Existing Environment and Human Resources Changes in Sonoco Free Essay Example, 2750 words

Darren (2000) adds that with some HR strategies being implemented, it can be said that Hartley was not able to bring about the so-called change that she was initially hired for. The strategic objective was to change yet there was hardly any change in the overall working of the organization (Garavan Donhell, 2004). The strategies implemented were in bits and pieces and though she managed to align performance management, development of employees, diversity of employees, their compensation plan but the talent management remained unfixed which meant that the right people were not in their right place (Latham Ernst, 2008, pp. 181-198). This also inferred that there was job dissatisfaction, de-motivation and thus inefficiency. Moreover, since the compensation plan was not fully integrated, there was widespread de-motivation, as diversity was not being handled well. Lack of talent recognition plans also made her strategies unsuccessful. Perhaps her approach was not right. She failed to u nderstand her employees. As per Adam s Equity Theory, employees assess their input and output and compare their bonuses, compensation and rewards with their co-workers and the degree of comparative satisfaction that they get (Deresky, 2007). We will write a custom essay sample on Existing Environment and Human Resources Changes in Sonoco or any topic specifically for you Only $17.96 $11.86/page This again is seen in Sonoco s plan where the talent management is not being fully recognised with the result that the employees are not being rightfully compensated leading to inefficiency.

Personal Narrative My Daughters Birth - 966 Words

A new year had just arrived. I can still picture January in my mind, the mood was sullen and dark, I could feel the cold reaching my bones, but now I know that was the best feeling I‘d ever had. I had only a few weeks left to start college, which had been my dream since I can remember. My dad had already paid for my tuition, I was so exited I had promised to do my best. Then, I realized there was an obstacle in my way. I knew I needed to make a decision on whether or not keeping my pregnancy, it sounds rough, but it was definitive. I did not want to miss school, so I was definitely not taking this to the last term. I just could not think of myself being prostrated in bed for so long, as an impediment to start school. Never, nothing would†¦show more content†¦I did not feel any pain at all, nor could I move my body anymore. It felt more like I was numb from neck to feet; I guess I had epidural all over my body. Due to this numbness, whenever I had tried to push I did no t know if I was actually doing it. Somehow, after thirty more minutes of labor, I pushed as hard as I could and they finally were able to see the baby’s head. All of a sudden, this little baby girl was out in this new world, I figured the doctor had done some maneuvers to unwrap the umbilical cord, because I had just become a new mother. It was incredible! I was not sure exactly how a woman is supposed to feel after becoming a mother, but I was so overprotective, emotional and scared. I was so sensitive and started crying. I wanted everyone to go away and leave me alone, because I was afraid my life would change radically after this, and I was not prepared yet for them to see this change. After a few minutes, I realized I was so weak I could feel the cold reaching my bones, but that was also the best feeling I’d ever had. I was thinking I had only a few weeks left to start college, which had been my dream since I can remember. My dad had already paid for my tuition, I was so exited I had promised to do my best, but I’d just had my daughter, and I was so nervous about being a young mother in college. I tried to open my eyes to admire my baby’s beautiful face and thought I was so brave, because I hadShow MoreRelated`` Sweetness `` By Toni Morrison1826 Words   |  8 PagesAmerican novelist Toni Mo rrison is renowned for her publications illustrating how racial stigma can dent a character physically, mentally and emotionally. â€Å"Sweetness†, an excerpt from God Help the Child, one of Morrison’s more recent works, follows the narrative of a guilt-stricken mother who allowed society’s predetermined notions of race interfere with her parenting, as her daughter was undeniably black while she and her husband have negro roots but are lighter skinned or ‘high-yellow’. As the story developsRead More Autism in the Media Essay2151 Words   |  9 Pagestherapy that his mother organized after he was diagnosed with autism. During my thrice-weekly Connor-directed playtime visits, I entered his world instead of making him enter mine and encouraged eye contact to strengthen Connors connection with others.    I begin this critique of autism depiction in mass media relating my relationship with Connor because he informs my understanding of autism and colors my critique of media representations. For people who do not know autistic individualsRead MoreAnalysis Of The Song That I Selected2664 Words   |  11 PagesEven though Marshall was a high school dropout, he did however have a love for English, he has said I found that no matter how bad I was at school, like, and no matter how low my grades might have been at sometimes, I always was good at English ... 