Martin Brian Mulroney Essays - Brian Mulroney,

Martin Brian Mulroney Martin Brian Mulroney became the 18th prime minister of Canada on September 17, 1984, after his party, the Progressive Conservatives won the greatest parliamentary victory ever in Canadian history. Mulroney was born in 1939, the son of an electrician, in the paper mill town of Baie Comeau, Quebec. Mulroney attended a very strict military type all boys' school until the age of 16 when he entered Saint Francis Xavier University in Antigonish, Nova Scotia. There he earned an honor degree in political science. While at St. FX he was active in on campus politics. During his first year he became a member of the youth wing of the P.C. Party of Nova Scotia. Before he graduated he was to become the Prime Minister of St. FX's famous mock Parliament, a position that had been held for years by Liberal students. After graduation he studied law at Dalhousie in Halifax and later at Laval University in Quebec, from which he graduated in 1962. It was during these years in Quebec that Mulroney became known as the life of the party. He frequented most Montreal nightclubs and was quite a lady's man. Mulroney also became a slightly more than social drinker. After becoming a lawyer in 1965 he joined a prestigious law firm known as Cate Ogilvy, later becoming a partner in that firm. In May 1973 at the age of 34 he married a beautiful 20 year old Mila Pivnicki, daughter of Yugoslav immigrants. The Mulroneys would go on to have three children. Mulroney worked energetically for the Progressive Conservative Party as a young lawyer, serving on the party's finance and policy committees and on its 1968 and 1972 campaign committees. He first came into the public eye in 1974 as a member of the Cliche Royal Commission, which investigated corruption and violence in the Quebec construction industry. Also involved in this commission was Mulroney's friend and future Quebec premier Lucien Bouchard. Although Mulroney had not yet held public office, he ran for election as Conservative leader at the party's 1976 national convention. He waged a vigorous and expensive campaign but lost to Joe Clark after being critisized as the Cadillac Cantidate for spending so much money. Following this failure, Mulroney became very depressed and bitter. This was a very bleak time in his life. His drinking and his tongue often got him in trouble. During this period he would often attend social events, get very drunk, and make an ass of himself. He took the Leadership loss very personally and it almost ruined him. A few years after taking the job of President of the Iron Ore Company of Canada in 1977 he decided that he would clean himself up. He went to special Alcoholics Anonomous meetings for famous people who didn't want the world to know they had a problem. After this time in his life he almost never had a drink and never repeated his drunken outbursts at any social functions. During his years as a corporate executive, Mulroney remained active in politics, taking every occasion to increase his visibility among the public and to gain support from within the party for his upcoming leadership bid. In 1982, because of an economic depression, the Iron Ore Company of Canada was forced to close one of its mining and milling towns in Quebec. At first this appeared to be a disastrous political setback for Mulroney. However, he turned it into a public relations triumph by making the people of the town in question believe that there were other alternatives when there were none and by negotiating generous settlements for the workers who had lost their jobs. This earned him respect and won him general support and his reputation as an expert labor lawyer and industrial relations specialist was enhanced. After the election most of his promises were shown to be false hopes but by that time the people had already decided. In mid-1983 Clark's leadership of the Progressive Conservative Party was being questioned, forcing him to call a national party convention and leadership review. Brian Mulroney was again a candidate, and he campaigned more shrewdly than he had done seven years before. He actually had been paying people to ruin Clarks chances

movies and disability essays

movies and disability essays Some will argue that a film, being essentially a means of entertainment, can do little to change a national consciousness. Others, citing the power of the medium, will claim that motion pictures possess this rare and extraordinary ability. These two opposing viewpoints are about to be put to the test with a pair of films that, while different in so many ways, have a number of fundamental similarities. The Miracle Worker" seems to have been ahead of its time in its accurate portrayal of disability. The film shows us that the young Helen Keller (Duke), blind and deaf from infancy, was treated as little more than a family pet before the arrival of her teacher, Ann Sullivan (Bancroft). One of the central themes is how family attitudes tended to emotionally handicap young Helen. The movie effectively depicts the family's low expectations of their disabled daughter and gives us a look into how physical disabilities were equated with mental disabilities in an earlier era. The portrayal of Helen and the other characters is accurate and forthright. The filmmakers don't hold back to protect our sensibilities, and instead provide a no-holds-barred view of the tragedy and the triumph of growing up and overcoming severe disability. By the time Annie Sullivan came along in 1887 nearly blind herself, haunted by her upbringing in an asylum and convinced that people looked down on her because her parents had been Irish immigrants 6-year-old Helen was nobody's darling. Frustrated by her inability to communicate, willful and carelessly spoiled by people who no longer wanted to be bothered with her, she threw hurricane-level tantrums that terrorized the household. Annie taught her to finger-spell; demolished the barrier for Helen between the movements in her hand and the words, objects and ideas they represented; and opened up the world to her. Or did she? Controversy simmered throughout Helen's life over who was doing the thinking that...

