Cybercrime as an international problem - Free Essay Example

Cybercrime is an international problem thats faced every day. Regardless of the prevention techniques in place, the infrastructure of companies, corporations, and individuals are at risk for various types of cybercrimes. Cybercrimes are defined by Mirriam-Webster as criminal activities that are carried out using a computer especially when transmitting, manipulating, or accessing data (Miriam-Webster 2018). Currently, there is no way to completely prevent these crimes from occurring, however it is possible to put best practices into place. The United States uses three broad approaches in effort to prevent and react to cybercrimes: Criminal, civil, and voluntary industry guidelines. Internationally these industry best practices vary. After a comparison of the U.S. and international law, the U.S. application of all three practices appears to be the best technique for prevention and response to cybercrimes, however the UK, Russia, and China also have excellent laws and regulations in place. While these countries have a great set of comprehensive laws, there is always room for improvement. United States Approach to Cybersecurity: As mentioned above the United States incorporates three different approaches for cybersecurity. The Computer Fraud and Abuse Act (CFAA) and Cybersecurity Enhancement Act of 2015 cover the criminal sanction while the laws pertaining to negligence and HIPPA compliance in the health care field set forth civil liability. The National Institute of Standards and Technology (NIST) created a cybersecurity framework that sets forth a voluntary standard. Criminal: The Computer Fraud and Abuse Act (CFAA) of 1986 18 U.S.C.S. Â § 1030, an amendment to the computer fraud law, made it a federal crime to access computers without appropriate authorization and obtaining any information about any US department or agency, financial records/consumer information, and anything collected from a protected computer. The United States v. Nosal outlined the definition of exceeds authorized access as authorized access to computers and use access to obtain or alter information that the accessor does not have entitlement to do so (United States v Nosal, 676 F3d 854 [9th Cir 2012].) The act has been amended several times since inception, and has expanded its scope beyond its original intention which covered only U.S. government computer and some financial systems. The Patriot Act of 2001 came shortly after the 9/11 attacks and was an update to the CFAA allowing for expanded access for law enforcement to investigate possible acts of terrorism. In 2015, President Ba rack Obamas administration saw a major problem in the United States infrastructure finding that several hundreds of millions of dollars has been stolen via intrusion due to the weakness, and the Racketeer Influence and Corrupt Organizations Act (RICO)(18 U.S Code Chapter 96) was put in place in an effort to rid organized crime in the United States. Penalties for violation of the CFAA include range from fines to imprisonment up to 20 years in some instances. Civil: There are several laws that are organized to handle civil cases of cybercrimes. Two major examples are Health Insurance Portability and Accountability Act (HIPPA) which protects patient data/medical information transmitted electronically and negligence laws that forces people to follow a certain level of care for others. While HIPPA is a federal law, negligence laws are set forth by individual states. The Office for Civil Rights (OCR) is the enforcement authority for the HIPPA act and enforces the penalties. Since the medical field is moving toward electronic filing, billing, and monitoring of patient information for efficient, HIPPA has never been more important as a national standard. Health plans, health care providers (providing they electronically transmit health information), heath care clearinghouse, and any business associates (such as pharmacy) that fall under the umbrella of those needing to abide by HIPPA regulation. It covers any physical and mental health information, wh at treatment is being received, and any financial/payment information of an individual. HIPPA requires any entity with access to health care information to retrieve an authorization for the electronic transmission, and requires a notice of the privacy practices. Penalties for non-compliance can range anywhere from $100 to $50,000. A second important civil law is negligence. Each state may have different standards for negligence. As previously stated, individuals are required to act in a manner that shows a duty of care to other individuals. Duty of care is a basic requirement that an individual act with a carefulness, attention, and consideration towards other in order to prevent the risk of harm. There are four elements necessary to prove negligence, 1. Proof that an individual had a legal duty of care to the other, 2. A breach of that duty of care, 3. Because of that breach an injury was suffered, and, 4. Proximate cause. Failure to provide the appropriate duty of care to another results in fines that can vary in degree depending on the level of injury to a person. Voluntary Standard: The National Institute of Standards and Technology (NIST) has a framework tha outlines protection for infrastructures, and that have a systematic process to identify, assess, and managed cybersecurity risk (National Institute of Standards and Technology, 2018). While this framework is a voluntary framework, its an industry best standard and was designed with the help of several individuals in the industry, government, and academia through several workshops around the country (NIST, 2018). There are no civil or criminal ramifications for not using the standard, but it should be understood that not using this framework or another standard could result in civil and criminal suits. This framework helps cover the necessary aspects for prevention and response to cybersecurity incidents. The NIST framework covers five core functions that include Identification, Protection, Detection and follows with Response, and Recovery techniques. These five core functions help manage risk assessment whi ch can identify the crown jewels of a company (those things that need to be protected), assess possible breaches/cybersecurity instances, and allows for a plan of response and recovery in the instance of a breach. The Cybersecurity Enhancement Act of 2014 was an effort to improve cybersecurity research and development; the act authorized financial allotment for continued research and helps to educate the public on awareness and preparedness. (Heckert, 2010). United Kingdom (UK) Approach to Cybercrime: Criminal : The Computer Misuse Act enacted (CMA) in 1990 made it so that without authorization from the owner of the data there could be no changes to the information whether on a computer or on another device. This Act was derived from Regina v. Gold and Schifreen, 1998 which was a case where the defendants hacked into the computer system of the Duke of Edinburgs email using an ID and password that was not authorized for their use. The CMA cited different criminal offenses: unauthorized access to carry out further