Effects of globalization in singapore

Effects of globalization in singapore For more than 40 years, Singapore has enjoyed economic success, allowing Singaporeans to have a raised quality of life and standard of living. However, due to this increase in standard of living, this has caused income disparity (Yeoh, 2007/2008) among Singaporeans, between the low income families and the high income families. This widening income gap was due to the side effects of the Singapore governments pro growth policies (Yeoh, 2007/2008). However, the income gap was pushed even more by globalisation and the recessions from December 2007 until now, 2011. This caused the depression the unskilled workers salaries while inflating the skilled workers salaries. Thus, this caused the widening income gap in Singapore. Due to the widening income gap, Singaporeans have become more aware of the differences in income among Singaporeans, which causes them to be more â€Å"class-conscious†. If the widening income gap continues to widen would cause unthinkable economic, social and political impacts in Singapore. The main challenge policy makers face today is to seek a balance between income disparity reduction, economic growth and budget feasibility (Yeoh, 2007/2008). The policies are mainly to help the lower income families with the proper opportunities in order for them to move up the social and financial ladder. Policy makers should be aware that an overly egalitarian approach towards reducing income inequality is suboptimal. On the whole, the government needs to face the issue of widening income gap with an emphatic heart and mind, thinking for the needs of the people. BACKGROUND Singapore, which used to be a small fishing village, has done well in the last decades of the twentieth century to rise from an entreport centre to be a global city and a developed nation. It had resolved most issues pertaining to underdevelopment and had developed the needed institutions to prepare its survival in the twenty-first century. From 2000-2008, these years mark the period in which globalization as a process affected all parts of the world. These years were significant politically, socially and economically for Singapore. (Amaldas, 2009) One part in this paper that we would like to focus on is the issue of the widening income gap in Singapore. In this paper, we would be discussing about how the widening income gap is linked to globalisation and what measures are used to solve it, as well as the impacts and reasons for the manifestation of widening income gap. Globalization is defined as the free movements of goods, services and capital across borders. It is a contentious process by which the western market economies have effectively spread across the globe. Although it does not constitute a new phenomenon, it is viewed as an inexorable integration of markets, nations and technologies to a degree never witnessed before in a way that is enabling individuals, and corporations to reach around the world further, faster, deeper and more economically than ever before (Heshmati, 2003). Globalization causes rapid changes in trade relations, financial flows, and mobility of labour across the world. The development has brought the economies of developed countries closer together and more strongly interrelated. However, there is a large heterogeneity in the degree of globalization process over time and across countries and regions. This heterogeneity causes disparity in development and urges the need for research to find sources of disparity and quantification of its magnitude and impacts (Heshmati, 2003). Many scholars regard globalization as a force which will inevitably bring about the decline (Held, 1995), erosion (Hall, 1991) or the end (Ohmae, 1995) of the nation-state. As the argument goes, the process of globalization in its various manifestations is increasingly undermining the territorial boundedness, sovereignty and traditional role of the existing system of the modern nation-state. With other major countries such as America and India facing the problem of the widening income gap as their countries continue to evolve, one major aim of this paper is to understand the risks of the widening income gap if Singapore ever falls into the trap with the advancement of our country. WIDENING INCOME GAP Economic inequality (or wealth and income differences) comprises all disparities in the distribution of economic assets and income. Widening income gap refers to the differences of income received by the employees and is a global phenomenon caused by globalisation. Due to globalisation, the elite and higher-educated are coveted for their expertise, hence the demand for these professionals causes their salary to be raised higher. Those at the lower-income group however suffer from globalisation as the jobs available are scarce; hence, their salaries are pushed lower because many people are fighting for the same job. This is called widening income gap. The Gini coefficient is a standard measure of income inequality. It is given as a means of multiple observations for a given country in a given year. The multiplicity of observations is due to the different definitions of income, area coverage and units of measurement (Heshmati, 2003). The Gini Coefficient ranges between 0, where there is no concentration which is perfect equality, and 1 where there is total concentration which is perfect inequality (Slack and Rodrigue, 1998). Absolute poverty is where people do not have sufficient access to food, shelter, and clothing to provide a basic level of physical and mental development (Duncan, 2000). National Household Income In Singapore, the household income from work in 2010 increased due to strong economic growth. Median monthly household income from work in 2010 recovered to above the level before the economic downturn in 2009. Among resident households, median monthly income from work increased by 3.1 per cent from $4,850 in 2009 to $5,000 in 2010 (Table 1); in real terms, the increase was 0.3 per cent (Department of Statistics Singapore, 