Monday, September 30, 2019
Filipino Childrenââ¬â¢s Uses of the Internet and Mobile Phone Essay
I. STATEMENT OF THE PROBLEM How do Filipino children integrate the Internet and mobile phone into their everyday life and peer and family relationships? This study is a response to a suggestion by Sonia Livingstone (2003) to investigate further childrenââ¬â¢s relationships in the new media environment. It also seeks to address the lack of empirical studies on Filipino childrenââ¬â¢s engagements with and in the new media, specifically the Internet and mobile phone. Why children? As children become more exposed to new media through school and Home, it is important to investigate how they use and appropriate these technologies in their everyday life. Do these technologies allow for continuity or change in childrenââ¬â¢s experience of leisure, school, peer and family relationships? II. HYPOTHESIS No stated hypothesis in the study. III. RESEARCH METHOD III.a Research Design Since the objective is to identify, describe and explain childrenââ¬â¢s activities in the new media environment and how they use these technologies, a qualitative design was employed for the study. This approach allows us to probe further into the contextual realm of childrenââ¬â¢s engagements with and in the new media. III.b Instrument Data were gathered through a depth interview guide, which allowed respondents to narrate and explain their uses of the Internet and mobile phone as well as their relationships online. The following are the concepts investigated and the corresponding questions: a. Access and Usage of the Mobile Phone/Internet 1. How did you come to own one? Why? 2. How long have you been using a mobile phone? 3. How often do you use the phone? 4. Where do you have Internet access? Why? 5. How often do you use the Internet? Why? b. Uses and Contexts of the Mobile Phone 1. What do you do with your cell phone? Why? 2. What types of messages do you send? Why? IV. CONCLUSION Acknowledging the lack of empirical studies on children and new media, this study asked how a sample of Filipino children integrated new media into their everyday lives and in their relationships with peers and family members. It sought to understand the uses of the Internet and mobile phone in the context of home (family life), school, and leisure activities of children. A contextual approach to the use of new media looks at how these technologies are incorporated into everyday routines and acknowledges how values and social practices influence new media uses. By comparing Internet and mobile phone uses, this preliminary study sought to ascertain theà meanings of these two different but related media among Filipino children. Data suggested that the contexts of family, school, and leisure defined the uses of the new media. The Internet was used mainly for information seeking related to school and interests, relational maintenance (friends and relatives) and leisure. On the other hand, the mobile phone was used for coordinating day-to-day practicalities, relational maintenance among family members and peers, and was deployed by parents as a means to monitor their childrenââ¬â¢s whereabouts and activities. In turn participants construed the medium as an extension of parental presence. The study also probed into family and peer relationships of participants in the new media environment. The goal was to provide evidence that would support or contradict opinion regarding the potential of the medium as an environment where social relations are created or maintained. Findings suggested that the media were used primarily to maintain the participantsââ¬â¢ existing social networks rather than creating new ones. Rarely was the medium used to create new relations. It is important to note that existing relational dynamics in the family largely influence interactions on the mobile phone. Although the phone provided accessibility, it was not a guarantee in improving relations between parents and children, and among siblings. IV. ANALYSIS The obvious change is the accessibility and convenience that these new media provide to facilitate information search and communication. The impact can be seen in the way children do research and regard reading books. As the study unveiled, participants tended to spend less time in the library and get their material instead online, where information is easily copied. The ways school children do research on the Internet could be investigated in future studies. This finding also suggests a need to emphasize critical media literacy among young people that would train them to be critical consumers and users of online information. Almost all of the Filipinos of today are well-oriented when it comes to latest gadgets and its uses, especially the adolescents who used this in almost all of the time. However, there is a big problem when it comes to the ââ¬Å"properâ⬠use of technology. Some Filipinos tend to be abusing the trueà essence of technology. Some used it for cyber bullying and any sort of crime related to this. Accessibility does not necessarily alter existing social and cultural practices; for example, participants tended to communicate more within their network of relations. Indeed for this sample of children, Filipino family and peer relational dynamics still find their way in the new media environment. V. REFERENCES Bakardjieva, M. and Smith, R. (2001). The internet in everyday life. New Media and Society. 3 (1): 67-83. Jones, S. (1995). Community in the information age. In S. E. Jones [Ed.]. Cybersociety: Computer Mediated Communication and Community. London: Sage. Leung, L. & Wei, R. (2000). More than just talk on the move: Uses and gratifications of the cellular phone. Journalism and Mass Communication Quarterly. 77 (2): 308-320. Lievrouw, L. & Livingstone, S. (2002). Handbook of New Media: Social Shaping and Consequences of ICTs. London: Sage. Livingstone, S. & Bovill, M. (1999). Young people, new media. Report of the Research Project. Children, young people and the changing media environment. London School of Economics and Political Science. Available: http://www.lse.ac.uk/collections/media@lse/whosWho/soniaLivingstonePublications3.htm Livingstone, S. (2002). Childrenââ¬â¢s Use of the Internet: A Review of Research Literature. National Childrenââ¬â¢s Bureau. Available: http://www.ncb.org.uk/publications/publication Livingstone, S. (2003). Childrenââ¬â¢s use of the internet: reflections on the emerging research agenda. New Media and Society. 5 (2): 147-166. http://www.amic.org.sg/Resources/Research_Materials/Media_Youth_and_Children/Filipino%20Children%20Uses%20of%20the%20Internet%20and%20Mobile%20Phone.pdf
Sunday, September 29, 2019
Personal Administration Essay
Personnel administration, better known as human resources (HR) management, is the coordination and regulation of employees in a company. It involves organizing, recruiting, hiring, training, and assessing workers. Conflict resolution and legal compliance also are important aspects. With a good HR team doing their jobs well, a company will often be ultimately more efficient and competitive, generating additional revenue. Organization In most businesses, a well-organized workforce translates to greater efficiency, productivity, and revenue. The first goal of personnel administration, therefore, is to organize all employees in such a way that allows them to cooperate and complete tasks in the best way possible. Examples of issues in this area include how many departments are necessary, how many individuals should be in each department, what the manager to employee ratio should be, and what alternate chains of command should be used when managers cannot be contacted. Organization also deals with how to assign individuals to specific projects, as well as keeping the employees healthy and safe in the work environment. Recruitment and Hiring Once those in a companyââ¬â¢s personnel administration team know how to organize workers and their projects, they begin to recruit and hire employees actively. They post notices about positions available, organize or take part in events such as job fairs, and conduct initial interviews to find the most qualified and experienced candidates. They then pass on information about the final candidates to department managers, who often conduct the