Social and Professional Issues in Information Technology Assignment

Social and Professional Issues in Information Technology - Assignment Example The second discussion board I joined was for the purpose of networking and sharing out on general issues of life. According to Edutopia, discussion boards are important in reflection, critical thinking, and demonstration of knowledge (â€Å"TeacherStream,† 2009). Moreover, discussion boards are full of exciting, interactive, and educative sessions. Through discussion boards, I was up to date with the worldly news because at some forums those were some of the issues discussed. In addition, discussion board increased my academic knowledge because one of the discussion boards I joined, the forum majored on important professional issues in computer and technology field. Thus as Sahu indicates discussion boards are forums meant to enrich learners with more academic skills in all type of fields (2008). Hence, increase of knowledge was part of the amazing experience I had in a discussion board. Therefore, technology is the simplest method used in converging different countries in different continents in single setting. For that reason, technology even became a more exciting field to me, the people of the online community are informative, and open minded hence challenged me to be with such values in the natural world. As a result, the informative, m ind blowing and problem solving sessions are some of the features will make me use the site again. â€Å"TeacherStream.† (2009). Mastering Online Discusion Board Facilitation. Resource Guide. Retrieved from http://www.edutopia.org/pdfs/stw/edutopia-onlinelearning-mastering-online-discussion-board-facilitation.pdf (2013 September). Discussion Boards. Centre for Academic Development. Retrieved from

Have power and ideology been used to achieve consensus India Essay

Have power and ideology been used to achieve consensus India - Essay Example Yet, the U.S. could not claim the same degree of representation and plurality that India can. In this respect Indian democracy can be said to be more functional than the more publicized democracies of the western world. But this is not to say that real-politic does not exist in India, or that political campaigns and policy-making are fair and just. In independent India, there were numerous instances of misuse and abuse of power. Even the once-revered Congress Party (which was once led by the great Mahatma Gandhi) has now reduced to yet another power broker, having lost its aura and initial sanctity. (Cohen, 2000, p.32) The latest sign of its deviation from founding principles is its close alliance with the United States of America, whose imperialist agenda is well documented and blatantly expressed. And recent Indian governments have projected America-led neoliberal capitalist ideology as something benign and progressive in garnering electoral consensus. â€Å"Numerous American offi cials already used the term "irreversible" to describe the course of Indo-U.S. relations. No U.S. president visited India  between January 1978 and March 2000, when President Clinton made a historic trip to the Subcontinent. Cabinet-level exchanges have since become routine, and President Bush's planned visit in early spring 2006 will reflect an agenda that has come to encompass shared global interests and concerns ranging from Iran and China to nuclear cooperation and biotechnology. Some have begun to see Bush's visit to India  as similar, in both intent and consequence, to that of Richard Nixon to China in 1972--which transformed Sino-U.S. relations and the global balance of power  for the next three decades. (Khanna & Mohan, 2006, p.43) The Congress Party, which has a history going back 115 years, is not only the oldest but also the most successful political organization in the country. In the six decades of post-Independent democracy, the party has nearly monopolized power through consistent electoral victories. But the Congress Party of today (run under the leadership of Sonia Gandhi, the widow of Rajiv Gandhi) doesn’t follow the same ideology as that under Jawaharlal Nehru. Nehru, having studied law at Harrods and much inspired by Bertrand Russell and other progressive thinkers of the time, belonged to a different era and espoused a different set of political values. Since his time, the condition of the party has undergone steady decline and it has now become power-hungry and devoid of content and ideals. In its early days, the party stood for such noble principles as secularism, egalitarianism and moderation. But today, this ethos is completely lacking. (Charlton, 1997, p.265) A reflection of the Congress Party’s lost stature is its electoral performance in the last two decades. Ever since the assassination of Rajiv Gandhi (the grandson of Jawaharlal Nehru) in 1991, the party could not manage to win a majority of parliamentary seats. As a result, it is dependent on coalition partners in holding onto power. In the 2004 general elections, for example, the Leftist parties such as Communist Party of India (CPI) and Communist Party of India (Marxist) gave outside support to the Congress-led coalition government. Interestingly, it was the pressure exerted by Leftist parties that led to constructive social measures and policies during this tenure. The NREGA

Corporate Financial Analysis Of Pfizer Finance Essay

Corporate Financial Analysis Of Pfizer Finance Essay Pfizer, is the worlds largest research-based pharmaceutical company, founded in 1849. The company is headquartered in Midtown Manhattan, New York, with its research headquarters in Groton, Connecticut. Ian Read is the president and CEO of Pfizer. And other important officers are these following people. (Table 1) The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition. The Companys diversified global healthcare portfolio includes human and animal biologic, small molecule medicines and vaccines, as well as nutritional and consumer healthcare products. Pfizer produces many house hold famous medicine like Lipitor, Viagra and Celebrex. Pfizer has 103,700 employees and in No. 81 of Carbon Disclosure Rating. And here are some important data. (Table 2)In the highly competitive pharmaceutical industry, Pfizer has these main competitors: Ankur Drugs and Pharma Ltd. and Bayer. 1.2 Analyst Coverage 1.2.1 Analyst Opinion This table (1.1) shows the analyst opinion to recommendation trends. We can see strong buy and buy both have a high score while the other three have a very low score. It suggests that investors to buy this stock but do not suggest long-term hold. 1.2. 2 Analyst Estimate Here these two tables show the analyst estimate on Pfizer. They are just a part of the analyst estimate. Earnings history (1.2) shows that the difference between EPS Estimate and EPS actual is very small. So the estimate was quite accurate. 1.2.3 Price Target Summary The recent stock price of PFE is about $22.56. This price is a little lower than the price target in table (1.3). It does not mean it is not good. At least this price is higher than its low target. Pfizers stock is not bad and still have chance to perform better. 1.3 Analysis of Pfizers financial statements 1.3.1 Balance Sheet Analysis In general, the total amount of the assets of Pfizer decreased from 212.949 million (in 2009) to 188.002 million (in 2011). This may because Pfizer wanted to give up unattractive investments and focused on its innovation core. Total liabilities decreased continuously. It indicates Pfizers ability of repayment of debt was not bad. Current liabilities decreased 1.98% from 2010 to 2011 and 23.1% from 2009 to 2010. Changes of total liabilities were similar. On stockholders equity, its total number also decreased as the result of its decrease of total assets. Due to the decrease in total assets, the stockholders equity decreased 6.4% from 2011 to 2010 and 2.4% from 2010 to 2009. (Graph 1) We can calculate Debt-Equity Ratio, Current Ratio, and Quick Ratio in 3 years. (Table 3) As we can see from the table 1, Pfizers financial situation in 2011 was not bad. 1.3.2 Income Statement Analysis In 2011, total revenue was 67.425 million, a 0.54% increase over 2010 and a 36.85% increase over 2009. Operating income in 2011 was 12.762 million and net income was 10.009 million, both of them increased. Gross profit was not very obvious but we can find a sharp increase from 2009 to 2010. (Graph 2) In 2011, ratio of gross profit and total revenue was 77.63%. Operating expenses of total revenue proportion in three years were around 60%. It shows Pfizers ability of controlling in operating expenses was better in 2010 and 2009. (Table 4) Graph 3 shows that changes in gross margin, operating margin, net profit margin, ROA and ROE. The companys operating conditions were very stable. (Graph 3) 1.3.3 Cash Flow Analysis Here is a table shows that three years cash flows of three kinds of activities. (Table 3) In 2009, cash flows from operating activities were 16.587 million and in 2010. If investing activities cant bring enough money to make up cash outflows, cash flows from investing activities would be negative. In 2011, Pfizers cash flows from investing activities were 2.2 million. Pfizers investments were effective and they created a positive cash flow and can create profit. (Table 4) Generally speaking, the larger the cash flows from financing activities the more pressure of debt the company will be faced with. We can see in 2010 and 2011, Pfizers was under huge pressure. All in all, Pfizer has a good financial situation. 1.4 Summary of Pfizers Challenges 2011 was generally a good year for Pfizer, Inc. Revenues increased 1%, Net income also had significant gains. However, the company still faces diverse challenges from many aspects, which can have a long term impact on Pfizers performance. U.S. Healthcare Legislation Enacted Since 2010 It brought two negative influences: 1. A $648 million reduction to Revenues, related to higher, extended and expanded rebate provisions and the Medicare coverage gap discount provision. 2. An extra $248 million expense in informational, sales and administrative, related to the fee payable charged by the federal government. Loss of Expiration of Intellectual Property Rights It can be an adverse factor and decline total revenues. When the patent protection has expired, Pfizer loses exclusivity on these products and generic pharmaceutical manufacturers can produce similar products and sell them for a lower price. Problems in Productivity and Regulatory Environment Pfizer devoted significant resources to research and development; these activities involve a high risk and may take many years to transfer research achievements into products. Besides, there is no assurance that the development of any particular product will achieve desired clinical success, be approved by regulators and commercially. If Pfizer failed, sunk costs lost, which can be a huge loss. 1.4.4 Pfizer is Under Pressures of Pricing and Access Governments, healthcare organizations and other payer groups implement price controls and require price cuts in order to pay less in purchasing Pfizers products. There were government regulated price reductions for certain products beginning in 2011. Whats more, health insurance and social welfare plans continue to limit access to some of Pfizers medicines by setting restrictions in the increased use of generics. 1.4.5 Challenges from Poor Macroeconomic Environment We believe that with high unemployment rate and increases in co-pays, patients tend to buy generics, delay treatments, skip doses or use less effective treatments to reduce costs. During 2011, portions of the revenues are exposed to fluctuations in foreign exchange rate. Pfizer need to seek appropriate management in foreign exchange rate risk as it operates in multiple foreign currencies 2. Stock Price Analysis 2.1 Track Pfizers Stock Price in the Last 3 Years 2.1.1 2009(Graph 4) We can find that the stock price continued going down from Jan. to Mar. However, it went up until the end of the year. Stock price in Mar is the lowest all the year and the stock price at the beginning of the year and the end of the year are almost the highest. The highest is nearly $19, and the lowest is less than $12. 2.1.2 2010(Graph 5) The chart show us that the stock price in 2010. Generally speaking, the stock price went down from Jan to Jul. We can see the stock price in Jul is the lowest number throughout the year, and it was 14.14 dollars per unit. After Jul, the stock price gradually rose. But between Aug and Sep, the stock price experienced a decline within a narrow range. This circumstance also happened between Nov and Dec. The highest price occurred in Jan, and it was 20.00 dollars per unit. 2.1.3 2011(Graph 6) It seems that the chart of 2011 was a little complex. From Jan to Jun the general momentum of the stock price was up though a few small declines. From Jun to Aug, the number experienced a decline by a large margin after Aug, the statistics generally rose up though some declines. The highest price was 21.83 dollar per unit in Dec, and the lowest price was in Aug, and the number was 16.66 dollar per unit. 2.2 Calculate Stock Price of the Company To calculate the stock price of the company, I will use the formula EPSÃÆ'-P/E=P. EPS=NI/ SO. I will calculate the stock price of the company in 2012. (Graph 7) 1. Highest and lowest PE Ratio in 2009 are 14.79 and 11.45, so the average ratio is 13.12. 2. The 2 ratios in 2010 are 23.52 and 13.58, so the average is 18.55. 3. The 2 ratios in 2011 are 19.34 and 12.28, so the average ratio is 15.81. (Graph 8) The EPS in 2009, 2010 and 2011 are 1.235, 1.205, 1.255. According to P=EPSÃÆ'-P/E, stock price in 2009, 2010, 2011 are 16.20 ¼Ã…’22.35 ¼Ã…’19.84. 2.3 Assessment of the Current Stock Price According to the Income statement, PFE has earnings per share of 1.27, the average P/E is $17.81, estimate a value of PFE using P/E as a valuation multiple. Thus, P=$1.27*17.80=$22.6060B It assumes that PFE will have similar future risk. Assuming NVS is comparable to PFE in term of its underlying business NVS has earnings per share of $3.55, the average P/E is $15.39, under the same assumption, P=$3.55*15.39=$54.6345B. Compare to the two major competitors, PFE share price is relatively low. According to Income Statement, PFE has EBITDA of $27.56B and has an enterprise value to EBITDA multiple of $6.71, shares outstanding of 7.54B and debt of $38.96B Enterprise value would be V=$27.56B*6.71=$184.9276, estimate PFEs share price: P=(184.9276-38.96)/7.54=$19.2361. As this estimation is based on enterprise value, it is more reliable than the first one. It is overvalued obviously when its stock price being $22.66 per share. Similarly, NVS has EBITDA of $17.05, enterprise value to EBITDA multiple of 8.81, shares outstanding of $2.42 and debt of $24.59. NVS share price would be: P=(17.05*8.81-24.59)/2.42=$51.9093 As Comparables only provide information regarding the value of a firm relative to other firms in the comparison set, using multiples will not help us determine if an entire industry is overvalued. According to the research, PFE share price is much less than NVS, I would suggest that PFE is relatively less deserving investment. According to the Balance Sheet, dividend paid is $6.234. , it is easy to get the dividend paid annually: Div=$6.234/7.54=$0.8268 The share price is $22.66, suppose investors hope the constant dividend growth model would based on a 4% growth rate, we would estimate a stock price of P=0.8268/(0.4811-0.04)=$1.8744 We can calculate the growth rate: g=r-Div/P=0.4811-o.8268/22.66=1.16%. Investors would feel disappointed if invest in PFE as the growth rate is relative lower than he/her expectations. 2.4 Value of Pfizers Stock Price Compared with Competitors From statistics online, we can know that the 52week range of Pfizer is 16.63-23.3, Roches is 115.1-169.2, and Eli Lilys is 33.75-42.03. Obviously, the stock price of Roche changes the most, the changed absolute amount of 54.1. A risk lover may prefer this kind of stock because it can change by a larger scale, and if we can seek this opportunity well, huge profits can be achieved. Compared with Roche, Pfizer stock has a large advantage. The change scope of Pfizer stock is not big, which indicates that it is relatively stable, and a risk-averse may prefer this kind stock. The perceived benefit of any gain is outweighed by the perceived cost of an equivalent loss. Most people are risk-averse, so Pfizer stock has an excellent competitive advantage and suitable to hold for a long time. Besides, to compare the value of the stock price, analyzing the P/E ratio is the most traditional method. Pfizer earned $1.24 per share last year and the stock is trading at 22.38, so the stock has a P/E ratio of approximately 18.05-to-1.Similarly, the P/E ratio of Roche is 15.04, the P/E ratio of Eli Lily and Company is 10.7. Generally, the lower the P/E ratio, the better value the stock represents. Thus, in this case Pfizer is less competitive than his competitor, Roche and Eli Lily and Company. 2.5 Beta of Pfizer and Comparison with Its Competitors The beta of Pfizer is 0.64, the beta of Roche is 0.66, and the beta of Eli Lily and Company is 0.37. Beta is a risk index, can be used to measure fluctuation of one stock price relative to the whole stock market. The bigger the absolute amount, the larger the change of profit .The stock of Pfizer and its competitors, Roche and Eli Lily and Company, all can be regarded as low risk stocks. 3. Summary 3.1 Major Developments of Pfizer during 1Q of 2012 During the 1st quarter of 2012, Pfizers revenues were $15.4 billion, a decline of 7% compared with $16.5 billion in the year-ago quarter and the unfavorable impact of foreign exchange of $57 million, or less than 1%. Established products unit revenues increased 17% in comparison with prior year period, obviously driven by recent launches of generic versions of some products. Revenues of Lipitor were $383 million, which made a great contribution to the company. In addition, revenues were positively influenced by the entry of multi-source generic competition in the U.S. Emerging markets unit revenues grew 9% due to continued demand growth in China, Russia and Mexico. In animal health unit, revenues increased 6%, primarily due to the purchase of King Pharmaceuticals. Nutrition unit revenues gained 8%, created by making benefits from the launch of successful new products, increased marketing activities and overall strength in emerging markets, especially China. Pfizers first-quarter 2012 financial performance is pleased; however, it still faces fierce competition from other companies. Pfizer need to focus its problems in exclusivity and financial management. 3.2 Summary of All We Have Learnt About Pfizer Pfizer is better than others. It could be name recognition, innovation, market share or any other attributes that makes a company stand out from the herd. From what has been discussed, we may draw the conclusion that there are three ideas to contribute the success of Pfizer. Innovation creates success and being innovative in your business is one of the keys to being successful. Innovation is the introduction of new processes, new ways of doing things and revolutionizing how things have been accomplished previously. The most surprising thing is Pfizer cannot research an influential drug independently in the past 10 years of 20 century. Although it invested huge amount of money in R D, it seems more like a marketing company. Throughout Pfizers development in recent years, its success can be summed up that use the advantage of large-scale and well-capitalized to strengthen the ability in value chain in marketing. Through buying mature technology, products and combination new companies, building alliance with competitors to consolidate its market share. Giving full play to the enthusiasm of its medical representatives, integrating the advantages of its marketing network, and enhancing core competitiveness, thus achieve a leading position in the industry. In conclusion, Pfizer is a rare example of successful combination of R D and marketing strategies in international pharmaceutical companies. 3.3 Should We Buy Pfizers Stock or Not Pfizer has a good ability in finance, improved control in operation. For big investors, I would recommend Pfizer, which requires low risk, stable growing dividends, and long term return. Despite Pfizer stock price is relative lower than its competitors, big investors can gain large amount of cash by purchasing large amount of shares. However, I will not recommend Pfizer to retail investors. It would not be wise to invest in a company which may take years to transfer research investments into product profits. Higher return indicates higher risk; it would be too risky for retail investors to take the gamble. Quick money never stays too long. Appendices Table 1: Table 2: Table 3: 2011 2010 2009 Debt-Equity Ratio 0.563 0.550 0.577 Current Ratio 2.057 2.131 1.657 Quick Ratio 1.780 1.842 1.323 Table 4: 2011 2010 2009 Operating activities 20,240,000 11,454,000 16,587,000 Investing activities 2,200,000 (492,000) (31,272,000) Financing activities (20,607,000) (11,174,000) 14,481,000 Graph 1: Graph 2: Graph 3: Graph 4: Graph 5: Graph 6: Graph 7: Graph 8: Tables: (1.1) (1.2) (1.3)