offenses, modify material, and general unauthorized access to a computer. Punishment is generally around twelve months and a fine. In 2015, the act was modified in order to coincide with the Serious Crime Act which aided law enforcement with search and seizure operations. This Serous Crime Act could lead to up to 14 years in prison and a large fine (What is the Computer Misuse Act, 2018). Civil: The Data Protection Act of 1988 (DPA) was an act that worked to protect the personal data of an individual that was being stored on a computer and was replaced by the General Data Protection Regulations (GDPR). The GDPR was approved in April of 2016, and fully implemented two years later, in May 2018. The GDPR covers the member states of the European Union, with the purpose of protecting the EU citizens personal data from data and privacy breaches. Changes that came with the GDPR include a clear jurisdictional extension that covers any and all companies that collect and process personal data in the EU including those who outsource the information, whereas previously the DPA was ambiguous. The GDPR made it mandatory for national states to This is done by regulating usage of personal data by any company, organization, or individual that processes it for non-personal usage; regardless of the type of technology that is used. The regulation does not only cover processing that is done in t he EU, rather it covers EU citizens regardless of where the processing occurs, making it globally effective. Processing includes collection, storage, transmission, and recording among many others in relation to personal information. Personal data is defined in the GDPR as information that can identify an individual or relates to the identity of a living person, or information that may be put together to identify a person. (European Commission, 2018). This information includes, but is not limited to information such as name, address, email, ID card, location data, and any information help by a doctor/hospital. This information is no longer considered identifiable once it has been encrypted or goes through the process of anonymization (European Commission, 2018). The GDPR also made it mandatory for any breaches to be announced within the first 72 hours of awareness. In order to be compliant within with the GDPR organizations must get consent from customers/consumers prior to storing a nd processing data. There must also be a Data Processing Officer within each organization who is appointed to monitor data, as well as the necessity for breach notification. Data Protection Impact Assessments need to be completed. The organizations must Data Protection Authorities (DPA) are the authority that investigate and correct any issues and complaints that are lodged for non-compliance and are considered supervisory. Each nation state has their own DPA, and each state decides what the penalty is for non-compliance. The penalties range through a variety of fines and can be as high as 4% or as low as 2% of the previous years revenue (GDPREU.org, 2018). China China has no data protection laws that are comprehensive but are rather spread apart across several laws and regulations that have already been enacted. These regulations can be found throughout the General Principles of Civil Law and Tort Liability Law, as well as the Criminal Law of the Peoples Republic (Data Protection Laws of the World, 2018). In 2017, the first national-level law went into effect which was called the Cybersecurity Law and was the first enacted law to discuss data privacy and cybersecurity. This law was to protect and safeguard online information for citizens and legal entities. China collectively use the Decision on Strengthening Online Information Protection and NIST as a backbone to help create such data protection rules. The Cyberspace Administration of China is the authority for data protection in China, but there is also the PBOC or CBRC who are involved with regulation of larger financial institutions. China requires permission from the owner of personal d ata prior to its allowance to be transferred or disclosed. Only when data is collected appropriately and necessarily while abiding by the regulations can organizations collected, store, and use personal information. It requires organizations to take appropriate measures against processing data illegally/exposure of personal information by ensuring proper protect systems are in place. It doesnt appear to have a timeline for notification of data breaches, however it does require notification to be made to those effected within a timely manner (Data Protection Laws of the World, 2018). Enforcement for cybersecurity crimes vary from fines all the way to criminal activity. Chinas law making is beginning to lean towards forming more laws and regulations that are similar to the GDPR making it more effective overall. Russia The bulk of the cybersecurity laws in Russia are embedded in the legislation of the Data Protection Act, while the Russian Construction covers the privacy rights of individuals. Prior to 2014, Russia didnt focus on data protection as much as it should have. However, in 2014, Russia began regulating the usage of personal data. The focus was on data processors, and required the information to be processed inside Russia, instead of using outside sources. The regulations require full disclosure and transparency about a businesss privacy practices, and permissions from the owner of the data in order to transfer it. The DPA requires a data control officer to be appointment in order to oversee compliance with regulation. The federal government (The Agency) is the authority for seeking repercussions for now complying with the cybersecurity practices. Penalties for not following the requirements set forth for cybersecurity protection as subject to the shit down of any websites that participat e in unlawful acts and requires registrations on the Register of Infringers of Rights of Personal Data Subjects (Data Protection Laws of the World, 2018). In the event of a data breach, there is unfortunately no requirement for reporting. In conclusion, while the United States seems to have the best practices when it comes to cybersecurity, considering it covers civil and criminal sanctions along with a voluntary framework, other countries have also set forth excellent cybersecurity regimes. The United Kingdom is an under the umbrella of the EU, and is covered under the GDPR, but also has its own civil sanction making it very strong overall with cybersecurity practices. China, while working on cybersecurity laws has the regulation buried throughout its current law system and covers a vast majority of necessary prevention techniques and enforcement related to cybercrimes. As mentioned above, Chinas laws are very similar to the EU GDPR. Lastly, Russia, has several specific laws and uses the DPA in order to protect its citizens data. While some countries do not cover regulation in civil and criminal penalties, and do not have voluntary frameworks, the United States has the most articulated and mature laws and regulations for cybersecurity. Its important that these acts and laws continue to be amended and grow, so that there is always protection of personal data.

