Fpi Assignment

Executive Summary The report is regarding to the knowledge of analyzing the accounting data of a listed company, using the various accounting information that provided to identify and examine the competitiveness and efficiency of the listed company. Besides, in order to examine the reliability of the data provided, analysis of the balance sheet and income statement is required. The financial information can be obtained from the annual reports of Harbour-Link Group Berhad.In addition, the report is required to include the top-down approach which consists of Economic analysis, Industry analysis and Fundamental analysis to analyze the listed company in the point of view for investors. Table of Content 1. Introduction 1. Objectives 2. Analysis of the statement of financial position, the statement of financial performance and cash flow statement. 1. Financial Analysis ratio: Asset efficiency ratio Capital Structure ratio Liquidity Ratio Profitability Ratio Share Price 3. Economic Analysis 4. Industry Analysis . Conclusion 6. Findings 7. References Introduction In this report, Harbour-Link Group Berhad is chosen among the listed companies. Harbour-Link Group Berhad is an investment holding company which provides shipping, forwarding and transportation, plant and machinery hiring, and engineering contract services primarily in Malaysia and Singapore. Harbour-Link Group Berhad was founded in the year of 1975 and it is based in Bintulu, Sarawak, Malaysia. It was officially listed on Bursa Malaysia Securities Berhad in the year of 2004.Today, Harbour-Link Group’s success lies in its strong foundation of expertise in the industry and its ability to established the company as a reputable brand-name within the shipping, sea freight forwarding and transportation industries. Objectives 1. To identify the sources of funds, Balance Sheet and profit or loss of the Harbour-Link Group Berhad. 2. To analyze accounting data of Harbour-Link Group Berhad to examine its financia l performance using Financial Performance Indicators (ratio analysis) 3.To analyze the economy status, competitors within the same industries and evaluate the operating efficiencies of the listed company. 4. To examine the competitiveness and efficiency of the listed company by using the various accounting information provided. Financial Analysis Financial analysis ratios are used to examine the financial performance of a company in which it will be reflected in the ratios calculated. (Giles et al, 1994, p. 371) Asset efficiency Ratios Asset turnover ratio From the data calculated, the asset turnover ratio for the financial year of 2008, 2009 and 2010 are 109. 9%, 92. 12% and 79. 65%. This indicates that the Harbour-Link Group Berhad is not doing well in the sales of the products or services because the asset turnover ratio is decreasing from year to year. Debtor turnover (in days) Debtor turnover is the debtor collection period of a company. Harbour-Link Group Berhad had a debtor t urnover of 73 days in the year of 2008. In the year of 2009, the debtor turnover is 77 days. However, its debtor turnover is decreased to 71 days. This reflects that the possibility of default risk for the debtors is decreasing.In fact, this is a good thing in a company. Inventory Turnover Inventory turnover measures how many times the company can sell through its inventory for each year. In the year of 2008, Harbour-Link Group has an inventory turnover of 163 times. The turnover increased to 212 times in the financial year of 2009 but the inventory turnover decreased to 127 times in the year of 2010. This reflects that the company can sell better in the year of 2009 but it dropped tremendously in the year of 2010. Capital structure Ratio Debt to equity ratioThe debt to equity ratio of Harbour-link Group Berhad is decreasing from the year of 2008 to 2010 by 2%. This is caused by the reducing of total liabilities and the increasing of the total equity. Time interest earned The times- interest-earned ratio allows a lender to evaluate the company’s ability to meet its debt obligation. It is a ratio of the earning before interest and tax over the interest expenses. The time interest earned has a slightly increased from the year of 2008 to year 2009 but it has a greater decrease in ratio amount from the year of 2009 to year 2010.This means that in the year of 2010, Harbour-Link Group Berhad have lesser earnings are available to meet the interest payments and this makes the company to be more vulnerable to the increases in the interest rates. Liquidity Ratios Liquidity ratio is the ratio that is used to examine the liquidity of a company. It includes: Current Ratio Current ratio is the ratio of current assets to current liabilities. Harbour-link Group Berhad has it current ratio decreasing from the year of 2008 to 2010. Its current ratios are 1. 90, 1. 76 and 1. 57 respectively. The ratio is decreased by 14% and 19%.The data is calculated as shown in the findi ngs. Liquid Ratio Liquid ratio is the ratio of (current assets-inventory) to (current liabilities-bank overdraft). Harbour-Link Group Berhad has borrowings so there is bank overdraft existed and that’s why it is classifies as a debt financing organization. The company has a higher liquid ratio of 2. 34 in the year of 2010 compared to the year of 2008 and 2009 which is 1. 88 and 1. 