Orange plc Financial Statement Coursework Example | Topics and Well Written Essays - 2000 words

Orange plc Financial Statement - Coursework Example The company’s return on equity ratio was 25% in 2014 and 8.74% in 2015. The return on equity ratio measures the company’s performance in earning return to its shareholders. Despite the company having a low ratio in 2015, it had significant high performance in 2014 by having a fair return to its shareholders. The return on assets was 3.21% in 2015 and 10.48% in 2014. The return on assets ratio measures the company’s performance in generating sufficient profits from its total assets. The company had a low ratio in 2015 desspite the high ratio it had in 2014. This showed a tremendous decline in the company’s performance. The maintenance of a 100% mark up between the two years was a desirable aspect of the company performance. There was a decline in the return on capital employed between the two years using the the two different methods of computing. This trend is undesirable and should be changed since it shows a decline in the company’s performance. The company’s current ratio was 2.05 in both 2014 and 2015. This ratio measures the company’s liquidity by determining the extent in which the company’s current assets can offset its current liabilities. The company maintains a current ratio that is above in both the two financial years implying that the company’s liquidity position is at a fair place since it can easily offset its current obligations with its current assets. The maintenance of this ratio is thus a positive indicator of the company’s liquidity position. The company’s quick ratio was 1.27% in 2014 and 1.31% in 2015. The quick ratio measures the company’s liquidity in a similar way like how the current ratio does but it does excludes the inventory from the current assets. There is exclusion of inventory from the current assets since it is not easily converted into cash like the other current assets. This means basing the company’s liquidity on inventory is