2010). Table 1 Monthly Household Income from Work Among Resident Households Year Median Household Income Average Household Income Dollar Nominal Change (%) Real Change (%) Dollar Nominal Change (%) Real Change (%) 2000 3,638 3.9 2.6 4,988 5.7 4.2 2001 3,860 6.1 5.0 5,338 7.0 5.9 2002 3,628 -6.0 -5.6 5,069 -5.0 -4.7 2003 3,601 -0.7 -1.2 5,075 0.1 -0.4 2004 3,689 2.4 0.8 5,194 2.3 0.7 2005 3,860 4.6 4.1 5,447 4.9 4.4 2006 4,000 3.6 2.6 5,715 4.9 3.9 2007 4,375 9.4 7.1 6,295 10.1 7.9 2008 4,946 13.1 6.0 7,086 12.6 5.6 2009 4,850 -1.9 -2.5 6,826 -3.7 -4.2 2010 5,000 3.1 0.3 7,214 5.7 2.8 Source: Department of Statistics Singapore (2011) â€Å"Key Household Income Trends, 2010† Among employedhousehold, with at least one working person, median monthly income from work increased by 5.7 per cent in nominal terms (from $5,400 in 2009 to $5,700 in 2010) and 2.8 per cent in real terms (Table 2). Table 2 Monthly Household Income from Work Among Employed Households Year Median Household Income Average Household Income Dollar Nominal Change (%) Real Change (%) Dollar Nominal Change (%) Real Change (%) 2000 4,000 5.3 3.9 5,456 7.0 5.6 2001 4,141 3.5 2.5 5,736 5.1 4.1 2002 4,038 -2.5 -2.1 5,572 -2.9 -2.5 2003 4,050 0.3 -0.2 5,618 0.8 0.3 2004 4,106 1.4 -0.3 5,761 2.5 0.9 2005 4,345 5.8 5.3 6,052 5.1 4.6 2006 4,495 3.5 2.5 6,280 3.8 2.8 2007 4,883 8.6 6.4 6,889 9.7 7.4 2008 5,475 12.1 5.2 7,752 12.5 5.5 2009 5,398 -1.4 -2.0 7,549 -2.6 -3.2 2010 5,704 5.7 2.8 8,058 6.7 3.8 Source: Department of Statistics Singapore (2011) â€Å"Key Household Income Trends, 2010† Overall, the monthly household income has increased in Singapore in the year 2010. However, there are differences in the increase between the lower-income families and the higher-income families which cause the widening income gap in Singapore. Gini Coefficient The income gap between household incomes from work per household member among employed households increased marginally in 2010. The Gini coefficient, increased slightly in 2010. In particular, including employer CPF contributions5, the Gini coefficient was 0.472 in 2010, compared to 0.471 in 2009 (Figure 1). Adjusting in addition for government benefits and taxes, the Gini coefficient was 0.452 in 2010 (Yeoh, 2007/2008). Source: Department of Statistics Singapore (2011) â€Å"Key Household Income Trends, 2010† Figure 2 below shows the Gini coefficient5 trend for Singapore from 1974 to 2006. Figure 2. Singapore Gini Coefficient from 1974 2007 Data from 2000 2007:Department of Statistics Singapore (2008)Source: Data from 1975 1999: Mukhopadhaya, Pundarik (2001) LINK BETWEEN GLOBALISATION AND WIDENING INCOME GAP What role has globalisation played in changes in income inequality? Most research on this issue has been concentrated in recent years on the changes in income inequality in the high-income countries. Discussion has mainly focussed on whether the widening wage gap is due to increased imports of labour intensive goods from developing countries (pushing down demand for low-wage labour) or technological change—in particular, improvements in information technology (increasing demand for high-skilled labour relative to demand for low-skilled labour). But besides these two factors, other factors thought to contribute are: slower growth in the supply of skilled workers (pushing up their wages relative to the wages of less-skilled workers); increased workforce participation of women and increased immigration of low skilled workers (pushing down wages of less-skilled labour); and the waning powers of trade unions (for a survey of the literature, see Tyers, Duncan and Martin 1999). Economics research generally gives more support to improvements in technology as being most important, and much more important than increased trade with developing countries (see Tyers, Duncan, and Martin 1999). Low and middle income countries account for about 80 per cent of the worlds industrial workforce and manufactures comprise about 60 per cent of their exports (up from 20 per cent in the 1960s). In line with predictions from economic theory, Williamson (1997) argues that the increased flow of labour-intensive goods and unskilled labour from developing countries to high-income countries in the latter half of the 20th Century reduced demand for lowskilled labour in the high-income countries, increasing income inequality in these countries. He argues that this is consistent with the Heckscher-Ohlin trade model that says that trade will tend to equalise factor payments, leading to greater cross-country income equality for low-skilled labour, increasing income inequality in the high-income countries, and increasing income equality in the lower-income countries. More importantly, he notes that in the earlier golden period of globalisation (1870 to 1913), the growing income inequality in the then higher income countries led to the reversal of globalisation (including restrictions on immigration) and the devastating 1921-38 period. REASONS FOR WIDENING INCOME GAP The underlying characteristic for the recent growing disparity is the difference in income growth for the bottom 20% and top 20% households (Yeoh, 2007/2008). Table 3 illustrates the different income growth rates for each income group since 2000. Table 3. Annual Income Growth for Various Income Groups Income Groups Real Annual Change in Average Monthly Household Income per Household Member (%) 2000 2005 2005 2006 2006 2007 Bottom 10% 2.4 6.6 3.3 Bottom 11 20% 0.5 5.2 3.6 Top 11 20% 3.7 5.7 6.0 Top 10% 4.3 8.0 11.1 Source: Department of Statistics Singapore (2008). Key Household Income Trends 2007. Generally, the bottom 20% experienced slower growth rates than the top 20% of income earners during 2000 to 2007. Moreover, the ratio of average income of the top 20% to lowest 20%8 worsened from 9.99 in 2000 to 12.90 in 2007. Hence, these ratios show a widening income disparity between top and bottom income earners. Economists have also noted an understated stagnation of income amongst the middle class households that form the middle 60% of the income ladder. However, more