last interviews and make the call about whom to hire. Training Employees who are new to a company do not always know the businessââ¬â¢ policies and procedures, even if they have incredible experience and skill sets. Training is almost always necessary to remedy this. Members of the HR department may develop the training events and documentation needed to get employees working efficiently. They also put together and oversee additional training, such as that needed to advance to a different position in the company. In some instances, they partner with various educationalà institutions to develop programs that will allow employees to get certifications or degrees related to the industry. Assessment Most companies want to know that their employees are performing at a certain level. They also want to know that the workers are following policies and procedures well. One duty of the personnel administration team, therefore, is to develop techniques and tools that managers can use for assessment purposes. A common example is a standardized form for an employee performance review. HR workers use the data collected through these items to analyze the activity within the company and to make decisions such as whether to increase pay. Conflict Resolution An advantage of using people over machines is that individuals can be innovative and display logical thought processes based on experience, but people do not always get along as they strive to do this. The HR department is responsible for resolving conflicts that may arise in the company, especially those between different levels of management. They also work to resolve conflicts that are not interpersonal, such as a new employee feeling out of place in his work environment. Keeping detailed records related to these activities is a must, as some conflicts eventually lead to disciplinary action or termination that, if not properly executed, can lead to lawsuits. Personnel management workers generally have an easier time resolving conflicts when they have a solid framework of clear policies and procedures to fall back on. The policies and procedures let the personnel department employees remain objective as they try to find viable solutions. They also ensure that any solutions proposed are in line with company objectives. The HR team works closely with members of management to put together policy and procedure documentation for this reason. Legal Compliance Members of the HR team look at policies and regulations not just for their company, but for their jurisdiction. They ensure that employees fill out the proper tax forms, for example, and any other government required paperwork. This task is challenging because new legislation is passed regularly, requiring the personnel administration workers to adjust the activities and documentation within the business. It is critical because failure to complyà with even one regulation can put the reputation and operation of the company at risk. Personnel Administration The scope of personnel administration is quite wide. It includes all activities which help the management in getting the work done by the labour force in the best manner possible to accomplish the organizational objectives. The main objective in any organization is the optimum utilization of available resources. Personnel administration is primarily concerned with the organization of men; therefore, the main objective may be summarized as to utilize the available human resources in a a way so as to get the work done effectively to the maximum satisfaction of the individual worker to seek their cooperation in accomplishing the general goals of the organization. The objectives of personnel administration can be classified into General objectives and specific objectives. General objectives 1. Maximum individual development ââ¬â the employer should always be careful in developing the personality of each individual. If an act of the employer can adversely affect the personality of the individual, he should avoid it. Employer should establish and support such human values that may have social recognition and importance. They should always be regarded as partners and given due importance. The objective of Personnel administration as a bridge between the management and the employees is to keep the management apprised of positive accomplishments and warning signals in the personnel practices. If the human assets of an organization are being misused in the process of profit maximization, it is definitely a short term achievement, because in the long run, the adverse effects felt by the work force will translate into lesser profits for the organization. 2. Desirable working relationship between employer and employee ââ¬â it is the major objective of personnel administration to achieve a desirable working relationship between the employer and the employees so that they may cooperate with the management. Both of them must rely on each other. The personnel administrator should get it realized to the top management that personnel should be given fair and equitable treatment and on the other hand, convey to the workers that theyà should cooperate in achieving the goals of the management. The basic responsibility for the personnel lies with the supervisors although the administrator supplies tools such as policy, record keeping, control and advice. His objective is therefore to ensure that the line supervisor is aware of his personnel responsibilities and carries them out responsibly. Simultaneously he should also ensure ethical conduct amongst all personnel and on the part of each supervisor towards each employee for whom he is res ponsible. 3. Specialized services ââ¬â The administrator provides the tools such as record keeping, policy making, controlling and advising. Although not directly responsible for the personnel, who lie with the line supervisor, he may examine causes for non-efficiency or non-effectiveness, suggest remedial measure, perform research into proposed personnel procedures, handle negotiations with a government agency, etc. The basic objective here is to provide assistance to the line supervisor whilst simultaneously ensuring that the line supervisor meets his responsibilities to the personnel. 4. Molding of human resources ââ¬â Human beings is the most important resource and the only active factor which engages all other factors of production. Therefore, the administrator should emphasize the effective utilization of human resources as compared to physical resources so that production and productivity is optimized. Other factors of production will be ineffective without effective molding of human resources. Specific objectives 1. Selection of the right type and number of persons 2. Proper orientation and introduction of new employees to their jobs 3. Organisation of suitable training facilities 4. Provision of better working conditions and facilities. 5. Provision of sound, fair and effective wage and salary administration and incentives. 6. Good industrial relations with representative trade unions 7. Personnel research Duties of Personnel Staff In a dynamic working environment, the boundaries of any role cannot be clearly defined. However, the duties of Personnel staff may be described as under:- 1. As a Service Provider ââ¬â providing information on market statistics of personnel availability, pay rates, etc. Interpret the complexà laws and legislations. Employment and placement programs, employee compensation programs, training and development programs, labour relations could be stated to be the duty as a service provider. It must be noted that there will often be an overlap between the different roles that a Personnel staff may assume 2. As a facilitator ââ¬â advises the supervisors on employee problems, facilitates training and development, and when performance appraisals are done. One of the responsibilities of Personnel staff is also to ensure that other managers who undertake such activities are well equipped to do so. 3. as a consultant ââ¬â to help the supervisors resolve problems due to lack of motiv ation, lack of training, grievances, etc. 4. As an auditor ââ¬â to ensure that all members of the management perform their respective roles, to determine whether personnel policies and procedures are being administered uniformly by supervisors.