The New Fuss About Interview Paper Essay Samples

The New Fuss About Interview Paper Essay Samples All About Interview Paper Essay Samples If you cannot write in a quick pace, employing an audio-recording device to record the whole interview with the permission of the interviewee is very helpful. A self introduction essay is in the majority of cases written utilizing the very first person perspective. With regard to location, the interview occurs in a secluded room away from any sort of distraction and noise. In this instance, the interviewer has managed to think of the right sitting position and distance in that she isn't too far or near the respondent. Board members are going to have place to create announcements and bring up community problems. Interviews are platforms by which organizations use to find a notion about an individual. The APIA community consists of members from various nations. The debut of a great interview essay should give a notion of what's the main question you wish to reply. Therefore it is cruci al to comprehend how to conduct an interview and what questions are crucial for a great interview essay. Hence, if you'd like to find these answers, you must conduct an interview. This sample interview essay can help you to better understand the procedure for essay writing and you'll have a crystal clear picture of the way the interview essay needs to be structured. Sometimes, it appears difficult to earn a story from the interview. In case the interview went well, it is going to be simple to compose an interview essay. Your reading should match with the thoughts and knowledge you want to acquire. Books, magazines, and journals are a couple examples you may use. As you read the job of different writers, you'll be in a position to recognize even tiny details that would have eluded you. If you want more help with profile essays, get in contact with us, and we're going to assign a writer that will help you out. If You Read Nothing Else Today, Read This Report on Interview Paper Essay Samples The verbal temperament of the interview in consideration usually means that listening skills are vital to the general results of the interview practice. If you're re cording an interview, make certain to use all the answers since they are, with no changes. The interview is done as a way to learn an individual's opinion about a specific issue, event, etc.. The interview went very well, I could compare the entire interview with Mr. S as a little visit to India on account of the amazing and intriguing stories which he had imparted to me. Interview Paper Essay Samples Secrets That No One Else Knows About Essay writing differs for everybody. In the event you were writing about a personal profile essay example about a celebrity, you need to make the reader feel pleased with the info you've provided. Words may be an incredibly practical tool! Writing a profile essay provides you with the freedom to handpick the topic of your preference. This profile essay example for college should offer you a notion of the way to write. Students make the error of simply reading the very first essay example they come across on the web. Know the point of your essay. Interview Paper Essay Samples and Interview Paper Essay Samples - The Perfect Combination The best method to make an intriguing paper is to locate a thriving small business person like Steve Jobs and ask several fantastic questions. You ought not copy somebody else's ideas or information. Whatever topic you've chosen and whoever you have selected to interview, being in a position to properly relay the message that you wished to share is something which is necessary to be considered. Pay attention to the way that you quote the individual. Prepare yourself to face considerable challenges in the event the topic of your paper is a famous or busy small business person. It is critical to be aware that the interviewee is ambitious and aspires to construct a robot gadget that could travel to planet mercury. Long-term use of such drugs can decrease the mental capabilities of someone. Cannabis and other relevant drugs increase visual perception when decreasing the total coordination, being not able to concentrate, red eyes and cravings for certain foods. The Importance of Interview Paper Essay Samples Whether you are needed to compose an interview paper to become admitted to the university you want to visit or to apply for your dream job, this is an important step! Some formats don t appear on the internet page, but are needed for APA format. Because yes, you'll need to interview your source if you wish to compose the very best interview paper. Actually, you've quite a massive number of methods to complete your interview paper. Conclusions An important analysis of the whole interview procedure reveals a prosperous interview process that went wel l because of the communication skills of the interviewer and respondent. So as to have all the information concerning your subject, you should make the essential preparations. Natural disasters and epidemics are a consequence of man.

Case study Expanding a business - Free Essay Example

Sample details Pages: 11 Words: 3296 Downloads: 6 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? Halpern Engineering Ltd Introduction Halpern Engineering Ltd (HEL) is a highly successful engineering corporation, which has a significant share of the UK and global market, 70% and 6% respectively in the manufacturer of machines that produce biodegradable polythene bags. As a result of the business success and also to capture a greater share of the rising demand for the end product, John Helpern, CEO and major shareholder, is faced with a dilemma regarding whether the business should continue to expand, in which case there is the requirement for additional funding of approximately  £4 million. Alternatively, there are the options to sell the business of maintain business growth at a reduced level and therefore eliminate the need for addition help. Don’t waste time! Our writers will create an original "Case study: Expanding a business" essay for you Create order This paper sets out to analyse the four main options that are available to the business, these being venture capitalism, bank funding, business sale or business takeover. 1 Venture Capitalist Venture capital is medium to long term finance provided by an individual or corporation, usually à ¢Ã¢â€š ¬Ã…“in return for an equity stake in potentially high growth unquoted companies.à ¢Ã¢â€š ¬Ã‚  However, in the case of Helpern Engineering Ltd, a venture capitalist has agreed to provide the required  £4 million of funding in the form of a loan, which will be subject to the following conditions: Interest, payable half yearly in arrears, to be set at 10% Loan repayable in full in 2011 Alternative option for venture capitalist to purchase 50.1% of the company shares, these being newly issued shares, in 2011 in exchange for the capital repayment. However, it is anticipated that the VC will want to protect his investments by imposing certain covenants upon the business and its management, which will need to be carefully considered (Pearce and Barnes 2006). It is anticipated that these will consist of the following. Directorà ¢Ã¢â€š ¬Ã¢â€ž ¢s commitment and confidentiality The VC is likely to include a covenant that restricts the directors ability to change their employment contracts and also imposes certain other management confidentiality condition that prohibit directors from leaving the business and setting up in competition, or enticing away suppliers and customers. Shares and Memorandum of Articles It is normal for there to be a condition that forbids directors from issuing shares or making changes to the business Memorandum of Articles without the agreement of the VC Borrowings Borrowing limits are also likely to feature as a condition of the VC investment in order to ensure that investment is not di minished or threatened. Underperformance Often a VC will impose an underperformance condition upon the business directors. This will state that, in the event that the business does not perform to agreed and pre-determined financial and performance targets, the VC will have the right to force a business sale or, alternatively appoint additional directors to the board and dispense with the services of the current directors. 