Using the French Expression Oh làlÃÂ

Using the French Expression Oh l l The French phrase oh l l isnt so much an expression as an interjection. It can indicate surprise, disappointment, commiseration, distress, or annoyance. The phrase is used to express any moderately strong reaction to something that was just said or done, for example: Oh l l ! Jai oublià © mon portefeuille! Oh no, I forgot my wallet! You can strengthen the phrase by adding more  ls, but you need to do so in pairs. Using and Misusing Oh l l A native French speaker might use the expression as follows. Suppose this person is passing through Charles de Gaulle Airport, which is near Paris. Imagine that the man is looking at souvenirs and knocks over a small Eiffel Tower made of glass, causing it to shatter. He might exclaim: Oh l  l l  l l  l!  (Note how he inserted four extra  ls- two pairs of two- to heighten his expression of annoyance or mortification.) Another example might be a French native speaker playing poker. Suppose the card player draws an ace to give her four aces, generally a winning hand. She might use the phrase as follows:   Oh l l l l ! (a beat) l l! Note that in English, this expression is often used in to talk about something risquà ©. It tends to be misspelled in these occurrences and mispronounced as ooh la la. It is also usually said fairly slowly and with the first word comically elongated. That is not the way to use the expression correctly in French. Pronouncing and Defining Oh l l Click the link for [o la la] to bring up a sound file that will let you hear how to correctly pronounce the phrase. Click the link a couple of times, listen carefully, and then repeat the saying until you are able to pronounce it correctly. Though the phrase does, indeed, translate as Oh dear, Oh my, or Oh no, its literal translation is Oh there, there. That would make little sense in English, hence the generally accepted, and more emotional, translations. Using  Oh l l in Conversation According to The Local, there are many ways to correctly use this versatile interjection: For example, you show someone your new ring and they say, Oh l l cest trop jolie!  (Oh my god it’s so pretty!) It is high, light and happy. The Stockholm-based website devoted to European languages and culture, including French, warns that you should not use the phrase for particularly negative situations, such as  a car barreling  through a pedestrian crossing nearly knocking  you over, a biker ringing his bell at you, or someone cutting in front of you in line at the grocery store. There are other  French phrases  that are more appropriate for those kinds of situations. But the expressive phrase is really a useful one to employ if you are visiting France: (There are) moments when Oh l l l l l l  is really the only way you can express your frustration/anger/hanger (hunger anger). It is satisfying. If you live in Paris long enough, says the website, it will become an automatic part of your vocabulary, adding that at this the point, youll know youre really turning Parisian.

Everything You Need to Know About The Cask of Amontillado

Everything You Need to Know About The Cask of Amontillado SAT / ACT Prep Online Guides and Tips As you prepare for the AP Literature exam, one of the things you’ll have to do is become an expert in a few literary works that you can use on the composition portion of the exam. We recommend that you choose four to five notable works with different genres and themes to make sure you can write an amazing student choice essay. (Actually...practicing analyzing literature will help you on the whole exam, not just the written portion, so it’s a win-win situation!) But just because these works have to be â€Å"notable† with â€Å"literary merit† doesn’t mean they need to be boring, too! That’s why we’re talking about Edgar Allan Poe’s short story, â€Å"The Cask of Amontillado,† as a good choice for your AP exam. Not only is it widely recognized as an excellent piece of literature, it’s got a little of everything: horror! Suspense! A surprise twist! And as an added bonus...it’s short. To bring you up to speed, we’ll start with â€Å"The Cask of Amontillado† summary, then we’ll jump into character and thematic analyses. By the time you finish this article, you’ll be able to write fearlessly about â€Å"The Cask of Amontillado† on your AP exam. A photograph of Edgar Allan Poe. Historical Background: Who Was Edgar Allen Poe? Critics consider Edgar Allan Poe to be the father of the detective story (thanks to â€Å"Murders in the Rue Morgue,† which predates the Sherlock Holmes stories by more than 50 years!) and a pioneer of the American short story. But despite his literary success, Edgar Allan Poe’s life was marked by tragedy. Orphaned just a year after his birth in 1809, Poe was taken in by John and Frances Allan (who weren’t blood relatives). Frances Allan and Poe fought often, usually over money, and Poe would flirt with poverty throughout his life...especially after he was cut out of John Allan’s will. Poe tried to go to college but couldn’t pay for it, so he dropped out. This was a blessing in disguise, since it kicked off Poe’s writing career. Fueled by both his passion and the death of his older brother, Poe moved back to Baltimore to become a full-time writer. There, he married his cousin- Virginia Clemm- who was just 13 at the time of the marriage. (Poe was 26!) By all accounts, the couple was happy until Virginia’s death thirteen years later. Poe would never recover from her death and would pass away two years later, shortly after turning 40 years old. Poe’s life might have been short, but his writing has lived on. Although Poe was a poet, literary critic, essayist, short story writer, and novelist, he is most well-known today for his grisly stories of terror and the macabre. Most of Poe’s works fall into the Gothic genre, which is characterized by a sense of terror, doubt, and the uncanny. The genre was incredibly popular in the 18th and 19th centuries, and Poe’s writing would make him one of the best-known writers of Gothic horror. Here's what amontillado looks like! The Cask of Amontillado Background â€Å"The Cask of Amontillado† is one of Poe’s most famous short stories, and it was originally published in 1846 in Godey’s Lady Book, the most popular periodical in the United States at that time. Though scholars aren’t 100 percent sure what inspired Poe’s short story, many believe it’s based on a story he heard while stationed at Fort Independence in Massachusetts in 1827. At that time, Fort Independence had a statue of Lieutenant Robert Massie, who had been killed in a sword duel following a card game, on the premises. As legend has it, after Massie’s death, other soldiers took revenge on his murderer by getting him drunk and permanently sealing him in a vault...alive. A more popular theory is that Poe wrote â€Å"The Cask of Amontillado† in response to his personal rival, Thomas Dunn English, who had written a scathing critique of one of Poe’s novels. â€Å"The Cask of Amontillado† skewers elements from English’s novel, 1844, including making references to the same secret societies and subterranean vaults featured in English’s work. Others believe that â€Å"The Cask of Amontillado† was inspired not by a person, but by a widespread fear of being buried alive. Because medicine was in its infancy, sometimes coma victims were assumed to be dead and were buried accordingly, only to awake in their coffins days later. People started inventing easy-open coffins, burial vaults with windows, and even coffins with breathing tubes attached to save people who were prematurely buried. And of course, the fear of being buried alive- only to die in your own coffin- is echoed in the plot of â€Å"The Cask of Amontillado.† Regardless of what inspired Poe to write â€Å"The Cask of Amontillado,† the fact remains that this short story remains one of his most famous and enduring works of Gothic terror. The Cask of Amontillado Summary Now that you know a little bit about the background of Poe’s short story, let’s take a look at the plot of the text. (You can find a free, legal copy of â€Å"The Cask of Amontillado† online by clicking here.) The Story Begins Poe’s short story actually takes place in two time periods. The bulk of the events occur on the night of Carnaval, which is a Western Christian celebration that takes place before Lent. Carnival is a celebration of excess- of food, drink, and fun- before the restriction of the Lenten season sets in before Easter. (In the United States, the Carnival season is better known as Mardi Gras.) But the story is told in retrospect by the narrator, Montresor, fifty years after the event to an unknown listener (only referred to as â€Å"you† in the story). That means that there are actually two different time frames happening in â€Å"The Cask of Amontillado.† Setting the Trap Readers learn that Montresor is planning to take revenge on his one-time friend, Fortunato. Readers never learn exactly what Fortunato has done to Montresor to push him over the edge, only that Montresor feels he is the victim of a â€Å"thousand injuries† and one unnamed â€Å"insult† he must avenge. Readers also learn that Montresor has hidden his rage in order to convince Fortunato that they are still friends- which is all part of his plan. On the night of Carnival, Montresor puts his plan into action. He knows that Fortunato considers himself a wine connoisseur, so Montresor isn’t surprised that Fortunato is already drunk when he finds him in the middle of the Carnival celebration. Montresor tells him about a pipe, or about 130 gallons, of Amontillado he bought. (Amontillado is a fine sherry wine.) But now that he has the wine, Montresor is afraid that he was duped. He tells Fortunato that he was on his way to find Luchresi- another wine connoisseur- to help him determine the wine’s authenticity. Entering the Vaults Montresor’s ploy works. Montresor knows that Fortunato is full of himself, and the idea that someone could judge the Amontillado pricks his ego. As a result, Fortunato insists on checking the Amontillado himself. Montresor half-heartedly tries to dissuade Fortunato, telling him that going into the catacombs, or underground vaults where generations of the Montresor family are buried, will worsen Fortunato’s head cold. Fortunato waves off Montresor’s concerns, saying that he â€Å"shall not die of a cough,† and he follows him into the vaults to taste the Amontillado anyway. As the men venture further into the dark, underground passageways, Montresor makes sure that Fortunato keeps drinking. Fortunato asks about the Montresor family’s coat of arms, and Montresor tells him that their family motto is â€Å"Nemo me impune lacessit,† or â€Å"no one attacks me with impunity.† Fortunato is so drunk that he misses the warning in Montresor’s words, and instead asks whether Montresor is a member of the masons, a fraternity with an elite membership. Montresor says yes and holds up a mason’s trowel, implying that he’s a literal mason instead. Fortunato thinks Montresor is joking, and by the time they arrive at the niche where Montresor says he’s stored the Amontillado, he’s too drunk to notice that there’s no wine inside. He doesn’t even resist as Montresor chains him to the wall. The End of Fortunato Montresor then reveals the bricks and mortar he has stored in the vault, and he begins to wall up the opening to the niche...with Fortunato chained inside. The process is a long one, and Montresor describes Fortunato’s fearful cries and attempts to pull free from the chains. But Montresor is determined, and he throws a lit torch into the niche with Fortunato before he finishes walling him in alive. By this point, Fortunato is panicked. He’s screaming for help, but the pair are so far underground that there’s no one to hear him. He tries to appeal to Montresor’s logic, saying that he’ll be missed by â€Å"Lady Fortunato and the rest.