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In Beowulf the hero makes reference to Ingeld and his wife and the coming Heathobard feud:      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Read MoreThe Lovely Bones Study Guide3680 Words   |  15 Pagesand the cancellation of her plans to go study in France, begins having an affair with Fenerman, a widower. Amidst all this, Abigails mother, Grandma Lynn, comes to stay with the Salmons for a while, providing much-needed support. She senses her daughters affair and tells her to stop it. Jack and Lindsey between them hatch a plan in which Lindsey will sneak into Mr. Harveys house during soccer practice and possibly find any evidence within that would link Mr. Harvey to the murder. She finds a drawingRead MoreRace Film : The Great And Only Essay10250 Words   |  41 Pagescategorize a well-known group of films about Black people that in most cases included the participation of White filmmakers. How do we define the term â€Å"race film†? Moreover, can these films be considered a â€Å"genre† or are they imitations of similar narratives produced by White filmmakers such as comedies, dramas, and musicals? Furthermore, were race films merely exploiting issues pertaining to skin color and class status? In this chapter I examine why the term â€Å"race film† is obscure while exploringRead MoreSymbolic Similarities in The Shunammite and The Metamorphosis2786 Words   |  12 PagesResearch Paper The definition of metamorphosis as told by the Merriam-Webster dictionary is as follows â€Å"a marked and more or less abrupt developmental change in the form or structure of an animal (as a butterfly or a frog) occurring subsequent to birth or hatching.† (1) Whereas the Shunammite is just a woman hailing from Shumen, although the name is more so known for the biblical story of the Shunammite in the Book of Kings. That story was about a Shunammite whom was made to lay with the old andRead MoreR.K.Narayan and Swami and Friends7399 Words   |  30 PagesREVIEW though the flavor of the SEASON is buzzing with Harry Potter Mania, still I am glued up reading R.K. 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Oxygen Essay Thesis Example For Students

Oxygen Essay Thesis OxygenOxygen Atomic number8Atomic weight15. 9994Melting point-218.4oC (-361.1oF) Boiling point-183.0oC (-297. 4oF) Density (1 atom, 0oC) 1.429 g/lValence2electronic config.2-6 or 1s22s22p4.Oxygen is one of the must important factors that made it possible for life to exist in this planet. Oxygen is also one of the elements must found in earth. Oxygen can be found in in metals, water, and even the one thin that protects us from the powerful sunrays. Oxygen is a very unstable element, which makes it easy to make compounds with other elements creating different kinds of solids and liquids. Oxygen is found in the air as O2, and found in the ozone as O3. Oxygen is essential to all planets life.The Discovery of OxygenOn August 1, 1774, Joseph Priestly examined the effect of intense heat on mercuric oxide. He noted that an air or gas was readily expelled from the specimen. To his surprise a candle burned in this with a remarkably vigorous flame. He called this new substance dephlogisticated air in terms of the current chemical theory of combustion. When he went to Paris on 1775 he showed his discovery to Antoine Lavoisier. When Antoine examined the gas he found that dephlogisticated air combined with metals and other substance. Because some of the compounds form acids he called the gas Oxygen form the Greek words for sour and I Produce. Oxygen in the AtmosphereThe Atmosphere surrounding the earth is a mechanical mixture of gases. The most important of these gases are oxygen, nitrogen, and carbon dioxide. Oxygen is the essential element for life. It is odorless, colorless, tasteless, and slightly heavier than air. The chief commercial source of oxygen is the atmosphere. Oxygen may be separated from the mixture of gases that make up the atmosphere. This is done by physical means by subjecting air to very high pressures and low temperatures until a point is reached where it passes form the gaseous into the liquid state. Than the liquid is introduce to some warm, so that nitrogen, which has a lower boiling point then oxygen, evaporates off. Oxygen as first prepared by heating certain metals oxides, including mercury oxide. OzoneOzone (O3), named for the Greek word for smell, is a poisonous, colorless and tasteless gas with a distinctive smell. Molecules of ozone are probably the source of the smell that can be detected close to working electrical equipment such as motors and TVs. If a vehicle with a catalytic converter is started cold, ozone can be detected in the exhaust fumes. Most ozone is found high in the atmosphere in a region of the stratosphere called the ozone layer. Here ozone is vital part for life by protecting us form ultraviolet rays of the sun. Ozone absorbs the ultraviolet rays, which are harmful to both plat life and animal life. Ozone is usually prepared by passing a silent electric discharge through oxygen. Because of its powerful oxidizing properties ozone is widely used for sterilizing water and for air purification. It also is applied in organic chemistry in ozonosis, which is the reaction of ozone with unsaturated compounds such as the hydrocarbon ethylene. Oxygen OxidesOxides are any of a large and important class of chemical compounds in which oxygen is combined with another element. Almost all elements form oxides, which vary in properties according to the element. Metal oxides are crystalline solids that contain a metal cation and the oxide anion O2. They usually react with acids to form salt or with water to