Essay about The Government Must Regulate Globalization

Fueled by the expansion of multinational corporations and financial institutions, technological advances, and the increasing porousness of national borders, Globalization is a persistent, multifaceted phenomenon, which has and continues to have, significant impact on economical, political and cultural relations. The book, â€Å"The Lexus and The Olive Tree† by Thomas Friedman describes globalization as not just a fade or trend, but political and economical system that replaced the cold war. Friedman explains where we are and how we get here, through a series of skillful metaphors, highly relevant anecdotes, and cogent analysis. In this paper I provide a concise description of the principle arguments Friedman makes about globalization, and†¦show more content†¦Friedman adds that, this new era we live in, the era of globalization, is due to three democratizing trends: 1) the democratization of technology – resulting from miniaturization and, that allows hundreds of millions of people to connect and exchange information in an extraordinary ways, 2) the democratization of finance – almost anyone can invest in almost anything these days, and 3) the democratization of information. No longer can a government isolate its people from information about life beyond their borders. Because of these trends, Friedman claims that first; second and third world do not exist- there is just the fast world and the slow world. This results in a limited choice: globalize, or be left completely behind. Friedman emphasized on the balance between the Lexus and the olive tree. He compared modern life, comfort, keeping up with technological advances to a luxury car (Lexus). He also emphasized that we all have to protect our olive trees, which are the roots, heritage, customs, family, and home that we all should cherish. As globalization increases its impact on our lives, it will be more important for countries and individuals to find a balance between those two poles. Friedman stressed an important point on technological revolution. According to Friedman, Micro Chip Immune Deficiency System is a disease which countries that have not invested enoughShow MoreRelatedHow And Why One Should Reform The Global Economy1245 Words   |  5 PagesHow and Why One Should Reform the Global Economy It was chosen the texts, which are related to the last global economic crises in 2008 and more later analysis of the influence of globalization on national politics of different countries. The first one is a chapter from the book Free fall: America, Free Markets, and the Sinking of the World Economy by Joseph E.Stiglitz, the title of which is The Making of the Crisis. Joseph Stiglitz described the background of the economic crisis in 2008. He startedRead MoreThe Structure And Operation Of The Global Economy Essay1451 Words   |  6 Pagesindustrialization and export-oriented industrialization, share the goal of building domestic industrial capacity. One mechanism frequently utilized by governments to regulate FDI is the bilateral investment treaty (BIT), which establishes the terms and conditions for private investment by entities of one country in another state. By employing the use of BITs, governments are aiming to assure non-discrimination, to discipline expropriation, to assure transferability of investment-related funds, to refine theRead MoreCompetitive Strategies and Government Policies Essay1649 Words   |  7 Pagesï » ¿ Apples Competitive Strategies and Government Policies ECO/365 April 27, 2014 Michael Blakley Apples Competitive Strategies and Government Policies The Apple IPhone Company has created quite a name for itself through the creation and sales of the phone that is leading in innovation, technology, and consumer popularity. With many large cell phone competitor companies, such as T-Mobile, Verizon, Att, and Sprint, the IPhone has managed to continually create a product and service thatRead MoreEssay about The Impact of Globalization on Young People in Saudi Arabia1457 Words   |  6 Pages Globalization is the increasing unification of regional economies, societies, and cultures through communication, transportation and trade. It is mainly driven by a combination of economic, technological, social-cultural, biological and political factors. It can also be referred to as the transitional circulation of ideas, languages, or popular cultures through acculturation. Researchers have argued that globalization started as early as the start of trade links between Sumer and the IndusRead MoreThe Welfare State and Government Responses to Economic Openness1668 Words   |  7 PagesThe Welfare State and Government Responses to Economic Openness I. Introduction Economic openness is the phenomenon in which individual economies from all over the world become increasingly connected and interdependent through greater liberalization of trade and the vast movement of goods, services, and capital across borders. With the rise of globalization, positive effects have resulted from economic openness. The widespread benefits of globalization have resulted in global economic growthRead MoreThe Global Challenges of Comparative Politics1393 Words   |  6 Pagespolitical and economic development. 