Marvells to His Coy Mistress: The Essence Of Time :: essays research papers

Marvell's "To His Coy Mistress": The Essence of Time The male species has a very creative mind. The creative mind becomes particularly active when the case involves the female species. In Andrew Marvell's "To His Coy Mistress," the author shows how his creative mind is put to use. Marvell, uses time in an attempt to manipulate his coy mistress. Time is depicted in three different manners. First, Marvell uses "ideal time." In ideal time, he tells how many years he would spend loving her if they were given the opportunity. He explains to his mistress that if time allowed, he would spend hundreds of years just to admire her physical being. Next, he implicates "real time," to persuade her to become accessible to him. In real time, Marvell gives examples of her aging and how she will go to the grave with her pride if she doesn't give in. Finally, the use of "optimum time" plays on her emotions of how sweet the opportunity to make love to her would be. Marvell tells his mistress that the act would be almost animalistic and intense. Throughout the poem, he uses the phases of time in an attempt to frighten her into having sex with him. All three stanza's in the poem represent a different time frame. The first gives his mistress a feeling of unconditional love. He leads her to believe he would give all he has to her as long as time will permit. During the second stanza, Marvell plays on her fear of getting old. He warns her that her beauty isn't everlasting and that she will end up unhappy alone if she doesn't give in. Marvell's use of optimum time, the best time, show's his emotions. He appears to become aggravated. This seems to be his ace in the hole. In my opinion, he uses what he believes to be the dearest thing to her,

Review of Peter the Panderer

In this fictitious political speech I identified arguments and non-arguments, facts and non-facts, statements that are subjective and statements that are relativist. The fifth paragraph shows an argument. There are a series of statements that support the final claim that â€Å"†¦our community endured the same hard times. † The supporting statements start with Peter’s father being laid off at the Steel Mill, then their family not having enough money for school, and finally the football season being canceled due to low funding.In the fourth paragraph I found the non-argument. The writer of the article, Peter, says that Jon wants you to â€Å"fear losing your job†, â€Å"experience hard times† and that he â€Å"wants to destroy America. † Peter does not explain how Jon is going to get us to be afraid, make us experience hard times, or how he is going to destroy America. There are no explanations that support the writer’s claims and thus tha t makes this paragraph a non-argument. A factual issue can be answered by an objective test. A non-factual issue cannot be proven by experiment.I found the following statements to be fact; paragraph two, â€Å"Wall Street journal recently reported that unemployment has risen 4 percent†¦Ã¢â‚¬  Also in paragraph two, â€Å"In 2009, he signed an executive order†¦Ã¢â‚¬  In paragraph three, a factory worker was laid off in Michigan. In paragraph four, â€Å"The average American family now earns 5,000 dollars less per year†¦Ã¢â‚¬  In paragraph five, â€Å"Our high school football season was cancelled due to lack of funding. † I believe all of these statements can be proven to be true or false and so then are considered to be fact.The next set of statements I found to be non-facts; in paragraph one, â€Å"We are at a turning point in our history†¦Ã¢â‚¬  In paragraph two, â€Å"†¦America is the greatest country on Earth†¦Ã¢â‚¬  And in paragraph five, â€Å"All of us felt that outsourcing was unethical†¦Ã¢â‚¬  All of these statements are a matter of the writer’s values, opinions and beliefs; they cannot be proven and therefore are considered non-facts. A subjective statement is found in the first paragraph, â€Å"My economic plan will create jobs and put money in your pocket. † This statement plays off of people’s feelings.Who wouldn’t want more jobs or more money? However, this information cannot be counted or measured. Peter uses this as a positive statement which he hopes would make people feel good and thus hopefully vote for him. A relativist statement is found in the fifth paragraph, â€Å"All of us felt that outsourcing was unethical because without work in the local factory, none of us would be able to eat. † Peter was making this statement based on his cultured experiences. From his viewpoint he perceived that this situation was unethical.

Eating Apples at Night: a Korean Superstition

Eating Apples at Night: a Korean Superstition â€Å"An apple a day keeps the doctor away. † This adage is taught to most western children as a way of verbalizing that apples are very healthy to eat. In theory, if we eat an apple every day, we will be so healthy that we won’t need a doctor. Although this is an exaggeration of the health benefits of apples, we can all agree that this is one healthy fruit. Koreans also have the same belief, but there is one exception. It’s believed in Korea that eating an apple at night is actually unhealthy.Eating apples at night would be difficult for one’s stomach to digest, leading to indigestion. This would lead to a sick feeling and make it difficult to get a good night’s sleep. The origins of this theory are unknown, but this belief seems to be well known in Korea. Most people don’t eat apples at night anyway, but Koreans will admit to hearing about this from an elder at some point in their life. A few of those will actually believe it and refrain from eating â€Å"sah gwah† (apples) at night.The fact that apples are very healthy is no mystery, but does that change when eating them at night? Eating food before going to sleep is generally a bad idea because foods that are spicy, heavy or fatty will make it difficult to sleep soundly. Apples, however, have none of those properties and are actually filled with vitamins, minerals and antioxidants that are beneficial for sleeping. For example, apples contain vitamins C, B6 potassium. They help to decrease blood pressure, improve breathing and lower blood sugar.They also help the body to secrete serotonin causing the nerves to relax easier. All of that provides for a good night’s rest. There are also polyphenols (antioxidants) which are found mainly in the skins of apples. They assist the body in breaking down carbohydrates and regulating blood sugar, providing a steady level of energy (so you don’t stay up due to an energy spike). That causes body fat to burn steadily, all while you are sleeping. Most of an apple is really just water, but there is enough fiber to help you feel full as you sleep.This fiber also is good for digestion and aids in cleansing the colon. The fiber is easily digested and soluble in the intestines. If anything is unhealthy, it could be the fact that apples contain (natural) sugar and account for about 10% of the body’s carbohydrate needs. However, combined with all the other healthy properties, the good far outweighs the bad. If all these facts are to be believed, then an apple at night is actually very healthy and helpful to eat, as opposed to the Korean thought that it’s unhealthy.Due to the fiber, vitamins, minerals and antioxidants which help the body to feel full, relaxed and keep blood pressure and sugar levels stable, the apple is a great snack to have before going to bed. Try it for yourself and see if you can feel and enjoy it. Let’s make a new slogan for apples: â€Å"An apple at night makes the body feel alright! † By Stephen Redeker Health information provided by Matthew Lee â€Å"Eating Apples Before Bed† at www. livestrong. com