2011 option As noted, in 2011 the VC has the option of cash or shares. The basis for making this decision will depend upon the return on equity employed (Reuvid 2002). This would especially be the case if the performance of the business does not match those forecasted as can be demonstrated if the following example of actual against budget is used (figure 1). Figure 1 Budget against actual EBITDA  £,000à ¢Ã¢â€š ¬Ã¢â€ž ¢s 2007 2008 2009 2010 2011 Forecast EBITDA 1,383 1,783 2,183 2,583 2,583 Actual EBITDA 1,383 1,700 2,030 2,340 2,380 Return on equity is calculated by using the following equation:- ROCE= Profit for the year Equity Shareholderà ¢Ã¢â€š ¬Ã¢â€ž ¢s funds Bearing in mind that the VC share of the business is 50.1%, which will cost  £4 million, the total equity value of the business would be  £7.984 million. Therefore, using this figure as the basis for the equity shareholders funds, the return on capital employed would be as follows: ROCE =  £2.380= 29.81%  £7.984 Although the ROCE on the forecast would have been 32.35%, even with the slightly reduced return, it is recommended that the VC would should convert the  £4 million to shares rather than retrieve the cash. This is because a) the previously agreed return on investment was only 10% and b) although an actual has not matched the projections the business has still returned a year on year growth pattern. Assuming this growth continues, this means that the value of the shares should increase as well as the return on capital employed. 2Bank funding The second alternative for Halpern is to seek bank assistance, by way of an overdraft and/or loan arrangement, a method chosen by around 52% of SMEà ¢Ã¢â€š ¬Ã¢â€ž ¢s (McLaney 2006, p.438). If this route is decided upon John Halpern will need to take into account the following issues. Maximum Funding Level With the funding being required for a project that is anticipated to require  £4 million of investment it is unlikely that the banks would advance the total amount, as they normally will require a commitment from the business and its owners (Watson and Head 2007). It is anticipated that, in this case the maximum the bank would be likely to advance is around 75% of the business requirement, this being  £3 million. Protective clauses To protect their funds the bank will attach some protective clauses to any funds that are advanced. In the case of an overdraft, by its very nature, this will always i nclude a repayment on demand condition (Watson and Head 2007, p.70). In the case of a loan an additional protective clause will be added in the form of a charge over any assets that the funds have been used to purchase. For example, if a property is purchased by the business the bank will require a charge over the property in return for the advance. In the past the banks use to require a fixed and floating charge over all of the assets of the business, which gave them a preferential position in the event of a business failure. However, this practice has been stopped in recent years as it disadvantaged other creditors (McLaney 2006). However, in a private limited company the bank will often insist upon additional protection in the form of a personal guarantee from the owners of the business (McLaney 2006), which in this case would be the Halpern family. It is important if this is the case that the person providing the guarantee ensures that it is limited to the extent of the de bt of the bank and, where possible attached to a specific asset. 3Business sale If John Halpern and his family decide to sell the business rather than seek to fund its expansion, a realistic value for the business will need to be decided. In this respect there are a number of valuation options. These include the à ¢Ã¢â€š ¬Ã…“rule of thumbà ¢Ã¢â€š ¬Ã‚  (Lipman 2005, p.12) and à ¢Ã¢â€š ¬Ã…“net assetsà ¢Ã¢â€š ¬Ã‚  methods or, alternatively, one a method that is based upon expected future profits (Reuvid 2002, p.173). The rule of thumb method simply bases the valuation upon the number of locations and revenue sources available to the business and is determined by a multiple of gross revenue. The net asset valuation is based upon the balance sheet values of the business and is predominately used where the profitability of the business is volatile (Watson and Head 2007). However, as Lipman (2005) observes, neither of these methods take into account the future profitability of the business. It is considered that the most appropriate method for valuing Helpern Engineering would be the discounted cash flow. This method of calculation anticipates the future cash flow of the business based upon the profitability and then arrives at a valuation, which is discounted according to the risk attached. The value calculation is determined at what is known as a terminal period, which is usually five years (Lipman 2005, p.16). In applying this method, the following assumptions have been used: An tax rate of 30% is applicable throughout Working capital 2007500,000 2008400,000 2009300,000 2010200,000 2011100,000 Depreciation based upon 20% of cost. DepnCost 2007250,0001,250,000 2008360,0001,800,000 2009380,0001,900,000 2010380,0001,900,000 2011360,0001,800,000 Capital expenditure is as follows: 20070 2008550,000 2009100,000 20100 2011(100,000) A discount value of 12% has been assumed, as limited data is available for this calculation to be made. Market value of debt  £150,000 at terminal period. As can be seen from the following table, the sale value of the business based upon a five year discounted cash flow equation is  £3,089 million. DISCOUNTED CASH FLOW  £,000à ¢Ã¢â€š ¬Ã¢â€ž ¢s Year 1 Year 2 Year 3 Year 4 Year 5 Terminal Value EBITDA 1,383 1,783 2,183 2,583 2,583 Income Tax 340 427 541 660 667 Net operating income 1,722 2,210 2,724 3,244 3,250 13,150 Plus Working capital (500) (400) (300) (200) (100) Capital expenditure 0 (550) (100) 0 100 Free cash flows 1,223 1,260 2,324 3,044 3,250 Net Present value at 12% 1,092 1,125 2,075 2,718 2,902 9,911 Corporate Value 3,239 Less: debt 150 Net value 3,089 4Business takeover In the event, John Halpern decided to continue to operate the business without taking advantage of external capital, a task which he successfully achieved until the beginning of 2008, although growth was limited and potentially the business was losing market share. However, in March 2008 an indirect industry supplier indicated an interest in acquiring HEL. However, before accepting this offer it is important for John to assess, based upon the financial results of the business, the anticipated price required for the acquisition to become acceptable to the board of Helpern Engineering Ltd. It is generally agreed that in an acquisition situation, one of the most used methods for valuing the target company, in this case HEL, is by using what is known as EBITDA[1] multiplier method (Lipman 2005, p.12). To achieve a business valuation using this method one firstly has to look at any adjustments that might not be a cost for the new owners, such as ownersà ¢Ã¢â€š ¬Ã¢â€ž ¢ dividends and remuneration. In addition, adjustment might be required if the business has long term debt (Lipman 2005, p.14). Once the net EBITDA has been calculated, the multiplier will need to be decided upon. Lipman (2005) suggests that the normal multiplier would be between 4 and 6 times. However, this can vary significantly depending upon the strategic value of the business to the future of the acquirer (McLaney 2006) and the target corporationà ¢Ã¢â€š ¬Ã¢â€ž ¢s position within their particular market. In the case of Helpern it is known that the business enjoys a 70% share of the UK market and 6% of the world market for the machines that it manufactures. Therefore, based upon the above considerations, and using the financial information as attached in appendix 1, it is suggested that the following calculations could be deemed appropriate for determining an acquisition price for the business. In reaching this valuation the following assumptions have been incorpor ated into the calculations: EBITDA That the acquiring corporation would not require to replace the directors That the current business pays 10% interest on HP debt, valuing the HP capital at ten times the interest payment. That it is assumed the acquirer will take over the HP debt. Therefore the EBITDA for Halpern Engineering can be calculated as follows: Item  £,000à ¢Ã¢â€š ¬Ã¢â€ž ¢s EBITDA (2008) 1,783 Add: Directors Remuneration 60 Revised EBITDA 1,843 MULTIPLIER Based upon the fact that the acquisition is a strategic move on the part of the acquirer and that Halpern Engineering Ltd has a dominant UK and market share and a significant world market presence, it is suggested that the multiplier to use in this case should be set at 6, thus producing a sale value of  £11.058 million. However this needs to be adjusted as follows to give the final net sale price. EBIDTA sale value £11.058 million Adjust for HP debt £ 1,900 million Net sale value £ 9.158 million Bibliography Berkery. D (2008). Raising Venture Capital for the Serious Entrepreneur, McGraw Hill, New York, US Business Link (2008). Loans and Overdrafts. Business Link. Available from: https://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073868460r.lc=en (Accessed 31 October 2008). BVCA (2004) A Guide to Private Equity. BVCA, London, UK Lipman, F.D (2005). Valuing Your Business: Strategies to Maximise the Sale Price . John Wiley Sons Inc, New York, US. McLaney, E (2006). Business Finance: Theory and Practice. Pearson Education, Harlow, UK Pearce, R and Barnes, S (2006). Raising Venture Capital. John Wiley Sons, Chichester, UK. Reuvid, J (2002). The Corporate Finance Handbook. 