The Palestinian Land Ownership Essay Example | Topics and Well Written Essays - 750 words

The Palestinian Land Ownership - Essay Example Kanafani, Ghassan the author of "Men In the Sun and Other Palestinian Stories" in his story the â€Å"The land of Sad Oranges" says† equates the experiences of the Palestinians to oranges that dry and finally shrivel up. During the upheaval, a civil war was happening in Palestine when Israel declared its independence in 1948 in an attempt to establish an independent Jewish state. The move was inevitable since huge numbers of Jewish immigrants had moved there. The United nation’s bid to partition the land among Palestinians and the Jews were rejected by the Palestinians and the Arabs and this is when the western world joined in to support the Palestinians. Many Palestinians were killed brutally and were forced out of their land leaving behind their homes including the trees, sea, sun and even the cloud. The narrator tells the young boy that, "you and I and others of our age were too young to understand what the story meant from the beginning to the end" (Kanafani 75). Ghassan Kanafani demonstrates to the reader the catastrophic event of the war on the refugees. The author uses the symbol to show how the Palestinians became outcast the life after as refugees. The narrator says "when my glance fell on your fathers face †¦I saw at the same moment the black revolver and beside it an orange" (Kanafani 80). The audience is made to see his father’s face, black revolver and a shrivelled orange all at once. This is Kanafani’s attempt to show the relationship between the politics in Palestine and the possible practical solutions of the problem. In 1948, the Palestinian leadership had tried to liberate the land but it proved hard since the Arab countries did not support them (Farsoun 32).

Descriptive Essay About Mothers Cookies Essay Example for Free

Descriptive Essay About Mothers Cookies Essay Many students enter college expecting good times, knowledge, friendships, and a new sense of direction. When I first got to William Penn I didn’t believe I would gain any of that. As time has passed I realized that WPU does have a lot to offer but everything takes patients. I also had to realize that everything wasn’t going to come easy either. I soon found out that college comes with challenges and struggles because of the great demands and expectations that comes with success. The demands of doing many different things with very little time can become overwhelming. But I believe I’m starting to get the hang of it. There are a limited number of students on the campus so it makes it easier to focus in class that’s something I really like. Putting in long hours and worrying about class does bring extra stress but I’m learning to balance it all out. Coming to WPU has also taught me to have an open ming that I can’t just do the tihngs that I know how to do. I have to try new things that im unconfortable doing. I believe attending this university will open many doors for me. It will also help me mature and become a better student . WPU wiil also help me build my career and start my life on the right path. I chose to come to William Penn becaus I knew that a school far away would give me a better chance to focus on school without too many distractions. Another reason I chose William Penn is because Im very deticated to basketball and coach Henry offered me scholarship money to give me an oppurtunity to play. I also did my research and I noticed that the basketball team had a great season and great program. So I figured it was an honor that William Penn wanted me. I also have lived in Louisiana my whole life so i was really read for the college experience and something different other than Louisiana. So far Im feeling that William Penn was the right choice for me. I needed a new start away from all my problems back home. I was really making bad choices that was starting to lead my life in a direction that i was not prepared for. Ofcourse all my problems are not going to just go away but being at William Penn is giving me an oppurtunity to live my dreams and revatuate myself as a person. Then I will be able to deal with my issues back home as a different person with a better mind set. So I definately dont regret coming to this school because it is keeping me grounded and building character. Read Also:Â  Descriptive Essay Topic Ideas

Triple Bottom Lines And Sustainable Development Construction Essay

Triple Bottom Lines And Sustainable Development Construction Essay In this assignment, the notion of Triple Bottom Line (TBL) reporting is being analysed critically. The term created by John Elkington is being defined with its concept and general principles (social, environment, and economic lines) discussed in this report. Representations of TBL in the Business and Government Organisations sectors is further explored with its five different interpretations Wait and see, Packaging information for community right to know, stakeholder alignment, endorsing core principles, and holistic cultural perspective. The relationship between sustainable development and TBL is discussed in the report by considering the environmental sustainability, economic sustainability and social sustainability, with a backing example of the TBL Toolkit and the The Capital Works Sustainability Statement practiced in the city of Melbourne. Lastly, the application of TBL in sustainable construction and its indicators of social and environmental, and economic performance used in the construction sector are discussed in the report. Lastly, a case study has been done on Enviro-Cottage constructed in Spring Hill, Brishbane. The project has addressed TBL reporting considering the sustainable development and construction. INTRODUCTION Triple bottom line (TBL) reporting is becoming more common across many sectors of society. Although the concept was born out of the corporate and business world to report corporate social responsibility conveniently, it has been embraced by many organisations to give social and environmental agendas more prominence in the face of corporatist globalisation (Price, R n.d.). The term Triple Bottom Line was formed by John Elkington in 1997. Based in UK as a consultant to companies like BO, DuPont and the World Bank, John Elkington has been described by Business Week as a dean of the corporate responsibility movement for three decades (John Elkington 2010). Instead of the usual financial bottom line, Elkington define and the expanded baseline for measuring performance using social, environmental and economic bottom lines (Centre for ISA Information Sheet 7 n.d.). Elkington stated on his book, Cannibals with Forks that: The triple bottom line focuses corporations not just on the economic value they add, but also on the environmental and social value they add and destroy. At its narrowest, the term triple bottom line is used as a framework for measuring and reporting corporate performance against economic, social and environmental parameters (Elkington,, J 1998). Generally, Triple bottom line is an integrated management approach that consists of managing, measuring and publicly reporting performance in business and government sectors (Potts, T 2004). TBL also acts as a medium to discuss issues regarding the organisation and the community. According to A tool for measuring, communicating, and facilitating change in local governments by Tavis Potts, TBL is a correspondence and process for reporting on sustainability and using the results to engage communities in an ongoing discussion. For sustainable organisations this means balancing the needs of the organisation against the environmental, economic and social factors as depicted in Figure 1 to enhance the quality of life. Figure . Triple Bottom Line Model (Source: Triple bottom line: a ticket to the game or the emperors new clothes? 2005). Representations of tbl Business Sector In the business sector, the growing tension between increasing social values and conventional forms of value creation has forced consideration of sustainability (including TBL reporting). Pressure has been applied on organisations to be more socially and environmentally responsible in their pursuit of profit (Beilin, R Paine, M, Pryor R 2007). As an example, BP Australia reported that a TBL approach to business provides them with a sustainable competitive advantage and it is also a good business sense. It demonstrates to stakeholders the integrity of a business or industry, thus improving its reputation, increases investor confidence and enhances marketing and profit opportunities. Governments Sector Similar to businesses, local governments have adopted the TBL in response to community concern about issues of environmental sustainability. In the Governments sector, the field of organisational accountability has broadened. Government organisations must now consider the wider impacts of their practices on other local, regional, national and even global stakeholders (Beilin, R Paine, M, Pryor R 2007). Growing government interest in corporate social and environmental responsibility is expressed in policy at local, State and federal levels. TBL reporting has changed the appearance of the role of government in regulating private businesses and industries. TBL has come to demonstrate good public relations in government organisations