employed households have moved up the social and financial ladder in 2007 as compared to 2006 (Yeoh, 2007/2008). There are differences between the different racial groups in Singapore as well. Table 4 below shows the income changes for each racial group in 2000 and 2005. Table 4. Income of the Major Racial Groups in Singapore Chinese Malays Indians Others 2000 2005 2000 2005 2000 2005 2000 2005 Average Monthly Household Income from Work ($) 5220 5630 3150 3440 4560 5170 7250 7250 Change (%) 7.9% 9.2% 13.4% 17.2% Source: Department of Statistics Singapore (2006) â€Å"General Household Survey 2005 Statistical Release 2: Transport,Overseas Travel, Housing and Household Characteristics†. As depicted in Table 4, the wage difference between the Malays and other races remain very alarming. From 2000 to 2005, among all the racial groups in Singapore, Malays had the lowest increase in income as compared to other races. With regard to income disparity between occupations, skilled professionals continue to earn more than unskilled workers, and have extended their lead further since 1996. Figure 3 below shows the ratio of the respective occupations wages to the unskilled occupations wages. Hence, this relative stagnation of wage growth amongst the unskilled would certainly have an effect on the widening income disparity between the two ends of the occupational spectrum as shown in Figure 3. IMPACTS OF WIDENING INCOME GAP Singaporeans are mainly concerned about the inflation which has raised about 3%-4% this year (Channelnews 17 February 2011) and skyrocketed housing prices in Singapore. Thus, many Singaporeans are unable to retire as they do not have the financial stability to sustain the high cost of living without being employed. According to the survey carried out by The Straits Times, this is the income gap situation: The average incomes of the top 20 per cent of households rose by 53 per cent from $12,091 to $18,472 from 1997/98 to 2007/08. By comparison, the average incomes of the poorest 20 per cent of households were kept down as a result of globalization, competition from emerging economies and new technology. They fell by 2.7 per cent over the same period from $1,309 to $1,274. The living conditions of the lower income households in Singapore will cause them to lose enthusiasm and motivation for work, thus the productivity will decrease and in turn lead to stagnation of the economy. In the short run, the large proportion of the poor and their lower marginal propensity to consume will lead to a lower injection multiplier and possible slower growth. In the long run, if the widening income gap in Singapore is done put to a stop, many people will fall into the poverty trap. As George Orwell laments, â€Å"Being poor isnt about not having anything today, it is about knowing youll have nothing tomorrow.† Inequality and injustice in the society will also make people gradually lose national cohesion, and hence menace to act as a centrifugal force that tears the social fabric of our nation apart. The long-term stability of Singapores society will be severely disturbed. The widening income gap is inclined to inflict social cohesion and undermine trust in the society. At the same time, it will impair social capital thus compromise the stability of the society. Uslaner Brown found a correlation between the amount of trust and the amount of income equality. It can be explained that people can gain sense of security from high income equality therefore they are expected to trust each other. A related study by Putnam also demonstrated that economic equality tends to lead to a high level of social capital (or â€Å"connections among individuals†). People will show a tendency of engaging others and hence strong social connectedness and civic engagement can be forged. (Uslaner and Brown, 2002). In view of the squeeze on income of middle class, the incessant wide income gap will also produce more ‘quitters which is a term popularized by Singapores then Prime Minister Mr. Goh Chok Tong. This word indicates that the rich nowadays are more globally-connected but less locally-disengaged (Goodman, 2003).The well-heeled are more likely to show off their conspicuous wealth and this pushes the government to loosen its tightfisted stance on welfare in the national budget as it tries to defuse criticism of its policies which burdened the plight of the common people. On the other hand, the enduring income disparity will impel the middle class to seek greener pastures overseas thus choose to emigrate. In the long run, the economic development and competitiveness of Singapore will be suppressed due to the resultant brain-drain. According to Yeoh â€Å"A new social compact for Singapore†, rising income equality will impair the governments credibility in imposing policies as well such as raising income tax rates. It is significant that we have already seen public outcry and debate on such policies. The implicit social contract between the people and the government supports Singapores remarkable economic success. The widening income gap and the perception that a large proportion of the population has little access to the growth process and no share in the prosperity despite their ability and willingness to work has slowly but surely eroded this social contract. The ramifications of such a perception is indeed as the policymakers noted: â€Å"society would learn that economic growth would not always be the answer, and would begin to question and debate priorities and trade-offs†¦the policy issues that need to be re-examined are largely social and political.