† Montresor is unmoved, finishes sealing up the vault, and leaves Fortunato there to die. Montresor finishes his story by telling the listener that there Fortunato’s bones remain, fifty years later. mninha/Flickr â€Å"The Cask of Amontillado† Character Analysis Read on for an in-depth analysis of the major characters in â€Å"The Cask of Amontillado.† Fortunato Fortunato’s name means â€Å"the fortunate one† in Italian, which is ironic given that he ends up bricked within the Montresor catacombs and left to die. This is just one example of the dramatic irony that permeates the short story. Dramatic irony is when the reader knows something that one or more of the characters don’t know. In this case, readers know what Montresor plans to do, but Fortunato remains ignorant. This creates tension in the short story. As a reader, you want to yell at Fortunato to run away, but you can’t. The thrill of â€Å"The Cask of Amontillado† comes from knowing exactly what will happen and being powerless to stop it. Other than the fact that he seems to have wronged Montresor somehow, readers learn very little about Fortunato directly. Everything we know about his character we have to infer from Montresor’s descriptions of Fortunato and his actions. For example, we know Fortunato thinks he and Montresor are friends, and they likely were at one point. But we also know that Fortunato is â€Å"rich, respected, admired, beloved,† and happy, according to Montresor, at least. But he also seems to be egotistical and self-indulgent; he drinks to excess, has no qualms talking badly about other people (like Luchresi), and thinks he’s the best wine connoisseur around. Ultimately, whether or not Fortunato’s character flaws are enough to warrant Fortunato’s fate is up for readers to decide. Montresor Montresor is the main character of â€Å"The Cask of Amontillado,† and the story is told in first person from his perspective. Like Fortunato, readers know very little about Montresor’s backstory outside of what they can infer from the text. For example, Poe implies that Montresor seems to come from money- he lives in a palazzo, which is basically an Italian palace, which has its own crypt. But Montresor’s actions tell readers even more about his character. First, he’s driven by revenge. He doesn’t take insults lightly, and he’s able to nurse a grudge to an extreme degree. He’s also witty- he makes double entendres about Fortunato’s death that the latter never catches- and knows how to plan ahead, too. But most importantly, he lacks remorse. At the end of the story, Montresor ends with an exclamation, â€Å"In pace requiescat,† which means â€Å"rest in peace.† Montresor is proud of what he’s done...and even prouder that he hasn’t been caught. As a result, his final wish for Fortunato comes across as sarcastic rather than sincere. All of this together makes readers question Montresor’s role in the story. At the beginning, he seems like he’s the protagonist: he’s a man who’s been terribly wronged looking for revenge. But by the end of the story, it’s not clear whether Montresor is the story’s hero...or its villain. Luchresi Luchresi never appears in the story, but he plays a vital role in Montresor’s plan. Luchresi is clearly one of Fortunato’s rivals, if not in reality, then at least when it comes to his expertise in wine. Montresor plays this rivalry to his advantage. He keeps mentioning Luchresi’s name to motivate Fortunato and keep him interested in the Amontillado, especially since he’s drunk and his attention keeps wavering. (Keep in mind that Luchresi is an innocent bystander in all of this- Montresor is just borrowing his name and reputation.) Poe uses the mention of Luchresi’s name to remind Fortunato- and the readers- what’s happening. Unnamed Listener Like we mentioned earlier, â€Å"The Cask of Amontillado† is a story told in retrospect. An older Montresor is speaking to an unnamed listener, recounting how he killed Fortunato in revenge. Readers know nothing about the listener, only that he’s Montresor’s audience in telling the story. But from an analysis standpoint, the listener is important. It reminds us that Montresor is telling this story to someone else, and in doing so, trying to communicate his personal perspective. It makes readers question whether Montresor is telling the whole truth, too. Was Fortunato really as bad as Montresor says he was, for example? Because the story is told from Montresor’s perspective- and likely with an agenda in mind- readers are left wondering if Montresor’s account is totally accurate. Brandon Heyer/Flickr The 3 Key The Cask of Amontillado Themes â€Å"The Cask of Amontillado" is considered one of Poe’s best short stories, and with good reason: it melds tension, horror, and surprise together masterfully. But what are the messages of Poe’s story? Let’s look at three of major themes of â€Å"The Cask of Amontillado† below. The Unreliability of Perception Think of a time that you did something you knew your parents would punish you for. When you explained the situation to your parents, how did you do it? More than likely, you tried to downplay your actions (without lying!) to make the consequences a little less severe. This is a good example of how perspective matters. For your parents, what you did is a serious offense. But if you could just offer a different perspective on things, maybe you won’t be grounded for quite so long! In â€Å"The Cask of Amontillado,† readers are presented with Montresor’s perspective of the story. He tells readers he’s been wronged- for what, he doesn’t say- and paints an unflattering picture of Fortunato. Even though Montresor says he’s rich and well liked, Fortunato’s actions make him seem like a stuck-up, overindulgent idiot. But is that accurate? Because we only get Montresor’s side of the story, it’s hard to know. It’s up to the reader to decide how reliable, or trustworthy, Montresor is as a narrator. Do we believe him and his argument that killing Fortunato was the only way to have his revenge? Or is Montresor just a cold-blooded killer? By making the readers ask these questions, Poe draws attention to the idea that people’s individual perspectives on a situation aren’t necessarily 100 percent accurate. The Danger of Pride Although Montresor is responsible for Fortunato’s death, the latter has a hand in sealing his own coffin, too. Even though he’s drunk and sick, the mention of Luchresi’s name triggers Fortunato’s massive ego. The idea that anyone could be better than him- especially Luchresi, who can’t â€Å"tell Amontillado from sherry†- drives him to follow Montresor into the catacombs. Despite wanting to kill Fortunato, Montresor gives his victim many chances to turn back. Montresor cites Fortunato’s cough, saying that it might be best to ask for Luchresi’s help instead. But each time, Fortunato says he wants to push forward because he cannot stand Luchresi getting credit for determining whether the Amontillado is authentic. It’s his pride that makes him want to beat Luchresi, but in the end, it’s his pride that makes him lose. The Power of Revenge Perhaps the scariest aspect of â€Å"The Cask of Amontillado† is how far Montresor goes for revenge. In many ways, what Fortunato has done to warrant Montresor’s wrath is immaterial; Poe is more interested in how revenge drives a man to extremes. In this case, it’s clear that Fortunato’s perceived wrongs have dominated Montresor’s thoughts and actions. His plan to kill Fortunato is highly premeditated: he’s clearly put a lot of thought into how he will do it, right down to making sure he has bricks and mortar handy to entomb Fortunato alive. This is not a spur-of-the-moment, in-the-heat-of-passion action. No, Montresor has thought long and hard about his plan. Given this, Poe shows readers how powerful the need for revenge can be. Not only can it drive people to extremes, it can warp their sense of reason, too. After all, short of murder, what insult could Fortunato have delivered to warrant such a gruesome death? Could it be that Montresor’s desire for vengeance, rather than Fortunato's actions, are what allows Montresor to justify murder? Ultimately, because the whole story is written from Montresor’s perspective, Poe doesn’t give readers any clear answers. But in doing so, Poe also shows how the truth is often obscured by people’s perceptions and motivations. Now What? It’s great that you’re preparing for the composition part of the AP Literature exam, but don’t forget that there’s a multiple choice section, too. Get the skinny on the multiple choice section- and how to ace it!- here. One of the best ways to practice for any exam is to take practice tests. Did you know that there are practice exams for AP tests, too? Here’s a list of practice tests for the AP Literature exam that you can take to help you study smarter. Now that you’re well on your way to taking an AP English exam, why not try your hand at some other AP tests? Here’s a comprehensive list of all the AP classes and tests you can take to help earn credit for college. Have friends who also need help with test prep? Share this article! Tweet Ashley Robinson About the Author Ashley Sufflà © Robinson has a Ph.D. in 19th Century English Literature. As a content writer for PrepScholar, Ashley is passionate about giving college-bound students the in-depth information they need to get into the school of their dreams. Get Free Guides to Boost Your SAT/ACT Get FREE EXCLUSIVE insider tips on how to ACE THE SAT/ACT. 100% Privacy. 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Arbitration Law Assignment Example | Topics and Well Written Essays - 4500 words

Arbitration Law - Assignment Example to consider before getting into an agreement such as this one and the relevant alternative methods of solving disputes that may arise between the parties to a contract such as this other than arbitration2. In addition to that, this report shall guide you through a practical approach into the identification of pitfalls that may come with the drafting of such a clause in a contract aside from providing the benefits that can be gained according to the law over the counter-party that arise from drafting the standard dispute resolution clause3. While drafting a standard dispute resolution clause, the author should ensure that the content is not ambiguous and can be clearly understood by both parties4. It is important to note that the courts in England will seek to implement the agreement as agreed upon by both parties on the dispute resolution mechanism. In the event that such information is not clearly stipulated in the dispute resolution clause resulting from the clause being poorly written, both parties to the contract may find themselves in unfamiliar grounds in trying to seek a way out of their dispute5. The dispute resolution clause should not be confused with the governing law clause because the dispute resolution clause provides the forum that both parties to the contract wish their disputes to be resolved in any case they arise. Parties to the contract specify the methods of solving their disputes in the standard dispute resolution clause6. These methods range from arbitration to reference to litigation and even mediation. Reference to litigation, also known as Jurisdiction Clause, is done through the courts. The jurisdiction clause is added when parties to a contract want a certain court, or a specific number of courts, to determine their case. However, including the jurisdiction clause into the contract in a situation where the parties have settled on an alternative forum as their most preferred is outlawed7. This clause is one of the considerations to be

First modern decade Essay Example | Topics and Well Written Essays - 500 words

