies as Non-executive Directors due to conflicts of interest. Tesco appointed Laurie McIlwee as the new Group Finance Director, and Jacqueline Tammenoms Bakker and Patrick Cescau and Ken Hanna as Non-executive Directors, thus becoming fully compliant again with the code. Laurie McIlwee has been with Tesco for ni ne years and has a very strong track record in both finance and operations. In his most recent role as Distribution Director Laurie was responsible for transforming the whole network a tremendous achievement, which reflects careful management succession planning at Tesco. The structure of the Board and the integrity of the individual Directors ensure that no single individual or group dominates the decision making process. All Directors have to submit themselves for re-election at least every three years if they wish to continue serving and are considered by the Board to be eligible. The Non-executive Directors bring a wide range of skills and experience, as well as independent judgement on strategy, risk and performance to the Company. The Board has set out a clear Schedule of Matters Reserved for Board Decision in order to ensure its overall control of the Groups affairs. These include the approval of: à ¢Ã¢â€š ¬Ã‚ ¢ the Companys strategic and operating plans; à ¢Ã¢â€š ¬Ã‚ ¢ annual and interim financial statements; à ¢Ã¢â€š ¬Ã‚ ¢ major acquisitions and disposals; à ¢Ã¢â€š ¬Ã‚ ¢ authority levels for expenditure; à ¢Ã¢â€š ¬Ã‚ ¢ treasury policies; à ¢Ã¢â€š ¬Ã‚ ¢ risk management and internal control systems; à ¢Ã¢â€š ¬Ã‚ ¢ group governance policies; and à ¢Ã¢â€š ¬Ã‚ ¢ succession planning for senior executives P.T.O Additional Corporate Governance Role- Table Audit, Remuneration and Nominations Committees The Board governs through a number of statutory Board Committees the Audit, Remuneration and Nominations Committees to which certain responsibilities and duties are delegated. These Committees are properly authorised under the constitution of the Company to take decisions and act on behalf of the Board within the parameters laid down by the Board. The Board is kept fully informed of the work of these Committees and any issues requiring resolution are referred to the full Board as appropriate. A summary of the operations of these Committees is set out. The performance of the Board is a fundamental component of the Groups success. The Board regularly reviews its own performance. Relations with stakeholders Tesco maintains a close relationship with all its stakeholders including customers, staff, suppliers, investors, non-governmental organisations and others, to ensure that its long-term strategy is sustainable. These include corporate social responsibility targets towards- Environment Community Suppliers and Ethical trading Customers Choice Health People and Key Performance Indicators (KPIs)of the Steering Wheel. Internal controls The Board is responsible for the Companys system of internal control and for reviewing the effectiveness of such a system. Tesco has a Group-wide process for clearly establishing the risks and responsibilities assigned to each level of management and the controls which are required to be operated and monitored. Both the internal and external audit, PricewaterhouseCoopers LLP, contribute towards maintaining effective internal financial control systems. Whistleblowing Policy The Group operates a whistleblowing policy and has a confidential Protector Line service accessible to concerned employees where they can report, anonymously if necessary, on issues of malpractice within the business. These issues include unethical behaviour such as fraud, dishonesty and any practices that endanger their staff, customers or the environment. Complaints made are treated as confidential and are investigated. Where appropriate, matters will be escalated to the Director of Group Security for further action. Management At Tesco, trading is tracked on a daily and weekly basis, financial performance is reviewed weekly and monthly, and the Steering Wheel is reviewed quarterly. Steering Wheels are operated in business units across the Group, and reports are prepared of performance against target KPI s on a quarterly basis enabling management to measure performance. Shareholder engagement Tesco is committed to maintaining a good dialogue with shareholders through proactively organising meetings and presentations as well as responding to a wide range of enquiries. During the year, the Chairman, Chief Executive and Finance Director meet with most of the leading shareholders to discuss issues relating to the board, strategy and governance matters, as well as new developments within the business. In addition to this the Company Secretarys office, Investor