Consider the significance of the Edict of Nantes 1598 Essay

The Edict of Nantes immediately followed the Wars of Religion, which further divided France in terms of religion. The Edict of Nantes could be described as a significant development in policies regarding religion in France in the 17th century. The policies were implemented by a monarch who sat on the fence when it came to religion, having devotions to both Catholicism and Protestantism, in the shape of Henry IV. The Edict of Nantes itself was very significant as its policy was the first of its kind in French politics. Never before had a French monarch tolerated both Catholicism and Protestantism and allowed them both to flourish in the same ‘country’. Whatever Henry’s beliefs and motives in implementing such a policy, it was certainly an original policy and a significant development in sixteenth and seventeenth century France. Toleration existed and although it can be argued that Protestants didn’t have very much power and the Catholics remained in near total control of the majority of areas in the country but the Protestants certainly had more power than they had under previous more anti-Protestant monarchs. The Edict could also be described as a turning point. Indeed, it could be described as a very significant turning point. Legislation was put in place in an attempt to avoid discrimination against the Protestants. Discrimination was not evident by the Edict itself; it was more of a case of trying to give the Protestants more rights. Henry couldn’t go as far as giving the Protestants equal legal, religious and political rights because he would lose the support of the Catholics. However, there can be no denying the significance of the legislation. It was the attempt to be pragmatic where religion is concerned which resulted in his death. The significance of Henry’s reign lies in the difference and the pragmatism of his reign. The actual legislation could be described as ground breaking. The rights that the Edict of Nantes gave the Protestants included full liberty of conscience and private worship; liberty of public worship wherever it had previously been granted and its extension to numerous other localities and to estates of Protestant nobles; full civil rights including the right to hold public office; royal subsidies for Protestant schools; special courts, composed of Roman Catholic and Protestant judges, to judge cases involving Protestants; retention of the organization of the Protestant church in France; and Protestant control of some 200 cities then held by the Huguenots, including such strongholds as La Rochelle, with the king contributing to the maintenance of their garrisons and fortifications. In practice, things were slightly different for the Protestants who were oppressed by the Catholics and still weren’t allowed anywhere near Paris. It is clear that full, equal rights for the Protestants were not given by Henry – for example, Roman Catholic judges had more power in the courts than the Protestant judges did and often Roman Catholic bias came through in a number of cases – but there was some attempt to give the Protestants some rights and freedoms which was in itself significant. The Edict of Nantes was also very significant in terms of Henry’s foreign policy. He wanted to protect the southern border of France from the Spanish and Austrian Hapsburgs. Henry was more patriotic than the French kings before him and his policies show this as he placed the Protestants in the south of France, using the Protestants to protect France from Spain. All of this means that – in terms of French foreign policy – the Edict of Nantes carries further significance for a number of reasons†¦ The removal of the Protestants away from Paris and further towards the south means that Henry IV embarked on a policy of centralisation. There is no doubt that Henry converted to Catholicism and tried to maintain as much power as possible for his Catholic friends in the establishment. Policies were made more in a centralised way i.e. from Paris and the Protestants were freezed out in positions of power by the Catholics. This is significant because of the reign of Louis XIII who furthered the centralisation policy, and shows that there was a trend towards centralisation before Louis XIII came onto the throne. This also shows that Henry’s domestic and foreign policy can easily be linked, which is also significant. All of this emphasises how significant the Edict of Nantes was. Henry’s patriotism was also on show in the implementation of the Edict of Nantes. He didn’t want any foreign influence in his affairs and he wanted to appease the Protestants. The best way to appease them was giving them an important role whilst getting what he wanted in his foreign policy by getting the Protestants to protect the borders of France. This is highly significant as never before had a French monarch been as patriotic as Henry and it is also significant because it indicates that Henry didn’t actually want the Catholics to have power in all areas of France which probably indicates that he still had allegiances to the Protestant beliefs despite his conversion to Catholicism. Henry’s tactical manoeuvres were also significant in another way. Basically, he prevented the Wars of Religion from continuing and restarting again. The irony is that his tendency to sit on the fence on the issue of religion in the end cost him his life. This is why some historians place emphasis on the significance of this aspect of the Edict of Nantes. Henry’s early life as a Protestant and his subsequent conversion to Catholicism make the Edict of Nantes interesting as well as significant. To consider the significance of the Edict of Nantes, we have to consider the situation in France before Henry IV came to the throne and even beyond the Wars of Religion. The Wars of Religion were where the Calvinist Huguenots (Protestants) and the Catholics did battle for control of the monarchy. The Catholics won and maintained control of the monarchy; however, it is clear that something needed to be done to prevent another War of Religion from happening. Henry IV was the man with the job of preventing another War of Religion and he turned out to be the perfect man for the job. Unlike most French monarchs in this period, Henry was pragmatic when it came to religion although he had developed a slight preference for Catholicism. Henry felt that they were more important things than religion – his patriotism as opposed to his religious beliefs – but ultimately it was this that caused his downfall and eventual death. However, the very fact that the Wars of Religion didn’t happen again throughout Henry IV’s reign is very significant considering the huge division between the two religions. Another War of Religion could have shaped French history differently, especially if the Protestants/Calvinists came out on top. Today’s France could also have been completely different if a war wasn’t avoided. This makes Henry’s reign and – of course – the Edict of Nantes take on further significance. The Edict of Nantes certainly cannot be described as revolutionary but it was almost a complete reform of the laws regarding religion. In reality, there was little reform because there was major exploitation of flaws in the law by the Catholics. However, this shouldn’t take anything away from the significance of the Edict of Nantes because the laws created Protestant strangleholds in the south of France. Despite all this, the Edict of Nantes takes on an apparent lack of significance because of what happened to Henry and what happened under the reigns of subsequent monarchs. The Edict was indeed revoked in 1685 and steadily the Catholics moved towards a position of total power over the Protestants. So this means that the Edict of Nantes loses some of its significance because the policies of Henry had no impact on future monarchs. During Henry’s reign, however, significance can be attached to the Edict.

