Information About the Great Depression, New Deal, the Great Society, and the War on Poverty Essay Example for Free

Information About the Great Depression, New Deal, the Great Society, and the War on Poverty Essay The Great Depression was a time of great suffering in American history. Remarkably it was a time that marked the American people and the country was able to emerge shining and stronger than ever. The Great Depression began in 1929 when in the month of October the stock market crashed and fourteen billion dollars were lost. In just one week, thirty billion dollars were gone. This loss was so monumental because it was ten times the average annual budget of the United States. The depression struck hard at all the industries in the United States. This left thousands and thousands of people jobless and even homeless. The first industries to be affected were construction and production. Soon after, the agricultural industry was hit hard. Over 750,000 farms were lost due to how the price of crops dropped drastically which ended up bankrupting the farmers. The unemployment rate was at 25%, the highest ever in American history. The population took yet another devastating blow with lack of food and illness due to inability to pay for medical care. President Hoover lost the election to Franklin D. Roosevelt because the American public considered Hoover to be incapable of handling the crisis. The Great Depression ended up carrying on until the second world war. Recently the United States faced something very close to the Great Depression. The stock market crashed again and millions of jobs were lost. Prices rose and Americans were headed for a slump that would take a long time to recover from. Ever so slowly the economy began to move forward again. But to this day the economy is still crippled and the American people are still paying for it. The New Deal was a series of economic programs that were implemented in the United States between 1933 and 1936. The man responsible for the New Deal was none other than Franklin D. Roosevelt. The New Deal was a response to the Great Depression and mainly focused on Relief for the unemployment and the poor, Recovery of the economy, and Reform of the financial system to prevent another depression. These three R’s were what drove it to be approved by Congress. The New Deal managed to decrease unemployment greatly by the 1940’s and put out many different programs and organizations that are still present today that help move the United States forward. The main focus of President Kennedy’s administration was to confront poverty. Kennedy began by putting 2 billion dollars to urban renewal and gave federal rewards to companies who moved to the newly renewed areas. The War on Poverty was a governmental effort to stop the problem of persistent poverty in the U.S. the poverty rate in the U.S. was at 24%. In 1964 Lyndon B. Johnson declared a metaphorical war on poverty and new plans and programs were put out to help the poverty rate. The Great Society began when Johnson defeated the Republicans in 1964. His agenda consisted of taking care of the matters of discrimination, poverty, education, healthcare, housing, and consumer and environmental protections. The â€Å"Great Society† was a set of domestic programs promoted by Johnson and the Democrats. The Elementary Secondary Schools Act passed in 1965 was the first time the federal government was involved in public education. It gave government funds to high risk schools. The Higher Education Act put forth new buildings, programs, scholarships, and grants. The National Housing Act if 1968 increased low income housing by 1.7 million. The Civil Rights movement was an important time during American history. It was a time where American minorities conducted protested that won them rights and put a stop to racism in the United States. monumental individuals like Martin Luther King and Malcolm X helped a lot in spreading the word about racial equality. The African American communities all around the country protested for equality. Some whites went to extremes and resorted to violence that led to many murders of the African American people and even the assassination of Martin Luther King. The Native Americans also had an influential movement where they seized Alcatraz and occupied it. Their motive was to protest the first discovery of America and to establish a native American identity. Meanwhile the fastest growing minority in the United States, the Latinos, were also trying to establish equality.

Wyeth Pakistan Limited Business and Financial Analysis

Wyeth Pakistan Limited Business and Financial Analysis 1. INTRODUCTION 1.1 REASONS FOR CHOOSING THE TOPIC Business and financial analysis has been my area of interest during ACCA. I have already studied the models that I require to answer the research questions of this research project, namely Ratio analysis, PESTEL analysis, and SWOT analysis, RATIO analysis. This project came as a golden opportunity to demonstrate the practical application of my knowledge. It has always aroused my curiosity why some businesses outperform and why some underperform financially. This topic will utilize the financial and business analytical skills I have acquired so far and prove my skills once I get the degree in applied accountancy to prospective employers. The research will give me an opportunity to brush up skills that require searching internet for information. It will also brush up my spreadsheet capabilities. 1.2 REASONS FOR CHOOSING THE ORGANIZATION I want to work in my uncle’s pharmacy in future. Knowing the pharmaceutical sector will give me an edge in identifying the strengths and weaknesses of suppliers of medicines. Most of the medicines I have seen in my uncle’s pharmacy are by Wyeth, therefore it aroused my curiosity. 1.3 PROJECT OBJECTIVES AND RESEARCH QUESTIONS: The aim of this report is to evaluate the effectiveness and efficiency with which Wyeth Pakistan Limited has been performing over the past 3 years in business and financial matters. The report will include the business analysis in terms of: Assessment of the macro environment of Wyeth using PESTEL analysis. Typical PESTEL factors to consider include: Factor Political Could include: e.g. EU enlargement, the euro, international trade, taxation policy Economic Social Technological Environmental Legal e.g. interest rates, exchange rates, national income, inflation, unemployment, Stock Market e.g. ageing population, attitudes to work, income distribution e.g. innovation, new product development, rate of technological obsolescence e.g. global warming, environmental issues e.g. competition law, health and safety, employment law (PESTEL analysis of the macro-environment) Assessment of the strategic capabilities of Wyeth using SWOT analysis SWOT analysis is a basic, straightforward model that provides direction and serves as a basis for the development of marketing plans. It accomplishes this by assessing an organizations strengths (what an organization can do) and weaknesses (what an organization cannot do) in addition to opportunities (potential favorable conditions for an organization) and threats (potential unfavorable conditions for an organization). (DANCA, Anthony C.) Assessment of Wyeth’s future prospects The financial analysis will include: Sales analysis: Sales analysis helps the company know it is meeting its sales objectives in a given timeframe. (MANDA, Gilbert) The