Financial Analysis of Vodafone

Financial Analysis of Vodafone Vodafone group PLC is a British multinational mobile network operatorheadquarter in Newbury, England. It has formed in 1984 as a subsidiary of recal electronics PLC. It became an independent company in 1991 and changed its name to Vodafone group PLC on 2000.Vodafone is a world leading mobile telecommunications company. Vodafone provides a wide range of Communication services, including voice calls, SMS text messaging, MMS picture and video messaging, internet. Access and other data services Vodafone is the world largest telecommunication network company with 146 subsidiaries Vodafone directly own and manage about 2,200 stores around the world and they also have around 10,300 Vodafone-branded stores run through franchise and exclusive dealer arrangement, An industry with 5.6 billion customers with growth driven by increasing global demand for data services and rising mobile penetration in emerging markets. TYPES OF ORGANIZATIONS An Organization is a group of people that working together towards a common goal. There are 2 types of Organizations. Private Sector Public Sector Private Sector It is the part of national economy that is not directly controlled by the government. It provides more job opportunities for the people. So they will give a good support to the government. Private Sector includes sole traders, partnerships, joint ventures, limited companies, Co-operatives, clubs and societies. Sole Trader ship It has no complexities, with minimum interference of statutes, which is run by a single individual with his own capital, the decisions too being taken by himself. The most common business unit of the world is these. The main reason for this is that, ability of this business to be carried on without the necessity for adherence to rules. Partnerships It is a legal relationship between two or more individuals who are working together to achieve a specific goal. They should have an intention to earn profits, Collective responsibilities and a common destiny or goal. Joint ventures It is a short term association of a few persons in order to accomplish a specific task. Generally they do not use a business name. The joint venture is dissolved when the specific task is accomplished. This is a short term business type. Incorporate Companies In Sri Lanka institution registered under the companies ACT NO.7 OF 2007 is considered as an incorporated company. It includes Limited Companies, Companies limited by guarantees, unlimited companies, Offshore Companies, Foreign Companies. Public Sector It is the part of an economy that is directly controlled by the government. Public Sector is the largest sector of any economy in the country. It provides basic goods or services that cannot be provided by the private sector. It includes Gov. Departments, Gov. Corporations, and Gov. Companies. It is also known as State Sector or the Government Sector. Responsibilities of stakeholders Stakeholders are individuals, groups or organizations that have an interest in the activities and behavior of a business. They can be internal stakeholders, like employees and partners, or external, such as customers, suppliers, government or the media for example. All stakeholders can influence as well as be influenced by Vodafone. Every Stakeholder has responsibilities towards the Vodafone to achieve vodafones goals and objectives. Owners and share holders As the owner of a business, it is the responsibility to pay for employees and provide them with proper benefits, including sick time and health insurance. Aside from payment and benefits, responsibilities of an entrepreneur include listening to employee concerns keeping employees in good working conditions, and hiring and firing employees when needed. Managers The manager must be able to ensure that all requirements of his department are met on time and motivate employees to perform at their highest capabilities. He must also know exactly what each of his staff is capable of and give them work that they can complete effectively while also challenging them to achieve more. Staff and employees They have to perform their tasks carefully, keep business and professional secrets confidential. They have to follow the supervisors instructions and improve their abilities and skills. They have to be honest and polite to the company. Customers After using goods or services they have a responsibility to give feedback to the company. Customers have to provide clear and correct information about their needs and wants. And they have to give the correct information required. They have to be loyal and honest to the company. Suppliers They have to supply the good quality products to the company at right place at right time. They have to be honest to the company. Have an effective communication process with the company. Government They provide rules, regulations, lows, and policies for business. They have to find weather the business is legal or not and they can provide licenses for the sensitive products. Identify Vodafone profile Mission statement; To enrich customers lives through the unique power of mobile communication Vision statement; To be the worlds mobile communication leader Goals Goals are the clearly stated objectives of the company, Vodafone has stated six global strategic goals Delight our customers Built the best global Vodafone team Leverageglobal scale and scope Expand market boundaries Be a responsible business Provide superior shareholder returns Values Values are the beliefs of an individual or a group. Vodafone has four core values described internally as passions For customers For results For Vodafone people For the world around Vodafone Vodafone growth Vodafones Key revenue performance indicators Vodafone group PLC has shown their growth of revenue in this table. We also aim to lead the tablet segment, which is growing rapidly. We were the first operator to launch an Android Honeycomb tablet with the Samsung Galaxy Tab 10.1v and we have started to distribute the Apple iPod 2. During the year we introduced the Vodafone K4605 USB stick which provides theoretical peak data download speeds of 42.2 Mbps using 3G/HSDPA technology and a 4G/LTE USB stick which has the potential for faster download speeds. We also launched Vodafone WebBox and Vodafone TV services (Annual report-2011 page23). Vodafone market share We can clearly identify the market share of the Vodafone group has increased rapidly year by year. The good will of the vodafone has increased by providing perfect service for thie customers and could have create loyal customers. Different types of economic systems Capitalism (market economy) Capitalism is an economic system in which the means of production are privately owned and the firms mainly target profits, in competitive markets. it is known as market economy because it is seek to maximize satisfaction or profit through own decision regarding consumption or production. Characteristics all resources are owned by individuals The decisions about the allocation of those resources are made by individuals without government intervention No significant economic role for government is necessary. The concept of supply and demand plays a role in determining the pricing structure A market economy encourages competition. The U.S. is most commonly example for market economy which had many provisions that facilitated and protected the market economys characteristics.. Advantages: The market gives producers an incentive to produce goods that consumers want. The market provides an incentive to acquire useful skills. The price system encourages producers and consumers to conserve scarce resources. Disadvantages (1) A private market economy may be quite unstable (unemployment, inflation, growth) (2) Business may simply satisfy the wants they have created through advertising. (3) Prices may affect to the consumers (4) Markets just do not work in some areas such as public goods, and national defense Socialism (command economy) Characteristics The government creates a central economic plan for all sectors and regions of the country. The government allocates all resources according to the central plan. The goal is to use the nations capital, labor and natural resources in the most effective way possible The central plan sets the priorities for production of all goods and services. The goal is to supply enough food, housing and other basics to meet the needs of everyone in the country. Cuba, North Korea, China, Russia and Iran are the most commonly examples of command economies. Russias Go plan has been the most studied. It was also the longest running, lasting from the 1930s until the late 1980s. Advantages The govt. Will ensure a more equal distribution of income and wealth Essential goods/services will be provided to the community The govt. Can determine which goods are produced. 