Kitsch Internet Cafe Business Plan

KITSCH INTERNET CAFE Table of Contents 1. Executive Summary5 1. 1 Objectives6 1. 2 Keys to Success6 1. 3 Mission6 1. 4 Risks7 2. Company Description7 2. 1 Company Ownership7 2. 2 Start-up Summary8 2. 3 Company Locations and Facilities10 3. Description of Services11 3. 1 Competitive Comparison11 3. 2 Service Description11 3. 3 Fulfillment12 3. 4 Technology12 3. 5 Future Services12 4. Market Analysis13 4. 1 Target Market Segment Strategy13 4. 1. 1 Market Trends13 4. 1. 2 Market Needs13 4. 2 Market Segmentation14 4. Service Business Analysis15 4. 3. 1 Competition and Buying Patterns16 4. 3. 2 Business Participants16 4. 3. 3 Distributing a Service17 5. Marketing Strategy18 5. 1 Strategy Pyramid18 5. 1. 1 Attract Power Internet Users18 5. 1. 2 Social Hub18 5. 1. 3 Attract Novice Internet Users19 5. 2 SWOT Analysis19 5. 2. 1 Weaknesses20 5. 2. 2 Opportunities20 5. 2. 3 Threats20 5. 2. 4 Strengths21 5. 3 Competitive Edge21 5. 4 Marketing Strategy21 5. 4. 1 Pricing Strategy22 5. 4. 2 Promoti on Strategy22 5. 5 Sales Strategy23 5. 5. 1 Sales Forecast23 . 6 Milestones26 6. Operating Plan27 6. 1 Personnel Plan27 7. Financial Plan29 7. 1 Start-up Funding29 7. 2 Important Assumptions31 7. 3 Key Financial Indicators32 7. 4 Break-even Analysis32 7. 5 Projected Profit and Loss33 7. 6 Projected Cash Flow37 7. 7 Projected Balance Sheet40 7. 8 Business Ratios42 8. Appendix46 Kitsch Internet Cafe Executive Summary Kitsch, unlike a typical cafe, will provide a unique forum for communication and entertainment through the medium of the Internet. Kitsch is the answer to an increasing demand. The public wants: (1) access to the methods of communication and volumes of information now available on the Internet, and (2) access at a cost they can afford and in such a way that they aren't socially, economically, or politically isolated. Kitsch’s goal is to provide the community with a social, educational, entertaining, atmosphere for worldwide communication. Highlights [pic] 1. 1 Objectives Kitsch’s objectives for the first three years of operation include: †¢ The creation of a unique, upscale, innovative environment that will differentiate Kitsch from local coffee houses. Educating the community on what the Internet has to offer. †¢ The formation of an environment that will bring people with diverse interests and backgrounds together in a common forum. †¢ Good coffee and bakery items at a reasonable price. †¢ Affordable access to the resources of the Internet and other online services. 1. 2 Keys to Success The keys to the success for Kitsch a re: †¢ The creation of a unique, innovative, upscale atmosphere that will differentiate Kitsch from other local coffee shops and future Internet cafes. †¢ The establishment of Kitsch as a community hub for socialization and entertainment. The creation of an environment that won't intimidate the novice user. Kitsch will position itself as an educational resource for individuals wishing to learn about the benefits the Internet has to offer. †¢ Great coffee and bakery items. 1. 3 Mission As the popularity of the Internet continues to grow at an exponential rate, easy and affordable access  is quickly becoming a necessity of life. Kitsch provides communities with the ability to access the Internet, enjoy a cup of coffee, and share Internet experiences in a comfortable environment. People of all ages and backgrounds will come to enjoy the unique, upscale, educational, and innovative environment that Kitsch provides. 1. 4 Risks The risks involved with starting Kitsch were: †¢ Will there be a demand for the services offered by Kitsch in Nicosia? †¢ Will the popularity of the Internet continue to grow, or is the Internet a fad? †¢ Will individuals be willing to pay for the service Kitsch offers? †¢ Will the cost of accessing the Internet from home drop so significantly that there will not be a market for Internet Cafes such as Kitsch? Company Description Kitsch, is located at the area of Agioi Omologites at 15 Chiou Street, offering the community easy and affordable access to the Internet. Kitsch is providing full access to email, WWW, FTP, Usenet and other Internet applications such as Telnet and Gopher. Kitsch will also provide customers with a unique and innovative environment for enjoying great coffee, specialty beverages, and bakery items. Kitsch is appealing to individuals of all ages and backgrounds. The instructional Internet classes, and the helpful staff that Kitsch provides, will appeal to the audience that does not associate themselves with the computer age. This educational aspect attracts younger and elderly members of the community who are rapidly gaining interest in the unique resources that online communications have to offer. The downtown location will provide business people with convenient access to their morning coffee and online needs. 2. 1 Company Ownership Kitsch is owned by M & T Corporation with the manager Loizos Loizou to possess the main share (80%). 2. 2 Start-up Summary Kitsch’s start-up costs covered coffee making equipment, site renovation and modification, capital to cover losses in the first year, and the communications equipment necessary to get its customers online. The communications equipment necessary to provide Kitsch’s customers with a high-speed connection to the Internet and the services it has to offer make up a large portion of the start-up costs. These costs included the computer terminals and all costs associated with their set-up. Costs were also designated for the purchase of two laser printers and a scanner. Additional to those, one espresso machine, an automatic coffee grinder, and minor additional equipment will be purchased from Petersons ltd. The building at 15 Chiou Street required funds for renovation and modification. A single estimated figure was allocated for this purpose. The renovation/modification cost estimated included the costs associated with preparing the building for opening business. Start-up Expense Details: †¢ 11 computers = â‚ ¬22,000 †¢ two printers = â‚ ¬1,000 †¢ one scanner = â‚ ¬500 †¢ software = â‚ ¬810 †¢ one espresso machine = â‚ ¬10,700 †¢ one automatic espresso grinder = â‚ ¬795 †¢ other fixtures and remodeling: o two coffee/food preparation counters = â‚ ¬1,000 o one information display counter = â‚ ¬1,000 o one drinking/eating counter = â‚ ¬500 o sixteen stools = â‚ ¬1,600 o six computer desks w/chairs = â‚ ¬2,400 o stationery goods = â‚ ¬500 o two telephones = â‚ ¬200 o decoration expense = â‚ ¬13,000 Start-up | | | | |Requirements | | | | | |Start-up Expenses | | |Legal |â‚ ¬500 | |Stationery etc. â‚ ¬500 | |Brochures |â‚ ¬500 | |Consultants |â‚ ¬2,000 | |Insurance |â‚ ¬700 | |Rent |â‚ ¬1,445 | |4-group Automatic Coffee Machine |â‚ ¬10,700 |Bean Grinder |â‚ ¬795 | |Computer Systems (x11), Software, Printer, Scanner |â‚ ¬24,310 | |Communication Lines |â‚ ¬840 | |Fixtures/Remodel |â‚ ¬20,000 | |Total Start-up Expenses |â‚ ¬62,290 | | | | |Start-up Assets | | |Cash Required |â‚ ¬24,000 | |Start-up Inventory |â‚ ¬2,000 | |Other Current Assets |â‚ ¬0 | |Long-term Assets |â‚ ¬0 | |Total Assets |â‚ ¬26,000 | | | | |Total Requirements |â‚ ¬88,290 | 2. 3 Company Locations and Facilities A site has been chosen at 15 Chiou Street in Agioi Omologites. This site was chosen for various reasons, including: †¢ Proximity to the downtown business community. †¢ Proximity to trendy, upscale restaurants such as Bagatelle, Steak & Co, Paragadi fish restaurant, Aperitivo Jet Set and others †¢ Parking availability. †¢ Low cost rent – â‚ ¬. 85 per square foot for 1700 square feet. †¢ High visibility. All of these qualities are consistent with Kitsch's goal of providing a central hub of communication and socialization for the Eugene community. Description of Services Kitsch is providing full access to email, WWW, FTP, Usenet and other Internet applications such as Telnet and Gopher. Printing, scanning, and introductory courses to the Internet are also available to the customer. Kitsch also provides customers with a unique and innovative environment for enjoying great coffee, specialty beverages, and bakery items. 3. 1 Competitive Comparison Kitsch is the first Internet cafe in Agioi Omologites. Kitsch differentiates itself from the strictly-coffee cafes in Agioi Omologites by providing its customers with Internet and computing services. 3. 2 Service Description Kitsch provides its customers with full access to the Internet and common computer software and hardware. Some of the Internet and computing services available to Kitsch’s customers are listed below: †¢ Access to external POP3 and IMAP email accounts. †¢ Customers can sign up for a Kitsch email account. This account will be managed by Kitsch servers and accessible from computer systems outside the Kitsch network. †¢ FTP, Telnet, Gopher, and other popular Internet utilities will be available. †¢ Access to Netscape, Google Chrome, Mozilla Firefox and Internet Explorer browser. †¢ Access to laser and color printing. †¢ Access to popular software applications like Adobe PhotoShop and Microsoft Office. Kitsch also provides its customers with access to introductory Internet and email classes. These classes will be held in the afternoon and late in the evening. By providing these classes, Kitsch builds a client base familiar with its services. The computers, Internet access, and classes wouldn't mean half as much if taken out of the environment Kitsch provides. Good coffee, specialty drinks, bakery goods, and a comfortable environment provide Kitsch customers with a home away from home. Kitsch is a place to enjoy the benefits of computing in a comfortable and well-kept environment. 3. 3 Fulfillment Kitsch obtains computer support and Internet access from Logitech Computers located in Agioi Omologites. CYTA and CYTACOM Solutions provide the Internet connections and network consulting. Petersons ltd will provide Kitsch with coffee equipment, bulk coffee, and paper supplies. A contract for the bakery items has not been yet completed. 3. 4 Technology Kitsch invests in high-speed computers to provide its customers with a fast and efficient connection to the Internet. The computers are reliable and fun to work with. Kitsch will continue to upgrade and modify the systems to stay current with communications technology. One of the main attractions associated with Internet cafes, is the state of the art equipment available for use. Not everyone has a Pentium PC in their home or office. 3. 5 Future Services As Kitsch grows, more communications systems will be added. The possibility of additional units has been accounted for in the current floor plan. As the demand for Internet connectivity increases, along with the increase in competition, Kitsch will continue to add new services to keep its customer base coming back for more. Market Analysis Kitsch is faced with the exciting opportunity of being the first-mover in Nicosia’s cyber-cafe market. The consistent popularity of coffee, combined with the growing interest in the Internet, has been proven to be a winning concept in other markets and will produce the same results in Nicosia. 4. 