First modern decade - Essay Example ty of New York, Woodrow Wilson from the Democratic party of New Jersey, William H Taft from the Republican party of Ohio and Eugene V Debs from the socialist party from Indiana. In the election process held in the year 1912 Woodrow Wilson won and was elected as the President of United States. Roosevelt was previously working for the Republican Party however after getting detached from the Republican he formed is owns party the Progressive. According to Roosevelt there was no initiative taken by the political members regarding progress hence he challenged Taft was the candidate of his former party, the Republican. The election was conducted with majority contenders Wilson and Roosevelt. Taft was never a challenge for Roosevelt. The major issues during the election included trust, tariffs and women. Both Roosevelt and Wilson had different opinion regarding these issues. Wilson mainly focused on the short term issues like price rise and trust of people by reducing monopoly of industries. These concerns were taken care of after Wilson won the election. The main reason behind his winning was his democratic party which got elected for the very first time leading to positive expectation in people. On the other hand Roosevelt mostly considered on the long term issues like women empowerment and he partially supported tariffs because it was beneficiary for wage labors. Roosevelt’s major concern was women empowerment because he knew that his country can be developed all over only by providing equal rights to women so that there could be a social balance in the society and this was the place from where the modern society emerged. Despite of these issues Wilson won the election with 42% of the popular vote (Fer guson 64). Roosevelt definitely had very strong opinions and he was able to form good campaigning and won the election with 27% votes. The long term significance of this election was the mode of approach to people by the four candidates. All the candidates spoke for a

Black Genocide Essay Example for Free

Black Genocide Essay â€Å"Black Genocide in the 21st century† also called â€Å"Maafa† is an anti-abortionist documentary made in 2009 that speaks about the relevance of birth control, White America and Black America, Planned Parenthood and how it was established, also, the conspiracy behind abortion. The movie also deeply discusses the argument between abortion being genocide and it specifically targeting African Americans. Black Genocide was a very intriguing and interesting piece of material that filled my knowledge with much more than I had intended it doing. Before watching this video, I knew a little about abortion but not about the black genocide part. You see, I knew that abortion was a way for the government to obtain legal rights to abort children who weren’t able to be cared for but I didn’t know the government was using abortion as a way to limit the black population. I also knew that African Americans were having a lot of abortions and there were, and still is a lot of abortion facilities but never put together the idea of how they were getting access to this information, furthermore, the connection between eugenics and genocide. During the film, I learned so much information that is disgusted me and changed many of my views toward abortion and other things. I learned that in the early 1800’s, Americans feared retribution and resurrection because slavery was supposed to have ended. Intermarriage also lead to the loss of international purity and for that, they had a plan of colonization. Colonization was an affect that took place, and caused African Americans to be sent back to Africa. After the colonization, the new philosophy was established and was called â€Å"eugenics†, the perfect solution to what was known as â€Å"negro dilemma.† I also learned that Eugenics believed that Africans were inferior and without guidance, they couldn’t make it. Margaret Sanger was the founder of the â€Å"American birth control league† and was successful for promoting abortion and birth control. After watching the 21st century of black genocide, I wanted to know more about the situation with the NAACP and why the government still hasn’t publicly announced the conflict between the protesters and there undercover targets. I’d also like to know more about the positive and negative eugenics and why White America was considered positive eugenics when it was used to try and dominate the black parts of America and used as a companion to exterminate African Americans. I’d also like to know more about Planned Parenthood and to see if the facilities were still being targeted in minority places. I’d also like to know more about White America and the Planned Parenthood meetings, and also if Planned Parenthood groups still targeted low poverty neighborhoods of different race, such as Caucasians.

Essay --

J.A. is an 82 year old male of German-American descent. He speaks English and does not know any German. He lives in a single family home with 2 floors, and a basement. He is 5’9†, married, appears well groomed and dressed. J.A. is alert and oriented x 3 and is currently retired. I met with J.A. on Saturday, 2/8/14 at 10:15am and was introduced to him and his spouse by his son. The interview was done at the home of J.A. in an office that he has in his home. J.A. seems very technological savvy with the use of a computer, scanner/printer, e-mail and the internet. Overall, he seems very calm, well mannered, optimistic and has a very good memory. He was able to remember where certain items were placed in the home when his wife asked about it. There were certificates around the home which seems like he received it from volunteering as well as paintings and pictures throughout the house. The interview lasted for 1 hour and 15 minutes. General Assessment J.A. had a steady gait, his speech was clear and audible, skin looked intact, and has short white hair but was slowly becoming bald. J.A. states that he feels that his â€Å"health is not great, but not that bad either.† He states that â€Å"overall he feels his health is fair for his age.† There are some medical problems which he states that does affect him. His knees suffer from arthritis and can’t walk as much as he used to. When he tries to walk, he cannot walk as fast as he used to due to a heart problem. According to J.A., his knees affect him the most when it is cold or when it is really damp/humid. He states that he has slipped and broken a bone in his ankle about 4 months ago which is not helping with his arthritis. His neighbors would help shovel his house when there ... ...ily is a bit more traditional, we do use some Chinese herbal medications and also believe that when we are sick to not eat certain foods or even when someone is pregnant to not eat certain foods. Usually when someone is sick or recovering from a surgery we would tell them not to eat some food and to eat certain foods that would help them recover. There are a lot of other beliefs which my family practices which I do not. However, I would follow it if asked of from my parents. Also, there is a belief that usually men would bring home more money and women would stay home and cook. However, nowadays that is not always the case and I also don’t believe that is the case. My family practices Buddhism on and off which is quite different from Roman Catholic. Prior to having a big meal before a big holiday, we would offer food to the Gods and then partake in that food.

Response Journal for “The Charmer” by Budge Wilson Essay

Budge Wilson’s â€Å"The Charmer† is a remarkable tale of loss, morality, and love. It is the story of how a young girl comes to realize that her devilishly handsome brother is nothing more than a charmer. It is set in a 1950’s Halifax home where Zachary, the narrator’s brother, repeatedly abuses his privileges and takes advantage of his family. Zack seems to believe that his looks will help him escape any situation he may find himself in. He uses his sense of humour and charm to manipulate his family and friends. Zack has a way of making those around him feel special, and uses this quality to his advantage. His sister, Winnifred, washes his bike and fetches his baseball glove just to see his â€Å"flashing Colgate smile† and to be called Posie, the nickname he has chosen for her to let her know that she has measured up. He is aware that the cake his mother has baked is not meant for him, yet he eats it anyway. He offers an insincere but convincing apology, and she starts to bake another cake. His family are his willing slaves, and it is only after the tragedy of Lizzie’s death that they finally begin to see who Zachary really is. Zack is the imperfect model son, but his family is too blinded by love to see his flaws. His fake apologies somehow manage to touch their hearts, and allow them to forgive all of his mistakes. Zachary steals money and alcohol from his parents, but manages to get away with it. He gambles and crashes the family car, but goes unpunished. He is â€Å"the only son, the only brother, the oldest child,† but even more than that, he is as the title implies, the charmer. Despite his good looks and charming personality, Zachary does not accomplish anything in life. At twenty-four, he still lives at home, still wolfs down chocolate cakes, and still borrows the family car. He spends his money on his girlfriends and his alcohol, and gambles away what is left of it. He loses job after job, and is becoming, if he is not yet, an alcoholic. Zack has so much offered to him, but fails to apply himself to improve his situation. However, he cannot be held entirely responsible for his failures, as his family holds some of the blame. If they had only shown less sympathy, and had seen past his false facade, he would have learned early on that he  could not charm his way through life. The conclusion of the story is quite ironic, as the narrator’s daughter displays the very same deceiving qualities that her brother was famous for. Winnifred describes her daughter, Lizzie, as â€Å"pretty and mischievous† and is aware that Zachary was the same way. She is reminded of the manner in which her parents treated Zachary, and learns from their mistakes. She refuses to allow her daughter to become what Zack has, and punishes her accordingly. To portray the themes of this story, the author used a number of literary devices such as, allusion, characterization, flashback and paradox. Allusion is clear as the author refers to Zachary’s â€Å"Colgate† smile, and to the famous people that Winnifred often sees on television. These stars include Clark Gable, John Wayne, Kirk Douglas, Steve McQueen, Mick Jagger, John Lennon, Burt Reynolds, and Tyrone Power. Characterization is used to create Zachary’s character. The narrator says that her brother is charming, intelligent, and fun, but nevertheless a devil. Others say that he is sensitive, while he thinks he can escape any situation. He interacts with other characters, and uses them to further his own cause. The entire story is based on flashback, since the narrator is recounting the events of her childhood, and finishes the story by speaking of an incident that takes place when she is an adult. The paradox of this story is evident when the mother refers to Zack and says, â€Å"This is his way of coping. He’s probably suffering more than the rest of us.† The truth of this statement is highly improbable, since Zack seems to care for no one but himself, and does not even bother to visit his younger sister though he knows she is deathly ill. However, the character may be suffering emotional pain that his actions do not let on. â€Å"The Charmer† presents a timeless, captivating situation, which every reader can in one way or another, relate to. It is the tale of a sister, who sees her brother for who he is, and not who he pretends to be. It is a tale of a mother who cannot accept that her son is imperfect, and of a father who struggles to see past his own love for his son. Primarily, however, it is the story of one boy who ages into adulthood, yet does not mature, and who  hurts his family, yet feels no remorse beyond that which he pretends to.