3rd edition, Kogan Page, London, UK Reuvid, J (2007). Start up and run your own business. 7th edition Kogan Page, London, UK Watson, D and Head, Anthony (2007). Corporate Finance: Principles and Practice. Pearson Education, Harlow, UK Appendix 1 Halpern Engineering Ltd financials Figure 2 Halpern Ltd Actual and Forecasts  £,000à ¢Ã¢â€š ¬Ã¢â€ž ¢s 2007 2008 2009 2010 2011 Sales 10,000 12,000 14.000 16,000 16,000 EBITDA 1,383 1,783 2,183 2,583 2,583 Interest on HP 125 180 190 190 180 Other information Share ownership in Feb 2008 was: Charles Harpern (Dad) 25% Jane Halpern (Mum) 25% John Halpern 40% Tracey Smith (daughter) 5% Sharon Jones (daughter) 5% Charles, Jane and John are the three directors, with directors fees (each) of  £20,000 per year. Halpern Engineering Ltd Presentation Introduction Halpern Engineering Ltd (HEL) is a highly successful engineering corporation making special purpose polythene bag making machines. It has 70% of the UK market share and 6% of the global market share in this industry. However, the business has reached a crucial stage of development. To continue growth it required a  £4 million investment, which it could seek from a venture capitalist or through bank funding. Alternatively, the business could be sold or maintain current performance and risk losing market share or a sale of the business. This presentation discusses these options. 1 Venture Capitalist investment A venture capitalist ha s offered to advance the  £4 million in the form of a loan. However, this is subject to the following conditions Interest, payable half yearly in arrears, to be set at 10% Loan repayable in full in 2011 Alternative option for venture capitalist to purchase 50.1% of the company shares, these being newly issued shares, in 2011 in exchange for the capital repayment. It is also anticipated that the venture capitalist will impose covenants upon the business. These will include ensuring directorà ¢Ã¢â€š ¬Ã¢â€ž ¢s commitment to the business by restricting their ability to change employment contracts or the Memorandum of Articles. Similarly, a clause preventing the directors from setting up in competition or enticing customers and suppliers away from the business will be included in the agreement. Limitations are also likely to be imposed regarding the level of external borrowings the business can secure. Finally, there is a possibility that an à ¢Ã¢â€š ¬Ã…“underperformanceà ¢Ã¢â€š ¬Ã‚  clause might be included. This will give the VC the right to remove existing directors and appoint a new board should pre-agreed business targets not be achieved. 2011 option With regard to the 2011 option of shares or cash, this choice will be ultimately be decided by comparing the return on capital for the loan against the return on capital if in vested as equity in the business. Return on equity is calculated by dividing business annual profits by the shareholders equity. However, it should be noted that actual profits have underperformed forecasts but it is the actual profit results that need to be used in the calculations. Similarly, as the VC will only own 50.1% of the business, this means that the total shareholders funds will be  £7.984 million If we divide the 2011 profits of  £2.38 million by the share value of  £7.984 million, the return on capital equates to 29.81%. As this is considerably more than the 10% being returned on the loan, and the profit growth has been constant, it is suggested that the VC will opt for conversion of the loan to shares at the end of the agreement period. 2Bank funding Bank funding is the second alternative that is available for the business. This could be negotiated either in the format of an overdraft, loan, or a combination of the two. In essence, the dec ision will probably be based upon the level of capital expenditure required for the projects as overdrafts are usually chosen as a means of working capital. In either case there will be certain factors needed to be taken into account by the directors. Maximum Funding Level Banks are unlikely to offer the full funding requirements for a project of the type that Halpern Engineering is anticipating. It is normal for banks to seek an element of commitment from existing business owners before they consider a funding request. In this case it is anticipated that this commitment is likely to be around 25%. This means the bank would be advancing around  £3 million, leaving the owners to secure the remaining million from their own resources. Protective clauses However, these funds will not be granted without conditions. In terms of any overdraft facility provided this will automatically include a repayment on demand clause, which might be enforced in time of bank financi al crises such as is currently being experienced. In addition, the bank is likely to seek to take a charge over any capital item that the funds advanced are used to purchase. For example, it is used for property purchase they might require a legal mortgage over that asset. Furthermore, with private limited companies like Helpern Engineering Ltd, the banks will invariably ask for personal guarantees from the business owners, who are usually also the directors of the business. It is important to take legal advice about these personal guarantees as they effective put at risk all of the personal assets of the owners in the event of a business failure. 3Business sale John Helper, the CEO, has also considered the sale of the business as an alternative to seeking funds for further expansion purposes. If this option is pursued of course, there most important factor is to assess the value of the business and the price that might be achieved on the open market. There are a number of ways to calculate business value. Some, such as the à ¢Ã¢â€š ¬Ã…“rule of thumb,à ¢Ã¢â€š ¬Ã‚  method which simply uses a multiplier of gross revenue or a valuation based upon the net balance sheet assets. However, neither of these methods takes into account the current and future profitability of the business. It has therefore been decided to use the discounted cash flow method to arrive at an appropriate value for the business. This method works based on using projected profits, usually for a period that terminates after five years, for assessing the gross value of the business. This value is then discounted by a pre-determined percentage which has been calculated to take into account the level of risk that exists within the business. When applying this method the Helpern Engineering, because of the limitations in terms the amount of historical financial information available, as can be seen a number of assumptions have been used, such as working capital movement and d epreciation. However, it is considered that these assumptions have been based upon sound estimations. Nevertheless, the results of this calculation show that a realistic present value for the business if sold would be  £3.089 million. 4Business takeover In the event John Halpern decided against any of the options previously discussed and opted to continue to run the business as a going concern but with the knowledge that, without the funding this would curtail the rate of growth, although this would still be sufficient for the family needs. However, in March 2008, a supplier in a related industry approached John with a proposal to take over the business and asked what price Helpern would consider attractive for this event. From the target companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s viewpoint there are several factors to take into account in a takeover price. The most important of these is the position of the business in its marketplace and the strategic purpose of the acquirer. In this case Helpern has significant market shares and the acquisition would give the acquirer an immediate competitive advantage in a new market sector. These factors will influence the value of the target company Halpern. The most used method of valuing a target corporation is the EBITDA multiplier method. The calculation start with the business EBITDA results and then makes adjustments for costs that might not be incurred by the new owners, for example the need to retain the directors as management processes will be merged. Once the adjusted EBITA has been worked out the decision about the multiplier needs to be addressed. In most cases this would be defined between a band of 4 to 6, although it can go a lot higher dependent upon the strategic advantage of the target business and other considerations for the acquirer. Although it could be argued that Halpern deserves to be valued higher, for this calculation of 6 has been used. This takes into account the fact that the business growth and market share has reduced in recent years. The result of this calculation indicates that the takeover price should be  £9.158 million 1 Footnotes [1] Earnings before interest, taxes, depreciation and amortisation

The Importance Of Ethnic Identity, Incumbency Advantage,...