Sector Analysis Background DTL Power Corporation

Sector Analysis Background DTL Power Corporation Overview Structure The geothermal sector is growing tremendously in diverse countries across the world because it is a renewable form of energy. In the energy sector, renewable form of energy contributes about 17% of energy, while non-renewable sources such as fossil fuels and nuclear contributes about 80% and 3% respectively.Advertising We will write a custom research paper sample on Sector Analysis Background: DTL Power Corporation specifically for you for only $16.05 $11/page Learn More As geothermal energy is one of the renewable forms of energy, it contributes barely 1% globally, but it has huge potential. For instance, geothermal energy contributes 30%, 24%, 24%, and 15% of electricity in Iceland, El Salvador, Kenya, Philippines, and Costa Rica respectively. According to the Geothermal Energy Association (2014), the western part of the US has great geothermal potential. It is estimated that the region can supply up to 20 percent of the energy requireme nt in the country. In the United States, the geothermal field in California has the largest geothermal plant in the world called The Geysers, which produces 3,386 megawatts. New Mexico relies heavily on electricity generated from fossil fuels, yet it has geothermal resources in the Jemez Mountains, which has the potential of generating huge amounts of electricity that can serve New Mexico and neighboring states. In this view, the structure of geothermal industry shows that it has immense potential of generating electricity, which requires exploitation. Major Players The major players in the geothermal sector are federal government and energy companies. The federal government regulates exploitation of geothermal resources by ensuring that it benefits all stakeholders and generates renewable form of energy for industrial development.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Through the Department of Energy, the federal government formulates policies and regulations, which guide exploitation of geothermal resources in various states. The federal government also uses Federal Energy Regulatory Commission in regulating interstate transmission of electricity in the United States and protects consumers using Federal Trade Commission. Through Environmental Protection Agency, federal government ensures that exploitation and use of geothermal resources do not pose any harm to the environment. Fundamentally, the federal government is an important player in the energy industry because it dictates exploitation of geothermal resources. Geothermal Energy Association is an integral player in the geothermal sector because it is a trade union of geothermal companies, which advocate for the exploitation of geothermal resources across the world. Moreover, the geothermal companies that belong to this trade union actively exploit geothermal resources in various par ts of the world. According to the Geothermal Energy Association (2015), Chadbourne and Park, Scientific Drilling International, Therma Source, Ethos Energy Group, and Industrial Builders are the companies that form the executive level, while Calpine Corporation, Gradient Resources, Enel Green Power North America, Bershire, Cyrq Energy, and Ormat Technologies are some of the companies that form the board level. The Calpine Corporation controls about 90 percent of the geothermal resources in the US. As these companies advocate for the exploitation of geothermal resources and represent geothermal companies, they deliberate on issues and make important decisions, which influence policies and regulations in the geothermal sector.Advertising We will write a custom research paper sample on Sector Analysis Background: DTL Power Corporation specifically for you for only $16.05 $11/page Learn More Other major players in the United States are Energy Vision Internation al Florida, Kepler Energy, Asheville Geothermal, Evergreen Energy, Earth Source Energy Solutions, and Geopower Texas amongst others. Examination of the players in the geothermal sector indicates that it is a very competitive sector. A Brief historical Perspective Although geothermal resources have existed for thousands of centuries, the technology to exploit them as a renewable energy has been lacking. Archeological evidence indicates that ancient people used hot springs as a source of water for bathing, cleaning, and extracting minerals. In the United States, archeological evidence shows that Paleo-Indians used hot springs in washing, cleaning, extracting minerals, and warming themselves. In recent years, technological developments have allowed large corporations to produce energy from geothermal sources in a cost-effective manner. In the United States, the first geothermal plant called The Geysers was established in 1960 in the Californian geothermal field. According to the Geothe rmal Energy Association (2014), huge investments by the Calpine Corporation have seen the number of geothermal units grow to the current 18. Given that 80% of electricity emanates from fossil fuels, it contributes to global warming. The need to mitigate global warming has promoted exploitation of geothermal resources because they are renewable sources, which do contribute significantly to global warming. Globally, governments in conjunction with Geothermal Energy Association and other bodies are advocating for the exploitation geothermal resources. Currently, geothermal resources only produce 1% of electricity yet they have the potential of producing over 30% as in the case of the geothermal sector in Iceland.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Nature of Competition The nature of competition that exists in the geothermal sector in New Mexico and the United States is highly competitive. Since geothermal companies operate in a free market economy, they operate in a highly competitive environment, which requires enormous resources, compliance with prevailing legislations, acquisition of experts, and application of novel technology. The costs involved in starting geothermal company are prohibitive in that mega companies can only afford (The Geothermal Energy Association, 2014). National and international companies compete for the scarce geothermal resources in various parts of the world, including New Mexico. The ability to exploit the available geothermal resources is mainly dependent on the capacity of a company to mobilize required startup capital. In this view, DTL Power Corporation should be ready to invest a competitive amount of capital in the establishment and development of geothermal plant in New Mexico. Additionally , geothermal sector is highly competitive because it has a number of legislations that geothermal companies must comply with before receiving permission to explore and exploit geothermal resources. The federal government requires geothermal companies to comply with regulations of the Department of Energy, Federal Energy Regulatory Commission, Environmental Protection Agency, and the Federal Trade Union. Moreover, the trade union of geothermal companies, Geothermal Energy Association, has legislations that regulate their operations in the geothermal sector (Geothermal Energy Association, 2015). To survive in a highly competitive geothermal sector, DTL Power Corporation also needs to seek expertise and employ the latest technology, which matches or surpasses that of leading players such as Calpine Corporation. Recent News Story The recent news story shows that geothermal industry is growing gradually owing to the promotion of renewable sources of energy by various governments globally . Galbraith (2014) states that the electricity generated globally from geothermal resources increases by 5% annually, with the United States being the leading producer of electricity from geothermal energy. The use of oil and gas technology of drilling has enhanced exploration and exploitation of geothermal resources in different parts of the world, including the United States. Given that establishment of geothermal plants is expensive, it has prohibited many countries and companies from exploring and exploiting geothermal resources. Geothermal engineers explain that it takes about 50-60% of the project’s cost to drill wells and the probability of locating sustainable hot springs is 70-90% (Galbraith, 2014). The explanation implies that exploration of geothermal resources is very expensive, and thus, requires expertise to increase the probability of locating sustainable hot spring and reduce the expenses. Sector’s Societal Importance The geothermal sector has immense b enefits to the society because it generates a renewable form of energy, creates employment opportunities, reduces emissions of greenhouse gases, and generates revenue to governments. Since the current society relies on non-renewable form of energy obtained from fossil fuels, the geothermal sector is very important because it offers renewable source of energy that is sustainable. The renewability and sustainability of geothermal energy emanate from the fact that the geothermal heat is inexhaustible. Essentially, electricity generated from geothermal resources is very reliable because it is not subject to seasons and intermittent environmental conditions, unlike solar energy and wind energy. The geothermal sector is also beneficial to society because it creates immense opportunities for employment. Kunkel, Ghomshei, and Ellis (2012) state that geothermal plants create job opportunities for engineers, mechanics, geologists, architects, operators, hydrologists, technicians, researchers, government regulators, and lawyers amongst other related specialists. In this view, communities that live in areas where geothermal plants exist benefit from the available job opportunities. The release of harmful emissions such as greenhouse gases limits exploitation and use of fossil fuels. The exploitation of geothermal resources is advantageous because they emit minimal amount of greenhouse gases into the environment, and thus, does not contribute significantly to global warming. Fundamentally, the beneficial effect of geothermal resources to the society is that it reduces emissions of greenhouse gases, and thus, aid in alleviating the impact of global warming. Kunkel, Ghomshei, and Ellis (2012) argue that the technology of closed-loop circulation is important in geothermal sector because it prevents the release of greenhouse gases into the atmosphere. Overall, the society benefits owing to the reduced emission of greenhouse gases and poisonous gases, which are harmful to human ity and the environment. Geothermal sector also generates revenue for state and federal governments since they collect taxes and royalties from the geothermal companies. References Geothermal Energy Association. (2014). 2014 Annual US and Global Geothermal  Power Production Report. Web. Geothermal Energy Association. (2015). Major Companies. Web. Galbraith, K. (2014, July 23). Geothermal Industry Grows, With Help from Oil and Gas. Drilling. New York Times. Web. Kunkel, T., Ghomshei, M., Ellis, R. (2012). Geothermal energy as an indigenous  alternative energy source in British Columbia. Journal of Ecosystems and Management, 13(2), 1-16.

A Trip Down Memory Lane Research Paper Example

A Trip Down Memory Lane Research Paper Example A Trip Down Memory Lane Paper A Trip Down Memory Lane Paper The stars have been shining brightly under the dark blanket of the sky. Thin little gray clouds hover around casting light shadows on the face of the moon. A few chirping notes from the sound of crickets outside completes the serenity of the night. I have long been fond of watching these diamond-like trinkets sparkling from high above that simply watching them every night gives me this feeling like that of a child given sweet treats. But It seems Like after tonight, It would take long for me to be able to do this again. The ticking of the clock brought me back to packing my stuffs for I am to leave early tomorrow morning bound to a foggy place uphill for my studies. I was busy rummaging at my now half empty room when I stumbled into something ?a purple box I had used to compile different things I have gathered and collected for the past years for sentimental reasons. I picked it up and opened it as I sat on my bed. And Like the usual, memories flooded my system as If everything Just happened yesterday. From that little girl wearing high socks with big laces a decade ago up to that omen who I am now, I can say that I had my fair share of lifes bitter-sweet experiences. And ironically, as I think about it, whether we admit it or not, we could never regret anything life had to offer. Because each of them, whether big or small, memorable or not, success or failures, all of them honed the person we are today. While learning from them as personal examples of our what Ifs, we are able to measure our strengths and weaknesses. And In some Instances we discover hidden parts of ourselves waiting to be revealed for the world to see. L cant do this. How would you know if you wont even try? l am afraid. What are you afraid of? How long would you let that fear hinder you from growing and learning new stuffs? Come on! Come out of your shell. My thoughts have been storming -the typical scenario happening Inside the mind of an Introvert. I always have this tendency to fast forward things, thinking of all the possible outcomes before even making the first step towards them. Maybe this is because I am afraid to come out of my comfort zone. I want things to go my way and afraid to eave things the other way around. Yes, I have this perfectionist and control-freak nature until things happened which triggered the start of a change. I remember quoting Robert Measles on one of his books that In life, some rain must fall though sometimes It may feel more Like a deluge. It was not raining that day. But for me, it was as if a big dark cloud suddenly came and everything around me started to melt as that dragging aura poured down on me soaking me wet. That after taste of regret adding woods to the fire giving me the instantaneously need to e invisible, to runaway even Just for a while from the haunting of my spontaneous act, to get lost and save myself from a breakdown of emotions. But In ten end, no matter now much I try to Take It, my tears would Detract me revealing the weakling behind that poker face. As they say, I may be able to fool others but I definitely cannot fool myself. I lost in a battle and I cant blame anyone but myself. But the hardest part of losing is the knowledge that so much has been expected from you. This guilt trip has struck me the most. So yes, on that day, I Just et my eyes swell as I was being drenched with the rain. Then after finally growing tired of blaming and crying, it is when everything started to sink in. It was after all a good reminder to keep my feet on the ground and a light to see my burning desire to strive for more. Given that there are still so many who believe and continue to support me amidst a number of times I had fallen on my knees and had broken their expectations. Sometimes, it is okay to fall and commit mistakes because those two are also part of growing.

Anaylsis of a Sermon Sinners in the Hands of an Angry God by Jonathan Edwards

Jonathan Edwards told congregation of Enfield, Connecticut in 1741, who wanted to turn people who thought they were too much to Christianity. Edwards creates scores using different metaphorical language strategies to capture the emotional aspects of the audience. By using various styles to scare his audience, Edwards' sermon, powerful words bring good results. Obviously, people rely on God to keep them away from hell. Your evil makes you heavy like a collar, and makes you go to hell with great weight and pressure. In his sermon Sinner in the wrath of God, Jonathan Edwards wrote to his audience and those who read the sermon in the form of a booklet - later they are sinners, sentenced to hell It was convinced that it would be done. As long as they rely on Christ and believe that his grace will be saved. Amazingly, most of the sermons of Edwards are not eternal condemnation, but about the love of God. Nevertheless, this sermon has become an integral part of his religious heritage in the United States. In American early history and literary research, college students often encounter sinners in angry god 's hands. This is usually a quick work between Salem Magic Trial and American Revolution. The sermon of Calvinist theology is drawn with an angry god hanging people in the holes of hell, so you can feel the strangeness of modern American emotions. This article reexamined the sermon of Jonathan Edwards' sinners in the hands of angry gods. There are two main goals. First, studying this sermon should give a clearer understanding of the nature of the god of Edward. That preaching states that God is angry, and that his anger is specifically directed to sinners, but you can not ignore the sacred attributes of another wonderful class that Edwards emphasizes. His grace, compassion, compassion, patience, and love. Edwards believes that this is because of the grace of God that calls pure happiness, and the sinner has not been destroyed yet, but appeals to respond to the audie nce, not the god who prefers to destroy sinners. God's grace for faith and repentance. The God of Edwards is an angry god who exactly hates sin and sinners

Gross National Income of different countries Statistics Project

Gross National Income of different countries - Statistics Project Example Data was collected by the World Bank Organisation about the Gross National Income, expressed in purchasing power parity dollars to adjust for price level differences across countries. The data is not adjusted for inflation. There are values for each year from 2001 -2009 for each country. The numbers are measured in millions of dollars. Analysis is conducted taking the 2008 values only. The data has been acquired from the World Bank Organisation. The analysis is conducted on the data for the year 2008. The data is a sample of Gross National Income of selected 173 countries. The methods employed are analysis of summary statistics, analysis of frequency table and histogram and the analysis of line graph of Gross National Income. Results In accordance with the descriptive statistics demonstrated in Table 1, the following relation can be ascertained: Mean > Median > Mode = 12668 > 7270 > 4860 . This relationship shows that the data is positively skewed. This in turn means that the number of countries with low Gross National Income is higher as compared to those higher Gross National Income. Mean is a measure of the central tendency that is outlier biased. The statistical Median represents centre value of the data. Mode actually represents the majority values in the data. In this case the Median seems more appropriate to be focused as the central tendency as Mean seems to deliver an impression that the GNI of all countries is good whereas the Mode value paints an opposite picture. The Line Graph of Gross National Income asserts the selection of Median as a central tendency as the majority of spikes are almost at same level i.e. around 40,000. The exceptions are quiet evident in the above mentioned graph due to which the Mean cannot be selected as the central tendency. The value of Standard deviation is also high due to these exceptions. The Histogram (Figure 1) of the frequency table (Table 2) shows an asymptotic decay in the frequencies. As a result of which it can be claimed that the data is following Exponential Distribution. Conclusion It is concluded that as the rat e of Gross National Income is proceeding towards higher degree, the number of countries on the scale is diminishing. The frequency table (Table 2) highlights the lower Gross National Income recorded for the majority of countries. Part 2 Correlation and Regression: Data was