with its integrated focus on social, environmental and economic outcomes of practice. Principles of Triple Bottom Line The three vital aspects of corporate and government performance are based on Triple Bottom Line are the economic, social and environmental line. TBL is also interpreted in 5 ways in business and governments sectors. The Economic Bottom Line The economic bottom line is the organisations record of economic performance (revenue and profit) and integrity. Even though the companies are still making profits in the business, profit is viewed as the economic benefit enjoyed by the employees and community as a whole within a sustainability framework. The Social or People Bottom Line The social bottom line is the organisations record of social or people performance as it affects employees, consumers, and communities. This also refers to fair, ethical, and beneficial business practices toward employees, community, and country in which a corporation conducts its business. The Environmental Bottom Line This is the organisations record of performance as it considers all the issues related with environmental concerns. The goal of 21stà ¢Ã¢â€š ¬Ã‚ century companies is to not only help protect the environment by producing Green or environmentally responsible products but also to have their own sustainable, environmentally sound business operating practices. This means organisations are to function in an environmentally responsible approach, such as taking steps to reduce their own environmental footprint, consuming less energy and little or no non-renewable resources, and producing less waste. Five interpretation of TBL Five broad categories capture the current diverse state of TBL performance measurement and reporting in Australia according to Triple Bottom Line Measurement and Reporting In Australia. The five categories are more to show the diverse business rationales and analysis of community expectations for triple bottom line measuring and reporting (Suggett, D, Goodsir, B 2002). Wait and see Wait and see is the category where organisations are satisfied with their present approaches to communication and accountability. Examples of such companies are Fosters and Woolworths. This may due to the reason that a change is not necessary in their business priority, and there is a sense of potential benefit as it is still early in their business to use the TBL approach without understanding the directions of the business. Packaging information for community right to know By observing the community right to know attitude and supporting the notion of greater responsibility to the community for their business performance, other organisation make an obligation to their stakeholders to be open and transparent. To meet this commitment, they collect and package internal information or report for external audience. This report shows the values they seek to meet, their performance against those standards and a description of their activities. Examples of companies practising this approach of TBL in environmental reporting are Wesfarmers and Orica. As they keep on collecting data, reporting and verifying approaches, those organisations do not see that a change in approach is required to embrace social or economic scopes. Stakeholder Alignment This approach analytically seeks the relationship between stakeholders expectations and corporate strategy. In order for TBL reporting to drive maximum value, it is necessary that the information reported aligns with business strategy and objectives and accurately reflects the focus of the company activity. This serves to strengthen the significance of companies developing indicators in a structured way that reflects their objectives and the requirements of key stakeholder groups. As the stakeholders could be the shareholders, investors, employees, customers, suppliers, the community and government, organisations practicing this approach will be required to set up new management systems and in a long run is intensive on the business resource. One example is the WMC. WMC continues to expand in this direction and a number of other companies have embarked on the first steps, such as Westpac and ANZ. Endorsing Core Principles A few organisations outline their response to stakeholder expectations into values that guide their business activity: sustainability principles. Examples of organisations are Rio Tinto and Shell. This approach is directed at integrating these core principles into management practices. Holistic Cultural Perspective Organisations in private ownership define their business purpose and their commitment to sustainability values and accountability as a whole. Their business success depends on this cultural perspective. The Body Shop is the often-quoted example and the Co-operative Bank in the United Kingdom. Sustainable development Sustainability is a pattern of resource use that aims to meet human needs while at the same time preserving the environment so that these needs can be met not only for the present generations, but also for future generations. Sustainable development ties together the concern for the carrying capacity of natural systems with the social challenges (Sustainable construction gives a competitive edge n.d). Conceptually, sustainable development can be broken down into three constituent parts: Environmental sustainability Economic sustainability Social sustainability Sustainable development is often portrayed as the act of balancing economic, ecological and social concerns, and the triple bottom line is commonly used internationally to prove corporate performance on sustainability and its approach to sustainable development in the corporate world. However, in sustainable development, triple bottom line also concentrates on the external structure of development and excludes the internal structure of development. In other words, TBL also focuses on technological, economic and institutional development while excluding cultural and personal development (Riedy, C 2003). As an example, the City of Melbourne is using TBL approach to accomplish the goal of sustainable development. The city has developed a TBL Toolkit which includes checklists, guidelines, templates and case studies for the application of TBL decision-making and reporting (Triple-Bottom-Line Evaluation Approach Shows Promise for Local Government 2004). Part of this tool is the The Capital Works Sustainability Statement and it is a rating system that recognizes the degree to which a project contributes to the Councils sustainability objectives. The Capital Works tool is being applied to different ways, such as the bidding of capital works, budget approval process, and evaluating criteria against of capital works. Through this TBL approach, councils are able to demonstrate responsibility and transparency in decision making and administration. Moreover, TBL approach in the public sector including local government has helped to develop global standards and procedures in reporting decisions at all levels (Triple-Bottom-Line Evaluation Approach Shows Promise for Local Government 2004). Application of tbl in sustainable construction Construction activities worldwide consume 40 per cent of all raw material exploited globally (Sustainable construction gives a competitive edge n.d.). For this reason, the use of sustainable building materials can help improve the global environment significantly. The public demand for sustainable solutions is growing, and in the years to come contractors who are able to document that they build sustainably will have a strong presence in the market. In order to make construction sustainable, one has to practise TBL in order to consider the environmental impacts of extraction, transportation, processing, fabrication, installation, reuse, recycling, and disposal of these materials. It is easy to understand why TBL has received acceptance in sustainable construction. Indicators of social and environmental performance are used to diversify work and practices of construction sector. TBL allows organisations to assess quantitatively and qualitatively how they are achieving their key performance indicators (Triple bottom line: a ticket to the game or the emperors new clothes? 2005). TBL has been applied to the construction sector in the UK where the phrase Sustainable Construction has been coined. The UK Government is seeking to apply sustainable development practices to the construction industry. Leading construction companies in the UK, USA and Europe now report annually on social and environmental performance as well as financial performance. Jim Lammie, director of Parsons Brinckerhoff in a speech on sustainability of 8 September 2004 said that over 77% of construction companies in the UK had a sustainable development policy to deal with regulation, competitive edge, client policy, enhanced reputation, legal risks and future investments as well as addressing ethical obligations. Lessons from the construction industry overseas have a place for Australian construction companies who want to outperform their counter-parts in an increasingly aware society. Implementing daily practices to elicit performance under TBL can be as simple as adopting recycling programs , giving to the workforce through university sponsorship programs and adopting best practice voluntary standards. When a full assessment of practices are made construction players may find that they are already carrying out sustainable practices but are not reaping the reward through reporting their practices to stakeholders. Truly sustainable construction practices may mean assessing projects and work practices with TBL in mind (Triple bottom line: a ticket to the game or the emperors new clothes? 