Saturday, September 28, 2019
Maritime Policy Essay Example | Topics and Well Written Essays - 2000 words
Maritime Policy - Essay Example is the case, many nationals of these developing countries occupy a significant share of the workforce that mans the OECD (Organisation for Economic Co-operation and Development) countries and open registerââ¬â¢s fleets (Johnston, 1991). This movement of marine industry workers between flags as a result of the free working environment created by fleet managers and ship owners in assembling crews of different nationalities according to Ron, Stutchbury and Pascoe (1988) actually led to the firm establishment of the seafarersââ¬â¢ global labour market. This report seeks to analyze the global labour market in detail; its formation, and how it has impacted players involved in shipping companies from both developing and developed regions of the world. The report goes further to suggest ways and means of tackling problems experienced by stakeholders of the seafarersââ¬â¢ Global Labour Market (GLM). Initially, almost all ships were manned predominantly by people of the same nationality as the shipââ¬â¢s flag (Williamson, 1992). This tradition was held in part as a consequence of legal requirement with countries varying in strength in the enforcement of the law. Besides, it was also considered more practical in as much as recruiting seafarers from other countries was difficult and expensive (Tyner, 2000). Notable exceptions to these requirements, however, arose when the Liberian and Panamanian registers were created in 1949 and 1922 respectively (Tyner, 2000). Neither of the two nations involved had national seafarersââ¬â¢ labour markets. These anomalies however posed no significant threat to the well organised labour markets of Japan and European nations until the prolonged recession of the 70s and 80s hit world trade. The scale and pace of change in the marine workforce in the 80s was widely unprecedented. According to Alderton, in 1987 alone, there was a steady increase in the number of Filipino seafarers working in European-owned ships. The press, throughout the 80s,
Friday, September 27, 2019
Interpret the law of secured transactions Essay Example | Topics and Well Written Essays - 500 words
Interpret the law of secured transactions - Essay Example Article nine of the Uniform Commercial Code states that security interests are termed as personal property. According to the case, the first party to present the financing statement has priority to the collateral. Therefore, by filing the financing statement in advance, a party can perfect a security interest in the collateral. Therefore, this makes the party a secured creditor; in addition, the secured party creditorsââ¬â¢ interest is also protected through the collateral (Miller, 2011). The creditor who acquired the security interest later also has a valid claim towards the collateral. Nevertheless, the later creditor is considered a junior creditor therefore; his security interest has less priority than the first creditor. Even though the later creditor had no prior knowledge of the collateral, the first creditor has priority over the collateral. The first creditor filed the notice first thus creating a useful knowledge for all future creditors (Miller, 2011). With regard to article 9 of the Uniform Commercial code, the interests are referred to as personal property. This is well to reveal the fact that according to the case, Metro Bank does not offer a quantitative statement to ensure that it receives as collateral if any as it claims (Duncan, Lyons, & Wilson, 2011). It is also the law according to the article that any other auxiliary shareholders or creditors should file statements that are clear to reveal the financial position of the company. In the given case, it is expressed that Metro Bank did not carry out enough survey to find out the source of the assets in terms of financial statements that Agile Corporation borrowed. Had Metro Bank carried out a full analysis of the assets without rushing out to offer the amount of Money that it did to the corporation, it would have found out that Agile Group had borrowed 1 million dollars from Hi Finance Company. The security interest that Metro Bank bore at this point, where Agile bleached
Thursday, September 26, 2019
Global strategy Essay Example | Topics and Well Written Essays - 2500 words - 1
Global strategy - Essay Example The legal status and necessary accreditations of the institute has been mentioned in the business plan. The plan elaborates on the management processes and the setting up of various departments in the institute. The market situation in terms of prospect for the business school has been analysed. A suitable marketing strategy has been formulated keeping in mind the market situation. The marketing plan involving the implementation of the marketing strategies has been discussed. The marketing plan elaborates on how the business school hopes to reach out to their target customer and handle the competition. The sales target and forecast has been discussed. The prerequisites for setting up the institute in terms of operational requirements, licensing, establishing supplier relationship and insurance needs have been discussed. The present and the future financial scenario of the business school have been analysed in the plan. The plan has explored the scope in the education market through a n internal and external environment analysis. The plan includes a SWOT and PEST analysis. The business risks associated with setting up the business school has been discussed. The business school in the long run is expected to yield significant profits to shareholders. The primary aim of the new business is to initially establish itself as a reputed Business School in UK. The business school has a global approach and will allow admission to students from other countries as well. They plan to later open subsidiaries in other countries. The initial focus is on attracting students from Australia and United States of America. The number of students opting for higher education has increased in UK. Consequently there is a need for Business schools which can provide quality education (Fry, 2009). The Director of the business school has an experience of twenty years in the UK educational system and his
Wednesday, September 25, 2019
Corporate Responsibility and Marketing Strategies Assignment - 2
Corporate Responsibility and Marketing Strategies - Assignment Example The combination of these qualities has been the pivotal reason behind the success story of Apple Inc. which revolutionized the retail industries and the technology. Apple Inc. is dedicated towards the main standards of ethical conduct, environment and social responsibilities. The prime purpose of the paper is to provide vivid information about the ethical and social responsibility, current position and strategies of the Apple Corporation. According to David Kurtz, ââ¬Å"social responsibility is defined as the management values that comprises of contributing resources to the developing in nonprofit programs, community and maintaining the natural environment for the benefit of the general communityâ⬠. Apple Inc. is a multinational corporation of America founded in 1976. Apple develops, designs, sells computer software, consumer electronics, personal computers and online services. Apple strives to be committed towards making an extraordinary technology and be socially and ethically responsible (Lencioni, 2012). According to the management of Apple Corporation, ââ¬Å"social responsibility is defined as the essential in the manner of doing business in the organizationâ⬠. In case of suppliers, it has been stated on the Progress Report of Global Suppliers Responsibility by Apple as providing safe working surroundings. Some of the social responsibility program initiated by Apple Inc. in the year 2010 includes increase in the number of facilities that are audited, use of probable conflict minerals are mapped, prevention of hiring underage workers, introduction of educated facilities that can help to manage third-party recruiters, protection of worker from other countries by dedicated additional resources and expansion in the training initiative. In case of training expansion, 300,000 workers are trained on their protections and
Tuesday, September 24, 2019
Critical care nursing Essay Example | Topics and Well Written Essays - 1500 words