Descriptive Representation: Factors that Contribute to the Underrepresentation of Hispanic-Americans in The U.S. House of Representatives According to the U.S. Census Bureau, the Hispanic population in the United States is fifty-four million. The 113th Congress, has twenty-eight Hispanic U.S. Representatives and only three Hispanic Senators (Green 2014, Class). The stereotypical portrait of a member of congress is a white, middle-age man, former attorney who was raised in a middle to upper class family. Earlier in the semester, as a class we acknowledged the fact that minorities, specifically African-Americans and Hispanics are still underrepresented in Congress. It takes time for members of these minority groups to get elected into office, especially Congress. African-Americans and Latinos have increased their congressional representation somewhat in the past two decades (Ginsberg 2013, 272). Compelling evidence suggests that particular socio-demographic groups are best able to rep resent the policy preferences of that group (Lawless 2012, 8). This paper will explore the factors of ethnic identity, incumbency advantage, and professional credentials that affect why it takes longer for majority Hispanic districts to elect Hispanic representatives to the U.S. Congress. For the purposes of this paper, I chose to research Latinos in the U.S. House of Representatives because historically there have been more Latinos elected to the House. Also House members are up for election

Essay about A Personal Utopia, Analysis of - 980 Words

A Personal Utopia: An Analysis of a Key Passage in Brave New World The key passage of Aldous Huxleys Brace New World takes place after John has been arrested and is a conversation with Mond. When John and Mond speak of ideal societies, a major part of Brave New World, the aspect of human nature which makes us search continuously for our personal Utopia, becomes apparent. In Monds study, the sacrifices each character makes in order to find a Utopia are interconnected. The search for a personal Utopia reveals Huxleys view on human nature of sacrificing everything to live with self-fulfillment. The connection of the sacrifices each character makes is shown in the study, helping the reader understand that it is human nature†¦show more content†¦Helmholtz cannot understand Othello, he is not accustomed to the social inability the book thrives on. He was still by far the most able, and willing, to understand Johns society. The characters present in the passage always hope to find a perfect society, although none can succeed. Helmholtz is a perfect example of this; he sees his position in his society and, as far as he knew, this was the best society for him (although his thoughts wandered outside the new worlds limits), and he decides to make the best of what he has. When the subject of islands appears, one see that the island is a reflection of the search for an ideal society. Mond wishes he is on an island, but, by controlling moral decisions for the inhabitants of the new world, he is able to make changes from within. John could never find a society that even mildly fit his needs. Again, this is because he was not willing to give up things that were most important to him, namely instability. This search drove him to his death. Much the same, there is Bernard. Bernards death is symbolized by his exile to Iceland. Bernard was searching for ideal societies , but in his research, could not find anything worth sacrificing his position for. The key to finding ones own personal Utopia in Brave New World is through self-fulfillment. The countless masses of normal people are fulfilled and see that they help the community by having a certain identity, thatShow MoreRelatedA Brave New World by Aldous Huxley1756 Words   |  7 Pagesrevolution utopia. Huxley greatly feared the ramifications to an industrialized world run by consumer capitalism, which is displayed in Brave New World. The government within the novel focuses solely on the bettering of technology and not scientific exploration and experimentation. The society’s values lie in instant gratification and constant happiness. The utopia is maintained through the means of drugs, conditioning, and deindividuation – which Huxley argues is the key to any successful utopia. BraveRead MoreEssay on Utopia1351 Words   |  6 Pages Thomas More’s, Utopia is one of the most politically and socially influential texts to date. His audience, which ranges from academic and social scholars to college students, all can gain a different understanding of the work and it’s meaning. In order to fully comprehend More’s message, one must have an appreciation for the time and culture in which he lived. After grasping historical concepts, one reads Utopia, not as just a volume recounting a fictitious island society, but rather as a critiqueRead MoreEnglish Lit. Pretest Essay597 Words   |  3 Pages Paraphrase Direct quote Summary All of the above 12. All of the following are acceptable sources for an academic research paper except for ______. (Points : 5) Wikipedia Peer-reviewed website Personal interview Accredited journal 13. Which of the following is the best strategy for linking evidence to your ideas in an argument? (Points : 5) Presenting one side of an argument Including information from a website Read MoreThe Ones Who Walk Away From 1861-18651550 Words   |  7 Pagescitizens of Omelas are only able to exist because a single orphaned child is kept in absolute solitude and misery in a basement below the sunny streets of the city. Through the use of the allegorical utopia Omelas, Le Guin urges the reader directly to explore the principles of morality in a personal manner that can be applied to real world contexts and inspire change. First of all, Le Guin utilizes perspective and imagery throughout the work to facilitate a deeper connection between the text andRead MoreAnalysis Of Aurobindo s Theory For Mandala Essay1819 Words   |  8 Pagesof today’s world, Ruth Levitas, author of perhaps most complete history of the concept of utopia to date, suggest three different bases for defining utopia – â€Å"content, form and function†. She points out that liberal humanist tradition neglects functions and focuses on matter of form and content, in terms of various canons how utopian works. However, the objective behind this research is not to define Utopia. What I am trying to evaluate is a perspective of Auroville for the better world throughRead MoreSocialism And Its Nature Of Supporting Economic And Social Equality1508 Words   |  7 Pagesthinking is necessary in societal progress, which the socialist ideology highlights and embodies. Socialism is a justifiable and critical ideology becaus e it supports an environment of equality, encourages revolution, and occasionally strives for utopia. The first important aspect of Socialism is its nature of supporting