75 respectively. The liquid ratio of the 3 financial years exceeded 1 and this indicates that the current assets are greater than the current liabilities.Higher liquid ratio reflects better performance of the company. Net working Capital Net working capital is the difference between current assets and the current liabilities. In the three financial years, Harbour-Link Group Berhad has the highest net working capital of RM 51. 4 million in the year of 2008. The figure of net working capital for Harbour-link Group Berhad decreased in the year of 2009 and 2010 by 0. 43% and 12. 32% respectively. This s hows that there is a drastic drop in the net working capital of year 2010. Profitability Ratios EBIT to total funds ratioEBIT to total funds ratio of Harbour-Link Group Berhad is decreasing in the range of 22% from the financial year of 2008 to 2009 and 21. 4% from the financial year of 2009 to 2010. The total funds consist of shareholders’ funds and borrowings. According to the annual report, Harbour-Link Group Berhad is practicing debt-financing to raise funds because there is borrowing existed. Return on Equity (ROE) Harbour-link Group shows a decrease in net income from year 2008 to 2010. This situation leads to the decrease in the return on equity (ROE) of 5%.In the financial year of 2010, it has the ROE of 0. 08 which indicates that for every RM1 of the capital that the shareholder invested into, they will get 8% of return. Return on Assets The return on assets measures the productivity of assets in terms of the level of profits each dollar of assets generates. (Karen D . H, 2004, p. 131) The return on assets of the Harbour-Link Group Berhad is decreasing from the financial year of 2008 to 2010. It decreased from 8% of year 2008 to 7% in the year of 2009 and then 5% in the year of 2010.This implies that the productivity of the company’s assets is not doing well in terms of profits that the assets generated. Net Profit Margin The net profit margin is the ratio of net profit after tax to the total revenues. In the financial year of 2008 and 2009, Harbour-Link Group Berhad has the net profit margin figure of 8%. It indicates that the company has a net income of RM0. 08 for each RM1 of sales. However, the net profit margin for the year of 2010 decreased by 2% which is only 6% in the financial year. This shows that for every RM1 of sales made by the company in year 2010, the net income is only RM0. 6 which is RM0. 02 lower than the previous year. Share Price Price to Earnings Ratio (P/E) Price to Earning ratio is calculated by using the share pri ce of the year 2010 over the earnings per share. The market price of Harbour-Link Group Berhad was amounted to RM 0. 72 in the year of 2010. From the annual report of the financial year of 2010, the earning per share is RM 0. 11. By using the formulae, the price to earning per share of 2010 is calculated as shown in the table with a figure of RM 6. 825. Current Economic Analysis Roots of Global financial crisisGlobal financial crisis are usually caused by bad regulation of the banking sectors, failure of fiscal and monetary policy implemented and so forth. In the year of 2008, Financial crisis began with the declared of bankruptcy of Lehman Brothers Holdings Inc. which is the fourth largest investment bank in United States. It was a severe ongoing world financial problem that began in U. S in the year of 2008. This recession has entirely hitting on the fragile global economy with the tremendous devastation in countries all around the world. The U.S government was trying to point the finger of the financial crisis to the rating agencies, who knew about the great risk that was coming but kept giving high reliability ratings to companies that did not deserve them and thus investors invested in the wrong companies. The cause of the bankruptcy of Lehman Brothers Holdings Inc was the accumulation of debt and the increasing of loan defaults. Why it evolved into a world crisis The news on bankruptcy of Lehman Brothers Company led to the drastic fall in the share price all over the world.The company had billions of dollars losses incurred in the mortgage market of United States. (BBC NEWS, 16th Sept 2008) In Lehman Brothers’ case and the other investment banks, the problem was provoked by 2 major factors which are the very high level of leverage ratio and the dependence on short-term debt financing. Commercial banks cannot leverage their equity more than 15 to 1 as they are regulated but for Lehman Brothers Company, it had a leverage ratio of more than 30 to 1. According to the table 1, Lehman Brothers had only $3. 30 of equity for every $100 of loans. With this ratio, it makes the company to be insolvent.Conversely, the instability arose from the leverage problem was aggravated by the strong reliance on the short term debt. Based on table 1(Lehman Brothers Liabilities and shareholder’s equity), at the beginning of the crisis, the company financed greater than 50% of the assets. Reliance on short term debt financing is profitable indeed when it comes to a low interest rate market environment. However, when the company faced rumors of the insolvency problem, the short term lenders will start to have doubt on the company’s performance and therefore, they will start to withdraw their funds from the company for self interest protection.This scenario will lead to a shortage of liquidity for the borrower and thus the company tends to default. After the crisis began, Lehman Brothers did try to decrease its leverage and reduce its de pendence on the short term borrowing but it was too late for them to amend the situation and therefore, bankruptcy occurred. The bankruptcy of Lehman’s brother forced the reassessment of risk in the market by looking at the price of the credit default trades. Impact on Malaysia and world economies The crisis started in the year of 2008 had a great hit on Malaysia and world economies.It causes the gas price had a drastic drop, decreasing of the value of real estates, the increasing of unemployment rate, Federal debt crisis and inflation. There is a global explosion in commodities price. The price of crude oil was remaining at high levels for few years till the end of 2008, the crude oil price dropped from the peak in July 2008 of US$145 to US$30. 