The Black Cat Essays - Fiction With Unreliable Narrators

The Black Cat The Black Cat Essay The Romantic period has numerous characteristics that help to distinguish it from other literary periods. A large majority of the pieces found in this period have at least one of the distinctive elements. Edgar Allan Poe uses a few of these elements to put a time frame on his short story, The Black Cat. Poe begins his short story by saying that For the most wild, yet most homely narrative which I am about to pen, I neither expect nor solicit belief. A big characteristic of Romanticism is a willing suspension of disbelief. It is never even thought that the plot to the story would be taken as being true, but rather as a made up story to get the attention of the reader. This also allows the reader to imagine if such a case were to actually occur. Each word that is read is meant to be doubted, and thought of as being absolutely bizarre, and with each new twist more doubt is created. Escapism, another key factor in Romanticism, is seen throughout the short story. The m ain character, who is never specifically identified, is running from his life by drinking alcohol. The alcohol eventually leads to the destruction of the first black cat, Pluto. The man felt the need to escape from Pluto even though the animal was one of his most beloved pets. His wife and the second cat are being run from merely for the disturbing conscious that they provide for him. Bizarre and unusual plots are often found in the Romantic period, and Poe does not hold back in his efforts. To deliberately cut the cats eye out of its socket is both bizarre and unusual regardless of being intoxicated or not. Even further, to hang the cat by a noose is ranked borderline for insanity. But the most abnormal act is that of getting rid of your wife by creating a tomb in the walls of your home would definitely be insane. Such acts are used in this literary piece to illustrate clearly that many factors weigh in to the different writing periods. The Romantic period, known for such elements as improbable plots and unlikely characters, is an important era in literature. Poe used a very unusual plot to create a vivid image of what the Romantic period truly was, and his work will be looked at for years to come English Essays

Custom Essay Paper Writing (Page 15)

Custom Essay Paper Writing (Page 15) Persuasive research paper: Lead-in! Persuasive research papers are general-purpose in high school and college-level English or writing classes. The main idea of a persuasive research paper is to argue a specific side of the question. To know some statement points will be helpful for you during your writing process. Your teacher should keep you focused on the main point. But before you start creating the persuasive research paper, you first must choose an issue/problem to persuade the reader Continue reading Papers Psychology Research Papers Psychology Research: Taste of Happiness Colleges, universities, friends, parties, vacations, bright holidays first love All these pleasant and exciting things can be spoiled by papers psychology research writing. Do not let papers psychology research to become a thing, which poisons your happy college life, get rid of papers psychology research writing. We do not advise you to quit your study, we advise you to become a client of custom writing service and to free Continue reading Paper Research Paper Research: Strategies of Making Good Research When you get an assignment to write a paper, whether it is an essay, a research paper, a term paper or any other kind of student paper, you want to write it well in order to get high points. In what way can one write a good assignment paper? This is the main question that springs to your mind! Lets find an answer! To write a good paper you should make, first of all, good paper research. It does not matter what kind of student paper you Continue reading Paper Religion Research Paper Religion Research: Belief in Unapproachable Many students often face difficulties in writing papers on Religion research. Professors and teachers give complicated exercises their students and require delivery from them very often. Hoping to find help-assistance they have to seek support on writing services that could offer them definite papers religion research. According to the theme of paper religion research you may write your opinion and attitude to this topic. In the beginning of Continue reading Paper Proposal Research Paper Proposal Research: Think before Writing Writing of a paper proposal is the first step you should take before getting down to your paper project. You may wonder whether it is really necessary to write this paper proposal. Yes, it is! But it should be noticed that many students do not understand why they have to write any additional papers except their assignment paper. So, lets explain you the issue. Actually, you support your prospective paper project by writing a paper proposal. Continue reading How to Write a Research Paper How to Write a Research Paper A research paper is not an essay that presents your own interpretation of evaluation of the argument.   While writing a research   paper, you need to integrate your personal knowledge and thoughts on specific problem with the secondary publications.   The initial aim of research paper writing is to gather enough information on specific case and critically assess it.   Thus, while writing a research paper you use your own thoughts and ideas, but also try to find out Continue reading Help Writing a Research Paper Help Writing a Research Paper Research paper advisers expect students to provide some background information about the research studies that they review. Without this information, research paper readers may be unsure about the value of the reviewed studies. Note, the lack of content development causes awkward transitions between ideas and undercuts the college research paper writer's credibility. Because the research paper writer fails to give the necessary background about the studies he Continue reading Free Research Papers Free Research Papers: Paralympics Games! Before you start writing free research paper, you should choose a topic! While you are choosing, you may read about Sports and Games. This theme is very wide and you may discuss for example some definite kind of sport. People all over the world are very fond of sports and games. That is one of the things, which people of every nationality and class are united. Sport not only helps people to become strong and to develop physically but also makes them Continue reading Free Research Paper Free Research Paper What is my opinion about free research paper?   I do not like it.   I think that free research paper is good only when used as an example of the format.   Otherwise, it should not be copied and submitted as your own. Most universities have a style guide detailing formatting and presentation requirements for academic research paper writing (spacing, required sections, maximum length, etc.) which you will need to follow. Getting a copy of this early, and writing all your Continue reading Critical Analysis of a Research Paper Critical Analysis of a Research Paper: Helpful Tips Making of critical analysis of research papers may possess some difficulties for students. First of all, it is because you should not only study a research paper you have to analyze but also have at least some general knowledge about an issue that is investigated in it. Otherwise, how can you define strong and weak points of this work? Of course, to make good discussion of the issue you should be aware of this issue. Besides, when writing Continue reading First Previous 10 11 12 13 14 15 16 17 18 19 Next Last

Columbus Unmasked A Peek Behind Historical Persona

Columbus Unmasked A Peek Behind Historical Persona An icon of exploration, early innovator of navigation and shrewdly ambitious, Christopher Columbus is one of those historical figures with plenty of lessons to teach us. In this article we’re going to skip past the more well-known info, and take a sobering look at what a profound impact his life had upon the human species as a whole. The Duality of Great Minds No one’s ever claimed Mr. Columbus is or was a saint. While as children we’re taught about the four trips across the Atlantic in search of a new and shorter route to Asia, adults tend to shield us from the realities of those days. For example, slavery. â€Å"They should be good servants†¦.I, our Lord being pleased, will take hence, at the time of my departure, six natives for your Highnesses.† That’s taken from his own personal journal; the entry was October 12th, 1492, the first day he met Native Americans. The â€Å"captives† were then pranced through the streets of Barcelona, as glory to an expanding empire. 522 years ago slavery was a fact of life. The world was a very different place. Columbus and his crew had other agendas besides forging new trade routes. They also sought to glorify the Spanish crown, sow seeds of Catholicism wherever they went and exploit indigenous people for riches and glory. The Balancing Act of History We can’t cast stones today, because we have no idea what it was really like to mingle with royalty and sail the seas in old ships, to meet new people and explore brand new territories. The more you learn about Columbus the more and more human he becomes. As is often the case in life, you have to take the good with the bad, so to speak. Did he forge a connection between two worlds literally a world apart? Yes. Does that mean he’s solely responsible for everything that took place afterwards in terms of conquest, colonization and laying the foundation for America as we know it? No. A Mix of Destiny and Free Will It was either destiny or chance that Columbus would be, â€Å"the guy† who opened to the door to a gargantuan transfer of people, plants, animals, diseases, etc. We’ll never know. Perhaps it was a bit of both. Regardless, it had to be someone. At the time, we can assume that he saw himself as a great man, destined to have his name stitched into the fabric of human history. And he was right! But did he intend to bring small pox to the Native Americans? No. How could someone at that time understand what was happening? They had no way to look at the world as a huge petri dish and grasp the dangers of mixing foreign cultures. All he knew was ambition. All he knew was serving his interests, as well as the interests of the Spanish crown, his crews, the church and financiers. A Timeless Rags to Riches Story Well, in truth, he didn’t die a rich man. In fact, according to Biography.com: â€Å"In the two remaining years of his life, Columbus struggled to recover his lost titles and in May of 1505 did regain some of his riches, but his titles were never returned. He died May 20, 1506 still believing he had discovered a shorter route to Asia.† But, he did manage to go from the adventurous son of a wool merchant, to hatching a plan that would transform our world. He was also a pretty smart guy. Here’s an interesting snipped from History.com: â€Å"When he was still a teenager, he got a job on a merchant ship. He remained at sea until 1470 [19 years old], when French privateers attacked his ship as it sailed north along the Portuguese coast. The boat sank, but the young Columbus floated to shore on a scrap of wood and made his way to Lisbon, where he studied mathematics, astronomy, cartography and navigation.† So, if he didn’t really discover America, and he wasn’t the first explorer to land in the New World, why did he become the darling of history? Because his expeditions above all others at the time led to Spanish conquistadores and the eventual creation of modern America. Was it pretty? Yes and no. Truly Remember Columbus If you look into this man, and delve into the complexities of the things he set in motion, your perspective of today is going to rapidly evolve. Honor history, and honor humanity and dig a bit deeper than the bullet-point perspective. Thanks for reading and Happy Columbus Day!