Relations and other teams within the business engage with shareholders on a regular basis, and on a wide range of issues. Directors remuneration Disclosure Tesco is already a large and profitable company. A 10% increase in Company value equates to some  £3bn in additional shareholder value, equivalent to a FTSE 50 organisation. Continuing to grow and expand profitability from such a high base is challenging but forms the core of Tescos strategy, and its supporting processes including executive remuneration. The result for 2008/9 included improvement on most of the underlying performance measures relating to productivity and growth. More than two-thirds of total remuneration (excluding pension) is linked to performance. Long-term performance is rewarded through delivery of shares and short term performance through a combination of cash and compulsory deferred shares. The Remuneration Committee believes that the majority of total remuneration should be performance-related and delivered largely in shares to closely align the interests of shareholders and Executive Directors. When setting the remuneration of Executive Directors, the Commi ttee considers the Groups performance on environmental, social and governance (ESG) matters. Specific ESG performance targets are applied to certain elements of the remuneration structure, in order to reinforce positive and responsible behaviour by senior management. (Source for all Corp Governance notes: AR2009) Tesco Board of Directors- Table Name Job Title Board Name Job Title Sir Terry Leahy CEO Executive Board Jacqueline Tammenoms Bakker Non-Executive Director Richard Brasher Commercial and Trading Director Executive Board Rodney Chase Deputy Chairman and Senior Non-Executive Philip Clarke International and IT Director Executive Board Charles Allen CBE Non-Executive Director Andrew Higginson Finance and Strategy Director Executive Board E. Mervyn Davies Non-Executive Director David Potts Retail and Logistics Director Executive Board Dr. Harold Einsmann Non-Executive Director Laurie McIlwee Group Finance Director Executive Board Ken Hydon Non-Executive Director Lucy Neville-Rolfe Corporate Legal Affairs Director Executive Board Graham Pimlott Non-Executive Director Tim Mason Marketing, Ecommerce, Property and Republic of Ireland Director Executive Board Patrick Cescau Non-executive Director David Reid Chairman Non Executive Board Karen Cook Non-executive Director (Source-AR 2009) 4.3 Analysis of Tescos Financial Risk For the financial analysis of Tesco, traditional ratio analysis (For Definition and Explanation of Ratio Analysis please refer Appendix C) has been used Profitability Liquidity Financial Gearing Investor and Efficiency ratios. PROFITABILITY Ratio 2009 2008 2007 Return on Equity (ROE) 16.66% 17.89% 17.96% Return on Capital Employed (ROCE) 6.96% 9.25% 10.67% Net Profit Margin 3.98% 4.5% 4.45% The analysis of the Return on Equity shows that the return slightly fell in 2008 to 17.89% from 17.96% in 2007, it further decreased in 2009 to 16.66%. Further investigation of this shows that though the retained earnings in 2008 of  £6,871m is an increase from 2007 level of  £5,693m, the management of Tesco was prudent in the use of available resources, due to the recent GFC. Return on Capital Employed reveals a consistent and steady decline in this rate of return from 10.67% in 2007 to 9.25% in 2008 and 6.96% in 2009. This trend was primarily due to a consistent rise in the current assets of Tesco: it rose in 2007 from  £4,576m to  £6300m in 2008, then in 2009 to  £14,045m. The Net Profit Margin remained almost the same, from 2007 with 4.45% to 4.5% in 2008, but decreased in 2009 to 3.98% for each pound of sales. This can be attributed to the recession, where people tend to spend less and save more. LIQUIDITY Ratio 2009 2008 2007 Current Ratio 0.76 0.58 0.56 Quick Ratio 0.61 0.35 0.32 The Current ratio shows a consistent growth from 0.56 in 2007 to 0.58 in 2008 and then highest of 0.76 due to a 127.15% growth of current assets in 2009, this shows a continuous improvement in Tescos liquidity. Even though a good growth is observed the ratio is a reflection that Tesco is highly exposed to its liabilities. This ratio also shows an increased tendency of liquidity problems since it current assets cannot cover its current liabilities. The Quick ratio is similar to that of the current ratio, with much lower ratios of 0.32 in 2007 to 0.35 in 2008 and highest ratio of 0.61 in 2009. These results also show increasing liquidity as well as a poor coverage of current liabilities by the quick assets. Cashflow Analysis Tescos Free Cashflow Cashflow detail 2009  £In millions 2008  £In millions Cashflow from Operating activities 4978 4099 