Business research report Paper Example | Topics and Well Written Essays - 3500 words

Business report - Research Paper Example What are the responsibilities of the corporate companies with reference to glass ceiling? Based on the literature review and discussions, the paper outlines the recommendations to create a level playing field for the women employees to succeed in their carrier and attain top positions of leadership. The recommendations outlined covers introduction of reforms in the performance scales to avoid discrimination on the basis of gender, introduction of quota system by the government by allocating proportional representation for women in recruitment and promotions to higher positions and introduction of legal reforms by the government for property rights to women in succession. These basic reforms at the company and government level will increase the presence of women in top positions in various organizations, institutions and the government departments. The other barriers enumerated will be shattered down over the period of time, once the fundamental reform process covering these issues ar e carried out. Introduction Purpose of the report The issue of glass ceiling in the context of the developments in technology, telecommunication and media assumes greater significance on account equality of opportunities to the women in the society. Several companies have declared this issue as an objective in their CSR (Corporate Social Responsibility) programs. The purpose of the report is to analyze and present the various issues involved in practice and the ways to rectify the position for a better working atmosphere by ensuring equality in opportunity for all in the society for a sustainable development. Scope The scope of the paper is to cover the concept of glass ceiling, the factors leading to this phenomenon in the companies, institutions and government and the responsibilities on the part of the corporate companies or other institutions in fixing up the issue. And as such, the issues extraneous to this objective are covered only to the extent they are relevant to the topic of the discussion. Sources and Methods This report relies mainly on secondary sources for analysis and discussion. The data with reference to glass ceiling are analyzed in the background of the information gathered from the secondary sources which forms the basis for the recommendations. Limitations The psychological factors involved in the study may vary from person to person within the society among males and females. Therefore, perception with regard to the issues could be mostly subjective in nature conditioned by their cultural background, level of education and the individuals’ experience. Therefore, the study can only give broad outlines in its findings and giving specific solution or recommendation to the issue would be difficult. Glass ceiling The discrimination by sex was outlawed in the Civil Rights Act, 1964. The barriers to the advancement of women in employment especially for the leadership positions still exists in various forms though there has been considera ble progress achieved in the lower and middle levels in business organizations and the government departments as per the statistics. Stock, K (2011) states that

Business Management Systems Essay Example | Topics and Well Written Essays - 2000 words

Business Management Systems - Essay Example Job functions will vary from research to production, from marketing to finance and personnel management. As there will be a lot of cross functional activities, unambiguous communication is very much needed in between these division and functional roles. Conflicts are very much probable in a scenario of cross functional activities. Disagreement can happen in a situation where the functional goals would overlap each other. Performance and productivity can go on toss in a disapproving situation. There can be many reasons for conflicts but opaque communication is the foremost one. For an example in a cross functional scenario employees may have to report o two bosses; one from the product department and other from the functional department. Power struggle, resource scarcity and ambiguity regarding the authority can very well be the reasons of an undesirable situation. In such a scenario communication is of utmost importance. Clear communication and discussion can remove the disagreements and misunderstandings between employees or departments. In any business customers are of utmost magnitude. Communication is very much needed for effective servicing and enhanced product line up. Information system can take different way of communication. A designing and manufacturing house must have the knowledge of the market and customer demands. Many organizations can have their own market research team; some outsource this activity to others. Whatever be the scenario, depending upon the market research report the designing division prepares an outline of the product, i.e. the car. The designing division tries to make the design as per the market demand; but for this they are mostly dependent on their research and development team. A new innovation takes place in that division. For a new product after the designing is done, it passes on the specification to

How lawyers reason, within field of litigation and how lawyers form Essay

How lawyers reason, within field of litigation and how lawyers form legal argument within field of litigation - Essay Example These supporting tools are of great help in terms of their importance in making the minds of judiciary to decide. II. How lawyers reason, within field of litigation   A. Litigation   The legal professions in England and Wales are divided into two segments a) Barrister and b) Solicitor. Bar Standards Board is the regulatory authority of Barrister. A Barrister must be a member of one of the Inns of Court. These are a) The Honourable Society of Gray's Inn b) The Honourable Society of Lincoln's Inn c) The Honourable Society of the Middle Temple and d) The Honourable Society of the Inner Temple. Mentioned courts are located in Central London, which is very near to the Royal Courts of Justice1. In England, public representatives may have the services of a barrister directly. They are there to provide legal advice and assistance in almost all spheres of laws. Barristers are entitled to represent on behalf of their clients in any court of law in England and Wales provided he or she recei ved instructions from his client to plead the case. Before taking up the case of any client, Barrister has to complete a course, which is known as special course2. The Public Access Scheme was introduced in the United Kingdom to liberalize it for public and at a cheaper fee. It further bridges the gap between solicitors and barristers. The role of Barrister and Solicitor is clearly defined in rules of business for the ease of public.    B. Precedent   Legal rulings are known as legal precedents, come from the cases of law. Rulings of the competent court of law are binding until and unless void by the superior courts. We may categorise the precedents into three categorise a) Original b) Binding and c) Persuasive. It can be used in place of statutory law in civil cases, which is familiar as common law. Judges pursue the know principles of superior courts3. Original Precedent Original Precedents are those which have never gone through the legal process ever before. Take the example of London bombing case, which was never heard by the UK Judge as this sort of incident has not been witnessed earlier. Hence, ruling in the mentioned case, is considered as Original Precedent4.    Binding Precedent If a ruling of a competent jurisdiction is the same as it was held in some similar case, this can be treated as binding precedent. For example if a person commits murder and the judge keeping in mind the circumstances, not finds the accused guilty and orders to release innocent person, therefore a case of equal standing can have the same ruling. Judges always try the cases on merits of the case5. Persuasive Precedent Persuasive precedents in fact are the decisions of subordinate courts. The decision has the legal validity provided higher court deems it fit and appropriate. There are circumstances where lower courts take the decision and the higher court did not endorse it taking into account the merits of the case6.    Precedents as Common Law Now, the courts of Engl and and Wales use precedents as Common Law. The extraordinary cases usually try in the competent court of law and their decision is binding. Precedent may be used in a similar case being heard. The rulings of circuit court or the high court are binding. However, rulings of the subordinate courts are not binding since they are challengeable in mentioned superior courts7.   Ã‚   It would not be out of place to mention that number of post 9/11and 7/7 Cases heard in UK courts were â€Å"

Entreprenurship ENTREPRENEURSHIP Assignment Question (2000 words) Essay

Entreprenurship ENTREPRENEURSHIP Assignment Question (2000 words) Entrepreneurs are believed to create their opp - Essay Example They further observe that entrepreneurs have certain characteristics that enable them to handle situations where there is incomplete decision or make decisions when confronted by conflicting status. Literature Review They describe such situations that entrepreneurs find themselves as comfortable and that in difficult situations; they still exhibit calm and comfort ability. Secondly, the authors use five words to describe an entrepreneur and they include; self-starters, optimists, perseverant, energetic and action oriented. This attributes reflect the ability of the entrepreneur to see a new opportunity. Moreover, entrepreneurs have the ability to persuade others and form networks that give create situations, which eventually heighten their chances of finding opportunities. These individuals exploit the resources people offer by interacting and engaging with others in addition to being highly innovative and imaginative. They are not afraid to take risks and have the ability to create opportunities where others might consider as hostile environment or situations. In their pursuit of opportunities, entrepreneurs remain open to change and employ their analytical skills to evaluate situations and come up with new ideas that propel their ambitions. It is these attributes that some argue that enable entrepreneurs to engineer situations in a way that increase their chances of finding opportunities. The entrepreneurship process entails identifying, recognizing, evaluating and exploiting opportunities that introduce new goods, services and ways of organization by applying efforts that had hitherto not existed or exploited (Shane and Venkataraman, 2000). Entrepreneurship therefore calls for the existence of exploitable opportunities or situations that entrepreneurs can modify to increase their chances of finding those opportunities, which provide platforms for the use of new means-ends structures to recombine resources to achieve a certain goal. Accordingly, opportunities are an essential part of the entrepreneurial process; indeed, the existence of varied opportunities can offer a viable explanation for the patterns that are observed in the entrepreneurial process. The existence of opportunities coupled with the entrepreneur’s ability to effectively engineer situations in a manner that puts them at an advantage of finding opportunities to exploit largely makes the distinction between a great entrepreneur and others. Entrepreneurial opportunity is defined as a situation that aids the possibility of an individual creating new means-ends structures for exploiting available resources that the said individual believes will be profitable (Shane, 2010). Entrepreneurs identify these favourable set of environments that create opportunities for creation of a new manufactured goods, business or service; besides, they all recognize situations that can heighten their chances of discovering entrepreneurial opportunities. An entrepreneurial opportunity is not just an idea and is believed to have four essential qualities. The opportunity has to be timely, attractive to the cause, long-lasting and augmented in a product, service or business that generates or adds value for its buyer or end user. The prospect must be open for an

Wastes in the hospitality industry Essay Example | Topics and Well Written Essays - 1000 words

Wastes in the hospitality industry - Essay Example Research studies of the WRAP showed that the hospitality industry alone disposed of about 1.5 million tonnes of wastes (See Annex 1) that could have been reduced if these wastes were segregated. The hospitality industry is composed of pubs, restaurants, hotels, and quick service restaurants. WRAP study further showed that 78% of this tonnage of wastes is potential recyclable materials. These are composed of food, (41% or 600,000 tonnes) glass (14% or 213,000 tonnes), paper (13% or 196,000 tonnes ), and card (9% or134,000 tonnes ). Although efforts are made by the hospitality industry to reduce these wastes, there is still a lot of wastes that goes to landfills that otherwise could be recycled. There is money in wastes because there is opportunity in waste prevention. The hospitality industry has a lot of opportunities to reduce the amount of food wasted if the food was better proportioned, properly stored, and or prepared. WRAP estimated that the hospitality industry threw away 400.0 00 tonnes of recyclable amount of food in 2009; and the costs associated to this are estimated to be ?200 million. This goes to food costs, haulage, and landfill. These costs may not only be significant to the hotel industry because of profit concerns but also to consumers who should also get the best value from the hotel’s service. ... Water supply is one of the problems in tourism as it comes across the limitation of natural resources. Related to this, the† Resource Guide In Energy, Water And Waste Management For The Hospitality Industry† points out global concerns about waste disposals, particularly, â€Å"the climate change and global warming, ozone depletion, pollution, landfill impacts, acid rains and demand for resources outstripping supply† Steps taken by hotels to solve this problem As this problem compounds, one of the solutions found by the tourism industry is establishing green hotel. A green hotel, as described by Canadian hotel website are† hotels that are environmentally friendly properties that take the initiative and implement very important practices and programs to reduce energy, water, and waste.  Green Hotels are participating in recycling programs, linen changing programs, installing energy efficient lighting, and getting their message out to their guests and how they are doing their part in protecting the planet.† In reducing energy, several hotels have turned to trimming down energy consumption. For example, as cited in WRAP, Hyatt Regency International Hotel in New Zealand developed a project that linked energy use with room occupancy. It goes this way: â€Å"when the guests leave the room, all energy appliances shut down, with exception of refrigerators and alarm clocks. This project cost $16,000,a payback period of 14 months and a large savings of $14,000 annually.† Lighting is another cost saving device implemented in Tacoma Hotel. The hotel replaced their incandescent lamp fixtures to compact fluorescent light fixtures. The cost saving for the hotel is reported at $15,000. Other energy saving ideas was implemented in hotels. One of these is the solar power