28 per barrel in December 2008. (Forbes, 2008) According to the findings in table 2, the unemployment rate of Malaysia increased by 3. 13% from the year of 2008 to 2009 and 12. 12% from the year of 2009 to 2010.Malaysian future econom ic At first, Malaysia was aiming to have 9% of average annual Growth Domestic Product (GDP) until 2020. Suddenly, according to the Economic Planning Unit, the government noted that the number is absurd then they changed and told that Malaysia was capable to achieve 5. 4% of Growth Domestic Product (GDP) annually over the next 10 years to achieve the objective of becoming a high income economy by 2020, which is the vision 2020 (East Asia Forum, 2009). These seem that Malaysia’s economic future is uncertainty. It keeps changing.Besides, Malaysia’s government has a close relationship with its private businesses. Because of the relationship with some business groups have ostensibly led to the emergence of political cronies with unlimited access to public resources. Not only the relationship that mention above but also the experience of neighbouring Indonesia shows that it is a dangerous trend that could negatively affect economic development in the future. In this matter, changes in political leadership led to unstable political environment. Although it does not directly effect on Malaysia, it threatens he influx of refugees caused damage regional stability and social stability. Malaysia's maritime economy can be defined as the production and manner of use of the range of goods and services that are linked to the maritime sector (Abdul Aziz Abdul Rahman, 1997). It covers the activities that are resource based, including fisheries, oil and gas, marine biotechnology and those that are service based such as shipping ports, shipbuilding and repair and the myriad range of ancillary maritime services (Maritime Institute of Malaysia,2005).Malaysia's main concern is the future of marine economy of the future of Malaysian trade, because the country's foreign and domestic trade, or even almost totally dependent on sea transport facilities. From this we can know that it will have a very bright prospect in maritime economy. If Malaysia is to achieve the goals of industrialization, productivity-driven growth and enhancing competitiveness will depend on how the maritime sector is managed. The maritime sector has a main role to play in enhancing productivity-driven growth. An important element that will affect efforts to sustain international competitiveness is productivity.But, for longer term, Malaysia will need to maintain its international competitiveness, since there is rising competition from other emerging markets for Foreign Direct Investments (FDIs) and for the transfer of modern technologies. Environmental issues are also important for Malaysia in the longer term as deforestation and global climate change may destabilize the country's agriculture, which still plays an important role in the national economy. What is the most important is the political will effect a change to system-centred thinking in planning the future of the economy. So, a stable political environment is very important to Malaysia.If the political environment of M alaysia is good, it will have a bright future of economy. Solutions to the Global Financial Crisis or crises in general. Banks and financial institutions can cause a downswing of an economy because of their ignorance of the business cycle. Besides, bankers are greedy with the fat bonuses that they will gain if they get the highest market shares results. When the economy is doing well, they expect that there will be no recession problem is going to occur and therefore they will give loans to their customers without considering their customers’ affordability to repay the loans.Once their customers cannot afford to repay the loans, recession will occurs. To overcome these crisis problems, several steps can be used. Government and bankers often intervene to smooth the peaks and valleys of the economic cycle. There are two objectives that the government and bankers can do to prevent serious downswing of an economy. 1) Speedy intervention to prevent a self-perpetuating downward spi ral, which means protecting depositors at minimal long term cost to the taxpayer.For example, the Federal reserve may restrict the money supply in good times to slow the expansion phase of the economic cycle, or deficit spend and cut interest rates to ease the recessionary phase of an economic cycle. 