analysis will include sales revenue and growth. Profitability Analysis: Every firm is most concerned with its profitability. One of the most frequently used tools of financial ratio analysis is profitability ratios which are used to determine the companys bottom line. Profitability ratios show a companys overall efficiency and performance. (PEAVLER, Rosemary) The analysis will include Gross Profit (G.P) ratio, Net Profit (N.P) ratio and Return on Equity (ROE). Liquidity ratios: A class of financial metrics that is used to determine a companys ability to pay off its short-terms debts obligations. Generally, the higher the value of the ratio, the larger the margin of safety that the company possesses to cover short-term debts. (Liquidity Ratios) The analysis will include Current ratio, quick ratio, debtor turnover ratio and inventory turnover ratio. Investor ratios: The holders of the ordinary shares of a company (its equity) are interested in the return on their investment and the value of their shares. (Advanced Level Accounting, 1996) The analysis will include Earnings per share, Price Earning ratio, Dividend per share and dividend yield ratio. The research questions for my research report are: The growth in sales between 1 January 2008 and 31 December 2009? What is the effect of Governments price freeze policy on profits of Wyeth? What is the effect of the economic crisis of Pakistan on the financial performance of Wyeth? What was the effect of changing the policy of selling on credit to selling on advance on the working capital of Wyeth and hence its liquidity position? What are the strengths and weaknesses of Wyeth? How well did Wyeth perform compared to its major competitor GSK? How well is Wyeth utilizing its strategic capabilities? 1.4 OVERALL RESEARCH APPROACH I started my research by carrying out a financial analysis using ratios as the tool for my analysis. Most ratios can be calculated from information provided by the financial statements. Financial ratios can be used to analyze trends and to compare the firms financials to those of other firms. (Financial Ratios) Then I carried out an analysis of the environment of Wyeth using PESTEL analysis. This was followed by SWOT analysis to assess its strategic capabilities. 2. INFORMATION GATHERING 2.1 SOURCES OF INFORMATION PRIMARY DATA Information that has been collected at first hand. It involves measurement of some sort, whether by taking readings off instruments, sketching, counting, or conducting interviews (using questionnaires). (Primary Data) To gather primary data I tried reaching Mr. Khwaja Bakhtiar Ahmed, the company secretary, through his assistant. After persistent efforts I finally got an appointment. He was a charismatic person with a lot of knowledge. He enlightened me about Wyeth policies and answered many of my questions. He also handed me the annual reports of Wyeth and management accounts. For the purpose of collecting data I also emailed a questionnaire to a sample of employees of the organisation. The response was good. SECONDARY DATA Secondary data is data collected by someone other than the user. Common sources of secondary data for social science include censuses, surveys, organizational records and data collected through qualitative methodologies or qualitative research. (Secondary data, 2011) My secondary sources of information included the following: The annual reports of Wyeth and GSK. News papers such as Business recorder, pharmaceutical literatures. ACCA text books especially for Paper F1, F3, F7, P3 and P5. News websites such as â€Å"The news† and â€Å"Jang†. Books that I found in the library of Superior college. Internet 2.2 METHODS USED TO COLLECT INFORMATION 2.2.1 Visiting stock Exchange: I visited the stock exchange to get the hard copy of the annual reports of Wyeth and GSK. 2.2.2 Interview: My interviews with Mr. Khwaja Bakhtiar Ahmed, the company secretary and Mr. Imran Baig, my mentor proved to be a good source of information. 2.2.3 E-Mail survey: I conducted an e-mail survey. The questionnaire was sent to different employees of the organization as a word attachment and asked them to fill up the word file and send it back as attachment 2.2.4 On-line Access: Various websites were visited for the purpose of research. The most important ones were the website of Wyeth, Karachi stock exchange, and Pakistan Pharmaceutical Manufacturers Association. I also visited ACCA website for archives of student accountant articles. 2.3 QUESTIONNAIRE AND SAMPLING TECHNIQUES USED The questionnaire was emailed after having it reviewed by the different department heads. The population I used was the one that was using an email. I had taken the email addresses from the records maintained by the company. The method I used for sampling was haphazard sampling. I chose the email addresses at random 2.4 LIMITATIONS OF INFORMATION GATHERED Some information was collected from Wyeth website which may be favourably biased towards the organization. It is possible that in spite of all the efforts some information sources may not have been identified which could have lead to a different conclusion. The sample chosen for the email questionnaire might not be representative of the population The views of the company secretary about future prospects might be biased or over optimistic The information present on internet can be subject to the authors own judgements instead of presenting facts. 2.5 ETHICAL ISSUES DURING INFORMATION GATHERING As per the guidelines of Oxford Brookes university I was supposed to disclose the full details of the information sources that I used, but it was in the best interest of the employees of the organization to have their names kept anonymous so they do not face problems with their employer. I put special care into making sure the questionnaire kept the identity anonymous. During the interview with Mr. Khwaja Bakhtiar Ahmed, the company secretary I asked some questions about the new product launch of ENBREL and ORISTIQ. He was hesitant in answering at first but then I assured him that this information was publicly available, after knowing this he co-operated. 2.6 ACCOUNTING / BUSINESS TECHNIQUES USED AND THEIR LIMITATION The accounting/business techniques used for the project were as follows: 2.6.1 Ratio Analysis The term accounting ratios is used to describe significant relationship between figures shown on a balance sheet, in a profit and loss account, in a budgetary control system or in any other part of accounting organization. Accounting ratios thus shows the relationship between accounting data. The ratios analysis is one of the most powerful tools of financial management. Though ratios are simple to calculate and easy to understand, they suffer from serious limitations. Limitations of financial statements: Ratios are based only on the information which has been recorded in the financial statements. Financial statements themselves are subject to several limitations. Thus ratios derived, there from, are also subject to those limitations. For example, non-financial changes though important for the business are not relevant by the financial statements. Financial statements are affected to a very great extent by accounting conventions and concepts. Personal judgment plays a great part in determining the figures for financial statements. Comparative study required: Ratios are useful in judging the efficiency of the business only