Friday, November 29, 2019

French Cycling Culture

History of Tour de France According to Thompson the history of this great race takes us back to the period in the late nineteenth century. During this period there was dramatic change within the country following the collapse of the second empire (7). A new third republic was proclaimed and with it major changes began to emerge within society in France.Advertising We will write a custom essay sample on French Cycling Culture specifically for you for only $16.05 $11/page Learn More For the working class who were either unable or unwilling to flee German troops the new regime represented an opportunity for social democracy under the commune (Thomson 7). For conservative citizens of the country, the military debacle, foreign invasion and political vacuum due to Napoleons III’s abdication faith in the republic had been rattled. The French president would later send troops to Paris ending the experiment on self government (Thompson 7). Following this t here was rapid progress in changes to legislation within the country resulting in promotion of patriotism and unity between all regions, social classes and political convictions (Thompson 8). In addition to this the country busied itself with expanding its railroad network deep into the French countryside. During this period the nation’s urban architecture also changed significantly and the great steel and glass architecture of the period spawned monumental structures like the Eiffel Tower (Thomson 8). It was also during this period that inventors and entrepreneurs began to promote new locomotive technologies such as the bicycle, automobile and airplane. These new technologies challenged the traditional conceptions of time and space. The era was characterized by International exhibitions where the country would present to the world a self confident image of accomplishment, flair and technological know-how (Thompson 8). The middle class within the country was expanding at a ve ry rapid rate and saw the introduction of mail order shopping supported by the growing railroad network (Thompson 9).Advertising Looking for essay on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More Just as it may be assumed that mass consumption of goods was a part of this era, so too was the mass consumption of leisure. Changes in legislation saw a reduction in the number of working hours coupled with an increase in wages (Thompson 9). This prompted enterprising business people to venture into modern forms of entertainment such as wax figures, music halls and the first movie theaters. However, it is noted that no form of entertainment and leisure appealed to people more than sport (Thompson 9). The French participated in several sports including gymnastics, soccer, tennis, rugby and track and field. However, no sport captured their imagination, time, energy or discretionary as much as cycling (Thompson 9). This prompted the political optimists and individuals profiting from the changes to equate the change with progress and the promise of a greater future for the nation (Thompson 9). Some even saw sort as a very likely candidate for national regeneration following the effects of the war with Germany and the political and social divisions in the country. During the period the bicycle came to symbolize both the promise of modernity and the inherent dangers associated with it. Following this several inventors busied themselves with the development and improvement of bicycles. During this period numerous changes were made to the machines including the introduction of spokes connecting the hub to the rim (Thompson 10). In addition to this was the innovation of the free wheel made possible through the use of ball bearings. In this era also, changes were made that resulted in the production of a less precarious bicycle than the Penny Farthing (Thompson 10). Primitive wooden wheels were also gradually replace d by solid rubber wheels and eventually hollow rubber tires (Thompson 10). It is based on these refinements that the initial dangerous machines were refined into comfortable and reliable machines (Thompson 10). Following these developments and road races on bicycles soon became a popular event in France. In light of this growing popularity the cycling and sports enthusiasts created new opportunity for clothing designers, newspapers and bicycle shops (Thompson 17). According to Saviola, this prompted the French cyclist and journalist Henri Desgrange to begin initial efforts to initiate the race in 1903 (Saviola 7).Advertising We will write a custom essay sample on French Cycling Culture specifically for you for only $16.05 $11/page Learn More Desgrange was appointed to head the newspaper in 1900 when he was only thirty five years old. Though a trained solicitor by profession he was also an avid cyclist who had obtained an amateur cyclists license (Thomps on 19). Following this achievement he trained persistently and rose among the ranks within the cycling industry to become a manger of one of the popular velodromes in Paris. Throughout this period he would be a contributor of articles to newspapers and magazines. Prior to this a former assistant of a competing newspaper, L’Auto-Velo, had joined Desgrange’s staff and had presented a novel idea to him over a lunch meeting. The assistant had noted that the main reason for the popularity of the L’Auto-Velo news paper was due to the immensely popular automobile races they organized (Thompson 17). Using this information it became apparent to Desgrange that the best way to beat his competitor was by organizing an even larger and more prestigious event. The main aim of this event was to draw more readers from the L’Auto-Velo to Le Velo (Thompson 17). The two then began to consider a Tour de France that would be organized to be covered in stages with rest days in between. To earn his new bosses trust the assistant began to develop a six day track race where racers covered hundreds of kilometers daily for almost a week. He had noted that large provinces had been asking to be included in the itinerary for events including the best racers and were willing to support the Tour de France (Thompson 18). After managing to convince the newspaper treasurer to support the idea, Desgrange was eventually won over and the paper began earnest plans to launch the race the following summer. At the same time the owner of the L’Auto-Velo had take the Le Velo newspaper to court of allegations of infringement. In his argument, he stated that the second term in the name of the newspaper constituted infringement.Advertising Looking for essay on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More He won the court case and in 1903 the Le Velo newspaper was renamed L’Auto (Thompson 18). This would not impede the success of the Tour de France and the new newspaper would soon become dominant in the French sports press. The route for the Tour is best illustrated in a map of France drawn by Francesca Paoletti as it illustrates the highlights the route takes through the French countryside (See Appendix A). Reasons for the Rivalry between Le Velo and L’Auto-Velo The main reasons for L’Auto-Velo’s desire to bring down Le Velo can be attributed to economic and political considerations. It has been noted that L’Auto-Velo was financed by a powerful automobile manufacturer (Thompson 18). By the turn of the century the papers had become fierce rivals due to the major following the Le Velo had garnered and its competitive advertising rates. In addition to this, it has been noted that the commercials takes were very high with the main financer of L’ Auto-Velo accounting for 15% of the French automobile market (Thompson 18). In addition to that the Le Velo was a major political irritant. This can be seen in the Dreyfus affair where the papers both took the same side in their analysis of the matter. It should be noted that this did not sit well with some of the financiers of the L’Auto-Velo paper who strongly felt the paper was to be none aligned in political matters (Thompson 18). Following a humiliating defeat in politics Giffard’s rivals would capitalize on the situation and launch the L’Auto-Velo newspaper. Famous Cyclists In discussing some of the famous cyclists that have participated in the Tour de France the discussion will also go into some of the details of how the race is ran. For example it has been reported that it is traditional for the first week of the Tour de France to cover several consecutive days of flat stages (Liggett, Raia and Lewis). This stage of the race is best suited for sprinters. These are cyclists who have the ability to quickly accelerate their bicycles to speeds of above 40 Mph (65 Kph). These sprinters are usually the most muscular looking and opportunistic cyclists involved in the race. During these flats stages riders compete strategically based on the flow of the day. The team will move slow if the group is unmotivated and fast if spirited (Liggett, Raia and Lewis). It has been noted that as the race enters the final miles it has been observed that each team attempts to surround their sprinter. It has often been argued that Mario Cipollini of Italy is the greatest sprinter in cycling history. Due to his flamboyance, charisma and outspoken personality he managed to rule the sprints in the Tour de France and the Tour of Italy for over a decade (Liggett, Raia and Lewis). He won the world championship road race in 2002 but has built a reputation from his furious sprint finishes. He has reportedly won 12 stages of the Tour