1989 was a gateway to globalization. Globalization provided a new and distinctive lens for analyzing politics within and among countries. The key question is that whether the global diffusion of investment, trade, production, and electronic communication technologies would promote a worldwide expansion of opportunity and enhance human development. We have been forced to rethink the meaning of globalization Since on September 11, 2001, when the Islamic terroristRead MoreGlobalization Paper1190 Words   |  5 PagesGlobalization Paper GBM/380 January 10, 2011 Professor Jing Liu Globalization Globalization can be viewed as one of the major influences for the world’s progressions over the past centuries. It is comprehended that globalization has the potential to make countries and societies richer via free trading or little trade barriers providing knowledge and information to people around the world. Others perceive globalization negatively and view it as a major factor to exploit the poor while theRead MoreGlobalization And Sexuality1247 Words   |  5 PagesGlobalization may be defined as the process of opening up for interactions and relationships between people of different countries around the world. The people from the world can easily interact with each other leading to influence in behaviors and characters. Sexuality refers to how people relate to sexual activities or perceive sexual matters. Sexuality may differ from one culture to the other, but the cultures are likely to influence each other’s sexual beliefs and orientation. Globalization hasRea d MoreCompetitive Strategies Government Policies Essay1607 Words   |  7 PagesCompetitive Strategies and Government Policies Brenda Ocampo, Eileen Pool, Bernardo Villegas, Roderick Phipps, Mohammed Alodeh ECO 365 February 4, 2013 Gregory Czarnecki McDonald’s The fast food industry is a highly competitive environment. For a leading chain such as McDonalds they always need to be thinking ahead about the competition and how the economy affects their industry. Although McDonalds is one of the biggest fast food chains they have to be aware of newRead MoreThe Impact Of Management On The Globalization Of Business900 Words   |  4 PagesThe impact of management in the globalization of business. The multinational corporation The impact of globalization on international business International business refers to a wide range of business activities undertaken across national borders. Along with rapidly increasing globalization, international business has become a popular topic and has drawn the attention of business executives, government officials and academics. International business is different from domestic business. At the international

Feeding America - 1721 Words

Poverty Crises. Feeding America is a United States organization that consists of nationwide network of more than two hundred food banks and food rescue organization that serves the United States as well as Puerto Rico. It is the nation leading hunger relief charity. In the late 1060s, John van Hengel, a retired businessman in Phoenix, began volunteering at a local soup kitchen, and began soliciting food donations for the kitchen. He ended up with far more food than the kitchen could use and when he talked to his client around that time, she told him she regularly feeds her family with food discarded from the grocery store’s garbage bins. He then got an idea where there could be a place where discarded food items could be stored so that†¦show more content†¦The main industry is the agricultural sector which completely depends on the climate. There are strong linkages between poverty and environmental degradation, particularly poor water management, soil erosion, declin ing soil fertility and land degradation. In addition, the effects of climate change are undermining an already fragile resource base and have contributed to declining agricultural yields over the past decades. In recent years, drought has become a perennial problem in parts of Kenya. Episodes in 2009 and 2011 generated food emergencies, while flooding in 2010 affected parts of the country severely. In contrast with Lincoln Parish’s population growth rate which is nearly stagnant is Molo Parish, which is in, Kenya, one of the countries in the world with the highest population growth rates. Over the years, the population has more than tripled, greatly increasing pressure on the country’s resources. Together with a widening income gap, this has eroded gains in education, health, food security, employment and income. Also, HIV/AIDS is most prevalent among young and middle-aged Kenyans in Molo Parish, the most productive segment of the population. The illness leaves orphans and households headed by women that are even more vulnerable to poverty. The burden of waterborne diseases, malaria and HIV/AIDS weighs heavily on both the country and Kenyan families, affecting income, food security and development potential. Life expectancy fell to 46 years inShow MoreRelatedFeeding America Is A Non Profit Organization Created By John Van Hengel2359 Words   |  10 Pagesâ€Å"Feeding America is a non-profit organization created by John Van Hengel in the 1960’s† (U.S. Hunger Relief Charity | Feeding America ®, 2015). He was