Entreprenurship ENTREPRENEURSHIP Assignment Question (2000 words) Essay

Entreprenurship ENTREPRENEURSHIP Assignment Question (2000 words) Entrepreneurs are believed to create their opp - Essay Example They further observe that entrepreneurs have certain characteristics that enable them to handle situations where there is incomplete decision or make decisions when confronted by conflicting status. Literature Review They describe such situations that entrepreneurs find themselves as comfortable and that in difficult situations; they still exhibit calm and comfort ability. Secondly, the authors use five words to describe an entrepreneur and they include; self-starters, optimists, perseverant, energetic and action oriented. This attributes reflect the ability of the entrepreneur to see a new opportunity. Moreover, entrepreneurs have the ability to persuade others and form networks that give create situations, which eventually heighten their chances of finding opportunities. These individuals exploit the resources people offer by interacting and engaging with others in addition to being highly innovative and imaginative. They are not afraid to take risks and have the ability to create opportunities where others might consider as hostile environment or situations. In their pursuit of opportunities, entrepreneurs remain open to change and employ their analytical skills to evaluate situations and come up with new ideas that propel their ambitions. It is these attributes that some argue that enable entrepreneurs to engineer situations in a way that increase their chances of finding opportunities. The entrepreneurship process entails identifying, recognizing, evaluating and exploiting opportunities that introduce new goods, services and ways of organization by applying efforts that had hitherto not existed or exploited (Shane and Venkataraman, 2000). Entrepreneurship therefore calls for the existence of exploitable opportunities or situations that entrepreneurs can modify to increase their chances of finding those opportunities, which provide platforms for the use of new means-ends structures to recombine resources to achieve a certain goal. Accordingly, opportunities are an essential part of the entrepreneurial process; indeed, the existence of varied opportunities can offer a viable explanation for the patterns that are observed in the entrepreneurial process. The existence of opportunities coupled with the entrepreneur’s ability to effectively engineer situations in a manner that puts them at an advantage of finding opportunities to exploit largely makes the distinction between a great entrepreneur and others. Entrepreneurial opportunity is defined as a situation that aids the possibility of an individual creating new means-ends structures for exploiting available resources that the said individual believes will be profitable (Shane, 2010). Entrepreneurs identify these favourable set of environments that create opportunities for creation of a new manufactured goods, business or service; besides, they all recognize situations that can heighten their chances of discovering entrepreneurial opportunities. An entrepreneurial opportunity is not just an idea and is believed to have four essential qualities. The opportunity has to be timely, attractive to the cause, long-lasting and augmented in a product, service or business that generates or adds value for its buyer or end user. The prospect must be open for an

Water Corporation report Essay Example for Free

Water Corporation report Essay Comparison of Dividends and Redemptions. Bailey is one of four equal unrelated shareholders of Checker Corporation. Bailey has held Checker stock for four years and has a basis in her stock of $40,000. Checker has $280,000 of current and accumulated EP and distributes $100,000 to Bailey. What are the tax consequences to Checker and to Bailey if Bailey is an individual and the distribution is treated as a dividend? The amount of a distribution equals money received plus the FMV of any non money property received reduced by any liabilities assumed or acquired by the shareholder. The distribution is treated as a dividend to the extent of the distributing corporation’s current and accumulated EP. Any additional; excess is  treated as a capital gain. The shareholder’s basis in the property received is its FMV. The shareholder’s holding period for the property begins on the day after the distribution date. When a corporation distributes appreciated property, it must recognize gain as if it sold the property for its FMV immediately before the distribution. For gain recognition purposes, a property’s FMV is deemed to be at least equal to any liability to which the property is subject or that the shareholder assumes in connection with the distribution. A corporation recognizes no loss when it distributes to its shareholders property that has depreciated in value. A corporation’s EP is increased by any EP gain resulting from a distribution of appreciated property. A corporation’s EP is reduced by (a) the amount distributed plus (b) the greater of the FMV or EP adjusted basis of any non money property distributed, minus  © any liabilities to which the property is subject or that the shareholder assumes in connection with the distribution. EP also is reduced by taxes paid or incurred on the corporation’s recognized gain, if any. In Part a, what would be the tax consequences if Bailey were a corporation? The amount of a distribution equals money received plus the FMV of any non money property received reduced by any liabilities assumed or acquired by the shareholder. The distribution is treated as a dividend to the extent of the distributing corporation’s current and accumulated EP. Any distribution amount exceeding EP is treated as a return of capital that reduces the shareholder’s stock basis (but not below zero). Any additional excess is treated as a capital gain. The shareholder’s basis in the property received is its FMV. The shareholder’s holding period for the property begins on the day after the distribution date. What are the tax consequences to Checker and to Bailey (an individual) if Bailey surrenders all her stock in a redemption qualifying for sale treatment? Sale Exception: If the redemption meets specific requirements, the distribution amount received by the shareholder is offset by the adjusted basis of the shares surrendered. The difference generally is treated as a capital gain or loss. No basis adjustment occurs. Gain/Loss Recognition: Under the sale exception, the corporation recognizes gain (but not loss) as though it has sold distributed noncash property for its FMV immediately before redemption. Earnings and Profits Adjustment: For a redemption treated as a sale, EP is reduced  by the portion of current and accumulated attributable to the redeemed stock. Any distribution amount exceeding this portion reduces the corporation’s paid-in capital. In Part c, what would be the tax consequences if Bailey were a corporation? Sale Exception: If the redemption meets specific requirements, the distribution amount received by the shareholder is offset by the adjusted basis of the shares surrendered. This difference is generally treated as a capital gain or loss. No basis adjustment occurs. Which treatment would Bailey prefer if Bailey were an individual? Which treatment would Bailey Corporation prefer? Bailey would prefer to be taxed and treated as an individual. Bailey corporation would prefer to be treated like a corporation. Compare the tax consequences to the shareholder and the distributing corporation of the following three kinds of corporate distributions: ordinary dividends, stock redemptions, and complete liquidations Ordinary Dividends The amount of a distribution equals money received plus the FMV of any non money property received reduced by any liabilities assumed or acquired by the shareholder. The distribution is treated as a dividend to the extent of the distributing corporation’s current and accumulated EP. Any additional; excess is treated as a capital gain. The shareholder’s basis in the property received is its FMV. The shareholder’s holding period for the property begins on the day after the distribution date. When a corporation distributes appreciated property, it must recognize gain as if it sold the property for its FMV immediately before the distribution. For gain recognition purposes, a property’s FMV is deemed to be at least equal to any liability to which the property is subject or that the shareholder assumes in connection with the distribution. A corporation recognizes no loss when it distributes to its shareholders property that has depreciated in value. A corporation’s EP is increased by any EP gain resulting from a distribution of appreciated property. A corporation’s EP is reduced by (a) the amount distributed plus (b) the greater of the FMV or EP adjusted basis of any non money property distributed, minus  © any liabilities to which the property is subject or that the shareholder assumes  in connection with the distribution. EP also is reduced by taxes paid or incurred on the corporation’s recognized gain, if any. Stock Redemption for Shareholders General Rule: The distribution amount received by a shareholder in exchange for his or her stock is treated as a dividend to the extent of the distributing corporation’s EP. The basis of the surrendered stock is added to the basis of the shareholder’s remaining stock. Distributing Corporation Gain/Loss Recognition: Under the general rule, the corporation recognizes gain (but not loss) as though it had sold distributed noncash property for its FMV immediately before the redemption. Earnings and Profits Adjustment: For a redemption treated as a dividend, EP is reduced in the same manner as for regular dividend.