Company analysis - Bancolombia Essay Example | Topics and Well Written Essays - 4000 words

Company analysis - Bancolombia - Essay Example The different culture and characteristics of the three banks participated in the merger were not easy to be managed. The recent retirement of the firm’s CEO would set the future of Bancolombia in risk, if the new CEO would not be able to understand the firm’s culture but also the employees’ needs. Table of contents Executive Summary 2 Problem Statement 4 Supporting Evidence 4 Key decision criteria 7 Recommendations 8 References 11 Appendices 12 Problem Statement The development of the problem statement in regard to this study requires the reference to a series of events that led to the formation of Bancolombia, as in its current form. Bancolombia is an organization resulted from two mergers. In its initial form, Bancolombia resulted by the merge between the Banco Industrial Colombiano (BIC) and the Banco de Colombia. The above merger took place in 1998 and led to the establishment of Colombia’s most powerful firm in the banking industry (case study, p.3). Bancolombia, the firm resulted by the above merger, reached a market share of 11.5% (case study, p.3). ... The identification of effective HR management practices was of critical importance in Bancolombia, as a business entity established in 1998. In the context of the second merger, a similar issue has appeared. The second merger took place between three firms of the Colombian banking industry: Bancolombia, Conavi and Corfinsura. These firms used different approaches in regard to the management of their HR: a) in Bancolombia, emphasis was given on cooperation for ensuring that organizational targets in regard to profitability are met; the ‘Added Value System, (ADV), a customer profiting strategy’ (case study p.4) was used in Bancolombia to achieve this target. In addition, managers in Bancolombia have promoted a scheme called ‘Cultural Transformation Workshops’ (case study p.3) for ensuring that employees in Bancolombia are fully aware of the culture of the firm; b) in Conavi, employees’ needs were highly valued; in fact, ‘high job stability and con tinuous interaction between employees and managers’ (case study p.5) have been the key characteristics of the firm’s HR strategy; c) in Corfinsura employees had to deal mostly with ‘large corporate clients’ (case study p.5); therefore, most of the firm’s employees were experts in investment banking services (case study p.5); Bancolombia, in its final form, had to deal not only with investment banking services but also to retail services. This problem has been highlighted by managers in Bancolombia, after the firm’s merger with Corfinsura. According to the above, this study’s research problem could be described as follows: would Bancolombia be able to secure high employee performance taking into consideration the important differences in the HR strategies of the three firms participated in the

Data Analysis report Assignment Example | Topics and Well Written Essays - 2000 words

Data Analysis report - Assignment Example According to Kimiecik (1992) and Beck and Ajzen (1991), what others expect is very key and determines the level of influence they have on another person’s decisions. Subjective norms, perceived behaviour changes and hindrances combine to give rise to intentions. To Beck and Ajzen (1991), a favourable attitude accompanied by the other factors gives a stronger position in making decisions. However, this does not mean that believes alone have any sufficient evidence that intentions change. The study was on theory of planned behaviour and aimed at gaining a deeper understanding of the roles of various factors including subjective norms, behaviours and others that affect/influence the attitude of consumers in making decisions. The researcher sampled in order to draw inferences about the whole population. In the research study, the researcher used a sample of 150 participants. All the participants were sampled from Europe; 73 (35 males and 38 females) of the participants were sample d from UK and the other 77 (46 males and 31 females) were sampled from Germany. The researcher employed the use of a questionnaire to collect the information. Questionnaires are used since they give more information from many participants within a very short time. Further, the closed questions are easier and faster to analyze (Freed, M. et al. (1991). The research tool was developed according to Ajzen (1987; 1991; 2002) laid down procedures. The questions were guided by the objectives of the study. SPSS was used to analyze the data. Various analysis methods were used. Descriptive statistics were used to show data representation while multiple regressions were used to show the significance of the contribution of each independent variable; the amount of change in the dependent variable holding all the other independent variables constant. Before actual regressions. The error terms were tested if they meet all the assumptions employed in regression analysis. Homoskedasticity was tested using the White test (Gore and Altman 1992). Further, correlations were used to show the strength of the relationships between the independent variables. Before all the other analyses were conducted, reliability analysis was conducted to establish the reliability and validity of the variables for inclusion in the study. The results are presented below; Findings Table 1: Profiles Frequency Percent Country United Kingdom 73 48.7 Germany 77 51.3 Total 150 100.0 Gender Female 69 46 Male 81 54 Total 150 100.0 Relationship Status Single 58 38.7 Married or in a relationship 92 61.3 Total 150 100.0 ?