Stem Cell Research Essay Example | Topics and Well Written Essays - 1250 words - 3

Stem Cell Research - Essay Example Indeed, when all the fact are in about stem cells, it still a very polarizing debate. On one hand, certain people think the issue is black and white. Theyre certain that using stem cells is morally wrong. They believe it can be solved simply, sometimes by just interpreting the constitution. For many people it is very hard for someone to believe research involving them should be banned. Stem cells offer some of the substantial and important possibilities in the fields of medical science open to us today. I believe we must seize this opportunity. The issue is a nuanced one that society really needs to think about (Herold 22). Whether or not you believe using an embryonic stem cell for research purposes is destroying a potential life, you must admit that it is opening up the possibility for someone else to live longer or better. The world today is more complicated than ever. In part this is because we know more about it than ever before and technology has dramatically shaped our world views. Certain moral questions have exploded in recent years because of the way technology is changing the moral dimensions of our lives. We can now see foetuses in the womb using ultrasound technology and can tell a lot about them and their health early on. We now know that there are certain cells inside the body—called stem cells—that are effectively the building blocks for many different cells. They can become a fetus, they can become a brain cell, or, for example, they can become a skin cell. Some people believe this proves that stem cell research involves killing. They think it is wrong. Other believe that with the right type of manipulation—something scientists are becoming increasingly proficient at—it may be possible for many previously incurable diseases to be dealt with. There are also gre at possibilities involving the generation of organs for transplant, among a

Bioethics Case Study Example | Topics and Well Written Essays - 500 words

Bioethics - Case Study Example cochlear implants in various region within different communities to be able to identify significant of cochlear implant device in regards to stigmatization and acceptance within these communities. Cochlear implant device help children to communicate with others in efficiency manner. It gets hard for a child to communicate around when he or she do not have cochlear implant device. However, the stigmatization within different community at times prevails among this family with deaf person. Some communities however, disapprove the implantation of cochlear devices terming as non-correspondent virtue. Virtue ethics is the applied theory since deaf children without cochlear implants and living in the Deaf community usually gets hard times to communicate as far as the issue of cochlear device is concerned. According to the research, it has been known that this device have regulated the issue of deafness within different communities and any community against the cochlear implant decision not only disapprove the exercise but also need deafness issue to prevail at large. In conclusion, Cochlear implant device help children to communicate with others in efficient manner. It gets hard for a child to communicate around when he or she do not have cochlear implant device. Virtue ethics is the applied theory since deaf children without cochlear implants and living in the Deaf community usually gets hard times to communicate as far as the issue of cochlear device is concerned. According to the research, it has been known that this device have regulated the issue of deafness within different community. In the categories, there is only one group for the development, kind of jumping to the conclusion that the community is useless and that they want to develop their instrument. However, their intention is to have fifth group to address the benefits of keeping the children deaf or not. The only way to develop the instrument is to compare deaf children with non-deaf

Melbourne Airport Runway Essay Example for Free

Melbourne Airport Runway Essay Rules and regulations serve as guide the aviation industry to promote the sole standards in the provision of the services and standards for location quality which are essential for the travelers. The service that is being offered should be valued in the same way as the physical locale for operation. Runways for the air vessel, more than just a strip of land solely functioning for the launch of air vehicle, is a subject for continuous planning, development and safety maintenance to respond with the growing demand for aerial transportation. Aside from the fact that airports represent a huge investment for capital that can range to the actual building of facilities, it can also support many employments outside its function such as the industry for taxi and delivery companies. It remained tough for commercial or even private airports and for the whole Aviation System of any flight to make sure that transferring from domestic to international sections was a breeze. Most people who are using the services of airport do not have any actual idea how complex the functions are being carried out and how important the impacts of airports as a community service provider can have in a society. Moreover, airports are part of transportation systems, thus, aviation activity defines portion of the economy as it acts to be vital in distribution process especially when it serves as a link between the producers and consumers. Melbourne Airport, sometimes called Tullamarine Airport, serves the second busiest city of Australia therefore we can expect heightened standard to be sufficient for the service demand. Melbourne’s Central Business District is the home of Melbourne airport which complements with its closest neighbor Avalon since they are about 40 km. apart. Their distance makes competition not necessary. Airports are vital assets making them look forward to the goal of having direct flights instead of passing through Sydney. The Government (national and local) is pushing for maximizing profits by promoting economic actions among the airports. Across Australia, it is apparent that the objectives of these companies are partly relative with the economic activity of their region. The ways their community responds to the quality of their service largely affect the standard being applied on their planning and strategies (Winston and de Rus 2008: 75-77). Background: Initiatives for development As shown in Melbourne Airport’s Master Plan (2008), they were preparing their aviation system to respond for the anticipated growth in the following 20 years therefore, they fortified agreements and legal relationship with the State departments. They wished to expand their service coverage as they were able to secure development pace with geographic control. Available lands, equipped with expansion and commercial potentials, surround the operational territory and they were subject for acquisition. Melbourne Airport, dubbed as a city inside a city for its dynamic location, handles its vast land area which has portions highly available for commercial purposes. With the location’s accessibility from the metropolitan primary locations, their property promised a wide range of opportunity for business partners. As per Melbourne Airport (2009), they also look forward to possible expansions and strategies for its further development for their long term goals as a commercial institution servicing over 22 million passengers and travelers per year in average. The business park, occupying the area for per, are became the home of initiatives for this development. How relevant is this expansion and development plan by Melbourne Airport? This move shows a particular necessity for the airport to adapt to the changing demand in the capacity of passengers. For example, according to Orlando Business Journal (2010) with the return of US Airways to them, the volume of passengers went up 75% compared to the volume last year. The strategy and hard work of the airport’s marketing department shows positive results. Materials and Methods: Melbourne Airport’s Master Plan 2008 In accordance to Part 5, Division 1, Section 67 of Airports Act of 1996, Melbourne Airport proposed their most recent Master plan last 2008 after the 2003 version which showcase the future development and strategic direction for commercial and aircraft operations of the airport and in the same year, The Minister for Infrastructure, Transport, Regional Development and Local Government approved the proposal tackling the future capacity. Runways design seems to be one of the key considerations in making the master plan. The plan is set to work in the following decades thus, it is important to see how the runways are to be set in the future in compliance to the goal of its expansion, and development. The actual situation of the runway system, the pace of increasing volume of demand for it, and the structure framed in the plan should be analyzed to see its complementarities with the operational goal of the airport. Discussion: the Master plan for Runways and Facilities The master plan is not just a way to maximize the capability and function of the airport site in the present or to respond with the present requirement of the aviation systems, instead, it is a set of projected ideas for their long term goal of ultimate development. The Melbourne Airport currently has two runways, the North-South (16/34) and East-West (09/27), which are intersecting in directions and have taxiways and apron areas associated with each. In response to the volume of demand, apparent to their recent master plan, Melbourne Airport aimed to accommodate transportation functions faster. Runways (16/34 and 09/27) are planned to maximize runway capacity while waiting for the completion of the third runway by having taxiways for rapid exit and make 09/27 runway extended to the western side(Melbourne Airport 2008: 51-52). In totality, the plan included adding gates for passenger aircraft and apron areas, construction of a new runway with corresponding taxiways and upgrading both domestic and international terminals. The new runway is planned to be put west of the 16/34 runway in the early part to middle part of 2020’s as projected. They also project that it will not be completed and it is not yet necessary to have that added runway prior to 2020 at least, around 2017. The plan required computerized analysis of physical elements such as weather (particularly, the direction of the wind current), vessel type, length required for the runway and separations of aircraft, relative to the runway operations to end up having the closest to accurate design for its efficiency (Melbourne Airport 2008: 52-53). International Air Transport Association (IATA) has the standard that is followed by Melbourne Airport with the design of their terminal facilities. The level of Standard (LOS) ranges from ‘A’ being excellent to ‘F’ being the unacceptable quality (de Neufville 2010). Planning requires designs as designing the roads and terminals required well-defined standards and criteria to follow. In the Master Plan, Melbourne Airport (2008) specified the LOS to Level ‘C’ which indicates the standard minimum of service with acceptable comfort and service or flight delay but guaranteed a stable flow. While the terminals are based in IATA criteria, Melbourne Airport designed their roads using the Austroad’s Guide to road design which deals largely on its geometric elements and roadside considerations. Economic impact and Projected Effects The efficiency of Melbourne Airport relies on its interdependent functional elements which includes the function of facilities and the rest of the airport site. The measure of its effects can be seen in its contribution to the economic development. With the periodical study of the pace of passenger volume growth from 2007, the increase is steady among their passengers. As cited from Melbourne Airport Data, the international Passenger Transfers, as varied every 3 to 4 years, is increasing by 0. 2 million, thus it project that by 2017, the international traveler movement will be 7. 1 million. This is where the Master plan is intended for. This amount of people will contribute to the billion dollars tourism industry of Victoria which is believed to have an indirect relative to the quality of air transportation access (Sinclair Knight Merz 2008: 12-13). Aside from movement of people, air transportations are also beneficial for trades and commerce particularly with the function of importations and exportations of goods and raw materials. Melbourne Air’s goal to increase their capacity by maximizing runways complements with the purpose of trade. Airfreights’ volume is determined directly by the number of vessels capable of carrying them. Geographic elements remained to be the prime and competitive advantage of Melbourne Airport. It also has the initial advantage of established high number of locations for their services worldwide (Sinclair Knight Merz 2008: 18). Conclusion The initiative of Melbourne Airport in designing a plan to serve for its long term goals manifests a strong potential for future development in their vital service functions in which the travelers can look forward to. The runway, being the starting point of any travel defines the quality of the engineering, logistics and designing capability of the airport institution so it contributes to promoting the impression of the public. Any initiative done with careful and strategic planning should result to beneficial and continuous flow of economic elements. The trend in making sophisticated runway can be partially contributed by the evolutionary changes in sophisticated aircraft but far from that, it is important to value the projects implemented for the improvement of the runway facilities for the evolutionary changes in the way of the people in dealing with trades, commerce and tourism. List of References Winston, C. and de Rus, G. (2008). ‘Aviation Infrastructure Performance’. The Brookings Institution. [17 May 2010] Melbourne Airport. (2008). ‘Master Plan’. Melbourne Airport. [17 May 2010] Melbourne Airport. (2009). ‘Property’. Australia Pacific Airports (Melbourne) Pty Ltd. [online] available from http://www. melbourneairport. com. au/For -Business/Property/Overview. html[17 May 2010] Orlando Business Journal. (2010). ‘Melbourne Airport’s Passenger Traffic Up’. American city Business Journals, Inc. [online] available fromhttp://www. bizjournals. com/orlando/stories/2010/04/19/daily42. html [17 May 2010] de Neufville, R. (2010). ‘Defining Capacity of Airport Passenger Buildings’. [online] available from ardent. mit. edu/airports/ASP_current /Defining_Capacity04. pdf[17 May 2010] Sinclair Knight Merz. (2008). ‘the Economic Impact of Melbourne Airport’. Sinclair Knight Merz Pty. Ltd. [17 May 2