1. There is little consumer choice. 2. Little variety of goods and services 3. Loss of individual freedom 4. Leads to allocate and productive inefficiency 5. Subsidies on essential goods and services quickly lead to shortages. Mixed economy A mixed economy is an economic system that incorporates aspects of more than one economic system. This kind of economic system has both privately-owned and state-owned enterprises or that combines elements of capitalism and socialism, economic systems. Characteristics private sector business activity encouraged. taxes used to collect revenue to pay for state goods and services. The government also provides services such as education, health, military defense, legal and infrastructure to society. The government plays an important role in resolving economic problems faced by society advantages less inequality of income because intent of government is to have a balanced economic growth of an economy. allows individuals to run their business and make profits Goods and services are produced to benefit the society rather then to benefit the economy. Fiscal policy Fiscal policy is the use of taxes and government spending to control the economic activity of a country.the government uses this policy to continue, Economic growth Price stability Full employment Expansionary fiscal policy Before the government spending increase and before the tax rate reduction or both GDP is low because the price level of the economy is low. After increase G and reduction T, GDP is high because increase of the AD. Shifting the graph to the right. (AD to AD1 )This is accomplished by increasing aggregate expenditures and aggregate demand through an increase in government spending or a decrease in taxes. Expansionary fiscal policy leads to a larger government budget deficit or a smaller budget surplus. Crowding out effect C:Documents and SettingslankaDesktopquestion_24.gif Contractionary fiscal policy Before the tax increase and government spending decrease or both GDP is high because price level is high. After increase tax and decreased government expenditure increased AD is low, GDP is low and price level is low. Contractionary Fiscal Policy creates budget surplus shifting the graph to the left(AD1.to AD) . monetary Policy Monetary Policy consists of change in money supply to influence interest rates and thus the total level of spending in the economy. Monetary policy tools are, Open market operations This is the most important instrument to control the money supply and demand of the economy.FED buying bonds from banks and public to expand monetary policy by increasing bank reserves. FED selling the bonds to the bank and public to tight the monetary policy by reducing the bank reserves. Reserve ratio It is Designed to change the amount of required reserves. FED raises the ratios to cantrction the monetary policy. It means bank loose the reserves and reduce the ability of the creating money. FED lowers reserve ratios to expan the monetary policy, banks gain tha reserves and ability to create money. Discount rate Interest rate charge by FED on the loans they granted to commercial banks. Easy money policy (Contractionary monetary policy) It is the monetary policy that seeks to increase the size of the money supply by buying securities, lower the reserve rate and lower the discount rate. These all directly impact the interest rate.FED increase bank reserves by purchasing securities and at the lower rate bank can keep more money in the volute and create money. C:Documents and SettingslankaLocal SettingsTemporary Internet FilesContent.Wordfig115.gif It is the monetary policy that FED seeks to reduce money supply in the market by selling securities, increasing the reserve rate, and rising the discount rate. It is causes to reduce bank reserves and volute money at banks. It is decrease money supply in the economy. In the curve shifted to the left (Ms1 to Ms2) Fiscal policy impact to the Vodafone UK Because of the UK statutory tax rate reduced to 26%, effective from 1 April 2011 and the impact on the year end tax balances. EBITDA increased by 8.0% with the EBITDA margin increasing by 0.7 percentage points, reflecting higher service revenue. A shareholder in the Company who is an individual resident for UK tax purposes in the United Kingdom is entitled, in calculating their liability to UK income tax, to a tax credit on cash dividends we pay on our shares and the tax credit is equal to one-ninth of the cash dividend. The tax free allowance all income earners are allowed to earn an amount of income before they start to pay tax., the personal tax free allowance in the UK for 2011-2012 was  £7,475. Monetary policy impact to the Vodafone UK According to the Vodafone annual report, 45.9bn revenue performs in 2011 and it is 3.2% growth in compared with 2010. It is because the UK government expands the monetary policy by buying Bonds from people and it caused to money supply increased. People has more money to spend on Vodafone services and products there for the demand of the mobile customers are increased by 14.5% to 370.9 m. International trade The economic interaction among different nations involving the exchange of goods and services, that is, exports and imports. The guiding principle of international trade is comparative advantage, which indicates that every country, no matter their level of development, can find something that it can produce cheaper than another country. As a multi national company, Vodafone Global Enterprise manages the communication needs of over 560 of our largest multinational corporate customers. It provides a range of managed services which bring together every aspect of a customers telecommunications infrastructure, both fixed and mobile,(Annual report Vodafone group-2011) Advantages by international trade for Vodafone Quality of the product has been increased because of high competition with foreign businesses Having an open economy Growth of high technologically methods using by Vodafone group Increased company reputation world wide Market share has been increased Disadvantages smart phones and the tablet market begins to take off. markets remain competitive and the economic environment, particularly across southern Europe, is challenging. Foreign Industry regulators continue to impose lower mobile termination rates and lower roaming prices. The combination of competition and regulatory pressures. Increase prices of the Vodafone products because of tariffs. Emerging markets Definition The term emerging markets is commonly used to describe an economy with a GDP per capita substantially below the advanced world average and typically with a growth potential above the global average. According to the World Banks definition an emerging markets country has a Gross National Income (GNI) per capita less than approximately USD 9,000.(growing markets) The most exciting emerging markets are, BRICs( Brazil, Russia, India, China), Mexico, South Africa, Clombia, Hungary, Indonesia, Turkey, Poland, Malaysia,Chile,peru, Thailand. Barriers to entering emerging markets for UK businesses Differences in language and culture are important barriers to entering fast-growing markets like the BRICs. Global trade has always been vital to the UK UK firms looking to export for the first time continue to face too many barriers that put them at a competitive disadvantage to their overseas competitors. capital is drives many businesses to take on the risks of doing business in emerging markets. Considering about the success of Vodafones in emerging markets, The number of customers using mobile services in emerging markets such as India and Africa has grown rapidly over the last ten years, increasing by over 17 times, compared to nearly 130% in more mature markets such as Europe. increased revenue market share in India and Turkey. Approximately 75% of mobile customers are in emerging markets such as India and China. EU crisis This week BCC met with a delegation from APEX, the Brazilian trade and investment promotion agency. It is clear that there are vast opportunities in the country, as indeed there are in the other emerging markets, which UK firms are yet to take full advantage of. BCCs latest research confirms that the EU remains the most popular destination for UK exports. Just under half of Chamber exporters see the large and faster-growing BRIC economies of Brazil, Russia, India and China as the best prospective markets for increasing business over the next twelve months. Unfortunately, exporters to the fast-growing BRIC markets are the most likely to encounter barriers that hold back sales.