form bases. For example, calcium oxide (CaO) reacts with water to form calcium hydroxide (Ca (OH2)), and if it is combined with hydrochloric acid it forms calcium carbonate (CaCl2), a salt. Nonmetal oxides are volatile compounds in which the oxygen atoms are linked covalently to the nonmetal atom. .uced0eb227c8ab94d0057e5434819e293 , .uced0eb227c8ab94d0057e5434819e293 .postImageUrl , .uced0eb227c8ab94d0057e5434819e293 .centered-text-area { min-height: 80px; position: relative; } .uced0eb227c8ab94d0057e5434819e293 , .uced0eb227c8ab94d0057e5434819e293:hover , .uced0eb227c8ab94d0057e5434819e293:visited , .uced0eb227c8ab94d0057e5434819e293:active { border:0!important; } .uced0eb227c8ab94d0057e5434819e293 .clearfix:after { content: ""; display: table; clear: both; } .uced0eb227c8ab94d0057e5434819e293 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uced0eb227c8ab94d0057e5434819e293:active , .uced0eb227c8ab94d0057e5434819e293:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uced0eb227c8ab94d0057e5434819e293 .centered-text-area { width: 100%; position: relative ; } .uced0eb227c8ab94d0057e5434819e293 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uced0eb227c8ab94d0057e5434819e293 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uced0eb227c8ab94d0057e5434819e293 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uced0eb227c8ab94d0057e5434819e293:hover .ctaButton { background-color: #34495E!important; } .uced0eb227c8ab94d0057e5434819e293 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uced0eb227c8ab94d0057e5434819e293 .uced0eb227c8ab94d0057e5434819e293-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uced0eb227c8ab94d0057e5434819e293:after { content: ""; display: block; clear: both; } READ: Treatment of diabetes Essay They react with bases to form salts and with water to form acids. For example, sulfur trioxide (SO3) reacts with water to form sulfuric acid (H2SO4), and reacts with sodium hydroxide to form sodium sulfate (Na2SO4), a salt. There also amphoteric oxides they contain oxygen along with cations such as aluminum, tin, or zinc: they react either with acids or with water to form salts. For example, aluminum oxide (Al2O3) reacts with hydrochloric acid to form aluminum

Review of film Titanic by James Cameron

Given the fact that the semiotic significance of a particular movie cannot be discussed outside of the conventions of an affiliated socio-cultural discourse, reflected by the contained themes and motifs, it is fully explainable why it now represents a common practice among critics to refer to cinematographic pieces, as such that often advocate the socially constructed behavioral norms.Advertising We will write a custom essay sample on Review of film Titanic by James Cameron specifically for you for only $16.05 $11/page Learn More Moreover, because Western societies never ceased being stratified along a number of different cultural, social and ethnic lines, there is nothing particularly odd about the fact that many Hollywood films (especially the historical ones) are being concerned with exploring the motif of a socially upheld inequality among people, reflective of the specifics of their gender and class affiliation. The validity of this statement can be well explored in regards to the 1997 film Titanic, directed by James Cameron. After all, in this particular film, the director had made a deliberate point in exposing the existential stances, on the part of Titanic’s passengers, as such that corresponded perfectly well with the concerned people’s social perception of selves. For example, there is a memorable scene in this film, where Jack Dawson (Leonardo DiCaprio) ends up dining with first class passengers on the ship’s upper deck– quite contrary to the fact that, by virtue of being a third class passenger, he was not allowed to even approach close to these people. This, however, should not be perceived as an indication of the first class passengers’ ‘open-mindedness’ – by having Jack invited, they simply wanted to entertain themselves. This is because they expected Jack to prove himself being a rather unsophisticated individual, which in turn would help them to continue enjoy ing their privileged status, as such that has been dialectically predetermined. This, however, was not meant to happen, because while conversing with the moralistically minded ‘rich and powerful’, Jack was able to subtly expose their self-presumed ‘superiority’ being rather incidental, â€Å"Jack: I’ve got everything I need right here with me†¦ Just the other night I was sleeping under a bridge, and now here I am on the grandest ship in the world having champagne with you fine people† (01.00.32). Therefore, there is indeed a good reason in referring to Cameron’s film, as such that promotes a thoroughly humanistic idea that the measure of people’s actual worth has very little to do with what happened the extent of their material well-being.