Cloning :: science

Cloning Introduction Today’s technology develops so quickly that many impossible things become true; the cloning technology is the example. What is cloning? Cloning is a process used to create an exact copy of a mammal by using the complete genetic material of a regular body cell. Different from the common propagate, cloning need only one cell and without sex. In 1997, the great news shocked the whole world that the British scientists created a lamp named Dolly from a single cell, miraculously; the cell had been taken from the udder of adult sheep, which show the first cloning experiment was successful. The history of cloning About the cloning history, we trace back to 400 million years BC, the plants could clone themselves but not to long. The human found the cloning 200 years ago, the first person who did the cloning experiment is a German biologist named Han Spermann, he uses the egg white to clone chicken in 1938 but it was failed. Until 1981, Kal Illmensee and Peter Hoppe report that they clone normal mice and embryo cell; it was a huge progress of the cloning history. After 2 years, the embryologists in UAS first cloned the human’s cells; they put 32 cells into a surrogate mother, and then have cloned 4 extra same cells. In 1997, Ian Wilmut and his colleague Keith Campbell cloned a new adult sheep called Dolly. (Will, April 2002) So human spends long time on cloning research. The process of cloning The cloning has two main parts, one is the plant cloning and the other is the animal cloning. One type of plant cloning naturally occurs when a plant grows a runner. The runner grows horizontally across the ground forming a carbon copy of that same plant at the end. Eventually the runner dies and the daughter plant is separated from the mother plant. Another is when you cut a branch or leaf off of a plant and plant it. It will grow another identical plant. That method is called a cutting. Such as stolon, it is a weak branch of a plant, when it falls over and the tip touches the ground. The tip swells and roots are formed so that growth in the plant can continue. The other kind of cloning in animals is nuclear transfer cloning. Nuclear transfer is when the nucleus of one cell is implanted into another cell that has had the nucleus taken out. Cloning :: science Cloning Introduction Today’s technology develops so quickly that many impossible things become true; the cloning technology is the example. What is cloning? Cloning is a process used to create an exact copy of a mammal by using the complete genetic material of a regular body cell. Different from the common propagate, cloning need only one cell and without sex. In 1997, the great news shocked the whole world that the British scientists created a lamp named Dolly from a single cell, miraculously; the cell had been taken from the udder of adult sheep, which show the first cloning experiment was successful. The history of cloning About the cloning history, we trace back to 400 million years BC, the plants could clone themselves but not to long. The human found the cloning 200 years ago, the first person who did the cloning experiment is a German biologist named Han Spermann, he uses the egg white to clone chicken in 1938 but it was failed. Until 1981, Kal Illmensee and Peter Hoppe report that they clone normal mice and embryo cell; it was a huge progress of the cloning history. After 2 years, the embryologists in UAS first cloned the human’s cells; they put 32 cells into a surrogate mother, and then have cloned 4 extra same cells. In 1997, Ian Wilmut and his colleague Keith Campbell cloned a new adult sheep called Dolly. (Will, April 2002) So human spends long time on cloning research. The process of cloning The cloning has two main parts, one is the plant cloning and the other is the animal cloning. One type of plant cloning naturally occurs when a plant grows a runner. The runner grows horizontally across the ground forming a carbon copy of that same plant at the end. Eventually the runner dies and the daughter plant is separated from the mother plant. Another is when you cut a branch or leaf off of a plant and plant it. It will grow another identical plant. That method is called a cutting. Such as stolon, it is a weak branch of a plant, when it falls over and the tip touches the ground. The tip swells and roots are formed so that growth in the plant can continue. The other kind of cloning in animals is nuclear transfer cloning. Nuclear transfer is when the nucleus of one cell is implanted into another cell that has had the nucleus taken out.

Titration Curve of Amino Acids

tion Experiment 1 Titration curves of amino acids General structure of amino acids (amphoteric type): Zwitter ion C * : ? – carbon : ? – amino acid NH2 : ? – amino group, basic (proton acceptor) COOH : ? – carboxylic group, acidic (proton donor) R : side chain of amino acid Classification of amino acids depending on the nature of side chain: * Neutral * Basic amino acid : with extra amino group (NH2) in its side chain ( histidine, arginine, lysine ) * Acidic amino acid : with extra carboxylic acid group (COOH) in its side chain (aspartic acid & glutamic acid) * With phenol group in its side chain (Tyrosine) * With sulfide group in its side chain (Cysteine) Isoelectric point (pI): It is the pH at which the net charge on the molecule in solution is zero (Zwitter ion). Zwitter ion will not migrate in electric field, it is electrically neutral. pI is the average of the closest values of pKa’s. The pI for the acidic amino acids is the average of pKa1 an d pKa2, while the pI for basic amino acids is the average of pKa2 and pKa3 pKa range for ? COOH ( 1. 71 – 2. 63 ) pKa range for ? – NH3+ ( 8. 8 – 10. 78 ) Acidity of neutral amino acid ? – COOH > ? – NH3+ For weak acids : Henderson – Hasslbalch equation : pH = pKa + log [ A- ] [HA] When [ A- ] = [HA] pH = pKa Acid- base titration: An experiment in which a measured amount of base ( or acid) are added to a measured amount of acid ( or base) to calculate something unknown such as molarity, pH†¦.. etc.Equivalence point: The point at which an acid is exactly neutralized with a base. Inflection point: The point in an acid- base titration at which 0. 5 mole of base has been added to one mole of acid to achieve [ A- ] = [HA] and then ; pKa = pH Example : Inflection points 0. 5 1 1. 5 2 * Alanine is an example on neutral amino acid which has 2 acidic protons (diprotic acids ) ? – COOH and ? – NH3+ , these neutral amino acids have t wo titration curves.Net charge +1 0 -1 Zwitter ion Titration curve of Alanine: * aspartic acid is an example on acidic amino acid which has 3 acidic protons (triprotic acids ) ? – COOH, ? – NH3+ and R- COOH. Acidic amino acids have three titration curves. Acidity of acidic amino acid ? – COOH > R- COOH > ? – NH3+ Net charge +1 0 -1 -2 Zwitter ionTitration curve of aspartic amino acid * Lysine is an example on basic amino acid which has 3 basic protons (triprotic acids ) ? – COOH, ? – NH3+ and R- NH3+. Basic amino acids have also three titration curves. Acidity of basic amino acid ? – COOH > ? – NH3+ > R- NH3+ Net charge +2 +1 0 -1 Zwitter ion Tiration curve of Lysine Method : at low pH ~ 1 – 1. 3 amino acid is fully protonated.