Anglo American Dissatation

Introduction Anglo American Plc is a mining conglomerate and is one of the largest companies within the mining industry. It originally started in 1917 as a gold mining company going by the name of Anglo American Corp; the name was created when the initial starting capital of ? 1million was raised from U. K. and U. S. sources (Forbes 2006). In 1999, following a major strategic review, Anglo American merged with Luxembourg headquartered Minorco to form Anglo American Plc, with its primary stock exchange listing and head office in London and secondary listings in Johannesburg, Switzerland, Botswana and Namibia (Anglo American 2012d).Anglo American â€Å"operates in Africa, Europe, South and North America, Australia and Asia† and is a global leader in the mining of both platinum and diamonds (Anglo American 2012c). They employ approximately 100,000 people (Anglo American 2012c) across the world, both in the mines and in local offices, with the majority of employees being based in South Africa, 79,000 (Anglo American 2011). Anglo American employs 10,000 people in South America, which is the second largest proportion of employees in the company, and employs 11,000 people in other countries across the globe (Anglo American 2011).South Africa produces the highest amount of revenue by origin, $17,855million in 2011, which accounted for 49% of the group’s total revenue for that year (Anglo American 2011). When comparing all the countries’ revenue for the year, South Africa has a very dominant position, as all the other countries have less significant revenues of $5,058million or lower (Anglo American 2011). This suggests that South Africa is the main country for production. They have a highly diversified mining portfolio, comprising of many metals and minerals.In 2011, Anglo American increased their shareholding to 85% in the world’s leading diamond company, De Beers (Anglo American 2012a), which accounted for 6% of the share of Anglo American ’s operating profit in 2011 (Anglo American 2012c). The company employs 16,000 people in the diamond division, in North America and Africa, which is the second largest percentage of employees across the group (Anglo American 2011). Another subsidiary of Anglo American is Anglo American Platinum Ltd. AAP), of which they own 80% and employ 55,000 people, which is the largest proportion of employees across the company, 55% (Anglo American 2011). AAP is the main producer of platinum in the world, accounting for 40% of the global supply (Anglo American 2012c). Iron ore is the most predominant area of Anglo Americans operating activities with the largest share of the group’s profit in 2011 of 41%, $4520Million (Anglo American 2011). This is significant in comparison with the second highest area of operating profit, copper, which attributed to $2461Million, 22%, of the operating profit.Anglo American also produce metallurgical and thermal coal, nickel and other materials, whi ch, although contribute to the company’s profits, are less significant in comparison to the more major operations of diamond, copper, iron ore and platinum. Anglo Americans main corporate aim is to, â€Å"be the leading global mining company becoming the industry’s largest employer, partner and investment of choice† (Anglo American 2012f). They believe a â€Å"sound strategy, sustainable development and good corporate governance are essential to achieve this goal†. (Anglo American 2012f) MethodologyAt the first meeting, the group decided that the company study was to be worked on two days a week and a table was drawn up in order to manage the time efficiently to ensure the deadline was met. The table comprised of a ‘plan’ and ‘achieved’ column for each date during the weeks leading up to the deadline of 14th December, see Appendix A. After the first meeting, the group went away to do some individual brief research on the given co mpany in order to get background knowledge of Anglo American and so the in depth research for each section could be carried out at the next meeting.In order to make the most of the time given, the group was divided so that each of the main sections were researched thoroughly in order to give a more detailed report. The group followed the recommendations, allowing a third of the time to carry out research, a third on writing up the report and a third on editing and producing the final piece. After the research had been carried out on all sections, different members of the group began writing up different sections of the report using the information previously obtained.The group then looked over each other’s sections in order to make sure all relevant information was included, to check for grammar and spelling mistakes and to make sure enough references had been used. This was important to ensure all members had a good understanding of each section. Anglo American’s webs ite and annual reports were the main source of information for the company study. The issues surrounding Anglo American during the past year allowed for many relevant news articles to be widely available for use within the financial management section.After the report had been completed, the group booked weekly sessions in the Techno booths with print outs of the completed report, to ensure all members of the group were familiar with all sections. The presentation was then brainstormed and the main points put on a PowerPoint, which then allowed for the presentation to be practiced over a couple of weeks prior to the deadline. Many rehearsals of the presentation were carried out to ensure it filled the time allocation required and it flowed well.Problems occurred with the methodology closer to the deadline, as members of the group had less spare time to work on the company study, due to other assignments being due in around the same time. Financial Accounting Corporate Governance As a global organisation it is crucial that Anglo American complies with the highest standards of corporate governance, to ensure any agency problems within the company are minimised and the company is well run. Anglo American aims to â€Å"direct and control its company in a transparent and accountable way. † (Anglo American 2012f).From the 2010 board effectiveness review, an action plan was created to improve the relationship between the board and management, which could have helped reduce the conflicts of interests and agency problem. The action plan was to Increase contact between directors and management between board meetings and â€Å"Introduce more ‘free flowing' informal discussions outside board meetings – the pre-board meeting dinners will be more ‘structured' whilst retaining an informal style† (Anglo American 2011). In 2011, this action plan was reviewed and changes within Anglo American were made. The flow of management information to the Board was enhanced and the frequency of dissemination of this was improved. † â€Å"Structured board dinners also took place during the year where matters such as strategy were discussed† (Anglo American 2011). This shows good corporate governance by Anglo American as areas of the business which need work are being identified by the company and being acted upon accordingly to improve the effectiveness and control. The Anglo American board is chaired by Sir John Parker and consists of two executive and eight non-executive directors. 0% of this board it made up by women, this suggests that the Anglo American board could be more diverse. In the current business economy, â€Å"Regulators, politicians and shareholders are each stepping up pressure on companies for greater board  diversity  as part of a drive for better governance† (Robertson 2012). The Lord Davies Women on Boards report set a target of 25% minimum of board members to be female by 2015. Anglo Ameri can stated in their annual report their â€Å"intention to increase the representation of women on the Board from 20% to about 30% by 2013† (Anglo American 2011), which is two years below the national expectation.This is an example of good corporate governance by Anglo American as it is adhering to policies and targets which are not compulsory and also has disclosed in its annual statement, its future intentions to increase diversity in the boardroom. Anglo American also has a nomination committee which â€Å"aim is to build on the existing diversity of the board by identifying and nominating suitably qualified candidates† (Anglo American 2011). This is viewed as being good corporate governance by the company as Anglo American is making sure before directors are appointed that they are right for the job and the best candidate is chosen.To do this, they are considering both men and women for the job roles which is widening the talent pool. The Government passed the UK B ribery Act 2010, under this act the â€Å"defence  for a company against this liability is to prove that it had ‘adequate procedures’ in place to prevent bribery† (Wilkinson 2010). To comply with this act, Anglo American have implemented the necessary procedures to ensure that its business integrity policy operates effectively, so the risk of bribery is minimised as far as possible (Anglo American 2011).During the year, Anglo American developed enhanced guidelines on the acceptance and provisions for gifts and entertainment and provided specific guidance on the procedures to be followed where risks were considered higher. This is a good example of corporate governance as this would reflect positively for shareholders and potential investors, as new laws are being adhered to. In accordance with the UK Corporate Governance Code, Anglo American continue to propose the re-election of all its directors on an annual basis (Anglo American 2011), which ensures good cor porate governance, as directors will always be of the highest quality possible.Within Anglo American â€Å"The Audit Committee plays a pivotal role in ensuring high standards of corporate governance and provides assurance to the Board on its reports to shareholders† (Anglo American 2011). In Anglo American, the audit committee comprises of four independent non-executive directors. The audit committee is also charged with reviewing the results of the key risk management process, â€Å"being involved in the risk management procedures of the company† (Anglo American 2011).However, to improve the governance in this area Anglo American could disclose the main risks to the company and the strategy it has in place to deal with these risks. The Audit committee is also responsible for the whistleblowing programme which the group has had in place for a number of years. It â€Å"is designed to enable employees, customers, suppliers, managers or other stakeholders, on a confident ial basis, to raise concerns in cases where conduct is deemed to be contrary to our values† (Anglo American 2011).This shows good corporate governance as there is a programme which has been set up by the group where stakeholders, can report failures and discrepancies within the company, to independent non-executive directors. However, Anglo American could disclose the procedures which are to be followed when issues are reported. Within Anglo American, the board delegates certain responsibilities to a number of committees; these include the Remuneration committee, Nomination committee and Audit committee.In coherence with the UK combined code of corporate governance there â€Å"should be a formal and transparent procedure for developing policy on executive remuneration and fixing individuals director’s remuneration packages, no director should be involved in deciding their own remuneration† (FRC 2012). Anglo American’s remuneration committee seeks advice fr om external advisers Pricewaterhouse Coopers LLP, Linklaters LLP, Mercer Limited and Deloitte LLP, to help determine the director’s remuneration packages.Anglo American describes its policy as being â€Å"formulated to attract and retain high-calibre executives and to motivate them to develop and implement the Company’s business strategy in order to optimise long-term shareholder value creation† (Anglo American 2011). The remuneration mix is an important part of good corporate governance as it ensures that the company has an appropriate blend of basic and performance related pay as the remuneration committee will see as suitable.This will ensure that the directors will strive to achieve the main goal of increasing shareholder wealth. At the present time, director’s remuneration is calculated on the industry median for the mining sector and is adjusted by the director’s performance and experience. Anglo American could improve their corporate governa nce by setting director’s remuneration packages at the industry averages only. Within Anglo American, each executive director’s total remuneration consists of basic salary, annual bonus, long-term incentives and benefits.This ensures that an appropriate balance is maintained between fixed and performance-related remuneration (Anglo American 2011). However, the sheer value of some of the bonus packages is likely to affect shareholders wealth and the willingness for potential investors to invest. An article from the Telegraph explains that the chief executive of Anglo American was handed a 38 per cent increase in pay last year, with a total package worth ? 