de France and 42 stages of the T our of Italy (Liggett, Raia and Lewis). Another category of riders that are within the pack are the rouleurs. This category is often largely out of the limelight but constitute the greater percentage of the cyclists in the Tour de France (Liggett, Raia and Lewis). This category includes riders with the ability to maintain a steady and strong pace for several hours. It has been reported that on windy days, rainy days ad any other day this category have the most thankless duty of setting the pace for the race (Liggett, Raia and Lewis). This category often forms the biggest percentage of a team’s riders. Their duty includes going to the head of the pack and acting as wind breaks. As the cyclists who control the mood of the race their contribution is invaluable yet their individual time for glory is rare (Liggett, Raia and Lewis). This group expends the most energy on the team since they do not have the benefit of drafting. Frankie Andreu of Michigan is among the most popular rou leurs. He has completed the Tour de France nine times and holds the current American record for finishes (Liggett, Raia and Lewis). He retired in 2000 following 12 years of professional cycling packed with hard work. He managed to accomplish a second place finish in a Tour de France stage. He managed eighth position in the 1988 Seoul Olympic road race and fourth position in the 1996 Olympic rod race in Atlanta (Liggett, Raia and Lewis). Another category of riders that will be considered is that of the time trial specialists. In the time trials the cyclists compete rider against rider and cyclists advance based on their own skills. These races are often referred to as the Race of Truth (Liggett, Raia and Lewis). In these races, the best racers master an ability to pedal at a sustained high rate of speed without exceeding their individual cardio vascular limits. For this reason time trialists and the bikes they ride represent the epitome of cycling efficiency (Liggett, Raia and Lewis) . In these races everything is state of the art. The equipment used is aero dynamic and designed for maximum performance. For this reason teams spend countless hours and money on development and refinement of equipment (Liggett, Raia and Lewis). In this category of riders one great name is that of Greg LeMond. He became the first American to win the Tour de France in 1986. He later returned to the race in 1989 and recorded a monumental victory. In this race he used two novel approaches to win the race in the closest finish in the history of the Tour (Liggett, Raia and Lewis). His first approach was to decline to receive his time recordings and opted to ride the race based on his feelings. He also used triathlete handle bars that allowed him an aerodynamic tuck. These strategies allowed him to narrow his time deficiency and win the Tour by eight seconds (Liggett, Raia and Lewis). A discussion on the Tour de France would not be compete without mentioning one of the most popular racers to ever be associated with the Tour, Lance Armstrong. As a professional cyclist he first managed to win the Tour in 1999 amid stiff competition. During this race the first eight stages had been characterized by a back and forth struggle among the contenders. However, in the ninth stage, an exceptionally difficult stage characterized by an especially difficult climb, Lance Armstrong managed to come out victorious (Bradley 25). This sudden ascension to the front of the pack would offer the much needed confidence that allowed him to triumph despite the fact that there were still eight stages of the race. He built a comfortable lead and won the race at least seven minutes ahead of the closest contender (Bradley 26). The following year he would again return to the field in exceptional form to reclaim the Tour de France title in 2000 (Bradley 32). In the year 2001 he was contracted with cancer and began to receive treatment for the ailment. This did not deter him from participating in th e Tour in 2001. Victory in this race would not come easy for the two time champion who had fallen to 23rd position by the 10th stage of a 20 stage race (Doeden 1). He would have to use curious techniques to bluff the competition to gain an advantage. Following this bluff he managed to fall into second position and eventually won the race to manage three consecutive Tour de France titles (Doeden 5). By the end of an illustrious career he would take the title a record six times (Bannon and Moyer 69). Controversies The Tour de France has become so popular in France that the month of July would not be the same without this major event taking place. However, in recent times there has been concern over the changes observed with regard to the popularity of the event. Part of the reason for this is due to what appears to be a trend towards doping among the professional participants of the race (Thompson xvi). The Tour successfully managed to survive the drug related death of English racer T om Simpson which occurred in 1967. The crisis with regard to doping again reared its head in 1978 and 1998 (Thompson xvi). These events have contributed in part to the reduction in popularity of the Tour and there is a need to consider whether they can have a lasting impact on the race. It has been reported that for a long period the physical endurance that the race requires has allowed participating athletes to become established a role models within society. In addition to this it has been noted that due to the financial incentive and competitive essence of the Tour, several racers have resorted to drugs to ease the suffering and improve their cycling prowess (Thompson xvii). This trend has continued to damage the image of the sort and the race with incidents continually being reported (Thompson xx). Information related to doping has continued to damage the public perception in relation to the Tour. An example of this is seen in articles that were published that allegedly proved t he fact that Lance Armstrong used banned drugs to win the 1999 Tour de France (Pampel 209). The article goes further to articulate why the substance managed to pass the test by the World Doping Agency. The presence and continual emergence of such incidents and information has seriously damaged the public perception in relation to the Tour. Additional information It goes without saying that the Tour de France is among the most popular sporting events in France. However, the French are also reported to be passionate lovers of the outdoors aside from their love of competitive cycling. This is seen in the fact that the French Cycling Federation (FFC) has only about 100,000 members countrywide. This is in sharp contrast to the fact that almost 30% (approx. 18 million) of the French population ride a bike occasionally (Andreff and Szymanski 398). This goes to support reports that indicate bicycles are considered special in most European industrialized countries. The above fact comes into play because bikes can be used as an instrument for either transportation or sport. This makes the bicycle perennial and not easily substituted. It has been reported that due to this culture French bicycle producers sell between 2 and 3 million machines annually (Andreff and Szymanski 398). Many of the riders cycle for recreation purposes. In addition to recreational cycling activities it is reported that touring the French countryside on bicycles is a very popular affair. There are plenty of accommodation facilities in the country that cater for cycling tourists. These include chateaus, village hostelry, to mention a few. These facilities come in a wide variety and are aimed to facilitate suitable accommodation for travelers on various budgets (Gelber 409). In addition to hotel rooms the country has a large number of camping and caravan parks which are frequented by cycling tourists (Gelber 409). In the rural areas the tourists are also likely to find Gites or Chambres d’Hot es, which refer to wide range of accommodation in the rural areas (Gelber 410). There are also hostels, hotels and refuges all aimed at ensuring travelers on the trail have access to safe and suitable accommodation. Works Cited Andreff, Wladimir, and Stefan Szymanski. Handbook on the economics of sport. Cheltenham: Edward Elgar Publishing Limited, 2006. Print. Bannon, Joseph J., and Susan M. Moyer. Lance Armstrong: Six-Time Tour de France Champion. Austin: Austin American-Statesman, 2004. Print. Bradley, Michael. Lance Armstrong. White Plains, NY: Benchmark Books, 2005. Print. Doeden, Matt. Lance Armstrong. Minneapolis: Lerner Publications Company, 2006. Print. Gelber, Ethan. Cycling France. Victoria: Lonely Planet, 2009. Print. Liggett, Phil, James Raia, and Sammarye Lewis. Tour de France for Dummies. Hoboken, NJ: Wiley Publishing Inc., 2005. Print. McGann, Bill, and Carol McGann. The story of the tour de France: How a newspaper promotion became the greatest sporting event in the world, Volume I: 1903-1964. Indianapolis: Dog Ear Publishing, 2006. Print. Pampel, Fred C. Drugs and Sports. New York: Facts on File Inc., 2007. Print. Thompson, Christopher S. The Tour de France: a Cultural History. Berkeley: University of California Press, 2008. Print. Saviola, Joseph A. The Tour de France: solving addition problems involving regrouping. Printed in the USA: Rosen Classroom, 2004. Print. Appendix: Map of France (McGann and McGann viii) This essay on French Cycling Culture was written and submitted by user Aaden Z. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Monday, November 25, 2019