2005). The triple bottom line concept of sustainable construction could be achieved through the application of sustainable design principles at early stages of planning and construction. By making these decisions beforehand, it creates a home that is safer, more secure, flexible, comfortable, environmentally-friendly and cost-efficient in a long-run. A sustainable construction project is designed and constructed to include the principles of sustainable design which attempts to balance soc ial, environmental and economic considerations (Sustainable Homes Triple bottom line 2008). The triple bottom line approach to sustainable construction is a balanced integration of social, environmental and economic design factors. Social Sustainable buildings are designed for the people considering access, safety, security and design that consider the clients future needs throughout the different stages of lives young families, older users or users with varying abilities. Sustainable constructed building is safe, easily adaptable to suit a diverse range of needs and comfortable for people with varying abilities and at different stages of their lives, especially the elderly with our ageing population (Sustainable Homes Triple bottom line 2008). Socially sustainable construction can also strengthen social networks and allow people of every age and ability to participate in their community throughout their life. An aesthetically pleasing and stimulating built environment will reinforce the sense of well being of residents and people in the local community of the building. The local community and streetscape should also be considered, ensuring sympathetic development, enhancing the streetscape and community function (Tr iple bottom line in housing n.d.). Environmental Sustainable construction are resource efficient by incorporating sustainable management of water, energy and waste efficiencies, as well as other features such as passive solar design by considering the orientation, ventilation, insulation, shading and building materials (Sustainable Homes Triple bottom line 2008). Resource efficiency is also related to water efficiency in the building, waste efficiency of materials used during construction, and energy efficiency through good passive design and high star-rated green technology appliances and lights. It is also associated to the reduction of greenhouse gas emissions from energy consumption. Local market for materials should be considered as well (Triple bottom line in housing n.d.). Besides that, resource efficiency equates to lifestyle benefits for residents of the buildings in terms of improved thermal comfort (social sustainability) and reduced running costs for the home (economic sustainability). Economic Economic sustainability means designing and construction to make a house more cost-efficient in a long-run, considering the selection of low maintenance materials. Extra expense during construction should be provided for longer term operating cost savings as it is important to obtain the choices of design and material right the first time and removes the need to make additional costly changes later. Installation of solar panels or water tanks will also add instant value to a property (Triple bottom line in housing n.d.). The consideration of the local market in the selection of building material suppliers can optimise costs through reduced transportation expenses to the site. Other economic savings can also be done with the amplified focus on the embodied energy that building materials may represent in their journey from the source, through refinement, product manufacture and transport to eventual use on-site in the construction of the home (Sustainable Homes Triple bottom line 2008) . Sustainable construction could cost efficiently over time by improving the design and construction features and the use of low-maintenance materials Usage of appliances with high energy-star ratings that reduce the ongoing costs of running your home should be encouraged. By practicing sustainable construction, energy and water bills are lower and potential future modification costs are greatly reduced, thus making the home more adaptable over its life cycle. Case study: Enviro-Cottage Enviro-Cottage is constructed in Spring Hill, Brisbane. It was built as a workers cottage in the late 1800s. During 2008, the houses were transformed from a traditional Brisbane cottage into a sustainable development for inner-city living. Figure . Conceptual drawing of Enviro-Cottage. (Source: http://www.envirocottage.com.au) Enviro-Cottage as shown in Figure 2 isnt a new, purpose-built house unlike other display homes. It is a renovation project that highlights the simple, technological and the necessary construction methods to help make a home more efficient by using less electricity, water and other resources, while improving how people live in the available space. Some of the ideas are very simple and easy to apply in any home renovation or construction projects to reduce its environmental footprint. Examples of sustainable construction methods used are passive design, thermal mass and solar orientation (Enviro-Cottage n.d.). Other revolutionary sustainable ideas are the installation of solar cell technology, water tank and grey water systems, glass technology, kitchen and laundry appliances, taps and showers, insulation, flooring, paints and other finishes, heating and cooling systems, and energy efficient lighting. The Spring Hill Enviro-Cottage Project has addressed the TBL reporting (Triple bottom line in housing n.d). Examples of the Enviro-Cottage TBL report considerations included in the sustainable development and construction according to Our Brisbane are: Social sustainability Enviro-Cottage is constructed to be multi-purpose. Its multi-use design is suitable for people from different background, such as families, professional couples, or people with disabilities, young couples to families with older/independent children The cottage is constructed using the local Tuff stone to tie to Spring Hills heritage and preservation of the heritage streetscape Open front aspect to connect with local street life Open design to aid easy internal and external surveillance High security features to all doors and windows with simple and consistent locking systems The set back garage is designed and constructed to de-emphasise the role of the car Addition of two off-street parking options takes two cars off the crowded local street Preservation of the heritage streetscape Environmental sustainability Maximum use of passive solar design aspects, taking advantage of natural energy flows, and minimising the scale of overlaid systems lighting, cooling etc No air conditioning required or other mechanical heating or cooling systems Capture, use, recycle and re-use of as much rainwater as possible, inclusion of grey water processing system Generation of required energy needs through onsite photovoltaic system and where possible provision of clean renewable energy back to the community Use of environmentally preferred materials eg. no use of rainforest or old growth forest products Re-use of the existing 1800s building to reduce consumption of new materials Use of materials with a lifespan equivalent to the projected life of the building Source local products and materials where possible, minimising energy used to transport materials Economic sustainability Use of passive solar design and selected enviro-products will drive future operating costs down to a minimum Modular design, flexible usage model, and choice of long lifespan materials, minimising any requirements for future renovations, minimising ongoing construction costs The Enviro-Cottage project has demonstrate sustainable development through TBL reporting and the project signified sustainable living ideas, solution and options which can be in most construction even when it is challenged with the many constraints facing such renovations such as council building codes, existing dwelling condition and design, and smaller block sizes. Conclusion In conclusion, the TBL concept demonstrates responsibility to stakeholders in terms of economic, social and environmental impact. The idea behind TBL reporting is sustainable success which will benefit the organisations. Benefits include better reputation and increased confidence, benchmarked performance, increased operational efficiency, stakeholder satisfaction, and improved risk management of the business. TBL reports may have different representations in the business and government sectors, and each of the sectors has different interpretation of TBL. TBL reporting is one way organisations can add value to their daily practices of their business. In terms of sustainable development and construction, TBL is the union of the three constituent parts social, environment, and economic. TBL is commonly used to prove corporate performance on sustainability as it covers accountability in an economic, social and environmental sense.