when they are compared with past results of the business. However, such a comparison only provide glimpse of the past performance and forecasts for future may not prove correct since several other factors like market conditions, management policies, etc. may affect the future operations. Ratios alone are not adequate: Ratios are only indicators, they cannot be taken as final regarding good or bad financial position of the business. Other things have also to be seen. Problems of price level changes: A change in price level can affect the validity of ratios calculated for different time periods. In such a case the ratio analysis may not clearly indicate the trend in solvency and profitability of the company. The financial statements, therefore, be adjusted keeping in view the price level changes if a meaningful comparison is to be made through accounting ratios. Lack of adequate standard: No fixed standard can be laid down for ideal ratios. There are no well accepted standards or rule of thumb for all ratios which can be accepted as norm. It renders interpretation of the ratios difficult. Limited use of single ratios: A single ratio, usually, does not convey much of a sense. To make a better interpretation, a number of ratios have to be calculated which is likely to confuse the analyst than help him in making any good decision. Personal bias: Ratios are only means of financial analysis and not an end in itself. Ratios have to interpreted and different people may interpret the same ratio in different way. Incomparable: Not only industries differ in their nature, but also the firms of the similar business widely differ in their size and accounting procedures etc. It makes comparison of ratios difficult and misleading. (Accounting Ratios | Financial Ratios) 2.6.2 SWOT analysis SWOT analysis is a tool that is used to evaluate the Strengths and Weaknesses of an organization and the external Opportunities and Threats faced by the organization in the external environment. Limitations of SWOT: The way SWOT analysis is often conducted does not allow for proper communication, discussion, and verification of all external and internal factors proposed by all involved. On such occasions, SWOT results prove less reliable an input to the strategy generation process than they are capable of being. Still worse, as documented later, the results of SWOT analysis are sometimes never meant to be used as an input to the strategy generation process. If that is known, or anticipated, by those involved in SWOT analysis, the quality of their inputs will most likely suffer and be lower than otherwise possible, and desirable.(KOCH, Adam J.) 2.6.3 Porter’s five forces analysis Porter looked at the structure of industries. In particular, he was interested in assessing industryattractiveness, by which he meant how easy it would be to make above average profits (forshareholders and to fund adequate investment). He concluded that industry attractivenessdepends on five factors or forces: Competitive rivalry between existing firms Threats of new entrants Threats of substitute products Power of suppliers Power of customers (Paper P3 Business Analysis Essential Text) Limitations of five forces model: Porter’s 5 forces of competition have a few weaknesses and limitations. The modelunderestimates the influence of a company’s core competencies on its ability to achieve profit.It, instead, assumes the industry structure is the sole determining factor. Porters 5 forcesdefinition is difficult to apply to large multinational corporations with synergies andinterdependencies achieved from a portfolio of businesses. Additionally, the five forcesframework assumes there is no collusion in the industry. Finally, Porter’s analysis doesn’tconsider the possibility of creating a new market. (Porter’s Five Forces of Competition , 2010) 3. ANALYSIS 3.1 PHARMACEUTICAL SECTOR 2009 was a challenging year and witnessed modest growth in Pakistan’s economy due to uncertain law and order situation and global economic recession. The economy continues to witness double digit inflation; low economic growth and continued depreciation of the rupee against major currencies. During this period the pharmaceutical industry has been adversely impacted by both inflationary trends as well as Rupee depreciation. The government has not allowed any across the board price adjustment to pharmaceutical industry for nine years. Growth in pharmaceutical markets is mainly volume growth. (BENGALI, Iqbal, 2010) Pharmaceutical Industry is one of the major manufacturing industries in Pakistan providing employment to thousands of people directly and indirectly. The industry, however, is facing many challenges, which are hindering its growth. The major challenge faced by the industry is the complete freezing of price of pharmaceutical products since 2001. Pakistan is the only cou ntry in the entire Asian region that has not given its pharma and biotech industry tax-breaks and R D incentives. Government’s requirement that drug production lines should be separate is raising cost and reducing the ability of local manufacturers to compete not only in the global market but even at home. (JAVED, Aamar, 2009) Pakistan has a very vibrant and forward looking Pharma Industry. At the time of independence in 1947, there was hardly any pharma industry in the country. Today Pakistan has about 400 pharmaceutical manufacturing units including those operated by 25 multinationals present in the country. The Pakistan Pharmaceutical Industry meets around 70% of the countrys demand of Finished Medicine. The domestic pharma market, in term of share market is almost evenly divided between the Nationals and the Multinationals.(Pakistan Pharmaceutical Industry) Pakistan’s $1.61 billion pharmaceutical market is now expected to post a five-year compound annual growth of 8.95 per cent, down from 9.39 per cent forecast in the previous quarter, according to Business Monitor Internationa l, a global business intelligence firm. (Pharmaceutical sector growth slowing down: BMI , 2010) 3.2 THE COMPANY As a result of the global acquisition of Wyeth by Pfizer Inc.,on October 15, 2009, Wyeth has become a wholly owned subsidiary of Pfizer Inc.. Pfizer Inc has become the ultimate parent company of Wyeth Pakistan Limited. Wyeth however continues to be the principal shareholder of Wyeth Pakistan Limited. (AHMED, Khawaja Bakhtiar, 2010) Wyeth, with its pharmaceutical and over-the-counter divisions, is a leader in the research and development, manufacturing and marketing of a broad range of health care products. (WYETH PAKISTAN LIMITED ) 3.3 RATIO ANALYSIS The following ratio analysis is based on the Annual Reports of WYETH and GSK Pakistan. Comparison has been made with the results of GSK for FY2009 since these were the latest financials available. Ratios 3.3.1 SALES Analysis GSK 2009 Sales Revenue (Rs. in million) Growth in revenue (%) Cost of sales. (Rs. In million) Growth in cost of sales.