2. 17m, however the cash element of her annual performance bonus was increased by 134 per cent to ? 962,000.Never the less, at this time shares in Anglo American fell by 14 per cent over the course of 2011 (White 2012). This could be viewed as bad corporate governance by the company as despite the share price falling t he chief executives pay has been dramatically increased. To help the directors ensure they have a meaningful stake in the performance of the company, in 2004 the remuneration committee devised a Bonus Share Plan (BSP), â€Å"which requires executive directors to invest a significant proportion of their remuneration in shares† (Anglo American 2011).This demonstrates good corporate governance, as it aligns the directors’ interests with that of the shareholders, reducing the agency problem. The bonus share plan also weakens independence of the directors within the company, as it is giving them greater interest within the company on a personal level. Training is offered to new directors in order to develop a comprehensive view of Anglo American’s company, continuous training is also available to directors throughout their employment.However, the governance could be improved by disclosing in the annual report the nature and the schedule of the training, so the stakeh olders know what is being covered in the induction training. Within the annual report for Anglo American there is a statement of director’s responsibilities, which sets out what is expected of the directors. The board should present a balanced, true and fair view of the company’s position and prospects. Under company law the directors should not approve the accounts unless they are satisfied that they give a true and fair view of the affairs of Anglo American.This shows good corporate governance from the company as in the annual report it breaks down the directors responsibilities, however this could be improved by giving details to the users of the annual reports about what responsibilities each director has. A breakdown of the separation of roles between the chairman and director could also be disclosed in the annual report, which will ensure that one person is not given too much power which could prove to be very risky for Anglo American.The skills and knowledge of all the board members are summarised in the annual report, to give the shareholders and stakeholders an idea of their previous experience and the wealth of knowledge they bring to Anglo American, which shows good corporate governance by the company. Overall Anglo American shows good corporate governance with compliance to the UK combined code of corporate governance. The company has disclosed majority of information but could improve by disclosing the strategies in place, especially for the risk management prospective and its whistleblowing and training schemes.Stating the responsibilities of the chairman and chief executives would also ensure that corporate governance is being applied at a continuous high level. Stakeholders UK corporate law requires companies to be principally accountable to their shareholders. However, Anglo American believe that their shareholders' best interests are served when the company makes sure all appropriate stakeholders are kept happy, not just the sha reholders (Anglo American 2011).It is in all stakeholders’ best interests that the company not only survives, but flourishes long term, Anglo American therefore seek to be the partner of choice for its stakeholders by operating in a way that is acceptable to them all (The Times 2012a). Anglo American needs their stakeholders to support them in order to meet the organisations objectives’, for example treating staff well and respecting local communities, will make it easier to recruit new people necessary for growth.In the long term, this will create more value for shareholders. Employees are possibly the most important stakeholder for Anglo American, employing approximately 100,000 people around the world (Anglo American 2012c), however working within the mining industry has been voted one of the top ten most dangerous jobs (Korch 2012). To help protect this stakeholder group, Anglo American has adopted strict health and safety regulations which are outlined in the safe ty way, ensure that employee’s working conditions are as safe as they can possibly be. The safety way is a comprehensive framework of roles and responsibilities supported by a set of safety principles and mandatory safety standards† (Anglo American 2012b). The strategy outlines Anglo American's risk-based approach to safety based on ten key factors that support effective safety management; leadership, risk management, culture, competence, assurance, monitoring, planning, standards, communications and learning (Anglo American 2012b). Employees in management positions are also seen as stakeholders within Anglo American, as they are esponsible for making key business decisions within the company and without the relevant information they will not be able to make reliable decisions. Unions are a very important stakeholder for Anglo American as they try to make the employees' time whilst working for Anglo American as safe and as beneficial as possible. Previously, Anglo Ameri can have clashed with unions and issues have been raised, as seen in The Telegraph (2011), resulting in negative media interest and damaging the reputation of the company (White 2011). This, in turn, has a negative impact on all stakeholders within the company.In 2010, Anglo American received an â€Å"Employer incentive award for good performance† due to their â€Å"sound labour relations with trade unions, as well as the implementation and enforcement of sound occupational health and safety practices and initiatives† at the South African trade unions solidarity awards for 2010 (Anglo American 2012k). Examples of some of the trade unions that are recognised within Anglo American are The National Union of Metalworkers of South Africa, The National Union of Mineworkers, The United Association of South Africa and The Togetherness Amalgamated Workers Union of South Africa.Activist groups can be classed as stakeholders, as mining involves using the world’s natural re sources and in some cases can lead to long term damage to the environment. Such groups are passionate about protecting the environment and if they feel that Anglo American are not protecting the environment enough, they put pressure on the company. On 28 Sep 2012, War on Want released an article discussing the miner’s strikes in South Africa and the poor working conditions of the employees (War on Want 2012).This could create negative publicity and disrupt operations, therefore affecting shareholder wealth. In response to these activist groups, Anglo American has recently developed a Socio-Economic Assessment Toolbox (SEAT) as a means of further improving the impact of its activities, e. g. setting up training programmes for local communities (The Times 2012b). The contractors that work on the various sites across the globe are also seen as stakeholders within Anglo American, as they carry out the majority of the work on civil engineering projects, such as digging new mines.C ontractors are important stakeholders in Anglo American as they have a lot of responsibilities when undertaking projects and if these are not carried out properly, then problems can arise. If quality standards were compromised, due to disillusioned contractors, then this could have health and safety consequences in the future. Contractor management is also an important consideration when using contractors as external stakeholders, for example local communities may accuse Anglo American of poor social performance associated with these contractors.This is the reason that the social impact of contractors on the local area is managed professionally. Customers are a vital stakeholder within Anglo American, but due to the nature of the industry, the majority of Anglo American's customers are countries, â€Å"China is a key customer of Anglo American's products† (Anglo American 2012m). Anglo American has many different key performance indicators (KPI), divided into investing in worl d class assets in the most attractive commodities, operating safely, sustainably and responsibly, employing the best people and organising efficiently and effectively (Anglo American 2011).One of the main operating KPIs is the work related fatal injury frequency rate (FIFR). FIFR is calculated as â€Å"the number of fatal injuries to employees or contractors per 200,000 hours worked† (Anglo American 2011). This information is most relevant to the employees of Anglo American, and the unions representing them, as they are the ones who are directly affected by the injuries of co-workers. The FIFR for 2011 shows a small increase in fatalities from 15 to 17, however, in 2009 there were over 50 fatalities which shows that Anglo American is implementing the correct strategies in order to minimise these fatalities.Despite the downward trend, Anglo American targets 0 fatalities, showing that Anglo American show a keen interest in their employees' welfare. Another operating KPI is the lost time injury frequency rate (LTIFR), which is the amount of lost time from injuries (LTIs) per 200,000 hours worked (Anglo American 2011). An LTI is an injury which leaves the employee unable to perform their regular duties for a the period after the injury was incurred (Anglo American 2011).If Anglo-American have a higher FIFR or LTIFR than the industry average, it may put off possible employees from applying for a position, which could result in the company not being able to employ the most knowledgeable people, which can have a negative impact on shareholder wealth. Another operating KPI is greenhouse gas emissions which is measured in CO2 equivalent emissions (Anglo American 2011). Environmental activist groups, such as Greenpeace, are likely to be interested in this key performance indicator as greenhouse gases are very harmful to the atmosphere and have been linked with global warming.The annual report from 2011 shows a reduction in Greenhouse gas emissions than in 2010, s ignifying that Anglo American are moving in the right direction in terms of reducing their carbon footprint. Total water use is another operating KPI and includes water used for primary activities, which affect the people who live in the area surrounding the mine. Some of the regions that Anglo American work in, have sparse water supplies and therefore any water used by the company may result in less water for the local communities.Reducing this KPI is important to Anglo American, as if this is not managed it may put off potential employees within these communities from applying for a position within the firm, and may give Anglo American a bad reputation. The final key operating KPI is Enterprise Development, which is is defined as the number of companies supported and number of jobs sustained by companies supported by Anglo American enterprise development initiatives (Anglo American 2011). The stakeholder that is most closely linked to this key performance indicator would be the lo cal community in which Anglo American operates.Results from this KPI show that Anglo American is currently supporting 38,681 businesses which is much higher than their target of 3,500 businesses (Anglo American 2011). A key KPI relating to employing the best people is voluntary labour turnover, which is the number of permanent employee resignations as a percentage of total permanent employees (Anglo American 2011). In 2011, the percentage of employees who resigned was 3% which shows a decrease of 2. 