/â‚ ¬ spend per week 0-39 ?/â‚ ¬/week 50 33.3 40-79 ?/â‚ ¬/week 68 45.3 80-119 ?/â‚ ¬/week 28 18.7 120+ ?/â‚ ¬/week 4 2.7 Total 150 100.0 All the participants were sampled from Europe; 73 (35 males and 38 females) of the participants were sampled from UK and the other 77 (46 males and 31 females) were sampled from Germany. 69 were females while 81 were males. 58 of the participan ts were found to be single while 92 were found to be married/or were in a relationship. The level of weekly spending was found to be varying much as the findings indicated that 45.3% spend ?/â‚ ¬ 40-79 per week with a meager 2.73% spending ?/â‚ ¬120+ per week. 29.3% of the participants placed their annual earning ranging between ?/â‚ ¬15-24,000 compared to 18.8% who said their earnings ranging from ?/â‚ ¬ 40, 0000 + per year. Table 2: Descriptive Statistics N Mean Std. Deviation Int_Avg 150

Assignment Example | Topics and Well Written Essays - 1000 words - 10

Assignment Example In essence, meditation plays a crucial role in this religion and with this; many people have embraced different methods of meditation. Meditation The purpose of meditation is to still the brain, relax the body, and boost concentration. Many of the skills learnt in meditation produces an understanding that this practice focuses on the notion of the mind. Meditation develops the mental ability of developing love and kindness for the self and others. In other words, meditation sweetens the mind. There major types of meditation include the following. Tranquillity Meditation (Samatha) The main purpose of Tranquillity or Samatha meditation is to still the brain and improve its concentration. This meditation helps an individual to develop through four stages. These include detachment from sorrow and suffering and embracing the consciousness of joy and happiness, having logic reasoning in life, pure thoughts, and embracing virtues that promote the well-being of people. Insight Meditation/Vip assana Insight meditation helps an individual to realize important truths of life. A person who practices this meditation hopes to embrace the truths of suffering, impermanence, and no-self. The practice of this meditation concentrates on improving the mind. The most methods prescribed to develop a sober mindfulness are walking, sitting, and mindfulness of daily activities. Walking mindfulness is often practiced in retreats and monasteries, especially in regions such as Theravada. Gaining this mindfulness requires one to find a quiet place, takes some time to relax, and attempts to concentrate on the sensations and movements of walking. This practice brings an individual closer to the insight of understanding the fundamental truths of impermanence and no-self. Sitting Meditation is very similar to walking meditation. However, the focus of this meditation is on the breadth instead of walking. A person practising this meditation focuses the breath and its observation. The ultimate goa l of this practice is to enhance truth on no-self, impermanence, and suffering. Mindfulness of Everyday Activities emphasizes more on the skills learned in sitting and walking. This mindfulness helps an individual to participate fully in everything he or she does (Religion Facts, 2013). Loving-Kindness Meditation/ Metta Bhavana Loving and kindness are important virtues of Buddhism and this meditation is a way of obtaining and developing these virtues. The purpose of this meditation is to develop the mental component of having love for the self and others. The practitioner evokes the feelings of love and kindness to those around him. Still, he or she radiates feelings of unconditional love and acceptance. This meditation helps people to live in harmony with one another. As people learn to love one another, it brings forth unity, joy, happiness, and peace in the society. This meditation also helps people to be kind with one another regardless of the cultural, ethnicity, or race differ ences. Discursive Meditations A successful participation of this meditation helps one to elevate the mind and cultivate awesome and wholesome feelings. A poem, a hymn, or a passage from Dhamma or any inspiring literature can create these feelings. Most Buddhists set aside a few minutes to study and reflect upon an inspiring teaching. This allows one to reflect upon human values, dignity, and integrity. Countries where Meditation Rites are Practiced According to Religion Facts (2013), Japan and China largely