The Internet Wont Put an End to the Diversity of Style in Composition

The Internet Won't Put an End to the Diversity of Style in Composition From 1982, when the term â€Å"Internet† was first used, until today, over 520 million users have gained access to the Internet.[1] This gigantic leap in Internet usage suggests that in the coming years, even more people will be able to view material online. As more people continue to gain access, others will want to post their creations online with a greater frequency, allowing a wider range of viewers to see their work. Will this increase in compositions being made available on the Internet, however, lead to homogeneity of style? This is not at all the case. Assuming that diversity of style existed before the rise of the Internet, even as Internet usage continues to grow, the diversity of style in composition will continue to exist. To begin with, what is style, and what are compositions? Webster’s Dictionary defines style as â€Å"manner of expression in language; characteristic manner of expression, design, etc. in any art, period, etc.†[2] To make things easier, this paper will simply say that style is the particular way that one expresses oneself. Compositions are creations, especially those of literary, musical, or artistic works. The last two terms are important to remember, as many of those claiming that diversity of style is ending pay attention only to compositions created on instant messengers and chat rooms, devices which are text-based.[3] For now, however, a concentration will be made upon a claim of homogeneity brought upon by the dominance of American culture. Jonathan Rick asserts that â€Å"American culture has infiltrated even the most remote areas of the world.†[4] This contention cannot be denied. American cultural icons such as M... ...Rick, 1. [5] http://www.amnh.org/ and http://www.louvre.fr/index.html, respectively [6] Dibble, 4 [7] 544.2 million people [8] ComputerScope Ltd. Bibliography American Museum of Natural History. http://www.amnh.org/. Dibble, Chris. â€Å"Does the Internet entail an end to the cultural and historical diversity of style in composition?† 22 April 2002. http://www.duke.edu/~cfd3/essays/style.htm. The Louvre Museum. http://www.louvre.fr/index.html. Nua Internet How Many Online. February 2002. ComputerScope Ltd. http://www.nua.ie/surveys/how_many_online/ Rick, Jonathan. â€Å"Does the Internet entail an end to the cultural and historical diversity of style in composition?† 27 March 2002. http://www.duke.edu/~jhr4/writing20/essays/essay2.pdf. â€Å"Style.† Webster’s New World Compact School and Office Dictionary. 3rd College Edition, 1994.

Experiential Leadership Project Progress Report Essay

This paper is an experiential leadership project whose subject is, Sandra Ussery, my direct supervisor at work. Sandra’s title is Pricing Systems Supervisor, under FedEx National LTL. At present she oversees nine direct employees. Sandra’s boss is Diane Lia, the Pricing Systems Manager for FedEx National LTL. Diane has two direct employees and nine indirect employees. The main reason I have chosen to focus on Sandra is because she is in a newly created position. Good supervisors are people who, even when they must correct someone, can â€Å"step on your toes without messing up your shine. They give people a shot in the arm without letting them feel the needle. People seem to need encouragement most when they sense that they have really failed. Perhaps they failed the boss, or the organization or just failed themselves. In any case, it is at that moment that the leader needs to show her character—how she is able to help them along with the healing process. My supervisor, Sandra Ussery, is that kind of a boss and many more. This paper aims to gather an evaluation of her from those people under her. It shall also provide a copy of the questionnaire which I used in gauging the kind of leadership she implements with her staff. The process of evaluating an individual’s performance contains elements of positive and negative reinforcement. How well people perform is largely determined by whether their performance is evaluated or rewarded. Many organizations, especially smaller ones, do not have formal evaluation programs because they have survived without them in the past and they see no benefit for them in the future. Yet, performance management is essential even among supervisors because they upgrade the level of the human performance of organizations. They identify problem areas in the workplace when it comes to human resources. Although the situation does not appear to be in need of full attention right now, the implications will be felt later on by organization if they do not act consciously on the issue. There are adjustments that include minimum and accessorial charges, including additional adjustments in select lanes and service areas. The FedEx Freight Segment accumulated annual revenues of $3. 6 billion in fiscal year 2006. This includes FedEx Freight, a leading U. S. provider of regional next-day and second-day and interregional LTL freight services. The company is known for its high performance and exceptional service and reliability. FedEx Freight extends its service to all U. S. ZIP codes. It is supported by its principle of no-fee- money-back guarantee on all eligible continental U. S. shipments. It gives service to Canada, Mexico, Puerto Rico, Central and South America, the Caribbean, Europe and Asia. Holding corporate office in Memphis, Tennessee, the FedEx Freight Segment also includes FedEx National LTL, a leading provider of long-haul LTL services throughout North America. Looking at this description, this paper maintains that every organization needs to start where it should be rightly so—the individual. The FedEx National LTL, is a leading U. S. provider of long-haul LTL freight services. Federal Express purchased original employer, Watkins Motor Lines last June. Prior to this purchase, the pricing systems department, which was called the auto rate department under Watkins, had no supervisor. The supervisor position was created to have someone to train new employees as they were added to that department. Prior to four others and myself moving to the department in the span of a year, there had been no new additions to that department for seven years. After the acquisition, the supervisor job was created so that the manager of that department could focus on working with managers of other departments at our location and at other operating companies to integrate our systems together. FedEx National LTL, which is the operating company that I work for, specializes in providing low-cost transportation to our customers with slower turn around times. Our partner freight company, FedEx Freight, specializes on one to two day turnaround times at a higher cost. The main reason we were purchased was to add the long haul, low cost service to FedEx’s already quick turnaround customers. FedEx National LTL operates in the United States, Canada, Mexico, and Puerto Rico, but we can transport a shipment through the various operating companies anywhere in the world. The main factors affecting the companies operation at this time is the integration of our system into theirs. Our department takes pricing that is negotiated with our customers and we input it into our automated rating system. This system is designed to automatically apply pricing to freight bills so that no one has to manually rate them. This process is a huge cost saver to the company and is a highly focused on at FedEx. Federal Express has a