Financial Analysis of Oil Marketing Companies

?ANALYSIS OF OIL AND GAS MARKETING SECTOR- AN OVERVEW OF ITS GROWTH OVER THE LAST FIVE YEARS (2001 – 2005) AUTHOR: Akhlaq Ahmad Enroll No. 111031-004 Cell no: 03215008455 BBA-6 (Morning) SUPERVISOR: Mr. Musbashir Sadiq Bahria Institute of Management & Computer Sciences, Bahria University Shangrila Road, Sector E-8, Islamabad ABSTRACT Pakistan’s economy is undergoing significant structural changes since 1999-2000. The real GDP growth is accelerating over the last five years. Over the next five years, 7-8 percent growth is targeted to be sustained, which will demand a huge rise in the energy use. The energy sector in Pakistan comprises of oil, natural gas, power (hydro and nuclear) and coal. The oil and gas sector has a lot of potential in Pakistan. Pakistan is classified as low priority by foreign investors because of the unstable economic and political situation. However, efforts are being made by the Government to promote investment in the oil and gas sector, by various incentives such as liberal granting of exploration licenses, restructuring and reform of the oil and gas sectors, deregulation of prices, and privatization of selected assets. The reform has enhanced transparency, making decision makers aware of the various The objective of this thesis is to analyze whether the Oil and Gas sector in Pakistan has really progressed and whether there are better opportunities for investment and growth in this sector now than there were in the past. For the purpose of determining the trend of growth in the Oil and Gas Sector, four Oil and Gas Marketing Companies (O&GMC) were selected and their financial data analyzed over a period of five years (2001 – 2005). Financial data relevant to the sample companies was gathered from published accounts of the companies, in their annual reports. This data was condensed and summed up for the four companies and presented in tables and then used for analysis. The results were held to be representative of the entire Oil Marketing Sector and seem to show a marked trend of growth in the financial indicators reveal that there has been a marked improvement in the growth of this industry. ACKNOWLEDGMENT First of all I am very much thankful to ALLAH ALMIGHTY, who gave me strength & power to complete this task efficiently & effectively. I am also very much thankful to my parents who gave me the basic knowledge of how to read & write, who also prayed for me every time, especially in the hour of need & trouble. Thanks to my most prestigious Supervisor Mr. Mubashir Sadik for providing me guidelines for each & every aspect. Thanks to Mr. Abdul Ahad Maud and Mr. Faisal Subhan who were very cooperative and considerate during the whole period of data collection. I am also very grateful to all those who helped me & gave me up-to-date information or any other information regarding this analysis while completing this task. Thank you in anticipation. DADICATION TO MY LOVING PARENTS TABLE OF CONTENTS ABSTRACTi ACKNOWLEDGMENTiii DADICATIONiv TABLE OF CONTENTSv LIST OF TABLESvi LIST OF FIGURESix CHAPTER 11 INTRODUCTION1 Broad Problem Area/Background1 Rationale5 Problem Statement6 Objectives of the study7 Research Questions8 Limitations9 CHAPTER 210 LITERATURE REVIEW10 CHAPTER 315 METHOD15 Procedure17 CHAPTER 421 RESULTS AND DISCUSSION21 CHAPTER 566 CONCLUSION AND RECOMMENDATION66 Conclusion66 Recommendations 68 GLOSSARY 69 REFERENCES73 LIST OF TABLES Table 4. 1: Pakistan State Oil Company Limited Balance Sheets (2001-2005)21 Table 4. : Pakistan State Oil Company Limited Income Statements (2001-2005)22 Table 4. 3: Pakistan State Oil Company Limited Vertical Common Size of Balance Sheets (2001-2005)23 Table 4. 4: Pakistan State Oil Company Limited Vertical Common Size of Income statement (2001-2005)24 Table 4. 5: Pakistan State Oil Company Limited Horizontal Common Size of Balance Sheets (2001-2005)25 Table 4. 6: Pakistan State Oil Co mpany Limited Horizontal Common Size of Income statement (2001-2005)27 Table 4. 7: Shell Pakistan Limited Balance Sheets (2001-2005)28 Table 4. : Shell Pakistan Limited Income Statements (2001-2005)29 Table 4. 9: Shell Pakistan Limited Vertical Common Size of Balance Sheets (2001-2005)30 Table 4. 10: Shell Pakistan Limited Vertical Common Size of Income Statements (2001-2005)31 Table 4. 11: Shell Pakistan Limited Horizontal Common Size of Balance Sheets (2001-2005)32 Table 4. 12: Shell Pakistan Limited Horizontal Common Size of Income Statements (2001-2005)34 Table 4. 13: Sui Northern Gas Pipelines Limited Balance Sheets (2001-2005)35 Table 4. 14: Sui Northern Gas Pipelines Limited Income Statements (2001-2005)36 Table 4. 5: Sui Northern Gas Pipelines Limited Vertical Common Size of Balance Sheets (2001-2005)37 Table 4. 16: Sui Northern Gas Pipelines Limited Vertical Common Size of Income Statements (2001-2005)38 Table 4. 17: Sui Northern Gas Pipelines Limited Horizontal Common Size of Balance Sheets (2001-2005)39 Table 4. 18: Sui Northern Gas Pipelines Limited Horizontal Common Size of Income Statements (2001-2005)40 Table 4. 19: Sui Southern Gas Company Balance Sheets (2001-2005)41 Table 4. 20: Sui Southern Gas Company Income Statements (2001-2005)42 Table 4. 1: Sui Southern Gas Company Vertical Common Size of Balance Sheets (2001-2005)43 Table 4. 22: Sui Southern Gas Company Vertical Common Size of Income Statements (2001-2005)44 Table 4. 23: Sui Southern Gas Company Horizontal Common Size of Balance Sheets (2001-2005)45 Table 4. 24: Sui Southern Gas Company Horizontal Common Size of Income Statements (2001-2005)46 Table 4. 25: Oil and Gas Marketing Sector Consolidated Balance Sheets (PSO, Shell, SNGPL, SSGC) (2001-2005)47 Table 4. 26: Oil and Gas Marketing Sector Consolidated Income Statement (PSO, Shell, SNGPL, SSGC) (2001-2005)48 Table 4. 7: Oil and Gas Marketing Sector Vertical Common Size of Balance Sheet (PSO, Shell, SNGPL, SSGC) (2001-2005)49 Table 4 . 28: Oil and Gas Marketing Sector Vertical Common Size of Income Statement (PSO, Shell, SNGPL, SSGC) (2001-2005)51 Table 4. 29: Oil and Gas Marketing Sector Horizontal Common Size of Consolidated Balance Sheet (PSO, Shell, SNGPL, SSGC) (2001-2005)52 Table 4. 30: Oil and Gas Marketing Sector Horizontal Common Size of Consolidated Income Statement (PSO, Shell, SNGPL, SSGC) (2001-2005)53 Table 4. 31: Important figures to be used in the calculating the ratios54 Table 4. 2: Ratios for measuring the Liquidity of the sector 55 Table 4. 33: Ratios for measuring the Long Term Debt Paying Ability57 Table 4. 34: Ratios for measuring the profitability of the sector59 Table 4. 35: Ratios of the measurement of the market value of the sector63 LIST OF FIGURES Figure 4. 1: Ratios for measuring the Long Term Debt Paying Ability55 Figure 4. 2: Ratios for measuring the Long Term Debt Paying Ability57 Figure 4. 3: Ratios for measuring the Long Term Debt Paying Ability59 Figure 4. 4: Ratios for measuri ng the Long Term Debt Paying Ability61 Figure 4. : Ratios for measuring the Long Term Debt Paying Ability63 Figure 4. 6: Graphs to specify the growth of the oil & gas marketing companies65 CHAPTER 1 INTRODUCTION Broad Problem Area/Background It is universally recognized that energy is one of the most important inputs for economic growth and national development. The consumption of energy is one of the critical indicators of the level of development of any country. Developed countries use more energy per unit of economic output and far more energy per capita than developing countries. Economic growth is the key to this situation and for economic growth we need energy. Pakistan’s economy is undergoing significant structural changes since 1999-2000. The real GDP growth is accelerating over the last five years. Over the next five years, 7-8 percent growth is targeted to be sustained, which will demand a huge rise in the energy use. The energy sector in Pakistan comprises of oil, natural gas, power (hydro and nuclear) and coal. The total primary energy supplies measured in terms of oil equivalent (toe) stood at 50. million tonnes in 2003-04. Oil and gas account for almost 80% of the energy sector of Pakistan with oil and gas being 29. 9 percent and 49. 7 percent respectively. In order to measure the growth of the energy sector the best proxy might be to evaluate the performance of the oil marketing companies. As these are the companies which are not only selling the oil based products which meet the major needs of the energy in Pakistan but also these companies are dealing in the recently made popular Compressed Natural Gas. As this Oil and Gas sector represents more than 80% of the energy consumed in Pakistan so the companies which are dealing with the marketing of these fuels need to be assessed for their financial performance and results in the past few years. If these companies are showing growth we might assume that the energy sector is growing and the economy is on the right path. The first gas field was discovered in at Sui in 1952 and provides the basis for Pakistan's extensive gas network. Pakistan imports crude oil (it only produces 17% to 20% of what it needs), however is self sufficient in natural gas. Of the companies that are being researched in the present study, Pakistan State Oil Company Limited (PSOCL) and Shell Pakistan are the main planks in the oil industry. Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC), distributes major portion of the natural gas. Pakistan declared 1997-98 an â€Å"Oil and Gas Year†. As a result of offering incentives to potential investors, including foreign companies, some $2. 5 billion of investment was attracted. Oil and Gas Consumption Figures? Oil Consumption (In tones): 1999-00 2000-01 2001-02 2002-03 2003-04 17,768,000 17,648,000 16,950,000 6,542,000 13,421,000 Gas Consumption 2003 ( In mmcft): 1999-00 2000-01 2001-02 2002-03 2003-04 712,001 768,068 872,604 872,264 1,051,418 Consumption of oil and gas has been fairly steady throughout the 1990s with the gas consumption increasing at a rate of 4. 9 percent while the oil consumption increasing at a slightly reduced rate of 2. 5 percent. Until 1999, the govern ment tightly controlled the oil and gas industries of Pakistan. No decision could be made without referring to the higher authorities, and when decisions were made, they were often based on political as opposed to economic considerations. Since early 2000, an ambitious pro-market reform program is being implemented, and gradually, the straightjacket under which the industry used to operate is being dismantled. As a result, the sector has changed dramatically over the last five years, and Pakistan now leads South Asia in sector reform (Economic Survey of Pakistan, 2004-05). The government actions have focused on promoting private investments in the upstream, deregulating most of the market for petroleum products, establishing a regulatory agency for the gas sector, and introducing market-related price caps for petroleum products. The government’s long term goal is to create a competitive, efficiently-run, financially smooth, and a largely privatized oil and gas sector providing supplies to a large share of population. It is important to note that a structural shift is taking place since 2000-01. The last five years have seen a positive trend towards greater gas consumption and a negative trend in the petroleum products consumption. Substantial progress has been made in the restructuring and reform of the oil and gas sectors, deregulation of prices, and privatization of selected assets. The reform has enhanced transparency, making decision makers aware of the various aspects of the business. Rationale Oil and Gas is an important sector in Pakistan economy and it largely affects the GDP of Pakistan, therefore there is a great emphasis on exploration and marketing. The consumption of Oil was 16. 45 million tonnes in 2002-3 and consumption of gas was 872,264 million cubic feet. The acceleration in growth of energy consumption is not surprising when seen against a 15. 