1 Target Market Segment Strategy Kitsch intends to cater to people who want a guided tour on their first spin around the Internet and to experienced users eager to indulge their passion for computers in a social setting. Furthermore, Kitsch is a magnet for local and professionals who desire to work or check their email messages in a friendly atmosphere. These professionals will either use Kitsch's PCs, or plug their notebooks into Internet connections. Kitsch's target market covers a wide range of ages: from members of Generation X who grew up surrounded by computers, to Baby Boomers who have come to the realization that people today cannot afford to ignore computers. 4. 1. 1 Market Trends A market survey was conducted in the Fall of 2007. Key questions were asked of fifty potential customers. Some key findings include: †¢ 35 subjects said they would be willing to pay for access to the Internet. †¢ One euro per hour was the most popular hourly Internet fee at that time. †¢ 24 subjects use the Internet to communicate with others on a regular basis. 4. 1. 2 Market Needs Factors such as current trends, addiction, and historical sales data ensure that the high demand for coffee will remain constant over the next five years. The rapid growth of the Internet and online services, that has been witnessed worldwide, is only the tip of the iceberg. The potential growth of the Internet is enormous, to the point where one day, a computer terminal with an online connection will be as common and necessary as a telephone. This may be 10 or 20 years down the road, but for the next five years, the online service provider market is sure to experience tremendous growth. Being one of the first’s cyber-cafe in Nicosia, Kitsch will enjoy the first-mover advantages of name recognition and customer loyalty. Initially, Kitsch will hold a 100 percent share of the cyber-cafe market in Nicosia. In the next five years, competitors will enter the market. Kitsch has set a goal to maintain greater than a 50 percent market share. 4. 2 Market Segmentation Kitsch's customers can be divided into two groups. The first group is familiar with the Internet and desires a progressive and inviting atmosphere where they can get out of their offices or bedrooms and enjoy a great cup of coffee. The second group is not familiar with the Internet, yet, and is just waiting for the right opportunity to enter the online community. Kitsch’s target market falls anywhere between the ages of 15 and 50. This extremely wide range of ages is due to the fact that both coffee and the Internet appeal to a variety of people. In addition to these two broad categories, Kitsch's target market can be divided into more specific market segments. The majority of these individuals are students and business people. See the Market Analysis chart and table below for more specifics. [pic] Market Analysis | | | | |Year 1 |Year 2 |Year 3 | |Unit Sales | | | | |Coffee- average |12,016 |14,068 |15,475 | |Specialty Drinks- average |6,654 |7,913 |8,705 | |Email Memberships |8,703 |10,505 |11,556 | |Hourly Internet Fees | 38,269 |46,365 |51,002 | |Baked Goods- average |32,673 |42,150 |46,365 | |Total Unit Sales |98,315 |121,001 |133,103 | | | | | |Unit Prices |Year 1 |Year 2 |Year 3 | |Coffee- average |â‚ ¬1. 00 |â‚ ¬1. 00 |â‚ ¬1. 00 | |Specialty Drinks- average |â‚ ¬2. 00 |â‚ ¬2. 00 |â‚ ¬1. 00 | |Email Memberships |â‚ ¬10. 00 |â‚ ¬10. 00 |â‚ ¬10. 00 | |Hourly Internet Fees |â‚ ¬2. 50 |â‚ ¬2. 50 |â‚ ¬2. 50 | |Baked Goods- average |â‚ ¬1. 25 |â‚ ¬1. 25 |â‚ ¬1. 0 | | | | | | | | | | | | | | | | |Sales | | | | |Coffee- average |â‚ ¬12,016 |â‚ ¬14,068 |â‚ ¬15,475 | |Specialty Drinks- average |â‚ ¬13,308 |â‚ ¬15,826 |â‚ ¬8,705 | |Email Memberships |â‚ ¬87,030 |â‚ ¬105,050 |â‚ ¬115,560 | |Hourly Internet Fees |â‚ ¬95,673 |â‚ ¬115,913 |â‚ ¬127,505 | |Baked Goods- average |â‚ ¬40,841 |â‚ ¬52,688 |â‚ ¬46,365 | |Total Sales |â‚ ¬248,868 |â‚ ¬303,544 |â‚ ¬313,610 | | | | | | |Direct Unit Costs |Year 1 |Year 2 |Year 3 | |Coffee- average |â‚ ¬0. 5 |â‚ ¬0. 25 |â‚ ¬0. 25 | |Specialty Drinks- average |â‚ ¬0. 50 |â‚ ¬0. 50 |â‚ ¬0. 25 | |Email Memberships |â‚ ¬2. 50 |â‚ ¬2. 50 |â‚ ¬2. 50 | |Hourly Internet Fees |â‚ ¬0. 63 |â‚ ¬0. 63 |â‚ ¬0. 63 | |Baked Goods- average |â‚ ¬0. 31 |â‚ ¬0. 31 |â‚ ¬0. 25 | | | | | | | | | | |Direct Cost of Sales | | | | |Coffee- average |â‚ ¬3,004 |â‚ ¬3,517 |â‚ ¬3,869 | |Specialty Drinks- average |â‚ ¬3,327 |â‚ ¬3,957 |â‚ ¬2,176 | |Email Memberships |â‚ ¬21,758 |â‚ ¬26,263 |â‚ ¬28,890 | |Hourly Internet Fees |â‚ ¬23,918 |â‚ ¬28,978 |â‚ ¬31,876 | |Baked Goods- average |â‚ ¬10,210 |â‚ ¬13,172 |â‚ ¬11,591 | |Subtotal Direct Cost of Sales |â‚ ¬62,217 |â‚ ¬75,886 |â‚ ¬78,403 | 5. 6 Milestones The Kitsch management team has established some basic milestones to keep the business plan priorities in place. Responsibility for implementation falls on the shoulders of Loizos Loizou. This Milestones Table below will be updated as the year progresses using the actual tables. New milestones added as the first year of operations commences. [pic] 6. Operating Plan Kitsch is owned and operated by Mr. Loizos Loizou. The company, being small in nature, requires a simple organizational structure. Implementation of this organizational form calls for the owner, Mr. Loizou, to make all of the major management decisions in addition to monitoring all other business activities. 6. 1 Personnel Plan The staff will consist of six part-time employees working thirty hours a week at â‚ ¬5. 50 per hour. In addition, one full-time technician (who is more technologically oriented to handle minor terminal repairs/inquiries) will be employed to work forty hours a week at â‚ ¬10. 00 per hour. The two private investors, Andreas Augoustinos and Panagiotis Metaxas will not be included in management decisions. This simple structure provides a great deal of flexibility and allows communication to disperse quickly and directly. Because of these characteristics, there are few coordination problems seen at Kitsch that are common within larger organizational chains. This strategy will enable Kitsch to react quickly to changes in the market. Personnel Plan | | |Year 1 |Year 2 |Year 3 | |Owner |â‚ ¬24,000 |â‚ ¬26,400 |â‚ ¬29,040 | |Part Time 1 |â‚ ¬7,920 |â‚ ¬7,920 |â‚ ¬7,920 | |Part Time 2 |â‚ ¬7,920 |â‚ ¬7,92 |â‚ ¬7,920 | |Part Time 3 |â‚ ¬7,920 |â‚ ¬7,920 |à ¢â€š ¬7,920 | |Part Time 4 |â‚ ¬7,920 |â‚ ¬7,920 |â‚ ¬7,920 | |Part Time 5 |â‚ ¬7,920 |â‚ ¬7,920 |â‚ ¬7,920 | |Part Time 6 |â‚ ¬3,960 |â‚ ¬7,920 |â‚ ¬7,920 | |Technician |â‚ ¬21,731 |â‚ ¬23,904 |â‚ ¬26,294 | |Manager |â‚ ¬4,000 |â‚ ¬24,000 |â‚ ¬26,400 | |Total People |9 |9 |9 | | | | | | |Total Payroll |â‚ ¬93 |â‚ ¬121,824 |â‚ ¬129,254 | | |291 | | | 7. Financial Plan The following sections lay out the details of our financial plan for the next three years. 7. 1 Start-up Funding This business plan is prepared to obtain financing in the amount of â‚ ¬24,000. The supplemental financing is required to begin work on site preparation and modifications, equipment purchases, and to cover expenses in the first year of operations. Additional financing has already been secured as follows: †¢ â‚ ¬19,000 of personal savings from owner Loizos Loizou †¢ â‚ ¬36,000 from two investors †¢ and â‚ ¬9,290 in the form of sh ort-term loans Start-up Funding | | | | |Start-up Expenses to Fund |â‚ ¬62,290 | |Start-up Assets to Fund |â‚ ¬26,000 | |Total Funding Required |â‚ ¬88,290 | | | | |Assets | | |Non-cash Assets from Start-up |â‚ ¬2,000 | |Cash Requirements from Start-up |â‚ ¬24,000 | |Additional Cash Raised |â‚ ¬0 | |Cash Balance on Starting Date |â‚ ¬24,000 | |Total Assets |â‚ ¬26,000 | |Liabilities and Capital | | | | | |Liabilities | | |Current Borrowing |â‚ ¬9,290 | |Long-term Liabilities |â‚ ¬24,000 | |Accounts Payable (Outstanding Bills) |â‚ ¬0 | |Other Current Liabilities (interest-free) |â‚ ¬0 | |Total Liabilities |â‚ ¬33,290 | | | | |Capital | | |Planned Investment | | |Loizos Loizou |â‚ ¬43,000 | |Private Investor |â‚ ¬12,000 | |Additional Investment Requirement |â‚ ¬0 | |Total Planned Investment |â‚ ¬55,000 | |Loss at Start-up (Start-up Expenses) |(â‚ ¬62,290) | |Total Capital |(â‚ ¬7,290) | |Total Capital and Liabilities |â‚ ¬26,000 | |Total Funding |â‚ ¬88,290 | 7. 2 Important Assumptions Basic assumptions  are presented in the table below. General Assumptions | | |Year 1 |Year 2 |Year 3 | |Plan Month |1 |2 |3 | |Current Interest Rate |8. 00% |8. 00% |8. 00% | |Long-term Interest Rate |10. 00% |10. 00% |10. 00% | |Tax Rate |30. 00% |30. 00% |30. 00% | |Other |0 |0 |0 | 7. 3 Key Financial Indicators Important benchmark data is presented in the chart below. Benchmarks [pic] 7. 4 Break-even Analysis Break-even data is presented in the chart and table below. [pic] Break-even Analysis | | | | |Monthly Units Break-even |7,294 | |Monthly Revenue Break-even |â‚ ¬18,462 | | | | |Assumptions: | | |Average Per-Unit Revenue |â‚ ¬2. 53 | |Average Per-Unit Variable Cost |â‚ ¬0. 63 | |Estimated Monthly Fixed Cost |â‚ ¬13,847 | 7. 5 Projected Profit and Loss Payroll Expense: The founder of Kitsch, Loizos Loizou, will receive a salary of â‚ ¬24,000 in year one, â‚ ¬26,400 in year two, and â‚ ¬29,040 in year three. Kitsch intends to hired six part-time employees by the end of year one at â‚ ¬5. 75/hour and a full-time technician at â‚ ¬10. 00/hour. Rent Expense: Kitsch is leasing a 1700 square foot facility at â‚ ¬. 85/sq. oot. The lease agreement Kitsch signed specifies that we pay â‚ ¬2,000/month for a total of 36 months. At the end of the third year, the lease is open for negotiations and Kitsch may or may not re-sign the lease depending on the demands of the lessor. Utilities Expense: As stated i n the contract, the lessor is responsible for the payment of utilities including gas, garbage disposal, and real estate taxes. The only utilities expense that Kitsch must pay is the phone bill generated by fifteen phone lines; thirteen will be dedicated to modems and two for business purposes. The basic monthly service charge for each line provided by CYTA is â‚ ¬17. 29. The 13 lines used to connect the modems will make local calls to the network provided by CYTACOM Solutions resulting in a monthly charge of â‚ ¬224. 77. The two additional lines used for business communication will cost â‚ ¬34. 58/month plus long distance fees. Kitsch assumes that it will not make more than â‚ ¬40. 00/month in long distance calls. Therefore, the total cost associated with the two business lines is estimated at â‚ ¬74. 58/month and the total phone expense at â‚ ¬299. 35/month. In addition, there will be an additional utility expense of â‚ ¬800 for estimated EWEB bills. Marketing Expense: Kitsch allocated â‚ ¬33,750 for promotional expenses over the first year. These were used for advertising in local newspapers in order to build consumer awareness. For additional information, please refer to section 5. 0 of the business plan. Insurance Expense: Kitsch has allocated â‚ ¬1,440 for insurance for the first year. As revenue increases in the second and third year of business, Kitsch intends to invest more money for additional insurance coverage. Depreciation: In depreciating our capital equipment, Kitsch used the Modified Accelerated Cost Recovery Method. We depreciated our computers over a five-year time period and our fixtures over seven years. Taxes: Kitsch is not taxed. However, there is a 15% payroll burden. Detailed Profit and Loss data is presented in the table below. [pic] [pic] [pic] Pro Forma Profit and Loss | | |Year 1 |Year 2 |Year 3 | |Sales |â‚ ¬248,868 |â‚ ¬303,544 |â‚ ¬313,610 | |Direct Cost of Sales |â‚ ¬62,217 |â‚ ¬75,886 |â‚ ¬78,403 | |Other Costs of Sales |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Total Cost of Sa les |â‚ ¬62,217 |â‚ ¬75,886 |â‚ ¬78,403 | | | | | | |Gross Margin |â‚ ¬186,651 |â‚ ¬227,658 |â‚ ¬235,208 | |Gross Margin % |75. 