The Similarities and Differences Between Professional Football and Basketball

humanism A new concept of human individuality, originating in the citystates of fourteenth- and fifteenth-century Italy, that was based on desire for excellence in scholarship, creative work, and education. The humanist movement spread to northern Europe, France, England, and elsewhere, and continued to flourish until the mid-seventeenth century. Among its more familiar literary figures are, in Italy, Dante Alighieri, Francesco Petrarca (known as Petrarch), Giovanni Boccaccio, Baldassare Castiglione, and Niccolo Machiavelli; in England, Thomas More, Francis Bacon, and John Milton; in France, Francois Rabelais and Michel de Montaigne.Books setting forth an ideal of the well-formed individual, ruler, or commonwealth are a major aspect of the humanist movement, from Leonardo Bruni’s Dialogues ( –? ) to Roger Ascham’s Schoolmaster ( ), Machiavelli’s The Prince ( , publ. ), Castiglione’s The Courtier (ca. , publ. ), and More’s Utopia ( ). Durin g the Renaissance the term humanista meant nothing more than a teacher of Latin. But the Latin classics proved to be the key to the era’s renewed understanding of the individual’s goals and ideas.Latin authors addressed issues like the dignity of man, the role of fate, and the strength of human will: the factors in life that make for human happiness, or flourishing. HUMANISM 145 (Greek was somewhat less familiar, at least at first, among the humanists; Petrarch and Dante could not read it. ) The Renaissance’s new studia humanitatis contrasts with the earlier medieval version of education, which consisted of the trivium (grammar, rhetoric, and dialectic) and the quadrivium (arithmetic, music, geometry, and astronomy).In the medieval scheme, there was little room for the study of history or moral philosophy. Now, though, education could be based on the ethical ideas suggested by the ancients in their literary and philosophical speculations. The key terms of the It alian humanists are fame, fortune, glory, and virtue. They see creative achievement and knowledge as heroic tasks, analogous to the brave deeds of conquerors and emperors. In the Middle Ages, prior to the humanist revolution, the sense of history was providential, based on the sacred narrative of the Bible, and moving from creation to revelation and edemption. (Saint Augustine’s City of God [ – / ] was the major commentary on this narrative. ) In the Italian Renaissance, with political life controlled by rivalrous city-states, history became a matter of daring strategy, not scriptural validation. Providential history did not disappear, of course; it was a significant influence in the Reformation. But it had been challenged. Another aspect of the humanist movement was its sense of intimacy with the classical past. Petrarch wrote a series of familiar letters addressed to Homer, Virgil, Cicero, Livy, and others.Allied to this closeness with antiquity was a desire to corr ect the distortions of ancient texts, to recover them in their original fullness. The ambition to search for the source characterized the humanist attitude toward religious texts and ideas. The great Netherlandish humanist Desiderius Erasmus translated the New Testament into Latin ( ), saving the sacred text from the errors committed in the Vulgate (the medieval Latin Bible, in the universally read version produced by Saint Jerome). In an effort analogous to his philological study of the original text of the Bible, Erasmus in his Colloquies ( reacted against the medieval corruptions of church hierarchy. Through his description in the Colloquies of friendly, egalitarian conversation on both spiritual and worldly matters, he tried to regain the original ethical ideal of Christian community and decency: a humorous, liberal-minded fellowship. For humanists like Castiglione in The Courtier, the self became a work of art, with the individual’s â€Å"knowledge and skill informed by proportion and 146 HUMANISM grace† ( Joseph Mazzeo). The Swiss historian Jacob Burckhardt, in his great Civilization of the Renaissance in Italy ( , first described the ambition of figures like Leonardo da Vinci and the architect Leon Battista Alberti to become the uomo universale, or universal man. Here Burckhardt evokes the supremely well-rounded, eccentrically talented Alberti (who became worldfamous as the inventor of the laws of perspective): â€Å"In all by which praise is won, Leon Battista was from childhood the first: . . . with his feet together, he could spring over a man’s head; . . . in the cathedral, he threw a coin in the air till it was heard to ring against the distant roof. . . He acquired every sort of accomplishment and dexterity, cross-examining artists, scholars and artisans of all descriptions, down to the cobblers, about the secrets and peculiarities of their craft. . . . He also wrote an Italian treatise on domestic life in four books; and eve n a funeral oration on his dog. . . . And all that he had and knew he imparted, as rich natures always do, without the least reserve, giving away his chief discoveries for nothing. † Burckhardt concludes by remarking, of this godlike lusus naturae, that â€Å"an iron will pervaded and sustained his whole personality. Alberti proved that the individual can do anything, and with perfect style. The humanist was an intellectual hero and adventurer. His interest in magic and mystical lore, like Francis Bacon’s devotion to science, was a way to achieve power over the secret sources of nature. For Pico della Mirandola, author of the Oration on the Dignity of Man ( ), the human self was distinguished by flexibility and aspiration, and was capable of raising itself almost to divine level: wrestling successfully with the Protean, the endlessly various, character of God’s creation.The Renaissance is the real home of humanism. But Victorian sages like Matthew Arnold, Thomas Carlyle, and John Ruskin shared the humanist belief in individual aspiration and excellence, necessarily grounded in the strength of the surrounding culture. Their concerns lived on in the works of American critics a hundred years later: for example, Lionel Trilling and Irving Howe. In the early twentieth century, a â€Å"new humanism† was promoted by the literary critics Irving Babbitt and Paul Elmer More, who reacted against the overly specialized aspects of philology as it was then practiced.But Babbitt and More were felt to be too vaguely emotive, their moralizing too glib. When critics like Robert Penn Warren and Cleanth Brooks turned, in the s, toward a stricter consideration of the technical aspects of poetic lan- HUMANISM 147 guage, they were in fact promoting another version of the humanist ideal: man as the hero of articulation, expressing his precarious and uniquely complicated existence, and fighting with the weapons of skilled ambiguity, irony, and paradox (see NC ). Humanism can be a pejorative term in current literary and cultural criticism, especially in the disciplines of cultural studies and new historicism. This turn began with the philosopher Martin Heidegger, whose â€Å"Letter on Humanism† ( ) criticized Jean-Paul Sartre for his humanist existentialism. Heidegger asserted that man, Sartre’s focus, was a limited concept and should be superseded by the notion of Being (in German, Sein or Dasein, two distinct but related terms).Later philosophers like Michel Foucault and Jacques Derrida, both highly influential in literary studies, followed Heidegger’s lead in questioning the centrality of the human. But humanism always seems to return, if humanism is understood as the commitment to asking whether particular goals, practices, and ideas serve or damage the hope for human excellence and happiness. The definition of humanist ideals remains a constant concern of philosophy and cultural commentary, as seen recently i n the works of thinkers like Martha Nussbaum and Tzvetan Todorov.On Renaissance ideas of humanism, see Joseph Mazzeo, Renaissance and Revolution ( ); Paul Oskar Kristeller, Renaissance Thought ( ); Hans Baron, The Crisis of the Early Italian Renaissance ( ); Eugenio Garin, Italian Humanism ( ); and Thomas M. Greene, The Vulnerable Text ( ). Constance Jordan provides an interesting account of Renaissance humanism in its attitude toward women in Renaissance Feminism ( ). Rebecca Bushnell in A Culture of Teaching ( ) connects Renaissance ideals with contemporary American debates over education.