a retired business man who would volunteer at a local soup kitchen to feed the hungry| (Feeding America ®, 2015). â€Å"He came upon the idea after a women was desperately looking for food to feed her children†, â€Å"she suggested to him there should be a place to store unwanted food instead of throwing it out for trash so the hungry can go and pick up theRead MoreFeeding America840 Words   |  4 Pagesï » ¿ Feeding America Persuasive Speech Introduction to Communications Topic: Hunger in America Purpose: To persuade my audience to feed people in America that are less fortunate than we are. Thesis Statement: The number of American that does not have food to eat due to job loss, the economy, and other reasons are constantly growing. If we stuck together and helped one another, we could make that number that is constantly growing, decline. I. Introduction We see homeless people everyRead MorePublix Super Markets, Inc.960 Words   |  4 Pageswebsite (2015), it is stated that to date, Publix has donated over 174 million pounds of perishable food to food banks, the equivalent of roughly 145 million meals (para 9). As stated by Bous (2015), after their $1.5 million donation in 2015, Feeding America named the company a 2015 Visionary Partner (para 1). Danielle Spears stated (2015) that Publix was also an inaugural recipient of the Eunice Kennedy Shriver Award in 2015 for their partnership and contributions to the Special Olympics (para 1)Read MoreLending a Helping Hand Essay1304 Words   |  6 Pagessuppose to afford to live in a house? Though most Miami County residents do not see homeless people, does not hide the fact we have people living without a home. Peru is not a big city like New York, or Los Angeles, but no matter where you are at in America, there will always be those who cannot afford to rent or own any type of housing. Even if everyone could afford some type of housing to live in, it does not mean they can afford all the necessary utilities. Air conditioning is not a necessity,Read MoreEssay on Houston Food Bank1327 Words   |  6 Pages * The Houston food bank is a non- profit organization that seeks food donations and distributes them at local charitable programs. * 95 cents of every dollar is used to feed the hungry. * The organization is a certified member of Feeding America. VERBAL FOOTOTE 2. During our volunteer efforts, there were a few communication concepts that were identified including: * Schemas * Empathetic Listening * Group Task Roles Today, we would like to inform you about the communicationRead MoreThe Hunger Relief Organization At The Puyallup Food Bank2303 Words   |  10 Pages Introduction According to Feeding America, a U.S. Hunger Relief Organization, over 50 million people suffer from hunger in America. Although a complex issue, nonprofit organizations such as food banks make tremendous contributions each year toward combating hunger. Unfortunately, the majority of food donated to the Puyallup Food Bank located in Puyallup, Washington is heavily processed. A heavily processed diet can lead to nutritional deficiencies in fiber, calcium, iron and vitamins. These nutrientsRead MoreFood Stamp Reform Bill Proposal Essay1605 Words   |  7 Pagescommitting fraud. Hard working Americans who make below the poverty line are denied every day for assistance because abusers are finding new creative ways to deceive the system. The Foods Stamp Act of 1964 was very influential to the United States of America. It does not discriminate a household because of political beliefs, nationality, religion, and race. Its goal is to reduce hunger in low income families. The Foods Stamps is monitored heavily by the federal government, but the prospect receiver hasRead MoreRoad Runner Food Bank Fights Hunger in New Mexico2009 Words   |  8 PagesRoad Runner Food Bank has been beneficial in fighting the war against hunger in the state of New Mexico. This organization assists in feeding an overwhelming number of people, including infants and school age children. It is truly a blessing for many. Hunger is a main concern for New Mexico. The co-founder of Road Runner Food Bank has taken an oath to stop this problem. This program distributes more than twenty three million pounds of food to our state a year. Although they have ran into some problemsRead MoreImproving Inclusion And Expanding Coverage For Healthy Feeding Progra ms Across Texas Districts2129 Words   |  9 PagesRETENTION, IMPROVING INCLUSION AND EXPANDING COVERAGE IN HEALTHY FEEDING PROGRAMS ACROSS TEXAS DISTRICTS This letter seeks to provide a detailed exposition of a multi-faceted aspect of the challenge of food insecurity in Texas and a proposal of clear-cut practical solutions. The hope is that through the publication of this piece, the issue will assume centre stage and attract the needed response. Over the years, notable healthy feeding intervention programs across different government and communityRead MoreThe Decline Of The 21st Century1527 Words   |  7 Pagesnot amateurs in challenging the current paradigm and fighting for its shift. The 21st century has brought about much needed conversions in America. Conversations including gay marriage rights, fair pay between men and women, gun control laws and many others. These conversations emerge when our basic human rights are infringed upon. Thus, healthcare in America is not immune to these conversations; on the contrary, our healthcare system has numerous issues to address. Among of them, dementia may