(%) 14,719 9.8% 11,173 17% FY2010 2,310 0.17% 1,830 1.4% FY2009 2,306 3.3% 1,805 8% FY2008 2,384 13% 1,699 22% 3.3.2 Profitability Ratios GSK 2009 24.1% FY2010 FY2009 FY2008 G.P Margin N.P Margin ROE 20.82% 1.13% 2.58% 21.73% -3.77% 8.86% 29.87% 6.04% 12.73% 6.3% 11.5% 12 3.3.3 Liquidity Ratios Current Ratio Quick Ratio Debtors’ Days Inventory Days 3.3.4 Investor’s Analysis GSK 2009 3.2 1.6 25 67 FY2010 2.56 1.01 26 163 FY2009 2.71 0.98 38 144 FY2008 3.43 1.38 29 143 Ratios GSK 2009 5.5 20 5 4.6% FY2010 FY2009 FY2008 Earnings per Share (EPS) (Rs.) PE Ratio (Times) Dividend Per Share (Rs.) Dividend Yield 18.61 49.08 10 0.92% -61.09 _ _ _ 101.50 25.62 250 10.55% Comments on Ratios The operating results of currents year are for a 12 months period ended November 30, 2010 compared to the previous year which for an 11 months period ended November 30, 2009. Sales analysis. The growth in company’s net sales for the period ending 30 November 2009 reduced by 3.3% as sales were Rs. 2,384 million in year ending 31, December 2008 and in 2009 period it was Rs. 2,306 million which is due to challenging conditions of external environment in 2009. On the other hand cost of sales for year ending 2008 was Rs. 1,699 million which increased to Rs. 1,805 million in period ending 2009. It was an increase of 8% which shows that company does not have efficient policies to control its operational expenditure. In year ending 2010 overall sales increased by 0.17% but as we mentioned above that this period comprises 12 months comparing last 11 month period and if we compare like with likes then sales reduced by 8%. This is due to due to uncertain law and order conditions of Pakistan. But this year company showed efficiency in controlling its costs as this year cost of sales increased by just 1.4%. This could be due to training and development of employees as training on six- sigma was conducted after the losses incurred by company in 2009. This training was to increase efficiencies of employees to control the cost. GSK: Sales of GSK are in year ending 2009 were Rs. 14,719 million as compared to Rs. 2,310 million of Wyeth which is due to major market share of GSK. Out of to 20 products 9 are manufactured and sold by GSK. Profitability analysis GP Margin: In year ending 2010 gross profit margin reduced as it was 21.73% in year ending 2009 and it was 20.82% in year ending 2010. This decrease was mainly due to adverse economical conditions of country as inflation increased and cost of resources and operations increased accordingly. In period ending 30 November 2009 the GP margin decreased from 29.87% in 2008 and 21.73% in 2009. In year 2009 the profit also reduced as compared to sales which is also mainly to due to increase in cost of operations. On the other hand the government has not allowed an increase in price since year 2001. The GP margin of GSK is 24.1% for year ending 2009 as Wyeth has GP margin 20.82% in year ending 2010 which shows that GSK has more ability to control its cost and transfer it to its customers. NP Margin: In period ending 30 November 2009 the net profit margin reduced from 6.04% in 2008 to 3.77%. The major cause of this reduction in profitability was the economical condition of Pakistan. Costs of operations increased due to inflation and at the same time the devaluation of currency. However, company maintained control on expenses as their advertising and promotion costs were in line with last year. Administrative cost increased due to cost of Voluntary Separation Scheme. Other operating expenses were lower than last year. NP margin for year ending 2010 increased to 1.13% from -3.77% in the last year. This improvement was due to increase in efficiency of employees and efficiently controlling the operational cost of company as the operating expenses reduced by 10% in year ending. There has been a long stand price freeze by the government since 2001 due to which company was not able to earn abnormal profits. The net profit of GSK was 6.3% in year ending 2009 which also reduced as it was 14.6% in 2008. This shows that the industry was adversely affected by increase in operational costs and long standing price freeze by government due to which companies cannot pass their cost to customers. ROE: Return on equity increased for year ending 2010 to 2.58% as it was -8.86% in year ending 2009 this increased was due to increased operational efficiency of organization. While in period ending 2009 the ROE reduced significantly from 12.73% to -8.86%. . ROE of GSK is 11.5% in year ending 2009 as compared to % of Wyeth. Liquidity analysis. Current ratio: Current ratio indicates how many times the company’s current assents can meet company’s current liabilities. A ratio of 2 is considered sufficient for current ratio generally. In the period ending 30, November 2009 the current ratio reduced from 3.43 times to 2.71 times. This shows that the company can meet its current liabilities 2.71 times by its current assets. This decreasing trend could cause an alarming situation for Wyeth because a company can survive without profits for some years but without cash it can’t survive more than one year. So worsening condition of Wyeth needs effective and efficient policies for fund management. Current ratio for year ending 2010 reduced to 2.56 times as it was 2.71 times in year ending 2009. This shows that now company can meet its current liabilities by 2.56 times. A ratio of 2 is a standard for current ratio. Company improved its working capital condition this year as they changed their sales and distribution model from credit to advance cash. Current ratio of GSK for year ending 2009 is 3.2 times which shows strong policies of funding are in place. Quick ratio: Quick ratio indicates how many times company’s current assets can fulfill its current liabilities but it ignores inventory from current assets because in some organizations inventory takes times before it can convert to sales. Quick ratio of Wyeth is reducing quicker than current ratio for years ending 2009Quick ratio for period ending 2009 also reduced from 1.38 to 0.98 times which was an alarming situation for Wyeth. It indicates that major part of current assets consist inventory and company’s inventory increased from last year due to increase in cost of materials. . Ratio of 1 is considered a standard for quick ratio so company’s liquidity is worsening. Quick ratio improved in year ending 2010 which is 1.01 times as it was 0.98 times in 2009. This is due to improved working capital management policies as company received cash in advance instead of credit. Due to which company earned interest on deposits too. Quick ratio of GSK for year ending 2009 was 1.6 whi ch shows a healthy liquidity position. Debtors Days: Debtors turnover period indicates how many days debtors take to pay their debt to company. Debtors are part of working capital and for the successful operations of company good debtor management strategies need to be in place. In period ending 2009 the debtor’s turnover period increased by 9 days as these were 29 days in 2008 and 38 days in 2009. During this year due to inflation and devaluation of currency the company had to extend debtors turnover period as company made loss after tax this year. In year ending 2010 company’s debtor days reduced to 26 days as compared to 38 days in 2009 this also shows the improvement in fund management policies as this year company received advance cash from sales and distribution instead of credit. Debtor’s days of GSK for year ending 2009 were 25. This shows that debtor collection policies of GSK are more efficient than Wyeth. Inventory days: Inventory days indicate the period during which inventory of a company remains in its warehouse or in work in progress before it is finally converted into sales. Inventory holding initiates many expenses like warehouse, damages etc. which can be mitigated by good inventory management