2) Ensure so far as possible that future booms are less exaggerated. This has implications for the form of any rescue package, and for the system of financial oversight that is put in place. The growth of consumer credits will increase the consumption of the consumer. The increase in the consumption will increase the aggregate demand of the country whereby AD equals to C + I + G + (X-M). Mc Taggart et al, 2007 p. 766). When the AD is increasing, it means that GDP is also increasing. This shows that the consumer credits provided will also be increased and therefore people will keep on borrowing money from the banks for consumption. This situation actually can amplify the business cycle a nd extend the upswing of the economy. Industry analysis The domestic and the world economy were in a downturn in the year of 2009. All the industry was affected and they are making an effort to maintain their previous performance and growth momentum. In the year of 2009, Harbour-Link Group Berhad suffered revenue declined by 5. 9% to RM 327. 6 million. The revenue decreased again by 5. 76% to RM 308. 7 million compare to the previous year due to lower selling prices and softer consumer demand. One of the Company competitors, Swee Joo Berhad was also suffered by achieved a turnover of RM 346. 7 million which is 9. 9% lower than the previous financial period. The lower turnover was also impacted by the recovery state for the economy. Swee Joo Berhad has a reduce in current ratio from 0. 648 to 0. 278 which seems to be lower than that of the Harbour-Link Group Berhad and therefore Harbour-link seems to have a better current ratio.Swee Joo Berhad has a negative figure for its Earnings b efore interest and tax of -11. 32 million and -176. 82 million in the year of 2009 and 2010. This is a huge loss for the company. It shows that Harbour-Link has a better performance than its major competitor, Swee Joo Berhad. Although the economy showed signs of recovery, but most of the economists hold that the sustained global recovery is still vague. This situation greatly influenced the consumers spending behavior. According to the Edge, Harbour-Link Unit obtained the secured contracts of RM75. 2 to supply gantry cranes for the Bintulu Port Sdn Bhd.The contracts were expected to be done in the year of 2012 and it’s also expected to escalate the future revenue and earnings positively for Harbour-Link Group Berhad. (The Edge, 11 April 2011) There are several ways for the companies to perform better during this hard period. However, the suppliers are also important causes which will affect the company performance. Although Harbour-Link Group Berhad suffered lower revenue dur ing the year, however, it obtained quite a number of big projects with a favorable amount of contracts worth which is believed to boost the revenues for the future of the company itself.This scenario will assist Harbour-Link Group Berhad to create a stronger visibility and allow it to be well positioned for the economic recovery. Findings [pic] Table 1 shows Lehman Brothers Liabilities and Shareholders’ Equity Source: Lehman Annual Reports |Year |Unemployment Rate |Percentage Change | |2006 |3. 60 | | |2007 |3. 50 |-2. 78% | |2008 |3. 20 |-8. 7% | |2009 |3. 30 |3. 13% | |2010 |3. 50 |12. 12% | Table 2 shows the unemployment rate in Malaysia Source: CIA World Factbook Conclusion In conclusion, although the Harbour-Link Group Berhad has a downturn in its overall performances in the financial year of 2009 and 2010 as the results shown in the findings, but it has a better performance than its main competitor, Swee Joo Berhad in the shipping industries.The Harbour-Link Group Berha d is overall well organized in its financial statements as shown in the annual reports and it can be categorized as a profitable and successful listed company in Malaysia. On the perspective of investors, Harbour-link is counted as a good investment company and therefore investors are advised to consider Harbour-link Group Berhad as one of their investment company because the company has a good expectation to have a huge increase in its future economic benefits.The future economy of Malaysia is expected to have a good return and therefore this ensure that Harbour-Link Group Berhad is a wise investment for the future benefits. References Abdul Aziz Abdul Rahman, 1997, The Maritime Economy of Malaysia, Pelanduk Publication BBC News, 16 September 2008, http://news. bbc. co. uk/2/hi/business/7615931. stm Bursa Malaysia 2010- Equities, Bursa Malaysia Berhad, viewed on 26 April 2011 http://www. bursamalaysia. com/website/bm/market_information/prices/ East Asia Forum, Malaysia’s Eco nomic Future, view on 1 May 2011, http://www. eastasiaforum. org/2009/11/24/malaysias-economic-future/Encyclopedia of the Nations, Malaysia- Future Trends, viewed on 2 May 2011, http://www. nationsencyclopedia. com/economies/Asia-and-the-Pacific/Malaysia-FUTURE-TRENDS. html Forbes 2008- Crude Oil Prices 1861 – 2009, Forbes. com 2010, viewed on28 April 2011, http://www. forbes. com/2008/05/13/oil-prices-1861-today-real-vs-nominal_flash2. html Giles, R & Capel, J 1994, Finance and accounting, 3rd Edition, MacMillan, London Harbour-Link Group Berhad 2011, harbour. com. my; Total Logistics &EPCC Provider N. V 2009&2010, Harbour-Link Group Berhad, viewed on 22 April 2011, http://www. harbour. om. my/ Karen D. Halpern, 2004, Understanding Finance: Money, Capital and investments, Pearson, New Jersey. Maritime Institute of Malaysia, Malaysia and Port Competitiveness, 2005 Mc Taggart et al, 2007, Macroeconomics, 5th Edition, Pearson, Australia The Edge Financial Daily, 11 April 2011 v iewed on 24 April 2011. http://www. theedgemalaysia. com/ The Star Online 2011- Market watch, Star Publications (M) Berhad, viewed on 24 April 2011, http://biz. thestar. com. my/marketwatch/charts/l. asp? code=2062~HARBOUR&p1=0. 99&p2=0. 985&p3=0. 99&p4=0. 985&p5=0. 99&p6=0&p7=0. 00&p8=915&p9=0. 532