4 percent growth in large scale manufacturing and an 8. 5 percent growth in real GDP. Higher consumption of energy simply reflects the rising of economic activity in a country. Oil and natural gas are an integral part of the everyday life. Not only do they make the economy move, they heat and cool our homes and provide electricity. A large number of products are made from oil and gas, including plastics, life-saving medications, art silk, cosmetics, and many other items you may use daily. Even from Strateg ic point and defense view point Pakistan is dependent on oil and gas. Problem Statement Oil and gas sector of Pakistan has changed dramatically over the last five years and Pakistan now leads South Asia in sector reform. The endeavors made to increase the oil and gas supplies need to be analyzed and companies encouraged. With this premise in mind four, Oil and Gas marketing companies have been selected to analyze their financial performance that would also indicate their success. Objectives of the study The objective of research study is to analyze the growth and development of the Oil and Gas Marketing Sector in Pakistan. Currently according to the Board of Investment of Pakistan there are 26 (local and international) companies operating in upstream, 7 downstream companies, and 4 refineries. The focus of this analysis is on the progress of downstream companies that are based in Pakistan. Four leading downstream companies have been selected and their financial performance studied for a period of five years from 2001 to 2005 to see whether these companies are financially stronger and what their rate of growth is and to determine reasons behind the growth. Research Questions 1. What is the importance of Oil and Gas sector in Pakistan economy? 2. What is the growth scenario of Oil and Gas Marketing companies in Pakistan? 3. What is the financial performance of the selected Oil and Gas marketing companies during the research period (2001-2005)? 4. What conclusions can be drawn about the industry based on the financial performance of the selected companies? Limitations Limitations: This research study has certain limitations that are not easy for the researcher to overcome at this level. The general level of inflation has not been adjusted for. Overall prices of oil have increased due to unavoidable natural phenomenon like war in Iraq and Hurricane Katrina. The profitability of the oil marketing companies could be due to increase in prices of petroleum and it may not be the true measure of their financial performance. Some secondary data was not easily available and was very difficult to obtain. As the research work was given to the researcher during the semester so the time constraint played its role. Despite time constraint, the researcher has conducted a comprehensive research. The limited experience in the research field is also a matter of consideration. This is the first study that goes to researcher’s credit. Hence, the researcher does not possess any experience in the field. CHAPTER 2 LITERATURE REVIEW The firm itself and outside providers of capital- creditors and investors –all undertake financial statement analysis. The type of analysis varies according to the specific interests of the party involved. Trade creditors (suppliers’ owed money for goods and services) are primarily interested in the liquidity of a firm. Their claims are short term, and the ability to pay these claims quickly is best judged by an analysis of firm’s liquidity. The claims of bond bondholders, on the other hand are long-term. Accordingly, bondholders are more interested in the cash flow ability of the firm to service debt over a long period of time. They may evaluate this ability by analyzing the capital structure of the firm, the major sources and uses and uses of funds, the firm’s profitability over time, and projections of future profitability over time, and projections of future profitability. The purpose of financial statement analysis is to examine past and current financial data so that a company's performance and financial position can be evaluated and future risks and potential can be estimated. Financial statement analysis can yield valuable information about trends and relationships, the quality of a company's earnings, and the strengths and weaknesses of its financial position (Woelfel, 1989). Investors in a company’s common stock are principally concerned with present and expected future earnings as well as with the stability of these earnings about a trend line. As a result, investors usually focus on analyzing profitability. They would also be concerned with the firm’s financial condition insofar as it affects the ability of the firm to pay dividends and avoid bankruptcy. Internally, management also employs financial analysis for the purpose of internal control and to better provide what capital suppliers seek in financial condition and performance from the firm. From an internal control stand point, management needs to undertake financial analysis in order to plan and control effectively. To plan for the future, the financial manager must assess the firm’s present financial position and evaluates opportunities in relation to this current position. With respect to internal control, the financial manager is particularly concerned with the return on investment provided by various assets of the company and in the efficiency of asset management. Finally, to bargain effectively for outside funds, the financial manager needs to be attuned to all aspects of financial analysis that outside suppliers of capital use in evaluating the firm (Horne & Wachowicz, 2001). Financial analysis of a company should include an examination of the financial statements of the company, including notes to the financial statements, and the auditor's report. The auditor's report will state whether the financial statements have been audited in accordance with generally accepted auditing standards. The report also indicates whether the statements fairly present the company's financial position, results of operations, and changes in financial position in accordance with generally accepted accounting principles. Notes to the financial statements are often more meaningful than the data found within the body of the statements. The notes explain the accounting policies of the company and usually provide detailed explanations of how those policies were applied along with supporting details. Analysts often compare the financial statements of one company with other companies in the same industry and with the industry in which the company operates as well as with prior year statements of the company being analyzed (Foster, 1999). Comparative financial statements provide analysts with significant information about trends and relationships over two or more years. Comparative statements are more significant for evaluating a company than are single-year statements. The analysis of financial data employs various techniques to emphasize the comparative and relative importance of the data presented and to evaluate the position of the firm. These techniques include ratio analysis, common size analysis, study of difference in components of financial statements among industries, review of descriptive material, and comparisons of result with other types of data. The information derived from these types of analyses should be blended to determine overall position. No one type of analysis supports overall findings or serves all types of users. Financial statement analysis is a judgmental process. One of the primary objectives is identification of major changes (turning points) in trends, amounts and relationships and investigation of the reasons underlying those changes. Often, a turning point may signal an early warning of a significant shift in the future success or failure of the business. The judgment process can be improved by experience and by the use of analytical tools. The components of financial statements, specially the balance sheet and the income statements, will vary by type of industry (Gibson, 1998). Economies — all economies — run on energy. Energy is needed to produce food and manufacture goods, power machines and appliances, transport raw materials and finished products, and provide heat and light. The more energy available to a society, the better its prospects for sustained growth; when energy supplies dwindle, economies grind to a halt and the affected populations suffer (Klare, 2005). Since World War II, economic growth around the world has been fueled largely by abundant supplies of hydrocarbons — that is, by petroleum and natural gas. Since 1950, worldwide oil consumption has grown eightfold, from approximately 10 to 80 million barrels per day; gas consumption, which began from a smaller base, has grown even more dramatically. Oil and gas will account for 65% of world energy in 2025, a larger share than at present; and because no other source of energy is currently available to replace them, the future health of the global economy rests on our ability to produce and consume more and more of these hydrocarbons (U. S Department of Energy, 2004). Petroleum refers to crude oil and natural gas or simply oil and gas, found in petroleum reservoirs generally thousands of feet below the surface. Exploratory wells are drilled to discover petroleum wells, while development wells are drilled to produce a portion of previously discovered oil and gas. Estimated volumes of recoverable gas within the reservoir are called oil and gas reserves (Brock, Jennings & Feiten, 1990). The oil and gas sector or the petroleum industry has the following four major segments: 1. Exploration and Production r E&P where oil and gas companies explore for underground reservoirs, and produce the discovered oil and gas using drilled wells. This thesis focuses on this sector of the oil and gas industry. 2. Hydrocarbon processing which includes oil refineries and gas processing plants. 3. Transport, Distribution and Storage by which petroleum is moved from the producing well areas to crude oil refineries and gas processing plants. Oil is moved by pipeline, truck , barge or tanker and Natural gas is moved by pipeline. 4. Retail/Marketing which ultimately markets in various ways the refined products. CHAPTER 3 METHOD Sample For the sample selection of four marketing companies, out of the population of 7 companies listed in the KSE, the criteria used were: 1. Share Capital of the company 2. Sales Revenue 3. Distribution data of the companies Based on these criteria the four companies selected that are operating in Pakistan were the following: Pakistan State Oil Company Limited (PSOCL) Pakistan State Oil Company Limited (PSOCL) is the market leader in Pakistan having 73% of the share of Black Oil Market and around 59% of the share of White Oil market. It is engaged in the import, storage, distribution and marketing of various petroleum products including Fuel oil, HSD, Jet Oil, petro-chemicals, LPG and CNG. Shell Pakistan Limited (SPL) The Shell brand name enjoys a 100-year history in this part of the world, dating back to 1899. Shell Pakistan has been taking a keen interest in expanding recently which shows the confidence in the economic growth and progress in the oil and gas sector. Shell is at present controlling approximately 30% share of the white oil products presently and during the last financial year the Capital Expenditure amounted to Rs 1. billion. Sui Northern Gas Pipelines Limited (SNGPL) Sui Northern Gas Pipelines Limited (SNGPL, is the largest integrated gas company serving more than 2 million consumers in North Central Pakistan through an extensive network in Punjab and NWFP. The Company has over 41 years of experience in operation and maintenance of high-pressure gas transmission and distribution systems. It has a lso expanded its activities to undertake the planning, designing and construction of pipelines, both for itself and other organizations. SNGPL operates in that region of the nation which has a rapidly growing demand for natural gas and power generation due to significant industrial development. Sui Southern Gas Company (SSGC) Sui Southern Gas Company (SSGC) is Pakistan's leading integrated gas Company. The company is engaged in the business of transmission and distribution of natural gas besides construction of high pressure transmission and low pressure distribution systems SSGCL transmission system extends from Sui in Balochistan to Karachi in Sindh comprising over 2780 KM of high pressure pipeline ranging from 12 – 24†³ in diameter. The distribution activities covering over 650 towns in the Sindh and Balochistan are organized through its regional offices. An average of about 234,553 million cubic feet (MMCFD) gas was sold in 2001-2002 to over 1. 