† This in turn translates into the shattering of the implicit social contract the ruling party has with its electorate, making it increasingly hard for the government to execute unpopular policies. Already we are hearing a chorus of dissent over recent policy decisions such as the ministerial wage hikes or the Goods and Service Tax increase, as well as the inextinguishable calls for increasing political openness, freedom to stage outdoor protests, among others. The present-day influence of rising income inequality will create a class-conscious Singapore. The widening income gap and the wage stagnation threaten to destabilize the society as well as weaken the economy. Rising income disparity is also likely to arouse the social discontentment, reduce the credibility of the government as well as increase emigration of middle class. POLICIES IMPLEMENTED Growing the Economy and Maximising Opportunities GPC Chair for Community Development, Youth and Sports Seah Kian Peng said: One part is to keep the economy running and booming like what it is now, just like what we have experienced last year. What it means is that unemployment is very low and we know that the majority of people are earning a salary and as the economy booms, the government will be in a position to also, in any budget, consider how it could possibly distribute and share the growth with as many Singaporeans as possible. We have to focus on growth and embrace globalisation, but manage its downsides and make it work for everyone. We will do this by maximising opportunities for all Singaporeans — the opportunities to get a good education, to work or grow a business, to retrain yourself and upgrade, and to own your own home. We must maximise opportunities for all, but we must also accept that doing so does not result in equal rewards for all. We should never reduce the incentive for Singaporeans to work and to make the most of their skills and talents, so as to get higher reward for themselves. That has to be the basis for our society, for how we keep our economy growing, and for how living standards of Singaporeans can rise over time.† In conclusion, our first priority to help the low-income group is to grow the economy. It is essential to attract new investments, grow new businesses, and create new and better paying jobs to replace old ones. As we grow the economy, it is important to ensure that no one is left behind and that all Singaporeans have the opportunity to succeed. Over the years, the Government has been helping the lower-income groups through various assistance measures. Since 2001, the Government has distributed more than $7.5 billion through the Progress Package, U-Save and SCC rebates, CPF top-ups and New Singapore Shares, to share budget surpluses with Singaporeans. In all these distributions, deliberate efforts were made to ensure that the lower-income groups get the greatest benefits. But going forward, we have to do more to help needy Singaporeans, and to do it more systematically. This is one of the challenges that the government faces and have to solve. Government Schemes Over the years, Singapore has introduced various schemes such as GST Credits, Senior Citizen Bonus and rebates on utilities, rental and service and conservancy charges. The GST (Goods Service Tax) is one of the ways to help the lower-income families affected by the widening age gap. A zero-rate Goods and Services Tax (GST) policy on household essentials is an effective measure to help lower-income families. Finance Minister Tharman Shanmugaratnam, said: The bulk of the GST is collected from the top 40 per cent of the population and foreigners †¦ and we use the benefit to help those at the lower end. So if you talk about exempting food or any other essentials from GST, youre really taking away a source of revenue were getting mainly from those at the upper end and foreigners and reducing our ability to help those at the lower end. He added that lower-income Singaporeans get more Government benefits each year than the amount they pay in GST. The government has also revamped their policies and more citizens are now able to receive payouts and rebates according to their income. On average, the various government schemes added $1,110 per household member to resident households in 2010. The various government schemes gave a larger boost to those staying in smaller housing types. Resident households in HDB 1- and 2-room flats received an average of $2,650 per household member while resident households in HDB 3-room flats received an average of $1,480 per household member. This was higher than the $530 per household member for households in private properties. With the subsidies, it ensures that the lower-income group will be less burdened with debts for housing and other utilities. POLICIES THAT SHOULD BE IMPLEMENTED Singapore needs policies which can help the needy, disadvantaged and poor, in order to increase their income and reduce the widening income gap in Singapore. However, at the same time the government must not compromise economic growth and funding sustainability. Basically, Singapore has to find a perfect balance between income equality, strong economic growth and prudence in finances, where income disparity can be reduced without affecting growth prospects and budget discipline (Yeoh, 2007/2008). Expanding the Work fare of Older Workers The Workfare Income Supplement scheme (WIS) seems to be the policy that is able to have the balance and is able to cover the middle ground. The scheme is laudable even though a large amount of money is involved, in the form of quantum of pay. This policy reduces the income disparity by raising income levels of the lower income workers, and encourages long term employment (Yeoh, 2007/2008). It is argued that the current net payout of around $80 to $100 per month is insufficient for workers to accumulate surplus for further training and education (Yeoh Kam Leong, 2007). To address this problem, the WIS scheme also provides opportunities for worker

Marketing Strategies of Boeing and Airbus Essay