Explain the origins of the term BRICS

Explain the origins of the term BRICS Submitted by: Full Name(s): Isabel Full Surname: Rodrà ­guez Rodrà ­guez THE ORIGINS OF THE BRICS Introduction Jim O ´Neill coined in 2001 a new acronym that could threat the established world order after the Cold War suggesting that four emerging economies will dominate it by 2050. These countries are Brazil, Russia, India and China shaping the word BRIC and, from 2011 South Africa, added an S to the term and becoming BRICS. The aim of this essay is to bring the reader closer to the creation of this aforementioned block so discussed in the past decade. I will argue that although in the beginning could be understood as a term merely associated with investment in the countries mentioned above, it had been changed into a block of cooperation with a common objective: have a stronger voice in the world ´s politics. In the first paragraph, I will explain the origin of the term BRIC by Goldman and Sachs, in the second I will do a brief analysis ofthe first summit of the group and the relevance of it and finally, in the third one I will argue that BRICS are not only meant for trade but also politics. Discussion The term BRIC appears for the first time in 2001 to refer to the emerging economies of Brazil, Russia, India and China in a paper called Building Better Global Economic BRICs[2] written by Jim O ´Neill and published by the American investment bank Goldman Sachs. In the text, Jim O ´Neill argues that we cannot underestimate the countries mentioned below because those will be the future world powers. These countries were selected because its impressive economic growth, therefore they will be crucial in world ´s GDP. According to the author, China and India will become the suppliers of services and technology while Brazil and Russia would do the same for raw materials.   In fact, even in the more pessimistic scenario (extrapolating the growing rate of 2000 in future years), in the following 10 years, the BRICs would reach a 12% in world ´s GDP, pushed by China that will be the fifth largest economy in the world. For this reason, BRICs must have more re presentation in international forums and reach a representative voting, in special in G7 (Germany, Canada, United States, France, Italy and the United Kingdom) suggesting that they should change in a G9 in order to guarantee a correct representation. Two years later, in 2003, Goldman Sachs published another paper called Dreaming With BRICs: The Path to 2050[3] claiming that BRICS would have a larger GDP than the G6 by 2050. However, the BRIC ´s hypothesis has critics that claim that the term was created to promote the emerging countries as solid economies for long-term investment through a new classification: from just developing countries to BRIC in the same way that is more attractive to say Asian Tigers than the name of the four countries themselves.[4] Even the acronym suggests the image of a brick: solid, compact and heavy that it is aligned with the title of the first above mentioned paper. The title of the second paper Dreaming with BRICS: the path for 2050 also sugges ts that readers imagine the potential profit for the emerging economies of BRICs[5]. It shows the interest of Goldman Sachs in their own business, that its sell financial services. Probably we will not know for sure if it was just a way to promote their products of emerging countries, but is it undeniable that it was used as a catalyser for the economies involved.[6] Although the Goldman Sachs paper was published in 2001, the first BRIC ´s summit was not held until 2009 in Yekaterinburg (Russia), despite the dialogue started in 2006 in New York[7]. It was attended by the leaders Lula da Silva (from Brazil), Medvedev (Russia), Singh (India) and Jintao (China). It is relevant the year, in the middle of the financial crisis they needed to show strength, stability, and confidence as President Lula claimed We stand out because in recent years our four economies have shown robust growth. Trade between us has risen 500% since 2003. This helps explain why we now generate 65% of world growth, which makes us the main hope for a swift recovery from global recession (Lula da Silva 2009). It is not difficult to understand why even if we would think the forecast of Goldman Sachs was not realistic it was highly relevant the first summit if we consider the data of the countries involved. First, there are big countries, they represent the 40% of the surfac e area of the world and lastly, there are in strategic positions. Second, there are countries with dense population, in fact, they are the largest countries by population having a 50% of the worlds population. Third, regarding economics there contribute with a 22% of the world ´s GDP, being relevant the impressive growth rates, especially the case of China that did reach almost a 15% of growth in 2007[8]. It is also to highlight the third summit in Sanya (China) in 2011 in which South Africa joined the BRICs, adding an S to the acronym and becoming BRICS. However, we cannot forget how different these countries are, as a matter of fact, they do not even share the same political ideology and they have some very diverse perspectives on topics such as nuclear weapons. Then, why would they want to cooperate? Cooperation creates less dependence of the West in terms of trade, especially because they were no longer indulgent with the previous agreement of the World Trade Organization that shows the influence of the United States and European Union[9]. Cooperation also promotes the trade between the members, in 2001 was 21 million dollars in contrast to 280.000 million in 2014, it is to say that the trade rose more than 13 times.[10] Also, together they have much more bargaining power to balance the hegemony of the West, the representation on the financial institution such as World Bank or International Monetary Fund is very low[11]. In fact, the reform of the IMF ´s quotas in 2010 could be seeing as a direct success for the BRICS altho ugh it became effective in 2016.[12] Others scholars believe that the real goal of the BRICs summit was a call for cooperation between the countries due to the similarities of their issues (poverty, health care or food security) that is to say the transition towards a middle-income status.[13] It is undeniable that the relationship between them is at least singular because they think that the BRICS is meant for cooperation and not for conflict, the guiding principles are non-interferenceand national sovereignty[14]. For instance, Brazil did not criticise Russias annexation of Crimea showing to the world a united front[15]. As evidence shows it is much more than an intra-cooperation, the Russian president said The global problemsà ¢Ã¢â€š ¬Ã‚ ¦ cannot be effectively solved without the involvement of the BRICs countries[16] which give an idea of the political relevance that they wanted to achieve. The advantages of cooperation are not just relative to trade but also politics. Conclusion The BRIC was an acronym coined by Jim O ´Neill to refer to the emerging economies of Brazil, Russia, India and China. Although there is evidence that the term could help to promote financial products, it was also a catalyser for the economies involved. Although it took 8 years for the idea behind the BRICs to make true and another two years to became BRICS with a capital S standing for South Africa, the five countries have impressive figures in terms of population, GDP and growth which lead to a very successful cooperation. Despite that they do not share some core values (for instance, ideology) they cooperate showing to the world a united front thanks to the principle of no-interference. Together, they have the tools to promote trade between them but also to reach more bargaining power in order to balance the West in world ´s politics. The BRICS is not only a coalition for promoting trade or discuss domestic issues but also a way to make sure that their voice is heard. [1] Assignment Requirements Each participant is expected to submit a 2,000 word essay. The written piece should include a rigorous analysis of key issues raised and their validity; the text should be clear, readable, and follow standard academic publishing conventions, including appropriate quoting, footnoting and bibliographic referencing. Your essay can contain around 10% more or less words of the required word counting, i.e: around 100 words more or less than 2000. The following is a suggested format that you are expected to use: Font type and size: Arial at 11 point; Line spacing: 1.5; Alignment: Fully justified. Prior to typing in/pasting the contents of your assignment on page two of this document, please ensure that your text has been formatted in accordance with the above requirements as you wont be able to format it within this document. Prior to submission, please name the finalised and formatted document in accordance with the following pattern: Surname Name Module 1 Final Essay, e.g.: Doe John Module 1 Final Essay The deadline for submission of written piece is Thursday 23rd March before 17:00. Please submit your assignments via LSE GDP 2017 Custom Programme Moodle webpage. [2] Jim O ´Neill, Building Better Global Economic BRICs Global Investment Research, Goldman Sachs, 2001 Available at: http://www.goldmansachs.com/our-thinking/archive/archive-pdfs/build-better-brics.pdf [3] Dominic Wilson, Roopa Purushothaman Dreaming With BRICs: The Path to 2050 Global Investment Research, Goldman Sachs ,2003. Available at: http://www.goldmansachs.com/our-thinking/archive/brics-dream.html [4] Leon Wansleben, Dreaming with BRICs, Journal of cultural Economy 6, no.4 (2013)   p.4 doi:10.1080/17530350.2012.756826. [5] Ibid. [6] Ibid., p.6 [7] Oliver Stuenkel, Emerging Powers and Status: The Case of the First Brics Summit. Asian Perspective 38, no. 1. p.3 http://vex.com/vid/amerging-powers-status-brics-summit-494287502. [8] Data IMF. World Development Indicators Accessed 10 March, 2017 http://data.worldbank.org/datacatalog/world-development-indicators [9] Zaki LaÃÆ' ¯di, BRICS: soverignity power and weakness International Politics 49, no. 5 (2012): 614-32., p.5   doi:10.1057/ip.2012.17. [10]   WTO database Datos Comerciales y Arancelarios Accessed 10 March, 2017 Available at:   https://www.wto.org/spanish/res_s/statis_s/its2015_s/its15_highlights_s.pdf [11] Michael Cox, Towards a BRIC world? Lecture, London School of Economics Custom Programs, 7th march 2017 [12] Stuenkel, Emerging Powers and Status p., 2 [13] Stuenkel, Emerging Powers and Status p., 11 [14] Pedro Morazà ¡n et al., The role of BRICS in the developing world p., 5 (Luxembourg: EUR-OP, 2012) [15] Stuenkel, Oliver. Why Brazil Has not Criticised Russia over Crimea. The Norwegian Peacebuilding Resource Centre. https://www.files.ethz.ch/isn/180529/65655a04cd21b64dbcc9c8a823a8e736.pdf. [16] Oliver Stuenkel, Brics And The Future Of Global Order Lanham: Lexington Books, 2016.