MIS in USA

â€Å"Perfection is not attainable, but if we chase perfection we can catch excellence!†-Vince LombardiThe five natural elements aside, the modern world today revolves around a sixth human developed energy i.e. Electricity. From telegraphy and telephony to electrical circuits for power, Electrical Engineering today focuses on a broad range of disciplines. The progress of this field has immensely influenced the advancement of technology. The vast application potential when combined with the notion of management intrigues me and I’m keen to continue my academic pursuit in this direction.A proclivity for Math’s and Science since childhood had resulted in 90+ aggregate in the respective subjects in high school and sparked the initial interest. A tryst with a Physics concept, ‘Electromagnetic Force’ at the Higher Secondary Level invoked the zeal to foray into this discipline. It was during this period that my teachers instilled in me a strong inclination towards the subject. This led me to opt for Electrical and Electronics Engineering in my undergraduate study as it not only requires analytical thinking but also involves hands-on practical application and is challenging.My credentials include Electrical and Electronics Engineering from Annamacharya Institute of Technology and science, Jawaharlal Nehru Technological University , Hyderabad, India which covered a broad spectrum of subjects which include Electromagnetic field, power electronics, electrical measurements, Pulse and Digital circuits, computers’ methods in power system controls, digital signal processing, Power Systems(1to3),  Electro Mechanics, Micro processors and Micro Controllers, High voltage Engineering and Utilization of electrical energy. I am also well versed in programming languages like C, C++ & JAVA. I was also introduced to management based subjects like Managerial Economics & Financial Analysis (MEFA), Management Sciences which fascinated me and imbi bed the urge to delve deeper and explore the management related aspect.In an attempt to probe further, during my final year of the undergraduate course I presented a project â€Å"SPEED CONTROL OF INDUCTION MOTOR USING PLC† at SANGHI SPINNERS INDIA LIMITED, HYDERABAD, INDIA. and also another project on â€Å"A NEW 84-PULSE VSC CONFIGURATION USING MULTI LEVEL DC VOLTAGE USING MATLAB†. These project involved coding a programme using MATLAB technology which solves a pattern recognition problem. They also include the practical application of management to engineering which has sustained and also further honed my interest to pursue this subject.I consider it an accomplishment to have finished meritorious in several technical events and I have also presented a number of technical papers which were highly acknowledged. I feel it a privilege to have been a part of Make a Difference (NGO). My tenure at MAD as a Teacher Volunteer has acuminated my organizational and interpersona l skills. It has also reinforced the ‘Never say never attitude’ which enables me to persevere, look beyond and extend my boundaries and also go the extra mile.Specialization becomes a necessity to understand new technologies and to improve upon the existing ones. Finesse in the subjects I pursue is what I envision. I now find it essential to equip myself in a specialized institute, one that will consider my knowledge as a stepping stone to higher education and help me transcend new horizons. In the near future, my aim is to attain an advanced education in MIS through a Masters Degree Program. To achieve this I would like to gain exposure to the latest practices adopted in the field of MIS. The multifaceted attributes of the course and the flexibility of the curriculum have played a pivotal role in my decision to apply for MIS at your university.The collaborative environment at your university and the confluence of ideologies would help me learn the global standards in t his field also become aware of the worldwide  competition. I aspire to bring back the acquired expertise to India and use it successfully in future endeavors. My long term goal is to put my footprints in the field of MIS through contribution of original ideas and translation of those ideas to develop high end applications and products.I bring along a strong grasp of fundamentals in Electronics and Computers, an aptitude for teamwork, a zest for challenges and an enthusiastic desire to learn all I can. With the above attributes I firmly believe that I would meet all the criteria and would also be an asset to your esteemed university. I can assure you that I will be able to contribute and learn from the academically challenging environment at the university. Hence I appeal to the Graduate Admissions Committee to consider me for admission and I look forward to becoming a part of your institute.