economic and social equality. In order to understand this feature of socialism, one must grasp the importance and benefit of equality to a society. Albert Fried summarizesRead MoreValue of a Dystopia Essay2321 Words   |  10 Pagesas a utopia. A utopia consists of having all the required or desirable elements of life that one has in mind. Everyone has an altered perception on what a utopia is, but in order for the world to be a utopia a universal definition is vital. Some elements to be considered in a utopia include a society that is stable socially, morally, politically, and economically. The more a world is in deficient to these key elements of a utopia, the farther the world travels from the parameters of a utopia. ThroughRead MoreGovernment Intervention, Real Gdp, And National Debt From An Economic Perspective1330 Words   |  6 PagesSweden: The Ultimate â€Å"Elsewhere† John Malkovich once, jokingly, stated that â€Å"utopia means elsewhere†. Sandwiched in between Norway and Finland is that idealized â€Å"elsewhere†, Sweden, with a strong government and thriving economy. It is not only solidly constructed but stunning to look at, with beautiful plant life and architecture to match. Sweden is sparsely populated with roughly 9.6 million people living comparatively good lives (with low crime rates, 18 month long parental leaves, and a high standardRead MoreThe Ones Who Walk Away From 1861-18651519 Words   |  7 Pageshappiness, intelligence, and health enjoyed by the citizens of Omelas are only able to exist because a single orphaned child is kept in absolute solitude and misery in a basement below the sunny streets of the city. Through the use of the allegorical utopia Omelas, Le Guin urges the reader to explore the principles of morality in a way that can directly be applied to real world contexts and inspire change. First of all, Le Guin effectively instills an awareness and understanding of the dilemma ofRead More Cassirer, Nietzsche and Niccolà ² Machiavellis The Prince Essay1154 Words   |  5 PagesMachiavelli much resembled a fascinated chess strategist, not concerned with who the players were but purely how the games were played out—how each step, when stripped of the useless morality, added to the grand game. His personal sentiments and beliefs could not affect his analysis of the intrigues, thus there is no room for moral principles in The Prince. Cassirer, however, also points out that while Machiavelli did by no means object to the use of evil, he did not create Machiavellism as the world

Summary and Analysis of Platos Euthyphro

The Euthyphro is one of Platos most interesting and important early dialogues. Its focus is on the question: What is piety? Euthyphro, a priest of sorts, claims to know the answer, but Socrates shoots down each definition he proposes. After five failed attempts to define piety Euthyphro hurries off leaving the question unanswered. The Dramatic Context It is 399 BCE.  Socrates and Euthyphro meet by chance outside the court in Athens where Socrates is about to be tried on charges of corrupting the youth and for impiety (or more specifically, not believing in the citys gods and introducing false gods.) At his trial, as all of Platos readers would know,  Socrates was found guilty and condemned to death. This circumstance casts a shadow over the discussion.  For as Socrates says, the  question hes asking on this occasion is  hardly  a  trivial, abstract issue that doesnt concern him.  As it will turn out, his life is on the line. Euthyphro is there  because he is prosecuting his father for murder. One of  their servants had killed a slave, and Euthyphros father had tied the servant  up and left him in a ditch while he sought advice about what to do.  When he returned, the servant had died. Most people would consider it impious for a son to bring charges against his father, but Euthyphro claims to know better.  He was probably a kind of priest in a somewhat unorthodox religious sect.  His purpose in prosecuting his father is not to get him punished but to cleanse the household of bloodguilt.  This is the kind of thing he understands, and the ordinary Athenian does not. The Concept of Piety The English term piety or the pious is translated from the Greek word hosion.  This word might also be translated as holiness or religious correctness.  Piety has two senses: A narrow sense: knowing and doing what is correct in religious rituals. For example, knowing what prayers should be said on any specific occasion, or knowing how to perform a sacrifice.A broad sense: righteousness; being a good person. Euthyphro begins with the first, narrower sense of piety in mind.  But Socrates, true to his general outlook, tends to stress the broader sense.  He  is less interested in correct ritual than in living morally. (Jesus attitude toward Judaism is rather similar.)   Euthyphros 5 Definitions Socrates says, tongue in cheek, as usual, that hes delighted to find someone whos an expert on piety.  Just what he needs in his present situation. So he asks Euthyphro to explain to him what piety is.  Euthyphro tries to do this five times, and each time Socrates argues that the definition is inadequate. 1st Definition: Piety is what is Euthyphro is doing now, namely prosecuting wrongdoers. Impiety is failing to do this. Socrates Objection:  Thats just an example of piety, not a general definition of the concept. 2nd Definition:  Piety is what is loved by the gods (dear to the gods in some translations). Impiety is what is hated by the gods. Socrates Objection:  According to Euthyphro, the gods sometimes disagree among themselves about questions of justice.  So some things are loved by some gods and hated by others.  On this definition, these things will be both pious and impious, which makes no sense. 3rd Definition: Piety is what is loved by all the gods. Impiety is what all the gods hate. Socrates Objection:  The argument Socrates uses to criticize this definition is the heart of the dialogue. His criticism is subtle but powerful.  He poses this question: Do the gods love piety because it is pious, or is it pious because the gods love it? To grasp the point of the question, consider this analogous question:  Is  a film funny because people laugh at it, do people laugh at it because its funny?  If we say its funny because people laugh at it, were saying something rather strange. Were saying that the film only has the property of being funny because certain people have a certain attitude towards it. But Socrates argues that this gets things the wrong way round.  People laugh at a film because it has a certain intrinsic property, the  property of being funny.  This is what makes them laugh. Similarly, things arent pious because the gods view them in a certain way.  Rather, the gods love pious actions such as helping a stranger in need, because such actions have a certain intrinsic property, the property of being pious. 