Human Genome Project essays

Human Genome Project essays When I first heard of the Human Genome Project I thought it was just some minor study of the human DNA. As I dug into it more, I learned that it is a very enormous study led by the DOE (U.S. Department of Energy) and the National Institute of Health . The study started in 1990 and it is suppose to be finished in the year 2003. Doing this task made me realize how interesting and helpful this Science project is to our population. We as humans now can tell what our body is made up of and how it really functions. We can have a better idea about our differences in the natural world between us and other living organisms. The first thing I wanted to find out what is the study about and what are the goals that scientists want to achieve. I found out that there are many goals of this study. One of the major goals is to identify all of our approximately 30,000 genes that we carry in our human DNA, which is also known as the deoxyribonucleic acid. The DNA is located in the nucleus of a cell. The DNA is made up of 3 billion base pairs. Those 3 billion sequences of base pairs we call a genome, which makes up the complete set of our DNA All human cells contain a complete genome except for the mature red bloodcells. Another goal of the scientists was actually to determine the 3 billion sequences that make up our DNA. DNA in the human genome is arranged into 24 distinct chromosomes. Each chromosome contains many genes. What is a gene? Its the basic physical unit of heredity. The estimate says that there are between 30,000 to 40,000 genes in our body. Scientists arent able to give the exact number yet. The main thing that I learned about and that caught my eye was the statistics of the genome and how scientists have the technology to explore such a small part of the human body. It seems that if they figure this out theyll be able to do anything after that. Its unbelievable how they are ab ...