7 million industrial, commercial and domestic consumers in these regions through a distribution network of over 22,890 Km. Type of Study This study aims to analyze the financial statements of oil and gas marketing companies and then generalize the result for the whole industry. Thus due to the purpose of the study it is classifies as descriptive study. Procedure Base Year and Period of Analysis For the analysis, 2001 has been taken as the base year, and the performance in the next five years has been compared with the base year. Analysis Methods The analysis of financial data uses various methods to evaluate the relative importance of the data that was presented in financial statements of a firm. The methods used in the analysis of the marketing sector of Pakistan are a blend of Ratio analysis Common size analysis Ratio Analysis The following ratios were used on the composite data of five years: 1. Liquidity Ratios related to the liquidity of short term assets and short term debt paying ability were Working Capital Current Ratio Sales to Working Capital 2. Profitability Ratios measure the ability of a firm to generate earnings. The ratios used were: Total Asset Turnover Operating Income Margin Return on Total Equity Return on Investment Gross Profit Margin Net Profit Margin 3. Debt Ratios that measure the long term debt paying ability of the firm used were: Debt Ratio Debt to Equity Ratio Fixed charge coverage 4. Market Value Ratios that measure the return that is being given to the stockholders were: Earning per share Dividend per share Dividend Payout These financial ratios were calculated for each of the years from 2001 to 2005 and then plotted to see the general trend. They were then studied to identify various turning points in the trends, and to see the underlying reasons behind the changes in trends that were occurring. Common Size Analysis A common size analysis expresses comparisons in percentages. For the financial data there was -Horizontal and vertical analysis of the following balance sheet items, using 2001 as a base year (horizontal) and total assets as base (vertical): Fixed asset Capital work in progress Long term investments Current assets Reserves & surplus Equity and liabilities were shown as a percentage of total liabilities. -Horizontal and vertical analysis of the following Profit and Loss items with 2001 as a base year (horizontal) and Net Sales as base (vertical): Financial Charges Operating expense Gross Profits Taxes Profit before Tax CHAPTER 4 RESULTS AND DISCUSSION Table 4. 1: Pakistan State Oil Company Limited Balance Sheets (2001-2005) Table 4. 2: Pakistan State Oil Company Limited Income Statements (2001-2005) 2001 2002 2003 2004 2005 Sales (Net) 43305. 67 133136. 52 172445. 77 161537. 98 212503. 65 Cost of Sales 136933. 58 126359. 13 163490. 58 152346. 86 198757. 32 Gross Profit 6372. 09 6777. 39 8955. 19 9191. 12 13746. 33 Operating Expenses 2367. 97 2210. 69 2750. 26 4223. 43 5443. 58 Operating Profit 4004. 12 4566. 7 6204. 93 4967. 69 8302. 75 Financial Charges 778. 7 979. 22 274. 78 189. 08 370. 7 Other income 225. 94 1549. 77 279. 17 1484 . 36 1294. 34 Profit Before Taxation 3451. 36 5137. 25 6209. 32 6262. 97 9226. 39 Taxation 1200 1949 2179 2181 2183 Profit After Taxation 2251. 36 3188. 25 4030. 32 4081. 97 7043. 39 Table 4. : Pakistan State Oil Company Limited Vertical Common Size of Balance Sheets (2001-2005) 2001 2002 2003 2004 2005 Current Assets 81. 44% 74. 84% 69. 41% 74. 60% 78. 22% Fixed Assets (Gross) 21. 99% 24. 10% 29. 01% 25. 40% 21. 78% Depreciation 11. 02% 11. 90% 13. 96% 12. 51% 12. 08% Fixed Assets (Net) 10. 97% 12. 21% 15. 05% 12. 89% 9. 70% Capital work in Progress 2. 28% 2. 72% 3. 53% 2. 76% 2. 39% Long Term Investment & Deposits 5. 32% 10. 23% 12. 01% 9. 75% 9. 69% Total Assets 100. 00% 100. 00% 100. 00% 100. 00% 100. 00% Current Liabilities 63. 63% 62. 39% 55. 40% 59. 72% 62. 92% Deferred Taxation 0. 00% . 44% 1. 15% 1. 33% 1. 21% Long Term Liabilities 3. 82% 1. 85% 3. 05% 2. 53% 2. 63% Total Liabilities 67. 45% 65. 69% 59. 60% 63. 58% 66. 76% Paid-Up Capital 4. 74% 4. 36% 5. 30% 4. 04% 3. 29% Reserves & Surplus 27. 80% 29. 96% 35. 09% 32. 38% 29. 95% Total Liabilities & Capital 100. 00% 100. 00% 100. 00% 100. 00% 100. 00% Analysis: The vertical common size of the B/S of PSO shows that the current as well as fixed assets are pretty much the same and there is major improvement in long term investment & deposits while on the liability side again the current and long term liabilities are pretty much constant. The reserves & surplus have been increasing with the passage of time. Table 4. 4: Pakistan State Oil Company Limited Vertical Common Size of Income statement (2001-2005) 2001 2002 2003 2004 2005 Sales (Net) 100. 00% 100. 00% 100. 00% 100. 00% 100. 00% Cost of Sales 95. 55% 94. 91% 94. 81% 94. 31% 93. 53% Gross Profit 4. 45% 5. 09% 5. 19% 5. 69% 6. 47% Operating Expenses 1. 65% 1. 66% 1. 59% 2. 61% 2. 56% Operating Profit 2. 79% 3. 43% 3. 60% 3. 08% 3. 91% Financial Charges 0. 54% 0. 74% 0. 16% 0. 12% 0. 17% Other income 0. 16% 1. 16% 0. 16% 0. 92% 0. 61% Profit Before Taxation 2. 41% 3. 86% 3. 60% 3. 88% 4. 34% Taxation 0. 84% 1. 46% 1. 26% 1. 35% 1. 03% Profit After Taxation 1. 57% 2. 39% 2. 34% 2. 53% 3. 31% Analysis: The detailed analysis of the I/S of PSO shows that the oil marketing company has been able to slightly reduce its cost of sales which has resulted in a significant increase in the gross profit while the operating profit has also shown an increase as the operating expenses have increased but in a lesser proportion. The financial charges have been drastically cut down due to a better financial performance. There has been a marked improvement in the other income which shows that the company has increased its sources of income and all this has resulted in higher profits. Table 4. 5: Pakistan State Oil Company Limited Horizontal Common Size of Balance Sheets (2001-2005) 2001 2002 2003 2004 2005 Current Assets 100% -0. 001% -8. 54% 28. 90% 65. 98% Fixed Assets (Gross) 100% 19. 269% 41. 53% 62. 56% 71. 13% Depreciation 100% 17. 468% 35. 91% 59. 74% 89. 36% Fixed Assets (Net) 100% 21. 078% 47. 18% 65. 40% 52. 81% Capital work in Progress 100% 30. 150% 66. 47% 70. 52% 81. 58% Long Term Investment & Deposits 100% 109. 346% 142. 40% 158. 6% 214. 84% Total Assets 100% 8. 811% 7. 30% 40. 72% 72. 81% Current Liabilities 100% 6. 701% -6. 57% 32. 08% 70. 88% Deferred Taxation 100% 47200% 37250% 56425% 63018% Long Term Liabilities 100% -47. 371% -14. 53% -7. 05% 18. 70% Total Liabilities 100% 5. 958% -5. 19% 32. 63% 71. 02% Financed By Paid-Up Capital 100% 0. 000% 20. 00% 20. 00% 20. 00% Reserves & S urplus 100% 17. 237% 35. 44% 63. 87% 86. 15% Total Liabilities & Capital 100% 8. 811% 7. 30% 40. 72% 72. 81% Analysis: The horizontal common size of the B/S of PSO significantly tells that the current assets have increased substantially mainly due to the increase in sales. Another important aspect to note is the great deal of increase in the long term investments which is due to various new projects that have been undertaken and this shows that the company is expanding. The increase in current liabilities is mainly due to the increase in credit sales and also because a significant portion of long term loans has been converted into current portion while the increase in long term liabilities is mainly due to the increase in employee benefits which again shows that the company has been doing very well. Another good indicator of the good performance is the increase in the reserves & surplus section of the B/S. Table 4. 6: Pakistan State Oil Company Limited Horizontal Common Size of Income statement (2001-2005) 2001 2002 2003 2004 2005 Sales (Net) 100% -7. 096% 20. 33% 12. 72% 48. 29% Cost of Sales 100% -7. 722% 19. 39% 11. 26% 45. 15% Gross Profit 100% 6. 361% 40. 54% 44. 24% 115. 73% Operating Expenses 100% -6. 642% 16. 14% 78. 36% 129. 88% Operating Profit 100% 14. 050% 54. 96% 24. 06% 107. 36% Financial Charges 100% 25. 751% -64. 71% -75. 72% -52. 40% Other income 100% 585. 921% 23. 56% 556. 97% 472. 87% Profit Before Taxation 100% 48. 847% 79. 91% 81. 46% 167. 33% Taxation 100% 62. 417% 81. 58% 81. 75% 81. 92% Profit After Taxation 100% 41. 614% 79. 02% 81. 31% 212. 85% Analysis: The horizontal common size of the I/S clearly indicates the drastic improvement in the sales which is almost around 50% while due to a lesser increase in the cost of sales the gross profit is up by over 115%. The financial charges have been reduced to more than 50% and a huge increase in other sources of income has led to higher profit before taxation. Table 4. 7: Shell Pakistan Limited Balance Sheets (2001-2005) 2001 2002 2003 2004 2005 Current Assets 6470. 64 7145. 22 6149. 68 7912. 63 12725. 13 Fixed Assets (Gross) 6027. 49 6705. 37 7554. 29 8708. 5 9569. 78 Accumulated Depreciation 2189. 29 2738. 78 3290. 57 3852. 84 4532. 53 Fixed Assets (Net) 3838. 20 3966. 59 4263. 72 4855. 21 5037. 25 Capital Work in Progress 464. 52 534. 61 564. 44 544. 07 582. 38 Long Term Investment & Deposits 1294. 68 186. 27 1998. 93 2032. 22 1988. 13 Total Assets 12068. 04 11832. 69 12976. 77 15344. 13 20332. 89 Liabilities Current L iabilities 6470. 65 5934. 76 7029. 83 9042. 39 11951. 06 Long Term Liabilities 66. 84 47. 51 77. 86 43. 49 48. 22 Deferred Taxation 141 29. 24 17. 26 126. 42 20. 74 Financed By Paid-Up Capital 350. 66 350. 66 350. 66 350. 66 350. 66 Reserves & Surplus 038. 89 5470. 52 5501. 16 5781. 87 7962. 21 Total Liabilities & Equity 12068. 04 11832. 69 12976. 77 15344. 13 20332. 89 Table 4. 8: Shell Pakistan Limited Income Statements (2001-2005) 2001 2002 2003 2004 2005 Sales (Net) 65725. 15 69042. 05 77822. 82 79180. 35 98526. 62 Cost of Sales 61628. 48 64164. 23 72049. 47 72973. 11 89684. 58 Gross Profit 4096. 67 4877. 82 5773. 35 6207. 24 8842. 04 Operating Expenses 2486. 67 3292. 92 3794. 36 3806. 01 4609. 77 Operating Profit 1610. 00 1584. 90 1978. 99 2401. 23 4232. 27 Financial Charges 50. 27 46. 76 51. 48 224. 33 596. 55 Other Income 191. 72 154. 46 110. 32 12. 02 22. 33 Profit Before Taxation 1630. 45 1572. 44 1899. 91 2188. 92 3658. 05 Taxation 574. 42 509. 62 644. 91 680. 91 1197. 19 Profit After Taxation 1056. 03 1062. 81 1255. 00 1508. 01 2460. 86 Table 4. 9: Shell Pakistan Limited Vertical Common Size of Balance Sheets (2001-2005) 2001 2002 2003 2004 2005 Current Assets 53. 62% 60. 39% 47. 39% 51. 57% 62. 58% Fixed Assets (Gross) 49. 95% 56. 67% 58. 21% 56. 75% 47. 07% Accumulated Depreciation 18. 14% 23. 15% 25. 36% 25. 11% 22. 29% Fixed Assets (Net) 31. 80% 33. 52% 32. 86% 31. 64% 24. 77% Capital Work in Progress 3. 85% 4. 52% 4. 35% 3. 55% 2. 86% Long Term Investment & Deposits 0. 73% 1. 57% 15. 40% 13. 24% 9. 78% Total Assets 100. 00% 100. 00% 100. 00% 100. 00% 100. 00% Current Liabilities 53. 62% 50. 16% 54. 17% 58. 93% 58. 78% Long Term Liabilities 0. 55% 0. 40% 0. 60% 0. 28% 0. 24% Deferred Taxation 1. 17% 0. 25% 0. 13% 0. 82% 0. 10% Financed By Paid-Up Capital 2. 91% 2. 96% 2. 70% 2. 29% 1. 72% Reserves & Surplus 41. 75% 46. 23% 42. 39% 37. 68% 39. 16% Total Liabilities & Equity 100. 00% 100. 00% 100. 00% 100. 00% 100. 00% Analysis: Vertical common size of the B/S of Shell Pakistan shows that the company has been pretty much maintaining its proportion of all the assets, liabilities