Net cash used in investing activities 5974 2954 Dividends paid 883 792 Interest paid 562 410 Tax paid 456 346 Free Cashflow -2897 -403 Cashflow Ratios 2009 2008 2007 Cash Return on Sales 9.16% 8.66% 8.28% Cash Debt Coverage 19.39% 25.22% 25.82% Cash-Flow Coverage 63.21% 91.04% 94.66% On analysis of Tescos free cash flow), it dropped significantly from 2007 to 2009, it is in negative of - £199m in 2007, increasing to - £403m, and sharply increasing to - £2897m respectively.. The increase in dividend payout accounts for  £91m (between 2008 to 2009) and explains a small portion of the drop . But the total drop in the cash flow from 2008 to 2009 is a sharp - £3300m. The analysis of Cash Return on Sales determines that from 2007 to 2009 it has increased by 8.3%, to 8.66% and then to 9.16% respectively. Tescos cash return on sales in 2009 of 9.16% is higher than its Net Profit margin of 3.98% in 2009, which is a good sign. The Cash Debt Coverage also shows that Tescos cash position worsened from 2007 to 2009 (i.e) the cash to debt coverage was 25.82%, 25.22% and 19.39% respectively. One of the reasons is that Tescos long-term debt increased between 2007 to 2009 by  £8934m. The CashFlow Coverage shows that the cash generated by Tesco from its operations, to meet its obligations, decreased from 94.66% in 2007, to 91.04% in 2008 , to 63.21% in 2009. To cover the rest of its cash needs, Tesco had to use cash on hand at the beginning of the year, to make up the cash shortfall. P.T.O FINANCIAL GEARING LEVERAGE Analysis Ratio 2009 2008 2007 Interest Cover ratio 6.71 times 11.16 times 12.26 times Debt to shareholders equity 2.54 times 1.53 times 1.35 times Debt to Capital 55.86% 40.36% 35.03% The Interest Cover ratio shows a decline from 12.26 times in 2007 to 11.16 times in 2008 and the lowest ratio of 6.71 times in 2009. The Analysis of the finance cost shows the drop in 2009 was primarily due to an 87.75% increase in non-current liabilities which lead to a 91.2% increase in finance cost. Debt to shareholders equity, shows the usage of creditors by Tesco for every  £1 from investors, increased from 2007 to 2009, by  £1.35,  £1.53 to  £2.54 times respectively. This reflects that the dependence of Tesco on money raised by borrowing has sharply increased in 2009, from 2007 compared to its usage of money raised by selling shares to investors. This also reflects that in 2009, Tesco had a high amount of debt at 2.54, which means it will have to pay higher interest rates to finance its capital activities. Tescos Debt to Capital increased from 35.03% in 2007, to 40.36% in 2008 and rose to 55.86% in 2009, which is very high, and indicates an increasing cost of operating, as it tries to meet its obligations of paying higher interest rates. P.T.O INVESTOR RATIOS Ratio 2009 2008 2007 Dividend Payout Ratio 26.8% 24.4% 21.6% Earnings per Share (EPS) 27.50p 26.95p 23.84p Price/Earnings (P/E) Ratio 16.30 times 16.73 times 18.91 times The analysis of Dividend Payout Ratio shows the payout ratio has been increasing from 21.6% in 2007 to 24.4% in 2008 and 26.8% in 2009. Earnings per Share shows that it is increasing year to year, with EPS in 2007 of 23.84p, in 2008 of 26.95p and 2009 of 27.50p, with the largest increase between 2007 and 2008. The profit for the year in 2008 was higher than in 2007and there was also a reduction of shares in issue from 7,947m to 7,863m in the same year. The analysis of the Price/Earnings shows a continuously declining P/E ratio, with 18.91 times in 2007, 16.73 times in 2008, and 16.30 times in 2009, probably due to a decreasing growth rates in profits- 12.16% growth in 2008 and 1.69% growth in 2009. P.T.O EFFICIENCY Ratios Ratio 2009 In days 2008 In days 2007 In days Inventory Turnover Period (ITP) 19.44 days 20.31 days 17.89 days Trade Receivables Period (TRP) 12.08 days 10.12 days 9.24 days The analysis of the Inventory Turnover Period shows an increase from 17.89 days in 2007 to 20.31 days in 2008 and fell to 19.44 days in 2009. The Trade Receivables Period shows a consistent increase in the TRP: in 2007 9.24 days to 10.12 days in 2008 and a higher increase to 12.08 days in 2009. This could be due to stiff competition in the retail industry and increased credit sales demands of customers. Please note- For Analysis of Financial Risk of Hilton Food, please refer to Appendix B. 5. Justification of assumptions made and techniques used: 5.1 Justification of assumptions made: -Table a) It is assumed that Tesco will takeover Hilton Food and fund its acquisition by the potential issue of long -term bonds. This assumption is taken to conduct this particular credit risk analysis. b) Tesco Financial Year (FY) ended on Feb 28, 2009, and Hilton Food FY ended on 31 