Takeover Mergers Acquisitions Case Study Of British Petroleum Commerce Essay

Takeover Mergers Acquisitions Case Study Of British Petroleum Commerce Essay BP is one of the largest vertically integrated oil and gas companies in the world. The companys operations primarily include the exploration and production of gas and crude oil, as well as the marketing and trading of natural gas, power, and natural gas liquids. BP has its headquarters in London, United Kingdom and employs about 80,300 people. British Petroleum, which transformed from a local oil company named Anglo Persian formed back in 1908 to a global energy group, is one of the worlds largest energy companies today, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items. BP excelled exponentially in the past century and today it employs over 80,000 people and operates in over 100 countries worldwide. On 20th April, 2010, BP came across a deep water rig explosion in the gulf of Mexico which was caused by what has been described as the worst US ecological disaster ever, wiping more than $58 billion from the companys value and causing its share price to drop down more then half compared to the value before the explosion. Many analysts are saying that this could trigger a takeover of the business by one of its big competitors such as Exxon Mobil, Shell or even Petrochina. In this report, we will discuss the factors and reasons which can result in a takeover of any company along with the very real disadvantages which a company may face if they do an acquisition, including those special to an acquisition of BP at this time. What is Merger and Acquisition stands for? The term Merger Acquisition or Takeover refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another business entity. Takeovers and mergers are also the reason why todays corporate landscape is a maze of conglomerations. Insurance companies own breakfast cereal makers, shopping mall outlets are part of military manufacturing groups, and movie studios own airlines, all because of mergers and acquisitions. Although often used synonymously, the terms merger and acquisition mean slightly different things. Merger A merger happens when two firms agree to go forward as a single new company rather than remain separately owned and operated. It can be described as the mutually agreed decision for joint ownership between organizations. When two companies merge, the boards of directors (or the owners, if it is a privately held company) come to an agreement. The original companies cease to exist, and a new company forms, combining the personnel and assets of the merging companies. Like any business deal, this can be straightforward, or incredibly complex. The key is that both companies have agreed to the merge. Acquisition When one company takes over another and clearly establishes itself as the new owner, the purchase is called an acquisition. From a legal point of view, the target company ceases to exist, the buyer swallows the business and the buyers stock continues to be traded. Hostile Takeover: A hostile takeover is an acquisition in which the company being purchased doesnt want to be purchased, or doesnt want to be purchased by the particular buyer that is making a bid. The buyer has to gain control of the target company and force them to agree to the sale. Both acquisitions and mergers typically involve the managers of one organization exerting strategic influence over the other. Reasons for a Takeover There are different reasons for developing through a takeover activity. The primary reason being that acquiring firms seek improved financial performance. Another major reason is the need to keep up with the changing environment and to gain opportunities of market growth more quickly than through internal means. Following gives a brief account for the conventional reasons of a takeover. Speed of Entry Speed of entry is one of the reasons for a takeover because products and markets nowadays are changing so rapidly that acquisition becomes the only way to successfully enter a market, since the process of internal development is too slow and when speed is important, acquisition is more likely to be used. Most acquisitions are consummated relatively quickly, whereas internal development of new products or services normally takes many months or years. Acquisition may allow the acquiring firm to realize revenue earlier, achieve economies faster, and capture a greater market share. When entry occurs through internal development, a decade or more is often required to fine-tune the business to achieve the profitability of established competitors Economies of Scale Economies of scale is an economic term describing a business model where the long-run average