Accounting Essays Tax Evasion Popularity Essays

Accounting Essays Tax Evasion Popularity Essays Accounting Essays Tax Evasion Popularity Essay Accounting Essays Tax Evasion Popularity Essay Tax equivocation is a national interest that is turning of all time more popular. Nick Montague defines revenue enhancement as the agencies by which a civilized society performs that sometimes-uncivil undertaking of taking money from one group in order to give it to another. This definition highlights an of import intent served by revenue enhancements. As it is already known, that revenue enhancements are a financial policy instrument used by the authorities to accomplish wide macroeconomic ends. By and large talking, revenue enhancements are a agencies used by the authorities to supply its occupants with comfortss and installations like infirmaries, safety and instruction. Therefore, any deficit in gross means that the people would nt be able to avail the benefits. From this position, as observant citizens, it is imperative for people and corporations to pay revenue enhancements. Despite, this common cognition, revenue enhancement equivocation is prevailing in the society, even worse, persons and corporations go through great length to invent tactics of hedging r evenue enhancements. The chief ground why persons and corporations engage in revenue enhancement equivocation activities is that it increases the degree of disposable income and net incomes severally. Tax equivocation is defined as the failure to run into revenue enhancement liabilities by illegal action, such as non declaring income. Acerate leaf to state revenue enhancement equivocation is a condemnable offense. Prior to get downing a treatment on revenue enhancement equivocation it would be indispensable to briefly high spot that in the UK, revenue enhancement disposal is divided between two sections of province, the Inland Revenue and Customs and Excise. The Inland Revenue administers Income Tax, Corporation Tax ( on company net incomes ) , Capital Gains Tax, crude oil revenue enhancement ( associating to oil geographic expedition and extraction in the UK and environing Waterss ) and Stamp Duties ( e.g. on land minutess ) . The levying of VAT, revenue enhancement on gaming and imposts and excise responsibilities is the duty of the Customss and Excise Department. In add-on to these two gross sections, local governments levy the new Community Charge ( poll revenue enhancement ) and the Department of Social Security is responsible for national insurance parts. Often revenue enhancement equivocation is confused with revenue enhancement turning away. Harmonizing to Denis Healey, former UK Chancellor of the Exchequer:The difference between revenue enhancement turning away and revenue enhancement equivocation is the hickness of a prison wall. This paper will take to show an in depth analysis of why individuals/companies engage in revenue enhancement equivocation. It will besides analyze whether the self-assessment system encourages or discourages revenue enhancement equivocation. And, eventually the paper will reason by measuring the attempts made by the authorities to battle revenue enhancement equivocation. It must be highlighted that revenue enhancement is used for many other intents than raising gross. Some authors have argued that the intent of revenue enhancement can besides be seen as an instrument of economic and societal policy to act upon behavior. In other words, it can hence be the purpose of the revenue enhancement that it is avoided. For illustration, it has been argued that higher revenue enhancements on alcoholic drinks ( Cook and Moore, 1994, Irving and Sims, 1993 ) and baccy ( Viscusi, 1994 ) would cut down the ingestion of those merchandises and lead to betterments in the wellness of the population. In the UK, Inland Revenue has, traditionally, had a regardful attack towards income. With the debut of self-assessment system from 1996/7 there has been a motion off from that stance in recent old ages. Evasion of revenue enhancements Tax equivocation analysis typically assumes that equivocation involves single taxpayers reacting to some given policies. However, hedging revenue enhancements could necessitate the coaction of at least two taxpayers. Detection depends on the dearly-won turning away activities of both transacting spouses. An addition in countenances leads to a direct addition in the expected cost of a dealing in the illegal sector, but it may besides increase the inducement for the spouses to collaborate in avoiding sensing. The entire cost of transacting in the illegal sector can fall, and revenue enhancement equivocation may increase. Most states tend to follow a progressive revenue enhancement system, more the income more revenue enhancement would be levied. From this position it might look that it is unjust for the authorities to impose more revenue enhancements on individuals/companies for bring forthing more income for the economic system and themselves. However, it must be a celebrated that in add-on to hiking the economic system, it is authorities s duty to believe about economic development and public assistance of everyone. They have to equilibrate economic growing and economic development. This construct has been debated and the point of view of unfairness of the revenue enhancement system has led parties to hedge them, in other words, detecting ways and agencies of non paying the dues to the authorities. Research surveies conducted to happen out the extent of the UK black market economic system indicate that it has increased. The figure of unincorporated concern histories and company histories received yearly by the Inland Revenue have increased from 2m to 2.25 million and from under 600,000 to about 700,000 severally between 1984/85 and 1988/89 entirely ( Inland Revenue, 131st Annual Report, 1989 ) . Surveies conducted by Brown, Levin, Rosa and Ulph ( 1984 ) concluded that about 5 % of workers in Britain held two or more occupations and that the income revenue enhancement lost from 2nd occupation revenue enhancement equivocation likely amounted to around 1.1 % of income revenue enhancement grosss or 0.3 % of national income. Their study excluded equivocation by individuals who have merely one occupation ( which includes big Numberss of the ego employed ) , Capital Gains Tax and VAT equivocation, and equivocation of revenue enhancement by companies. In response to discouraging people from prosecuting in revenue enhancement equivocation, Inland Revenue introduced the self-assessment system, really merely, is a manner of working out and paying revenue enhancement. As required by the Inland Revenue ( IR ) , freelance people, company managers, curate of faith are required to make full up the self-assessment signifier at the terminal of every revenue enhancement twelvemonth. Supporting paperss are provided to do it easier for the people to make full up the signifier and submit it. With the betterment in engineering, IR offers concern services for employers, persons, contractors, companies and agents, option to make full up the signifiers online, which ensures automatic revenue enhancement computation, quicker refund, and online recognition which is safe and unafraid. Therefore, IR is taking any possibility of fuss and presenting the convenience factor to do people follow with the revenue enhancement demands. Many enterprises have been taken to battle revenue enhancement equivocation. In the UK, for case, efforts are being made to increase co-operation between the Inland Revenue and Customs and Excise. This has involved joint policy audience and betterments in interchanging information. One peculiar enterprise has been to put up a joint unit to supply a individual beginning of information and advice for concerns confronting fiscal troubles and who wish to come in into voluntary agreements. A measure in this way has been that of the European Union Savings Directive. It aims to counter cross boundary line revenue enhancement equivocation by roll uping and interchanging information about foreign resident persons having nest eggs income outside their resident province. The Government believes that exchange of information between revenue enhancement governments is the best manner to guarantee that persons pay the right sum of revenue enhancement on cross-border income from nest eggs. The Government therefore supports the Directive, the ultimate purpose of which is effectual revenue enhancement by exchange of information. The above is a major measure towards diminishing equivocation of revenue enhancement. The above high spots the importance of transparence in histories and benefits of sharing information across the states. Introducing VAT was besides an effort towards revenue enhancement harmonization and doing it more hard for companies to hedge revenue enhancement. The recent dirts of Enron and Parmalat have highlighted the importance of holding transparence. VAT was introduced to battle cheating, smuggling and understate revenue enhancement equivocation. The same rule was behind harmonizing VAT in the EU one of the advantages was the limited possibility for fraud in the supply concatenation. However, it was found that VAT system was used to consistently victimize revenue enhancement disposals. Despite the attempts made to understate revenue enhancement equivocation, fraudsters have detected the built-in failings that exist in the controls exercised and have been working those failings for their ain fiscal addition. It was found that with the debut of the VAT and intrastate system, conformity costs had been reduced by about two-thirds. It is a known fact that revenue enhancements in any signifier, whether direct or indirect, is a beginning of gross for the authorities. Government tends to utilize revenue enhancement money either from persons or concerns to fund assorted state development undertakings and work towards supplying a better life status to its citizens. While this is an idealistic image about the motivation of the authorities, in world, people tend to hedge revenue enhancements for many grounds. It has been a topic of changeless argument to happen out the best step or footing for revenue enhancement and the latest revenue enhancement system for indirect revenue enhancement is the ingestion base. It has been argued that it would more suited to bear down revenue enhancements based on the ingestion made. VAT is the revenue enhancement system which follows the above mentioned revenue enhancement base. The intent was non merely to control revenue enhancement equivocation but besides be an efficient theoretica l account for revenue enhancement. The European theoretical account of the VAT system has been applauded and adopted by many states as it is a common belief that VAT system based on the European theoretical account provides least possible manner of hedging revenue enhancement because it has a system of invoicing which helps in set uping an audit trail. Writers like Cnossen have listed the assorted advantages associated with the following the VAT system. Amongst other things, to guarantee that revenue enhancement equivocation is minimised, the authorities needs to look into bettering revenue enhancement conformity. The undermentioned arrows were suggested to better revenue enhancement conformity: Training employees so that they have an apprehension of the full system of revenue enhancement disposal. There should be better promotion about how the revenue enhancement system works, the benefits derived from following with the revenue enhancement system and how the IRS trades with maltreatments of the system. Making the process automatic to extinguish any possibility of cut downing unscrupulous pattern. Simplification and equity is required because uninterrupted alterations and complexness in revenue enhancement jurisprudence have a negative consequence on conformity. Besides the jurisprudence should be applied systematically. Organizational construction should be arranged so that taxpayers issues or jobs can be resolved through a individual point of contact. There is besides a demand for specialization so that expertness of peculiar industries may be developed to better traffics with taxpayers and there should be better client service. Better and increased cooperation with province, local and foreign authoritiess is required to undertake the job. More aid should be provided for little concerns to assist them follow and increase their consciousness degrees. Coordination of conformity attempts would be required and inducements must be provided when people comply and punishments must be imposed when people evade revenue enhancements. A more organized attack to act upon statute law A sense of duty must be inculcated in the people towards revenue enhancements. It is easier to acquire something done when people take duty towards it. Inland Revenue faces jobs to undertake the job due to shortage in trained revenue enhancement inspectors, reflecting the section s more general trouble in enrolling and retaining staff. Research surveies conducted in this country have indicated that people tend to travel towards the private sector where wage and conditions are perceived to be better. The section believes that the state of affairs can merely better when there is more political committedness in Government to undertaking equivocation, supported by the allotment of the necessary resources to pay inspectors competitory wages. Decision In drumhead it can be said that though stairss have been take to understate revenue enhancement equivocation yet it exists and continues to be. Despite the attempts made towards controling it, there will ever be elements in the society who would come up with mechanisms to get the better of the system. The challenge therefore lies in maintaining up the attempts to understate revenue enhancement equivocation. As persons revenue enhancements must be paid accurately and as corporations ethical concern patterns would guarantee that illegal activities like revenue enhancement equivocation could be kept at bay. Therefore in decision it can be said that even though revenue enhancement equivocation appears to be a national interest that is turning of all time popular, steps are being devised to battle it. Bibliography Melville, A.Tax: Finance Act 2004, 10th Edition, ( 2004 ) , Financial Times, Prentice Hall, London El-Agraa, A.M. ,The European Union Economics and Policies,( 2001 ) , Sixth Edition, Prentice Hall. Gwartney, J.D. , Stroup, R.L. , and Sobel, Russell, S.Economicss Public and Private Choice,( 2000 ) , Ninth edition, Dryden Press JOURNALS AND ARTCILES Agha, A. and Haughton, J. ( 1996 ) ,Planing VAT Systems: Some Efficiency Considerations,The Review of Economics and Statistics, Vol. 78 ( 2 ) pp 303-308 Joumard, I. ( 2001 ) ,Tax Systems in European Union Countries,OECD Working documents ECO/WKP ( 2001 ) 27 Nam, C.W. , Parsche, R. and Schaden, B. ( 2001 ) ,Measurement of Value Added Tax Evasion in Selected EU states on the footing of National Accounts Data,CESInfo Working Papers 431. Ohsawa, Yoshiaki ( 2003 ) ,A Spatial revenue enhancement harmonization theoretical account,European Economic Review 47, pp 443-459 Scabrosetti, S. ( 2002 ) ,Tax System and Reforms in Europe: France,Societa Italiana di economica pubblica, Working documents 186/2002 Shoup, C.S. ( 1957 ) ,Some separating features of the British, Gallic, and United States Public Finance System,American Economic Review, Vol. 47 ( 2 ) pp 187-197 Verwaal, E. and Cnossen, S ( 2002 ) ,Europe s new boundary line revenue enhancements, JCMS Vol. 40 ( 2 ) , pp 309-330 Entrepreneurship and Growth: Tax Issues,( 2002 ) Directorate for Science, Technology and Industry. OECD. Indirect Tax Treatment of Financial Services and Instruments, ( 1998 ) , Report of the OECD