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More The same can be said about how this film reflects u pon male-chauvinistic prejudices towards women, which appear to have been shared by not only the film’s many male but also female characters. For example, there is another notable scene in the movie, where Rose’s (Kate Winslet) mother Ruth (Frances Fisher) tries to convince her daughter that she had no other option but to agree marrying Cal Hockley (Billy Zane), despite the fact that there was no even a slightest hint of love between these two characters. According to Ruth, even though that forcing Rose to marry Cal stood in striking contradiction to her daughter’s desire, Rose had no good reason to complain about the situation, because it is fully natural for women to be willing to give in to the external circumstances, â€Å"Of course it’s unfair†¦ We’re women. Our choices are never easy (01.11.00). It is needless to mention, of course, that such Ruth’s point of view has been predetermined by what used be the realities of her patriar chal upbringing. Apparently, ever since her early years, Ruth was endowed with the belief that there was not anything unnatural about women being continually victimized by men. Nevertheless, it would be quite inappropriate to suggest that the philosophical appeal of Cameron’s film is being solely concerned with the fact that, while working on it, the director strived to expose the counterproductive essence of the early 20th century’s class-related and gender-related conventions. This is because, along with advancing the idea that there can be no rationale-based reasons for people to be discriminated against, on the basis of what happened to be the particulars of their biologically/socially defined self-identity, this film also helps viewers to adopt a thoroughly scientific outlook on the representatives of Homo Sapiens species. That is, contrary to what it being assumed by the religious /moralistic individuals, the watching of Cameron’s film leaves very few doub ts, as to the fact that people are essentially primates, who rely predominantly on the workings of their unconscious psyche, when it comes to addressing the life’s most acute challenges. The validity of this suggestion can be well illustrated in regards to the film’s final scenes, in which fashionably dressed gentlemen from the upper deck, try to make their way to the lifeboats, while trampling the bodies of women and children. Because earlier in the film, these men having been shown to treat the same women in a particularly gallant manner, viewers’ exposure to the ‘sinking’ scenes naturally predisposes them to think that the extent of people’s affiliation with the values of a ‘civilized living’ can be best defined rather negligible.Advertising We will write a custom essay sample on Review of film Titanic by James Cameron specifically for you for only $16.05 $11/page Learn More This is because, as it was shown in the Titanic, people’s foremost existential agenda in being solely concerned with the ensuring of their physical survival. Once, they are being put in a life-threatening situation, the considerations of religion, morality and behavioral etiquette, on their part, instantaneously disappear into the thin air, while prompting them to act in a manner, fully consistent with what these people really are, in the biological sense of this word – hairless apes. Therefore, it is quite impossible to agree with Allan Johnson, who promote the idea that the very notion of competitiveness should be regarded ‘inappropriate’, because it reminds emotionally sensitive individuals the politically incorrect truth that there is a ‘monkey’, residing deep inside of them, â€Å"I don’t play Monopoly anymore, mostly because I don’t like the way I behave when I do. When I used to play Monopoly, I’d try to win, even against my own childre n, and I couldn’t resist feeling good when I did (we’re supposed to feel good) even if I also felt guilty about it† (17). It appears that, while coming up with this statement, Johnson remained unaware of the simple fact that one’s ability to compete with others for the limited resources, defines his or her chances of attaining a social prominence. Therefore, prompting people to refrain from behaving in accordance with the basic laws of nature, which endorse competition, cannot result in anything but in reducing the extent of their existential fitness. Therefore, it will only be logical, on our part, to conclude this paper by reinstating once again that the measure of just about film’s educational/philosophical worth should not only be assessed in regards to how this film helps viewers to realize the counterproductive essence of socially upheld prejudices (such as the assumption of women’s ‘inferiority’). In order for a particular movie to be considered enlightening, it also needs to encourage viewers to come to terms with what can be considered the discursive significance of their biological constitution – even if this is being accomplished at the expense of revealing the conceptual fallaciousness of politically correct dogmas. Because the themes and motifs, explored in Cameron’s movie, appear fully consistent with these two provisions, there is indeed a good reason to refer to this particular film thoroughly progressive. Works Cited Johnson, Allan. The Forest and the Trees: Sociology as Life, Practice and  Promise. Philadelphia: Temple University Press, 1997. Print. Titanic. Ex. Prod. James Cameron. Los Angeles, CA.: 20th Century Fox. 1997. DVD.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More This essay on Review of film Titanic by James Cameron was written and submitted by user Hot Ferret to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Study of the key Mergers Acquisitions of Banco Santande (2002-2010) The WritePass Journal