Corporate Accounting Composition Wesfarmers Limited

Question: Discuss about the Corporate Accounting for Composition Wesfarmers Limited. Answer: Report 1) Board Composition Wesfarmers Limited i) There are eight non-executive independent directors in Wesfarmers. The Chairman of the company is observed to be independent in nature. The list of the names and then nature of the independence is shown below: Name Director Independence Michael Chaney Independent Richard Goyder Independent Terry Bowen Independent Paul Bassat Independent James Graham Non- Independent Tony Howarth Independent Wayne Osborn Independent Diane Smith-Gander Independent Vanessa Wallace Independent Jennifer Westacott Independent (Wesfarmers.com.au. 2016) ii) No the company does not have either dual CEO or Chairman iii) Wesfarms Limited has ten directors. The composition of the directors along with the positing held by them is shown below as follows: Number Name Position Held 1 Michael Chaney Non-executive Chairman 2 Richard Goyder Managing Director 3 Terry Bowen Finance Director 4 Paul Bassat Non-executive Director 5 James Graham Non- Independent 6 Tony Howarth Non-executive Director 7 Wayne Osborn Non-executive Director 8 Diane Smith-Gander Non-executive Director 9 Vanessa Wallace Non-executive Director 10 Jennifer Westacott Non-executive Director iv) Wesfarmers Ltd. holds annual general meeting twice during the month of June and November. The next annual, general meeting of the company is scheduled to be held on 10th November 2016 (Wesfarmers.com.au. 2016). v) The qualification of the directors along with the names is shown below as follows: Name Qualification Michael Chaney Bachelor of science and Master of Business Administration from University of Australia Richard Goyder Bachelor of commerce, University of Western Australia Terry Bowen Bachelor of Accountancy and fellow of CPA Australia Paul Bassat Bachelor of commerce, University of Melbourne James Graham Bachelor of Engineering with honors in Chemical Engineering, University of Sydney, also a Master of Business Administration, University of New South Wales, Fellow of the Australian Academy of Technological Sciences and Engineering Tony Howarth Fellow of the Financial Services Institute of Australasia Wayne Osborn Diploma specializing in electrical engineering from the Gordon Institute of Technology, a Master of Business Administration, Deakin University Diane Smith-Gander Bachelor of Economics degree obtained from the University of Western Australia and a Master of Business Administration degree from The University of Sydney Vanessa Wallace Bachelor of Commerce degree, The University of New South Wales and MBA from IMD Switzerland Jennifer Westacott Bachelor of Arts done from University of New South Wales and moreover she was a Scholar of Chevening from London School of Economics (Wesfarmers.com.au. 2016). vi), vii), viii) and ix) The experience of the directors, gender, committees and their work in the other boards have also been stated, are shown below as follows: Name Gender Experience Michael Chaney Male Worked for more than eight years as a petroleum geologist in Australia and USA, also served as a chairman at Woodside Petroleum Limited and National Australia Bank Richard Goyder Male Appointed as an chairman in Ausstralian B20. Worked at Tube makers of Australia Limited, Director at Gresham Partners Holdings Limited, commissioner at Australian Football League Terry Bowen Male Previous holdings in financial role in companies such as Tube makers of Australia Limited, CFO at Jetstar Airways and AWB Limited Paul Bassat Male Co-founder at SEEK Ltd., Square Peg Capital Pty Ltd., director at Peter MacCallum Cancer Foundation James Graham Male Previous positions held as directors in companies such as Rabobank Australia Limited, Advisory Council of The Institute for Neuroscience and Muscle Research, Rabobank Australia Limited and Rabobank New Zealand Limited Tony Howarth Male Experienced in then senior management position s in Challenge Bank Ltd., CEO at Hartleys Limited Wayne Osborn Male Director in several other companies such as Iluka Resources Limited, South32 Limited, Leighton Holdings, Alcoa of Australia Ltd. Chairman at Thiess Pty Ltd Diane Smith-Gander Female More than eleven years of experience in the field of banking executive, partner at McKinsey Company Vanessa Wallace Female Strategy management consultant for the past 30 years, director at several other companies such as Booz Company, AMP Limited and AMP Capital Holdings Limited Jennifer Westacott Female Board director and a leading partner at KPMG, she was a lead partner specializing in water practice, sustainability and climate change, Holding leadership roles in Victorian and NSW Governments. 