00% |75. 00% |75. 0% | | | | | | | | | | | |Expenses | | | | |Payroll |â‚ ¬93,291 |â‚ ¬121,824 |â‚ ¬129,254 | |Marketing/Promotion |â‚ ¬33,750 |â‚ ¬40,000 |â‚ ¬43,000 | |Depreciation |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Rent |â‚ ¬24,000 |â‚ ¬24,000 |â‚ ¬24,000 | |Utilities |â‚ ¬9,120 |â‚ ¬9,120 |â‚ ¬9,120 | |Insurance |â‚ ¬6,000 |â‚ ¬6,000 |â‚ ¬6,000 | |Payroll Taxes |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Other â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Total Operating Expenses |â‚ ¬166,161 |â‚ ¬200,944 |â‚ ¬211,374 | | | | | | |Profit Before Interest and Taxes |â‚ ¬20,490 |â‚ ¬26,714 |â‚ ¬23,834 | |EBITDA |â‚ ¬20,490 |â‚ ¬26,714 |â‚ ¬23,834 | |Interest Expense |â‚ ¬2,325 |â‚ ¬1,470 |â‚ ¬1,100 | |Taxes Incurred |â‚ ¬5,450 |â‚ ¬7,573 |â‚ ¬6,820 | | | | | | |Net Profit |â⠀š ¬12,716 |â‚ ¬17,671 |â‚ ¬15,913 | |Net Profit/Sales |5. 11% |5. 82% |5. 07% | 7. 6 Cash Flow Cash flow data is presented in the chart and table below. Accounts Payable: Kitsch acquired a â‚ ¬24,000 loan from a bank at a 10% interest rate. The loan paid back at â‚ ¬800/month over the next three years. The â‚ ¬9,290 short term loan paid back at a rate of 8%. Cash (000 â‚ ¬) [pic] |Pro Forma Cash Flow | | |Year 1 |Year 2 |Year 3 | |Cash Received | | | | | | | | | |Cash from Operations | | | | |Cash Sales |â‚ ¬248,868 |â‚ ¬303,544 |â‚ ¬313,610 |Subtotal Cash from Operations |â‚ ¬248,868 |â‚ ¬303,544 |â‚ ¬313,610 | | | | | | |Additional Cash Received | | | | |Sales Tax, VAT, Received |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |New Current Borrowing |â‚ ¬2,000 |â‚ ¬5,000 |â‚ ¬0 | |New Other Liabilities (interest-free) |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |New Long-term Liabilities |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Sales of Other Current Assets |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Sales of Long-term Assets |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |New Investment Received |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Subtotal Cash Received |â‚ ¬250,868 |â‚ ¬308,544 |â‚ ¬313,610 | | | | | | |Expenditures |Year 1 |Year 2 |Year 3 | | | | | | |Expenditures from Operations | | | | |Cash Spendi ng |â‚ ¬93,291 |â‚ ¬121,824 |â‚ ¬129,254 | |Bill Payments |â‚ ¬133,870 |â‚ ¬165,945 |â‚ ¬168,467 | |Subtotal Spent on Operations |â‚ ¬227,161 |â‚ ¬287,769 |â‚ ¬297,721 | | | | | | |Additional Cash Spent | | | | |Sales Tax, VAT, Paid Out |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Principal Repayment of Current Borrowing |â‚ ¬9,290 |â‚ ¬2,000 |â‚ ¬0 | |Other Liabilities Principal Repayment |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Long-term Liabilities Principal Repayment |â‚ ¬9,600 |â‚ ¬5,000 |â‚ ¬4,800 | |Purchase Other Current Assets |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Purchase Long-term Assets |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Dividends |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Subtotal Cash Spent |â‚ ¬246,051 |â‚ ¬294,769 |â‚ ¬302,521 | | | | | | |Net Cash Flow |â‚ ¬4,817 |â‚ ¬13,775 |â‚ ¬11,089 | |Cash Balance |â‚ ¬28,817 |â‚ ¬42,592 |â‚ ¬53,681 | 7. 7 Projected Balance Sheet Our projected balance sheet is presented in the table below. Pro Forma Balance Sheet | | |Year 1 |Year 2 |Year 3 | |Assets | | | | | | | | | |Current Assets | | | | |Cash |â‚ ¬28,817 |â‚ ¬42,592 |â‚ ¬53,681 | |Inventory |â‚ ¬6,980 |â‚ ¬8,514 |â‚ ¬8,796 | |Other Current Assets |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Total Current Assets |â‚ ¬35,797 |â‚ ¬51,106 |â‚ ¬62,478 | | | | | | |Long-term Assets | | | | |Long-term Assets |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Accumulated Depreciation |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Total Long-term Assets |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Total Assets |â‚ ¬35,797 |â‚ ¬51,106 |â‚ ¬62,478 | | | | | | |Liabilities and Capital |Year 1 Year 2 |Year 3 | | | | | | |Current Liabilities | | | | |Accounts Payable |â‚ ¬13,972 |â‚ ¬13,610 |â‚ ¬13,868 | |Current Borrowing |â‚ ¬2,000 |â‚ ¬5,000 |â‚ ¬5,000 | |Other Current Liabilities |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Subtotal Current Liabilities |â‚ ¬15,972 |â‚ ¬18,610 |â‚ ¬18,868 | | | | | | |Long-term Liabilities |â‚ ¬14,400 |â‚ ¬9,400 |â‚ ¬4,600 | |Total Liabilities |â‚ ¬30,372 |â‚ ¬28,010 |â‚ ¬23,468 | | | | | | |Paid-in Capital |â‚ ¬55,000 |â‚ ¬55,000 |â‚ ¬55,000 | |Retained Earnings |(â‚ ¬62,290) |(â‚ ¬49,574) |(â‚ ¬31,904) | |Earnings |â‚ ¬12,716 |â‚ ¬17,671 |â‚ ¬15,913 | |Total Capital |â‚ ¬5,426 |â‚ ¬23,096 |â‚ ¬39,010 | |Total Liabilities and Capital |â‚ ¬35,797 |â‚ ¬51,106 |â‚ ¬62,478 | | | | | | |Net Worth |â‚ ¬5,426 |â‚ ¬23,096 |â‚ ¬39,010 | 7. 8 Business Ratios The Standard Industrial Classification (SIC) Code for the Internet Service Provider industry is â€Å"Remote data base information retrieval† 7375. 9903. We used the report for â€Å"Information retrieval services† 7375 to generate  the industry profile. As we are also a food cafe we could have used the ratios based on SIC classification 5812, â€Å"Eating places†. The combined nature of Kitsch Cafe makes our ratios a blend of the two i ndustries. Ratio Analysis | | |Year 1 |Year 2 |Year 3 |Industry Profile| |Sales Growth |0. 00% |21. 97% |3. 32% |0. 90% | | | | | | | |Percent of Total Assets | | | | | |Inventory |19. 50% |16. 66% |14. 08% |2. 17% | |Other Current Assets |0. 00% |0. 00% |0. 00% |84. 8% | |Total Current Assets |100. 00% |100. 00% |100. 00% |86. 95% | |Long-term Assets |0. 00% |0. 00% |0. 00% |13. 05% | |Total Assets |100. 00% |100. 00% |100. 00% |100. 00% | | | | | | | |Current Liabilities |44. 62% |36. 41% |30. 20% |28. 33% | |Long-term Liabilities |40. 23% |18. 39% |7. 36% |16. 21% | |Total Liabilities |84. 84% |54. 1% |37. 56% |44. 54% | |Net Worth |15. 16% |45. 19% |62. 44% |55. 46% | | | | | | | |Percent of Sales | | | | | |Sales |100. 00% |100. 00% |100. 00% |100. 00% | |Gross Margin |75. 00% |75. 00% |75. 00% |100. 00% | |Selling, General & Administrative |69. 89% |69. 18% |69. 93% |79. 0% | |Expenses | | | | | |Advertising Expenses |0. 00% |0. 00% |0. 00% |1. 01% | |Profit Before Interest an d Taxes |8. 23% |8. 80% |7. 60% |1. 62% | | | | | | | |Main Ratios | | | | | |Current |2. 24 |2. 75 |3. 31 |0. 00 | |Quick |1. 80 |2. 29 |2. 85 |0. 0 | |Total Debt to Total Assets |84. 84% |54. 81% |37. 56% |0. 00% | |Pre-tax Return on Net Worth |334. 80% |109. 30% |58. 28% |0. 00% | |Pre-tax Return on Assets |50. 74% |49. 40% |36. 39% |0. 00% | | | | | | | |Additional Ratios |Year 1 |Year 2 |Year 3 | | |Net Profit Margin |5. 11% |5. 82% |5. 07% |n. a | |Return on Equity |234. 36% |76. 1% |40. 79% |n. a | | | | | | | |Activity Ratios | | | | | |Inventory Turnover |12. 00 |9. 80 |9. 06 |n. a | |Accounts Payable Turnover |10. 58 |12. 17 |12. 17 |n. a | |Payment Days |27 |30 |30 |n. a | |Total Asset Turnover |6. 95 |5. 94 |5. 02 |n. | | | | | | | |Debt Ratios | | | | | |Debt to Net Worth |5. 60 |1. 21 |0. 60 |n. a | |Current Liab. to Liab. |0. 53 |0. 66 |0. 80 |n. a | | | | | | | |Liquidity Ratios | | | | | |Net Working Capital |â‚ ¬19,826 |â‚ ¬32,496 |â‚ ¬43,610 |n. | |Intere st Coverage |8. 81 |18. 17 |21. 67 |n. a | | | | | | | |Additional Ratios | | | | | |Assets to Sales |0. 14 |0. 17 |0. 20 |n. a | |Current Debt/Total Assets |45% |36% |30% |n. a | |Acid Test |1. 80 |2. 29 |2. 85 |n. a | |Sales/Net Worth |45. 87 |13. 14 |8. 4 |n. a | |Dividend Payout |0. 00 |0. 00 |0. 00 |n. a | 8. Appendix |Sales | | | | | | | | | | | |Month 1 |Month 2 |Month 3 |Month 4 |Month 5 |Month 6 |Month 7 |Month 8 |Month 9 |Month 10 |Month 11 |Month 12 | |Assets |Starting Balances | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Current Assets | | | | | | | | | | | | | | |Cash |â‚ ¬24,00 |â‚ ¬23,026 |â‚ ¬18,600 |â‚ ¬13,589 |â‚ ¬16,879 |â‚ ¬16,066 |â‚ ¬19,557 |â‚ ¬20,657 |â‚ ¬22,308 |â‚ ¬24,307 |â‚ ¬26,675 |â‚ ¬27,415 |â‚ ¬28,817 | |Inventory |â‚ ¬2,000 |â‚ ¬1,900 |â‚ ¬2,683 |â‚ ¬3,106 |â‚ ¬5,203 |â‚ ¬5,403 |â‚ ¬5,614 |â‚ ¬5,819 |â‚ ¬6,034 |â‚ ¬6,256 |â‚ ¬6,490 |â‚ ¬6,730 |â‚ ¬6,980 | |O ther Current Assets |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Total Current Assets |â‚ ¬26,00 |â‚ ¬24,926 |â‚ ¬21,282 |â‚ ¬16,696 |â‚ ¬22,082 |â‚ ¬21,469 |â‚ ¬25,170 |â‚ ¬26,476 |â‚ ¬28,342 |â‚ ¬30,562 |â‚ ¬33,165 |â‚ ¬34,145 |â‚ ¬35,797 | | | | | | | | | | | | | | | | |Long-term Assets | | | | | | | | | | | | | | |Long-term Assets |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Accumulated Depreciation |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Total Long-term Assets |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Total Assets |â‚ ¬26,00 |â‚ ¬24,926 |â‚ ¬21,282 |â‚ ¬16,696 |â‚ ¬22,082 |â‚ ¬21,469 |â‚ ¬25,170 |â‚ ¬26,476 |â‚ ¬28,342 |â‚ ¬30,562 |â‚ ¬33,165 |â‚ ¬34,145 |â‚ ¬35,797 | | | | | | | | | | | | | | | | |Liabilities and Capital | |Month 1 |Month 2 |Month 3 |Month 4 |Month 5 |Month 6 |Month 7 |Month 8 |Month 9 |Month 10 |Month 11 |Month 12 | | | | | | | | | | | | | | | | |Current Liabilities | | | | | | | | | | | | | | |Accounts Payable |â‚ ¬0 |â‚ ¬6,503 |â‚ ¬8,785 |â‚ ¬8,701 |â‚ ¬13,654 |â‚ ¬12,180 |â‚ ¬12,578 |â‚ ¬12,709 |â‚ ¬13,055 â‚ ¬13,410 |â‚ ¬13,786 |â‚ ¬13,581 |â‚ ¬13,972 | |Current Borrowing |â‚ ¬9,290 |â‚ ¬8,540 |â‚ ¬7,790 |â‚ ¬7,040 |â‚ ¬6,290 |â‚ ¬5,540 |â‚ ¬6,790 |â‚ ¬6,040 |â‚ ¬5,290 |â‚ ¬4,540 |â‚ ¬3,790 |â‚ ¬3,040 |â‚ ¬2,000 | |Other Current Liabilities |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 |â‚ ¬0 | |Subtotal Current Liabilities |â‚ ¬9,290 |â‚ ¬15,04 3 |â‚ ¬16,575 |â‚ ¬15,741 |â‚ ¬19,944 |â‚ ¬17,720 |â‚ ¬19,368 |â‚ ¬18,749 |â‚ ¬18,345 |â‚ ¬17,950 |â‚ ¬17,576 |â‚ ¬16,621 |â‚ ¬15,972 | | | | | | | | | | | | | | | | |Long-term Liabilities |â‚ ¬24,00 |â‚ ¬23,200 |â‚ ¬22,400 |â‚ ¬21,600 |â‚ ¬20,800 |â‚ ¬20,000 |â‚ ¬19,200 |â‚ ¬18,400 |â‚ ¬17,600 |â‚ ¬16,800 |â‚ ¬16,000 |â‚ ¬15,200 |â‚ ¬14,400 | |Total Liabilities |â‚ ¬33,29 |â‚ ¬38,243 |â‚ ¬38,975 |â‚ ¬37,341 |â‚ ¬40,744 |â‚ ¬37,720 |â‚ ¬38,568 |â‚ ¬37,149 |â‚ ¬35,945 |â‚ ¬34,750 |â‚ ¬33,576 |â‚ ¬31,821 |â‚ ¬30,372 | | | | | | | | | | | | | | | | |Paid-in Capital |â‚ ¬55 |â‚ ¬55 |â‚ ¬55 |â‚ ¬55 |â‚ ¬55 |â‚ ¬55 |â‚ ¬55 |â‚ ¬55 |â‚ ¬55 |â‚ ¬55 |â‚ ¬55 |â‚ ¬55 |â‚ ¬55 | |Retained Earnings |â‚ ¬62,29 |â‚ ¬62,29 |â‚ ¬62,29 |â‚ ¬62,29 |â‚ ¬62,29 |â‚ ¬62,29 |â‚ ¬62,29 |â‚ ¬62,29 |â‚ ¬62,29 |â‚ ¬62,29 |â‚ ¬62,29 |â‚ ¬62,29 |â‚ ¬62,29 | |Earnings |â‚ ¬0 |â‚ ¬6,027 |â‚ ¬10,403 |â‚ ¬13,356 |â‚ ¬11,372 |â‚ ¬8,961 |â‚ ¬6,108 |â‚ ¬3,382 |â‚ ¬313 |â‚ ¬3,103 |â‚ ¬6,879 |â‚ ¬9,614 |â‚ ¬12,716 | |Total Capital |â‚ ¬7,290 |â‚ ¬13,317 |â‚ ¬17,693 |â‚ ¬20,646 |â‚ ¬18,66 |â‚ ¬16,251 |â‚ ¬13,398 |â‚ ¬10,672 |â‚ ¬7,603 |â‚ ¬4,187 |â‚ ¬411 |â‚ ¬2,324 |â‚ ¬5,426 | |Total Liabilities and Capital |â‚ ¬26,00 |â‚ ¬24,926 |â‚ ¬21,282 |â‚ ¬16,696 |â‚ ¬22,082 |â‚ ¬21,469 |â‚ ¬25,170 |â‚ ¬26,476 |â‚ ¬28,342 |â‚ ¬30,562 |â‚ ¬33,165 |â‚ ¬34,145 |â‚ ¬35,797 | | | | | | | | | | | | | | | | |Net Worth |â‚ ¬7,290 |â‚ ¬13,317 |â‚ ¬17,693 |â‚ ¬20,646 |â‚ ¬18,662 |â‚ ¬16,251 |â‚ ¬13,398 |â‚ ¬10,672 |â‚ ¬7,603 |â‚ ¬4,187 |â‚ ¬411 |â‚ ¬2,324 |â‚ ¬5,426 | |