Study of the key Mergers Acquisitions of Banco Santande (2002-2010) References Study of the key Mergers Acquisitions of Banco Santande (2002-2010) ABSTRACT   1. 0 INTRODUCTION  2.0 LITERATURE REVIEW3.0 RECENT HISTORY –3.1 Origins Growth3.2 Main economic and legal environments in main market –3.3 Strategic developments (2002-2010)3.4 Business Opportunities3.5 Long term performance in stock market – 4.0 Empirical Supports 4.5.1 Liquidity ratio4.5.2 Profitability ratio4.5.2.1 Return on equity4.5.2.2 Return on capital employed4.5.2.3 Return on Assets4.5.2.4 Cost-Income ratio4.5.3 Investment valuation ratios4.5.3.1 Dividend payout ratio (DPR)4.5.3.1 Earnings per share (EPS)ConclusionReferencesRelated ABSTRACT Mergers and acquisitions (MA) play a vital role in the corporate finance world. For many companies, M A is source of external growth when company organic growth has already reached at peak. Globalisation of the world economy allows company expanding their operations and also competes against the domestic players through mergers and acquisitions. This study highlights the success story of acquisition of UK bank â€Å"Abbey National† by Spanish Bank – â€Å"Banco Santander† in November 2004.This acquisition profoundly transformed the Group Santanders business profile, provided the growth opportunity in most profitable attractive market, diversified the risk and substantially increased the market capitalisation. This study examines the Santander strategic development post acquisition, impact on their financial performance also their long term performance in stock market. This cross – border M A has been very beneficial for the Santander. Santander continu es to focus on delivering value for shareholders through organic growth and acquisitions. Analysis of the topic has been demonstrated by several examples. The data and the information source are publisher’s websites, literatures, news, and, various articles.    1. 0 INTRODUCTION Privatisation and deregulation have brought substantial changes in the financial markets since the 1970s. In 1980 deregulation was encouraged in the EU which brought major structural change. Introduction of the single currency in Europe was example of further deregulation, which encouraged countries to open their markets to foreign competition. Abbey National had gone through a big transformation in the last century from a building society, to successful bank and finally to a bid on the market. Abbey National was a well-established domestic name in the UK. It has been a successful business in the past. Abbey National proceeded to expand through mergers and acquisition in order to maintain its market position, however, diversification of its core businesses and a lack of focus resulted in large losses for the group from year 2001 had total loss of  £984million in 2003. In 2001 the Lloyds TSB placed offer to takeover, which was likely to result in a large market share ownership within the UK by one bank. This was overturned by Competition Commission and the Office of Fair Trading as it was against the public interest. Santander realised Abbey National as a safe investment compared to its Latin American banks that have been losing money for the last two years. Moreover, this acquisition for Santander was a new interest in retail banking, which was Abbey National’s strength. Abbey National plc and Banco Santander Central Hispano, SA reached an agreement on the terms of a recommended acquisition by Banco Santander of Abbey on 26 July 2004, which was formally approved by the courts and Abbey became part of Grupo Santander on 12 November 2004.   2.0 LITERATURE REVIEW Mergers and acquisitions are source of external growth when organic growth is not possible. For smaller companies there is constant threat to their continued independent existence by the big player/competitor. The terms Mergers takeover are synonymously used although there is narrow distinction between the two. Merger is reorganisation of assets into a new organisation having agreement of both their shareholders. Merger involves company of similar size which reduces the dominance of each other. A take over is acquisition of the ordinary shareholders capital by another company. This may be financed by cash payment, an issue of securities or a combination of both. In acquisition bidding company is larger and dominant than the target company. Broadly takeovers can be classified into following three categories – â€Å"Horizontal takeover† – Company operating in the same industry and similar stage of production â€Å"Vertical takeover† – Operating at different stages production within the same industry. Vertical takeover may be a move forward in the production process to secure distribution outlet, or a move backward in the production process to secure the raw material supply. â€Å"Conglomerate takeover†- Combining two companies operating in different area of business. When there is international dimension involve it is called cross border acquisition. Justification for acquisitions – â€Å"Economic† â€Å"Synergy† – â€Å"When assets and /or operations of two companies complement each other, so that sum of their combined output is more than individual some†. â€Å"Economies of scale† – â€Å"Similar to above as the scale of operation is larger and better efficiencies/ output are experienced1.† â€Å"Elimination of inefficient management† – â€Å"Acquisition helps replacing inefficient manager by efficient managers leading to deliver better performance and output1.† â€Å"Entry to new markets† – â€Å"Entry to new geographical and business area right from scratch may not be an economical option so acquisition is chosen as efficient route to expansion.† â€Å"To provide critical mass† – â€Å"Smaller companies experience lack of credibility because of their small size. Because of the increasing importance of R D and brand investment, merging company’s pool resources to establish critical mass required to provide cash flows to finance such requirements1.