Effective marketing strategies are considered to be the integral part of every organization. If it’s implemented in an appropriate manner than an organization can reap desired results. Every organization wishes to design its marketing strategy in a proactive manner such that it would give the organization a sustainable competitive advantage. That’s the reason why an organization stresses a lot it developing effective marketing strategies because they want to achieve their objectives and their mission. In this paper we would analyze the marketing strategies of Boeing and Airbus and how both of them are influencing the aviation industry. Introduction The Boeing Company is considered to be the world’s leading manufacturer of commercial aircrafts and as far as exports are concerned the Boeing Company is United States major exporter. The organization is quite in every attribute and it employee more than 105,000 people. Similarly, Airbus is the subsidiary of Aircraft manufacturing company EADS (European Aerospace Company). Airbus is considered as one of the leading aircraft producers of the world and the company produces around half of the world’s jet airlines. Both these organizations are considered as fierce rivals of each other and they have a strong eye on each other’s strategies. These two companies have been soaring high in the marketplace based on its level of market share and level of credibility. In fact the two companies have been improving their businesses in order to outwit each competitor by incorporating technology advances in superior designs (Campos, 2001). The rivalry between the two plane makers has already created a noise in the marketplace but the two companies are still existing and soaring higher in spite of competition. The products of Boeing are known as Boeing business jets, Boeing VIP and military jets and they are numbered as 737,747,767,777, and 787 Dreamliner. Similarly, the products of Airbus are A320, A300, A330 and A380 Family. Marketing Strategy of Boeing The marketing strategy of Boeing is quite extensive and attractive in nature. Boeing faced a huge number of manufacturing difficulties and a competitive threat from its huge rivals Airbus. Boeing had to find an efficient way of developing and building airplanes and for that reason they changed the entire production systems and they revamped their marketing strategies (Balle & Balle, 2005). Boeing’s aircrafts are a sign of prestige and comfort. Boeing marketing strategy like others is dependent on projections and forecasts. That is the reason why Boeing forecasts a $2. 6 trillion market for a new commercial airplane which is nearly over the next 20 years. The strong market demand in the airplane industry will lead the organization to a world fleet and with a significantly improved environmental performance. Boeing gives an appealing touch and it’s more preferred by the customers. The 787 of Boeing is considered to be a different version of airplanes and it has an entirely different vision. Similarly, the design of the plane is entirely different too. The conventional approach is not followed by the Boeing and it doesn’t apply the hub-and-spoke model. The vice president of sales and marketing has stressed on the design of Boeing and he believes that number of frequencies offered by the airlines has doubled. He believes that customer’s preferences about airplanes are changing and customers prefer more point-to-point flights which allow the customers to fly more frequently and on smaller planes (Newhouse, 2008).

Sigmund Freud s The Interpretation Of Dreams Essay

Austrian neurologist and now considered the ‘father of psychoanalysis’, Sigmund Freud, is perhaps known for his theories involving the human brain. During the late 1800s, his therapeutic techniques dealing with psychopathology made him quite influential within and throughout the sphere of psychology and his work has had a tremendous impact on modern culture and common opinion. Freud’s The Interpretation of Dreams, first published in 1899, takes into account dream interpretation and theories involving the human brain, why humans dream and what they could mean. By conducting ‘free associations’ and interpreting numerous case histories of patients’ and their dreams, he established such theories such as dreams as wish-fulfillments and regression. In his dream interpretation, Freud treated dreams as a distorted path to the unconscious and believed that the contents of a dream were the fulfillment of a wish and its motive as a wish (Freud 143). In o ther words, Freud believed that the dreamer’s unconscious mind was reflected by the material within a dream and the role of these dreams was to satisfy the basic unconscious fantasies of a human. This assertion implies that wishes those were unable to be fulfilled in the waking life disguise themselves as symbols and imagery and manifest in the conscious mind, administered by the pleasure principle. In Freud’s point of view, wishes are repressed desires, mainly sexual, and childhood memories that are fulfilled via dreams, based on theShow MoreRelatedSigmund Freud s The Interpretation Of Dream2543 Words   |  11 Pagesexcerpt from Sigmund Freud’s 1913 book, The Interpretation of Dream, Third Edition, is one of his most famous generalizations of his work. Freud often emphasized that the study of the human mind is a complicated, arduous, and ever-changing field of attempts at empirically examining an intangible concept that often result in very small gains. 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The Legalization Of Prostitution Within The United States

Prostitution is a profession that has been around for centuries and has a majority of negative stigmas toward it. People of different genders and sexual practices have found jobs within this industry. They face problems within their line of work due to many areas having this profession marked as illegal. These legal restrictions breed further problems for sex workers ranging from health problems, work environment dangers, and tough economic situations. The idea of legalizing prostitution within the United States has been pitched as a solution to these problems. The negatives ranged from all prostitutes being drug addicts or that legalization of this profession would create many more problems than it would solve. Further examination of the claims for and against the legalization of prostitution nationwide show that the pros of legalization outweigh the cons. If legalized nationwide the sex industry would solve many problems for sex