cost curve declines as production increases, or in a simple example explaining the principal, where a manufacturing company saves money as it produces higher quantities of its product, as in all business areas, the more you buy, the more you save. Economies of scale is a long run concept and refers to reductions in unit cost as the size of a facility and the usage levels of other inputs increase. This refers to the fact that the company after takeover can often reduce its fixed costs by removing duplicate departments or operations, lowering the costs of the company relative to the same revenue stream, thus increasing profit margins. An example is that of a private soft drinks manufacturer. The more orders that the manufacturer receives, the more savings it makes, as it will in turn get cheaper prices for the materials it needs to produce its drinks (e.g. plastic, aluminium, sugar) as it will be buying them in larger quantities and receiving discounts, the manufacturing company in turn would give its customers cheaper prices for the more orders for drinks they make for this very reason, as they will gain the discounts, they can pass a saving onto their customers, making themselves stronger, a more respected company from its suppliers as it is buying in higher volumes and its turnover becomes higher. All these factors contribute to the benefits of economies of scale.. Why Economies of Scale Happen: An In Depth Look Corporations incur fixed costs when buying heavy machinery, buildings, or other large purchases. A fixed cost is called fixed because when production increases in the short run, new buildings and machines are not immediately needed. Because fixed costs are not tied to production, firms have an incentive to produce as much as possible (assuming they can sell their product). Intuitively, a large factory should produce a large number of units to minimize its fixed cost per unit. Say that an automobile factory costs 1 million dollars. If it only produces 1000 cars, then its Fixed Cost Per Unit is 1 million dollars divided by 1000 cars, or $1000/Car. If the factory produces 8000 cars, however, its Fixed Cost Per Unit is 1 million dollars divided by 8000 cars, or $125 per car. By producing 7000 more cars, the firm gets an 88% fixed cost reduction per car. This graph illustrates that increased production reduces fixed costs per unit. Figure 1 With fewer fixed costs per unit, firms can afford to lower per unit prices. If fixed costs are very significant to a particular firms industry, then firms who mass produce efficiently can cut costs, extract revenues, lower prices, and therefore capture market share. Higher market share and higher revenues mean more money to spend on machinery, and expand the firm. This in turn allows further cost cutting, higher production, and the development of better products. In the long run, firms which effectively mass produce take over industries dominated by high fixed costs. Figure 2 Financial markets Financial markets may provide conditions that motivate acquisitions. If the share value or price/earnings (P/E) ratio of a company is high, it may see the opportunity to acquire a firm with a low share value or P/E ratio. Indeed, this is a major stimulus for the more opportunistic acquisitive companies. An extreme example is asset stripping, where the main motive is short-term gain by buying up undervalued assets and disposing of them piecemeal. Eliminating Competition A buyer company, when absorbs a major competitor, eliminates the major competition and thus increases it revenue or market share. This motive of takeover comes into play when companies want to increase their market power which results in an increased share value and overall monopoly. Synergy Synergy is the potential additional value from combining two firms. It is probably the most widely used and misused rationale for takeovers. Operating Synergy Operating synergies are those synergies that allow firms to increase their operating income, increase growth or both. Operational synergy is deemed to be the main motive of the takeover when the bidder takes over a target in the same industry. We would categorize operating synergies into four types. 1.  Ã‚  Ã‚  Ã‚   Economies of scale that may arise from the takeover, allowing the combined firm to become more cost-efficient and profitable. 2.  Ã‚  Ã‚  Ã‚   Greater pricing power from reduced competition and higher market share, which should result in higher margins and operating income. 3.  Ã‚  Ã‚  Ã‚   Combination of different functional strengths, as would be the case when a firm with strong marketing skills acquires a firm with a good product line. 4.  