The Banking Concept Of Education - 881 Words

The banking concept is a term used by Paulo Freire to describe the â€Å"traditional† educational system. With this concept, students seem to learn all they need to know by narration of the teachers. â€Å"Narration leads the students to memorize mechanically the narrated account†(Freire, page 1). Because of this method, students are being referred to as depositors since teachers’ deposit information into their brains and the students receive, memorize and repeat. This concept has shown that people lack creativity, knowledge and individuals cannot be truly human. Students tend to lack critical consciousness and the more they accept the role of the teachers, the more they adapt to the world as it is. As Paulo Freire discusses, â€Å" The Banking Concept of Education† he also proposes a way to improve education by introducing us to the â€Å"Problem-Posing Approach†. By doing such, he informs us that this approach is an alternative learning method tha t is efficient and an effective solution to the banking approach. I personally believe that all students should be taught with the Problem-Posing Approach since the Banking Approach is not a sufficient way of learning. I can guarantee that almost every student has been a part of this â€Å"traditional† educational system as they are just taught to memorize certain material until the test day comes. As an undergraduate student, I can say that I have witnessed my education become a test of remembering everything that was in a PowerPoint. I remember myShow MoreRelatedThe Banking Concept Of Education958 Words   |  4 PagesIn the excerpt from â€Å"The Banking Concept of Education† the author, Paulo Freire explains the critical flaw in the current education system. He continues by offering his believed solution to this problem. 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Christ Revealed Throughout The Bible - 1273 Words

Christ Revealed Throughout the Bible The Christ prophesied in the Old Testament is the Jesus in the New Testament! I am going to trace Christ from Genesis to Revelations to show He is the same person in both the old and the new covenant. It is important to put the Old and New Testament together to get a better understand of who Jesus is, and what He did. I will be using my many years of studying the Bible along with commentaries and the Bible itself to prove my point. I am going to show Christ can be seen throughout the Bible, from Genesis to Revelations. Sometimes people do not understand how a God of love could have such wrath and demand punishment for sin. We must understand that God is holy and cannot tolerate sin. He cannot just overlook wickedness. (Laney). There must be punishment and payment for it. This is why God had to give punishment for sin, but in His love He prepared a way to redeem the sinners. His plan to save humankind can be found in the promise of Christ, God’s Son, who is to pay the penalty for all our sins. Genesis is the Greek word for beginning (MacDonald.) Genesis is a great place to start searching for Christ. Soon into the book of Genesis God is giving the punishment to Adam and Eve for their disobedience. God then gives the serpent his punishment. God told the Serpent, â€Å"And I will put enmity between you and the woman and between your seed and her seed; He shall bruise your head, and you shall bruise His heel† (Genesis 3:15). This verse isShow MoreRelatedDescription of The Divinity of the Scriptures1553 Words   |  7 PagesThe Bible is a book that is comprised of over forty different authors and sixty six different books, which are sub-divided into the Old and New Testament. The division is because the Old is the books that we inherited from the Jewish faith and the New Testament is during the time of and after the Messiah, had come and is only in the Christian Bible. The Scriptures of the Old and New Testaments are given by the inspiration of God because, they comple ment each other, they declare prophecy and fulfillmentRead MoreChristian World View1397 Words   |  6 Pagestogether (Colossians 1:17). A true Christian’s worldview believes that even though the bible was not actually wrote by God himself, it is still the word of God, the divinely inspired word that is revealed to mankind All Scripture is inspired by God and profitable for teaching, for reproof, for correction, for training in righteousness (2 Timothy 3:16). Christians have to know that God sacrificed his son Jesus Christ to redeem the world of their sins (Roman 3:24-25). When living a Christian WorldviewRead MoreLife Lessons Along A Christian s Journey1006 Words   |  5 PagesLife Lessons along a Christian’s Journey The Bible has stories and lessons that communicates to each of us in different areas of life. The Bible is the guide to everyone’s salvation. Understanding God’s voice is understanding the existence of all the living. It is up to each person to choose a godhead life or not. The responsibility in a godhead life does not come easy. The understanding, connecting and unity in a godhead life comes with many tests and trials along the journey, but faith is all itRead MoreWord Of God As Written, Incarnate, And Proclaimed1218 Words   |  5 Pages†¢ Word Of God As Written, Incarnate, and Proclaimed: Barth theorizes that Jesus Christ is the Word of God in three co-equal forms: the Word revealed, the Word written, and the Word proclaimed. As a co-centric circle the three forms of the one Word of God labor together in seamless harmony to produce the substance of all divine revelation. †¢ The Word Revealed: The New Testament notion of the incarnation – â€Å"the Word of God,† is inescapably centered on the idea that God has formed alliance betweenRead MoreThe Doctrine of General Revelation775 Words   |  4 Pagesfound us† (54). â€Å"God has revealed God’s most innermost self by speaking and acting in the world in a special way.†(54). This special revelation occurs in three distingue ways. God also revealed Himself in the person of Jesus. God has revealed Himself to the world is by communicating with us through the bible. We can also see God in the history. Special that the doctrine of special revelation is God finding us and revealing himself to humans. The word of God is the bible. One was that he dweltRead MoreThe Important Aspects Of The Catholic Church1336 Words   |  6 Pagesrenowned faith and has expanded throughout history to become one of the largest faiths known today. Two of the important aspects of the Catholic Church are the worship rituals and the texts of the Sacred Scriptures. The worship rituals are important within the Catholic church, because many rituals are used to â€Å"Increase faith and to advance oneself to a higher state of spiritual perfection.† (Why The Rituals) The sacraments are designed to build up the body of Christ and to worship God. It is alsoRead MoreChristianity And The Nature Of God1420 Words   |  6 Pagesqueries concerning God must be crafted from a source. Michael Bird in his Evangelical Theology notes that the prolegomena or things we say before saying anything about God must be predicated upon a critical source. This source is God’s Word and is revealed in multiple ways. If one is to conduct a Credo or apologetic stance of his Christian faith, this person ought to explain how God reveals Godself, especially through the Biblical text, but also potentially through creation. God revealing Godself throughRead MoreThe Influence Of Martin Luther King Jr.1609 Words   |  7 Pagesof Jesus Christ throughout his life to lead the people of the activist movement through times of trial and revolution, while relating many of his teachings to the Bible. He made very significant contributions because of his belief, although he did encounter many difficulties. He was inspired by Jesus Christ from a very early age and continued to use that influence to do great and significant changes to the society of the middle 1900’s . Martin Luther King Jr. was inspired by Jesus Christ from a youngRead MoreTheologians Views on Revelations757 Words   |  3 Pagespeople think of the last book of the Bible. This is not what we are talking about in this precise study. We are talking about how God reveals himself to us. It is clear that God reveals himself through many means, all of which contribute to our knowledge of God God reveals himself to me through many different ways. My church, my fellow Christian friends and of course, the Holy Bible. The Bible is the second best thing that he gave us, next to Jesus Christ. This is a handbook for our life. IfRead MoreThe Trinity : God Of Three Persons1658 Words   |  7 Pagesdrastic change. America and the world are becoming more irreligious, urban, diverse and postmodern. Almost everything is now being debated and re-examined concerning who God is and how the Bible is construed. Hollywood and TV have helped shaped a variety of people beliefs about Who God is more than the teaching of the Bible or any religious literature. Just as conducting a study of the Triune of God was historically important for the church, it is even more important today to teach on the Trinity. Therefore

Supporting The Original Victim After A Wrongful Conviction...