Human Rights and Intervention in the Rwandan Genocide

Human Rights and Intervention in the Rwandan Genocide Human rights are known as â€Å"inalienable fundamental rights to which a person is inherently entitled to simply because he or she is a human being†. These rights are known to be universal and are the same to everyone living on earth. These rights are said to exist in both national and international law. The Universal Declaration of Human rights, which is supported by fifty countries across the globe, attests to this definition and backs up the idea that all people are equal and have the right to pursue happiness no matter who they are, where they are from, their skin color, age, or sex, etc.If these countries believe these things to be true, why was there not a mass intervention when the Hutu militia in Rwanda took it upon themselves to kill hundreds of thousands of people based solely on their ethnicity? It seems that if these countries are not going to benefit in some way, then they have no desire to help or intervene w hen there is a crisis in another country. The United Nations, which is said to be an international institution that values human rights, should make sure that tragedies, such as the Rwandan genocide, do not occur. Countries cannot act selfish when it comes to war, genocide, and the lives of innocent people.Aiding everyone, treating people with fairness and equality, and fighting for what is right should be far more important than a country’s personal gain.. The one and only deciding factor that manifests what will happen with human rights violations and a countries choice to intervene is the United Nations and the international community. This paper will analyze why it took so long for other countries to intervene in the Rwandan genocide and how the United Nations and the international community directly correlate with human rights violations and interventions in international tragedies.During the Rwandan genocide, thousands of people were killed in the name of ethnic violenc e. Men, women and children were taken out of their own homes and killed for nothing other than their ethnicity. At this time, the Hutu ethnicity made up over eighty percent of the population, and blamed the people of Tutsi, who made up the lower fifteen percent for all of the economic and political problems of the country. This, in turn, led to Hutu rebels who felt that the only way to solve the issues in Rwanda was to eliminate the Tutsi people all together. Hutu extremists and militia aunched plans and were able to almost effectively rid Rwanda of the Tutsi ethnicity. Tutsi people tried to escape but most were killed or attacked before fleeing was even a possible outcome. Thousands and thousands of people participated in the ethnic cleansing of the Tutsi people in Rwanda. This situation was very chaotic and got completely out of control because no countries chose to intervene and help the Rwandan people until it was too late. Is it in a country’s best interest to intervene in another country’s warfare or should the country sit back until it gets worse?Why did it take so long and the loss of so many lives before other countries chose to intervene in the Rwandan genocide? The Rwandan genocide was a mass murder of an estimated million people in Eastern Africa in the state of Rwanda. Over about one hundred days, it is estimated that twenty percent of the country’s total population were killed. This resulted from a longstanding ethnic battle and tensions between the minority party, the Tutsi, who had controlled power for centuries, and the majority, the Hutu, who had come into power through a rebellion in the early 1960’s.In 1990, a rebel group of Tutsi refugees invaded Rwanda in an attempt to defeat the Hutu government. This began the Rwandan Civil War, resulting in far worse tension between the two groups. In response to this, many Hutu people gravitated toward the â€Å"Hutu Power† ideology which consisted of state-controlled and independent Rwandan media. It also consisted that the Tutsi intended to make slaves of the Hutu people and that this must be resisted at all costs. Ethnic strife resulted in the rebels’ displacing large numbers of Hutu in the north and Hutu killing of Tutsi in the south.The assassination of Habyarimana in April of 1994 set off even more violence during which Hutu groups conducted mass killings of Tutsis. The genocide was supported and coordinated by the national government as well as local military. Along with the local military, primary responsibility for all of the Tutsi killings lies with two Hutu militias that were organized for this purpose by political parties, the Interahamwe and the Impuzamugambi. Although once the genocide began, a great number of Hutu civilians took parts in the murders as well.There was no peace agreement in place at this point, the Tutsi rebels started their offensive, defeating the army and seizing control of the country. The Hutu militia gr oups set out to murder any and all Tutsis that they could find regardless of their age or sex. They forced Hutu civilians to participate in the genocide, or be killed in return. The Hutu militia groups used radio airwaves as a way to contact other Tutsis and to provide them with information on what to in order to keep themselves alive. Most nations evacuated their diplomats and nationals from the country and abandoned their embassies in the initial stages of violence.Militia began to set up hundreds of roadblocks around the country and used them to block off areas and make it easier for them to attack certain areas. This militia also sent cables to foreign countries letting them know that ethnicity was the driving factor of all the killings and that their politicians and peacekeepers were not safe in Rwanda. American citizens were evacuated from Rwanda at this point. Most of the victims were killed in their own villages and homes by machetes and rifles. The Hutu gangs searched throu gh homes, schools, and churches and massacred all the people that they found hiding or trying to flee.The Hutu’s attempt to eliminate all Tutsi, men, women, and children was so chaotic that there is no consensus of the amount of people killed on some days, but what is most important to remember is that this was genocide, and that the Hutu’s were trying to eliminate and erase the memory of Tutsi existence. Out of the Rwandan population of 7. 3 million people, 84% were Hutu, and 16% were Tutsi. The official figures posted by the Rwandan government estimated that the number of victims of the genocide to be 1,174,000 in one hundred days. To narrow that down even more, that is 10,000 a day, or 400 very hour, or 7 every minute.It was also estimated that about 300,000 Tutsi were somehow able to survive the genocide. Thousands of these survivors were women, who were raped daily by Hutu men and ultimately became HIV positive. Of the survivors, there were thousands of orphans an d close to all of them were forced to become the head of their household. The world did not act, at least not in a quick manner, to save the Tutsi people of Rwanda. United Nations representatives and commanders were there and there were also peacekeepers in the nation but their efforts were very inimal. Countries did not act at all, even though most countries ratified the United Nations Convention on the Prevention and Punishment of the Crime of Genocide, nothing was done to stop the on-going mass killings of hundreds of thousands of people. There are several reasons why they international community took so long to intervene and why their efforts even at that time were so small. The first is that this might have been a civil war, and foreign states have been advised not to intervene in national self-determinations.Another explanation is that no one knew about the vast amount of massacres occurring in Rwanda until much of the damage had already been done. And unfortunately, the last reason that other countries did not intervene is because they genuinely were not concerned about getting involved in something that would not offer them any personal gain. Rwanda had nothing to off these countries in exchange for their help, and unfortunately no country saw that it would be beneficial for the to get involved solely for good merit. Unfortunately, Rwanda is not the only nation that has been ignored when genocides occurred.Countries such as Iraq, Bosnia, Koscovo, Cambodia, and Sudan have all had some type of ethnic cleansing take place which occurred after United Nations ratification at the convention and yet nothing was done to stop it or even intervene. Intervening, whether humane or not, has always been a dilemma for countries. A state feels that it should not involve itself in a sovereign state in order to preserve autonomy and freedom. Critics argue that an intervention would indeed help preserve the autonomy and freedom of a state where basic rights are being vio lated but it is unlikely that a country would do this.Although the United Nations was created to continue communication and cooperation among nations, it feels that it was not created to solve world problems, especially not within countries. The United Nations feels that some countries are going to have to solve the problems within their own state on their own terms, time, and money. Since the creation of the United Nations, there have been fewer wars but civil wars have exponentially grown. This is result of Western colonizing powers creating artificial boundaries between their colonies and not taking into consideration the ethnic group that they may be dividing and elittling. As a consequence, ethnic clashes are more prevalent in the world now, and the world along with the United Nations is unsure on how to deal with the problem, which is why we see a constant lack of intervention with these types of issues. The United Nations does however always offer basic services to these coun tries that are in need. Services range from food and water relief, to imposing sanctions on countries, to peacekeeping, which was seen in Rwanda during the genocide.These are ways of helping civilian populations whom may not even be involved in the conflict, along with the victims of the horrible tragedy. The United States of America was one country that was the most reluctant to intervene in the Rwandan genocide. During the time of the Rwandan genocide, the United States had just pulled American troops out of a disastrous peacekeeping mission in Somalia. The United States vowed to never again return to a conflict that it was not able to understand, between people, clans, and tribes, that it did not know, and especially in a country where the United States had no national interests.President Clinton tried to keep that promise to the American people by suggesting that the rebels needed to stop the violence themselves, even though he had full support from Congress to intervene at this time. With Congress looking toward Clinton, and Clinton looking toward the United Nations, nothing was done and the genocide was forced to run its course. Choosing not to intervene was at the top of Clinton’s failure list for his time as President of the United States of America. The genocide in Rwanda could have been easily prevented.The international community could have taken many steps to prevent the genocide that would not have involved military action. Solidarity within the United Nations was almost nonexistent win regard to Rwanda. Most countries had no investments and nothing to gain in helping Rwanda, so little was done. Had the United Nations paid more attention to what was going on was genocide much earlier, action could have been taken much sooner and the lives of so many people would not have been lost. Early actions could have prevented China and France from providing weapons which only fueled the genocide and increased the death toll.The United States under Pr esident Bill Clinton refused to take any kind of action in Rwanda because there was no economic interest; apparently moral interest is of no importance at this point in time. The United States also helped in making sure other countries did not interfere as well. Had the countries recognized the conditions in Rwanda early on, there could have been a serious obstacle in the genocide’s execution. Instead, however, the United States argued over what the word genocide actually meant and feared to even use it because they would be compelled to act if it was described as an actual genocide.If the condition in the country were recognized sooner, the international community would have responded more quickly. Rwanda was also not equipped with the technology that is available to most developed countries. Telephone lines were scarce, but the country was heavily saturated with radios and radio frequencies, which was the only way to spread propaganda. The United States had the technology t o jam the radio waves and when presented with this information, the United States refused to lend the technology to help the Rwandan people.This action completely prevented the international community from being able to jam the radio frequencies, further preventing any hope for the Tutsi people. Had the Rwandan people had this technology, they would have been able to stop the spread of hate messages, and later in the genocide, it would have nearly stopped the militia from finding people, as Tutsi locations were broadcast over the radio. Arguably, this could have stopped the genocide in its tracks or at least made it very difficult for the genocide to continue without another country even setting foot on Rwanda soil.The United States and other countries interact with other states on a state level. The problem with that during the Rwandan genocide was that when the United Nations hears a report that genocide may be taking place within a country then its response is to notify that coun try’s government about it. This helped none whatsoever in Rwanda because the government were part of the reason the genocide was happening and taking place. If reports are being leaked to the international community, it is obvious that the community, for some reason, is not taking any sort of action to alleviate the situation.The insistence on only dealing with other countries as states prevents any action being done for the voiceless individuals who have no voice and cannot fight for themselves. Had the United States not blatantly refused in taking action in Rwanda, other countries would have more than likely been more willing to help the innocent victims in Rwanda. The United States refusal made others believe that they were also not expected to help. In the aftermath of the genocide, Rwanda is a very different country.While Hutus ad and Tutsis now live side by side, many feel that the only way for them to survive is to destroy the other ethnic group. The post-genocide gove rnment has tried to establish a greater level of stability within the country in hopes of another genocide never occurring again. The Rwandan government has abolished the ethnic identity cards that were for so long, the only means of distinguishing one group from another. Many citizens still remember what their neighbors are, while others live next door to someone who murdered their families.Most Rwandans now refuse to place themselves in an ethnic category at all in hopes of the new generation of Rwandan people growing up without and identity card and without ethnic tension with the people they are constantly surrounded by. The impact of the United Nations on the intervention in human rights violation most definitely correlates. This was seen in the Rwandan genocide. Since the United Nations decided as a whole that they would not intervene in a beneficial way, then that is what all the other countries decided independently.So if there was not a large governing international institu tion, things may have played out differently. Countries may have seen the horrible things happening in Rwanda and chose to lend a helping hand rather than sitting back and watching Rwanda crumble. If there is a lesson to be learned from everything that happened in Rwanda, it is that the international community needs to avoid giving the impression that it is willing to or is even capable of rescuing civilians in a conflict.If this is not the case, then it is important to build the capacity of people to do the job of protecting themselves, their family, and their country. Beck, Roger B. World History Patterns of Interaction. Evanston, IL: McDougal Littell, 2007. Scherrer, Christian. Genocide and crisis in Central Africa: conflict roots, mass violence, and regional war; foreword by Robert Melson. Praeger, 2002. Weissman, Stephen R. â€Å"Preventing Genocide in Burundi Lessons from International Diplomacy†,  United States Institute of Peace http://www. genocidewatch. org/images /Rwanda-13-Mar-07-First_the_Deed,_Then_the Denial. pdf   Release of Rwanda's mastermind of death promotes genocide denial,  Harvard Law Record, December 4, 2009   UN Security Council Resolution 912 (1994), implementing an â€Å"adjustment† of UNAMIR's mandate and force level as outlined in the  Ã¢â‚¬Å"UNDOC Special Report of the Secretary-General on the United Nations Assistance Mission for Rwanda†, April 20, 1994 (document no. S/1994/470)   Ã¢â‚¬Å"Rwanda-UNAMIR Background†. United Nations. Retrieved May 30, 2011. Shake Hands With the Devil: The Failure of Humanity in Rwanda:  ISBN 0-679-31171-8, pg. 213