Ã‚  Ã‚  Ã‚   Higher growth in new or existing markets, arising from the combination of the two firms. This would be case when a UK consumer products firm acquires an emerging market firm, with an established distribution network and brand name recognition, and uses these strengths to increase sales of its products. Operating synergies can affect margins and growth, and through these the value of the firms involved in the takeover. Financial Synergy With financial synergies, the payoff can take the form of either higher cash flows or a lower cost of capital (discount rate). Included are the following. 1. A combination of a firm with excess cash, (and limited project opportunities) and a firm with high-return projects (and limited cash) can yield a payoff in terms of higher value for the combined firm. The increase in value comes from the projects that were taken with the excess cash that otherwise would not have been taken. This synergy is likely to show up most often when large firms acquire smaller firms, or when publicly traded firms acquire private businesses. 2.  Ã‚  Ã‚  Ã‚  Ã‚   Debt capacity can increase, because when two firms combine, their earnings and cash flows may become more stable and predictable. This, in turn, allows them to borrow more than they could have as individual entities, which creates a tax benefit for the combined firm. This tax benefit can take the form of either higher cash flows or a lower cost of capital for the combined firm. 3.  Ã‚  Ã‚  Ã‚  Ã‚   Tax benefits can arise either from the acquisition taking advantage of tax laws or from the use of net operating losses to shelter income. Thus, a profitable firm that acquires a money-losing firm may be able to use the net operating losses of the latter to reduce its tax burden. Alternatively, a firm that is able to increase its depreciation charges after an acquisition will save in taxes and increase its value. Diversification Companies takeover different product line companies to diversify their product or service range and to protect themselves against downturns in the core markets. This calls for a very well thought and specific policy keeping in mind the future steps and goals of a company. Moreover, can really help if there is a downfall in the core market and company shares of a particular product. Disadvantages of a Takeover The reasons for takeover are kept under account while targeting a company, but calculating the disadvantages associated with it are analysed with more precision and taking all situations under consideration. Companies mostly come up with the following disadvantages while acquiring other companies Costs of mergers and acquisitions Mergers and acquisitions can be costly due to the high legal expenses, and the cost of acquiring a new company that may not be profitable in the short run. This is why a merger or acquisition may be more of strategic corporate decision than a tactical maneuver. Moreover, if a poison pill unknowingly emerges after a sudden acquisition of another companys shares, this could render the acquisition approach very expensive and/or redundant. à ¢Ã¢â€š ¬Ã‚ ¢ Legal expenses à ¢Ã¢â€š ¬Ã‚ ¢ Short-term opportunity cost à ¢Ã¢â€š ¬Ã‚ ¢ Cost of takeover à ¢Ã¢â€š ¬Ã‚ ¢ Potential devaluation of equity à ¢Ã¢â€š ¬Ã‚ ¢ Intangible costs MA activity can also be exacerbated by the short-term cost of opportunity or opportunity cost. This is the cost incurred when the same amount of investment could be placed elsewhere for a higher financial return. Sometimes this cost does not prevent or deter the acquisition because projected long-term financial benefits outweigh that of the short-term cost. Consumer and shareholder drawbacks In some cases, acquisitions may not only disadvantage the shareholders but consumers as well. In both cases, this may happen when the newly formed company becomes a large oligopoly or monopoly. Moreover, when higher pricing power emerges from reduced competition, consumers may be financially disadvantaged. Some of the potential disadvantages facing consumers in regard to mergers are the following. à ¢Ã¢â€š ¬Ã‚ ¢ Increase in cost to consumers à ¢Ã¢â€š ¬Ã‚ ¢ Decreased corporate performance and/or services à ¢Ã¢â€š ¬Ã‚ ¢ Potentially lowered industry innovation à ¢Ã¢â€š ¬Ã‚ ¢ Suppression of competing businesses à ¢Ã¢â€š ¬Ã‚ ¢ Decline in equity pricing and investment value Shareholders may also be disadvantaged by corporate leadership if it becomes too content or complacent with its market positioning. In other words, when takeover activity reduces industry competition and produces a powerful and influential corporate entity, that company may suffer from non-competitive stimulus and lowered share prices. Lower share prices and equity valuations may also arise from the merger itself being a short-term disadvantage to the company. Effects on management A study published in the July/August 2008 issue of the Journal of Business Strategy suggests that mergers and acquisitions destroy leadership continuity in target companies top management teams for at least a decade following a deal. The study found that target companies lose 21 percent of their executives each year for at least 10 years following an acquisition more than double the turnover experienced