December 2008, so despite the accounting year differences, we have maintained that all accounting conditions still remain the same for the sake of comparative study. c) Tesco is one of the biggest retailers in the world with a diversified business, and the assumed acquisition is due to Hilton Food (HF) being a customer of Tesco in the real world, where HF supplies packed meat to Tesco stores across UK and Europe. So this acquisition, would make economic sense to Tescos business expansion, by supplying packed-meat under its own brand name, and economies of scale. P.T.O 5.2 Justification of techniques used: -Table a) We have only conducted Business Risk and Corporate Governance Risk Analysis for Tesco, and not for Hilton Food (HF), as with the future acquisition HF would either be a subsidiary or merge with Tescos entity, and come under Tescos management. Therefore, it would be Tescos Business and Corporate Governance risk which would influence Hilton Food. b) We have analyzed both Tescos and HFs Financial Risk, because when an investor would look at Tescos long-term bond issue, he would like to know about the business and financial risk of both Tesco and HF. c) Financial Risk Analysis (FRA) of Tesco has been done for 2007, 2008 and 2009 and FRA has been done for HF only for 2009, because we have presumed after the acquisition, HF would be a part of Tescos business, so only current2009 FRA is done for HF. d) We have not designated any credit rating like AA, BB etc. according to SP, Fitch or Moodys, because, they use sophisticated credit risk models, and calculations for default and recovery rates, and credit scoring system, Our analysis is based on studying the Business, Corporate Governance and Financial Risk by simpler analytical tools. 6. Rationale Behind Recommendation- Highlights Table a) The analysis of Tesco Plc, reveals that the company has shown good profitability and revenue growth, with good sales growth even in difficult times (GFC). Tesco as a business has revealed further expansion plans across different countries. The SWOT Analysis of Tesco reveals that Tesco, is following a sound business model.

Unhealthy Images of the Female Body :: Psychology, Self-esteem

To some degree women in various cultures have always experienced the pressure to conform to specific ideals. The new phenomenon in Western society is telling women that beauty has requirements. That is, to be attractive you must be incredibly thing, firm, but not muscular and large breasted (Grogan 41). Unhealthy images of the female body are continuously displayed in almost all aspects of media, but television commercials are an incredibly strong influence. Although there are many influential commercials, the ad campaign by Victoria's Secret, Love My Body, is particularly frightening. The television commercials star the typical "stick thin and busty" models (McDonell-Parry) parading around in their underwear, wind blowing through their hair, making comments such as "I love my body", "my body is sexy" and "my body is my favorite body". The idea of confidence is possibly trying to be portrayed here, but the company strongly reinforces the narrow image of beauty created in Western society by choosing models that conform to Westernized beauty standards, thus contradicting the theme of confidence (McDonell-Parry). This specific Victoria's Secret commercial, along with many other commercials, are being viewed by thousands of women, both young and old. The portrayal of these women on TV sends a message to young females that confidence is fun and sexy, but you can only have it if you are extremely thin, busty, and beautiful like the displayed women. The commercials for the new line of bras could have easily been made to promote the love and appreciation of all women, despite their shape or size, but it chose to reinforce the unrealistic standards that the typical media source holds. It is images and ads like these that create inward negative feelings in young women. Self-esteem is considered to be a â€Å"positive or negative attitude toward†¦ the self† (Clay 451). Negative attitudes in young women can stem from a variety of internal or external forces. An accurate method to measure a young female’s self-esteem is through the interpretation of body dissatisfaction and what provokes it. Body dissatisfaction occurs due to three things, in the present day: the desire to be thin, the dread of weight gain and the idea that weight and shape are essential to a female’s character (Levine 11). All of these determinants of body dissatisfaction are a result of how media uses an unrealistic female body in virtually all of its aspects, thus creating a cultural norm that being "thin is attractive" (Levine 15).