How the Boeing 707 Jet, the Bell X-1 and the NASA Mercury Capsule Essay

How the Boeing 707 Jet, the Bell X-1 and the NASA Mercury Capsule Friendship Seven Changed Aviation - Essay Example This paper aims to explain the contributions of some innovations in the aviation industry that became cornerstones of overcoming the physical limitations of man during the early 19th century. This paper also aims to discuss the positive and negative effects of aviation in America for the past seventy years, specifically starting from 1942 to the present time. According to Lombardi (8), the Boeing 707 took its first flight in Renton, Washington on the afternoon of December 20, 1957. It tool Boeing five years to be able reach the point of being able to showcase their first jet powered aircraft, that was later referred by historians as the start of the Jet Age. At exactly 12:30 pm that afternoon that day, Boeing decided to continue their first test flight of the Boeing 707. However, the weather conditions suddenly changed against the flight and officials had to abort the initial test that lasted only for 7 long minutes in the air. It was not enough, though, to claim that their design wa s truly a success since they needed a test flight that would last a full 30 minutes airborne. As the weather cleared, Boeing had decided to continue the test flight and that marked a historic day in aviation history with Boeing 707 being able lift-off, remain airborne for 71 minutes, and land back safely to the tarmac. The US government gave its full support on the achievement of Boeing and this led to a massive advertising campaign directed to the public that provided them information about the comfort and safety of travelling on jet liners. Boeing 707 and its other models that are technically similar to the design and concepts applied in the pioneer prototype aircraft, the 707-80 or commonly known as the Dash 80 jet transport prototype, have been mainly utilized for two operations – commercial flights for passenger transport and military services (9). In 1958, where Boeing 707 started its early days of operation, people who could afford to travel by air flew in slow, piston -powered transportations or Propliners. This mode of transportation was limited at that to a few dozen of passengers and shorter range flights, which was very costly at that time that not all Americans had the luxury to travel to other countries and even among other states via air travel. Mostly travelled by train for interstate travel, and transatlantic travels were carried out by large shipping vessels. However, in just a short span of two years, Boeing was able to dominate passenger air transport over travel by land and sea, this occurred during the 60s and have remained the same throughout the 70s (9). The compelling factor of the success of Boeing 707 is that the design of the aircraft can carry more passengers as compared to other aircrafts during the 60s and it allowed longer range flights, this led to reduced cost for travelling by air. It also allowed transcontinental and inter-continental travels safer, faster, and easier. Within the service lifetime of Boeing 707 from 195 8 to 1979, 1,010 aircrafts were built with a large percentage of it used for the military. Boeing also provided the Air Force with stronger air supremacy by developing aircrafts specifically modified to carry out a certain function for the needs of the air force. It was also used as Air Force One that transports the President of America to any point in the world (9). With the success of the Boeing 707 in changing the way of how commercial