2) The composition of the subsidiaries of the company is shown as follows: Subsidiaries Number of presence Australian subsidiaries (34) Bunnings Warehouse, Coles Supermarkets, Bi-Lo, Coles Express, Liquorland, Vintage Cellars, First Choice Liquor, Officeworks, Harris Technology, Kmart Australia Limited, Tyre Auto Service, Target Australia, Curragh Queensland Mining, Bengalla Mining Company Foreign subsidiaries Nil Australian associates Nil Foreign associates (1)Pick n Pay 3) Borrowing Cost of the company in the year 2015 is observed to be $ (283), the interest on the borrowing cost is 5.45%. 4) The audit report opinion of the company is done by Ernst Young, the audit committee was renamed after Audit and Risk Committee in December 2014. The balance date of the audit report is given as 30th June 2015 5) The total number of the employees of the company is 205,000. 6) The method of reporting the comprehensive income is based on the adoptions of AASB 9 (2013). 7) The financial well-being is seen in terms of the increase in the operating revenue of the company, which has increased from $ 60181 in the year 2014, and the $ 62447 in the year 2015. It has been further stated that the companys EBIT increased of $ 1672 to $ 1783 in the year 2014 to 2015. 2: Lease 1) As per the AASB guideline for operating leases under the Para 81 of the Recognition and measurement, an operating lease is termed as the lease anything other than the financial risk (Fatima 2016). Moreover, the unearned income from finance is the gross investment contributed in the asset and the net investment of the overall lease amount. Operating lease is termed as the financial agreement, which considers the values of the assets, which is lesser than the actual life of the useful equipment (Gross, Huston and Huston 2014). The consultant preferred operating lease to financial lease for the purpose of reduction in the administration expenses. Operating leases transfers only the right to use the property to the lessee. Hence, for improving the overall cash flow of the company it is necessary to consider the operating risk method. The operating cash is expected to be performing in better way as there is no operating lease expense involved. In case of the operating lease will furthe r provide the right to use the asset without ownership, hence the three will not be any transfer of ownership and the original owner of the item will remain the same (Aasb.gov.au. 2016). 2) The disadvantages related to entering into financial lease agreements under the operating standards stated in the year 2015 are: i) During the term of the lease, there is a possibility of the getting the assets damaged which makes the assets unfit for the use. ii) It is often observed that in several situations due to the excessive wear and tear of the assets, only a handful amount of revenue may be generated from the sale of the asset (Faisal and Elahi 2016). iii) In case of the financial leases the depreciation charged on the leased asset will not be available on the lessee of the designated company. It should be noted that financial lease will increase the debt (Vernimmen et al. 2014). Part B As per the new regulations of IFRS 16, the leases, which are considered, are either operating leases or financial leases. The leases and services of Oliver Ltd. will be considered under a single contract, the amounts relating to the services are not required to be addressed in the balance sheet. The increase in the lease assets and the finance, liabilities needs to be increased. The IAS 17 focused on the identification of the lease in an economic way only during purchasing of the asset. As per the classification to be done under the newer standards the leases are to be treated in a same way as per as per IAS17, but there will be a significant change in terms of the material off balance sheet under the leases. The key change will be observed in the financial metrics in form of the assets and liabilities (Ifrs.org. 2016). As per the annual report analysis of a Wesfarmers Limited, the operating leases and the different types of initial direct costs are considered under the straight-line basis over the term of lease. This method is as per the previous lessee accounting method as followed under IAS 17 (Csbp.com.au. 2016). This clearly states that Wesfarmers Limited shows the off-balance-sheet leases in the income statement of the company. It has been further stated that the operating lease payments are recognized as an expense in the income statement and the incentives related to these leases are considered as liability when received and realized (Pwc.se. 2016). As per the annual report, analysis of Fairfax media does not follow the straight-line method of charging lease, as the straight-line operating lease expense has been replaced by depreciation charge. It can be clearly observed that the company considers consideration of the depreciation amount while computing both operational and financial lease (Fairfax.ca. 2016). The newer requirement of the IFRS 16 for the lease requirements eliminate most of the of balance sheet accounting required for the lesees and moreover redefines the various types of metrics related to financial paradigm such as EBITDA and gearing ratio. Although the applied measures will account for better compatibility of the financial statements but at the same time it may affect the different types of covenants, borrowing cost, perception of stakeholders and the credit ratings. Moreover as per the newer standard, which