Thursday, November 21, 2019

Strategy to foster the sustainable growth in Hong Kongs retail trade Assignment

Strategy to foster the sustainable growth in Hong Kongs retail trade industry under the situation of soaring shop rents - Assignment Example was the leading causes while strategies like promotion of commercial spaces on vested lands and ceiling on rent prices can be the alternative measures. Retail trade has contributed towards employment and economic growth in Hong Kong. This study will be focused towards identifying various strategies to achieve sustainable growth in retail industry of Hong Kong during soaring shop rent situation. In this particular research paper, different factors will be outlined which has caused turmoil in Hong Kong’s retail sector. The value of retail sales has drastically decreased in recent years, approximately by 6.9% over previous year. It has been observed that sales value of certain products such as jewelry, clocks and valuable gifts, photographic equipment and electrical goods, and consumer durables has decreased by 28.2%, 15.3% and 23.9% respectively. Retail business operators in Hong Kong market are facing major challenges in present scenario in terms of retaining their market share and gaining high revenue margins. This problem has mainly occurred due to decrease in purchasing power of China’s mainland tourists and increas ed total costs in form of wages and shop rents. It is clearly evident that minimum wage legislation of Hong Kong Government and anti-corruption policies of Chinese government are policy variables. These external factors are not under control of retail operators. However these operators can adopt the best strategy for reducing shop rents so as to achieve sustainable growth in Hong Kong market. The retail trade sector is a vital component of utilities, transportation and trade supersector. This sector encompasses establishments in terms of engaging into retailing merchandise and rendering services in context of merchandise sale. Retailing process can be stated as final step in merchandise distribution. Retailers are generally organized to sell specific merchandise to general public in small quantities. There are two main categories of retailers

Wednesday, November 20, 2019

Net-centric Computing and Information Systems Essay - 1

Net-centric Computing and Information Systems - Essay Example While describing the structural details of the wireless networking protocol the tutorial also significantly addresses the issue of security vulnerability that is associated with the said protocol. Since the protocol is not guided or guarded by wires or fixed connections it is often said to have substantial susceptibility to noise and other unseen deflections. Similarly, the protocol also does not ensure secure data transfer because since it is prone to interferences, then it can also be prone to unauthorized access to private information being passed over it. Another drawback associated with the Wireless LAN protocol is that despite all the technological advancements, the current data transfer rate over it is comparatively significantly lesser than that over the Local Area Network (LAN). The Wireless networking protocol 802.11has revolutionized the concept of connectivity among individuals. Thus this has had amazing effects on the corporate world as well. The need of the hour for businesses that involved the need to get network connectivity anytime and at any place within a particular set up without the restriction of physically laden networking wires in the premises have been addressed with the emergence of this protocol. Run time connectivity within business environments is not possible via wi-fi enabled computing devices that can be secured by binding the identity of hardware logged on to the system by pre-registering their MAC addresses. It was interesting to realize the concept behind the much prevalent wireless internet connectivity that has become so very common the world over. It was an informative and interest capturing tutorial indeed. The tutorial studied addressed the most integral concepts of today’s world: ‘Computer Security’. Ever since the advent of the concept of connecting computing devices over a network the concept of

Monday, November 18, 2019

Final exam Assignment Example | Topics and Well Written Essays - 1500 words - 1

Final exam - Assignment Example However, the exact point where the mind and body interact, and the process of their interaction, escapes our knowledge, it cannot be scientifically quantified. It is therefore not an easy thing to explain how something immaterial (mind) interacts with the material (body). For while the physical part of the body is evident, it beats logic just how an invisible immaterial thing influences the body One is able to know his/her own mind because he/she can afford to enter into his/her inner sanctum of thought, this way, in a reflective mood one can tell clearly when he is in pain, or when sad or even when overwhelmed by joy, but it is difficult to tell whether other people have minds, or they are just programmed robots. While similarities in shape and size do not necessarily mean that because one is like this, the other person is the same too, the argument of analogy claims that, those similarities provide us with an important hint in getting to know the mind of others, it is therefore helpful to note that since we are members of the same species and share so many similarities together, such as the response of joy with elation and loss with sorrow, we can get to know the state of others from their overall response in different occasions, setting us always as the determinants, therefore by observing the behavior of others one can infer (courtesy of the similarities) that others to o have a mind. Memory theory of personal identity is the principle that claims that memory is the key factor that enables one to persist over time, the theory argues that , in the midst of growing change and changing times that so often change us qualitatively and quantitatively, the only thing that attaches us to that person who was yesterday or twenty years ago, is the ability to recall a certain experience that that same person experienced, in the