Bouncers Contextualising the Play Essay examples -- English Literature

Bouncers Contextualising the Play John Godber was born the son of a miner in Upton, West Yorkshire in 1956. He became a very successful playwright with popular plays such as ‘On the Piste’ and ‘Up n’ Under’ and TV shows like Grange Hill and Brookside. He is known most for his comedy but he has shown in a number of his productions that he includes seriousness alongside comedy for optimum effect. His plays are performed all over the world and have won many awards including five at the Edinburgh fringe festival. However, for some, Bouncer’s is regarded as Godber’s finest work. The inspiration of which came from a club called Kiko’s in Pontefract- it had the added bonus of having fake palm trees on the dance floor! As a political play, we see Bouncers as being quite prominent in that it was published whilst the famed ‘drinking culture’ of Britain was being hyped up to an unprecedented level. Obviously, like nowadays, the government wanted to stamp out what was a big problem. Godber’s comedy in the play exposes a much more profound subject whilst also showing the stereotypical nature of what the youth of the day did. In the lads, the girls and the bouncers Godber tries to convey that these characters are typical of Britain. He shows the funny side of the way in which young people act whilst also unearthing a more sinister subject in suggesting that drink is changing the nation. We see it in all of the characters. For example, the lads were talking amongst themselves very nicely before they go, however, once they leave, a fight breaks out in the club when they have had a little too much to drink. This is typical of the time and many people were actually getting killed because of serious over drinking or get... ...etting drunk regularly in the public eye. Whilst we see people like these have an effect on teens today, in Godber’s time he would have seen the beginning of the problems snowball throughout his life. You can only address the problem like Godber has done and bring it further into the limelight; you can’t stop it with one play. For me, the play is probably even more prominent today than for any other generation beforehand. The problem has really come to a cross roads at which we need to deal with it properly. As Godber shows in the play, it is not really the fact that they get so drunk and out of control, it is the fact that they go out there for the soul reason to get really drunk. He shows us that in order to get rid of the problem, you need to firstly address the way in which people think of alcohol before seeing the next generations outlook’s change.