† â€Å"Means of providing growth† – When company finds organic growth difficult then this strategy will be a quick solution for providing growth. â€Å"Market Power share† – Horizontal acquisitions increases market share and earn monopoly profits, whereas vertical acquisition increase company power in raw material or distribution. 2.   Ã¢â‚¬Å"Financial â€Å" â€Å"Financial synergy† – If the cost of capital decreases as a direct result of acquisition. In conglomerate takeover because of lack of correlation between the cash flows of different companies reduces the volatility of cash flow. These results in reduced business risk and cost of capital may decreases. â€Å"Target undervaluation† – â€Å"Target company’s shares are undervalued where capital markets are not efficient as a result company may be a bargain buys†. â€Å"Tax consideration† – Tax exhausted company will be benefited with the acquisition of non tax exhausted company so that tax allowable benefits can be brought forward which may offset capital allowance interest. â€Å"Increasing earning per share† – â€Å"Earning per share increases if the bidding company has a higher price/earning ratio than its target company†. 3.   Ã¢â‚¬Å"Managerial Motives† – This may also arise if managers are more concerned satisfying their own objective rather than with increasing the wealth of shareholders. Sometimes motives behind such acquisitions are to increase managers pay power. Factors influencing takeovers trends are as follows (i)â€Å"Booming Stock exchange† – With the increase in share prices it attracts the bidding company to have acquisition of the target company. (ii) Increase in company’s real liquidity and profitability encourages takeover. (iii)   Deregulation external source of finance (debt) more easily available in the market. 3.0 RECENT HISTORY – 3.1 Origins Growth The Abbey National Building Society was formed following the merger of two long standing building societies in 1944. During the period of 1970 and 1980 it gained reputation for innovation changes. In 1988, Abbey National plc was incorporated as a bank and in 1989 the Society transferred business to Abbey National plc. September 11th attack in New York Enron turned out in 2001 damaged confidence in various financial areas. From this point, Abbey struggled from financial losses and a tarnished image. In 2003, the brand name was shortened to Abbey. There was major reorganization of the bank in September 2003. In 2004 it became a wholly owned subsidiary of Grupo Santander of Spain After two successive years of losses Abbey returned to profit in 2004 even though there was big cost of reorganization post acquisition charges ( £564 million). Abbey was renamed Santander UK in January 2010. Table 1 – Grupo Santanders Performance comparison in Year 2004 2005 Source – Santander Annual Report 2005 santandershareholder.com/financial-information/reports-and-publications/ Table 2- Abbey Full Year Results for the Year 2004 2005- Source Abbey 2005 Full Year Results – aboutsantander.co.uk/investors/financial-results-and-presentations/2005.aspx 3.2 Main economic and legal environments in main market – There has been a good economic environment for business growth till 2007. Market was hit by deep recession in 2008 which continued till 2009. Year 2010 saw the recovery. Table 3 – Main Economic highlights 3.3 Strategic developments (2002-2010) Santander Consumer continued to develop its two-pronged growth strategy organic and selective acquisitions with excellent results. Banco Santander has expanded its operations aggressively with several acquisitions in the last decade. Santander strategy is to follow the business model of proven success in European and Latin American countries, and was applied in Abbey. The pillars of this model are Focus on retail banking Diversification, efficiency Prudence in risks Balance sheet strength Flexible style of management, which enables them take advantage of business opportunities Adapt easily to the countries where they operate and to the changes and new challenges. 3.4 Business Opportunities On 26 July 2004 â€Å"Banco Santander Central Hispano† announced the acquisition of â€Å"Abbey National plc†, the acquisition was formally approved by the courts on 12 November 2004. In June 2006, â€Å"Banco Santander Central Hispano† purchased almost 20% of Sovereign Bank. In May 2007 consortium â€Å"Banco Santander Central Hispano†, â€Å"Royal Bank of Scotland† and â€Å"Fortis† made an offer to takeover â€Å"ABN AMRO†. In October 2007 acquired â€Å"ABN AMRO†. As part of the deal, â€Å"Grupo Santander† acquired â€Å"ABN AMROs† subsidiary in Brazil and its subsidiary in Italy. On 13 August 2007, â€Å"Banco Santander Central Hispano† changed its legal name to â€Å"Banco Santander†. In November 2007, it sold Banca Antonveneta to Monte dei Paschi di Siena. In March 2008, Banco Santander sold Interbanca, a subsidiary of Banca Antonveneta, to GE Commercial Finance In July 2008   it intended to takeover the UK bank Alliance Leicester, the acquisition was completed in October 2008.This was followed by the acquisition of the savings business of UK bank Bradford Bingley (BB) in September 2008. The banks, along with Abbey, are to be merged together under the Santander name in the UK by the end of 2010 These acquisitions saw Santander managing diversified portfolio which reduced the risk and also provided a profitable growth to emerge as the largest financial in the world. Santander’s continues to focus on the attraction, engagement, development, progression and retention of its senior leaders. 