Saturday, November 16, 2019

Report on the Strategic Approaches of BNP Paribas

Report on the Strategic Approaches of BNP Paribas The objective of this report is to critically evaluate and analyze the strategic approaches in the operation of a financial institution of our choice. The chosen institution of study is BNP Paribas. This report will include a PESTEL analysis, an evaluation of the Singapore environment examining the political, economical, social-cultural, technological, environmental and legislative aspects of the environment and an application of the theory to BNP Paribas. In addition, we will look at the organizations products, target market, strategies and critical changes, the application of Porters five forces model, and conduct a SWOT analysis looking at the strengths, weaknesses, opportunities and threats presented to the organization. This will be followed by a STP analysis, looking at the segmentation, targeting and positioning of the organization, as well as a financial statements analysis and recommendations for future development strategies for the organization. Introduction of the Company BNP Paribas has been at the forefront of the banking sector with a 10 year history and deep-rooted traditions in innovation banking which has led them to the success they are today. They have earned the title of being Frances premier bank and are known for their strong market positions and robust risk management. They have risen to become a global leader in the provision of financial services and its brand is the companys major asset, ranking 6th most valuable banking brand according to Brand Finances 2010 rankings (Brand Finance, 2010  [i]  ). This ranking is largely due to the Groups financial strength and part due to its success brought about by Michel Pà ©bereau former CEO who led BNP to merger opportunities that transitioned the company (SP, 2010  [ii]  ). With such noted growth and success, the company truly lives up to its motto the bank for a changing world, incessantly evolving and adapting successfully to the ever-changing environment, seizing opportunities that come along with a strong focus on achieving its goals, carefully planning and managing its business activities and ensuring effective cost-cutting measures. Nature of the business BNP Paribas is a universal bank providing a diverse range of banking services predominantly offering and specialising in three core business areas: corporate and investment banking services, investment solutions services and retail banking which includes services for personal finances and equipment solutions. Its financial services are offered to a variety of customers both individuals, corporate businesses and other financial institutions (BNP Paribas, 2010  [iii]  ). Present situation On 23rd July 2010, Fortune Magazine had presented its annual global rankings of Americas largest corporations. Achieving a modest improvement from 2009, BNP Paribas placed 18th in this years rankings and 7th largest Banking Corporation in the banking sector based on revenues and sales (CNN, 2010  [iv]  ). Such positive results achieved by the Group can be attributed to its strong Board of Directors who possesses the skills, leadership, performance and experience required to lead the way into the future. BNP Paribas success also stems from the effectiveness of their diversified and integrated business model and their committed focus on investment strategy and innovation. Mission BNP Paribass mission is to achieve its goal to become the bank for a changing world. In order to achieve this, they plan to provide diversity, creativity and efficiency that generate performance gains and to value differences among people in various countries.  Respecting and promoting differences among employees are major assets when it comes to the bank for a changing world (BNP Paribas, 2010  [v]  ). See Appendix 1 for its core values. Vision BNP Paribas is determined to be a benchmark banking group with focus placed on customer satisfaction and the active pursuit for improvements in its earning capacity. BNP has adopted the motto of bank of the changing world from its core values and it is their core values which motivate and direct them towards their vision (BNP Paribas, 2010). Goals Technological development, globalisation, environmental issues are challenges that face both businesses and individuals today. BNP Paribas is committed to assisting its customers to confront these rapid changing issues. Therefore, the Groups goal is to constantly seek out new sources of progress by developing innovative ideas and initiatives (BNP Paribas, 2010). An Application of PESTEL to Singapores environment BNP Paribas Singapore A PESTEL analysis is essential in every organization as certain factors within the macro-environment will have significant impact on the organization and the decisions it makes. There are various political, economical, social and cultural, technological, environmental and legislative factors that need to be taken into consideration (Kotler, P Armstrong, G, 1999  [vi]  ). Each will be discussed further below in context of Singapore and its impact on BNP Paribas. P- Political The Peoples Action Party (PAP) dominated the political scene since 1959 (Janus Corporate Solutions, 2010  [vii]  ). The partys choices of action, ideas, policy-making and planning proposals are well supported by the community and the integrity and effective leadership demonstrated by the PAP secured economic growth and political stability. With the adoption of a collective leadership style with its corrupt free-government image, Singapores government has maintained a strong sturdy political framework. It is Singapores political stability and corrupt-free environment that banks like BNP Paribas see Singapore as an opportunity to venture into the Asian markets. Their success in Singapore was led by Singapores aim to liberalize the banking sector which they followed in 1999. This move was rewarded as they became one of the pioneering foreign banks. E- Economical  [viii]   The hustle and bustle economic scene of Singapore is part due to its geographical location. Its strategic location which houses an industrious population though it lacks physical resources and has a relatively small domestic market has given the country an economic importance in Southeast Asia. Singapore carried out an economic strategy to overcome its problems and achieved an average of 7.8% growth from 1965 to 2009 (US Bureau of Public Affairs, 2010  [ix]  ). Though its economy has suffered setbacks due to pandemic outbreaks, the economy bounced back each time. See in Appendix 2 on GDP and Government Debts. BNP Paribas must firstly identify the relevant economic factors that would influence their company. Singapores tourism scene is an opportunity to target those tourists needs financially. In addition, economic growth is tied with profits made as such it is another motivating factor to operate in Singapore. S-Social Cultural Social factors are the demographic and cultural aspects of the environment such as age and gender distribution, religion and employability rates, which can impact the demand for a firms products and the availability and motivation/willingness to work. See Appendix 4 on analysis of GDP and employment rates. BNP Paribas has