is due to come into effect from 1st January 2019 may bring several shift in the lessor model of business offering and may account for the various behavioral lessees changes. It may also account for acceleration of market growth and put an augmented focus towards services rather than only physical assets (Accaglobal 2016). As per the annual report analysis of both Fairfax media and Wesfarmers Ltd the disclosure of the operating leases does not separately indicate the contract details due to the fact the present standard does not consider the dissimilarity in supply arrangement or services. If both the companies adhere to the new leasing policy then the leases will be recognized in the balance sheet. Moreover both the lessors and the lessees and maintain declaring separate lease components. In this way, the lessee will be able to take advantage of the use of asset either independently or in a combined fashion other resources, which are easily available to the lessee (Csbp.com.au. 2016). 3: Consolidations As per the rulings of IFRS 10 related to the consolidated financial statements, the requirements of the presentation and preparation of the statement required the entities to consolidate entities, which it monitors. As per the International accounting standards Board (IASB), the prime users considered for the preparation of consolidated financial statements are the capital markets. The non-controlling interest is considered as the action of equity ownership especially in a subsidiary, which has not been attributed to the parent company particularly, which has a controlling interest and is responsible for consolidation of financial result of the subsidiary. In case the non-controlling interest was classified as debt rather than in the equity section then it would mean that the company had less than 80% of the holdings or the other company is not directly under parent company. The rationale for which the standard setters have selected the equity classification as per AASB 10 due to the application of paragraphs B94 and B95 under non-controlling interest given in the guideline of AASB 10. As the company, Brookwater Ltd. is responsible for holding 80% share in the Golf Ltd. as per the rulings of the guideline in case a subsidiary owns outstanding community preference share under equity, which are further held as non-controlling interest. In such a case the entity should be computed based on the share of profit or loss after the adjustment of dividend amount, even if the dividend is not declared. Moreover as the entities are susceptible to changes as per the rulings of AASB 10 the amount held under the non-controlling interest should be adjusted with the carrying amount of the various types of non-controlling and controlling interest reflect relevant changes in the interest of the subsidiary (Aasb.gov.au. 2016) Reference List Aasb.gov.au. (2016). [online] Available at: https://www.aasb.gov.au/admin/file/content105/c9/AASB10_08-11_COMPsep14_01-14.pdf [Accessed 23 Sep. 2016]. Aasb.gov.au. (2016). [online] Available at: https://www.aasb.gov.au/admin/file/content105/c9/AASB139_07-04_FP_COMPdec12_01-13.pdf [Accessed 23 Sep. 2016]. Accaglobal, A. (2016). IFRS for SMEs | P2 Corporate reporting | ACCA Qualification | Students | ACCA | ACCA Global | ACCA Global. [online] Accaglobal.com. Available at: https://www.accaglobal.com/in/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/ifrs-for-smes.html [Accessed 23 Sep. 2016]. Csbp.com.au. (2016). [online] Available at: https://www.csbp.com.au/docs/default-source/reports-publications/annual-reports/2014-annual-report---wesfarmers.pdf?sfvrsn=10 [Accessed 23 Sep. 2016]. Fairfax.ca. (2016). Fairfax - Financials - Annual Reports . [online] Available at: https://www.fairfax.ca/financials/annual-reports/default.aspx [Accessed 23 Sep. 2016]. Faisal, M. and Elahi, F., 2016.Performance evaluation of lease financing as an instrument of financial market in Bangladesh(Doctoral dissertation, University of Dhaka). Fatima, M., 2016. Differences and similarities between Ijara and conventional operating lease contracts.Market Forces,1(4). Gross, A.D., Huston, G.R. and Huston, J.M., 2014. The path of lease resistance: How changes to lease accounting treatment may impact your business.Business Horizons,57(6), pp.759-765. Ifrs.org. (2016). [online] Available at: https://www.ifrs.org/Current-Projects/IASB-Projects/Leases/Documents/IFRS_16_project-summary.pdf [Accessed 23 Sep. 2016]. Pwc.se. (2016). [online] Available at: https://www.pwc.se/sv/pdf-reports/ifrs-16-the-leases-standard-is-changing-are-you-ready.pdf [Accessed 23 Sep. 2016]. Vernimmen, P., Quiry, P., Dallocchio, M., Le Fur, Y. and Salvi, A., 2014.Corporate finance: theory and practice. John Wiley Sons. Wesfarmers.com.au. (2016). Annual general meetings . [online] Available at: https://www.wesfarmers.com.au/investor-centre/your-shareholding/annual-general-meetings [Accessed 23 Sep. 2016]. Wesfarmers.com.au. (2016). Directors . [online] Available at: https://www.wesfarmers.com.au/who-we-are/directors [Accessed 23 Sep. 2016]. Wesfarmers.com.au. (2016). Richard Goyder AO . [online] Available at: https://www.wesfarmers.com.au/who-we-are/directors/profile/bod-richard-goyder-ao [Accessed 23 Sep. 2016].