Blood Promise Chapter Eight

The reactions were mixed among Dimitri's family members. Some cried. Some were stunned. And some-mainly Yeva and Viktoria-simply took it in and kept their emotions from their faces, just as Dimitri would have done. That upset me almost as much as the tears; it reminded me too much of him. Out of all of them, pregnant Sonya-who came home shortly after the news broke-had the most intense physical reaction. She ran sobbing to her room and wouldn't come out. It didn't take long, however, for Yeva and Olena to spring into action. They spoke rapidly in Russian, clearly planning something. Phone calls were made, and Viktoria was dispatched to run an errand. No one seemed to need me, so I mostly wandered the house and tried to stay out of the way. I found myself studying the shelves I'd seen earlier, running my hands along the leather-bound books. The titles were in Cyrillic, but it didn't matter. Touching them and imagining Dimitri having held and read them somehow made me feel closer to him. â€Å"Looking for a little light reading?† Sydney walked up and stood beside me. She hadn't been around earlier but had heard the news. â€Å"Very light, seeing as I don't understand any of them,† I replied. I gestured to the scurrying family members. â€Å"What's going on here?† â€Å"They're planning Dimitri's funeral,† Sydney explained. â€Å"Or, well, his memorial service.† I frowned. â€Å"But he's not dead-â€Å" â€Å"Shh.† She cut me off with a sharp gesture and glanced warily at the others as they hustled around. â€Å"Don't say that.† â€Å"But it's true,† I hissed back. She shook her head. â€Å"Not to them. Out here†¦ out in these villages†¦ there's no in-between state. You're alive or you're dead. They aren't going to acknowledge him being one of†¦ those.† She couldn't keep the disgust out of her voice. â€Å"For all intents and purposes, he is dead to them. They'll mourn him and move on. So should you.† I didn't take offense at her blunt attitude because I knew she hadn't meant to give any. It was just her way. The problem was, that in-between state was very real to me, and there was no way I could move on. Not yet. â€Å"Rose†¦Ã¢â‚¬  began Sydney after several seconds of silence. She wouldn't meet my eyes. â€Å"I'm sorry.† â€Å"You mean, for Dimitri?† â€Å"Yeah†¦ I had no idea. I haven't really been that nice to you. I mean, I'm not going to act like I feel any better about hanging out with your kind, but you guys are still†¦ well, not human, obviously. But†¦ I don't know. You still have feelings; you still love and hurt. And while we were coming here, you had all this horrible news in you, and I didn't make it any easier for you. So I'm sorry for that. And I'm sorry for thinking the worst of you.† At first, I thought she was talking about thinking I was evil, but then I got it. She'd thought this whole time that I really was coming to be a blood whore and now believed delivering the news to Dimitri's family had been my only purpose. I didn't bother to correct her. â€Å"Thanks, but you couldn't have known. And honestly, if I were in your place†¦ I don't know. I'd probably act the same way.† â€Å"No,† she said. â€Å"You wouldn't. You're always nice to people.† I gave her an incredulous look. â€Å"Have you been traveling with someone else these last few days? Back home, I've got a reputation for not always being so nice. I've got attitude, and I know it.† She smiled. â€Å"Yeah, you do. But you also say the right things to people when you have to. Telling the Belikovs what you did†¦ well, that was hard. And no matter what you say, you can be polite and go out of your way to make people feel good. Most of the time.† I was a bit startled. Was that how I appeared? I often thought of myself as a trigger-happy queen bitch and tried to think about my behavior with her these last few days. I had sparred with her a lot, but among the others we'd met, I supposed I had been friendly. â€Å"Well, thanks,† I said, not knowing what else to say. â€Å"Did you see Abe yet? When you walked around town?† â€Å"No,† I said, realizing I'd forgotten about my mysterious rescuer. â€Å"Should I have?† â€Å"I just figured he'd find you.† â€Å"Who is he? Why did he come get us when you told him I was hurt?† Sydney hesitated, and I thought I was going to get some more of the Alchemist silent treatment. Then, after glancing around uneasily, she said in a low voice, â€Å"Abe's not royal, but he's a really important guy. He's not Russian either, but he's in the country a lot, always on business-both illegal and legal, I think. He's friends with all the important Moroi, and half the time, it seems like he controls the Alchemists, too. I know he's involved in the process of making our tattoos†¦ but his business goes far beyond that. We have a name for him behind his back†¦ Zmey.† â€Å"Zma what?† I had barely heard the word. It sounded like zz-may. It was certainly nothing I'd ever heard before. She gave a small smile at my confusion. â€Å"Zmey is Russian for ? ®snake.' But not just any snake.