contributed much to the employability in Asia. According to an article in Forbes Magazine titled; BNP Paribas Wealth plans Singapore hiring spree (2010), BNP plans to increase its employees count in Singapore from 300 as of 2008 to 500 employees, while other banks like DBS and Deutsche Bank plans job cuts. This increase in employees is a result of BNPs involvement in the wealth management business and their aim to be the largest most profitable and attractive for its clients and their assets as explained by Serge Forti (BNP Chief Executive for Asia Pacific Wealth Management) (Forbes, 2010  [x]  ). T-Technological Singapore has sophisticated state-of-the-art Telecommunications and Internet facilities which cater to the needs of its users, providing them with high quality communications accessible worldwide. Innovation is a strong differentiating factor in the banking sector. It is a core tenet of the BNP Groups strategy. Innovation will enable them to adapt quickly to the ever-changing environment and to deliver the best quality products and services to its clients. An example of innovation demonstrated by BNP Paribas is in its photovoltaic loan  [1]  (BNP Fortis Bank, 2010  [xi]  ). E- Environment The leading researcher on Global Warming, an American government scientist Hansen (2007) believes that the speed of the natural changes is dwarfed by the changes that humans make to the atmosphere and surface (Hansen 2007)  [xii]  . This scientific evidence has created greater environmental awareness among individuals and businesses. Since then, there has been a growing desire to protect the environment. Singapores Government environment commitment extends to the ecological footprint of business organizations and could accelerate the potential environmental leadership role that transnational corporations can play. The greatest challenge in the climate change action is to make people aware of the consequences of our actions. As such, BNP Paribas has launched programs to raise their awareness of the impacts of Climate Change. L-Legislative According to Singapore Academy of Law (2006)  [xiii]  , there are specific laws that banks are required to abide to. As such BNP Paribas must follow the common laws and principles as stated in relevant Acts passed by Parliament  [xiv]  . The Monetary Authority of Singapore (MAS) who publishes and administers Acts and Subsidiary legislation governs legislation in the financial industry. Changes in legislation can affect a firms cost for adaptation and demand of goods and services. Singapores economic policy is to promote wealth through sustained and stable economic growth, guided by the free market economic system which allows market forces to determine the pattern of trade (ADB, 2010  [xv]  ). In addition, Singapore does not have any sector-specific policies; this freedom within the policies could provide BNP Paribas with an advantageous opportunity to manipulate this area. Financial Analysis A financial analysis uses financial performance indicators to judge the performance of the company. It looks at 5 categories of ratios which are; Profitability, Liquidity, Efficiency, Investor and Financing. The tables below are the summarized results for BNP Paribas from Year 2005 to 2009 (5-year performance analysis); Profitability Ratios Ratios Year 2005 Year 2006 Year 2007 Year 2008 Year 2009 Gross Profit 100% 100% 100% 100% Gross Profit à ¢Ã¢â‚¬Å¡Ã‚ ¬27,648miilion à ¢Ã¢â‚¬Å¡Ã‚ ¬29,823miilion à ¢Ã¢â‚¬Å¡Ã‚ ¬22,105 million à ¢Ã¢â‚¬Å¡Ã‚ ¬31,909 million Revenue/Sales à ¢Ã¢â‚¬Å¡Ã‚ ¬27,648miilion à ¢Ã¢â‚¬Å¡Ã‚ ¬29,823miilion à ¢Ã¢â‚¬Å¡Ã‚ ¬22,105 million à ¢Ã¢â‚¬Å¡Ã‚ ¬31,909 million Net Profit 26% 26% 14% 18% Net Profit à ¢Ã¢â‚¬Å¡Ã‚ ¬7308 million à ¢Ã¢â‚¬Å¡Ã‚ ¬7822million à ¢Ã¢â‚¬Å¡Ã‚ ¬3021million à ¢Ã¢â‚¬Å¡Ã‚ ¬5832million Revenue/Sales à ¢Ã¢â‚¬Å¡Ã‚ ¬27,648 million à ¢Ã¢â‚¬Å¡Ã‚ ¬29,823miilion à ¢Ã¢â‚¬Å¡Ã‚ ¬22,105 million à ¢Ã¢â‚¬Å¡Ã‚ ¬31,909 million Return on Capital Employed (ROCE) 15.8% 5.7% 9.5% Profit before Interest Tax à ¢Ã¢â‚¬Å¡Ã‚ ¬7308 million à ¢Ã¢â‚¬Å¡Ã‚ ¬7822million à ¢Ã¢â‚¬Å¡Ã‚ ¬3021million à ¢Ã¢â‚¬Å¡Ã‚ ¬5832million Average Capital Employed à ¢Ã¢â‚¬Å¡Ã‚ ¬45,065+53,799/2 million à ¢Ã¢â‚¬Å¡Ã‚ ¬53,228+53,799/2 million à ¢Ã¢â‚¬Å¡Ã‚ ¬53,228+69,501/2 million Return on Assets (ROA) 0.51% 0.46% 0.15% 0.28% Net Income à ¢Ã¢â‚¬Å¡Ã‚ ¬7308 million à ¢Ã¢â‚¬Å¡Ã‚ ¬7822million à ¢Ã¢â‚¬Å¡Ã‚ ¬3021million à ¢Ã¢â‚¬Å¡Ã‚ ¬5832million Total Assets à ¢Ã¢â‚¬Å¡Ã‚ ¬1,440,343 million à ¢Ã¢â‚¬Å¡Ã‚ ¬1,694,454 million à ¢Ã¢â‚¬Å¡Ã‚ ¬2,075,551 million à ¢Ã¢â‚¬Å¡Ã‚ ¬2,057,698 million (Source: Created for the purpose of this assignment) The table above shows that for every sales dollar, the same amount will be available to cover its expenses and profits. This is relatively bad for the company if there were any fixed expenses that require payment after the gross profit has been calculated. The return on assets (ROA) tells the efficiency of the company in using its assets to generate profits. The table above shows that ROA has a decreasing trend reaching as low as 0.28%. The net profit is a result of deducting all expenses from gross revenue. In this case, the net profit over the 4 year period has decreased to 18%. Therefore this suggests that the companys widely known success does not match with its actual financial performance. Liquidity Ratios Ratios Year 2005 Year 2006 Year 2007 Year 2008 Year 2009 Current Ratio 87c 73c 81c 53c (Source: Created for the purpose of this assignment) Current ratio gives an indication of the companys ability to pay its short term liabilities and debts with its short term assets. A low ratio below 1 suggests that the company will have trouble paying its debts and liabilities. This shows the companys efficiency in its operating cycle in turning its product into cash is weak. As such, the company is financially unhealthy and they would need to develop strategies to go about providing more financing for the company or they may run into liquidity issues. Efficiency Ratios (Source: Created for the purpose of this assignment) Ratios Year 2005 Year 2006 Year 2007 Year 2008 Year 2009 Debtors Collection Period 276 days 282 days 431 days 313 days Trade Receivables à ¢Ã¢â‚¬Å¡Ã‚ ¬20,919 million à ¢Ã¢â‚¬Å¡Ã‚ ¬23,008 million à ¢Ã¢â‚¬Å¡Ã‚ ¬26,079 million à ¢Ã¢â‚¬Å¡Ã‚ ¬27,379 Revenue/Sales à ¢Ã¢â‚¬Å¡Ã‚ ¬27,648 million à ¢Ã¢â‚¬Å¡Ã‚ ¬29,823miilion à ¢Ã¢â‚¬Å¡Ã‚ ¬22,105 million à ¢Ã¢â‚¬Å¡Ã‚ ¬31,909 million The debtors collection period ratio is an indicator of the period of time taken for money to be collected from debtors. The figures above suggest that the debtors collection is relatively slow, especially in 2008. This could have been caused by the Global Financial Crisis which caused worldwide panic and market fluctuations. By 2009, BNP Paribas was able to reduce its debtors collection period by 313 days. Although this figure is an improvement to 2008, it is still considered to be slow for debt collection. This will have an impact on the liquidity issues faced by the company. If the company can reduce its debtors collection time, it will have the necessary funds to resolve its liquidity issues and raise its current ratio above à ¢Ã¢â‚¬Å¡Ã‚ ¬1 or even à ¢Ã¢â‚¬Å¡Ã‚ ¬2 which suggests the company has more than enough assets to cover its liabilities. Investor Ratios Ratios Year 2005 Year 2006 Year 2007 Year 