A close reading of a fiction Essay Example | Topics and Well Written Essays - 750 words

A close reading of a fiction - Essay Example Sensibly saying, his family and society had affected his style to evolve imaginative provocation in most of his literary works. ‘The Metamorphosis’ is focused at the terrific change that occurs to the protagonist Gregor Samsa, a traveling salesman. One morning he finds himself astonishingly changed into a strange large insect. His ambush was more about finding himself more hopelessly unable to continue with his sales work than mere physical change. He was the only financial support for the family and the happiness of the family depended much on his ability to work. His new look terrifies his employer who runs way at his very sight. The family now controls his motions or calls him with ‘Shooos’ rather than his name. His room has become his hiding place. He develops fears of a cockroach like being stamped by people or attacked by cats or other animals. His sister Grete, however, feeds him with milk and stale, rotten fruits or remains of edible things. He manages to remain affectionate to his family members and hides himself behind the sofa or bed whenever someone enters his room. Now his only amusement in the loneliness is looking out through the windows and crawling up on the walls and ceiling. In the mean time, the family lets out a portion to lodgers and Gregor’s room changes into a dumping area for unwanted things. He then realizes that he was no more Gregor and that he should leave the family for their better prospects. Gregor, utterly dejected to stay longer, dies in his room. The family upon finding his corpse feels relieved of a great burden and starts planning for the future. The family improves their living standards and shifts to a smaller flat to delete the memories of Gregor. The dà ©nouement (The resolution of the plot of a literary work) of this work is of a mixed trend. The narration changes the denouement with the development of the story. A person loved very much by the

Personal Statement of Project Management Example | Topics and Well Written Essays - 500 words

Of Project Management - Personal Statement Example The course is suitable for individuals, who are from various employment backgrounds and have the ability, skills and knowledge to become a project manager. In this course I will get to understand the techniques and processes that are linked with project management. The process includes management of cost, time, quality, communication, risk and human resources. I will also get to understand the procurement process of the resources that are required for the completion of the project. The program also aims at training the individuals to lead a team and impart motivation skills (Northeastern University, 2013). Presently, responsibilities of project managers have increased over the years with the increase in number of failed projects. The failure or success company projects are dependent on the abilities and skills of the project managers. Products and services of a company needs get launched in the market in a particular period of time. If there is delay in the procurement process of raw materials then the launch of the products is hold back simultaneously. This delay in procurement process can be rectified by an efficient project by contacting a good supplier and convince them to supply the raw materials within a specified time so that the manufacturing process of the products are not hampered. Hence, in order to avoid disturbance in the manufacturing process companies needs to hire skilled project managers, who can effectively manage each step of the project (Northeastern University, 2013). The role of project managers is very challenging as the success or failure of projects is dependent on them. Appropriate sets of skill are required delivering vital projects on time within a particular budget. The project manager has to lead a large team where the team members have different though process and behavior; he has to lead and motivate them to do specific works for the successful completion of projects. The

Faculty of Businnes, Environment and Society Assignment

Faculty of Businnes, Environment and Society - Assignment Example This issue can lead to serious monetary and non-monetary repercussions for the company. In the legal sense, the company has displayed an unacceptable level of negligence and casualty in the management of standard of care which should have been exercised adequately by the company to ensure that it maintained its reputation as a socially responsible enterprise. As such, it is the legal duty of Choc Deluxe now to take care of the situation so that the derogatory impacts of the incidence can be lessened if not mitigated completely. It cannot be denied that sheer negligence has been done on the part of Choc Deluxe which has resulted in the monetary and physical harm for the consumer of the product, Lauren. Thus, both the aspects of financial and physical losses and harm are associated with this incidence. Not only ahs her tooth and lips dammed because of biting the nail present in the chocolates but also she has to incur a high cost of 20000 for treating her broken tooth and the cut in he r lips. This is a form of pecuniary damage done to the plaintiff as per the tort of negligence (Buxton, 2000). This is because the plaintiff has been physically injured due to the negligent conduct of the company. Due to this, Choc Deluxe has to pay the monetary expenditures incurred in the treatment of the physical injuries and damages of the plaintiff, Lauren. In addition to this, Choc Deluxe should also issue a formal apology made to the plaintiff as a way of compensating for their negligence in non-monetary terms (Conaghan and Mansell, 2008). In this case, the liability of Choc Deluxe under the Tort of Negligence is high as there has been a significant lack of responsible behavior and exercising of the standard of care in the manufacturing processes and products of the company (Williams and Hepple, 2008). The incidence also brings into light the loopholes in the quality check