mandate to input all pricing into this system, this way they have to pay few people to rate the bills. The problem we are facing is to integrate our automated rating program with theirs. Also, their operating systems are different than ours, but based on the same platform, so all the managers of the IT, IS, and Pricing Application departments are focused on integrating these systems. There is a comprehensive network of nearly 330 service centers and advanced information systems, FedEx Freight provides service to virtually all U. S. ZIP codes, including Alaska and Hawaii. The carrier’s regional and interregional LTL service is supported by a no-fee money-back guarantee on all eligible continental U. S. shipments. It gives service to Canada, Mexico, Puerto Rico, Central and South America, the Caribbean, Europe and Asia. Holding corporate office in Memphis, Tennessee, the FedEx Freight Segment also includes FedEx National LTL, a leading provider of long-haul LTL services throughout North America. In general, the company offers customers and businesses worldwide with services in transportation, e-commerce and business services. The annual revenue is a staggering $34 billion. It is known worldwide as having trustworthy and admired employers. It has more than 275,000 employees. Contractors employ positive safety with a high ethical and professional standard. As I said before, what I want to do with my project is collect feedback from my fellow coworkers, some of which have been there less than a year and others who have been there ten years or more. I have already discussed this project with my manager, supervisor, and coworkers and all of them have agreed to provide information and feedback, as I need it. Since, most of the senior people have worked with Sandra for at least five years, I will be able to get their impression of her and her leadership abilities. Sandra did not train many of the seasoned people, so I will discuss with the four new people how effective they feel she was as a trainer. I also plan to evaluate her based on the leadership styles I learned in the course. I want to see if Sandra tends to focus on one style or varies in styles and approaches depending on the employee and the situation. She has agreed to let me observe her a few times a week during the course of this project so that I may see her leadership style at work. I believe the best way to determine a particular style is to observe her actions towards me and other members of the department. I have contacted Human Resources to see if I can get a Job Description for her position in order to see what is required from her and her assigned tasks. While I am observing her I will use these criteria to see if she is confident in completing these tasks. I will use these criteria to evaluate her leadership ability and her ability to meet the needs of the company. I plan to be as objective as I can with this report, especially since I have only been with the company for two years, and in this department for about seven months. I plan to use the leadership styles outlined in the book as a guide to determining her style or styles of leadership. I want to gather as much data from coworkers and my manager on Sandra, since I have spent little time working with her. I want to see how the perceptions of those employee’s that have worked with her for a long time differ from those of us that are new. I believe that using the information outlined in our book, the job description qualifications and expectations, and the observations and information collected from coworkers and myself will help to determine if she is an effective leader. According to Dennie Carey, senior vice president, marketing, FedEx Freight, â€Å"Whether operating fast cycle logistics or planned distribution, shippers have told us they require a high degree of certainty, shipment integrity and actionable information. † The company meets customer needs by continuing to invest in their people, equipment, facilities and technologies. FedEx Freight has improved service in 3,000 lanes. Add to this is the safety features to its tractors and this ushered the easy access to its regional and long-haul service via the internet. It has also taken over the operations of Watkins Motor Lines in September, FedEx National LTL. It now focuses on the market with a highly engineered network. Sandra Ussery is a manager with faith in her staff. Part of any working day is given over to tracking and checking the progress that has been delegated throughout her staff. This is not about looking over the shoulders of her staff, but about monitoring the progress of the given program of the moment. Most people need reminders and her staff finds her as the ultimate â€Å"reminderer† in the organization. The people who most enjoy working with her are those who are self-starters, self-disciplined individuals who bring her the results of their projects before she ever has a chance to check on their progress. After a while, she learns whom she needs to remind and whom she can count on to follow through without reminders. She is able to encourage empowerment of all staff since she recognizes that this is very important in making changes more effective. The more involved people are in the process of change, the more effective the change will be and the more lasting it will be for the company (Coyle and Kossek, 2000). Definitely, Ussery enhances her staff’s ability to influence other subordinates in order to facilitate efficient decision making process within the organization. Those directly under her like and who worked with her within a year or so like Jessica, Jane, David, Daniel, Jerri, Sheila find that she exercises authoritative leadership ith them. This may be so because she trained them directly and she knows that these people would understand her when she wants things done perfectly. Authoritative leadership is the most effective in terms of generating changes for the company. Authoritative leaders as she is, she is very clear on what she wants to accomplish. She also has the ability to invoke to her staff the significance of their job in the accomplishment of the company’s goals. This means therefore, that employees or the team knows their roles in the grand goal of the company. Through the strategic positioning of a vision, an Ussery provides standard on which the results of the team can be evaluated. The other staff like Scot, Cathie, Penny, and Diane, who is also Sandra’s manager, find her diversifying her leadership style to ensure that they are applied appropriately to certain situations. These people say that Sandra balances her authority and democracy in her leadership styles. They evaluate her as having the sensitivity and emotional capacity to recognize what would be the most appropriate leadership strategy that is being called for by the situation. In many cases using just one strategy cannot generate effective results. One of the important components in leadership is also recognizing the potential of an assigned leader. Characteristics of the leader have been known to be very important in the achievement of goals. This is very important in the context of the FedEx where implementations of projects are assigned to specific leadership and utmost excellence is needed. According to many psychological studies, which aim to recognize the character behind some of the effective leaders in successful organizations, emotional intelligence is very important for many leaders (Goleman, 2000). This has been widely reviewed in many literatures. According to Goleman (2000) this