2008 Year 2009 Earnings per Share (EPS) 6.77 7.81 8.25 5.20 2.99 Dividend Cover 2.68 2.59 2.53 5.36 2 EPS à ¢Ã¢â‚¬Å¡Ã‚ ¬6.77 à ¢Ã¢â‚¬Å¡Ã‚ ¬7.81 à ¢Ã¢â‚¬Å¡Ã‚ ¬8.25 à ¢Ã¢â‚¬Å¡Ã‚ ¬5.20 à ¢Ã¢â‚¬Å¡Ã‚ ¬2.99 Dividend per Ordinary Share 2.53 3.01 3.26 0.97 1.50 Price/Earning Ratio (P/E Ratio) 8.50 9.24 8.12 5.52 18.13 Current Share Price per share à ¢Ã¢â‚¬Å¡Ã‚ ¬57.56 à ¢Ã¢â‚¬Å¡Ã‚ ¬72.13 à ¢Ã¢â‚¬Å¡Ã‚ ¬66.97 à ¢Ã¢â‚¬Å¡Ã‚ ¬28.71 à ¢Ã¢â‚¬Å¡Ã‚ ¬54.20 EPS à ¢Ã¢â‚¬Å¡Ã‚ ¬6.77 à ¢Ã¢â‚¬Å¡Ã‚ ¬7.81 à ¢Ã¢â‚¬Å¡Ã‚ ¬8.25 à ¢Ã¢â‚¬Å¡Ã‚ ¬5.20 à ¢Ã¢â‚¬Å¡Ã‚ ¬2.99 (Source: Created for the purpose of this assignment) The EPS is the core tenet in determining a shares price. It shows the companys ability to generate income which is allocated to each outstanding share of common stock. A positive increase in EPS suggests that the company is finding more ways to earn profits. However, it does not seem to be the case in 2008 and 2009 where EPS fell sharply. There is no stability in the EPS pattern. BNP Paribass dividend cover fell sharply in 2009. However, a low dividend cover may be acceptable if a companys profits are at a stable level, while a company with fluctuating profits indicates dividends are at risk. The difference in the market price and earnings movement will cause the price earning ratio to fluctuate. BNP Paribass P/E ratio in 2009 shows that there is a disconnection between the market price and the profits as such, it has caused the P/E ratio to rise. A low P/E ratio is potentially good for investors as there is a chance for making profits. Financing Ratios Ratios Year 2005 Year 2006 Year 2007 Year 2008 Year 2009 Debt to Equity Ratio 7.83 8.80 11.98 8.29 Total Debt à ¢Ã¢â‚¬Å¡Ã‚ ¬352,918 million à ¢Ã¢â‚¬Å¡Ã‚ ¬473,504 million à ¢Ã¢â‚¬Å¡Ã‚ ¬637,592 million à ¢Ã¢â‚¬Å¡Ã‚ ¬568,130 million Total Equity à ¢Ã¢â‚¬Å¡Ã‚ ¬45,065 million à ¢Ã¢â‚¬Å¡Ã‚ ¬53,799 million à ¢Ã¢â‚¬Å¡Ã‚ ¬53,228 million à ¢Ã¢â‚¬Å¡Ã‚ ¬69,501 million Debt Ratio 0.31 0.28 0.26 0.28 Total Debt à ¢Ã¢â‚¬Å¡Ã‚ ¬352,918 million à ¢Ã¢â‚¬Å¡Ã‚ ¬473,504 million à ¢Ã¢â‚¬Å¡Ã‚ ¬637,592 million à ¢Ã¢â‚¬Å¡Ã‚ ¬568,130 million Total Assets à ¢Ã¢â‚¬Å¡Ã‚ ¬1,440,343 million à ¢Ã¢â‚¬Å¡Ã‚ ¬1,694,454 million à ¢Ã¢â‚¬Å¡Ã‚ ¬2,075,551 million à ¢Ã¢â‚¬Å¡Ã‚ ¬2,057,698 million (Source: Created for the purpose of this assignment) A high debt equity ratio is a result of high debt usage in financing operations. This is particularly true for Year 2008 with a debt/equity ratio of 11.98. However, each year from 2006 show a high debt/equity ratio. This shows BNP could potentially generate more profit without outside financing. If this were to increase earnings by a greater amount than debt cost, then the shareholders of BNP Paribas would benefit from receiving more earnings. However, there are greater costs involved which may outweigh the return the company generates on debt through investment and its operations. BNP Paribass debt ratio from Year 2006 to 2009 is below 1 as such, this indicates that the financial institution has more assets than debt as evident in the Statement of Financial Position. Corporate Social Responsibility (CSR) BNP Paribass corporate social responsibility plays a major role in its environment and forms an integral part of its business ethics and embedded in its core values. They have taken charge of leading companies in implementing environmental friendly practices by signing up to the United Nations Global Compact in 2003 and in its financial sector initiatives, BNP has encouraged companies to include climate change issues in their investment decisions and have brought together companies to promote responsible behaviour by companies within the community. BNP has also signed up for Principles for Responsible Investment (PRI) which provides assistance to companies in incorporating environmental, social, and corporate governance concerns into their mainstream investment decision making practices (BNP Paribas Annual Report, 2009, p.118  [xvi]  ). See Appendix 5 on CSR as a management duty. Porters Five Forces Model Analysis Diagram 3: Porters Five Forces Model Source: Porter, M 2008 Threats of New Entrants (Strong) Singapore is relatively lenient when it comes to foreign businesses operations set up in Singapore since the country has a pro-business environment with rich cultural diversity and stable politics. We can also suggest the threats of new entrants may be strong because financial institutions are becoming universal, providing a diverse range of financial services and not just restricted to banking services. The new entrants are exploring innovative banking as such BNP Paribas adopts innovation as a key driver to outshine its competitors. Bargaining Power of Suppliers (Weak) The power of suppliers in influencing BNP Paribas is considered to be weak. The customers being the depositors do not have control of the interest rates set by the bank or on any internal operations, whereas for corporate clients, the bank still holds a greater power in the offering of services and package deals to its larger clients. The Credit Market provides the source of raw materials and liquid assets which is unmeasurable. Lastly, the Central Bank being MAS is responsible for the issuance of currency, supervision of financial services and stability surveillance and who is of last resort and provider of liquidity in the markets. Therefore, the Central Bank who controls the liquidity in the markets has some power in its influence on BNP Paribas as a whole than in day to day operations (Ackerman, J 2008  [xvii]  ). Bargaining Power of Buyers (Medium) The buyers of BNP Paribass products are the customers themselves; the depositors whom have some power in deciding which bank they would settle for. However, for the corporate clients, it is difficult to determine the differences in the services provided/offered by each bank as there is no specific service offer to each bank. Threats of substitute products or services (Strong) There are a variety of financial services being offered from various banks in Singapore who specialises in different business lines and have various experiences and successes. BNP Paribas Singapore faces greater threats towards its Corporate Investment Banking as well as Asset Management services. However, though various banks offer similar services to them, like its threats from new entrants, innovation is their key to compete with substitute products, to set themselves apart from its competitors (Bernet Partner, 2008  [xviii]  ). Rivalry among existing firms (Strong) There is intense rivalry among the financial industry. BNP Paribas competes with money centre banks, super regional banks and institutional asset management providers and financial planners. In Singapore, there are 113 competitive commercial banks, 49 merchant banks and 3 finance companies and three local banks; DBS, UOB and OCBC , the three largest banks in Southeast Asia (MAS, 2009  [xix]  ). BNP Paribas faces strong competition from in the area of asset management as Singapore is the premier asset management locations in Asia (MICA, 2009). A central location for the provision of risk management, insurance broking and offshore insurance services in which BNP is engaged in. It is BNPs innovative strategic plans and its prime financial attention to serving customers needs which sets them apart from its competitors.