workers and others within the country. Prostitution i s the selling of sexual services for money or other benefits. While illegal in most areas of the United States it is legal within Nevada. Legalized prostitution varies from illegal prostitution in many ways. Legalized prostitution works similar to other businesses. Places such as brothels provide a location for the legal transaction of money in exchange for sexual services. Other forms of legalized prostitution can be seen in agencies and window working as seen in the De Wallen, the largestShow MoreRelatedAdvantages of Legalizing Prostitution1749 Words   |  7 PagesProstitution is known as the oldest profession and has been around for millenniums, dating back to Roman, Byzantine, Greek and Egyptian empires (Baldwin, 2004). The ancient cultures of those empires dealt with the needs of the group and consequently developed protocols for dealing with sexual relations that have propagated throughout time to the modern era. 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Obesity A Huge Strain On The Nhs - 1543 Words

Obesity in the UK is proving to be a huge strain on the NHS, as individuals tend to have multiple comorbidities associated with being overweight. Bariatric surgery has been found to be an effective way of managing the financial strain by reducing the incidence of comorbidities in individuals’ post-surgical weight loss. Factors such as Human Rights Law, the NHS constitution and the Bioethical principals for good practice point to the benefits for all morbidly obese patients to be provided with bariatric surgery, however there are further opinions to suggest this is only treating the symptom and not the cause. In the UK 26% of men and 24% of women are classed as obese with 2% of men and 4% of women classed as morbidly obese. Obesity is†¦show more content†¦6 However, despite this less than 1% of patients in the UK who could benefit from bariatric surgery end up getting treatment with numbers of bariatric surgery falling 31% from 8794 operations between 2011-2012 to 6032 operations in 2014-2015. 7 There is a requirement for patients to show their commitment to losing weight, and the approval process can be long and drawn out depending on each local trusts policy. Some experts have stated that the high BMI cut off may have caused some patients to gain weight in order to be eligible and that despite the cost savings, the NHS may have the wrong priority when patients with cancer are being refused certain treatments due to cost whilst obese patients have made themselves ill through choice.8 This opinion has been challenged by both ethics campaigners and legal rights activists. Under the Human Rights Act, there are â€Å"protected† characteristics such as age, disability and race that offer legal protection against discrimination etc. There has been a campaign lately to include obesity as a protected characteristic for freedom from discrimination. 9 The European Court of Justice made a decision in FOA, acting on behalf of Karsten Kaltoft v

Beauty in Jane Free Essays

The movie â€Å"American beauty† through its very title conveys the idea that it focuses on beauty as an important concept in human relationships. One of the special instances when the idea of beauty is given a fresh interpretation is the relationship between Ricky, the next-door neighbor of the Burnham family, and Jane Burnham. We will write a custom essay sample on Beauty in Jane or any similar topic only for you Order Now The beauty Ricky sees in Jane is deep inner beauty, the beauty of the soul that exceeds the conformance of the body to popular standards. Like any other American teenage girl, Jane seems to be worried a lot about standards and conformance to those. In fact, she even considers plastic surgery to increase her breasts since she is worried about her body image. She is not even coming close to the model looks of her friend, Angela Hayes, and this makes Jane a shy and insecure girl in the company of teenagers. It is the age when people care about external beauty and want to look their idols, popular models and actresses they see in glossy magazines. It is Ricky who comes into Jane’s life to teach her his special understanding of beauty. The guy who thinks the floating of the plastic bag finds enough wisdom to see that Jane is special in the sense that she does not conform to standards, and this makes her especially beautiful in his eyes. Ricky has the courage to tell the wildly popular Angela in response to her phrase â€Å"Well, at least I’m not ugly! † things like â€Å"Yes, you are. And you’re boring, and you’re totally ordinary, and you know it† (American Beauty). The movie teaches the audience about the kind of beauty that really makes people stand out. It is the beauty that lies in the heart. It is special and may be not seen by all people at a time, and it is exactly the kind of beauty Ricky discerned in Jane. Bibliography American Beauty. Dir. Sam Mendes. Perf. Kevin Spacey, Annette Bening, Thora Birch, Jude Law. 1999. How to cite Beauty in Jane, Papers

Westpac & Cochlear Limited

Question: Discuss about theWestpac Cochlear Limited. Answer: Basic Background about the Company Westpac Banking Corporation Westpac has been regarded as the second largest bank in Australia in terms of the assets that has been held in by the banks in the country. The company is operational through the help of its headquarters that has been established at Kent Street Sydney. The customer database of the company has crossed the mark of 12.2 million. The company operates through the help of branches whose numbers has crossed the mark of 1200 and has almost 2900 ATMs all across the country. The bank has been operational not only in Australia but has spread its legs in other parts of the world, majorly New Zealand and United states. The operations of the bank have been functioning through the help of the 5 divisions which has its own functions and business areas which in total helps the business to grow and prosper. The Westpac group function through the help of 5 divisions