Anorexia nervosa Case Study Example | Topics and Well Written Essays - 1000 words

Anorexia nervosa - Case Study Example Thus, the patient does not see herself as a person without an eating disorder would see herself; she needs to control her thoughts and emotions (ANAD, 2009). Cognitive-behavioral therapy is the typical treatment for both types of anorexia. SSRIs may be indicated if the anorexia co-occurs with another psychiatric disorder (APA, 2009). Sometimes it is a singular event in the child’s life which leads to eating disorders; sometimes it is a pattern of repeated behavior. The physician may not be equipped to assess the extent of the patient’s emotional states regarding her relationship to food, but a few well-placed questions can reveal much. The fact that Sara was diagnosed by a previous medical professional as having an eating disorder will probably lead to a repeat diagnosis; this may or may not be true. The child will not recover from her disorder without psychiatric intervention including cognitive behavior therapy, in which her behaviors and emotional states are modified and she is retrained to think and act in healthy ways. A complete review of systems should be performed. Growth patterns, weight, weight loss or gain (especially when there is no evidence of weight gain), general health, and so on should be explored, along with asking about usual activities such as eating and exercise. An examination of the skin could reveal excess hair; dry, yellow or blotchy skin; cracked fingernails; and other signs of malnutrition. An overview of eyes, ears, nose, mouth and throat may reveal complaints of headaches or dizziness, nose bleeds, dental difficulties (especially in the case of a binge-purge anorexic), or stiffness or tenderness in the thyroid area. A muscular examination could reveal atrophy; if the patient exercises excessively, body fat levels will be extremely low. A cardiovascular exam including listening to the heart and taking blood pressure

Contemporary issues in marketing Essay Example | Topics and Well Written Essays - 4000 words

Contemporary issues in marketing - Essay Example All the above phases mean that the strategy to be developed should effectively put the principles of the company closer to the needs of the specific consumers that the company targets. If a company puts the above in consideration then it will definitely develop unique strategies that make it competitive in the new market. This is addition to proper review and correction policies will determine the success of the adapted international marketing mix that Weny Trippes (fictional company) has developed. Weny Trippes has a really wide market appeal in the soft drink market in the United States. A company such as Weny Trippes has the ability to introduce new products that meet the demands and quality requirements of its consumers faster than any other company in the local scene. It has better consumer need responsiveness, better innovative skills, quality products and processes as well as higher efficiency that promotes its differentiation advantage in the United States market. This has ma de the company to consider developing marketing strategies that can ensure the success of its product line in other foreign markets such as those of Central America, East Africa, or Northern Europe, Chinese market and the Middle East markets. Different foreign markets have different needs and present unique different challenges that Weny Trippes has to form effective entry and marketing strategies on how to overcome them. ... Increasing competitiveness on a global ground has forced many industries to expand to foreign countries. Internationalisation, which is the process by virtue of which a firm moves from operating in its domestic market to international markets, has hence become an ongoing trend in the economy. But this however may have effects that are not evident in the domestic sector especially in terms of coping up with a foreign environment. The international market for many products is subject to many dynamic influences that can lead to changes in the volume, mix and distribution of demand and sources of competitiveness (Ofori 2000). Before this decision to venture into the market Weny Trippes only ventured the domestic market and never thought of expanding its business beyond the borders of its home country. The international penetration option for the companies is a means of expanding the profits and at the same time attempting to cash on the weakness and lack of creativity by the home compani es or firms that produce similar products (Akkaya 2006). Organizations are optimally entering into newer foreign markets mainly the onset of globalisation. â€Å"Globalisation is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment †¦. This process has effects on the environment, on culture, on political systems...† (Rothenberg 2002, p1). Thus, its wish to make an impression in foreign markets is further driven by the globalization. In addition, Weny Trippes has a really diverse range of soft drink products and energy drinks that it intends to develop an international marketing strategy so as to promote them in several foreign markets.

Recent trends in top tier banks in U.S., Europe, Asia, or Latin Term Paper

Recent trends in top tier banks in U.S., Europe, Asia, or Latin America - finance - Term Paper Example such as money transfers, payroll services, bank reconcilement, credit services such as asset based financing, lines of credit, commercial loans, or commercial real estate loans, deposit services such as checking or savings account services and foreign exchange. The latter involves services such as securitization, financing of mergers and acquisitions, restructuring, underwriting of shares, private placements of equity shares and debt securities with the investing institutions. These two services which were specialized by two distinct set of bankers are now being increasingly converged to be undertaken by same banks in view of deregulation of the financial sector. The banks have also started entering into insurance businesses. These changes have catapulted the banks to become an important and integral part of global business environment (Trends in the banking industry). In this context, this paper seeks to trace the recent trends in top tier banks in the U.S. and other countries in re spect of products, competition and global advancement. Since World War II through1970, there had been not many bank failures as it used to be a stable business. There were just ten bank failures in the U.S during the postwar period. It was only after deregulation, and liberalization identified as the catalysts for competition and growth, bank failures began to raise during 1980s and 1990s. Basel Committee on Banking Supervision (2004) and other studies of Blommestein and Lange (1993) and Blommestein (1997) provide a thorough analysis of bank failures in the U.S., Japan, Europe and others. Figure 1 showing the trend of banking failures during the period from 1934-2003 is clearly illustrative of this. The deregulation and liberalization has resulted in consolidation of banking industry during the last twenty five years. In the U.S. alone, the number of commercial banks which was 13,000 in 1980 has come down to 7,600 as in 2005. The last two decades have been characterized by

Aqua Resources To List On London Stock Exchange Research Project Paper

Aqua Resources To List On London Stock Exchange Project - Research Paper Example In a quest to diversify its portfolio, Aqua resources limited made several investments in subsidiaries such as Aqua Resources (In-Pipe) Holdings Limited, Aqua Resources Asia Holdings Limited, an exempt company incorporated in the Cayman Islands formed in October 2008 and Cooperative Aqua Netherlands Holdings UA, a Dutch co-operative company formed on 22 March 2010. In the company’s short life at the London Stock Exchange, the most significant decision was the tender offer toJPMorgan Private Equity Limited where the company sold out its ordinary shares to 29.9%. This resulted in less than 25% of ordinary shareholding in the public which formed a clear basis for its delisting from the stock exchange market. Table of Contents ABSTRACT 1 List of Tables 3 CHAPTER 1: INTRODUCTION 4 1.1Background of the Study 4 1.2 Justification 5 1.3 Objectives 5 Specific objectives 5 1.4 Hypothesis 5 CHAPTER 2: LITERATURE REVIEW 6 2.1 Process of application for listing on LSE 7 2.2 Aqua Resources P erfomance 8 2.3 Risks relating to investments in water 9 2.3.1 Challenging six months and possible merger with other funds   12 2.3.2 Collapse in share price of China Hydroelectric Corporation 13 3.0 METHODOLOGY 17 In this event study we shall use the Capital Asset Pricing Method to calculate the abnormal returns of the investments made by Aqua Resources Fund for the period between 2008-2012. Basically the abnormal return refers to the excess returns on the expected returns realized from an investment. Theassumptions underlying the CAPM are: 17 3.2 Summary of significant accounting policies 21 iv.1RESULTS AND DISCUSSION 22 4.1 Procedure for calculation of Abnormal Return 22 Step 1 22 Step 2 22 Step 3 22 Step 4 22 24 5.0 LIMITATIONS AND FURTHER RESEARCH 24 6.0 CONCLUSION 25 Bibliography 26 List of Tables Figure 1Analysis of movements in NAV for the year ended 31 December 2011 (in â‚ ¬) 20 Figure 2: The Company ended the year with liquid funds of approximately â‚ ¬4 million, r epresenting approximately 6.9% of its net assets. 20 Figure 3: Share price performance of the company 23 Figure 4: Assets at unaudited fair value at period end 23 CHAPTER 1: INTRODUCTION 1.1 Background of the Study Aqua Resources Fund Limited was incorporated on 12 June 2008 as a closed-ended investment fund in the water resources sector with limited liability under The Companies (Guernsey) Law, 1994 as amended. The Company was established pursuant to the framework introduced by the Guidance Document issued by the Guernsey Financial Services Commission. The company’s investment manager is FourWinds Capital Management which has the responsibility for the discretionary management of its assets with a proven track record of generating returns and managing risk across natural resources investments including water-related assets The company had a subsidiary called Ranhill Water Technologies (Cayman) Limited. RWT was a fully integrated water and waste water company with in-house ex pertise in design, construction and operations of water and wastewater plants across a number of Asian countries. Other subsidiaries of the company include: Aqua Resources (In-Pipe) Holdings Limited (â€Å"ARIHL†), a Guernsey limited company formed in August 2009; Aqua Resources Asia Holdings Limited, an exempt company incorporated in the Cayman Islands formed in October 2008; and Cooperative Aqua Netherlands Holdings UA, a Dutch co-operative company formed on 22 March 2010. 1.2 Justification This study focusses

Smartlipo laser liposuction technique explained to prospective Essay

Smartlipo laser liposuction technique explained to prospective patients - Essay Example rtlipo makes use of the tumescent technique, where highly diluted lidocaine and epinephrine are injected into the target fat tissues, so that they swell and become tumescent (meaning firm). Lidocaine is a local anesthetic while epinephrine helps in minimising blood loss. Then, the fat cells are broken down by using calibrated lasers and the fluid formed is easily suctioned off through a cannula, about 1-2mm wide. The traditional methods require the patient to be put under general anesthesia, causing much discomfort. Hospitalization is required, followed by weeks of slow recovery. Besides, surgical blood loss and bruising is higher. Smartlipo requires a very small incision in the skin for inserting the cannula, hence can be performed under local anesthesia. One doesn’t feel any pain during the procedure, and only a little pain after the anesthesia wears off, which can be easily taken care of with minor pain medications. Most patients need just one session of about 45 minutes to one hour for treating one body area. Recovery period is also very less compared to traditional methods. Many people return to work within two hours of the procedure, while some like to rest for a few days. Results can be seen immediately, with continued improvement over a period of three months. From then on, the skin looks completely normal, with hard to spot scars. The fat removed by Smartlipo doesn’t grow back in the treated areas in adults, eliminating the problem of regaining fat after losing it. Besides, the laser technology helps firm up the skin from under which fat removal has been done, thereby preventing ungainly sagging, so commonly seen in traditional liposuction methods. A Smartlipo session is followed by a doctor’s checkup and instructions. It is essential to follow the instructions strictly. One must take pain medications as directed and also use the compression bandages to prevent blood clotting and ensure quick healing. No other medicines like anti-inflammatory