policies in place. Inventory turnover period in 2009 increased by 1 day as it was 143 days in 2008 and became 144 days in 2009. This increase was nominal but instead improvement this increase was due to decreasing in underlying sales. Inventory days increased this year too from 144 days in 2009 to 163 days in 2010. This increase was mainly due to increase in inflation and instability of prices in material. Sales for this year was lower than last year. Inventory turnover period of GSK in year ending 2009 was 67 days which is less than half of Wyeth. This shows that GSK has more efficient working capital policies and sales of GSK were more than Wyeth which is due to the higher market share of GSK. Investor’s analysis. EPS Earning per share can be used to indicate the profitability of a company. It shows the earning allocated to each common share. In period ending 2009 the EPS reduced badly by Rs.162 per share. In this year company’s EPS was -61.09. This major decrease was due to consistent inflation and devaluation of currency of Pakistan. These factors became the reason for increase in operational cost. And due to the price freeze by government the company was not able to transfer the cost to customers. In year ending 2010 EPS increased from Rs. -61.09 last year to Rs. 18.61 this year. This year company made a net profit margin of 1.13% which was loss of (3.77) % in last year. This improvement is due to controlling the operational expenses of the company this year. The EPS of GSK for year ending 2009 was Rs. 5.5 which is consistent with previous years. PE ratio: The PE ratio of Wyeth moved adversely during last years. In year ending 2008 the PE ratio was 25.62 times while In year ending 2009 the company’s made a loss. Which was due to increase in cost which company was not able to pass to customers. In year ending 2010 PE ratio improved to 49.08 times which was nil in last year this improvement also due to improvement in operational efficiency of company during 2010 as the company improved its cash position as well as its productivity. The PE ratio of GSK was 20 which show good performance of GSK compared to Wyeth. Dividend per share Dividend per share ratio indicates the dividend earned by an investor by holding one share of company. There was no dividend per share in year ending 2009 as company was in loss. This loss was mainly due to adverse environmental, economical, and political situations. In year ending 2010 company announced the dividend of Rs. 10 per share which shows the attractive position of company in this year. Company improve its profitability as well as its operational efficiency during year ending 2010 as retrospective measures taken in 2010 like training on six-sigma plan. The dividend per share of GSK for year ending 2009 was Rs.5 which also indicates that company performed well in such crises. Dividend yield This ratio represents the cash flows earned by the investor by investing each rupee in form of shares. In year ending 2010 earning yield improved to 0.92% as it was nil in year ending 2009. This improvement was due to improvement in operational efficiencies during year ending 2010 while economical and political instability remained consistent in year ending 2010. In the period ending 2009 company made a loss. While GSK’s dividend yield in this year was 4.6% which shows the good governance of GSK as compare to Wyeth. 3.4 PESTEL ANALYSIS PESTEL analysis is a tool which is used to understand external environment. It deals with external environmental factors like political, economical, social and demographical, technological, environmental and legal. By considering these factors we can judge the influence of all above factors on the operations and profitability of any company. Political factors. In political factors we consider the government policies like tax policies, their stability, political environment and institutions. In 2008 there was instability in political conditions of Pakistan which adversely affected the pharmaceutical industry. Policies of government about electricity price raises also contributed adversely to pharmaceutical industry. Government’s price freeze policy since 2001 also reduced the profitability because firms were not able to transfer their increasing operational cost to the customers. In the last quarter of 2008 government gave some relaxation on price increase but that was for some products that did not contribute too much to improve the conditions of profitability. Economical factors: Inflation (too much money chasing too few goods) remained the major problem of Pakistan in the last few years. Due to consistent rise in cost of electricity, labor, and fuel the profitability of pharmaceutical industry reduced as firms could not increase prices according to cost due to limitation by government policies. But demand in the public remained unchanged. Devaluation of Pakistan currency also adversely affected the industry as value of rupees consistently reduced against major currencies of world especially against US$. Due to which many firms had

Terrorism †Wake Up America! :: September 11 Terrorism Essays

Terrorism – Wake Up America! America, wake up! That's what we think we heard on the 11th of September 2001 and maybe it was, but I think it should have been "Get Out of Bed!" In fact, I think the alarm clock has been buzzing since 1979 and we have continued to hit the snooze button and roll over for a few more minutes of peaceful sleep since then. It was a cool fall day in November 1979 in a country going through a religious and political upheaval when a group of Iranian students attacked and seized the American Embassy in Tehran. This seizure was an outright attack on American soil; it was an attack that held the world's most powerful country hostage and paralyzed a Presidency. The attack on this sovereign US embassy set the stage for the events to follow for the next 23 years. America was still reeling from the aftermath of the Viet Nam experience and had a serious threat from the Soviet Union when then President Carter had to do something. He chose to conduct a clandestine raid in the desert. The ill-fated mission ended in ruin, but stood as a symbol of America's inability to deal with terrorism. America's military had been decimated and downsized / right sized since the end of the Viet Nam war. A poorly trained, poorly equipped and poorly organized military was called on to execute a complex mission doomed from the start. Shortly after the Tehran experience, Americans began to be kidnapped and killed throughout the Middle East. America could do little to protect her citizens living and working abroad. The attacks against US soil continued. In April of 1983 a large vehicle packed with high explosives was driven into the US Embassy compound in Beirut. When it explodes, it kills 63 people. The alarm went off again and America hit the Snooze Button once more. Then just six short months later a large truck heavily laden down with over 2500 pounds of TNT smashed through the main gate of the US Marine Corps headquarters in Beirut. 241 US servicemen are killed. America mourns her dead and hit the Snooze Button once more. Two months later in December 1983, another truck loaded with explosives is driven into the US Embassy in Kuwait, and America continues her slumber. The following year, in September 1984, another van was driven into the gates of the US Embassy in Beirut and America slept.