emotional intelligence can be reflected on the ability of leaders to have the necessary social skills. This means that they must be able work well with their people under different circumstances to ensure that there are no barriers to communication. This would help the problem to be resolved immediately and for improvements of the programs be initiated efficiently. They must also have high levels of motivation, which would allow them to do things through initiative and exceed the expected results. These are all seen in Sandra, as evaluated by her people and they especially find that she is really flexible as well to the call of the times and the moment. Finally she knows her limitations and admit that she cannot possibly do everything without the able help of her staff likewise. Ms. Sandra Ussery is a good manager because she taught me through her example how to get the job done. I started taking notes and wondering what I would do if I were in charge. I looked and listened and collected a catalog of what people liked and disliked and collected a catalog of what people liked and disliked about management. She would often come up to me and say, â€Å"Here’s what we are going to do,† and made us believe we could do it. From that moment on, I was ready. Are you ready? You’ve got to take stock and honestly answer the question. It requires huge amounts of time and effort. Not everyone is willing to make the commitment and the sacrifices. She often would say that she gets a high watching people succeed. Making people’s actions visible by publicizing and recognizing their work strengthens others. It opens doors to potential new relationships because people are more aware of one another’s contributions. Success is an attractive magnet for pulling people together and increasing their attachment to the project. Ms. Ussery points out that building stable political coalitions is often based on making certain that participants’ involvement is publicized. She notes that good press is an essential political currency. While publicizing other people’s actions heightens people’s sense of personal power. It builds commitment because it makes it more difficult for people to dissociate themselves from the actions and activities that they were recognized for. There is also a rising literature today on leadership that emphasizes the need to inspire collaboration. This is the emerging mainstream form of leadership where power in the process of decision making is more decentralized. There is now a present emphasis on the ability of group collaboration to actually facilitate the achievement of the goals. Collaborative leadership is practiced by Sandra as an effective means of communication that could actually imbibe greater productivity and greater creativity for the achievement of the goals of the department she is in.

EMI Corporate Finance Essay

In this Internet age, the consumer is using music content more than ever before— whether that’s playlisting, podcasting, personalizing, sharing, downloading or just simply enjoying it. The digital revolution has caused a complete change to the culture, operations, and attitude of music companies everywhere. It hasn’t been easy, and we must certainly continue to fight piracy in all its forms. But there can be no doubt that with even greater commitment to innovation and a true focus on the consumer, digital distribution is becoming the best thing that ever happened to the music business and the music fan. —Eric Nicoli, CEO, EMI Group1 In early spring of 2007, Martin Stewart drove through the darkened streets of Kensington in West London. As chief financial officer (CFO) for global music giant EMI, Stewart already knew most of the news that would break at the company’s April 18 earnings announcement. Annual underlying revenue for the company was down 16% to GBP 1.8 billion (British pounds). Earnings per share (EPS) had also dropped from 10.9 pence (p) in 2006 to −36.3p in FY2007 (fiscal year). Those disappointing numbers were roughly in line with the guidance Stewart had given investors in February. The performance reflected the global decline in music industry revenues, as well as the extraordinary cost of the restructuring program EMI was pursuing to realign its investment priorities and focus its resources to achieve the best returns in the future. The earnings announcement would include an announcement of the dividend amount, which had not yet been determined. The board would meet soon to review EM I’s annual results, International Federation of Phonographic Industry (IFPI), â€Å"IFPI: 07 Digital Music Report,† January 2007. This case was written by Elizabeth W. Shumadine (MBA ’01), under the supervision of Professor Michael J. Schill, based on public information. Funding was provided by the L. White Matthews Fund for Finance case writing. Copyright  © 2008 by the University of Virginia Darden School Foundation, Charlottesville, VA. All rights reserved. To order copies, send an e-mail to sales@dardenbusinesspublishing.com. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means— electronic, mechanical, photocopying, recording, or otherwise—without the permission of the Darden School Foundation. Rev. 2/09. .2 On an annual basis, EMI had consistently paid an 8p-per-share dividend to ordinary shareholders since 2002 (Exhibit 1). Now in light of EMI’s recent performance, Stewart questioned whether EMI should continue to maintain what would represent a combined GBP 63-million annual dividend payment. Although omitting the dividend would preserve cash, Stewart appreciated the negative effect the decision might have on EMI’s share price, which was currently at 227p. Stewart recognized that EMI faced considerable threat of a takeover. Although its board had recently been able to successfully reject an unsolicited 260p-per-share merger offer from U.S. rival Warner Music, there remained considerable outside interest in taking  over EMI. It seemed that boosting EMI’s share price was imperative if EMI was to maintain its independence. EMI With a storied history that included such names as the Beatles, the Beach Boys, Pink Floyd, and Duran Duran, it was not difficult to understand why EMI considered its current and historical catalog of songs and recordings among the best in the world. EMI, Warner Music Group, Sony BMG Music Entertainment, and Universal Music Group, collectively known as â€Å"the majors,† dominated the music industry in the early 21st century and accounted for more than two-thirds of the world’s recorded music and publishing sales.3 Exhibit 2 contains a list of the global top-10 albums with their respective record labels for the last four years. Recorded music and music publishing were the two main revenue drivers for the music industry. EMI divided its organization into two corresponding divisions. EMI Music, the recorded-music side, sought out artists it believed would be long-term commercial recording successes. Each EMI record label marketed its artist’s recordings to the public and sold the releases through a variety of retail outlets. EMI’s extensive music catalog consisted of more than 3 million songs. Recorded-music division sales came from both new and old recordings with existing catalog albums constituting 30% to 35% of the division’s unit sales. Exhibit 3 contains a list of EMI’s most successful recording artists in FY2007. EMI Music Publishing focused not on recordings but on the songs themselves. Generally, there were three categories of publishing-rights ownership in the music industry: the lyric’s author, the music’s composer, and the publisher who acquired the right to exploit the song. These publishing-rights owners were entitled to royalties whenever and however their music was used. Music publishers categorized their revenue streams as mechanical royalties (sales of recorded 2 In the United Kingdom, companies typically declared dividends twice a year, first with the midyear results and second with the full-year results. Typically, EMI paid an interim dividend of 2p per share and a final dividend of 6p per share. In addition, both EMI’s interim and final dividends were paid out to shareholders in the following fiscal year. In November 2006,  EMI’s board committed to paying the interim dividend of 2p per share following its 2007 fiscal midyear results with actual payment to shareholders expected in April 2007. Both the 2p interim dividend and the recommended final dividend would be reflected in the 2008 financial statements. 