Philosophy of Human Conduct Essay Example | Topics and Well Written Essays - 750 words

Philosophy of Human Conduct - Essay Example I agree with Pojman's thoughts and see the fault with society's focus on only the end result and generalizing merit by not taking into account an individual's struggles and strengths I agree when Pojman points out that "nondeserved merit can be features that the natural lottery has distributed such as ones basic intelligence, personality type, skin color, good looks, and physical endowments" (86). I also think that merit comes more easily to those who are properly equipped to achieve it. For example I look at celebrities or wealthy aristocrats who have been granted merit for their large contributions to charity. These individuals may receive more praise and admiration than an everyday working class citizen who gives their last dollar to a homeless man on the street. I believe that the everyday citizen deserves just as much merit as the celebrity or wealthy aristocrat because the amount of money that one gives is not what warrants merit, but the generosity of the individual depending on their own personal income and what they can afford. Pojman points out that "Dessert then, is closely connected to effort and intention, whereas merit signifies positive qualities that call forth a positive response, including qualities that we do not deserve" (87). I think that Pojman used a great example out of Mickey Mantle discussing that just because he was a famous baseball player does not mean that he earned or deserved a liver transplant more than anyone else. I don't think that any human being can truly give merit to another because we can never know the inner workings of someone other than ourselves. Pojman says, "Whereas God, knowing our inner motivations, rewards purely on the basis of desert, we fallible beings, being far less certain as to how to measure effort and intentionality, tend to reward merit, the actual contribution or positive results produced" (87). The essay goes on to say that, " Another objection that underlines much of the suspicion of merit is the natural lottery, the idea that we do not deserve our genes, or natural talents, our families, our society, or even our determination to make an effort" (99). I agree that it would not be fair to give merit to someone for being successful in something that they were born to do. Just because someone is good at something doesn't mean they deserve any credit, credit should be given to the person who put in the most effort no matter the result of the effort. Someone could train everyday for a triathlon and still lose the race to someone who was born with more athletic ability than they have. Just because that person won the race does not mean that they put in as much effort or deserve to win. This belief that "effort is the decisive criterion of merit" (91), means that just because something comes easily for one person does not mean it is easy for everyone. Pojman says, "We are stewards of our talents and are judged on the basis of what we can do with them. Those who use their talents wisely and industriously deserve to be rewarded, whereas those who neglect their talents deserve reprobation" (90). I also think that if you acknowledge your ability, and push yourself in it, becoming the best that you possibly can, then merit is definitely deserved for your effort. I like the story Pojman told of the carpenter building the chair in the factory of the entrepreneur. The entrepreneur is talented in finding ways to make money

Research Paper Proposal Example | Topics and Well Written Essays - 250 words

Paper - Research Proposal Example Emanating from Charles family once being a property it leaves a mark on the existence of specific person and their achievements. Being followed by ownership, ownership of anything claims person superiority over the properly. Music keeps records of historical events and personal records. The piano being a metaphor in the play line music is widely utilized to keep record of historical happening. The piano takes several meaning in the play and its lifetime. As a gift bought via slave exchange it signifies persons worth and interchangeability during slavery era and white kingship network over blacks. Under Boy Willie the piano signifies a symbolic attempt to keep the family together and history. The carving on it wooden parts are a narrative of the present and past historical events of the slaves and family story line. The piano being passed from one generation to another helps keep the past family historical memorials within the family. Ghost in the play were used to associate the play with the African American culture a trait the inherited from their African ancestors. Since the slave’s culture dissolved into white folks Christianity the writer used ghost to remind African American on their origin and reserve their spiritual beliefs. Therefore the ghost reserves historical events of the African American folks (Wilson