Autism a Communication and Social Disorder

Autism is a brain disorder that is characterized by impaired social interaction and delayed communication skills. (Segal, 1996) Children with Autism show signs of delay in the first two years of life. Many times parents notice that their child demonstrates repetitive behaviors, or likes to spin objects, line things up or has an affinity for sameness. Some children with Autism have difficulty with transitions from one activity to another and are not able to regulate their senses. The range of these behaviors varies and that is why Autism is called a spectrum disorder. Many times, children will exhibit one or several of the symptoms. Children who exhibit fewer symptoms are diagnosed with PDD or Pervasive Developmental Delay, while children who have many of the symptoms are termed Autistic. There is recent research that shows that autism may be caused by genetics which are related to how the brain develops in early childhood. In the article, Autism and Brain development, Nancy Shute reports that some kind of mutations of genes that are important to language development may be the cause of autism in some children. Daniel Geschwind is researching the fact that these genes are sometimes turned on or off depending on the brains experiences. † (Shute). There is also a chance that â€Å"structural damage will be found, and this damage could be anything from microscopic to the grossly visible, from faults inside nerve cells to faulty development of whole cell systems. † (Frith) The causes of Autism are still being explored, but the more important thing is how people are diagnosed and treated for it. The symptoms of Autism are variable, and usually different in each child. Delay of language development, lack of social skills and lack of eye contact are a few of the symptoms. Because there is a range in the severity of the symptoms the diagnosis and treatment of autism varies and is an interesting process. The diagnosis of autism is based on a behavioral check list. â€Å"Because a diagnosis is a label or shorthand for treatment, it needs to correspond to the services to the child needs in the immediate future. † (Siegel) The parents, teachers, developmental pediatrician and sometimes other therapists all contribute to the assessment. The CHAT, Checklist of Autism in Toddlers is one way that pediatricians screen children under 2 years old for Autism. For children 4 years and older, a Social Communication Questionnaire is often used. These screenings rely on parent report and the observation of a diagnostic team. Then the child will be referred to a developmental pediatrician or a psychologist who is trained in diagnosis of Autism. There are several diagnostic tools, usually developmental checklists, and parent report along with a team of professionals who look at the behavioral symptoms that are characteristic of this disorder. The team of professionals who diagnosis autism typically include the parent, speech therapist, teacher, pediatrician and occupational therapist. The most widely used diagnostic tool for Autism is the ADOS, (Autism Diagnostic Observation Schedule). The North Bay Regional Center uses this to diagnose children with autism in this area. There are also other centers, the Mind Institute with is part of the University of Davis medical Center, where they focus only on diagnosis of Autism spectrum disorders. Bryna Siegel is a Psychologist who works at UCSF and has her own diagnostic clinic. Each case of autism has its own individual characteristics ranging between its cause, its diagnosis and the life long treatment. After being diagnosed, different therapy options are presented; PECS, play therapy and discrete trial are the three more commonly used treatments. What is best for children with Autism is an early diagnosis, and intensive speech and language therapy which includes the family. Dr. Stanly Greenspan has developed the â€Å"Floortime† approach to helping families learn to interact with their children. â€Å"Autism and ASD’s involve difficulties in relating forming relationships, communicating, and thinking. (Greenspan) Play therapy also gives parents a chance to learn to communicate nonverbally with their autistic child. One of the most effective styles of play therapy is called floor time. â€Å"In playing with their child, parents can help her develop her social skills and also connect with their child through this nonverbal style of communication. The floor time/play therapy that a speech therapist directs is used to â€Å"harness the child’s natural interests. † (Greenspan) in doing so they are able to â€Å"get a picture of what she finds enjoyable, what motivates her. (Greenspan) and is considered as the best method for supporting the language and social communication development of the child with autism. Speech therapy is one of the most important pieces of the team approach to help children with Autism develop social and communication skills. The goal of speech therapy in working with children with autism is to help the child communicate her needs and wants. A specific therapy program is individualized for each child. There are as many programs as there are children. There are a wide range of therapies that facilitate language development in children with Autism. Normally language and play go off one another when both are impaired; they are likely to mutually inhibit the development of the other. † (Siegel) While there are other therapies, play therapy is considered one of the most effective ways to understand nonverbal communication in autism. Children with Autism can benefit from play therapy. The therapy is based on the child’s own interests. Children with autism do not play with toys in a functional way. â€Å"One thing that is often different about the sensory development of autistic children is its repetitiveness. This is also referred to as perseveration. Instead of pulling a string or handle on a â€Å"speak and say† five or six times, the autistic of PDD child may engage in such an activity for 20 minutes without stopping. † (Siegle) Play therapy teaches the child to play with toys in ways that use imagination and are symbolic. And since imagination is obscured in autistic minds this is very important. Even though it may not be clear in a young child it can be observed in some situations such as a â€Å"Two year old autistic children (who) ‘play telephone’. They pick up the receiver and punch the buttons on the toy phone. Then they put the receiver down, less often will you see the autistic two year yammering, as if talking to someone. What is really never seen in the successive ‘calls’ – say to grandma, big bird, or the family dog. That type of elaboration on a toy thing is beyond the slope of imagination of most autistic children instead, the physical actions copied strictly from what has been observed in the past is playlalia. † (Siegle) Play and speech therapy, paired with pictures is one of the ways that speech therapists and parents encourage language. Often the child with Autism uses a picture to exchange for a desired item this is called PECS. This picture exchange system is important and can be used after observing and playing with the child to determine what toys the child is interested in. It is used as a stepping stone for communication with the outside world. The picture exchange system is a way for children with Autism to communicate using pictures. This is a good way for them to make their needs and wants met. Many children with autism have tantrums or do not want to cooperate with their teacher or parents. The best way to find out what a child with autism wants is to use this simple system. Since many people on the autism spectrum tend to learn visually, it makes good sense to communicate with images. Just as important, images are a universal means of communication – and they are just as understandable by strangers or young peers by parents or therapists. † (Rudy) When the parent knows what the child wants, they can use the picture of the desired item as a reinforcer to help the child cooperate with the parents directions. Sometimes the parent will offer the child two pictures as choices. Other times the parent can use the picture of an activity that needs to be accomplished and a picture of a desired item. Then the parent can say, first wash hands and then you can have bubbles. The child learns this routine and is able to communicate, and follow the parent’s directions. There is a more complex style of picture exchange system where the speech therapist starts with one item paired with an object. The speech therapist then asks the child â€Å"want cookie†, showing the child a picture of a cookie and the cookie. When the child understands that the picture represents the cookie then the child is ready to use the pictures for other choices. Later the child is using pictures to help form sentences. There are many ways that speech therapists use pictures to encourage language. Often the speech therapist works with the behaviorist to develop a system that will provide reinforcers for the child. These reinforcers help the child to stay motivated during therapy. The behavioral therapy or Discrete Trials therapy is often used along with speech therapy. â€Å"Discrete trial training is conducted using intensive drills of selected materials. A specific behavior is prompted or guided, and children receive reinforcement for proper responses. † (What is Discrete Trial Training? This is a program that teaches a child with autism specific information in small units which are less distracting for the child. Because children with autism are so distractible or may want to obsess on spinning or other behaviors, the discrete trial helps them to focus on learning vocabulary, names of animals, math and pre reading skills. The occupational therapist is also important to the treatment of children with Autism. This therapist often uses sensory integration techniques to help the child with Autism develop self regulation. Many of the children with autism have self stimulatory behaviors with are sometimes their way to regulate, their senses. These self stimulatory behaviors may not be as effective as the specific movement, vestibular, or deep pressure, proprioceptive, or sensory, touch and brushing that the occupational therapist uses. The parents of the child with autism are invited to observe what the therapist recommends, and then they can use many of the recommendations at home to help calm their child. Many children with autism are sensitive to loud noises, and are sometimes very sensitive to tags in the back of their shirts, or the seams on their socks. The book, â€Å"The Out of Sync Child† by Carol Stock Kranowitz, has many suggestions for children who are sensitive to noise, light, and touch. The research is clear that the first step is early intervention using a team approach early diagnosis and treatment specific to the individual child is the most helpful thing you can do. Although it takes patience and understanding (with the trial and error); with the numerous treatments available every child can be helped. The diagnosis is the first step, and when treatment is started early, the team approach is the beginning of optimal treatment for the child.