Critical care nursing - Essay Example The drugs prescribed demonstrate that the endeavor was to keep her blood pressure within normal limits, to keep her cholesterol levels in check and prevent any further cardiovascular complications, primarily as a measure to reduce the risk of a heart attack (NIH). The prescribed drugs are standard regimen to keep the blood thin, control blood pressure and reduce hyperlipidemia. However, 5 days post-discharge, the woman was presented again at the emergency department with the primary complaint being that of sudden onset of breathing difficulty. According to her husbandââ¬â¢s statement, the woman had probably forgotten to take some of the prescribed medication, had undergone stress due to current heat wave, and had exerted herself while making preparations for the ensuing Christmas celebrations. Vital signs as registered on arrival at the emergency facility included a respiratory rate of 28, heart rate of 130 suggestive of rhythm sinus tachycardia, a B.P. of 140/100, oxygen saturati on of 94% on 6 litre oxygen via facemask and a capillary refill value greater than 3 seconds. On palpation her skin felt cold as well as clammy. Upon lung auscultation, bilateral fine crackles were discernible. Immediate treatment recommended and provided at this stage was in the form of GTN (Nitroglycerine) infusion and an IV diuretic, frusemide at a dose of 40 mg after which she was shifted to the ICU. In the ICU, sinus tachycardia was observed along with a HR (Heart Rate) of 133. ECG (electrocardiograph) revealed resolving acute anterior septal myocardial infarction with present Q wave. She had marked hypotension with a value of 85/70 and JVP was estimated at 6 cms above the sternal angle. Echocardiography revealed an ejection fraction of 50% with poor diastolic filling. Respiration was shallow and tachypnoeic with a RR of 35. Despite a supplement of 10L/Nonbreathing mask oxygen therapy, she continued to maintain poor oxygen saturation at 80-90%. Her pain score was determined as 5/10 and the urine output was 200mls. GTN infusion was discontinued and she was put on dobutamine at a dose rate of 500 mg/100 mls in 5% dextrose titrated to a MAP of 70 mm Hg. Mask CPAP was initiated. The womanââ¬â¢s age, BMI and the clinical symptoms presented clearly show that she is at a clear risk of a sudden onset heart attack which has occurred according to her presented symptoms on admission at the emergency facility. Such acute heart failure syndromes (AHFS) are a recognized reason for the high rise of cases needing hospitalization over the last few decades due to rising incidence of lifestyle diseases (Coons et al, 2009). The risk of mortality is high in such cases and therapy has to be instituted immediately. The above patientââ¬â¢s history, signs and investigative laboratory scores clearly show that she is suffering from acute onset heart failure. Her low BP (85/70), evidence of sinus tachycardia (HR 133), poor diastolic filling suggestive of reduced left ventricul ar ejection fraction (LVEF), low RR (35) and poor oxygen saturation despite artificial support are clear markers for her diagnosis (Coons et al, 2009). Although the above signs are sufficient for establishing diagnosis of AHFS, it has been suggested that newer diagnostic markers such as cardiac troponin and B-type natriuretic peptide levels can assist in establishing a positive diagnosis and should be employed (Pulkki et al,
Monday, September 23, 2019
Professional development Essay Example | Topics and Well Written Essays - 1250 words
Professional development - Essay Example ng me to finish my bachelor in social work and start to study for my master degree in social work and public health for the main goal of helping people and society. The plan for personal development which appears in a goal statement for me is a suitable chance to know myself much better and to realize what I want to achieve and what I want to become in the short and long-term as well as identify the requirements for competence or knowledge to become a better social worker. The plan assists me to define the proper development to meet those perceived requirements. In this report, focus will be on my ability, especially knowledge and skills; on what my strengths are, how to utilize my strengths in the field of social work in the future, and how to develop my perceived strengths. Whereas the goal statement is important at identifying my goal to become a social work employee to help people and society, personal mission statement helps to guide me by defining who I am and why I do what I do. Let us look at my ideal work day in my life, and then look at my personal mission statement. To begin, I am a 24 years old student studying for my bachelor in social work with the main goal of becoming a social worker to help people and society by providing support through challenging times and guaranteeing that vulnerable individuals, including adults and children are safeguarded from danger or harm. The support from social workers falls into the following groups: offenders who are young; people who are homeless; people with conditions coming from mental health problems; people with physical and learning disabilities; and the elderly. This description of what a social worker does is what my goal is to become when I finish my master degree in social work and public health. This description of social work is important because it helps me to picture whether my ideal day will be enough or not to illustrate my strengths in taking this bachelor degree. In the morning at about 6:30 am
Sunday, September 22, 2019
Children with special needs can be cured Thesis
Children with special needs can be cured - Thesis Example mmended for the improvement that the children with special need positioned in inclusion classrooms, there is nothing more imperative than the educational benefits. According to different research studies children with developmental disabilities positioned in inclusion classrooms create immense developments in language, mental and motor development that are beyond their peers in individual education classrooms. Poor children are exposed to significantly more social and physical toxicities in the environment that cause or exacerbate chronic health conditions.Ã These exposures are due to the risk behaviors of their parents, other adults around them, and their living environment.Ã Substance use by their mothers during pregnancy; poor nutrition pre- and post-natal; exposure to second hand tobacco smoke; substandard housing with potentially increased levels of toxins. Once diagnosed with a chronic condition, poor children and their families generally have more limited access to health services, (McManus & Newacheck, 1040; Miller, 430) and often the services they receive are of lower quality.Ã In some places, health providers are subtly directed to limit their therapeutic time with a child covered by Medicaid because the reimbursement is too low to cover their time. Just as medical technology has prolonged more childrens lives, scientific advances have increased knowledge about treatments, equipment and technological devices designed to improve the function and quality of life of Children With Special Health Care Needs (CSHCN).Ã For example, early intervention services are guaranteed by law for children with or at risk of developmental disabilities as a way to maximize their potential (Ramey & Ramey, 110).Ã Adapted computer technology and new therapies can increase functional abilities for children with motor and sensory impairments.Ã However, both the increased prevalence of CSHCN and increased treatment options are occurring in the context of a national effort to
Saturday, September 21, 2019
Coraline a Wizard of Earthsea the Sense of Self Essay Example for Free
Coraline a Wizard of Earthsea the Sense of Self Essay If you see a wallet on the ground and discover there is an enormous amount of money in it, what would you do? Do you think youd return it, or possibly keep the money for yourself? How would you feel about it emotionally afterward? For the sake of an argument let us say you would keep the money. How would you then feel if someone you hate also had the same circumstance happen to them? Would you feel like them keeping the money would further prove why you dislike that person? Did you not also keep the money yourself? In the book Psychoanalysis Terry Eagleton states that Lacan permits us to explore the relations between the unconscious and human society the unconscious is not some kind of private region inside us, but an effect of our relations with one another(Eagleton 150). The unconscious is part of your self and can be negative or positive; the negative side that we produce is part of our ego. Ego is defined as the complex factor to which all conscious contents are related the ego is only one half of a whole and that whole is the self (Jung 139). Our ego is broken into three sections and the section most apparent in this case is the shadow. The reason why your peer keeping the money creates resentment in you is because of the shadow, it is a part of you that you keep in your unconscious, a part you dont like and when it is revealed to you through someone else you exchange the inward hatred