Supporting the Original Victim After a Wrongful Conviction Decision Continual support to victims of crime is a necessary service in any just society; this support is especially needed in the event that a convicted offender is exonerated. In the United States when a crime is committed the state, not the victim, owns and prosecutes the case so historically the victims’ rights have been neglected. In the modern era victims’ rights are being improved during the trial and sentencing phases of the criminal justice process; however in the event of an exoneration the victim is routinely revictimized and this problem needs to be corrected. In the American criminal justice system wrongful convictions are not common; a study funded by the National Institute of Justice found that nationally 265 wrongful major crimes convictions occurred from 2004 to 2010, the yearly total of exonerations has remained relatively steady ranging from 35 to 54 per year (Irazola, Williamson, Stricker, Niedzwiecki. 2013, p 20). Compared to the hundreds of thousands of major crimes convictions that take place every year this is a small number; however wrongful convictions do take place, and when they do the original victim of a crime does not receive adequate support. The victim is often racked by guilt over having contributed to the incarceration of an innocent person. One crime victim participated in the NIJ study, but whose identity was withheld, said â€Å"I was a mess. I was absolutely hysterical [and]Show MoreRelatedPolice Corruption And Justice2796 Words   |  12 Pagesan attempted action or omission that are committed by police offic ers who misuse their official position in order for personal gain. â€Å"The Knapp commission report explicit attacks the term rotten apple theory of isolated individual corruption, supporting instead a concept that is called systemic corruption. The rotten apple theory claims that corruption involves only a few officers who are guilty of moral failure, while the organisational barrel remains sound. Many police chiefs, politicians andRead MoreEssay Paper84499 Words   |  338 Pages7–9, page 66 Chapter 8 Sexual Assault Prevention and Response Program, page 66 Purpose and goals of the program †¢ 8–1, page 66 Sexual assault policy †¢ 8–2, page 66 Victim Advocacy Program †¢ 8–3, page 66 Definitions †¢ 8–4, page 67 Responsibilities †¢ 8–5, page 67 Deployable sexual assault response coordinator and unit victim advocate selection criteria †¢ 8–6, page 77 Training †¢ 8–7, page 77 Appendixes A. References, page 79 B. Political Activities, page 88 C. Deleted, pageRead MoreCommercial Liens - a Potent Weapon Essay32374 Words   |  130 Pagesthe Commercial Lien Strategy. It does not pretend to be the final word on the subject. The authors and editors have synthesized material from several sources. We have organized it into a form that should be comprehensible to the average reader. After reading this manual, you will know the fundamental principles of this strategy. This understanding, plus the Bibliography in Appendix A, will allow you to do further research on your own. Some Notes on the Sample Briefs Included with this manualRead MoreEthics of Information Communication Technology (Ict)27618 Words   |  111 Pagesrelated to child pornography, and violations of intellectual property rights (IPRs). Further, threats to critical infrastructure and national interests arising from the use of the internet for criminal and terrorist activities are of growing concern after the September 11 incident. The harm incurred to businesses, governments and individuals in those countries in which the internet is used widely, is gaining in scope and importance, while in other countries, cybercrime threatens the application of informationRead MoreHbr When Your Core Business Is Dying74686 Words   |  299 Pagesother ï ¬ rms. But the success of most deals hinges on people, not dollars. Here’s how to diagnose potential people problems before a deal is completed. 45 33 HBR CASE STUDY Why Didn’t We Know? Ralph Hasson A whistle-blower sues Galvatrens for wrongful termination. The lawsuit triggers a much larger discussion about the company’s system for uncovering misconduct. How should the company strengthen that system – and what roles should the board and management play? Commentators include Stephen R.Read MoreOverview of Hrm93778 Words   |  376 PagesHuman Resource Management (MGT501) VU MGT - 501 T his subject/course is designed to teach the basic principles of Human Resource Management (HRM) to diverse audience/students, including those who are studying this as a supporting subject for their bachelor degree program. This course is designed to provide you the foundations of HRM whether you intend to work in HRM or not, most of these elements will affect you at some point in your career. Either you will be working with some organizationsRead MoreHuman Resources Management150900 Words   |  604 PagesCHAPTER 1 Changing Nature of Human Resource Management After you have read this chapter, you should be able to: ââ€"  Identify four major HR challenges currently facing organizations and managers. List and define each of the seven major categories of HR activities. Identify the three different roles of HR management. Discuss the three dimensions associated with HR management as a strategic business contributor. Explain why HR professionals and operating managers must view HR management as anRead MoreFundamentals of Hrm263904 Words   |  1056 PagesReaches Out to Young Workers 76 HRM in a Global Environment 78 Summary 79 Linking Concepts to Practice: Discussion Questions 52 Developing Diagnostic and Analytical Skills 52 Case 2: Nine-to-Five No More 52 Working with a Team: Making a Layoff Decision 52 Learning an HRM Skill: HR Certification 53 Enhancing Your Communication Skills 54 PART 2 THE LEGAL AND ETHICAL CONTEXT OF HRM Chapter 3 Equal Employment Opportunity 56 Learning Outcomes 56 Introduction 58 Laws Affecting Discriminatory PracticesRead MoreDeveloping Management Skills404131 Words   |  1617 PagesSensitive Line 58 Understanding and Appreciating Individual Differences Important Areas of Self-Awareness 61 Emotional Intelligence 62 Values 65 Ethical Decision Making and Values 72 Cognitive Style 74 Attitudes Toward Change 76 Core Self-Evaluation 79 SKILL ANALYSIS 84 Cases Involving Self-Awareness 84 Communist Prison Camp 84 Computerized Exam 85 Decision Dilemmas 86 SKILL PRACTICE 89 Exercises for Improving Self-Awareness Through Self-Disclosure 89 Through the Looking Glass 89 Diagnosing ManagerialRead MoreMarketing Mistakes and Successes175322 Words   |  702 Pagesstudent interest, and may even inspire another generation of entrepreneurs. 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Brown Forman Company Analysis Essay Example For Students

Brown Forman Company Analysis Essay Straight up or mixed, whiskey or wine Brown-Formans got a drink for you. The Louisville, Kentucky based company is the best known for its world famous whiskeys, Jack Daniels and Southern Comfort. Its wine and spirits segment manufactures, bottles, imports, exports and markets a wide variety of other alcoholic beverages and wines (Bel Arbors and Bolla). But Brown-Forman is also part of a consumer durables segment which sells fine china (Dansk and Lenox), sterling silver jewellery and personal leather accessories (Hartmann). Flat profits in the distilling industry spurred Brown-Forman to develop an international presence by diversifying into non-alcoholic areas, adding more than 50 new markets during the mid 1990s. For the six months ended 31/10/98, sales rose 4% to $1.02 billion. Net income rose 9% to $104 million. Results reflect higher sales volume sales for Lenox collections and improved manufacturing efficiencies. HistoryIn 1870, George Garvin Brown saw a need form a quality whiskey that met medicinal standards. With $5,500 of saved and borrowed money he began J.T.S Brown and Bro. Their flagship brand Old Forrester Kentucky Bourbon whiskey was sold in sealed glass bottles to assure its quality. Browns friend George Forman joined the company and hence led to the name being changed to Brown-Forman. The incorporation of Brown-Forman occurred in 1901 just after Forman died. In 1904, Owsley Brown, George Garvin Browns son took a very important decision, to come into the business, thus beginning a tradition of family apprenticeship that continues to this day. In 1933, prohibition, which hindered the initial progress of the company, died and Brown-Forman was able to establish whiskey as an alcohol beverage. Also in that year, Owsley Brown and several other prominent figures of the time, set up DISCUS (Distilled Spirits Council of the US). This trade organization has been instrumental in the education of abuse of alcohol. It is still very prominent today. This year also saw Brown-Formans first public stock issue, which provided a capital base that allowed the company to re-enter the American market with strength after the lean years of prohibition and depression. 