The Dead

As we saw in the movie The Dead, the main element of the plot centers on the connection between life and Death, the living and the Dead, and the connection between the past and present. Throughout the film, this connection is made apparent either directly through the reminiscing of characters, young and old, or by external factors within the story. One major factor that hasnt been mentioned, is the importance of music throughout this film. It intertwines its essence amongst practically ever major character, linking one small story to the next, hinting towards a great mystery to be revealed at the end of the movie. As you yourself wrote, Prof. Roman, in your article about Joyces written short story, He constructed his tale almost as if it were a musical piece: the notes, the melodies, the pauses (spaces) and rhythms evolving from his words coming from description, dialogue, the intellectual connections to the reader, the fine details of character, object and occurrence.(Roman, Irish Echo, 12/26/87) I hope to show you how from the beginning to end, music exists, not just in the background, but as a basis for character development throughout the film as well as embodying the climax of this movie by Huston, and story by James Joyce. Three areas of focus within the house, as far as music is concerned, are the scenes within the Parlor (living room), Dinning Room, and of course on the Stairs. The first major connection of music with characters exists when the niece of the Morkan Sisters, Mary Jane, is asked to play a piece of music on the piano. Huston gives us a quick glance at somewhat shady emotional connection between Molly Ivers and Gabriel when she gives him a wink. Later on during some dancing through conversation we see that they know one another and are at opposite ends, politically, with regards to the Irish Question. It becomes clear that there maybe at o...

Free Essays on The White Heron

The short story â€Å"A White Heron† written by Sarah Orne Jewett is the story of a young girl and how she becomes her own person in a time when women were supposed to be loyal like dogs toward men. The current views and the beginning of change in those views that some of society held towards the independence of women in the late 1800s can be seen through the character portrayals in â€Å"A White Heron.† In the opening of the story, Sylvia is alone in the woods driving home her cow when she runs into a young man. As the man approaches she refers to him as the enemy, and in a way he is. In the story Sylvia, her grandmother, and even the female cow are living a life that is free of males, yet happy. Suddenly, in comes this hunter to throw off the balance of the independent and female dominant life Sylvia knows. When Sylvia and the hunter return to Sylvia’s grandmother, Mrs. Tilley’s house Sylvia believed Mrs. Tilley had misunderstood the situation and made a mistake in allowing him to stay. The story also showed change when it mentioned the awakening of Mrs. Tilley’s â€Å"long slumbering hospitality,† reminding the reader of how secluded the women were (Charters, 391). Jewett shows men as being proud and always in search of a prize, rather than companionship. When the hunter began to converse with Mrs. Tilley he claimed a love for birds and that he had a great collection of them, in this way he wanted the birds as a prize he could display rather than a companion or friend. With this character and his display of stuffed dead birds, it relates how women were also viewed in this time. In this time women could be considered prizes, part of a man’s belongings to be displayed and admired. It can also be said that women were not expected to really live their life, but instead to become dead inside like the birds were dead. Love for men was similar to ownership. In the story Mrs. Tilley is an older woman who is easily able to rever... Free Essays on The White Heron Free Essays on The White Heron The short story â€Å"A White Heron† written by Sarah Orne Jewett is the story of a young girl and how she becomes her own person in a time when women were supposed to be loyal like dogs toward men. The current views and the beginning of change in those views that some of society held towards the independence of women in the late 1800s can be seen through the character portrayals in â€Å"A White Heron.† In the opening of the story, Sylvia is alone in the woods driving home her cow when she runs into a young man. As the man approaches she refers to him as the enemy, and in a way he is. In the story Sylvia, her grandmother, and even the female cow are living a life that is free of males, yet happy. Suddenly, in comes this hunter to throw off the balance of the independent and female dominant life Sylvia knows. When Sylvia and the hunter return to Sylvia’s grandmother, Mrs. Tilley’s house Sylvia believed Mrs. Tilley had misunderstood the situation and made a mistake in allowing him to stay. The story also showed change when it mentioned the awakening of Mrs. Tilley’s â€Å"long slumbering hospitality,† reminding the reader of how secluded the women were (Charters, 391). Jewett shows men as being proud and always in search of a prize, rather than companionship. When the hunter began to converse with Mrs. Tilley he claimed a love for birds and that he had a great collection of them, in this way he wanted the birds as a prize he could display rather than a companion or friend. With this character and his display of stuffed dead birds, it relates how women were also viewed in this time. In this time women could be considered prizes, part of a man’s belongings to be displayed and admired. It can also be said that women were not expected to really live their life, but instead to become dead inside like the birds were dead. Love for men was similar to ownership. In the story Mrs. Tilley is an older woman who is easily able to rever...