Motives of Bank Mergers and Acquisition

Motives of Bank Mergers and Acquisition Chapter One 1.0 Introduction Over the years, the world have witnessed growth and development in the business world and will still record a lot more due to rapid technological growth in recent times. Merger and Acquisitions (MA) has contributed immensely to the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s economic development and also helped indirectly to create stability in some industries in both developing and developed nations. A merger is usually the amalgamation of two or more companies running commercial activities. On the other hand, acquisition is where one company takes over another and the identity of the other company can be eradicated as it becomes part of a larger company. Most MAs between companies have occurred as a result of achieving economies of scale and penetrate into new markets. Many bank employees regard MA as a threat to their jobs as the period will record shareholders demand for reduction of workforce. It will also be problematic to execute Human resource management with, and the environment of MA due to t he changes that will be recorded in the procedures and practices in the new company. The vast majority of mergers acquisitions research is correctional and focuses on publicly traded corporate entities, using quantitative secondary data made available by large number of databases (Meglio and Risberg, 2010). Background to the Study A significant change has been witnessed in the Nigerian banking sector over the years, in respect to ownership structure, number of institutions and locations, as well as the profundity of operations. There are some numbers of effects when companies merge or when one company acquires another company (Cigola and Modesti, 2008). This include reduced expense in production and management cost, deriving It was observed that downsizing, mergers, and acquisitions are examples of the radical organizational responses to increase global completion, improvements in technology, and government deregulation (Shook and Roth, 2010). The changes so far recorded have been predisposed mostly by the challenges posed by issues as globalization, deregulation of the financial sector, and the implementation of a decision making and prudential requirements that are in line with international standards. This is why some companies may deliberately choose to merge with any other readily available in its line of business. The benefits in most cases are much more than the losses if any is recorded. Mergers have also had effects on employees as the process usually leads to an upward or downward review of wages and salaries. There are also cases where the MA leads to downsizing of workforce as new technological operation techniques will be adopted and there will be less needed for human resource compared to the former way of operation. Bank Mergers and Acquisition A significant amount of research has been done to ascertain the success rate of MAs in banks to be able to draw conclusion on its profitability and efficiency (Behr and Heid, 2011). It was pointed out that despite the considerable prospective U.S banking mergers in the 1980s; many of them were not successful in achieving their aim due to the cost of efficiency. Banks have diverse reasons why they merge which relates to the business motives behind it such as managerial incentives (Wood, 2006). The banking industry was partly strengthened through MA as they use the merged assets to build a strong capital base for the bank and more assets that have appreciated value. Soludo (2004) enumerated the fundamental problems of the banks, particularly those classified as unsound, have been identified to include; persistent illiquidity, poor assets quality and unprofitable operations and further mentioned that their major problems also included weak governance , weak capital base, late publicatio ns of annual reports, gross insider abuses and over dependence on public sector deposits. Many literatures indicates that banking sector reforms in Nigeria propelled by the need to deepen the financial sector and reposition for growth, to become integrated into the global financial design; and involve a banking sector that is consulting with regional integration requirement and international best practices (Somoye, 2010). Nigerian Banking Industry In the recent past, Nigerian banks have adopted poles apart strategies to achieve a predetermined least amount capital base during the banking sector consolidation in the year 2004 and 2005 which was put at twenty five billion Naira (Alao, 2010). This process saw a lot of banks in Nigeria to source for funds from all forms of businesses to meet up the demand and at a point, it was observed mergers or acquisition of smaller banks was the only way out of the regulation. MAs is a global phenomenon with an estimated four thousand deals taking place each year. Elumilade (2010) mentioned that banks are the linchpin of the economy of any country. He mentioned that banks in any every country play a vital position in respect to the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial system and they could be regarded as vital agents for development process. Banks also are relevant through financial intermediation services and promote economic growth (Afolabi, 2004). According to Ibru (2006), there was an embryonic phase of the Nigerian banking industry which began with the first set of banks started with the African banking corporation which had its headquarter in south Africa and was pioneering by the Nigerian banking system in 1892. In 1894 the British bank for West Africa which now known as the first bank while union bank of Nigeria plc formerly known as the Barclays D.C.O started in 1925. The British and French bank now united bank for Africa was established in 1949. Many other indigenous banks were established and they ushered in the era that saw the constant monopoly erstwhile enjoyed by the foreign owned banks (CBN, 2008) Central Bank of Nigeria and Market Recapitalization The Central Bank of Nigeria (CBN) in 2004 introduced a policy that made it mandatory for recapitalization to be carried out in the banking industry. This was mentioned as the fourth phase of the banks restructuring scheme and all banks should comply strictly before the end of 2005 (Afolabi, 2004). This led the emergence of twenty five consolidated banks and the process encouraged mergers and acquisition in many cases. They were 89 members of the Nigerian banking industry (NBI) prior to the recapitalization. It was recorded that the CBN in 2009 provided two hundred billion Naira to four undercapitalized banks after an audit was carried out which reported that they could face liquidity problems and needed funds to continue normal operations. In addition, the CBN decided to stabilize the system and return confidence to the markets and investors, an addition injection of six hundred and twenty billion naira of liquidity into the banking sector and there is a replacement of leadership in eight banks which has given sector a little more balanced than its formal position (Sanusi, 2010). Relevance of the Research After the bank consolidation in 2005, it was mentioned in a CBN report that UBA Plc and First Bank of Nigeria have been effectively competing with multinationals in various aspects of international business. CBN Report (2007) also revealed that some Nigerian banks after the consolidation were able to register their presence in the developed countries like United States of America and United Kingdom as participate in foreign market areas of funds transfer and loans servicing. Mergers and acquisitions have for long attracted interest of many researchers in academics in trying to predict the outcomes of the deals (Meglio and Risberg, 2010). They further explained that the inconsistency in some research findings has necessitated the need for more integrative frameworks to grasp the complete phenomenon. Also, the researchersà ¢Ã¢â€š ¬Ã¢â€ž ¢ opinion aiming to explain mergers and acquisition outcomes in general have not been able to successfully develop and test a grand theory about MAs. Aim of the Study This research aims to look into the overall motives of banks mergers and acquisition as well as its impact on the Nigerian economy. Research Questions and Objectives Research Questions What are the implications of bank mergers and acquisition? What are the motives behind bank merger and acquisition? How does merger and acquisition impact on efficiency? How can merger and acquisition effect competition in the Nigerian banking sector? Research Objectives To critically evaluate mergers and acquisition in the banking sector To analyse the impact of merger and acquisition in the Nigerian banking sector To evaluate the success of UBA merger and acquisition To identify the success factors of UBA in Nigeria Banking sector Plan of the study The plan of this work has been structured to begin by providing a background of the area under discussion and justifying the need for the study in the first chapter. This would be immediate followed by review of literatures relating to similar issues and traditional views of mergers and acquisition in chapter two. The research method which will highlight how I intend to gather data will be presented in the third chapter. The data analysis and findings will be presented and discussed in chapters four which will be followed by the summary, conclusion and recommendation in chapter five. Summary This chapter gives an insight into the subject matter by examining the different related aspects of the subject that will contribute to the major focus of the other chapters. It is a known fact that MA has positive and negative impacts in any sector or environment where it has occurred and this will give us the opportunity to draw the impact of competition that will bring in the absence of a monopoly situation. Chapter Two Literature Review Recent studies show that the bank recapitalization process that took place in Nigeria in 2005 has been of great importance to the sector. Merger and acquisition across the world have had positive impact in the strength of the firm in most cases. The banking sector in Nigeria across the world has had course to experience MA in some cases and this helped them in restricting in various forms. The UBA merger with STB was a success as the experience of the first generation bank and agility of a new generation bank was put together to produce a stronger UBA Plc. History of Mergers and Acquisitions MA history time and again have surprises many people when they realise that the concept of MA are not new, and on the converse they are progressing from the early years. It helps us to understand the evolution of the concepts in the world. The economic watch (2011) mentioned that there are five major stages of MA which discussed as wave period. Each of these waves recorded its progress associated with it and has a technological support that gave rise to the era. Past experience has also shown that MA are triggered by economic factors. The period between (1897 1904) saw a lot of horizontal mergers as companies which enjoyed monopolistic competition over their area of production such as electricity and transcontinental railroads merging with others in same area. It mainly occurred between heavy manufacturing industries at that time. A lot of mergers failed towards the end of this phase as they could not get the desired efficiency and the state of world economy as at 1903 as well as th e stock market crash on 1904 did not help matters. Chu (2010) reflected to the mergers in Canadian banks in 1889 to 1926 which could be referred to as both the first and second wave period. He explained that economist has not fully explored the mechanisms through which financial developments affects economic growths. Canadaà ¢Ã¢â€š ¬Ã¢â€ž ¢s growth trough MA under the period was under study was also associated with higher banking concentration and a wider branch network. Kling (2006) also agreed that the German universal system emerged around 1914 as the big banks in Berlin acquired smaller banks. This development supported industrial enterprise and external growth through industrial enterprise. The second wave or MA was recorded between 1916 and 1929 which were more between oligopolies as that of monopolies in the first era. The post world war economic boom after the First World War supported these mergers. Also, government policies as at that time started to encouraged companies to work together and technological innovation in areas of transportation provided the needed for such MA. Most of the mergers at this time were mainly horizontal or conglomerate in nature. Producers of key metals, petroleum products, food products, chemicals and transport equipments were mainly involved in the mergers of this period. Investment also supported very in merger as at the period but the great depression of 1929 and the stock market crash in same year brought period to an end. There were mainly conglomerate mergers as at 1965 to 1969 which was stimulated by sky-scraping stock prices, interest rates, and stringent enforcement of antitrust law in the third wave merger. This period did not end well as government were becoming too harsh towards them end of the period but a few companies did well in the 1970s. The fourth merger wave was within 1981 to 1989 recorded mergers in some industries such as airline, banking, oil and gas and pharmaceutical. There many cases of foreign takeovers and the period ended with anti takeover laws, reforms in financial institution and the gulf war. Kim and white (1998) analyzed almost all commercial banks mergers in the united states between 1985 and 1991, and found out evidence of decreasing cost efficiencies in most mergers, except for mergers between very large financial institutions. The small and medium commercial banks decreased efficiencies after merger. Globalization, stock market boom and deregulation in the telecommunication, banking and petroleum industries were major characteristics of the fifth merger. Most of the mergers at this time were geared towards profit maximization but the burst of the stock bubble also ended this era. Huyghebaert and Luypaert (2009) states that in the year 2007 alone, there almost forty thousand deals announced in respect mergers and acquisitions across the world. This accounted for an aggregate value deal value of one thousand, three hundred and forty-five billion dollars. Ernst and Young (1995) also identified the alternatives of acquisition: financial, geographic, and symbiotic and absorption acquisitions. In the case of financial is where a company is bought into a holding company for the purpose of restructuring. The main objectives for the acquisition are mainly to eradication, reduce cost and improved efficiency. There are so many firms with ideas to change the world of business but lack the financial muscle to improve in research and development and or invest more into the existing findings. Any business speculator that gets hold of this will ensure that these ideas see the light of the day by an outright acquisition so as to finance the company for growth. Geographic acquisitions are intended to expand the acquirerà ¢Ã¢â€š ¬Ã¢â€ž ¢s core business across new frontiers. The term emerging markets rings a bell in business as every investor want to sell products and services where there is a ready market with a thriving huge population. In the rece nt years, most businesses have moved their production sites to Asia where there cheap labour and n emerging market for the product. Some parts of Africa where there reasonable levels of stability have also seen to be good to expand into as a new frontier. The sales of mobile phone handsets the Nigerian market could be seen as a good example a new frontier for Chinese or Japanese phone manufacturers. Companies merge with others in a different location just to get access to the new location as well. Symbolic acquisitions are described as where newly acquired products and competencies are absorbed into the parents business but the acquired company retains a level of independence, absorption acquisition imply that the two businesses are fully integrated, with one effectively loosing identity. This is an effective business strategy as the name of the former company is like an asset and most customers may not continue with the product or services if the name is changed. The case of Tata acquiring land rover in 2009 is a suitable case where the name Tata is known for production of trucks and military vehicles, but land rover is known for luxury cars and as such the change of the name perceived with strength should remain to keep the market moving smooth. The case of absorption acquisition as mentioned before where one companies gradually losses identity could be seen in the case if Safeway supermarket and Morrisonà ¢Ã¢â€š ¬Ã¢â€ž ¢s supermarket where Safeway gradually faded away. Chen and Tan (2011) examined how the deregulation of financial services industry has intensified in some European countries a significant portion of business handled by banks. This is because the deregulated banks have more financial capacity to manage and finance businesses with a confidence of measuring up at the end of the day. There were two hundred and thirteen mergers during 1989 to 2004 with the acquirer of a European bank and the target of an insurance company. This was because the growth and success rate of mergers was lucidly clear to business world at time, in that firms were on the lookout for a similar thriving company that they could merge resource and ideas together to achieve economies of scale and reduced overhead cost. Koetter (2007) was of the view that prior to the merger targets perform poorly compared to acquirers in many merger cases. The increasing efficiency of a firm reduces the hazards of takeovers but increases the risk if bank failures. Therefore, the probability of takeovers and failures is influence significantly by efficiency. Imala (2005) identified eight reasons for merger and acquisitions in the financial service sector. The identified reason are in relation cost savings attributed to economies of scale as well as more efficient allocation of resources; revenue enhancement which is derived from the impact of consolidation on bank size, scope, and overall market power; risk reduction due to change in organisational focus and efficient organizational structure; new development which imposes a high fixed cost and need to spread these costs across a large customer base; the advent of deregulation which removed many important legal and regulatory barriers; globalisation which engender a more globally integrated financial service and geographical expansion of banking operations; financial stability characterised by the smooth functioning of various components of the financial system, with each component resilient to shock; shareholders pressure on management to improve profit margins and returns on investment made possibly by new and powerful shareholders blocks. Nigerian Banking Environment According to Adegbaju (2007), there have been remarkable developments in the Nigerian banking sector over the years. Mergers and acquisition in Nigerian banks to took place in 2004 / 2005 commenced after an announcement by the CBN that all commercial banks in Nigeria should upgrade their minimum capital base too twenty five billion Naira before the end of December 2005. Umoren, (2009) examined the benefits of the fortification and consolidation of the Nigerian banking system as it could be seen as the first phase where by such reforms are made to help to guarantee a well built and reliable banking sector that is also considered to be diversified to ensure depositors safety. The role of money in the development of any nation cannot be over emphasized and the Nigerian economy needs to be capable and competitive in the African continent particular as well as the world in general. Madabueze (2008) mentioned that the recent reforms in Nigeria banking sector which required the banks to source for high capital base to the tune of twenty five billion naira which is put at approximately one hundred and ninety million dollars, recorded a sharp drop down of the number of banks from eighty-nine to less than twenty-four currently in operation. He further argued that this will enable