† Her eyes narrowed as she pondered a better explanation. â€Å"It's a term used in lots of myths. Sometimes for giant snakes heroes have to battle. There are also a few stories about wizards with snake blood who get called that. The snake in the Garden of Eden? Who made Eve fall? He was called a zmey too.† I shivered. Okay, that was pretty freaky, but it made something click into place. The Alchemists allegedly had ties to leaders and authorities, and Abe apparently wielded a lot of influence with them. â€Å"Is Abe the one who wanted you to come with me to Baia? The reason the Alchemists made you come here?† Again, she paused, then nodded. â€Å"Yeah†¦ when I called that night in Saint Petersburg, I was told there was a search going on for you. Abe gave orders through the Alchemists for me to stay with you until he could meet up with us here. He's apparently been searching for you on someone's behalf.† I went cold. My fears were being realized. People had been looking for me. But who? If Lissa had initiated a manhunt, I would have sensed it when I visited her mind. I didn't think it was Adrian either, not from the way he seemed so desperate and clueless about my whereabouts. Plus, he seemed to accept my need for this quest. So who was looking for me? And for what reason? This Abe sounded like a high-ranking person-albeit someone involved in shady business someone who might very well be connected to the queen or others almost as important. Had he been ordered to find me and bring me back? Or considering how much the queen hated me-had he perhaps been ordered to make sure I didn't come back? Was I dealing with an assassin? Sydney certainly seemed to regard him with a weird mix of fear and respect. â€Å"Maybe I don't want to meet him,† I said. â€Å"I don't think he'll hurt you. I mean, if he wanted to, he already would have. But be careful. He's always playing several games at once, and he deals in enough secrets to rival the Alchemists.† â€Å"So you don't trust him?† She gave me a rueful grin as she turned to walk away. â€Å"You forget: I don't trust any of you.† When she was gone, I decided to go outside, away from the sorrow and business indoors. I sat down on the top step of the backyard porch, watching Paul play. He was building a fort for some of his action figures. While sensitive to the grief in his family, it was hard for him to be too affected by the â€Å"death† of an uncle he'd only met a couple of times. The news didn't mean as much to him as it did to the rest of us. With so much time on my hands for the rest of the day, I decided to do a quick check-in with Lissa. In spite of myself, I was kind of curious about how things had panned out with Avery Lazar. While Lissa's intentions were good, she'd still had some misgivings about bringing Avery along to lunch. And yet, she was pleasantly surprised to see Avery fitting in perfectly, charming both Adrian and Christian. Admittedly, Adrian was impressed by pretty much anything female. Christian was harder to crack, but even he seemed to be growing fond of her-probably because she kept teasing Adrian. Anyone who could make a joke at Adrian's expense ranked high on Christian's list. â€Å"So, explain this,† Avery said, winding linguine around her fork. â€Å"You just, what, hang around the Academy all day? Are you trying to redo your high school experience?† â€Å"Nothing to redo,† said Adrian loftily. â€Å"I totally ruled my high school. I was worshipped and adored-not that that should come as a shock.† Beside him, Christian nearly choked on his food. â€Å"So†¦ you're trying to relive your glory days. It's all gone downhill since then, huh?† â€Å"No way,† said Adrian. â€Å"I'm like a fine wine. I get better with age. The best is yet to come.† â€Å"Seems like it'd get old after a while,† said Avery, apparently not convinced by the compelling wine simile. â€Å"I'm certainly bored, and I even spend part of the day helping my dad.† â€Å"Adrian sleeps most of the day,† noted Lissa, trying to keep a straight face. â€Å"So he doesn't actually have to worry about finding things to do.† â€Å"Hey, I spend a good portion of my time helping you unravel the mysteries of spirit,† Adrian reminded her. Avery leaned forward, curiosity all over her pretty face. â€Å"So it's actually real? I heard stories about spirit†¦ about how you can heal people?† It took Lissa a moment to respond. She wasn't sure she'd ever get used to her magic being out in the open now. â€Å"Among other things. We're still figuring it out.† Adrian was more eager than she was to discuss it-probably in the hopes of impressing Avery-and provided a quick rundown of some of spirit's abilities, like auras and compulsion. â€Å"And,† he added, â€Å"I can visit people in their dreams.† Christian held up a hand. â€Å"Stop. I can feel there's a comment coming on about how women already dream about you. I just ate, you know.† â€Å"I wasn't going to go there,† said Adrian. But he kind of looked like he wished he'd thought of the joke first. I couldn't help being a little amused. Adrian was so brash and flippant in public†¦ and then, in my dreams, he'd show that serious and concerned side. He was more complex than anyone gave him credit for. Avery looked floored. â€Å"Man. I used to think using air was cool. I guess not.