Do You Need a High School Diploma

Do You Need a High School Diploma SAT / ACT Prep Online Guides and Tips If you didn't graduate from high school, going back and finishing it so you can finally get your high school diploma is a practical step. But if you’re an adult well past your teenage years, the prospect of going back to high school can be pretty intimidating.Fortunately, there are alternative ways adults can earn a high school diploma. Read on to learn more about what the general steps are for getting a high school diploma, how important having the physical diploma is, whether you can attend college without a high school diploma, and what your options are for legitimate adult high school diploma programs. Do You Need to Graduate to Get a High School Diploma? In general, to earn a high school diploma in the US, you need to have completed 12th grade and graduated high school. More specifically, you need to have met all of your state’s graduation requirements and taken all required courses. This is the most common path for getting a high school diploma. But what if you left high school before you had the chance to graduate? In this case, you can get a high school diploma by taking the classes you need to fulfill your state’s high school graduation and credit requirements. For example, if you were one English course short of graduating, you could enroll in an adult high school diploma program, through which you'd take the English class you need to get the diploma. If you need a lot of credits to finish high school (for instance, maybe you missed a whole grade of high school), another option is to take a high school equivalency test, such as the GED, HiSET, or TASC tests. By passing one of these tests, you’ll receive a diploma or certificate that's similar to a high school diploma and indicates that you’ve achieved US high school educational standards. This is called a high school equivalency diploma. In most cases, a high school equivalency diploma is equivalent to a high school diploma; however, some universities and employers prefer a traditional high school diploma over one of these equivalents and, as a result, might look down on it. Ifyou're younger than your state's age for enrolling in high school, I strongly recommend going back to high school to earn your regular high school diploma instead of opting for one of these equivalents. This age limit varies by state but is usually around 21 years. Unfortunately, your elementary school diploma won't help you on the job hunt. How Important Is Having a Physical High School Diploma? It’s critical tokeep your original high school diploma in a safe place.This is because potential employers and colleges might ask to see a copy of your diploma as proof that you completed high school and have the fundamental knowledge and skills needed for a particular job or educational program. Online schools are especially likely to request or require a copy of your high school diploma for enrollment purposes. Though it’s possible you’ll never have to show anyone your high school diploma (other than your proud parents), you should always have a copy of it on hand, just in case. If you lost your high school diploma or don’t remember getting a physical diploma, you can easily request a copy of yours by contacting your old high school(or, if your high school is no longer in operation, your former education department or school district). Refer toour step-by-step guide to learn more about securing a copy of your high school diploma. Can You Attend College Without a High School Diploma? The short answer is no, not usually. If you want to attend a four-year college or university with the goal of getting a bachelor’s degree, you will not be able to unless you have a high school diploma or high school equivalency diploma, such as the GED. (Note that not all colleges accept a GED in lieu of a traditional diploma.) That said, most community colleges allow students to enroll without a high school diploma. You usually just need to be at least 18 years old to enroll- that’s it! If you think you’ll eventually want to transfer to a four-year college/university from a community college, know that you’ll likely need to take the GED or an equivalent test before you can do so. How to Get a High School Diploma as an Adult: 2 Methods If you’re older than your state’s maximum age limit for enrolling in high school or would prefer an alternative way of earning a high school diploma, you have the option of doing an in-person adult high school diploma program orattendingan online high school. Method 1: In-Person Adult High School Diploma Program One way to get your high school diploma is to enroll in an adult high school diploma program. These in-person classes are specifically geared toward adults looking to return to high school and get their diplomas(instead of, say, a GED). With these programs, you'll take only the courses you need to graduate. For instance, if you’re short a math and an English class, you’d take these two classes in your adult high school diploma program, allowing you to fulfill your state's graduation requirements and thus earn a high school diploma. Most adult high school diploma programs are free or pretty cheap,and are offered on weekdays and weeknights. The best way to find a legitimate adult high school diploma program near you is to contact a public university or community college in your area. These institutions should be able to tell you whom to contact about adult education programs. You can also see what information your state's official website provides regarding adult education programs. Just search on Google for "[Your State] adult education site:.gov."For example, the Michigan state website offers a bunch of helpful information on free and low-cost adult education programs in counties all around Michigan. Always beware of online scams that claim to give out high school diplomas. These "diploma mills," as they’re called, will often charge you a high fee to take unaccredited courses, earning you afake credential that’s not recognized anywhere! If you’re not sure whether a program is legitimate, check with your state department of education. Method 2: Online High School The second way adults can earn a high school diploma is to enroll in an online high school. This option is considered more convenient than Method 1 asyou can attend class and study from the comfort of your own home, allowing you to get your high school diploma online. Many online private high schools require a fee to attend, which can be really high sometimes, especially if the program is offered through a prestigious college or university. In addition, some online high schools have an age limit, so check that you’re eligible to attend before you decide on a school. Make sure that the school you’re considering is legitimate. Many online high schools aren’t accredited (even if they claim to be) and can’t award you an authentic high school diploma. If you’re unsure whether an online high school is legitimate, contact your state's department of education. You can also get in touch with a local community college or public college/university, which will helpyou find online high schools thatare accredited and accept adult learners. Here are some well-known schools that allow you to get your high school diploma online: Stanford Online High School (no adult learners) BYU Independent Study High School(offers program for adult learners) UT Austin High School (no age restrictions) Texas Success Academy (offers program for adult learners) University of Nebraska High School (no age restrictions) Recap: Do You Need a High School Diploma? Most people earn their high school diplomas by completing 12th grade and meeting their state's high school graduation requirements. Even if you left school before you got a diploma, there are ways you can get one as an adult. Your two main options are to enroll in an in-person adult high school diploma program or attend an accredited online high school. Many prefer the latter because it’s more convenient and allows you to get your high school diploma online without having to go anywhere. As with anything you pay for, besure to vet any adult high school diploma programs (both in-person and online) you're considering attending. You don’t want to lose money to a scam that awards you with a fake credential! Reach out toyour state’s department of education to get more information about legitimate (online) schools and programs for adult learners. If you'd rather notgo back and get your high school diploma, you can insteadtake a high school equivalency test, such as the GED. While you don’t need a high school diploma to apply for jobs or enroll at a community college, having one will allow you to go to a four-year college or university. A high school diploma also means you’ll be making more money on average than if you didn’t have one! Don't feel as though there are no options available to you- you'llnever be too old to go back and get that high school diploma! What’s Next? Considering attending an online high school? Learn about how to avoid unaccredited schools and how an online education differs from a traditional one. We also maintaina list of 100+ free online high schools! For a full review of a top-notch online high school, check out our in-depth guide to Stanford Online High School. Not interested in getting a traditional high school diploma? Then considergetting a high school equivalency diploma.Our guide goes over what this diploma is and how to get one.