3 EMI included a fourth category of royalties labeled â€Å"other,† which included sales of sheet music and, increasingly, mobile ring tones and ring backs. Similar to the recorded-music division, the music-publishing division identified songwriters with commercial potential and signed them to long-term contracts. The division then assisted the songwriters in marketing their works to record companies and other media firms. EMI’s current publishing catalog encompassed more than 1 million musical compositions. Exhibit 3 includes a list of EMI’s most-successful songwriters in FY2007. EMI’s publishing business generated onefourth of the total group revenue. Revenue in the publishing business was stable, and  operating profits were positive. In addition to seeking out and signing flourishing recording artists and songwriters to long-term agreements, both EMI divisions also expanded and enhanced their individual catalogs and artist rosters by strategic transactions. Two key acquisitions for EMI’s recorded-music division were the 1955 acquisition of a leading American record label, Capitol Records, and the 1992 acquisition of Virgin Music Group, then the largest independent record label. Together the transactions added such key recording stars as Frank Sinatra, Nat King Cole, Janet Jackson, and the Rolling Stones. The music-publishing division similarly targeted existing publishing assets with large, proven commercial potential such as the purchase in various stages of Motown founder Berry Gordy’s music catalog in 1997, 2003, and 2004. Since the company’s founding in 1897, EMI’s model had been that of â€Å"constantly seeking to expand their catalog, with the hits of today forming the classics of tomorrow.†4 Both divisions pursued the goal of having the top-selling artists and songwriters and the deepest, mostrecognized catalog assets. EMI welcomed technological innovations, which often drove increased music sales as consumers updated their music collections with the latest music medium (e.g., replacing an LP or cassette with the same recording on compact disc). But the latest technology, digital audio on the Internet, was different and revolutionary. Digital audio on the Internet demanded rethinking the business model of all the majors, including EMI. Digital Audio and the Music Industry Digital audio had been around since the advent of the compact disc (CD) in the early 1980s, but the 1990s combination of digital audio, Internet, and MP3 file format brought the music industry to a new crossroads. The MP3 format had nearly the same sound quality as CDs, but its small file size allowed it to be easily downloaded from the Internet, stored on a computer hard drive, and transferred to a digital audio player, generally referred to as an MP3 player. Peer-to-peer file-sharing Internet services, most notably Napster, emerged in the late 1990s. First available in mid-1999, Napster facilitated the exchange of music files. The use of Napster’s file-sharing program exploded, and Napster claimed 20 million users by July 2000. EMI Group PLC annual report, 2007. Napster’s swift growth did not go unnoticed by the music industry. While the Recording Industry Association of America (RIAA) was eventually successful in using the court system to force Napster to remove copyrighted material, it did not stop peer-to-peer file sharing. New services were quickly developed to replace Napster. The International Federation of the Phonographic Industry (IFPI), an organization representing the recording industry worldwide, estimated that almost 20 billion songs were downloaded illegally in 2005. EMI was an early presence on the Internet in 1993. In 1999, EMI artist David Bowie’s album, hours†¦, was the first album by a major recording artist to be released for download from the Internet. None of the record labels were prepared, however, for how quickly peer-to-peer file sharing would change the dynamics of the music industry and become a seemingly permanent thorn in the music industry’s side. In the wake of Napster’s demise, the music labels, including EMI, attempted various subscription services, but most failed for such reasons as cost, CDburning restrictions, and incompatibility with available MP3 players. Only in the spring of 2003, when Apple launched its user-friendly Web site, iTunes Music Store, did legitimate digital-audio sales really take off in the United States, the world’s largest music market. Apple began to expand iTunes globally in 2004 and sold its one-billionth download in February 2006. According to the IFPI, there were  500 legitimate on-line music services in more than 40 countries by the beginning of 2007, with $2 billion in digital music sales in 2006. Despite the rise of legally downloaded music, the global music market continued to shrink due to the rapid decline in physical sales. Nielsen SoundScan noted that total album units sold (excluding digital-track equivalents) declined almost 25% from 2000 to 2006.5 IFPI optimistically predicted that digital sales would compensate for the decrease in physical sales in 2006, yet in early 2007, IFPI admitted that this â€Å"holy grail† had not yet occurred, with 2006 overall music sales estimated to have declined by 3%.6 IFPI now hoped digital sales would overtake the decline in physical sales in 2007. Credit Suisse’s Global Music Industry Forecasts incorporated this view with a relatively flat music market in 2007 and minor growth of 1.1% to 1.5% in 2008 and 2009.7 The Credit Suisse analyst also noted that the music industry’s operating margins were expected to rise as digital sales became more significant and related production and distribution costs declined.8 Lehman Brothers was more conservative, assuming a flat market for the next few years and commenting that the continued weakness in early 2007 implied that the â€Å"market could remain tough for the next couple of years.