Acesite Corporation vs. Nlrc

* Gonzales took several leaves (sick leave, emergency leave, and vacation leave), thereby using up all leaves that he was entitled for the year. * Before the expiration of his 12-day vacation leave, Gonzales filed an application for emergency leave for 10 days commencing on April 30 up to May 13, 1998. The application was not, however, approved. * He received a telegram informing him of the disapproval and asking him to report back for work on April 30, 1998. However Gonzales did not report for work on the said date. * On May 5, 1998, Acesite sent him a final telegram in his provincial address containing in order for Gonzales to report back to work. * Gonzales, who claims to have received the May 5, 1998 telegram only in the afternoon of May 7, 1998, immediately repaired back to Manila on May 8, 1998 only to be â€Å"humiliatingly and ignominiously barred by the guard (a subordinate of [Gonzales]) from entering the premises. * It appears that on May 7, 1998, the issued notice of termination was thru an inter-office memo. * Gonzales thus filed on May 27, 1998 a complaint against Acesite for illegal dismissal with prayer for reinstatement and payment of full backwages, etc. * Acesite claims, Gonzales â€Å"showed no respect for the lawful orders for him to report back to work and repeatedly ignored all telegrams sent to him,† and it merely exercised its legal right to dismiss him under the House Code of Discipline. LA – the c omplaint for lack of merit, its holding that Gonzales was dismissed for just cause and was not denied of due process. * NLRC – reversed that of the Labor Arbiter. * CA – finding that Gonzales was illegally dismissed, affirmed with modification the NLRC decision. Issue: * WON Gonzales was legally dismissed for just cause. Held: * No. there appears to have been no just cause to dismiss Gonzales from employment. As correctly ruled by the Court of Appeals, Gonzales cannot be considered to have willfully disobeyed his employer. Willful disobedience entails the concurrence of at least two (2) requisites: the employee’s assailed conduct has been willful or intentional, the willfulness being characterized by a â€Å"wrongful and perverse attitude;† and the order violated must have been reasonable, lawful, made known to the employee and must pertain to the duties which he had been engaged to discharge. In Gonzales’ case, his assailed conduct has not been shown to have been characterized by a perverse attitude, hence, the first requisite is wanting. His receipt of the telegram disapproving his application for emergency leave starting April 30, 1998 has not been shown. And it cannot be said that he disobeyed the May 5, 1998 telegram since he received it only on May 7, 1998. On the contrary, that he immediately hied back to Manila upon receipt thereof negates a perverse attitude.

International dimensions of Intergrated Marketing Communication used Essay

International dimensions of Intergrated Marketing Communication used by ABSOLUT VODKA - Essay Example Ð °lliÐ °nce to offer customers globÐ °l reÐ °ch Ð °nd Ð ° smooth trÐ °vel experience; it is the company that managed to build strong relationships with its customers during short periods of time and reach big world recognition. Due to its huge success in beoming the leÐ °ding Ð °irline Ð °lliÐ °nce in the globÐ °l Ð °viÐ °tion business, the compÐ °ny hÐ °s been voted Best Ð irline Ð lliÐ °nce by SkytrÐ °x in 2003 Ð °nd 2005. From its eÐ °rly beginnings in 1997 with five founding Ð °irlines, 14 member Ð °irlines now come under the StÐ °r Ð lliÐ °nce fold: Ð ir CÐ °nÐ °dÐ °, Ð ir New ZeÐ °lÐ °nd, Ð NÐ , Ð ustriÐ °n Ð irlines, bmi british midlÐ °nd, LÐ °udÐ ° Ð ir, LufthÐ °nsÐ °, MexicÐ °nÐ °, SÐ S ScÐ °ndinÐ °viÐ °n Ð irlines, SingÐ °pore Ð irlines, ThÐ °i Ð irwÐ °ys InternÐ °tionÐ °l, TyroleÐ °n Ð irwÐ °ys, United Ð irlines Ð °nd VÐ RIG. TodÐ °y Ð ° StÐ °r Ð lliÐ °nce Ð °ircrÐ °ft tÐ °kes off or lÐ °nds every four seconds to one of 729 Ð °irports in 124 countries, providing customers with Ð ° truly globÐ °l reÐ °ch. Focusing on customer priorities, StÐ °r Ð lliÐ °nce Ð °irlines hÐ °ve concentrÐ °ted on hÐ °rmonising timetÐ °bles to reduce trÐ °nsfer times Ð °t Ð °irports Ð °nd offer seÐ °mless worldwide trÐ °vel. In addition to reducing customer turnover, important reason supporting the importance of customer satisfaction is the belief that a satisfied customer base is likely to be a firms single greatest source of sustainable competitive advantage (Sriram et al., 1992). This implies that a loyal customer base is an asset composed of the discounted present value of the future stream of profits from a continuing relationship. StÐ °r Ð lliÐ °nce hÐ °s Ð °lso responded to the customer’s need for recognition by linking Ð °ll Ð °irline frequent flyer progrÐ °mmes thus Ð °llowing pÐ °ssengers to Ð °ccrue Ð °nd redeem mileÐ °ge Ð °cross the network. To celebrÐ °te the 5th Ð °nniversÐ °ry StÐ °r Ð lliÐ °nce hÐ °s lÐ °unched Ð ° promotion Ð °llowing members of the Ð °irline loyÐ °lty progrÐ °mme to eÐ °rn up to 55,555 bonus miles by flying five different StÐ °r