4th definition: Piety is that part of justice concerned with caring for the gods. Socrates Objection: The notion of care involved here is unclear. It cant be the sort of care a dog owner gives to its dog since that aims at improving the dog. But we cant improve the gods. If its like the care a slave gives his master, it must aim at some definite shared goal.  But Euthyphro cant say what that goal is. 5th Definition: Piety is saying and doing what is pleasing to the gods at prayer and sacrifice.   Socrates Objection: When pressed, this definition turns out to be just the third definition in disguise. After Socrates shows how this is so, Euthyphro says in effect, Oh dear, is that the time?  Sorry, Socrates, I have to go. General Points About the Dialogue The Euthyphro  is typical of Platos early dialogues: short; concerned with defining an ethical concept; ending without a definition being agreed upon. The question: Do the gods love piety because it is pious, or is it pious because the gods love it? is one of the great questions posed in the history of philosophy.  It suggests a distinction between an essentialist perspective and a conventionalist  perspective. Essentialists apply labels to things because they possess certain essential qualities that make them what they are.  The conventionalist view is that how we regard things determines what they are. Consider this question, for instance: Are works of art in museums because they are works of art, or  do we call them works of art because they are in museums?   Essentialists assert the first position, conventionalists the second. Although Socrates generally gets the better of Euthyphro, some of what Euthyphro says makes a certain amount of sense.  For instance, when asked what human beings  can give  the gods, he replies that we give them honor, reverence, and gratitude.  The British philosopher Peter Geach has argued that this is a pretty good answer.

Lena Horne - 9265 Words

Singer/actress Lena Hornes primary occupation was nightclub entertaining, a profession she pursued successfully around the world for more than 60 years, from the 1930s to the 1990s. In conjunction with her club work, she also maintained a recording career that stretched from 1936 to 2000 and brought her three Grammys, including a Lifetime Achievement Award in 1989; she appeared in 16 feature films and several shorts between 1938 and 1978; she performed occasionally on Broadway, including in her own Tony-winning one-woman show, Lena Horne: The Lady and Her Music in 1981-1982; and she sang and acted on radio and television. Adding to the challenge of maintaining such a career was her position as an African-American facing discrimination†¦show more content†¦Jones owed his job a clerk in the county coroners office to political patronage. It did not bring in much money, and in 1938, when Horne was approached by an agent with an offer to co-star in a low-budget all-black movie mu sical with a mere ten-day shooting schedule in Hollywood, she accepted. The film was The Duke Is Tops, released in July 1938. Later in the year, Horne was asked to take on a more time-consuming project, a part in a new mounting of producer Lew Leslies all-black musical revue Blackbirds. Again, she accepted in the name of increasing the family income, spending months in rehearsals and out-of-town tryouts before Lew Leslies Blackbirds of 1939 opened on Broadway on February 11, 1939. One of Hornes numbers was Youre So Indifferent, written by Sammy Fain and Mitchell Parish, a song she would keep in her repertoire. The show ran only nine performances, closing February 18. Horne returned to Pittsburgh, where she temporarily separated from her husband, then reconciled with him. She began taking singing engagements in the homes of wealthy families in the area. She also became pregnant again, and her son, Edwin Fletcher (Teddy) Jones, was born in February 1940. That fall, she made a final separation from her husband (they were formally divorced in June 1944) and moved to New York to restart her career. In December, she accepted an offer to join theShow MoreRelatedLena Mary Calhoun Horne : An Advocate For Civil Rights And The Abolition Of Segregation1065 Words   |  5 PagesIn 1919 at the tender age of two, Lena Horne made her first public appearance on the cover of the Branch Bulletin, a publication of the National Association for the Advancement of Colored People. She was touted as the organization’s youngest member. Lena would go on to become a noted singer, dancer and sex symbol. Not content to revel in her fame, Lena became an advocate for ci vil rights and the abolishment of segregation. Lena Mary Calhoun Horne was born to a middle-class family in Brooklyn, NewRead More Lena Horne Essay1396 Words   |  6 PagesLena Horne Lena Horne was born on June 30, 1917 in Brooklyn, New York. Her parents were Teddy and Edna Scottron Horne. After her father left her at the age of two in order to pursue his gambling career; her mother leaving soon after that to pursue her acting career; she went to live with her grandparents. Through her grandparents influence she became involved with organizations like the NAACP, at an early age. In 1924 she went back to live with her mother, traveling and being schooledRead MoreLena Horne : An American Icon3136 Words   |  13 Pages LENA HORNE: AN AMERICAN ICON Fela Langston MUSI 305 Section A Dr. Zigler 13 May 2015 Lena Horne: an American Icon Lena Horne, born Lena Mary Calhoun Horne in Brooklyn, New York was an American jazz vocalist, actress and civil rights activist who lived from June 30, 1917 to May 9, 2010. 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However, many other black actresses have graced the big screen including Suzette Harbin, Theresa Hams, Ethel Moses, Mae Turner, and Hilda Simms just to name a few. 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Hooks’ exploration continues through the examination of the women idealised by the drag queens in Paris is Burning. It is primarily (upper-class) white women who are presented as the epitome of femininity rather than women of colour such as Lena Horne . This shows that the hegemonic discourses responsible for the creation of gender and sexuality categories incorporate multiple sites of privilege. By not looking at race the analysis of these categories is incomplete. Hooks then goes on to addressRead MoreA Brief Note On Irish Novelist And Non Fiction Writer Joseph O Neill Once Said1120 Words   |  5 Pagesconfident in who I am. I know that my culture, family influence, environment, friends and the need to know has influenced me. If you were to ask me to describe my identity, I would tell you, â€Å"My identity is very clear to me now, I am a black woman.†- Lena Horne, and nothing or no one can take that away from me. 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