functions its operations: Westpac Retail Business Banking (Westpac RBB): This is the section of the bank that majorly takes care of the small customers majorly the agribusiness customers and small-to-medium enterprise customers. George Banking Group majorly deals with the customers in Australia under the St.George, BankSA, Bank of Melbourne, and RAMS brands. BT Financial Group Australia (BTFG) division of Westpac is held responsible of the wealth and insurance business of the bank. The major products that has been sold in by the BTFG group of the bank includes manufacturing of investment, funds management, retirement and superannuation products, private banking, wealth administration platforms, margin lending, financial planning and broking. Westpac Institutional Bank (WIB) provides services to the institutional, governmental and corporate customers Westpac New Zealand is responsible for providing its services to the customers functioning in New Zealand. Cochlear Limited Cochlear Limited, on the other hand, is an Australian based biotechnology company. This company has been operational initially through the support of the government and has been dealing in the manufacture of Nucleus cochlear implant, the Hybrid electro-acoustic implant and the Baha bone conduction implant. This company in the present day meets out the two third need of the worlds hearing implant market. Forbes has regarded this company as the worlds most innovative companies in the year 2011.The company is popular in America and Europe which takes care of its major sales. The Conceptual Framework and AASB Standard Requirements Westpac Banking Corporation As per the accounting policies that have been replicated by the management of the company in its Annual report, it is evident that the company makes use of the methods and accounting policies that are in accordance with the accounting standards that has been issued in by the Australian Accounting Standards Board and the Corporations Act 2001. The financial statements of the company at the same time comply with the International Accounting Standards Board. If required the comparative figures of the company at the same time has been adjusted in accordance with the changes if any made in the current year numbers based on the changes made by the Australian Accounting Standards Board and the Corporations Act 2001. As per the Annual report of Westpac Banking Corporation 2015 The accounting policies and methods of computation adopted in the financial year were in accordance with the requirements for an authorised deposit-taking institution under the Banking Act 1959 (as amended), Australian Accounting Standards (AAS) and Interpretations as issued by the Australian Accounting Standards Board and the Corporations Act 2001. Westpacs financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board. Where necessary, comparative figures have been adjusted to conform to changes in presentation in the current period. All amounts have been rounded to the nearest million dollars unless otherwise stated. Screen Shot of the Annual Report Cochlear Limited Similar to the case in Westpac Banking Corporation, the annual report of Cochlear Limited has been prepared in line with the with Australian Accounting Standards (AASBs) adopted by the Australian Accounting Standards Board and the Corporations Act 2001. As per the Annual report of Cochlear Limited 2015 The Financial Report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards (AASBs) adopted by the Australian Accounting Standards Board and the Corporations Act 2001. The consolidated financial statements comply with International Financial Reporting Standards (IFRS) and Interpretations adopted by the International Accounting Standards Board. Screen Shot of the Annual Report Thus, considering all the above points and statements that we have obtained from the annual report of the company, it is evident that both the companies has complied with the conceptual framework and AASB standard requirements. The extracts that we have obtained from the financial statements of the company demark a true picture that the management of the company not only compiles with Australian Accounting Standards Board, the Corporations Act 2001 and with International Financial Reporting Standards (IFRS). Being in case of both the companies, the audit report that has been provided in by the auditors states that the financial statements of the company provides a true and fair view of the financial position and performance of the company. Further, there has been no demarcation in the financial statements of the company that provides any evidence that the company has not complied up with the provision of Australian Accounting Standards Board and the Corporations Act 2001. Thus, there has been no instance that provides any information which provides any information that both the companies has not complied with the accounting standards. Concept of Prudence As per the concept of prudence, the revenue and the assets in the financial statements of the company should not be overstated in any case by the management. The management s expected to be conservative enough in recognising the numbers in the financial statements of the company. The concept of prudence as result of its very nature has been incorporated in the Generally Accepted Accounting Principles. The prudence guideline is basically of general in nature. The management in this regard is expected to use its best judgement in determining when and how the accounting transaction needs to be recorded in the books. There are multiple cases that we have witnessed in the corporate world that has let to disparity in the Corporate Reporting. As per the definition, the prudence concept keeps a check on the financial numbers of the company. There might be cases where the financial numbers may be manipulated in order to drive the attention of the users of the financial statements who might get affected by the numbers and may impact their decisions of investing in the company. In that case, the role of prudence concept plays