Research Proposal Research Proposal Example | Topics and Well Written Essays - 2500 words

Research Proposal Example In the wake of these corporate failures, basic principles and rules are being reviewed and strengthened in order to reinstall investor confidence. At the heart of these corporate governance reforms is the common interest in the effectiveness of boards of directors. Corporate governance codes, experts and activists have long advocated changes in the board structure. As a result of the successful implementation of corporate practice codes in the private sector corporations, the government has decided to implement the system in public/civil departments and government offices. The public offices are supposed to benefit the people who pay tax to the government on various assets and income earned by them. The government departments should exhibit transparency, and accountability to the various stakeholders including general public. These departments have a key role in a society where people's money is handled by government departments when they left with excess income allowed by tax author ity. In this context, the present study s an attempt to examine the impact of corporate government practices implemented by revenue commission in the UK on the customers'/ tax payers' satisfaction. Corporate governance is a conscious and sustained effort on the part of a corporate entity to strike a judicious balance between its own interest and that of its stakeholders. It is the relationship among various participants in determining the direction and performance of corporations. It is not merely enacting legislation; but instilling an environment of trust and confidence as ethical business behavior and fairness cannot be legislated. It aims at minimizing the chances of corruption, malpractices, financial frauds, and misconduct of management. It provides various codes and regulations to establish effective governance system and to monitor the performance of corporations in the context of transparency, advocacy, accountability and social contribution to the society. Governance is not just a pious platitude. It is the accumulated outcome of inspiration, influence, wisdom, guidance and control, which keeps a body or an organization not only moving but also moving on the right tr ack and at the right speed. It is inherent in the very nature of cosmic as well as human systems. However, corporate governance is essentially a state of mind and a set of principles based on relationships. It can work only if the people entrusted with these responsibilities believe in and are committed to the principles that underline effective corporate governance, which in ultimate analysis, is a way of life and not a mere compliance with a set of rules. Ideals of corporate governance primarily need transparency, full disclosure, fairness to all stakeholders and effective monitoring of the state of corporate affairs. It is, thus, concerned with values, vision, and visibility. Sound corporate governance practices lead to greater management accountability, credibility, and enhanced public confidence. Statement of the Problem With the corporate scandals in the early 2000, corporations across the world are under pressure to convince and ensure that the various stakeholders are happy with the system of corporate governance. Many new standards/policies of Corporate Governance (CG) and changes in accounting and reporting

Is There Any Right to Die Essay Example | Topics and Well Written Essays - 500 words - 150

Is There Any Right to Die - Essay Example This question leads to an endless chain of contradictions; however, under a closer examination, it becomes obvious for everyone that such kind of existence can be barely called â€Å"life†. Nowadays medicine possesses a lot of tools, such as morphine, which are able to "facilitate" sufferings of deathly ill patients. In the meantime, the drugs change patient’s mind and psyche, which eliminates any personality features. Hence, even though the drugs may cure and help the person to defeat the unbearable pain, still human personality is being destroyed by those medicals. According to a liberal measurement of human life value, the liberal policy of European and United States stated that the value of human life is secondary in comparison with a person’s will. This means that if a person can be considered as adequate, according to psychological evaluation of one, the person is responsible for one’s own decisions and actions, and therefore one’s decision must be respected by the rest of the society. Hence, such person is eligible to do whatever one wants with his or hers own life and body, unless it causes any harm to other people and is prohibited legally (Seale, 1994). If to take a look at the issue from the personal point of view, it becomes obvious that the life has a meaning when pleasures prevail over sufferings; moreover, positive emotions are considered to be more meaningful than the negative ones. So euthanasia seems to be the only solution in some cases; for instance, when human’s life cannot be maintained in other way and suffering cannot be relieved except by death. In short, if suffering is evil, how can we morally justify preservation of life, which has turned into a constant suffering?   

Western Civilazation. The Agrarian Revolution Essay

Western Civilazation. The Agrarian Revolution - Essay Example The activities of the ancestral man included inventing tools that they would use to hunt down effectively wild animals. They also used most of their time to look for areas that wild animals frequently passed or stayed. The organization of the society was not complex as their daily normal activities were exceedingly simple. The organization of people in the hunting and gathering period includes small groups of people like one to ten people in a group (Pouwels & Randall 79). However, these groups increased when food was abundant, and the climate was good to nearly a hundred people in a group. They moved frequently in search of the wild animals and crops. The shelters of people practicing hunting and gathering consisted of temporary shelters or caves safe from the dangers of the night and adverse weather conditions. Gathering started before hunting whereby the people organized in small groups could collect nuts and fruits that fell from trees. They could also collect eggs from large bir ds and other animals hidden in different places on the ground. With time gathering could not substantially accommodate the daily needs of the people. The foods they collected would be so little at times to fit their small groups. This is when they then decided to hunt down wild animals for food. The men who practiced hunting and gathering were the Homo erectus who had a lot of similitude to the modern man (Biesel & Schweitzer 17). This is in terms of their brain development and stature. They used other products of the animals they killed apart from the flesh, which they ate as food. They used the skin of the wild animals to make cloths that protected them from the harsh weather especially at night. They used other animal products like the horns to make weapons, which they used to kill other animals. Man started to develop the way in which he hunted the wild animals. This happened when they started hunting a particular group of wild animals. By observing their speed and strength, the y were able to invent tools that would effectively put them down. This includes tool like the bows and arrows, spears, fishing nets that would increase the number of fish that they could catch. The people also started to concentrate on certain plants that they collected and used for food. By doing this, they also came up with tools to make their gathering of the fruits or seeds easier. Agrarian revolution was the time in history when man started practicing agriculture as a way of sustaining their livelihood (Turne & Maryanski 76.). This happened when man began planting the crops that they had been collecting so that they could have access of it at any time (Rosen 159). It was the time when many people stopped hunting-gathering and embraced planting to get food and other basic commodities. During this period, not only did the source of food of the people change but also the societal organization changed. When in the hunting and gathering times, people used to stay in small groups. Ho wever, during the agrarian revolution, people had to organize themselves in complex systems (Herrman & Benzing 136). This then led to the drastic change in the environment where people lived. Towns and villages sprang up, and people used land that was usually bare to plant different types of crops. This thus led to organized political systems where people chose dominant leaders to lead others. The culture and the art world also changed as the culture and practices of the community changed. Language also improved significantly, as people had to communicate more in the agrarian setting than in the hunting and gathering settings. This is because people had to relate more to ensure that the activities they carried out worked well and in an organized manner.

Science and Technology Essay Example for Free

Science and Technology Essay Essay: These days, science and technology is essential to live and it is something without which we can’t imagine to have a comfortable life. The workplace is full of machines based on science and technology. While working, people use machine almost for each tasks. Opinions as to whether this is a fine trend to have more machines is good or bad are mixed. Both the viewpoints would be analyzed before making any opinion. The people at workplace are surrounded by machines. For every single task, a machine is available. For example, calculator is used to do calculations, computer is required to do many activities like documentation, recording, editing, internet surfing, emailing. Printer is used to take print outs. Scanner is used to scan the documents and get soft copy from the available hard copy. Photocopier is used to make a photocopy. Fax machine is used to send any document copy to a recipient who is far away. All these machines are accurate, efficient, and fast and above all these machines do never get tired. So, these machines are making our lives easy and comfortable. On the other hand, many people argue that these machines are responsible to make people lazy and dependent. In olden days, people were not dependent on the machines and they were healthier than the present generation. Now, people are not close to nature. They are in their own sophisticated zone. And also, they are not ready with an alternative if these machines stop working. It is often said that people are not working towards improving logical ability due to these machine. In conclusion, I believe that machines are essential element of our lives and their positives outweigh their negatives. At the same time we should not be lazy and we should always try to improve our logical abilities.

Does Hong Kong Need VAT/GST?