in non-merged firms. If the businesses of the acquired and acquiring companies overlap, then such turnover is to be expected; in other words, there can only be one CEO, CFO, etc at a time. Wages Settlement This could also be a problem if the acquiring company gives less wages to its employees then the acquired company. This may result in overpaying the new employees of acquired company or increasing the wages of its previous employees. This can really unsettle the budget and administration of the company. REASONS AND DISADVANTAGES OF TAKING OVER BRITISH PETROLEUM The idea of BP being taken over by anyone would have sounded crazy before the gulf of Mexico disaster, but it is now becoming commonplace to suggest that the UK oil major might even fall into the hands of rivals like Exxon Mobil, Shell or even Petrochina. The about turn has been extraordinary. Before its money and reputation began bleeding away in the Gulf of Mexico, the oil giant was considered the safest of blue chip companies, because its debts were so low and its income so high. BPs failure to stop an oil leak from spewing millions of gallons of crude into the Gulf of Mexico may leave the biggest oil and gas producer in the U.S. in a fight to stay independent. BP Facts Clean-up: Cost to date: $3.1bn approx Escrow account promise: $20bn Shares: Share price on 20 April (before leak began): 656p Share price lowest point (on 25 June): 296p (55% fall) 2009 profits:  £10bn 2010 dividend:  £1.8bn in Q1; Q2-4 cancelled, saving  £5.4bn Debt: Total debts:  £17bn, of which  £4.9 due by end-2011 2009 cashflow:  £21bn Credit ratings: A2/A (Moodys/SP) Credit default swap spread (5 years): 4.1% per annum Strategic investors: Market capitalisation:  £65bn (at 345p current share price) Kuwait shareholding: 1.75% China shareholding: 1.1% (Data: Bloomberg as of 6 July 2010) Reasons for Takeover In addition to being the largest oil and gas producer in the U.S, BP is the biggest operator in the Gulf of Mexico, where it holds more than 500 leases and pumps 450,000 barrels of oil a day. The company plans 10 projects in the Gulf during the next five years, more than other regions of the world, according to a BP presentation. A takeover of BP will result in the acquisition of all these projects ultimately increasing the growth of the acquiring company. A takeover by Anglo-Dutch shell looks likely because synergies of $9bn had been estimated by former BP chief Lord Browne and it is revealed that merger of these companies were tried before in 1995 and 2004. These synergies will give the combined company the power to take advantage from economies of scale and great pricing power. If Exxon Mobil acquires BP that would be a combination of the first and second biggest gas producers in the US which will result in the monopoly of the whole oil market in the hands of the acquirer. If this happens, the joined company can dictate the stock market and gain other advantages as well. Chinese oil giant Petrochina which is not a major oil producer but an avid consumer of oil can divert scarce oil supplies of BP towards china to satisfy its needs rather than those of the west. This will not only give Petrochina access to BPs international oil and gas reserves, but also the expertise and latest technology which will result in higher value and growth of the combined company. The takeover will eliminate a fierce competition between the oil giants of the world as the acquiring company will absorb a major competitor in the form of BP. Thus increasing overall market power and share value. Disadvantages The huge and indeterminate cost of the oil spill cleanup, as well as damages, fines and compensation analysts forecast of the cash cost to BP have ranged up to about $40 bn, could spiral into tens of billions. Political Effects Technically any of Exxon Mobil, Shell or Petrochina can afford to buy BP, but in an industry which is already fraught with regulatory and political risk, it is a difficult to cope up with all the arising situations. There is already a statutory limit under US law for oil spill costs of a mere $75m, but BP long ago waived this limit, as hiding behind it would have been politically untenable. The oil firm could take more active steps to limit its liability, for instance through a selective bankruptcy of its US business. But this would almost certainly be unpalatable to the companys board, as it would enrage US politicians, including President Barack Obama, and probably cut off the entire US market to BP. So the political reality is that BPs liability in the Gulf of Mexico remains unlimited, and this continues to weigh down the companys share price. A takeover of BP in such a scenario will result in an unlimited liability for the acquiring company. Moreover, it may probably cutoff from the U.S market where BP is the biggest oil and gas provider. Environmental Effects The environmental threats after Mexico oil spills are still in account and acquiring