1956 was another important year in the history of Brown-Forman as they made one of their most famous acquisitions. They purchased Jack Daniels distillery in Lynchburg, Tennessee. This has since become one of the most popular whiskeys in the world, and led to the company producing a net sales figure of more than $100m for the first time in 1960. Since 1960, Brown-Forman has been littered with new acquisitions. These include companies such as Korbel California champagnes in 1965 to Moray Speyside Malt Whiskey in 1997. Other major acquisitions during this time include, The Grand Old Drink Of The South, Southern Comfort in 1979 and Lenox Inc. in 1983. In recent news Brown-Formans Korbel champagne was named the Official Champagne of the millennium in an agreement reached with the Times Square Business Improvement District. As a result Korbel will be a sponsor of the Time Square Millennium Celebrations. This will hopefully push up sales in this area along with the expected millennium rush. Estimated Profit and LossProfit and Loss account for Brown-Forman for last Quarter ending 30/04/99Figures in $000s30/04/9930/04/9830/04/97Turnover498,000461,000433,000Cost Of Goods Sold241,100229,000215,000Gross Profit246,900232,000218,000Expenses170,200160,500150,500Earnings Before Interest and Tax76,70071,50067,500Interest Expense1,8002,5003,500Income Before taxes74,40069,80064,000Taxes on Income26,00025,00024,000Net Income48,40044,00040,000Earnings Per Share0.680.630.58Profit And Loss Account Analysis:In this section we will attempt to justify the above profit and loss account figures on a short summary basis. Full details and our reasoning behind our beliefs will be thoroughly covered in the next section. 1) Turnover: We have predicted a figure of 8% growth in Brown Formans turnover for the comingQuarter. This is optimistic, but we believe that there are many positive factors favoring the corporation in this area, including the effect of the currently strong dollar will have on earnings. The continued growth of the Jack Daniels Southern Comfort brands, along with the remarkable growth in turnover of Brown Formans wines are what will continue to drive turnover. Steady growth will continue in the Lenox collection and the Dansk tableware range. A possible negative effect is the current slowdown in domestic expenditure in the US, but we do not expect that this will have a material effect on the turnover growth for this quarter. One thing that could offset turnover growth for the next quarter is the continued decline of the Canadian Mist, Jack Daniels frozen cocktail, and Old Times brands. This poor performance may slow down or shadow an otherwise consistent turnover growth rate. 2) Cost of Goods Sold: We expect that growth in this figure will remain as it has for the previous two years at approximately 5.2%. To justify this we must look at the cost structure of the company, including the depreciation and amortization of the fixed and tangible assets. The Assets are depreciated over a 40 year period, using the straight-line method, leading us to believe that the depreciation charges will not vary much over the next quarter. Advertising costs, which are prevalent in the Hartmann Luggage and Lenox China, 14% increases in 1998 over the 1997 figure, are charged to expense as incurred ( charged to expense immediately after service has been availed of ) or else they are amortized over a period of 1 year or less. This means that there will be little variance with regard to advertising over the next quarter. The effects on the cost of goods sold by depreciation and advertising are relatively consistent, however, with an uncertain year ahead of the dollar, the effects of foreign currency transactions are uncertain. With regard to the next quarter, the effect of foreign currency transactions will have no bearing on the cost of goods sold. 3) Earnings before interest and tax: Expected annual increase in operating earnings over the next full business cycle (3-5 years) is expected to be 9.8%. Again, we feel that this is somewhat optimistic, as it was only 5.9% in the period 1997-1998, and even less ( 4.3% ) in the year before that. 4) Interest Expense: The interest expense is going to keep on falling through the next quarter and the next period. Since 1989, the interest expense has fallen from $34m to a proposed $11m in 1999. With regard to the next quarter, we have projected a weighted fall in the interest expense to just under $2m. The reason for these falls are simply the result of changes in the corporations debt financing structures. Since 1994, with a total of $299m in long-term debt, the overall debt figure has been reduced to $50m in 1998. With debt reductions of this magnitude, it is no surprise why the interest expense continues to fall. 5) Taxes: Because of the established and mature nature of Brown-Formans business we do not expect any substantial changes in the taxation figure, with that we expect it to remain at 36.5%. 6) Net income: In May 1998 BFB adopted Accounting Standard (SFAS) No 130, reporting comprehensive income. The adoption of this did not have a material impact on the net income in the previous 3 quarters so we do not expect it to effect the last quarter of the fiscal year. Comprehensive income is defined as the change in equity from transactions and other events from non-owner sources. In order to analyse Net income, it is very important to consider operating income. In 1998 operating income grew 14% due to strong performances by the Lenox collections and the Jack Daniels brand package, as a result the Net Income rose 23% on the previous year. The effective tax rate in the Lenox collections segment fell from 47.5% to 45%, which probably wont be the case again this year, there fore the growth rates may be not as impressive in the next year, especially in the next quarter. Economic BackgroundBrown-Forman produces mainly in consumer non-cyclical areas. While this would indicate an aversi on to economic changes it does not mean that Brown-Forman is exempt from such. Our Business is subject to changes in general economic conditions, changes in consumer preferences, the degree of acceptance of new products and uncertainties of litigation(Extract from: BF Corp SEC form 10 quarterly report December 1998)As we can see from the above chart Brown-Formans beta is quite low at .47. This would indicate that the company is subject to a good deal less risk than the market that they trade in, and indeed than their main competitor Diageo. This information is important to consider when we are evaluating economic changes because it would appear to indicate that Brown-Forman are less exposed to these changesEmerging Market Difficulties a danger to the US economyThe financial turbulence and economic setbacks which emerging markets have experienced since mid 1997 continue to cast a shadow over the world economy. These economies experiencing major financial and economic difficulties acc ount for 1/3 of world output. Although Brown-Forman are not a big exporterto emerging market areas the potential for a large effect on the US market still remain. In the US worrying signs, which