Trading Places and Local Hero Essay Example

Trading Places and Local Hero Paper Trading Places is a film about contrasting people and how different people from diverse backgrounds can adapt to new surroundings. The two main characters are Lewis Winthorpe, a well off, successful businessman and Billy-Ray Valentine, a homeless man with no money or possessions. These two characters are put into an alien environment when they trade places and live each others lives, as the result of a bet between the two brothers who own the company Winthorpe works for. Local Hero concentrates more on the contrast in physical environment. In this film MacIntire, who works for a large oil company in Texas, is sent to work in a small remote village in Scotland. The locals seem to be very relaxed and the pace of life is very slow, unlike the busy employees of the Texas oil company. The film explores how MacIntire gradually takes on the behaviour of the new culture. The film Trading Places sets the scene at the start by showing examples of the two very different worlds it is going to explore. For example: a shot of a job centre bland and busy with artificial lighting where only the backs of heads can be seen is followed by a shot of Winthorpes kitchen The butler preparing breakfast on a clean, marble surface. In the background, fresh flowers. We will write a custom essay sample on Trading Places and Local Hero specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Trading Places and Local Hero specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Trading Places and Local Hero specifically for you FOR ONLY $16.38 $13.9/page Hire Writer In the film Billy-Ray Valentine is a beggar who has to think up ways of making enough money for his next meal. He tries to dupe people into believing that he is a war veteran who has lost his eyesight as well as his legs. He works hard to make people believe him so that they will give him money. He lives by his wits. Mr. Winthorpe, however, does not work hard for his money at all. He has never had to worry about where his next meal will be coming from or even what shirt he will be wearing that day. He has a butler whose job it is to do that for him. The first bit of contrast seen in this film is that of the places of work of the two main characters. Billy-Ray works on a street corner. It is very dirty. Although it is quite busy, people dont seem to pay any attention to him and try to avoid walking near him on the pavement. Winthorpes workplace is extremely diverse. It has a grand foyer, receptionists desks lining the walls, all answering phone calls, doing paperwork. As he walks through the double doors at the entrance everyone says hello to him. Good morning Mr. Winthorpe How are you Mr. Winthorpe?. His private office is also large. He has a big desk and a reclining, leather chair. The walls are faced with beautiful paintings and in the corner, there is a sofa for when he feels tired. The first sighting we get of Billy-Ray, he is dressed in rags. He has dirty clothes on, shoes with holes in and his whole appearance is grubby. Winthorpe is dressed in the complete opposite. He has a blazer with matching tie, a neatly ironed shirt, pressed trousers and polished shoes. As a result of the bet between the owners of the company that Winthorpe works for, Billy-Ray Valentine and Lewis Winthorpe change places. The owners have different opinions about what makes a man successful. One has the idea that if a person, particularly a black person, comes from a not very well off background, they will never be successful. The other has the complete opposite opinion, that no matter who you are, if you are given the opportunity to do well in life, you will. So they have a bet on it. Drugs are planted on Winthorpe and the police are informed. Winthorpe is arrested and put in jail and Billy-Ray Valentine is employed to take his place. Winthorpe loses his job, his house and his bank account, which contains a lot of money, and his car. Billy-Ray is given it all. One of the biggest differences that the characters have to cope with is the fact one has gone from being homeless to living in a mansion, while the other has gone from the mansion to a life of poverty. Billy-Rays home environment is now luxurious. He lives in a huge house with a mahogany staircase, full of valuable ornaments and paintings. He eats his meals in a grand dining room, using expensive silverware. He has long relaxing baths in a large Jacuzzi with scented bubble bath, and he sleeps in a full-sized, four-poster bed. Meanwhile Winthorpe, on being released from jail, has nowhere and is reduced to living in a one bedroom flat which is owned by someone else. Billy-Ray now has money and Winthorpe is penniless. At first Billy-Ray struggles to accept his riches walking around the house, picking up objects