Financial Management Theory and Practice Essay

A- Annual report :- it’s a statement that gives an accounting picture of a firms operation and its financial position , there is two types of information are provided in annual report First :- the verbal section witch often represents the firms operation result during the past two years or any period , and discuses new developments that will effect future operation . and explain why things turned out the way they did . Second :- the presentation for four basic financial statements ( the balance sheet , the income statement , the statement of retained earnings and the statement of cash flows). these four statements illustrate (what has actually happened to assets , earnings , and the dividends over the past few years . These information is used by investors to help form an expectation about the future earnings of the firm and dividends B- Balance sheet :- it’s a snapshot of firms financial position in the last day of given period . and a balance sheet changes daily because of :- * Inventories are bought and sold . * Fixed assets are added or retired . * A bank loan balances are increased or paid down. Its composite of a table of two sides :- The left side of a balance sheet lists assets (which are the things that company owns) in order of liquidity or the length of time , The right side lists the claims that ( supplies , banks , bondholders , stockholders ) have against company and they must be paid in order ) . C– the income statement :- reflects the financial performance over each of a given period of time ( monthly , quarterly and annually ) . witch contains net sales excluding (EBITDA) .which means earning before interest , taxes , depreciation and amortization . D- depreciation :- its a policy applies by accountants , rather than treat the entire purchase of assets in a purchase year , they treat the expenses of assets by the assets useful life , in many years after , and it calculates in tangible assets in balance sheet . E- Net worth or common equity :- it’s the asset net of liabilities and sum of common stocks and retained earnings , In case a company’s assets are sold and liabilities and preferred stocks were actually worth their book value , then the company in case of bankruptcy can sell its assets to pay liabilities and preferred stocks and remaining cash would belong to common stakeholders . F- (EBITDA) :- its earning before interest , taxes , depreciation , and amortization . G- STATEMENT OF CASH FLOW :- represents a claim against assets , instead of distributing the money as dividends , they spend it on buying new assets . H- The statement of cash flow :- it’s the amount of cash reported on its year-end balance sheet , it can be used in variety of ways , (pay dividends , increase inventories , keep it in bank , or to invest in fixed assets . (3-2) what four statements are contained in annual report ? Answer :- 1- the balance sheet , 2- the income statement , 3- the statement of retained earnings 4- the statement of cash flows These information is used by investors to help form an expectation about the future earnings of the firm and dividends . (3-3) If a â€Å"typical† firm reports $20 million of retained earnings on its balance sheet, could its directors declare a $20 million cash dividend without any qualms whatsoever? Answer :- No , because the retained earning could be used in variety of ways , like pay dividends , increase inventories , keep it in bank , or to invest in fixed assets . (3-4) Explain the following statement: â€Å"While the balance sheet can be thought of as a snapshot of the firm’s financial position at a point in time, the income statement reports on operations over a period of time.† Answer :- Because the balance sheet changes daily as inventories are bought and sold , fixed assets are added or retired , or as a bank loan balances are increased or paid down . while the income statement is the financial performance of a firm during that period , and its more precise to analyze . (3-5) What is operating capital, and why is it important?

Religious groups in Mediterranean in 900 a. d.