Does Hong Kong Need VAT/GST? Is it necessary to have VAT/GST in Hong Kong? More than 120 countries have imposed Goods and Services Tax, the only developed country that has not imposed this tax is Hong Kong. VAT or GST has been introduced by France in 1954(Ministry of Economy, Finance and Industry). All the developed countries (except Hong Kong) and most of thedeveloping countries have followed France in imposing VAT/GST becausethis tax is considered: 1- Fair: VAT/GST is considered a fair tax because it relates theamount of collected tax to the amount of consumption; the more you consume, the more you pay VAT. 2- Simplicity: unlike any other taxes, VAT/GST is considered a straightforward tax; it is imposed according to a known percentage onthe value of the products and services 3- Efficiency: this tax is very efficient, it is very easy to collect it and it is very difficult to avoid it. Chapter2: Objectives: The purpose of this research is to find out whether VAT/GST is a suitable tax for Hong Kong or not. The research has covered very large material and literature about Hong Kong and similar economies to Hong Kong such as Singapore. The research also aimed to show that most of the governments of theworld are broadening their budgets by imposing VAT/GST on customers while they are trying to reduce income and corporate taxes. Chapter3: Literature consulted: The research has covered a large part of literature publishedby global accredited organizations such as Price Waterhouse coopers,Ernest Young and the government of Hong Kong. The major text books have been used to give us a broad idea about the issue in research while the specialized working papers, Internet articles and government websites have been used in order to give us a clear idea about the issue in research. The research consulted working papers published by several universities and bodies in order to explain the theoretical principles behind imposing VAT/GST (Hubbard,G,R(1997)and the impact of VAT/GST on theinformal sector in developed countries. Chapter4: Proposed Methodology: We can see from the above chart the deficit that have faced HongKong from 1997 until 2003, the revenue was very low compared to thespending which proved to be steady. †During the same year, about 70% of the total revenue collected by the Inland Revenue Department came from profits tax and salaries tax.Nevertheless, the profits and salaries tax nets are very narrow andshrinking. Less than 40% of our workforce of 3.2 million people pay anysalaries tax, and only 10,000 people pay the maximum salaries tax rateof 15%. About 5% of the payers of profits tax contribute to 80% of the profits tax revenue. Further loss of profits could occur as a result of globalisation. Besides, the spread of e-commerce will have implications on all governments abilities to assess and collect business-related taxes. In this regard, both the Financial Secretary and the Secretary for the Treasury expressed their concerns on the impact of the exponential growth of e-commerce on Hong Kongs territorial-based tax system. The Government will set up a Task Force to review publicfinances and an independent committee on new broad-based taxes†, Wong,J(no date given) The research has depended on major questionnaire that have beendistributed to citizens and companies in Hong Kong in order to gettheir opinion about VAT/GST tax. The response that I have got from this questionnaire has been used in predicting the change in consumption behavior by the citizens of Hong Kong. The research has also depended on comparative analysis in order to seehow Hong Kong economy will be affected and how the whole tax system will be redesigned. The research depended on some graphs to illustrate the topic further. Chapter 5: Data and Information needs and sources: This research needs theortical as well as practical data and comparative analysis. This research is different because it assesses the potential of something that might happen in the future. The researcher has conducted a questionnaire in order to measure theacceptance of the people to VAT and their views about the fiscal position of their country. The researcher tried to make sure that the sample is random, so the results are random too and not biased. The research required me to use some theoretical concepts in order to assess the impact of VAT. The research also depended on comparative analysis in order to see whathappened to similar economies that have implemented VAT/GST. Chapter6: Chapter Plan: Understanding the principles behind using an expenditure tax like GST/VAT: Definition of GST: Goods and Services tax is imposed on: Goods and Services tax is broad-based and equitable and is capable of yielding sizeable and steady revenues. VAT or GST is a consumption tax, it is paid by the consumer of the product or the service as a percentage of the final price. It is related to all commercial activities involving the production and distribution of services; it is not charged on companies which mean that companies can deduct from their VAT liabilities the amount of tax they have paid to other taxable persons on purchases for their business activities. Hong Kong government is considering introducing VAT/GST tax in 2009(Hong Kong’s Inland Revenue). Difference between VAT and Sales Tax: VAT is imposed on every stage of production while Sales tax is actually collected in the form of extra charge by the retailer, who remits thetax to the government. VAT and the Theory of Economics: There have been a long debate between different economic schools of thought around the world about tax reform. Some economists prefer income tax to VAT/GST because it provides fair treatment to the citizens of the country while others prefer VAT/GST. According to Hubbard,G,R(1997), some economists support VAT for the following reasons: 1- Imposing VAT instead of income tax will encourage capital accumulation and savings. 2- Removing income and profit taxes will remove distortions in the allocation of capital among different economic sectors. 3- A broad based consumption tax would avoid potential costly distortions of firm’s financial structures. Importance of VAT: Today it is a key source of government revenue in over 120 countries. About 4 billion people, 70 percent of the worldspopulation, now live in countries with a VAT, and it raises about $18trillion in tax revenue, Liam E., Michael K., Jean-Paul B. and VictoriaS(1991) VAT has advantages and disadvantages: Disadvantages of imposing VAT: * VAT discourages specialist economic activity and fragmentation inthe production because VAT will be fragmented; VAT encourages integration in order to avoid compounded VAT. * VAT encourages financing big governments: in the 1960s, the size of governments in the US and the UK were approximately equal, in theyear 2002, the size of the government in Europe have exceeded the size of the US government, many analysts attribute the difference betweenthe sizes of the two governments to VAT, The expansion of the government will lead to higher prices and inefficient production, thething that will lead to more taxes in the future. Advantages of imposing VAT: * VAT could finance the debt of the government because it provides stable and steady stream of income that is capable of financing development projects. * VAT could reduce consumption and make the citizens of any country save and invest more money. * By encouraging integration, VAT could push the economy towards mergers that will reduce the stages of production; VAT simply tends to encourage big businesses to get bigger by buying other companies, this could yield economies of scale and generate synergies.. * Selectivity: the government can select the products and services that it needs to impose VAT on, for example, most government exclude food from VAT, by using VAT governments could take into its consideration the difficult economic situation of the poor and decidethe exclusions that apply to them. * VAT is a secure way to finance the government’s structura ldeficit, VAT covers most of the economic segments in the economy and it is very difficult to evade it. Introduce a his torical background, economy and tax system in Hong Kong: The Modern History of Hong Kong: Hong Kong was a British dependency from the 1840s until July 1, 1997,when it passed to Chinese sovereignty as the Hong Kong Special Administrative Region (SAR), Pannell,C(1998). The British control of Hong Kong began in 1842, when China was forced to cede Hong Kong Island to Great Britain after the First Opium War. In1984 Great Britain and China signed the Sino-British Joint Declaration,which stipulated that Hong Kong return to Chinese rule in 1997 as a Special Administrative Region (SAR) of China. The Joint Declaration and a Chinese law called the Basic Law, which followed in 1990, provide for the SAR to operate with a high degree of economic autonomy for 50 years beyond 1997, Reference: China Connection. In the Fifties of the last century, the threat of the cold world was looming over the world. Investors were looking for a safe heaven to locate their businesses andinvestments in a neutral place away from the eastern and the westerncamps, investors found in Hong Kong a promising co untry that is able todeliver good business environment that could foster growth and political stability at the same time. Growth in Hong Kong depends on several other economies such as the growth in the US economy and the growth in China and Southeast Asia in general. Growth in Hong Kong is related to oil prices and world wide prices;Hong Kong is a small island with very little raw resources, it depends on exporting raw materials from abroad in order to manufacture them onits land and re-export them again to other parts of the world. Manufacturing: In 1950s, Hong Kong attracted manufacturing jobs and the vast majority of its work force where working in factories. In 1980s, Hong Kong had about 905,000 manufacturing workers and manufacturing was the most important economic sector, Economist Intelligence Unit (2003). Until 1990s, Factories were manufacturing products that depended on labour intensive work force, after that manufacturing jobs started dropping because of the climbing costs of labour and land. In 1990s, the number of manufacturing jobs was about 575,000 jobs. In 2001, the manufacturing sector contributed to less than 5% of the GDP, Economist Intelligence Unit (2003). Like most of the developed nations, Manufacturing in Hong Kong is becoming concentrated on manufacturing hi-tech products and services. The manufacturing sector has been replaced by rapidly expanding service sector, in 1991; the service sector has generated 72.3% of the GDP in Hong Kong and in 2002, the service sector has generated about 83.9% ofthe GDP, Economist Intelligence Unit (2003). Services: A- Banking: The banking sector is now the most important economic sector in Hong Kong, Hong Kong is currently the fifth largest banking centre inthe world. Hong Kong offered investors a very good opportunity to invest in a growing emerging economy. Investors benefited from tax free capital gains and high dividends. B- Tourism: Tourism is a significant source of economic growth in Hong Kong; nearly 9 million people visit Hong Kong every year, Tourists spend around $7billion every year. Tourism is the third source of foreign exchange reserves in Hong Kong. The banking and the tourism sectors have delivered a very good growth to the Hong Kong economy. In 1996, Hong Kongs per capita gross domestic product (GDP) was secondto Japan and Singapore in Asia and exceeded that of the United Kingdom,Canada, and Australia, Reference: internet article: Marimari (no dategiven). Sources of Success: Hong Kong offered investors business-friendly laws and gave complete freedom to the movement of capital in order to encourage investments and promote growth. Hong Kong is duty free zone and there are few barriers to trade goods and services; this has made the country an important link ring between the east and the west. Hong Kong left market forces decide wages and prices; the government did not legislate any minimum wage requirement or anti-trust laws. Competition in Hong Kong: The decline of the manufacturing sector has caused the decline of competition in Hong Kong. Competition is considered an essential part of the market system. Competition benefits consumers and businesses, it benefits consumer by lowering prices and it benefits businesses by allocating resources in amore efficient ways. Competition is very important to the health of Hong Kong economy,competition gives world economies the flexibility to adjust its pricesin the case of external shock (macro-economic shock) Sturm,P,Jahangir,A, Breuer,P, Nishigaki,Y (2000). Emerging economies that depend on fixed exchange rates usually suffer from real exchange rate appreciation. The real exchange rate appreciation could be treated by either: 1- Switching to a flexible exchange rate: according to the â€Å"law ofone price† flexible exchange rate will adjust exchange rates in orderto make tradable products have the same price everywhere in the world. 2- Lowering prices: lowering prices of products is an important toll in avoiding international competition, lowering prices could onlyhappen if the structure of the market is competitive. Having a competitive market structure in lowering prices and keeping international capital flows coming to Hong Kong. Tax Regime in Hong Kong: Hong Kong tax regime is based on a territorial-based tax regime; the tax is imposed on incomes that arise from Hong Kong, Hong Kong’ Inland Revenue. The economy of Hong Kong has gained a competitive advantage because it imposes no taxes on capital gains and dividends; this has encouraged many investors to invest in that country and established an important financial centre in Asia. Hong Kong has the following simple tax structure: 1- Property Tax: Property tax is levied on rental income from land and buildings situated in Hong Kong. 2- Salaries Tax: Salaries tax is imposed on incomes derived from working in Hong Kong or if incomes derived from services rendered fromHong Kong. 3- Profits Tax: profits that are generated in Hong Kong aresubject to taxes, profits of unincorporated business stands at a rateof 15% and corporations at 16.5%. The relationship between Hong Kong and the foreign exchange rate: The currency in Hong Kong is Hong Kong dollar which is pegged to the USdollar, if Hong Kong government wanted that peg to continue, it shouldtighten its fiscal deficit. The currency of Hong Kong is an investment asset, many investorsdiversify their currency allocations, this diversified allocation tothe funds of the global investors results in an important cash inflowto Hong Kong. For the Hong Kong dollar to get part of the allocation, Hong Kongshould stabilize its budget in order to attract more foreign investment. Analyze why the government considers launching a broad-based tax. Narrow tax base: Hong Kong has very narrow tax base, narrow tax base means that thecollected revenues do not provide enough revenue to cover theexpenditure of the country. If we compare TAX/GDP ratio in Hong Kong compared to other Asia Pacificand OECD countries we find out that Hong Kong has the lowest ratio ofTAX/GDP. Hong Kong has a narrow tax base because the tax base is shrinkingsince 1998; sound tax systems are based on growing and stable (notvolatile) tax base. Hong Kong has the lowest corporate tax rate among the OECD countries, the current corporate tax stands at 16%. Erosion of Tax Base: The erosion of tax base is actually a result of several factors,such as: sliding house prices, illegal betting, e-commerce and onlinestock trading. In the following section I will explain each of these factors separately: 1- sliding house prices: For a long time, Hong Kong depended on land and property transactions to contribute to government revenue of Hong Kong. Collected tax from property in Hong Kong(stamp duty, rates and sharesand estate duties) is well above the international benchmarks as apercentage of GDP, Property from taxes/GDP=24% for Hong Kong against 5%for the OECD and 10% for the Asia Pacific countries), Reference: HongKong Government, Tax Base Study. Hong Kong depends on Land sales revenues in financing its budget,this has made Hong Kong increasingly dependent on non-tax revenues. In the tax base study that has been conducted by the government of Hong Kong and KPMG consultancy, the study reports the fact that HongKong’s non-tax revenue is about 80% of its tax revenues against 16% forOECD benchmark. Because Hong Kong has enjoyed a buoyant business environment for years, banks started granting credit very easily to businesses, the expansion of credit was accompanied by rising house prices, land prices started going up sharply from 1984 to 1997, Gerlach, S Peng,W(2002). Many companies found working in the construction sector very profitable because they can make profit from two sources: * Net profits from building new houses and buildings. * Profits from capital gains resulting from continuous increase in house prices. The construction sector was one the most attractive economic sectors in the country. Foreign and national banks expanded credit to companies whichoperate in the construction sector; the banking sector played anâ€Å"accelerator† role in the run-up of the property prices. The government in Hong Kong has constructed its tax system around thefact that land prices are going up all the time because they are indemand. Because of the financial crises of August 1997 that hit south east Asiaand also because of the government policy on housing, Revenues fromland sales and land utilization(lease, rent) dropped dramatically,suddenly the government found its huge revenues from land dwindling. On the 16th of January 2000, the secretary for the treasury stated that: â€Å"The other significant factor supporting our finances, in recent years,has been the high levels of revenue from land and propertytransactions. But as property prices stabilize, the huge windfalls areunlikely to recur in the future†. 2- illegal betting: Hong Kong’s treasury depended on revenues from betting activities in the country. Hefty taxes has made too many people start thinking about illegal betting, Schuman,M(2004). On the 16th of January 2000, the secretary for the treasury stated that: â€Å"The impact of illegal gambling and the rise of gambling through the Internet threaten to erode our income from betting tax† Hong Kong’s Home Affairs bureau said handle plunged 30% from 1996-97 to65 billion Hong Kong dollars (US$8.3 billion; euro6.5 billion) in2003-04, while government revenue from betting dropped from HK$12.3billion (US$1.6 billion; euro1.24 billion) to HK$8.78 billion (US$1.13billion; euro882 million). Meanwhile, the amount of cash and betting slips seized from illegalsoccer and horse gambling operators jumped from HK$9.38 million(US$1.20 million; euro942,000) in 2001 to HK$19.7 million (US$2.53million; euro1.98 million) in 2004, according to the government. The government said handle is project ed to drop another 30% by 2007-08if no action is taken, Reference: the associated press (2005).