a vital role. As result the same has been incorporated in the Generally Accepted Accounting Principles. The prudence guideline is basically of general in nature. The management in this regard is expected to use its best judgement in determining when and how the accounting transaction needs to be recorded in the books. Disclosure Requirements The disclosure requirement of both the companies has been made in line with the applicable accounting standards. Being the nature of business of both the companies are different so in that case, there might be differences in the requirement that has been placed for the purpose of the disclosures. However there might be no difference in terms of application of the standards being both the companies have used the methods and accounting policies that are in accordance with the accounting standards that have been issued in by the Australian Accounting Standards Board and the Corporations Act 2001. The financial statements of the company at the same time comply with the International Accounting Standards Board. Further, in the case of Cochlear Limited, the management of the company is required to make necessary judgement and estimates The application of these is going to impact the accounting policies and the amount of assets, liabilities, revenue and expenses the actual results in this case is likely to differ from the estimates numbers. These estimations and judgement are in line with the IFRS standards. In this case, the company has made necessary disclosure in terms of estimations that has been made in the books. However, in case of Westpac Banking Corporation, the estimation is relatively on a higher side based on the nature of the business that has been carried out by them. The bank is required to make necessary estimates of the future value in terms of funding costs and associated benefits of the derivatives etc. Thus, in both the cases, the approach that has been used for estimation and judgment is different. The level of estimation and judgement is relatively on a higher side in ca se of Westpac bank as compared to Cochlear Limited. Both the companies are required to make disclosures in the books for the segments through which both of them are functioning. However, the nature of the segments may be different depending on the nature of business that has been carried out by them. In case of Cochlear Limited, the segments classification will be based on the nature of the products that has been manufactured by them whereas in case of Westpac Bank, the segments classification will be based on the nature of the services that has been provided by them. In case of Cochlear Limited, the segment classification will be Cochlear implants excluding sound processor upgrade, Sound processor upgrades, Total Cochlear implants, Bone anchored and acoustic implants. Whereas in case of Westpac Bank, the segments will be Westpac Retail Business Banking, St. George Banking Group, BT Financial Group Australia (BTFG), Westpac Institutional Bank (WIB) etc. The presentation of all disclosures that has been made in the books of both the companies is different. In case of Westpac Banking, all the financial numbers are disclosed for half year current year, half year previous year, Full year current year and Full year previous year whereas in case of Cochlear Limited, the disclosure has been made for last two year i.e. current and for the previous year. The disclosure requirement of Earning per share in both the companies is more or less similar. However, there has been one line item i.e. Restricted Share Plan (RSP) treasury shares distributions which is in addition in Westpac bank which is not applicable on the Cochlear Limited. Both the companies are required to make necessary provision in the books for the impairment However, the impairment basis is different for both the companies. The impairment for the Westpac bank is more or less associated with the loan amount that they have provided to the corporate and individuals whereas in case of Cochlear Limited, the impairment is more or less associated with the assets which has been owned in by the company. There has been specific disclosure that has been made in the books of Westpac pertaining to the impaired loans providing clear demarcation of the different nature of loan and the impairment provision that has been made in for each of these loan amounts. Both the companies have made disclosure in the books for the subsequent events that took place after the reporting period However, in case of Cochlear Limited, there has been no major event except the dividend declaration that took place where as in case of Westpac, there has been a list of subsequent event that took place whose impact if required has been taken in the books. Conclusion Both the companies have made the required disclosures and presentation in the books based on the need of the hour. All the disclosures are in line with the accounting standards that have been issued in by the Australian Accounting Standards Board and the Corporations Act 2001. Thus, looking at the annual report, all the points stands positive for both the companies. References Westpac, Basic Background about Westpac, Viewed on 10th Dec 2016, https://www.westpac.com.au/ Cochlear, Basic Background about Cochlear, Viewed on 10th Dec 2016, https://www.cochlear.com/wps/wcm/connect/intl/home Westpac, Vision and mission Statement of Westpac, Viewed on 10th Dec 2016, https://www.westpac.com.au/about-westpac/westpac-group/company-overview/our-strategy-vision/ Westpac, Values of Westpac, Viewed on 10th Dec 2016, https://www.westpac.com.au/docs/pdf/aw/Principles_for_doing_business.pdf Westpac, Annual report of Westpac 2015, Viewed on 10th Dec 2016, https://www.westpac.com.au/docs/pdf/aw/ic/Westpac_FY15_financial_results.pdf Cochlear Limited, Annual report of Cochlear Limited 2015, Viewed on 10th Dec 2016, https://www.cochlear.com/wps/wcm/connect/2a3956c0-f09d-4ce7-a8c9-8b0ddccf1999/en_corporate_annualreport2015_financial_1.54mb.pdf?MOD=AJPERESCONVERT_TO=urlCACHEID=2a3956c0-f09d-4ce7-a8c9-8b0ddccf1999