† A small breeze suddenly blew her hair back, making her look as though she were posing for a swimsuit photo shoot. She gave the group a dazzling smile. All that was missing was a photographer. The sound of the bell made them all stand up. Christian realized he'd left homework in another class and hurried off to get it-after kissing Lissa goodbye, of course. Adrian departed equally as fast. â€Å"The teachers start giving me dirty looks if I hang around once classes start.† He gave Lissa and Avery a small half bow. â€Å"Until next time, ladies.† Avery, who couldn't care less about what teachers thought, walked with Lissa to her next class. The older girl's face was thoughtful. â€Å"So†¦ you really are with Christian, right?† Was she ever. If Avery'd seen half the things I'd seen Christian and Lissa do through the bond, there'd be no question. Lissa laughed. â€Å"Yes, why?† Avery hesitated, piquing Lissa's curiosity. â€Å"Well†¦ I heard that you were involved with Adrian.† Lissa nearly stopped walking. â€Å"Where did you hear that?† â€Å" At Court . The queen was saying how happy she is about you guys being a couple and how you're always together.† Lissa groaned. â€Å"That's because whenever I go to Court, she invites him too and then sends us both off to do things for her. It's not by choice†¦ well, I mean, don't get me wrong. I don't mind spending time with him, but the reason we're always together there is because Tatiana makes us.† â€Å"She seems to like you, though. She talks about you all the time, about how much potential you have and how proud she is of you.† â€Å"I think she's proud to manipulate me. Going there is such a pain. She either completely ignores the fact that I'm dating Christian or takes whatever chance she can get to slip in insults about him.† Queen Tatiana, like so many other people, could never forgive Christian's parents for willingly turning Strigoi. â€Å"Sorry,† said Avery, looking like she felt really bad. â€Å"I didn't mean to bring up a bad subject. I just kind of wanted to know if Adrian was available, that's all.† Lissa wasn't mad at Avery. Her fury was turned toward the queen, at how she assumed everyone would behave the way she wanted and dance when she commanded it. The Moroi world had been ruled by a king or a queen since the beginning of time, and sometimes, Lissa thought it was time for a change. They needed a system where everyone had an equal say-royal and non-royal alike. Even the dhampirs. The more she thought about it, the more she felt her temper spike, anger and frustration flaring up in a way more common to me than her. It made her want to scream sometimes, to walk right up to Tatiana and tell her their deal was off. No college was worth this. Maybe she'd even tell Tatiana that it was time for a revolution, time to overturn the Moroi's backward Lissa blinked, astonished to find she was shaking. Where had that emotion come from? It was one thing to be upset with Tatiana, but this†¦? She hadn't had such out-of-control rages since she first began using spirit. With a deep breath, she tried to use some of the calming techniques she'd acquired so that Avery wouldn't know what a nutcase she'd nearly turned into. â€Å"I just hate people talking about me, that's all,† Lissa said at last. Avery hadn't seemed to notice Lissa's lapse into anger. â€Å"Well, if it makes you feel better, not everyone thinks that about you. I met a girl†¦ Mia? Yeah, that was her name. Some non-royal.† Avery's dismissive tone suggested she held the view a lot of royals had toward â€Å"common† Moroi. â€Å"She just laughed about you and Adrian being together. Said it was ridiculous.† Lissa almost smiled at that. Mia had once been Lissa's rival and a self-centered brat. But after Strigoi killed her mother, Mia had taken on a fierce, determined attitude, one both Lissa and I liked immensely. Mia lived at Court with her father, secretly training to fight so that she would be able to battle Strigoi someday. â€Å"Oh,† said Avery suddenly. â€Å"There's Simon. I should go.† Lissa looked across the hall and saw Avery's stern guardian. Simon might not be as grim as Avery's brother Reed, but he still had that same stiff and dour look he'd had when Lissa first met him. Avery seemed to get along with him fine, though. â€Å"Okay,† said Lissa. â€Å"I'll see you later.† â€Å"You bet,† said Avery, starting to turn. â€Å"Oh, and Avery?† Avery glanced at Lissa. â€Å"Yeah?† â€Å"Adrian is available.