The representative sample is Spain, a Mediterranean country. Mediterranean World, by and large, had gone through many inter-religious wars and convulsions, until for a change a time of greatest glory arrived in the Middle Ages. During this period, the Muslims and Christians were able to live in peace and harmony. This resulted in the practice of cosmopolitan culture, and people of both the religions lived in mutual trust creating unique blend of Western Civilization, where in the contribution both the Christianity (Western) and Islam was more or less equal.Notwithstanding the dominance of the Muslims (Islam), religious harmony was the hallmark of the era. But the peaceful situation did not last for long. Arabic (related to Islam) was the primary language of cultural preservation and socio-spiritual progress during 800 a. d. in the Mediterranean history. In the initial stages, the language and religion (Islam) were imposed on the people. The impact of Islam was greatest during this ce ntury. It remained so between the 7th and 13th centuries. Every religion is linked or associated with a particular language like Arabic to Islam!The language prospers means the concerned religion thrives and vice versa. During the ascendance of Arabic language, Hebrew and Latin had also an important roles to play. They were clerical languages. At the same time, Arabic, apart from being the clerical language, was the language of poetry and prose as well . The califal library in Islamic Cordoba alone held 4000 books -the librarian’s catalog held information on some 600,000 volumes. The laymen of Spain do not have the knowledge of the immense contribution of the Muslim culture beyond the architectural remnants.But they celebrate with great pomp and fanfare the festival of the rout of the Muslim pirates. Notwithstanding the dominance of the Muslims (Islam), religious harmony was the hallmark of the era. To the eighth century Muslims, Iberian Peninsula was the entry point. The emo tional, physical and spiritual atmosphere was perfect. Cultural progress and constructive socio-spiritual activities were possible under such circumstances. Exquisite architectural masterpieces were built and scholarly writing was encouraged, and this had a profound influence on the life in Mediterranean area and many other parts of the world, for centuries to come.This is the greatest contribution of Muslims to this region in 900 a. d. â€Å"The Muslims who entered Iberia through the Gibraltar Strait in 711 defeated the Visigoths and moved up to the Pyrenees and maintained their stay for several centuries. Finally, with the fall of Granada in 1492, the Muslim presence was ended by Christian forces from the north. The Muslim-led civilization of medieval Iberia, a. k. a. Al-Andalus made many noteworthy contributions to humanity. † The influence of Islam that began in the early 7th Century continued till the 11thcentury.The greatness of this civilization and the dominance of Ar abic language have been highlighted by many scholars in their works. There were scholars who worked exclusively on copying Quran. That was not the era of the printing press. Book worship was the dominant quality of the Islamic polity. The Islamic Rulers encouraged building book-treasurers. So, Islam combined with Arabic language had profound influence in Spain and on the Mediterranean world during 900 a. d. It is pertinent to note here, what happened in 800 a. d. would contribute to the subsequent developments in 900 a. d. onwards. It was a period of positive and negative developments.The constitution of the new Empire sealed the break between the West and the East. It perhaps gave the West a new Roman Empire. Muslims incursions began to take place with more intensity across the Mediterranean, and they did not hesitate to impose their language and religion on the populace of the conquered territory. Trade across the Mediterranean came to a standstill and the ports, through which the merchandise arrived, were deserted with no commercial activity. The sea was no longer a safe route for commerce, because chaos prevailed all over the interior Mediterranean region initially.Due to the relentless pressure put by the invading Islamic outfits, Western Christian Civilization moved north. This resulted in the suspension of the contact with eastern, Byzantine Christianity. Over a period, they developed and formed into two distinct Christian groups. The common identity was lost. This situation worked to the advantage of Islam in the long run because their ‘religious enemies’ stood divided. Their hold and influence on the Mediterranean became even stronger. In this process, the replacement of Christianity of the southern and western Mediterranean areas by Islamic outfits had a catastrophic effect on Europe.In certain areas, a biased tax system was introduced to promote Islam. Additional taxes were imposed on Christians, but those who embraced Islam, were exemp ted. The religious persecution became order of the day. So the factors that contributed to the Muslim ascendancy were: patronage by the rulers for this religion, religious persecution for subjects practicing other religions, encouragement to literature in Arabic language, relentless pressure of the invading Islamic outfits on the people of Spain and the Mediterranean region.