3.5 Long term performance in stock market – Table 4- Stock market Key Performance for Santander 2002- 2010 The above table shows Santander Group robust performance in the last decade. Share prices had doubled prior to the 2008 when there was worldwide recession and stock prices tumbled down. Company has shown a great resilient performance and recovered slowly to a steady growth position. Figure 1 – Share Prices of Banco Santander Figure 2 – Market Capitalisation of Banco Santander 4.0 Empirical Supports Table 5 Key Ratios Performance of Banco Santander 4.5.1 Liquidity ratio Liquidity ratio shows companys ability to repay short-term creditors out of its total cash. The liquidity ratio is the result of dividing the total cash by short-term borrowings. Current ratio = Current Assets/Current liabilities Figure 3 – Current Ratio of Banco Santander 4.5.2 Profitability ratio These ratios express the company ability to generate earnings as compared to its expense. Various measures used in this analysis are Return on equity (ROE), return on capital employed (ROCE), and return on asset (ROA) . 4.5.2.1 Return on equity Return on equity (ROE) – This measures rate of return on the ownership interest. It’s efficiency of generating profits from every units of shareholders equity. This is expressed as following formula ROE = Net profit after taxes/Average shareholders’ equity Figure 4 – ROE of Banco Santander 4.5.2.2 Return on capital employed This measure earning with capital invested in the company. This is expressed as ratio of earning before interest taxes to the capital employed. Capital employed is represented as total asset less current liabilities or fixed asset plus working capital. ROCE = Net profit after taxes/Capital Employed Figure 5 – ROCE of Banco Santander 4.5.2.3 Return on Assets This measures the profitability of company’s assets in generating revenue. This is ratio of Net Income to mode of total asset. ROA = Net profit after taxes / Total Assets Figure 6 – ROA of Banco Santander 4.5.2.4 Cost-Income ratio This is measure of efficiency. This measure change of cost compare to income. It directly affects the profit margin.   As the efficiency decreases means cost decreases or income increase or increase in cost is less compared to income. This results in improved margin. Figure 7 – Efficiency of Banco Santander 4.5.3 Investment valuation ratios Investment ratio is measure of returns in future. This is an anticipated value/Forecast on the investment. 4.5.3.1 Dividend payout ratio (DPR) This ratio measures the percentage of earnings (net income) per common share allocated to paying cash dividends to shareholders. Dividend payout ratio is indicates the earnings of dividend by every share against the earning per share. DPR= Dividends per common share/Earnings per share. Figure 8 – DPR of Banco Santander- 4.5.3.1 Earnings per share (EPS) This express part of a companys profit allocated to each outstanding ordinary share. Earning Per Share is a measure/tool used by investors to asses profitability based on the number of shares they hold/own. EPS = (Net Income – Dividends on preferred stocks)/Average outstanding ordinary shares Figure 9 – EPS of Banco Santander Conclusion In this study the research has been carried out on the M A in general and role of M A on the financial performance of Banco Santander in particular. Deregulation of having single currency Europe wide globalisation opened the market for foreign companies to expand their operation compete against domestic players. This acquisition is a case of cross- border where Santander got opportunity of acquiring diversified portfolio which reduced risk in their business. Ratios such as Liquidity, Profitability, Investors, Gearing Returns have been considered pre post acquisition for analysis in order to understand the financial performance of the bank in the last decade. Santander continued to grow organically and also followed very aggressive cross border acquisitions as a strategy. Santander has shown a very robust performance post acquisition. In 2005 after acquisition of Abbey Santander profits soar group shown 35% rise in profit during the first six months. Overall rise was 44% in the year. Santander continued acquisitions and business growth has been significant year on year basis. Santander performance has been resilient during recession and shown great recovery in 2010. Assets, Market Capitalisation, Profits, Earning Per Share has shown significant growth in the last ten year. High profitability led Santander to pay high dividend to share holders. Santander continues to focus on shareholder values and paid big returns to share holderâ€⠄¢s money. Santander emerged as world’s biggest financial group in a decade. References Watson, D. Head, A (2010) Corporate Finance: Principles Practices, Abbey National (2004) History According to aboutabbey.com Abbey National (2004) Annual Report According to www.abbeynational.co.uk BBC News (2001) A battle for Abbey National According to http://news.bbc.co.uk/1/hi/business/1170339.stm BBC News (2003) Abbey National slumps into losses According to http://news.bbc.co.uk/2/hi/business/2799905.stm Forbes (2004) Abbey National Shareholders OK Takeover According to www.forbes.com Taylor. G (2003) UK Building Society demutualization motives Business Ethics, Volume 12 Issue 4 Page 394 Webster. J (2001) Final Thematic Report – Retail Financial Services According to www.tcd.ie/erc/Servemploi/reportspdf/FinalThRep/sevthrefiancial.PDF  5th Edition, Harlow: Prentice Hall http://en.wikipedia.org/wiki/Abbey_National aboutsantander.co.uk/ â€Å"www.google.co.uk† aboutsantander.co.uk/investors/financial-results-and- presentations/2005.aspx santandershareholder.com/financial-information/reports-and-publications/