† Avery's only answer was a quick grin before she headed off to join Simon. Back with the Belikovs in Baia, the memorial service was going forward. Neighbors and friends, all dhampirs, slowly arrived, many bringing food. It was my first glimpse of the dhampir community, though it still didn't seem as mysterious as Sydney had implied. The kitchen turned into a banquet hall, with every counter and table surface covered in dishes. Some were foods I knew, and there were lots of desserts-cookies and pastries covered in nuts and icing that smelled freshly baked. Some of the dishes I'd never seen before and wasn't sure I wanted to ever again. There was a slimy bowl of cabbage in particular that I went out of my way to avoid. But before we ate, everyone went outside and gathered in a semicircle in the backyard. It was the only place that could accommodate so many people. A priest appeared just then, a human one. That surprised me a little, but I supposed when living in a human town, dhampirs would attend a human church. And to most humans, dhampirs looked just like them, so the priest no doubt thought he was making an ordinary house call. A handful of Moroi who had been in town were also present, but they, too, could more or less pass for humans-pale ones-if they were discreet with the fangs. Humans didn't expect to see the supernatural, so their minds rarely considered it an option, even when it was right in front of them. Everyone grew silent. It was sunset now, with orange fire burning in the western sky, and shadows falling across all of us. The priest performed a funeral service in Russian, chanting in a voice that sounded unearthly in the darkening yard. All the church services I'd ever attended were in English, but I could see how this had the same feel. Every so often, those gathered would cross themselves. I didn't know the cues, so I simply watched and waited, letting the priest's mournful voice fill my soul. My feelings for Dimitri churned within me like a growing storm, and I worked to keep them in, locked up in my heart. When the service finally finished, the eerie tension that had engulfed the group dispersed. People moved again, hugging the Belikovs and shaking hands with the priest. He left shortly thereafter. Food followed. Plates were loaded up, and everyone sat wherever they could find space, be it inside the house or in the backyard. None of the guests really knew me, and Dimitri's family was far too busy to pay much attention to me as they ran around and tried to make everyone feel welcome. Sydney stayed with me a lot of the time, and while conversation was light between us, I took comfort in her presence. We sat on the living room floor, leaning against the wall near the bookcase. She picked over her food, like always, which made me smile. There was something soothing about that familiar habit. When dinner was over, people continued chatting in small groups. I couldn't understand any of it, but I kept hearing his name mentioned: Dimitri, Dimitri. It reminded me of the incomprehensible hissing that the ghosts made during their visits. It was oppressive and smothering, the force of his name pressing on my heart. Dimitri, Dimitri. After a while, it grew to be too much. Sydney had stepped away for a bit, so I went outside to get some air. Some people had built a bonfire in the back and were sitting around it, still talking about Dimitri, so I headed off toward the front yard. I walked down the street, not intending to go far. The night was warm and clear, with the moon and stars burning brightly in the blackness above me. My feelings were tangled up, and now that I was away from the others, I allowed a bit of that pent-up emotion to burst forth, coming out as silent tears on my cheeks. When I was a couple of houses away, I sat down on the curb, resting and enjoying the stillness around me. My peace was short-lived, however-my sharp ears picked up the sound of voices coming from the Belikov house. Three figures appeared. One, tall and slim, was Moroi, and the others were dhampirs. I stared as they came to a stop in front of me. Not bothering with formalities, I remained where I was, looking up into the Moroi's dark eyes. I didn't recognize this group from the service-but I did recognize the Moroi from somewhere else. I gave him a wry half-smile. â€Å"Abe Mazur, I presume.†

Marketing Dunkin Donuts Essay

Dunkin Donuts builds long term customer relationships by being consistent with their marketing strategy. They have maintained an everyday value since they opened their doors fifty years ago. They have met their customers’ expectations by not changing recipes. The coffee tastes the same no matter what store you go into. Dunkin Donuts also has a lengthy training class so they can maintain their quality in the kitchen as well as customer service. Dunkin Donuts maintains customer relations by fully meeting the customers’ expectations. When a customer enters a store they know exactly what to expect, no surprises or disappointments. Dunkin Donuts value proposition is value and quality. Dunkin Donuts has always made their products a value. Starbucks has the expensive coffee; Dunkin Donuts has the value coffee. Dunkin Donuts has also maintained their quality as well. They have kept the same ingredients and recipes; everything tastes the same as fifty years ago. By maintain the quality and value the customer knows exactly what to expect when he or she walks through the door. Dunkin Donuts is growing its share of customers. Dunkin Donuts has maintained its coffee and donuts, but has also grown with the times to gain more customers. Dunkin Donuts now offers a variety of coffee drinks such as cappuccinos and iced coffees. The company also sells breakfast sandwiches and cookies too. The coffee is mostly what keeps customers coming back for more, but now there is more of a variety to please everyone.