and replace it with outward disdain for the person that has committed the act. Self is best described as the combination of your conscious and unconscious becoming one in a balanced state. In Coraline by Neil Gaimen and A Wizard of Earthsea by Ursula K. Le Guin the shadow becomes a physical thing, an actual entity. The genre itself, fantasy, has its own identity crisis which further adds to the lack of self in the novels. This should not make these stories any less real, the premise of both stories, of battling the shadow and overcoming the lack of identity to find the self is still a very real thing as explained by J.R.R. Tolkien fairystories deal largely with simple or fundamental things, untouched by fantasy, but these simplicities are made all the more luminous by their setting (Tolkien 20). The self being fragmented by not knowing oneââ¬â¢s unconscious is a recurring theme in both stories. The shadow becoming and entity in the stories further explains the concept of your conscious latching on to an outward vessel to express disdain for. The conscious and unconscious meld together to form oneââ¬â¢s identity, the conscious mind uses ones life experiences and natural behavior as an identifier while the unconscious mind creates the ego and the shadow, both of which create the idea of self. In order to gain an identity you much overcome and accept your shadow as part of you, then and only then will you truly discover your ââ¬Å"selfâ⬠. In Coraline a lonely and ignored little girl is an only child of two, negligent, parents. She has just moved into a new house and while exploring her new home she finds a door which sometimes, and progressively more while the story continues, leads her into an alternate world where her desire for excitement is fulfilled. While in this world the narrator states, There were all sorts of remarkable things in there shed never seen before this is more like it, thought Coralineâ⬠(Gaimen 30). This is Coralineââ¬â¢s conscious self, her excitement, her explorer, the one that doesnââ¬â¢t mind a new world, a girl who accept the oddities just so that she can discover all of them herself. This world was created by the other mother, a witch, who at this point has not revealed herself to Coraline as a soul consuming entity. Her brand new home put up an image of perfection that clouded her judgment. These illusions created by the other mother make it harder for Coraline to discover herself because she is only seeing what the other mother is allowing her to see through the filter of Coralineââ¬â¢s conscious. Jung states that The more projections are thrust in between the subject and the environment [the other world in Coralines case], the harder it is for the ego to see through its illusions (Jung 147). Because of this, Coralines newly found freedom into the other world is nothing more than an attempt by the other mother to keep her in the dark while thinking she is in control. This false sense of security doesnt allow for Coraline to discover her own self. The main plot point of the story is the more Coraline realizes shes being held back and the more she feels her sense of self coming to fruition the more the illusions put in front of her begin to dwindle until the world is revealed to her for what it really is. Although it is the other mothers world and she created it, it is the fact that Coraline hasnââ¬â¢t come to terms with her shadow or better yet hasnââ¬â¢t been forced to face it that allows her to succumb to the illusion, it is an unconscious factor [the shadow] which spins the illusions that veil [the] world (Jung 147). As Jung states here, the shadow, and this other world that has been created is her unconscious being warped through the eyes of the other mother, and her warped vision is the veil that the world hides beneath. Coralines conscious mind is her adventurous side her first two weeks in the house [were spent] exploring the garden and the grounds this is the basis of the other world, a place full of wonder and excitement, a place full of adventure (Gaimen 6). The shadow that Coraline must face is her fear. Coralines conversation with her guardian, the cat, is about her confusion of bravery and being naive. Coraline thinks that she is very brave without knowing what bravery actually is. She tells the story of her father who gets stung by a nest of hornets and in the process discovers true bravery, which she embodies as her father going back for his glasses, it wasnt brave because he wasnt scared going back again to get his glasses, then he knew the wasp were there, when he was really scared. That was brave when youre scared and you still do it anyway, thats brave (Gaimen 58-59). Once she goes through this point the world shifts for her, she sees everything for its eerie similarities of the real world but with a malicious twist. The final proof of the discovery of self in Coraline is the fact that once everything is said and done she goes back to her life exactly the way it was. Her parents still pay no mind to her and her life is just as dull now as it was when the story started but her perspective changed. She is no longer oppressed by her status because she defeats the other mother and overcomes her shadow, becoming whole. She is complete, by learning, understanding, and overcoming her unconscious she finds her ââ¬Å"selfâ⬠. The beginning of her journey is much the same as Ged in A Wizard of Earthsea, looking for her self and being too naive to find it. Ged is a boy who discovers his divine talent for witchcraft at an early age. From the moment that he saves his village from being decimated by savages he was told that he would be a great and powerful wizard by one of the great wizards, Ogion, I send you one who will be greatest of the wizards of Gont (Le Guin 48). This creates Gedââ¬â¢s conscious self, which is a hero complex, thinking that he can do whatever he wishes without consequence. Ged although very powerful is very arrogant and prideful, in an attempt to impress a women he learns to summon a dark spirit from the dead that almost kills him. He once again out of anger and pride summons the spirit of the dead in a competition of strength with a boy, jasper, one year his senior. The shadow is shown to him in many forms, these forms are of his character flaws, Like a clot of black shadow, quick and hideous it was like a black beast, the size of a young child the young child reflecting back on him when he first revealed himself to the darkness, while the beast is Gedââ¬â¢s vengeful personality taking shape (Le Guin 85). The shadow was born out of Gedââ¬â¢s arrogance, pride and narcissism. He constantly becomes angry at himself for not being stronger and as he succumbs to his anger the shadow becomes stronger, it rankled at his heart he should die, spitted on a Kargish lance, while still a boy raged at his weakness, for he knew his strength (Le Guin 11). His fear and his constant flaws give the shadow its strength putting those he knows in danger and further hiding his self from him. As Ged tries to run away for the last time the shadow manages to kill Geds pet. This is the last straw for Ged and he, as Coraline did, discovers his unconscious, his identity and seeks out to defeat the shadow. He begins to chase the shadow and becomes stronger from it, facing his inner demons and overcoming his fear. Ged learns of the connection he has with the shadow in order to defeat it, it wills to work evil through you. The power you had to call it gives it power over you: you are connected. It is the shadow of your arrogance, the shadow of your ignorance, the shadow you cast. Has a shadow a name (Le Guin)? By being told this and through all the trials Ged faces he becomes humble and learns his way through the barriers he has put up on his darkness. Through the hunt Ged finally realizes what the shadow is and even though it has his misguided qualities it has brought out the good qualities in him. Ged finally spoke the shadows name and the shadow repeated it, Ged and the shadow became one and Ged became one with his unconscious and becomes aware of his self, I am whole, I am free (Le Guin). Coraline and Ged went through hardships in order to become one. Coraline learned true bravery and defeated her other mother and though her life did not change she accept herself and her life for what it was. Ged through his hardship lost his arrogance, his pride, his ignorance and actually physically became one with his shadow. Through the hunt of their shadow they found themselves. They stopped running away from who they always were and just embraced and learned to become what they were trying to run away from. Coralines ignorance and Geds pride were defeated by the hunt for their unconscious. Their true enemy was themselves and the only thing that could defeat that was their new found sense of self.