3% from the previous year (Anglo American 2011).This shows the company is striving to improve employee morale and employee working conditions. This KPI is important for the employees of the company, as it indicates the number of people who may have been unhappy within their work. An important employment KPI in recent times is gender diversity, which represents the percentage of women and female managers employed by Anglo American (Anglo American 2011). In 2011, the group managed to incre ase the percentage of female employees from 14% to 15% and the total number of female managers from 14% to 21%.This KPI can be linked to both the employees and unions of the company, as both want to make sure Anglo American has equal opportunities for both genders in order to create a harmonious working environment. The first â€Å"organising efficiently and effectively† KPI is asset optimisation, which is defined as the sustainable operating profit benefit from optimised performance of the asset base of the core businesses (Anglo American 2011). An asset optimisation strategy is comprised of asset management and asset monitoring and a well organised strategy can reduce avoidable maintenance and interruption times.Managers of Anglo American will be interested in an effective asset optimisation strategy, as it will allow them to make effective decisions with regards to the best method of maintaining and using the company’s assets. The other organising KPI is the supply chain, which is the â€Å"operating pro? t and capital spend bene? ts to Anglo American resulting from centralised procurement from core businesses† (Anglo American 2011). An effective method of managing the supply chain is by local procurement, as it saves transport costs by supplying across the world.Therefore, managers of Anglo American will be interested in this KPI as it allows the company to build relationships with key contractors/ suppliers that can produce mutually beneficial outcomes. The results for the most recent financial year show an improvement to the supply chain of $472 million from the previous year. In the annual report Anglo American also have a section of investment KPI’s, these include return on capital employed and underlying earnings per share. The results from the annual report show an increase in both KPI’s from 2010 to 2011, 24. 8% to 26. 5% and $4. 13 to $5. 06 respectively.Investment KPI’s are only relevant to shareholders. I t enables shareholders to check how well Anglo American generates profit from the capital invested and provides them with a comparison to the previous year. Despite the fact that Anglo American has a fairly extensive list of key performance indicators, there are other factors that have not been accounted for that would benefit the company’s stakeholders. Antofagasta Plc. , another company within the mining sector, uses operational KPIs that state the volumes of the most important metals that has been mined during year and compared with previous years (Antofagasta 2011).Anglo American could create this form of KPI to ensure they increase the level of production for the most important materials each year, which would be useful to the majority of stakeholders as they would be able to see how much the company has expanded its' production over the year. Contractors would be able to use this information to estimate how the level of production will increase over the following year t o put aside enough resources in order to carry out any projects that Anglo American may have in the future. London Mining Plc. ave a KPI for number of employees trained, which gives the number of people who have undergone professional training within the year (London Mining 2011). Anglo American could use this as one of their KPIs to show whether the management have executed the relevant training schemes for employees. Customers would be the most likely stakeholder to benefit from this KPI, as if there is a high number of people that have been professionally trained, it implies that their staff are trained to the highest standard and will have the correct knowledge needed in order to carry out best practice.Employees would find this information useful to determine whether they might be entitled to be given professional training by the number of employees put on schemes within the year. hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh Financial Management Figure 1 shows Anglo American Plc. ’s share price performance over the period 1 January to 30 September 2012 and the FTSE All Share performance. After analysing, it can be seen that both share price, and average share price of the FTSE All Share, have considerably similar movements over the given period with Anglo American’s share price being more erratic. [pic]On 6 January, Anglo American shareholders approved the change of holding from 45% to 85% of De Beers at the company’s general meeting. During the meeting the chairman voiced his expectations for an increase in shareholder value due to the expertise and leadership of De Beers (Anglo American 2012a). This shareholder approval was expected to result in an increase in demand for shares, which is represented by the increase in share price between 9 January and 23 January. This movement in share price seems to be autonomous from the FTSE All Share which would aid our analysis of this particular period as the event is internal to Anglo American. On 26 January Anglo American released their production report for the 4th quarter in 2011. Initially, the share price dropped from ? 27. 37 on 26 January to ? 26. 35 on 30 January which could have been due to the decrease in diamond and platinum production. This area of production is what the company is best known for, so a decrease in production of these would initially deter investors and create doubt for shareholders. Between 30 January and 3 February the share price shot up by ? 2. 5 which signified that the shareholders had looked into the report further to see that the production of all other materials had increased, including nickel production increasing by 125% from the previous year (Anglo American 2012). From figure 1, it can be seen that this increase is reflected in the movement of the FTSE 100 which could suggest that there may be external factors also affecting Anglo American at this time. On 23 March, Anglo American sold a â‚ ¬750m 10 year euro bond which could hav e been due to funds being needed more within the company (Euroweek 2012).Investing in the euro bond may have been to help create or strengthen values of the company, especially within Europe at this particular time of the European Sovereign Debt Crisis. As shown on figure 1 between 23 March and 29 March the share price fell dramatically. This could be due to shares being sold by shareholders that primarily invested in Anglo American, as they supported the Eurozone. On 1 June, Anglo American re-entered the euro bond market which â€Å"several bankers speculated that they returned out of prudence† Euroweek 2012). The share price shot back up, which could have been caused from the amount of demand for the deal, this suggested investors were pleased to see Anglo American again. Anglo American was in talks with Peru on 29 June in relation to a potential local sustainable development to accompany a mining project in the region, and had proposed a $118 million investment (Guerra 201 2). $36. 9 million of the investment was budgeted to install a pumping system in to two of the country’s rivers (Guerra 2012).The fact they are supporting and helping Peru is a sign of good corporate social responsibility for shareholders and potential investors which resulted in a ? 0. 66 increase over 4 days. Between 10 August and 30 August, there is a noticeable decrease in the share price which would seem to be an internal factor as the FTSE All Share does not seem to follow suit during this period. An outside article was realised on the 10 August stating that Anglo American were dismissing claims that a shareholder spring was expected to occur which was broadcasted in the Telegraph (2012).The article in the Telegraph (2012) stated that shareholders had contacted Sir John Parker, Chairman of Anglo American expressing their dissatisfaction with the CEO, Cynthia Carroll. Sir John parker sided with the CEO which fuelled the shareholders to take their complaint to one of the company’s directors. This highlighted to the shareholders the lack of support they were receiving, which therefore could be the internal factor forcing the share price down.When comparing Anglo American with other companies within the mining industry, the movements in the FTSE share price are mirrored more closely by Antofagasta than Anglo American, which may suggest that their beta is closer to 1. [pic] Throughout the period analysed, the share price movements for Anglo American is quite volatile in comparison to the FTSE All Share. Between 2 April and 7 June, the movement in share prices between both Anglo American and The FTSE is extremely similar with Anglo American’s movement being more responsive.This could signify that external factors affecting the whole market have affected Anglo American the same way but at a more severe rate, this is shown by their beta of 2. 08, see Appendix C. With the FTSE having a perfect market beta of 1 the beta value of Anglo American is in perfect correlation with the movement of share prices, see Appendix B, as in the majority of places the movement is the same but double as volatile. With the beta value being considerably higher than 1, shareholders or investors are likely to be risk seeking rather than risk averse.The further away from 0 the beta value is, the lower the shareholder value, but the potential for a high return is there. As seen in the London Business School Risk Measurement Services publication the commercial betas for the 3 quarters up to September 2012 are of a similar value, see Appendix C, with the average being 1. 55. This is significantly lower than our calculated beta of 2. 08. However the â€Å"Risk Measurement Service uses estimates based on an analysis of variable factors, and is therefore no way guaranteed† (London Business School 2012), whereas the beta of 2. 8 was calculated based on weekly data taken from Thomson Analytics. Although the beta of 2. 