Wednesday, November 13, 2019

Martin Luther Essay -- essays research papers

The year 1483 certainly was not the best of times and arguably not the worst of times but it was a notable time in that the birth of one Martin Luther did occur and the re-birth of Christendom was not far away. Eisleben, Germany is noted as the birthplace of young Martin Luther just ten days into November. Germany at that time was a place of emperors, princes, princelings, nobles, lords and knights. A place once called the Holy Roman Empire of the German Nation. A place that had no qualms with poverty or those who lived poverty’s reality, the peasants. One of the many odd things about young Martin’s Germany was the fact that the princes at that time were made up of archbishops and bishops who had been appointed by the pope (so much for separation of church and state). In 1483, Emperor Frederick III presided over what can be described as a violent and brutal Germany, a land that hosted torture and established a new class of people†¦the executioner. Debate over the death penalty was non-existent for even young Martin would grow up to support state executions as being divine punishment. Today’s electric chair seems humane compared to â€Å"the wheel†, â€Å"the stake†, or being boiled to death in oil or water, styles of execution that were a common place in young Martin’s time. Young Martin’s Germany was a lively and interesting place but everything except static. The fire of change was tiny but being kindled with embers from corrupt clerics, the destruction of the flat earth theory and the invention of the printing press were but a few. Change was emphatically in the wind. Hans and Margarethe Luther had four boys with Martin being the second, and one of two to survive the dreaded plague. Hans went from laboring in copper and silver mines to later owning several small foundries. Despite the promotion, the Luther’s were still not far from basic peasantry, but young Martin did enjoy some of the better things life had to offer such as an education. Though he couldn’t escape the infrequent brutal beatings at the hands of his parents, he did at times play like the other kids. Martin enrolled in the University of Erfurt in the spring of 1501 with a solid primary and secondary education behind him, and he intended on studying law. Like most institutions of higher learning at that time, Erfurt concentrated on philosophy and that meant â€Å"thinking and reasoning†; one would say you... ...Leo X called for a hearing in Rome but Martin argued it should be in Germany with German judges. His prince Frederick the Wise agreed and got the emperor to sign on. Ausborg would be host to the hearing though Rome preferred Martin be bound in chains, fetters and handcuffs and delivered there. Things went so bad at Ausborg, Martin ended stealing away at night to stagger back to Wittenberg, dazed and feeling alone. At Martins hearing, the Church stood strictly on its tradition and its assumed position of authority. Martin stood on scripture. While this was going on the people of Germany were watching and were stirred by the spirit of the debate. Martin stayed the course and things continued to heat up with the Roman Curia investigating and condemning him in 1520, and a year later excommunicating him. They summoned him to appear before Emperor Charles V at The Diet of Worms, and they expected him to recant his position. He didn’t. Upon his condemnation, his prince placed him in hiding at Wartburg castle where he would translate the New Testament from Greek to German and also go down in history as the progenitor of the Protestant Reform Movement. Christendom would forever be changed.