Friday, September 20, 2019
Quality Systems Of Tesco Plc And Waitrose Marketing Essay
Quality Systems Of Tesco Plc And Waitrose Marketing Essay Operations management encompasses all activities in an organisation that transform its inputs into desired outputs. Operation Managements activities consist of planning, designing, implementing and controlling the firms operation through an efficient and effective use of its resources to produce and deliver goods and services so as to satisfy its customers needs (Slack, Chambers, Johnston, 2004). Quality is very important in the mind of the customer because it influences the choice in purchasing that product. A quality product is one which satisfies customer demand completely and which is done right the first time itself. The quality of a product can be classified in two categories, which is firstly the design quality and secondly the performance quality of a product. Design quality involves the purpose of a good or facility. A shopper usually classifies the quality of a product through its look, process and dependability. Furthermore, performance quality involves the extent to which products and services correspond to the plan of the design. Quality management is essential to effective operations management, particularly continuous management. More recent advancements in quality, such as benchmarking and Total Quality Management, have resulted in advancements to operations management as well. Quality management ensures that there is quality in a products and services. Although there are different approaches to solve quality issues, all the goal are the same which is to create a high quality, high performing product or services which is in conformity with customers expectations. Quality management is very important in companies for various reasons. It ensures product quality in the sense that product can be produced as per stated promise, which is durability, performance and reliability. Customer satisfaction where surveys can be conducted to understand the qualities customers want from the product, as well as how it can be improved. Increased revenues as quality products and services give the company a spotless reputation in the industry and this can lead to new customers and also selling additional products and services to existing customers. Moreover unnecessary processes can be eliminated and the employee can do the same job in less time thus decreasing the additional salary paid him. Quality management also helps to reduce wastage as companies that house inventory has to incur the holding costs and also tracking of the inventory which ultimately will be included in the price. Therefore, to keep inventory at a low level without incurring any waste, manuf acturers can work closely with suppliers using a Just-In-Time philosophy and thus becoming more responsive to customers. RESEARCH METHODOLOGY Research methodology is a system of collecting data for a research project which provide critical insight into the subject matter of the research. The basis upon which the research approach is selected depends upon the requirement of the research topic and its main objectives. (Fraenkel and Wallen. 1993). According to Saunders et al the two main types of research approaches are quantitative and qualitative research. For the purpose of collecting data on the quality aspect of the operational management, the researcher has adopted both qualitative and quantitative approach. Primary data was obtained from Tesco branch of Thornton Heath which was selected for this purpose and was compared with the Waitrose branch of Croydon. Research techniques such as face to face interviews using open ended questions with the store managers of both supermarkets were used. In addition observation of the processes across various branches of Tesco and Waitrose was done for a period of two weeks. These two particular research techniques were chosen because it enables the researcher to get more detail and additional information which could not have been obtained otherwise if another research methodology for example questionnaire was used. Moreover it enables the researcher to have an insight in the quality problems existing in the operation management. The information obtained during the interviews and through physical observation is used to generalise the quality system and philosophies adopted across all branches as Tesco and Waitrose because as a franchisee these supermar kets are much known for standardisation across all their levels of area of business. Secondary data is another method of obtaining data which is readily available at relatively no cost from sources such as the company website, books, and academic journals at relatively no cost. Some of the limitations of the research techniques used for this research were that the store managers refused to answer some of the questions. HISTORY OF BUSINESS TESCO Supermarkets giant Tesco was founded in 1919 after the First World War by Jack Cohen when he started selling surplus groceries from a stall in the East London and made à £1 profit from à £4 sales. Tesco got its name from the initials of TE Stockwell where he was a partner in the firm of tea suppliers and CO from his surname. He managed to cope with adverse economic conditions and subsequently with rapid changing technology, increasingly sophisticated consumers and competitions. The first official store was opened in 1929 and the company kept flourishing throughout the twentieth century. In 1992 the company launched its slogan ; every little helps, followed by Tesco value in 1993 and in 1995 it overtook Sainsburys and became the UKs largest food retailer. . It managed to become the first British trader with a companys loyalty card when the Tesco Clubcard was introduced, and has also developed many innovative products and services to make more profit. Today, Tesco has 2482 stores in the U.K and 2329 stores in other countries, with an overall staff number of 472,000 worldwide. WAITROSE Waitrose is the UK leading chain of quality food retailer and is part of John Lewis Partnership since 1937.Founded in 1904 by William Waite, Arthur Rose and David Taylor in a small town called Acton in West London, today Waitrose is the country most successful, innovative and largest chain of supermarkets differentiating itself from its competitors by providing high quality products and excellent customer services. It mainly targets the high income earners. As to date, Waitrose has 228 branches across the United Kingdom and a 4.3% share of the market, making it the 6th largest grocery retailer in the UK. Waitrose has been expanding in the domestic market by adopting a strategy of growth by acquisition and very recently it has started to franchise its licence. Its first overseas store was opened in Dubai in April 2008 and its plans to focus more on its overseas market in the near future. The main competitors of the chain of supermarket are Marks and Spencer, Tesco, Sainsbury and many more. COMPARISION OF TESCO AND WAITROSE Quality Philosophy Tesco quality philosophy is to deliver the best possible service to the customers by providing high quality products at cheaper price. Its target market is the middle income with young children. Waitrose is committed to bring the best quality of food. Its price is at a premium. It has built its reputation on its quality and the freshness of the food. Its targeted market is the high income earners and compared to Tesco, its stores are located in affluent areas. Quality systems Quality systems Even though Tesco and Waitrose cater to different segments of income group customer both the store stress on quality. They take different aspects into consideration while choosing the products that need to be displayed on their shelves. Below are the various methods that both the stores consider Tesco Tesco takes regular feedback from their customers regarding the quality of the products and the service they received from the stores. Based on the feedback, the Quality control team ensures that the products that reach the stores are of high quality. This ensures the product consistency and good value for the customers, every time. Tescos quality and life of the products are constantly monitored and sample checked across various steps in supply chain from production to the stores. According to Tesco Would I buy it strategy is employed which empowers anyone involved with the production, packaging and shelving. The persons involved in these stages have the right to reject the product which below the specification. Apart from the above methodology, the products are also tested independently every month. This ensures that the delivered product is up to the quality. They also have a technical standard guideline which has to be followed by everyone involved in the supply chain. They consult industry bodies, environmental experts and food safety experts to advise on production aspects. Tesco over the past few years has effectively introduced six sigma methodology across various departments and has successfully reduced the carbon di oxide emissions and also saving energy. Waitrose Similar to the approach taken by Tesco, Waitrose also takes the customer feedback into consideration while doing quality testing. Waitrose looks for producers who can offer quality products and sets very high standards while preparation of the food products. According to Waitrose they uphold high standards of food safety and hygiene, by the usage of latest farming techniques. These include HACCP (Hazard analysis and critical Control Points) systems, ICM (Integrated crop management) system and LIFE (Linking Environment and farming). HACCP is used in food production to identify potential hazards and to control the risks in future. ICM is used to ensure that best horticulture practices are followed and LEAF is independent charitable organisation that helps farmers to reduce the environmental impacts. Recently Waitrose have successfully implemented SAS software to improve the stockholding and cut wastes. This helps them in forecasting customer demand and ensures right product is shelved at the right time. According to Waitrose, this has helped them to reduce stockholding by 8% and wastage by 4%, thus increasing the customer satisfaction through high product availability. Quality Approaches The quality approaches of Tesco and Waitrose will be compared and contrast as follows: Quality of product Compare Quality of products depends on the requirement and satisfaction of customer. Much focus is being placed on quality of products by most of the organisation and Tesco and Waitrose are no different. Both companies offer the range of organic foods which are becoming more and more popular nowadays. The Bags for life scheme is becoming popular in supermarkets so as to cut down the number of traditional carrier bags and therefore, reducing the number ending up in landfill sites. Once the Bag for life is worn out customers can replace it free of charge. Tescos front line initiative if there is more than one person queuing at a single check out then another one is open and also customers are encouraged to give instant feedback on the service thus helping in improving the offer and the service. On the other hand, Waitrose has the quick check method where customers can scan their items and pack them as they are shopping and when finished, they pay at the quick check till without having to unpack and repack their goods. For any business to grow or to compete with others it has become mandatory to use the latest technologies across various levels. Tesco can launch an application with barcode reader integrated with Tesco club card and mobile number. The customer can select the items and scan it through the barcode reader app. At the end of the shopping he/she just scans her app on the till or enter the reference number (could be registered mobile number) provided by the app. This is automatically updated on to the customers club card. This way queues can be reduced by large at the tills. There by increasing the customer satisfaction. Also, Tesco can implement Drive-Thru shopping; where in customer shops online and pays for it online if necessary. The customer just drives at the specified time with the reference number and picks up his goods at the counter just like the Mc Donalds drive thru.