could have a bearing on the markets and Brown-Formans growth, include:A fall in domestic demand in emerging markets leading to a negative impact on export trade. US export growth is expected to fall much more than Europe. Plato's theory EssayThe growth of the Consumer Durables sector over the last few years, as we have seen, has been good, and we see nothing that should affect its further expansion. The development of the Lenox collections high margin catalogue, which includes china used in the White House, will continue to help keep this products market share and hopefully continue to increase its popularity. Similarly, the Dansk range of tableware is experiencing, and will continue to experience, steady growth over the next quarter. It used to have a wholesale operation a couple of years ago, and has recently re-entered this market. This successfulRe-entrance into this market has bolstered sales by a consistent 2% and will continue to do so into the next quarter of 1999. Finally, the continued double-digit growth of the Hartmann luggage accessories product range, which has a major part to play in the overall success of the consumer durables sector, willcontinue due to recent aggressive marketing e fforts and favorable consumer reactions to product line innovations. Factors affecting Industry Growth TrendsIn attempting to determine future growth for sales, profit etc., there are many factors one could examine. However as brevity is of importance we have decided to use the following;1.) Social Attitudes2.) Legislation3.) Distribution4.) Competition: 1) Social AttitudesCurrently the business environment for distillers and vintners is strongly influenced by societal attitudes towards drinking and government policies reflect those attitudes. Government Policy objectives are aimed at reducing alcoholism and curbing the amount of under age alcohol consumption. A company such as Brown-Forman seeks to compete strongly in the marketplace and to protect the right of adult consumers to purchase these products. Within the U.S. and other international markets Brown-Forman works with other distillers and vintners to gain a more favourable political and social environment for the sale of its products. Brown-Forman is a member of the Distilled Vintners Council and the Wine Institute. Both of these organisations attempt to obtain fair treatment for the company and its consumers. Moreover Brown-Forman seeks to secure beneficial regulatory treatment in foreign markets, including open access to foreign markets for U.S. made spirits and wines. 2.) LegislationThe alcoholic beverage industry is highly sensitive to increases in tax rates. In the U.S., Brown-Formans largest market, there is no imminent legislation to increase excise taxes, although a future increase cannot be ruled out!Similarly, while there has been discussion (and legislation introduced) to ban advertising of spirits in the U.S. nothing has come of it. However, most TV networks currently decline to accept advertisements for spirits. Outside the U.S., the alcoholic beverage market is also affected by tax rates and advertising restrictions, but the impact of those policies in any one market is not significant to the companys overall business and advertising. 3).DistributionAt present Brown-Forman do not own any major distribution companies. Therefore it relies on its competitors to distribute its products in different markets. For instance, United Distillers and Vintners distribute Jack Daniels and Southern Comfort in the U.K., while Bacardb Wedistributes Brown-Formans spirits products in most of continental Europe. However, the current European economy is in a state of flux, with the recent creation of the European Union and the consequent elimination of trading barriers along with the adoption of the Single European Currency, which will be put in motion in the near future. These changes will greatly affect Brown-Formans business in Europe and will revolutionise distribution of spirits and wine in Europe, which is presently constructed on a country by country basis, by encouraging cross-border sales. B-F is not an owner of a European distribution company; therefore ifreform is not undertaken in the near future, their retail sales prices will come under pressure due to increased cross-border competition. 4.) CompetitionThe recent merger of Grand Metropolitan and Guinness (07/11/97) created United Distillers and Vintners, (a sub-component of Diageo) by far the largest global spirits company. This merger created uncertainty within the industry and added to the already fierce competition among the different major spirit producers (Brown-Forman, Seagram and Allied Domecq). However Brown-Formans CEO, Owsley Brown, felt that this uncertainty was not present at Brown-Forman, as he clearly stated,We believe our company will not only preserve its enviable position within the industry but will grow to become an even greater factor in the worlds marketplace. We are better positioned than ever to accomplish our objectives..our financial and operating capacity is growing and our people are among the most motivated in the industry. As the above chart shows, Brown-Formans 5 year EPS growth rate is in a much better position than that of its nearest competitor Diageo. While this may be because of restructuring in Diageo following the merger, it none the less augurs well for a stable growth company of the strength of Brown-Forman. In conclusion, the outlook for Brown-Forman remains positive and should continue along previous years growth levels. The factors mentioned above such as Social Attitudes and Legislation should remain unchanged, thus having no significant adverse affect on short-term future growth rates. While the creation of UDV has undoubtedly heightened the fierce competition already in place, we feel that an established and mature company like Brown-Forman who is continuously re-investing in its workforce and products should maintain its foothold within the industry. Finally, it must be stated that the companys distribution channels across Europe need reform, in the long run, when the full ramifications of European Integration will be felt.Summary:So, what has been covered throughout this project ?The overall object of the assignment was to analyse the financial and economic performance of the Brown-Forman Corporation over the last 3 or 4 years, and come up with a set of figures that best describe how we thought the company was going to perform in the upcoming period. In the case of the Brown-Forman Corporation, the next quarterly report. What are our results, and what to they show us ?Firstly, we saw how mature the company was, and how its segments are non-cyclical. Secondly, we saw that through different attitudes towards the different segments, diverse results were obtained. No more so than with regard to the continual pressure put on the Jack Daniels brand package to perform, even in the established markets. Thirdly, it is very noticeable that the projected growth rates, made by the company, are very much exaggerated. With all the evidence given throughout the paper, it is hard to determine where exactly the growth is going to come from. Included in the project is a very interesting piece on the Guinness and Grand Metropolitan merger. The reason we mentioning it now is the fact that a recent article in the Economist newspaper of 5th of March describes rumors of a possible merger between Allied Domecq and Seagram, two of the other biggest players in the alcoholic beverage market. If this were to take place, where or what would Brown-Forman go then ?BIBLIOGRAPHY:Central Bank of Ireland, Winter Bulletin 1998Brown Forman, Annual financial statements for the past five years ending 5/98Brown Forman, Quarterly report 1998-1999, SEC 10Q ReportERSI Quarterly communicae, November 1998Financial Times, Friday January 29th 1999Harvard Business Review, January February 1999; Managing in the Euro-zone , pp. 47Irish Times, Monday January 18th 1999The Brown Forman Corporation Web Site at http://www.Brown-Forman Corporation.com LALLY, DERMOT