companies will feel the effects of it for a long time. The cost of oil cleanup is indeterminate and in case of an acquisition, those cleanups and its effects will become the liability of the acquiring company and if they fail to clear them in a particular set of time, then the acquired company can feel the heat as well. Legal Effects The damages, fines and compensation forecasts of the spill are very unclear and there is no exact account of the litigations which BP will face. BP has crossed the $368 million mark till now in paying companies and individuals as a result of after-effects of the oil spill. Still there is a long way to go and no one wants to pay an unquantifiable liability. Other Disadvantages If Shell makes a move, then it will ace serious competition issues that would force divestments in Europe and the US. A combined company will be very difficult to manage and to sustain growth. Petrochina will be in a risk of overpaying the employees of BP as labour is cheap in Chinese companies and this could really effect the management and workforce from top to bottom. In case of Exxon Mobil, Most combinations of assets would have to be downsized for competition reasons. The overlapping management will lose their jobs and the old management will have to fit in the shoes of the BP management and become familiar with their systems and ways which will take time and incur cost. The costs of oil projects are set to soar as governments insist on tougher environmental safety standards in the wake of the spill. Already the Kazakhstan energy ministry has forced Shell to tighten up plans at its Kashagan development, meaning that the current $136bn budget dedicated for the project is likely to be busted. The result could be that smaller companies, that dont have market values in excess of $100bn might pull out of deep-water activities. Only the big boys of the industry would remain in the waters. Conclusion There are many likely motives to takeover BP but it carries a lot of dips and drops. If a buyer does try to overcome all these enormous hurdles, it would still need to agree a deal. At the moment, there is no sign of BP to surrender. Takeover talks are likely to keep swirling, but the chances are that BP will emerge with its independence intact.

Asian American Literature :: essays papers

Asian American Literature Asian Americans seem to be fighting an unwinnable battle when it comes to the content of their writing. Writers are criticized by whites for speaking out against discrimination, and by their fellow Asian Americans for contributing to the stereotypes through their silence. I believe that Asian Americans should include politics in their writing as they so choose, but should not feel obligated to do so, as Frank Chin suggests. For those Asian Americans who make known their discontent with the injustice and discrimination that they feel, in the white culture, this translates to attacking American superiority and initiating insecurities. For Mura, a writer who dared to question why an Asian American was not allowed to audition for an Asian American role, his punishment was â€Å"the ostracism and demonization that ensued. In essence, he was shunned† (Hongo 4) by the white people who could not believe that he would attack their superior American ways. According to writers such as Frank Chin and the rest of the â€Å"Aiiieeeee!† group, the Americans have dictated Asian culture and created a perception as â€Å"nice and quiet† (Chin 1972, 18), â€Å"mama’s boys and crybabies† without â€Å"a man in all [the] males.† (Chin 1972, 24). This has become the belief of the proceeding generations of Asian Americans and therefore manifested these stereotypes. Those authors who contest these â€Å"American made† stereotypes are said to betray the American culture and white power around them, and to be â€Å"rocking the boat† in a seemingly decent living situation. It is as though Asian Americans are succombing to the thought that America is the only place to be and that they should be grateful to live here. On the other hand, keeping silent due to pressures from the white population means being shunned by the members of the Asian American population. I disagree with Chin’s ascertation that â€Å"years of apparent silence have made us accomplices† to the makers of stereotypes (Chin 1991, xxxix). I agree with Hongo’s argument that Chin viewpoint â€Å"limits artistic freedom† (Hongo 4). Declaring that those writers who do not argue stereotypes of the good, loyal, and feminine Chinese man or the submissive female, are in any way contributing to or disagreeing with them is ridiculous. Chin’s opinion that politics should be included in some aspect of every Asian American piece eliminates choice from writing topics for other writers. Authors are the voices of the people (whichever people they choose to represent) and should not be criticized for choosing to discuss issues other than those that Chin deems necessary.