Thursday, September 19, 2019
Alice Walkers Journey with Self-Esteem Essay -- essays research paper
Many writers choose to write memoirs about terrible incidents that changed their lives. Alice Malsenior Walker is one of those writers. She was born on February 8, 1944 in Eatonton, Georgia. She considers her life to be very successful for several reasons. Walker graduated from high school as valedictorian. She was involved with the civil rights movement in Mississippi where she lived for seven years. During that time she also got married to a lawyer and had her daughter Rebecca. From an early age she was introverted and quite shy, most likely due to a terrible accident. She immediately retreated into solitude, reading poems and stories and then finally writing. ââ¬Å"Beauty: When the Other Dancer Is the Selfâ⬠, by Alice Walker, is an essay that reflects on her ideas of beauty as a child, a teenager, and as an adult. Walker spent a great deal of time outside, due to the overcrowding in a small house with eight children (St. James). While playing outside at age eight, she was sh ot with a BB gun in the eye, causing her to lose not only her vision in her right eye, but her self esteem as well. She describes several events in her life that are significant in the formation of her identity. Alice Walkerââ¬â¢s past reliance of being a physically cute girl, how confident she feels both before an after her surgery, and her constant feeling of being criticized are all factors that make her the woman that she is today. In order for Alice Walker to know the difference between the positive stares that she got when she was younger and the negative glances that she got when she was older, she had to experience that there was a difference between the two. Before the terrible BB gun accident, there was not a doubt in her mind that when people looked at her they saw an adorable little girl. She said, "It was great fun being cute." Afterwards, she believed that all they saw was "a glob of whitish tissue, a hideous cataractâ⬠(Walker 3). She compared the beautiful child that she was, to the ever-growing adult that she grew to become. She had a constant inner struggle between the person that she knew she was and the person that she appeared to be. ââ¬Å"Now when I stare at peopleââ¬âa favorite pastime, up to nowââ¬âthey will stare back. Not at the ââ¬Ëcuteââ¬â¢ little girl, but at her scarâ⬠(Walker 3). Years later in her home, a woman arrived to take the photo for the back of Walker ââ¬â¢s book. The woman as... ...all that she could with her vision, while she still had it. Although many of us take our physical normalities for granted, Alice Walker choose to share her personal hardships and experiences to show how she has grown to become the writer that she is today. Her positive memories of being an adorable child have shaped her to realize what both ends of the spectrums are like, and what she will never be again. Low self-esteem soon followed, and as Walker grew, she also learned how to cope with the abysmal comments that she was destined to hear. However, as she grew into womanhood, her knowledge that she was still the same person thrived. Although being constantly judged, Alice Walker made light of the situation and realized that she loves the woman that she has become. Works Cited ââ¬Å"St. James Encyclopedia of Pop Culture: Alice Walker.â⬠Gale Group: 5 pars. On-line. Internet. 25 Jan. 2004. Available http://www.findarticles.com/cf_0/g1epc/bio/2419201268/p1/arti cle.jhtml Walker, Alice. "Beauty When The Other Dancer is the Self." The Blair Reader Second Edition. Ed. Laurie Kirszner, and Stephen R. Mandell. Upper Saddle River, NJ: Prentice Hall, 2002. 1-7.
Wednesday, September 18, 2019
Alcoholism and Drinking - Alcohol and Personality :: Exploratory Essays Research Papers
Alcohol and Personality à Alcoholism is a road often traveled yet there is no light at the end. The road only leads to a life of depression, anxiety, anger, stress, and much more. These are all common unwanted personality traits that we experience at one time or another. However, alcoholics exhibit these traits day in and day our as the likelihood that they act in these types of manners is nearly doubled when alcohol is involved. Alcohol inhibits not only our daily bodily functions but our mind as well. Alcoholism leads to times of withdrawal, low self-esteem, and an overall unwillingness to be part of society. It can turn the gentlest person into a raving psychopath without them even knowing it or if they do know, they refuse to admit it. Alcoholism manipulates the way we think and the way we react in common everyday situations. Minor problems are blown out of proportion while major problems are faced with anger, resentment, and often physical force. Alcoholism does nothing positive for an individual. It has many harmful effects and its effects on one's personality is one of the most harmful of all. à Our personality is who we are and who we are known as. Alcoholism takes that personality, corrupts it, and turns us into the person we never thought weà ¾d become. As the alcohol becomes more important and necessary in an alcoholicà ¾s life he will find himself unable to any longer answer the question of who he is but will rather find himself asking questions such as who he has become. At first, an individual may enjoy an occasional beer or two to à ¾take a load offà ¾. This does not have a permanent adverse effect on his personality. However, as time goes on, if this same person finds himself relying on alcohol to make it through the day, the problem has started. Before he knows it he will find himself psychologically dependent on alcohol and stages will develop. First, he may need a drink before he goes to bed to make him sleep better. Next, he may need to have a beer or two during his lunch break at the office because he has a lot on his mind. Finally, heà ¾ll find himself dr inking as a means of solving the simplest problem or needing a drink before he can even feel comfortable in public. Once this point in the alcoholic cycle is reached, his personality will begin to change as it takes on a new, distorted shape.
Tuesday, September 17, 2019
Argument of Alfarabiââ¬â¢s Book of Religion ::
Argument of Alfarabiââ¬â¢s Book of Religion For this paper I reviewed four works by the philosopher Abu Nasr al-Farabi (864-933d ce). These were the Enumeration of the Sciences, the Book of Religion, Selected Aphorisms, andthe Attainment of Happiness. Three of these were new translations by Ch. E. Butterworth, the fourth Attainment of Happiness: is from the anthology Medieval Political Philosophy edited by Ralph Lerner and Muhsin Mahdi, the latter being the translator of the piece. The assignment calls for an analysis of one of the above works. Some difficulties were encountered associated with returning to this material after a twelve year hiatus and doing so without the benefit (I now recognize) of lectures. I found myself continually backpedaling from the ambitions of my initial outline - which were largely inspired by the introductions which called for careful inspection of the structure of the arguments and attention to the seeming parallels and repetitions both within and between the texts in question. This, it turned out, was somewhat beyond my abilities. Be that as it may I settled on the text the Book of Religion and did what I could. All four of these readings inter-mesh, some explicitly so. The Book of Religion is designed to present an argument answering questions left unanswered by the presentation in The Enumeration of the Sciences, chapter five. My reading of Selected Aphorisms left me thinking that in addition to forming a parallel self supporting piece it was possible to see it as a glossary of supporting arguments and detail covering the exposition in Enumeration of the Sciences. and particularly Book of Religion. The first task I would like to attempt with this paper is to examine Al-farabiââ¬â¢s stated goals for the Book of Religion. I see three statements, two direct and one implicit. There is the opening paragraph in the first section: a definition of Religion, how it exists in a community1, who founds that community and how it is led. What its purpose is. There is the concluding (and penultimate) paragraph: a discussion of order and harmony (and by inference here - prosperity) in the community which flows from a common religion and purpose. And that this is given to a people by God. The first flows gradually and in a crafted naturalness into a discussion of political philosophy and political science. The latter flows out out of it. The implicit argument is in this construction.