†9 Many in the industry feared that consumers’ ability to unbundle their music purchases— to purchase two or three favorite songs from an album on-line versus the entire album at a physical retail store—would put negative pressure on music sales for the foreseeable future. A Bear Stearns research report noted: While music consumption, in terms of listening time, is increasing as the iPod and other portable devices have become mass-market products, the industry has still not found a way of monetizing this consumption. Instead, growing piracy and the unbundling of the album, combined with the growing power of big retailers in the physical and iTunes in the digital worlds, have left the industry in a funk. There is no immediate solution that we are aware of on the horizon and in our view, visibility on sales remains poor.10 Recent Developments at EMI The last few years had been incredibly difficult, particularly within EMI’s recordedmusic division, where revenues had declined 27% from GBP 2,282 million in 2001 to GBP 1,660 million in 2006. (Exhibits 4 and 5 show EMI’s financial statements through FY2007.) Fortunately, downloadable digital audio did not have a similar ruinous effect on the publishing division. EMI’s publishing sales were a small buffer for the company’s performance and hovered in a tight range of GBP 420 million to GBP 391 million during that period. CEO Eric Nicoli’s address at the July 2006 annual general meeting indicated good things were in store for EMI in both the short term and the long term. Nicoli stressed EMI’s exciting upcoming release schedules, growth in digital sales, and success with restructuring plans. EMI’s digital sales were growing and represented an increasingly large percentage of total revenues. In 2004, EMI generated group digital revenues of GBP 15 million,  which represented just less than 1% of total group revenues. By 2006, EMI had grown the digital revenue to GBP 112 million, which represented 5.4% of total group revenues. The expected 2007 digital sales for EMI were close to 10% of group revenues. Given the positive expectations for its 2007 fiscal year, financial analysts had expected EMI’s recorded-music division to see positive sales growth during the year. EMI’s surprising negative earnings guidance on January 12 quickly changed its outlook. EMI disclosed that the music industry and EMI’s second half of the year releases had underperformed its expectations. While the publishing division was on track to achieve its goals, EMI’s recorded-music division revenues were now expected to decline 6% to 10% from one year ago. The market and investor community reacted swiftly to the news. With trading volume nearly 10 times the previous day’s volume, EMI’s market capitalization ended up down more than 7%. EMI further shocked the investment community with another profit warning just one month later. On February 14, the company announced that the recorded-music division’s FY2007 revenues would actually decrease by about 15% year-over-year. EMI based its new dismal forecast on worsening market conditions in North America, where SoundScan had calculated that the physical music market had declined 20% in 2007. The investment community punished EMI more severely after this second surprise profit warning, and EMI’s stock price   dropped another 12%. British newspaper The Daily Telegraph reported shareholders were increasingly disgruntled with performance surprises. One shareholder allegedly said, â€Å"I think [Nicoli]’s a dead duck. [EMI] is now very vulnerable to a [takeover] bid, and Nicoli is not in any position to defend anything. I think the finance director [Martin Stewart] has also been tainted because it suggests they did not get to the bottom of the numbers.† EMI analyst Redwan Ahmed of Oriel Securities also decried EMI management’s recent news: â€Å"It’s disastrous †¦ they give themselves a big 6% to 10% range and a month later say it’s 15%. They have lost all credibility. I also think the dividend is going to get slashed to about 5p.†11 Exhibit 6 contains information on EMI’s shareholder profile. As its fiscal year came to a close, EMI’s internal reports indicated that its February 14 forecast was close to the mark. The recorded-music division’s revenue was down, and profits were negative. The publishing-division revenue was essentially flat, and its division’s margin improved as a result of a smaller cost base. The company expected underlying group earnings before interest, taxes, depreciation, and amortization (EBITDA), before exceptional items, to be GBP 174 million, which exceeded analysts’ estimates. Digital revenue had grown by 59% and would represent 10% of revenue. EMI management planned to make a joint announcement with Apple in the next few days that it was going to be the first major music company to offer its digital catalog free from digital-rights management and with improved sound quality. The new format would sell at a 30% premium. EMI management expected this move would drive increased digital sales. Management was pleased with the progress of the restructuring program announced with the January profit warning. The plan was being implemented quicker than expected and, accordingly, more cost savings would be realized in FY2008. The program was going to cost closer to GBP 125 million, as opposed to the GBP 150 million previously announced. Upon completion, the program was expected to remove GBP 110 million from EMI’s annual cost base, with the majority of savings coming from the recorded-music division. The plan reduced layers in the management structure and encouraged the recorded-music and publishing divisions to work more closely together for  revenue and cost synergies.12 One headline-worthy change in the reorganization was the surprise removal of the recorded-music division head, Alain Levy, and Nicoli taking direct responsibility for the division. The Dividend Decision Since the board had already declared an interim dividend of 2p per share in November 2006, the question was whether to maintain the past payout level by recommending that an additional 6p final EMI dividend be paid. Considering EMI’s struggling financial situation, there was good reason to question the wisdom of paying a dividend. Exhibit 7 provides a forecast of the cash flow effects of maintaining the dividend, based on market-based forecasts of 11 Alistair Osborne, â€Å"Nicoli ‘a dead duck’ as EMI issues new warning,† Daily Telegraph, February 16, 2007. Restructuring efforts over the previous three years had collectively saved the company GBP 180 million annually; however, the result was a one-time implementation cost of GBP 300 million. Omitting the dividend, however, was likely to send a message that management had lost confidence, potentially accelerating the ongoing stock price decline—the last thing EMI needed to do.13 (Exhibit 9 depicts trends in the EMI share price from May 2000 to May 2006.) Many believed that music industry economics were on the verge of turning the corner. A decision to maintain the historical 8p dividend would emphasize management’s expectation of business improvement despite the disappointing recent financial news. Forecasts for global economic growth continued to be strong  (Exhibit 10), and reimbursements to shareholders through dividends and repurchases were on the upswing among media peers (Exhibit 11). As Stewart navigated his way home, the radio played another hit from a well-known EMI artist. Despite the current difficulties, Stewart was convinced there was still a lot going for EMI. Historically, there was strong evidence of significant negative stock-price reactions to dividend cancellations (see Balasingham Balachandran, John Cadle, and Michael Theobald, â€Å"Interim Dividend Cuts and Omissions in the U.K.,† European Financial Management 2:1 (March 1996), 23–38, for a study using only British firms, and Roni Michaely, Richard Thaler, and Kent Womack, â€Å"Price Reactions to Dividend Initiations and Omissions: Overreaction of Drift?† Journal of Finance, 50, 2 (June 1995), 573–608, for a larger study using U.S. firms. Both academics and practitioners vigorously debated the impact of dividend policy. In fact, Nobel laureate economists had argued that dividend policy should maintain little relevance to investors. Exhibit 8 contains a summary of Modigliani and Miller arguments.