and putting them in his pocket to steal them. After a while he begins to realise what he now has and tells guests, that he has invited round, to watch not to spill anything on his Persian rug. Winthorpe, however, never manages to cope without money. He finds it hard at the beginning and even harder at the end. Billy-Ray manages to cope successfully in his new environment. His knowledge of people helps him to do well. Winthorpe on the other hand cannot handle not having any money or possessions. Billy-Ray now lives in a privileged world. He has to make business decisions but has no previous business experience on which to rely on. However his life on the street has given him an education of a different sort. Winthorpe however had no previous experience on which to draw. His life had not taught him to cope with poverty or even how to do everyday things. He had taken his life and money for granted. He was used to getting respect because of who he was and had not really had to earn it. He had shown that he had a very low opinion of people who lived in poverty, which was where he was now, earlier in the film when he believed that Billy-Ray had stolen his brief case. Now he is seeing things in a different light. Local Hero also has a story line where one man is put into a completely different physical environment to the one he is used to. This comedy looks at the conflict between a Texas oil company and the canny residents of a Scottish fishing village whose land is needed by the Americans for their North Sea oil base. MacIntire has to leave the hectic life of working in Texas and go and work in Scotland. In Texas he works in a large office for a large company in a concrete jungle. The city is full of giant skyscrapers towering above all. The roads are all motorways, long, overcrowded and with impatient drivers. MacIntire is used to working in a busy office along with many others. There are people always on the phone, doing paper work, with no time to stop and look at the stars. Everyone is working under pressure. But now he gets the chance to leave Texas and work in the out doors. A Scottish man, who is going to help him find his way around the area he will be staying, meets him at the airp ort. Straight away you can see a difference in the appearance of the two men. MacIntire, in a suit and tie, where as the local is wearing trousers and a polo neck jumper. MacIntire is driven to where he is going to be staying. They drive along winding roads that stretch for miles, with no sign of habitation, through picturesque valleys and over lush green hills. The sky is a blue/grey and in the far distance, the sea. The area is so serene. There are no other cars on the road and not an office block in sight. While in Scotland MacIntire stays in a small Bed and Breakfast. Next door is a small accountants office. The accountant that works in the office happens to be the same person that owns the bed and breakfast and goes from one to the other all day. MacIntire believes that the inhabitants of the fishing village dont actually know why he is there. He is lulled into believing that the slow pace of life means that the people are unable to understand the wheeling and dealing of the Texan corporation. Although relaxed, the villagers are a lot smarter than MacIntire thinks. They hold secret meetings and discuss what to do about their problem. MacIntire soon learns to like the pace of life on the island and comes to resent the interruptions from his boss in America. He spends time just walking along the beach admiring the view of the sea and looking at the stars. As the film progresses you see a change in MacIntires appearance. He begins to wear polo neck jumpers instead of shirts and ties, as you have previously seen worn by the Scottish businessmen. He starts to have a drink in the pub with the locals as if he too was a local, and all together he seems less business like. By the end of the film, MacIntire wants to stay in the peacefulness of Scotland rather than return to the busy life of Texas. I think that both of these films are effective at putting across the contrast in different lifestyles in their own ways. Trading Places has two businessmen playing God with Billy-Rays and Winthrops lives, turning them around at the drop of a hat. Local Hero shows the changes of one man, MacIntire, as he stays in an alien environment for longer periods of time. They both show individuals getting an insight into a completely different way of life outside their previous experiences, and the effect it has on them. In most cases the person has found that they actually prefer the other lifestyle to their own. Winthorpe, on the other hand, doesnt prefer his new life to the old one but I think he now appreciates how hard some people have to work for money and how easy his life was for him before.