the Nigerian banks to become relevant and active players in the international scene, helping the image of Nigeria as a financial capital of some sort of (china of Africa). The Nigerian economic policy was regarded as an economically fragile policy some decades before then but the recapitalization process has enable two recent developments which is a positive message to the international community. The CBN governor at that time, prof. Charles Soludo explained that before the recapitalization commenced, the Nigerian banks have not played their role in economic development because of their fee ble and frail capital base and as such, there was a great need to strengthen them through the consolidation process. Madabueze (2007) opined that the crusade requesting the CBN to be flexible with their position of recapitalization did not involve bankers alone as members of the national assembly in Nigeria also requested the CBN to reverse its decision of recapitalization to the amount twenty five billion naira. Is was further observed as he mentioned that members of the public were completely against the move as they felt the process will worsen the situation and many of them started making panic withdrawals from their accounts. On the other hand, the CBN also had its fair supporters which included the former president of the federal republic of Nigeria, Olusegun Obasanjo who publicly showed his support for the twenty five billion capital base for banks, the Manufacturers association of Nigeria (MAN) who were completely in support of the policy claiming that it will enlarge the national economic base and help to position the real sector. Ogundele (2008) agreed that mergers are essentially the amalgamation of two or more companies that of all or the parties must be in existence legally and the surviving company continues to function in its originally registered name. In some case, merged companies find themselves out of business and leave its assets and liabilities to the acquiring company. Williams and Rao (2006) focus on mergers and acquisition because they are events that correspond to considerable changes in the asset structure of the bank. Commercial bank faces different risk, capital structure and regulatory environments as against firms that have been traditionally studied for governance effects and managerial risk aversion. Owokalade (2006) observed the definition of mergers as posited by the company and allied matters act decree of 1990 that any amalgamation of the undertakings of two or more companies or the undertaking of two or more companies and one or more bodies corporate. He emphasized that a form of dealings combination whereby two or more companies join collectively to become one; being voluntary liquidated by having it interest taken by the other and its shareholders becoming shareholders in the blown up existing company. Kurfi (2010) is of the view that mergers as a principle of the combination of two or more companies that translate same business purposes and agree to come together and decide whichever the given name of one of the companies or absolutely take a new name. He further mentioned that amalgamation is another word for merger. Mergers usually occur between firms of almost same size and are usually friendly. In the case of Stanbic bank and IBTC bank, they arrive at a name StanbicIBTC bank plc after their merger and the resultant name was due to the friendship earlier involved and almost same size of the banks. Kazmi (2006) grouped merger into four: horizontal, vertical concentric and conglomerate mergers. Further explanation revealed that horizontal mergers takes place where there is a combination of two or more firms in the same business, or an organisation engaged in certain aspects of the production and marketing process. When there is a merger of two or more firms but necessary in the same business which might be complementary in supply of materials or marketing is referred to as a vertical merger. The concentric merger takes place when there is a combination of two or more firms related to each other in line of function, customer group or alternative technologies used. Conglomerate merger occurs when there is a combination of two or more firms that are unrelated in customer function, customer group, and alternative technologies. There are situations where a company gets involved in all the above listed forms of mergers. For example, HP a computer and printers giant has merged with Com paq recently and before then acquire Apollo computers which related, acquired Agilent technologies which were into chemicals and medical business, acquired Mercury Interactive which was a software company. The UBA Merger Mergers and acquisition is simply a different approach encourage survival of the fittest is to give rise to a stronger, more efficient, better structure and skilled industry. The Guardian Newspaper reported in 2005 the UBA merger started with separate meetings where that boards of directors of UBA and Standard Trust Bank Plc accepted the arrangement for a union of both financial institutions. The bank aimed to become the biggest bank in West African and one of the largest in Africa. When they considered the assets of both banks before the merger, it was observed that had a formidable asset base after accessing their portfolios at that time and when is been concretised, they could customers from all sectors of the economy. It has over 100 branches spread out strategically across the country in what is described as the largest truly online real-time banking network in sub-Saharan Africa. It is often referred to as Nigerias neighbourhood bank. This derives from its national orientation in terms of geographic spread and continuing national expansion. Wheelen and Hunger (2008) confirmed that UBA the former Trade bank and Citi express bank because the firms were different in sizes and as such they can either be friendly or hostile. Todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s UBA is a merger between two predecessors banks, legacy UBA and Standard Trust Bank (STB) which were ranked third and fifth in size respectively prior to the 2005 CBN reform and consolidation programme. It was a huge success as the ability to anticipate industry trends, coupled with the banks agility, enabled them to be the first successful merger in the history of Nigerian banking industry, thus creating the current UBA plc which its management rates as the largest financial services institution on West Africa. As the economies of Nigeria and Africa continues to improve, following the established path of the emerging market; i.e. increased political stability, improved government finances, growing domestic consumer demand, high commodity prices and significant improvement in the economic indicators, the UBA is well positioned as a warrant on the African renaissance story. The presence of UBA in all commercial centres and major cities in Nigeria and Ghana has earned the bank the nickname: the neighbourhood bank. This appellation ties in with the UBA brand promise. à ¢Ã¢â€š ¬Ã…“The wise choiceà ¢Ã¢â€š ¬? and guides our retail distribution strategy which enable us to deliver exactly should be expected by both potential and existing customers of the bank in respect to proximity, choice, convenience and customization. UBA is a bank that is operating out of two of the most vibrant economies in the sub region; Nigeria and Ghana, the new |UBA combines the financial strength of fifty-seven year UBA and the young , innovative and technology driven dynamism of the then STB. UBA has maintained a consistent and solid financial performance in its forty-five year history since it began business in 1961. The bank has record history of leading and pioneering innovations in Nigerian financial sector. It is the first ever and only Nigerian bank to surpass the one trillion balance sheet size with contingents inclusive. It is the only sub-Saharan African bank excluding republic of South Africa that has a branch in New York, USA. UBA was ranked the number one bank in Nigeria in 2007, and bank of the year award (Thisday, 2007). This was due to the banks outstanding performance in the banking sector. Euromoney (2000) confirmed that UBA was the best domestic bank in Nigeria and was the first among international banks to be registered under Nigerian law. The bank has received excellence credit ratings both short and long term, global credit rating (SA) AA+ and A+ in 2005.UBA is the first Nigerian bank to offer an IPO following its listing on the Nigerian stock exchange in 1970. UBA was the first Nigerian bank to introduce a Cheque Guarantee Scheme known as the UBACARD in 1986. It was the first bank to introduce the Nigerian Government Bond index in 2006. It was also the only Nigerian company with the GDR programme. The GDR is a negotiable certificate representing ownership of shares. They are quoted and traded in US dollars and the dividends are paid in same currency. It is specially designed to facilitate the purchase, holding and sale of non US securities by foreign investor. This GDR programme enables foreign institutional investors to hold and trade UBA shares without having to expatriate funds into Nigeria. This Depositary Receipt (GDR) is preferred by some investors who are unable to hold Nigerian securities for compliance reasons or due to a lack of the appropriate infrastructure for holding an ordinary share. The GDR also trade, clear and settle according to international market conventions rather than those prevalent in Nigeria (UBA Report, 2008) West Africa and indeed everywhere the bank has presence. It is simple, elegant, vibrant and memorable, combining the mustard seed of legacy STB and the typographic execution of the letters UBA, predominantly in red and white. During the period of the former standard trust bank plc (STB Plc) acquired 27.34% of the United Bank for Africa Plc (UBA plc) and this transaction resulted not a merger between the two banks, whereby all assets and liabilities of standard trust bank Plc were transferred to UBA Plc. The entire share capital of STB was cancelled and STB was dissolved without being wound up and the shareholders of STB were allotted UBA shares. Motives of Bank Mergers and Acquisition Motives of Bank Mergers and Acquisition Chapter One 1.0 Introduction Over the years, the world have witnessed growth and development in the business world and will still record a lot more due to rapid technological growth in recent times. Merger and Acquisitions (MA) has contributed immensely to the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s economic development and also helped indirectly to create stability in some industries in both developing and developed nations. A merger is usually the amalgamation of two or more companies running commercial activities. On the other hand, acquisition is where one company takes over another and the identity of the other company can be eradicated as it becomes part of a larger company. Most MAs between companies have occurred as a result of achieving economies of scale and penetrate into new markets. Many bank employees regard MA as a threat to their jobs as the period will record shareholders demand for reduction of workforce. It will also be problematic to execute Human resource management with, and the environment of MA due to t he changes that will be recorded in the procedures and practices in the new company. The vast majority of mergers acquisitions research is correctional and focuses on publicly traded corporate entities, using quantitative secondary data made available by large number of databases (Meglio and Risberg, 2010). Background to the Study A significant change has been witnessed in the Nigerian banking sector over the years, in respect to ownership structure, number of institutions and locations, as well as the profundity of operations. There are some numbers of effects when companies merge or when one company acquires another company (Cigola and Modesti, 2008). This include reduced expense in production and management cost, deriving It was observed that downsizing, mergers, and acquisitions are examples of the radical organizational responses to increase global completion, improvements in technology, and government deregulation (Shook and Roth, 2010). The changes so far recorded have been predisposed mostly by the challenges posed by issues as globalization, deregulation of the financial sector, and the implementation of a decision making and prudential requirements that are in line with international standards. This is why some companies may deliberately choose to merge with any other readily available in its line of business. The benefits in most cases are much more than the losses if any is recorded. Mergers have also had effects on employees as the process usually leads to an upward or downward review of wages and salaries. There are also cases where the MA leads to downsizing of workforce as new technological operation techniques will be adopted and there will be less needed for human resource compared to the former way of operation. Bank Mergers and Acquisition A significant amount of research has been done to ascertain the success rate of MAs in banks to be able to draw conclusion on its profitability and efficiency (Behr and Heid, 2011). It was pointed out that despite the considerable prospective U.S banking mergers in the 1980s; many of them were not successful in achieving their aim due to the cost of efficiency. Banks have diverse reasons why they merge which relates to the business motives behind it such as managerial incentives (Wood, 2006). The banking industry was partly strengthened through MA as they use the merged assets to build a strong capital base for the bank and more assets that have appreciated value. Soludo (2004) enumerated the fundamental problems of the banks, particularly those classified as unsound, have been identified to include; persistent illiquidity, poor assets quality and unprofitable operations and further mentioned that their major problems also included weak governance , weak capital base, late publicatio ns of annual reports, gross insider abuses and over dependence on public sector deposits. Many literatures indicates that banking sector reforms in Nigeria propelled by the need to deepen the financial sector and reposition for growth, to become integrated into the global financial design; and involve a banking sector that is consulting with regional integration requirement and international best practices (Somoye, 2010). Nigerian Banking Industry In the recent past, Nigerian banks have adopted poles apart strategies to achieve a predetermined least amount capital base during the banking sector consolidation in the year 2004 and 2005 which was put at twenty five billion Naira (Alao, 2010). This process saw a lot of banks in Nigeria to source for funds from all forms of businesses to meet up the demand and at a point, it was observed mergers or acquisition of smaller banks was the only way out of the regulation. MAs is a global phenomenon with an estimated four thousand deals taking place each year. Elumilade (2010) mentioned that banks are the linchpin of the economy of any country. He mentioned that banks in any every country play a vital position in respect to the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial system and they could be regarded as vital agents for development process. Banks also are relevant through financial intermediation services and promote economic growth (Afolabi, 2004). According to Ibru (2006), there was an embryonic phase of the Nigerian banking industry which began with the first set of banks started with the African banking corporation which had its headquarter in south Africa and was pioneering by the Nigerian banking system in 1892. In 1894 the British bank for West Africa which now known as the first bank while union bank of Nigeria plc formerly known as the Barclays D.C.O started in 1925. The British and French bank now united bank for Africa was established in 1949. Many other indigenous banks were established and they ushered in the era that saw the constant monopoly erstwhile enjoyed by the foreign owned banks (CBN, 2008) Central Bank of Nigeria and Market Recapitalization The Central Bank of Nigeria (CBN) in 2004 introduced a policy that made it mandatory for recapitalization to be carried out in the banking industry. This was mentioned as the fourth phase of the banks restructuring scheme and all banks should comply strictly before the end of 2005 (Afolabi, 2004). This led the emergence of twenty five consolidated banks and the process encouraged mergers and acquisition in many cases. They were 89 members of the Nigerian banking industry (NBI) prior to the recapitalization. It was recorded that the CBN in 2009 provided two hundred billion Naira to four undercapitalized banks after an audit was carried out which reported that they could face liquidity problems and needed funds to continue normal operations. In addition, the CBN decided to stabilize the system and return confidence to the markets and investors, an addition injection of six hundred and twenty billion naira of liquidity into the banking sector and there is a replacement of leadership in eight banks which has given sector a little more balanced than its formal position (Sanusi, 2010). Relevance of the Research After the bank consolidation in 2005, it was mentioned in a CBN report that UBA Plc and First Bank of Nigeria have been effectively competing with multinationals in various aspects of international business. CBN Report (2007) also revealed that some Nigerian banks after the consolidation were able to register their presence in the developed countries like United States of America and United Kingdom as participate in foreign market areas of funds transfer and loans servicing. Mergers and acquisitions have for long attracted interest of many researchers in academics in trying to predict the outcomes of the deals (Meglio and Risberg, 2010). They further explained that the inconsistency in some research findings has necessitated the need for more integrative frameworks to grasp the complete phenomenon. Also, the researchersà ¢Ã¢â€š ¬Ã¢â€ž ¢ opinion aiming to explain mergers and acquisition outcomes in general have not been able to successfully develop and test a grand theory about MAs. Aim of the Study This research aims to look into the overall motives of banks mergers and acquisition as well as its impact on the Nigerian economy. Research Questions and Objectives Research Questions What are the implications of bank mergers and acquisition? What are the motives behind bank merger and acquisition? How does merger and acquisition impact on efficiency? How can merger and acquisition effect competition in the Nigerian banking sector? Research Objectives To critically evaluate mergers and acquisition in the banking sector To analyse the impact of merger and acquisition in the Nigerian banking sector To evaluate the success of UBA merger and acquisition To identify the success factors of UBA in Nigeria Banking sector Plan of the study The plan of this work has been structured to begin by providing a background of the area under discussion and justifying the need for the study in the first chapter. This would be immediate followed by review of literatures relating to similar issues and traditional views of mergers and acquisition in chapter two. The research method which will highlight how I intend to gather data will be presented in the third chapter. The data analysis and findings will be presented and discussed in chapters four which will be followed by the summary, conclusion and recommendation in chapter five. Summary This chapter gives an insight into the subject matter by examining the different related aspects of the subject that will contribute to the major focus of the other chapters. It is a known fact that MA has positive and negative impacts in any sector or environment where it has occurred and this will give us the opportunity to draw the impact of competition that will bring in the absence of a monopoly situation. Chapter Two Literature Review Recent studies show that the bank recapitalization process that took place in Nigeria in 2005 has been of great importance to the sector. Merger and acquisition across the world have had positive impact in the strength of the firm in most cases. The banking