08 is the less favourable one, it is the more accurate out of the 2 so will give a better indication of shareholder value and the risk an investor may take. Both betas are aggressive in relation to the market beta however the commercial calculation is less so. Unless a serious investor were to calculate the beta themselves, using actual data for the company, they would be likely to base an investment decision on estimated inaccurate beta values.A shareholder’s decision to invest can be influenced by another confounding variable, the company’s investment rating. There are 3 main investment ratings that stakeholders use and rely upon these are Moody’s, Standard & Poor’s (S&P) and Fitch. Anglo American are rated on Moody’s with a long term investment rating of Baa1 and the equivalent long term rating on S&P of BBB+ which is noted to be a lower medium grade of investment. S&P define their BBB+ rating as the company having â€Å"adequate capacity to meet financial commitments, but more subject to adverse economic conditions† (Standard and Poors 2012).Although Anglo American’s ratings could be higher they seem to be in a good stable financial position and therefore an attractive investment for potential shareholders. The short term ratings for Anglo American are of a slightly better position than the long term ratings, with Moody’s being P-2, which implies they â€Å"have a strong ability to repay debt obligations† (Moody’s 2009). This shows the company is fairly liquid giving reassurance to shareholders because if the company was to enter default there would be a higher chance of shareholders getting a return.The S&P credit rating for Anglo American was the same in 2011 as in 2012 with a long term rating of BBB+ and a short term rating of A-2 for both. This gives investors the security of Anglo Americans stable credit rating and in turn ability to pay off debt. Although investment ratings can be used to help determine whe ther to invest or not they should not be relied upon, as companies with the same rating do not have absolutely equal credit quality. It does not take into consideration external factors such as a change in money rates and it ignores the length of maturity. Dividends |2011 |2010 | | |($) |($) | |Interim dividend |28 |25 | |Recommended |46 |40 | |final dividend | | | |Total dividends |74 |65 | Anglo American has a clear dividend policy in which a base dividend will either be increased or maintained from year to year (Anglo American 2011).An interim dividend of 28 US cents per ordinary share was paid on 15 September 2011, and for the 2011 financial year â€Å"The Board proposes a final dividend of 46 cents per share, giving a total dividend for the year of 74 cents, a 14% increase† (Anglo American 2011) see figure 3. During the year the Group paid dividends of $818 million to company shareholders, which is a huge increase on the $302 million paid out in 2010, and $1,404 million in dividends to non-controlling interests.Based on shares eligible for dividends at 31 December 2011, this will result in an estimated distribution of $557 million of shareholders’ funds, of which $350 million will be distributed by the parent Company. The interim dividend for 2012 has increased by 14% to 32 cents per share, which continues their policy of a base dividend being slightly adjusted after discussion to ensure the maintenance of their investment grade rating (Anglo American 2012n). Dividends are proposed to be paid out in cash and not scrip issues therefore the $557 million will be shown on the balance sheet, therefore affecting cash flows.Anglo American have a fairly attractive dividend yield of 3. 32% in 2011, when compared with other mining companies within the FTSE 100, see Appendix D. From the four companies analysed the dividend yield has increased from 2010 to 2011, apart from BHP Billiton. This suggests that either companies are issuing a higher divided or the value of shares has dropped. In Anglo Americans case the share price has fallen over the given period, but the annual dividend has also increased. As a percentage of earnings the dividend for 2011 was 14. 51%, which had increased from 11. 97% in 2010.Considering the high capital investments that Anglo American commit themselves to, this is fairly good proportion of earnings attributable to shareholders. The optimum dividend policy would offer shareholders a constant, steady dividend paid at regular intervals now rather than later; this is exactly what Anglo American has to offer. However due to the Group’s aggressive investment plans for future growth, which includes three major projects; Barro Alto, Los Bronces and Kolomela, the constant regular dividend policy is likely to cease or at least come under discussion at board meetings.Shareholders have questioned the decision to invest money into these projects, CEO Cynthia Carroll has announced that the 3 projects and anot her one expected to commence in 2013 will contribute $6bn to dividend pay-outs. Although the expected change in dividend policy has undoubtedly caused controversy with shareholders, the company has proven that investment into new projects is necessary to maintain a high profit and continue to pay a regular dividend in the future (Vuuren 2011).Over the past few years Anglo American have had a strong, fairly positive balance of debt and equity, which has allowed them to have the flexibility to attain more finance when necessary. Net debt at 30 June 2012, including related hedges, was $3,124 million which was an increase of $1,750 million from the net debt at 31 December 2011. Net debt at 31 December 2011 comprised $12,873 million of debt, partially offset by $11,732 million of cash and cash equivalents (Anglo American 2011).However a dramatic net debt decrease of $6,010 million occurred from 31 December 2010 to 31 December 2011 which reflects strong operating cash flows and proceeds o n the disposal of 24. 5% of Anglo-American Sur (Anglo American 2011). Anglo American is funded mainly by equity as shown by the debt and equity ratios in Appendix D. At 30 June 2012 for every $1 of capital invested by the shareholders $0. 655 is funded through debt, which is a slight improvement on the debt equity ratio of 0. 677 at 31 December 2011.The ratios indicate that the group should easily be able to generate enough cash to satisfy its debt obligations as the group has enough room to manoeuvre its current levels of finance. It is important that a company’s debt-equity ratio is not too high as this can lead to increased interest payments and an enlarged risk of damaging their credit rating. This is perhaps the reason that the group made efforts to decrease the debt-equity ratio from 31 December 2010 from which it was 0. 755. Anglo American has a sound equilibrium between debt and equity as seen by the gearing calculations in Appendix D.Over the past two years, the figu re has increased gradually from 45. 71% at 30 June 2010 to 50. 30% at 30 June 2012, which could be due to an increase in long term liabilities. The market value of equity has also increased but at a slightly lower rate, causing the gearing ratio to increase steadily. However, the value of equity is based on the market value of the shares at 30 September 2012 for each of the three years to ensure a more accurate comparison, so when considering each year in turn, it would not show the true value of gearing.Figure 3 shows the comparison of the percentage of gearing compared with the percentage of gearing using the market value of equity. Both show a similar pattern with gearing gradually increasing over the two years, but a steeper incline for the gearing based on the share price at that year. This could be a result of the share price dramatically decreasing from 25. 26 at 30 September 2010 to 18. 17 at 30 September 2012, in turn giving a lower value of equity when using the market sha re price.Calculating the gearing using the share price at that time, rather than the market value today, shows the gearing in a way that the company would have wished to portray. Overall, it can be seen that the share price movements of Anglo American Plc. generally follow the market trend, signalling that external factors are the main influence on any change in share price. The erratic behaviour of Anglo American’s share price makes an investment in this company quite risky. For example a variation in the market share price due to a change in regulation is likely to have more of an effect on Anglo American as their beta value is 2. 8. To lower the risk they could strengthen themselves against external factors by introducing or improving their internal control systems, minimising their exposure to the external environment and in turn lowering their beta. The beta of Anglo American demonstrated by how the share price movement is generally the same as the market but exaggerated , which shows that it is an aggressive beta. When comparing with other companies in the mining sector Anglo Americans beta value is higher than most but not an anomaly, see Appendix C.All the companies within the mining sector in the FTSE 100 have a beta value higher than 1, making them all aggressive, risky investments, with Anglo American being one of the more risky options. Anglo American may seem quite risky when using the beta, however when considering this alongside the company’s gearing it could be considered as an attractive less-risky investment. Anglo American’s gearing is fairly average, but it could be improved by minimising the amount of debt that contributes to the company’s finance, also decreasing the debt equity ratio.Although the company may be seen as becoming increasingly highly geared, they are constantly investing in new projects to increase shareholder wealth in the long term, which makes the level of gearing more acceptable. Anglo America n’s investment rating is fairly high on Moody’s credit rating table, which shows there are signs for improvement but also space for fault. The rating is based on many confounding variables, with Corporate Governance having a major influence on the overall rating. Although Anglo American has demonstrated fairly good corporate governance, there is still room for improvement in many areas.Another variable that could affect the rating is the dividend policy on offer to shareholders. Anglo American offer a very attractive policy with a base amount and regular payments, which is the optimum option for shareholders, as they know what to expect and when to expect it. After taking into account all aspects of the financial performance of the company, an investment in Anglo American would be recommended for a risk seeking investor expecting regular dividend payments. Anglo American is a worthy investment, as they have a number of new projects ined up for the future and have prove n to have had huge success with previous projects, leading to satisfied shareholders. However, the value of Anglo American has declined over the period analysed, with the share price falling from 22. 29 to 18. 17, but this is forecast to increase over the near future due to all the projects recently invested in. If the global economy was to enter a double dip recession, Anglo American is not likely to be affected much by this, due to the strong commodity values and derivatives. Strategic ManagementAnglo American is currently one of the world’s top mining companies and has held this position for a number of years. Their main goal is to be the â€Å"leading global mining company, becoming the investment, partner and employer of choice† (Anglo American 2012f). A way in which Anglo American wish to become the global leading mining company is to outperform competition, by their structure of organising efficiently and effectively (Anglo American 2012l). They aim to achieve t his from being more focused and performance orientated, and believes their Asset Optimisation (AO) programme will help to do this (The Times 2012).Anglo American wanted to enhance the health and performance of their operations, so designed an Asset Optimisation programme in order to achieve a holistic approach to this. It has allowed a more open working culture giving employees the encouragement to not only work together but contribute their own ideas to improve the business. A major contributor from the AO programme, that has added value across the group, is the development of the programme, in which it has been introduced into the day-to-day business of Anglo American.This programme has added value and strength to Anglo American as to date they have saved well over their target of $1 billion from their core operations and hope the strategy continues to present positive outcomes in the future (The Times 2012). To improve efficiency, each individual area of production is focused on lowering its costs, such as lowering excessive waste or managing the usage of natural resources. Water is vital to Anglo American in order to carry out their operations and also for the communities around them, especially as some areas are the most ater-stressed regions in the world. To reduce water usage, a 10 year strategy is in place which involves making projects water resilient, investing in new technology and building water infrastructure. By 2030, Anglo American hope to have reached the strategic objective of zero net water consumption. Not only does this strategy improve the efficiency of production, it also engages with stakeholders, which in turn benefits the community (Anglo American 2012l) and will reduce the agency problem between directors and the local population.Investment is a strong part of Anglo American’s strategy, and they feel that the investments they have made into large scale assets, with long life