Quality Managment Essay Example | Topics and Well Written Essays - 1750 words

Quality Managment - Essay Example The four absolutes of Crosby’s quality management system enhance operability and functioning of complex rail networks. Professionals in railway operations must remember that quality always comes at a cost; and it is always cheaper and better to promote superior quality from the very beginning. Quality is always about conforming to requirements Conformance to requirements is the first absolute of Crosby quality management philosophy. As a result, it is imperative that such requirements are clearly defined (Evans & Lindsay 2007). That Crosby defines quality in customer terms makes quality management an extremely challenging task, since every customer has his(her) own vision of quality. A business executive traveling from Leeds to London for a full day’s work is looking for superior quality of network rail operations, which should manifest through the no-delay-approaches. Simply stated, a business executive whose schedule is overfilled with meetings and tasks will hardly w ish his train to be late. Business executives traveling for workplace and business purposes usually have their days planned minute by minute. A train is just an instrument of meeting their business objectives. Any delay may become a serious impediment to the development of effective relations between business executives, their suppliers and customers. Therefore, quality is judged by whether or not network rails operate in accordance with their schedules and deadlines. By contrast, grandparents traveling from Sheffield to spend the weekend with their grandchildren in Brighton will always search for the best cost. Affordability will become the main criterion of quality judgments. Older people experience budget constraints and are extremely economical in their financial decisions. However, they do not want the cost of traveling to be low by all possible means; rather, they will look for an option that is equally cheap and safe. A company that manages to offer a safe and affordable trav eling alternative will become the object of grandparents’ choice. Eventually, four friends from Sunderland wanting to take a 4 day break in Paris want to have a nice and pleasant journey. Most probably, they will look for an affordable network rail option that offers smooth travel, includes a good restaurant to spend time in, and makes possible to observe wonderful landscapes and sights on their way to Paris. Such people want everything to be perfect. They do not want their holidays to be spoiled by minor disturbances. However, again, safety will become the main quality requirement for them. Whatever the purpose of traveling, all passengers will expect railway professionals to secure them from the risks of accidents and delays. Quality management: Prevention rather than detection Superior quality management systems rely on the premise that prevention is always better than detection. This is particularly the case of railway networks, which are characterized by relatively high risks of accidents and technical failures. Like any other complex technical mechanism, railways operate in the atmosphere of uncertainty, and prevention is the best way to protect passengers and technical assets from unnecessary failures and risks. Three possible ways to prevent undesirable occurrences from happening in Network Rail may include (1) road safety audit; (2) the use of GIS and GPS systems; and (3) regular training and checks

Canada's Missing And Murdered Aboriginal Women Essay

Canada's Missing And Murdered Aboriginal Women - Essay Example Canada's Missing And Murdered Aboriginal Women In order for the government to redeem its look in the eyes of the public, it has to consider the extent at which it has indicated the dedication towards the solving of the disappearance case (Cbc par5). Since the issue has blown into different parameters, the government ought to consider the potential implication of the disappearances by setting up a national public inquiry, better police intercommunication and improving the relations between the aboriginal and non-aboriginal more so in the police relations. The issue of the disappearance of the women can be best explained using the highway of tears. This is documentation of the number of deaths that have taken place in an 800 km stretch between Prince George and Prince Lupert. The documentation covered the number of the disappearances to be between 18 according to the official information, however, the aboriginal leaders place the number of the women that disappeared to be up to 43 people from 1969-2011. The lack of a conclusive solution to the murdershas often been linked to the assumptions that the government is not keen on the investigations owing to the racial orientations of most of the victims. The issue that most of the reports overlooks is the races of the victims of the murders. Over half of all the people that died in the highway of tears are aboriginal. This is the main aspect that the proponents of the racial discrimination possibility use to argue for their assertion.