sector in Nigeria across the world has had course to experience MA in some cases and this helped them in restricting in various forms. The UBA merger with STB was a success as the experience of the first generation bank and agility of a new generation bank was put together to produce a stronger UBA Plc. History of Mergers and Acquisitions MA history time and again have surprises many people when they realise that the concept of MA are not new, and on the converse they are progressing from the early years. It helps us to understand the evolution of the concepts in the world. The economic watch (2011) mentioned that there are five major stages of MA which discussed as wave period. Each of these waves recorded its progress associated with it and has a technological support that gave rise to the era. Past experience has also shown that MA are triggered by economic factors. The period between (1897 1904) saw a lot of horizontal mergers as companies which enjoyed monopolistic competition over their area of production such as electricity and transcontinental railroads merging with others in same area. It mainly occurred between heavy manufacturing industries at that time. A lot of mergers failed towards the end of this phase as they could not get the desired efficiency and the state of world economy as at 1903 as well as th e stock market crash on 1904 did not help matters. Chu (2010) reflected to the mergers in Canadian banks in 1889 to 1926 which could be referred to as both the first and second wave period. He explained that economist has not fully explored the mechanisms through which financial developments affects economic growths. Canadaà ¢Ã¢â€š ¬Ã¢â€ž ¢s growth trough MA under the period was under study was also associated with higher banking concentration and a wider branch network. Kling (2006) also agreed that the German universal system emerged around 1914 as the big banks in Berlin acquired smaller banks. This development supported industrial enterprise and external growth through industrial enterprise. The second wave or MA was recorded between 1916 and 1929 which were more between oligopolies as that of monopolies in the first era. The post world war economic boom after the First World War supported these mergers. Also, government policies as at that time started to encouraged companies to work together and technological innovation in areas of transportation provided the needed for such MA. Most of the mergers at this time were mainly horizontal or conglomerate in nature. Producers of key metals, petroleum products, food products, chemicals and transport equipments were mainly involved in the mergers of this period. Investment also supported very in merger as at the period but the great depression of 1929 and the stock market crash in same year brought period to an end. There were mainly conglomerate mergers as at 1965 to 1969 which was stimulated by sky-scraping stock prices, interest rates, and stringent enforcement of antitrust law in the third wave merger. This period did not end well as government were becoming too harsh towards them end of the period but a few companies did well in the 1970s. The fourth merger wave was within 1981 to 1989 recorded mergers in some industries such as airline, banking, oil and gas and pharmaceutical. There many cases of foreign takeovers and the period ended with anti takeover laws, reforms in financial institution and the gulf war. Kim and white (1998) analyzed almost all commercial banks mergers in the united states between 1985 and 1991, and found out evidence of decreasing cost efficiencies in most mergers, except for mergers between very large financial institutions. The small and medium commercial banks decreased efficiencies after merger. Globalization, stock market boom and deregulation in the telecommunication, banking and petroleum industries were major characteristics of the fifth merger. Most of the mergers at this time were geared towards profit maximization but the burst of the stock bubble also ended this era. Huyghebaert and Luypaert (2009) states that in the year 2007 alone, there almost forty thousand deals announced in respect mergers and acquisitions across the world. This accounted for an aggregate value deal value of one thousand, three hundred and forty-five billion dollars. Ernst and Young (1995) also identified the alternatives of acquisition: financial, geographic, and symbiotic and absorption acquisitions. In the case of financial is where a company is bought into a holding company for the purpose of restructuring. The main objectives for the acquisition are mainly to eradication, reduce cost and improved efficiency. There are so many firms with ideas to change the world of business but lack the financial muscle to improve in research and development and or invest more into the existing findings. Any business speculator that gets hold of this will ensure that these ideas see the light of the day by an outright acquisition so as to finance the company for growth. Geographic acquisitions are intended to expand the acquirerà ¢Ã¢â€š ¬Ã¢â€ž ¢s core business across new frontiers. The term emerging markets rings a bell in business as every investor want to sell products and services where there is a ready market with a thriving huge population. In the rece nt years, most businesses have moved their production sites to Asia where there cheap labour and n emerging market for the product. Some parts of Africa where there reasonable levels of stability have also seen to be good to expand into as a new frontier. The sales of mobile phone handsets the Nigerian market could be seen as a good example a new frontier for Chinese or Japanese phone manufacturers. Companies merge with others in a different location just to get access to the new location as well. Symbolic acquisitions are described as where newly acquired products and competencies are absorbed into the parents business but the acquired company retains a level of independence, absorption acquisition imply that the two businesses are fully integrated, with one effectively loosing identity. This is an effective business strategy as the name of the former company is like an asset and most customers may not continue with the product or services if the name is changed. The case of Tata acquiring land rover in 2009 is a suitable case where the name Tata is known for production of trucks and military vehicles, but land rover is known for luxury cars and as such the change of the name perceived with strength should remain to keep the market moving smooth. The case of absorption acquisition as mentioned before where one companies gradually losses identity could be seen in the case if Safeway supermarket and Morrisonà ¢Ã¢â€š ¬Ã¢â€ž ¢s supermarket where Safeway gradually faded away. Chen and Tan (2011) examined how the deregulation of financial services industry has intensified in some European countries a significant portion of business handled by banks. This is because the deregulated banks have more financial capacity to manage and finance businesses with a confidence of measuring up at the end of the day. There were two hundred and thirteen mergers during 1989 to 2004 with the acquirer of a European bank and the target of an insurance company. This was because the growth and success rate of mergers was lucidly clear to business world at time, in that firms were on the lookout for a similar thriving company that they could merge resource and ideas together to achieve economies of scale and reduced overhead cost. Koetter (2007) was of the view that prior to the merger targets perform poorly compared to acquirers in many merger cases. The increasing efficiency of a firm reduces the hazards of takeovers but increases the risk if bank failures. Therefore, the probability of takeovers and failures is influence significantly by efficiency. Imala (2005) identified eight reasons for merger and acquisitions in the financial service sector. The identified reason are in relation cost savings attributed to economies of scale as well as more efficient allocation of resources; revenue enhancement which is derived from the impact of consolidation on bank size, scope, and overall market power; risk reduction due to change in organisational focus and efficient organizational structure; new development which imposes a high fixed cost and need to spread these costs across a large customer base; the advent of deregulation which removed many important legal and regulatory barriers; globalisation which engender a more globally integrated financial service and geographical expansion of banking operations; financial stability characterised by the smooth functioning of various components of the financial system, with each component resilient to shock; shareholders pressure on management to improve profit margins and returns on investment made possibly by new and powerful shareholders blocks. Nigerian Banking Environment According to Adegbaju (2007), there have been remarkable developments in the Nigerian banking sector over the years. Mergers and acquisition in Nigerian banks to took place in 2004 / 2005 commenced after an announcement by the CBN that all commercial banks in Nigeria should upgrade their minimum capital base too twenty five billion Naira before the end of December 2005. Umoren, (2009) examined the benefits of the fortification and consolidation of the Nigerian banking system as it could be seen as the first phase where by such reforms are made to help to guarantee a well built and reliable banking sector that is also considered to be diversified to ensure depositors safety. The role of money in the development of any nation cannot be over emphasized and the Nigerian economy needs to be capable and competitive in the African continent particular as well as the world in general. Madabueze (2008) mentioned that the recent reforms in Nigeria banking sector which required the banks to source for high capital base to the tune of twenty five billion naira which is put at approximately one hundred and ninety million dollars, recorded a sharp drop down of the number of banks from eighty-nine to less than twenty-four currently in operation. He further argued that this will enable the Nigerian banks to become relevant and active players in the international scene, helping the image of Nigeria as a financial capital of some sort of (china of Africa). The Nigerian economic policy was regarded as an economically fragile policy some decades before then but the recapitalization process has enable two recent developments which is a positive message to the international community. The CBN governor at that time, prof. Charles Soludo explained that before the recapitalization commenced, the Nigerian banks have not played their role in economic development because of their fee ble and frail capital base and as such, there was a great need to strengthen them through the consolidation process. Madabueze (2007) opined that the crusade requesting the CBN to be flexible with their position of recapitalization did not involve bankers alone as members of the national assembly in Nigeria also requested the CBN to reverse its decision of recapitalization to the amount twenty five billion naira. Is was further observed as he mentioned that members of the public were completely against the move as they felt the process will worsen the situation and many of them started making panic withdrawals from their accounts. On the other hand, the CBN also had its fair supporters which included the former president of the federal republic of Nigeria, Olusegun Obasanjo who publicly showed his support for the twenty five billion capital base for banks, the Manufacturers association of Nigeria (MAN) who were completely in support of the policy claiming that it will enlarge the national economic base and help to position the real sector. Ogundele (2008) agreed that mergers are essentially the amalgamation of two or more companies that of all or the parties must be in existence legally and the surviving company continues to function in its originally registered name. In some case, merged companies find themselves out of business and leave its assets and liabilities to the acquiring company. Williams and Rao (2006) focus on mergers and acquisition because they are events that correspond to considerable changes in the asset structure of the bank. Commercial bank faces different risk, capital structure and regulatory environments as against firms that have been traditionally studied for governance effects and managerial risk aversion. Owokalade (2006) observed the definition of mergers as posited by the company and allied matters act decree of 1990 that any amalgamation of the undertakings of two or more companies or the undertaking of two or more companies and one or more bodies corporate. He emphasized that a form of dealings combination whereby two or more companies join collectively to become one; being voluntary liquidated by having it interest taken by the other and its shareholders becoming shareholders in the blown up existing company. Kurfi (2010) is of the view that mergers as a principle of the combination of two or more companies that translate same business purposes and agree to come together and decide whichever the given name of one of the companies or absolutely take a new name. He further mentioned that amalgamation is another word for merger. Mergers usually occur between firms of almost same size and are usually friendly. In the case of Stanbic bank and IBTC bank, they arrive at a name StanbicIBTC bank plc after their merger and the resultant name was due to the friendship earlier involved and almost same size of the banks. Kazmi (2006) grouped merger into four: horizontal, vertical concentric and conglomerate mergers. Further explanation revealed that horizontal mergers takes place where there is a combination of two or more firms in the same business, or an organisation engaged in certain aspects of the production and marketing process. When there is a merger of two or more firms but necessary in the same business which might be complementary in supply of materials or marketing is referred to as a vertical merger. The concentric merger takes place when there is a combination of two or more firms related to each other in line of function, customer group or alternative technologies used. Conglomerate merger occurs when there is a combination of two or more firms that are unrelated in customer function, customer group, and alternative technologies. There are situations where a company gets involved in all the above listed forms of mergers. For example, HP a computer and printers giant has merged with Com paq recently and before then acquire Apollo computers which related, acquired Agilent technologies which were into chemicals and medical business, acquired Mercury Interactive which was a software company. The UBA Merger Mergers and acquisition is simply a different approach encourage survival of the fittest is to give rise to a stronger, more efficient, better structure and skilled industry. The Guardian Newspaper reported in 2005 the UBA merger started with separate meetings where that boards of directors of UBA and Standard Trust Bank Plc accepted the arrangement for a union of both financial institutions. The bank aimed to become the biggest bank in West African and one of the largest in Africa. When they considered the assets of both banks before the merger, it was observed that had a formidable asset base after accessing their portfolios at that time and when is been concretised, they could customers from all sectors of the economy. It has over 100 branches spread out strategically across the country in what is described as the largest truly online real-time banking network in sub-Saharan Africa. It is often referred to as Nigerias neighbourhood bank. This derives from its national orientation in terms of geographic spread and continuing national expansion. Wheelen and Hunger (2008) confirmed that UBA the former Trade bank and Citi express bank because the firms were different in sizes and as such they can either be friendly or hostile. Todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s UBA is a merger between two predecessors banks, legacy UBA and Standard Trust Bank (STB) which were ranked third and fifth in size respectively prior to the 2005 CBN reform and consolidation programme. It was a huge success as the ability to anticipate industry trends, coupled with the banks agility, enabled them to be the first successful merger in the history of Nigerian banking industry, thus creating the current UBA plc which its management rates as the largest financial services institution on West Africa. As the economies of Nigeria and Africa continues to improve, following the established path of the emerging market; i.e. increased political stability, improved government finances, growing domestic consumer demand, high commodity prices and significant improvement in the economic indicators, the UBA is well positioned as a warrant on the African renaissance story. The presence of UBA in all commercial centres and major cities in Nigeria and Ghana has earned the bank the nickname: the neighbourhood bank. This appellation ties in with the UBA brand promise. à ¢Ã¢â€š ¬Ã…“The wise choiceà ¢Ã¢â€š ¬? and guides our retail distribution strategy which enable us to deliver exactly should be expected by both potential and existing customers of the bank in respect to proximity, choice, convenience and customization. UBA is a bank that is operating out of two of the most vibrant economies in the sub region; Nigeria and Ghana, the new |UBA combines the financial strength of fifty-seven year UBA and the young , innovative and technology driven dynamism of the then STB. UBA has maintained a consistent and solid financial performance in its forty-five year history since it began business in 1961. The bank has record history of leading and pioneering innovations in Nigerian financial sector. It is the first ever and only Nigerian bank to surpass the one trillion balance sheet size with contingents inclusive. It is the only sub-Saharan African bank excluding republic of South Africa that has a branch in New York, USA. UBA was ranked the number one bank in Nigeria in 2007, and bank of the year award (Thisday, 2007). This was due to the banks outstanding performance in the banking sector. Euromoney (2000) confirmed that UBA was the best domestic bank in Nigeria and was the first among international banks to be registered under Nigerian law. The bank has received excellence credit ratings both short and long term, global credit rating (SA) AA+ and A+ in 2005.UBA is the first Nigerian bank to offer an IPO following its listing on the Nigerian stock exchange in 1970. UBA was the first Nigerian bank to introduce a Cheque Guarantee Scheme known as the UBACARD in 1986. It was the first bank to introduce the Nigerian Government Bond index in 2006. It was also the only Nigerian company with the GDR programme. The GDR is a negotiable certificate representing ownership of shares. They are quoted and traded in US dollars and the dividends are paid in same currency. It is specially designed to facilitate the purchase, holding and sale of non US securities by foreign investor. This GDR programme enables foreign institutional investors to hold and trade UBA shares without having to expatriate funds into Nigeria. This Depositary Receipt (GDR) is preferred by some investors who are unable to hold Nigerian securities for compliance reasons or due to a lack of the appropriate infrastructure for holding an ordinary share. The GDR also trade, clear and settle according to international market conventions rather than those prevalent in Nigeria (UBA Report, 2008) West Africa and indeed everywhere the bank has presence. It is simple, elegant, vibrant and memorable, combining the mustard seed of legacy STB and the typographic execution of the letters UBA, predominantly in red and white. During the period of the former standard trust bank plc (STB Plc) acquired 27.34% of the United Bank for Africa Plc (UBA plc) and this transaction resulted not a merger between the two banks, whereby all assets and liabilities of standard trust bank Plc were transferred to UBA Plc. The entire share capital of STB was cancelled and STB was dissolved without being wound up and the shareholders of STB were allotted UBA shares.