cycles, have given them a clear advantage through the low costs attached to them. The commodities that Anglo American specialises in are those that they believe hold the best returns over a long period of time, and even during the fluctuations that occur over an economic cycle.Anglo American also offers derivatives of their commodities which is a good strategic decision for them to take, in the sense that they are guaranteed a certain level of return for those derivatives. However if the demand and in turn the price dramatically rises for those commodities Anglo American could receive lower than the market value at that time. Therefore the option to offer derivatives not only allows for the opportunity of stability for an agreed amount of income, but also the threat to lose out on an increase of market value of that commodity. Operating safely, sustainably and responsibly is embedded in everything† (Anglo American 2012l) that Anglo American does. Employee safety is a huge part of any decision made by the company and they are per sistent on reaching their goal of zero harm. The 5 years prior to Cynthia Carol becoming Anglo Americans CEO there was a total of nearly 200 fatalities, whereas the 5 years following her position as CEO the number of fatalities dropped to 77.This could be down to the change in strategy and how the importance and safety of employees was considered invaluable to Cynthia; this was demonstrated by her drastic decision in 2007 to close the Rustenburg mine instantly due to the risky nature of it (Carroll 2012). The health and wellbeing of employees was taken a step further when HIV/AIDS and general healthcare services were not only provided to employees but also their dependents, spouses and other stakeholders.This has been recognised as world class and has received a number of rewards for it, ‘The Business Excellence Award for Best Workplace Program’ being one of many (Engineering & Mining Journal 2009). Minimising the effect that their operations have on the environment is something that Anglo American also considers in detail. Over the years Anglo American have received a number of awards that prove their commitment to the environment, in 2011 they received the three out of four awards at the ‘Three Nedbank Capital Green Mining Awards’.They were recognised for their rural research project at Sishen mine where management decisions were aligned with the long term sustainability objectives of the Taolo Gaetsewe District and the surrounding region (Nedbank 2011). Anglo American hope that this project will make a positive difference to community development, and in turn bring them closer together, building respectful associations within the society they work in (Anglo American 2012l).They believe that this strategy along with strong governance and solid risk management will create trust amongst the company and its stakeholders and fundamentally enable the delivery of long term returns to shareholders (Anglo American 2012l). Employing the best people is vital to the success of the company and also to achieving their main goal of becoming the leading global mining company. How effectively Anglo American operates depends on the people they employee which in turn contributes to the reputation they have with investors, partners and potential employees (Anglo American 2012l).To attract the best employees to the company, Anglo American; create a safe work place for all, have a clear strategy for success, offer stimulating work, are organised for effectiveness and efficiency and support employees in their career development (Anglo American 2012l). Not only does this strengthen the company, as employees have the help to progress and be motivated to progress and become the best employees, but it also offers opportunities for Anglo American to be the employer of choice.Although Anglo American has quite strong strategies in place, they should be aware of the external factors which are constantly changing that could affect these str ategies or future strategies. Due to the many countries that Anglo American operates in, they need to constantly monitor each country to ensure they are aware of anything that could affect them, for example, a change in government may have a drastic effect on the way they operate in that country. This could be managed by strong internal controls and contingency plans to react to any change as quickly as possible.The minimum wage rate for each country is something that also needs to be monitored and adhered to as they differ dramatically between the countries Anglo American operate in. The minimum wage for Australia in 2011 was ? 10. 13 compared to Kenya which was ? 0. 61, which is a dramatic difference so is hard to monitor, but it is essential to ensure all the different countries regulations are adhered to (Wage indicator 2012). Governments have also started to impose super profit taxes, where mining royalties increased in Australia, Chile and South Africa.Companies are charged su per profit taxes on revenue but now new legislation has been introduced where mining companies are charged on profits as well as revenue. To offset this, there are also discovery bonuses that Anglo American can be rewarded for, for finding natural resources within a country (Deloitte 2010). Anglo American should carefully consider the environment and the areas affected by their actions. There is a constant concern from the public, as appreciation of the environment grows along with the awareness of the harmful effects that mining can have on their surroundings (Australian Bureau of Statistics 2006).Activities at ground level constantly have an impact on the surrounding area, as bore holes, access tracks and sometimes even helipads are required. If the areas affected are left un-rehabilitated, this can have a long term effect on the environment (Australian Bureau of Statistics 2006). Anglo American has a strategy in place that is recognised internationally, and assists any mine-closu re planning. It focuses on the provision for finance necessary and rehabilitation â€Å"for long term sustainability through addressing complex socio-economic, physical and bio-physical challenges† (Anglo American 2012e).Stakeholder relations are constantly upheld throughout any project that Anglo American carries out; this ensures they have constant feedback from the community, government bodies and any other stakeholders affected by their actions. Mining is always going to affect the environment and the local communities surrounding each project, but Anglo American has strong strategies in place to deal and cope with these affects to the best of their ability. It is important for Anglo American to value the importance of society.Employees, their communities, and the population of host countries are all part of the society that Anglo American should embrace. â€Å"Every year Anglo American spend a percentage of their pre-tax profit on social investment projects and spend ti me working with communities† (Anglo American 2012j). In 2011, Anglo American increased their Corporate Social Investment by 15. 8% to $128. 6 million. The Anglo American Group Foundation is their own venture that operates globally, offering grants to countries where projects are carried out (Anglo American 2012j).Education is a huge social aspect where grant funding is used; assisting the development of maths, science and literacy as well as higher education and ensuring teachers are of a good quality. Health is also considered an important aspect on which to focus grant distribution, and Anglo American have a holistic approach when it comes to HIV/AIDS as not only do they supply internal counselling and testing but have also donated $4 million to external HIV/AIDS projects (Anglo American 2012j).Anglo American has outstanding generosity and strategies in place when it comes to the society and has strong and thorough planning for any operation carried out to improve their rela tions with stakeholders. However â€Å"community projects require creative marketing strategies and comprehensive business plans, and an external project consultant could be useful here† (Engineering and Mining Journal 2012), to eliminate any bias, and to make society relations a major variable for any decisions made.A large proportion of Anglo Americans workforce and mining is carried out in Africa â€Å"with nearly 1 billion people, Africa accounts for over a sixth of the world’s population, but generates only 4% of global electricity† (Salaam 2007). Anglo American need a lot of electricity to carry out day to day activities and with the strain of electricity available throughout Africa it was essential for Anglo American to find an alternative energy source due their large consumption of 102. 9 million gigajoules in 2011 (Anglo American 2011).In order for this level of energy to be available to them Anglo American have constructed five platinum based fuel cel ls which not only provides them with the necessary power for productivity but also â€Å"provided a significant economic and environmental development opportunity for South Africa by facilitating the provision of clean, reliable and cost effective power† (Anglo American 2012g). Anglo American consider technology and carbon reduction to be linked very closely and aim to have technology capable of running cost efficient, carbon neutral mines in 20 years (Anglo American 2012g).Although Anglo American have the aim in place to achieve this, a strategic report on how they aim to achieve it and a breakdown of steps, costs and research would be useful. It would not only be useful to the company and employees carrying out the strategy, but also for stakeholders, especially the African population and government. It may even be possible for the project to be supported, and maybe even assisted by the local Government to push forward the time scale. Being a multi-national company, Anglo A merican has to comply with many laws from each country they mine in.As well as these, some countries have individual legislation, which varies in different areas of the countries, USA & Canada (Garcia 2008). These can include environmental laws, e. g. water pollution, national laws e. g. minimum wages and safety laws. An example being that Anglo American has developed a safety and sustainable development committee in order to comply with South African safety law. This states that a company in South Africa must provide a committee with ambitions to â€Å"initiate, develop, promote, maintain and review measures to ensure health and safety† (Boshoff 2012).By having a safety committee they can try to minimise the lost time fatality rate and try to achieve their overall goal of zero fatalities within any Anglo American workplace. Anglo American has a sound collection of strategies in place to deal with external factors but it is also important for that they have strategies in plac e for internal factors. Figure 5 shows a value chain of Anglo American and allows for the internal factors that Anglo American could be affected by to be recognised. |Infrastructure: A multinational conglomerate with joint projects and subsidiaries.De Beers being the largest subsidiary of | |many. Extremely high capital investment, with lots of projects. Primary listing on LSE, secondary on JSE. | |Human Resources: Diversity among workforce across all levels of employment. Committed to International Labour Organisation. | |Development of talent remains a key priority. | |Technology: Research and develop their own technology. Link development of new technology with the ability for carbon | |reduction. | |Procurement: have a local procurement policy engaging local businesses in supply chain.Expect all suppliers to operate | |safely, sustainably and responsibly. Prefer suppliers who are engaged in China sourcing. | |Inbound Logistics: |Operations: Diamond, |Outbound Logistics: |Marketi ng and Sales: De Beers|Service: To maintain | |partner with Chinese |nickel, copper, iron |40% of worlds platinum|have their own diamond |the sites. Mines need | |suppliers to operate and |ore, thermal coal and |output. Own 85% of De |auction and shops. 70% of |to be maintained by | |maintain complex products|platinum mining. Beers, the global |platinum consum