Monday, September 16, 2019
Lascelles Chin ââ¬Â¦. the Journey of a Jamaican Entrepreneur
Lascelles Chin is founder, chairman and Chief executive officer of the Lasco Group of Companies in Jamaica. The Lasco group is made up of Lasco Distributors, Lasco Foods Successors Ltd, Lasco Foods Ltd, Lasco Barbados Ltd, Lasco Financial Services Limited and Lasco Remittance Services. The range of products and services delivered by the companies is diverse. Lasco Foods Successors Ltd is responsible for the manufacturing and exporting of soy based products while Lasco Foods Ltd is responsible for the packaging of milk powders. Lasco Distributors Ltd is responsible for the local distribution of the ever expanding range of consumer and pharmaceutical products that has made Lasco a household name in Jamaica. These companies currently run by Lascelles Chin marks the present milestone on an entrepreneurial journey by Lascelles Chin that has stretched for more than forty years, Mr. Chin intends to continue this quest for another forty years and beyond. His entrepreneurial journey started in 1961. According to Mr. Chin, he started business with ?175 and was at a great disadvantage as many prominent families were dominating the commercial landscape in Jamaica at the time. He persevered, did his research and learnt as much as he could about manufacturing and distribution practices, importation and various related fields. His policy was to deal honestly with his customers, work very hard and most importantly, avoid spending more than he earned, (Observer 2009). Accordingly this helped him to achieve success. He also realized quite early in life that the only way to maintain success as a business entrepreneur was by honing his skills, hard work, determination, perseverance, clarity of vision and the ability to see obstacles as challenges, (Observer 2009). After graduating from high school in the 1950s Lascelles Chin worked as a lab technician for a short period before taking up a job as a salesman. He did well, and focused on saving portions of his earnings which he later used to start National Trading Company. This principle of not spending more than you earn or saving as much as you can from your earnings would set the stage for his development as an entrepreneur. With this business he sold peas and powdered pepper on a commission basis. He later became a distributor of Henkel products upon recommendation from a visiting representative. The business did well by targeting furniture manufacturers with the Pattex brand of adhesive. Later, during the 1970s, when people were leaving Jamaica in droves, Mr. Chin decided to stay and expand his warehouse and factory. Here Mr. Chin demonstrates the strength and resolution to move against the tide and lay foundations for the future when others were packing up and calling it quits. With time the business moved from Orange Street, downtown Kingston to East Street and then to its current location on Red Hills Road, (Gleaner 2006). He later went on operate other lines of business, Kingston Heirlooms, manufacturing and exporting furniture, Datrex Limited, computer supplies and parts, Triple A Car Rental, Zenith Insurance Brokers, Soft Sheen and Exotic Farms Limited to name a few, (Gleaner 2006). It was however the LASCO branded businesses LASCO Foods Limited and LASCO Distributors Limited operated by Mr. Chin from the 1980ââ¬â¢s which made him and his businesses household names within Jamaica. The motivation behind his businessesâ⬠¦Ã¢â¬ ¦.. the unfulfilled needs identified A journey which started with a man selling peas and powered seasoning on a commission basis had now developed into a number of businesses driven by the same man fuelled with a passion to deliver the best value for money to its customers. According to the companyââ¬â¢s website, Lascelles Chin founded LASCO in 1988; its initial operation included the importation of bulk skimmed milk powder and repackaging of sachets for distribution within the Jamaican market. Chinââ¬â¢s intention was to provide a source of milk protein which was affordable for all. Since then Lascelles Chin business has grown from packaging and distributing skim milk to the corporate entity it is today providing a wide range of pharmaceutical, food, household and personal care products to Jamaica the Caribbean, Latin America, North America and England, (LASCO website, 2010). Lascelles Chin apparently influenced by his daily and close interaction with the grass root people on the streets of Kingston during his earlier days as a Salesman, having seen their need for an improved nutritional intake sought to source and deliver products at prices which could be afforded by all. By doing so he has made valuable contribution to the development of the Jamaican society and its labour force with his delivery of nutrition or nutritious products within the reach of the poor and needy. His drive in this area has lead to the pioneering of a number of soy based protein products again with an emphasis on nutritious value and affordability. Procurement of resources Lascelles Chin was able to start his first business, National Trading Company with a few pounds, an accumulation of his savings from his job as a lab technician and sales person. Along the way his business grew due to his timely and astute business decisions which included ventures some of which were risky at the time. Some of those businesses have failed due to changes in the Jamaican landscape, for instance Kingston Heirlooms, his furniture business which was a good earner of valuable foreign exchange at the time suffered from changes in government policies which made conditions difficult for manufacturers. In order to deliver affordable products LASCO has gone to great lengths to source raw materials, consumer and pharmaceutical goods from cost effective sources. LASCO has formed allegiance with major international manufacturers. One of those searches led LASCO to Solae Incorporated, a subsidy of the DuPont Group. With their help LASCO was able to pioneer its current and growing range of soy protein isolate products, facilitating the delivery of highly tasty, nutritious products at an incredible low price to consumers across the Caribbean, (LASCO website, 2010). According to LASCOââ¬â¢s website, ââ¬Å"the popularity of their soy based product has made LASCO the Number One customer in the world for soy protein isolate from Solae Incorporated. Additionally, the American Soybean Association has hailed the LASCO Food Drink line as the tastiest soy product in the worldâ⬠. Bolstered by this success, LASCO continues its global search for the most affordable, best quality products and have branded corned beef from Argentina, mackerel from Chile, ketchup from the Eastern Caribbean, and vitamins from an outstanding US supplier, whole milk from Ireland, and Corn Flakes from Germanyâ⬠(LASCO website, 2010). LASCO Distributors has also formed an important strategic alliance with Johnson & Johnson (Jamaica) Limited on April 2, 2001. As a result of that arrangement, LASCO Distributors handles the distribution of all Johnson & Johnson products while LASCO Pharmaceutical Division is esponsible for Lifescan, Contact Lens, and Pharmacy sales. (LASCO website, 2010) According to an interview conducted by Gleaner Lifestyle Editor, Barbara Ellington with Lascelles Chin in 2006 and published in May 2006, a lot of effort is placed in sourcing by the LASCO group. Approximately 50% is purchased locally, 15% within the CARICOM countries and the rest from international firms. According to Mr. Chin in that interview, part of his strategy lies in the fact that he sources well and is not greedy for huge profit margins, this strategy facilitates giving the customers value for money, considering the poorest in the society at all times. He effectively reaps the benefits of the eventual sales volume by keeping his prices one tenth, one fifth or even half of others, (Gleaner, 2006). Lascelles Chin takes pride in the LASCO team who support and execute the corporate strategy on a daily basis in their respective roles. According to the Gleaner Article, May 2006, he indicated that his team is a hard working and dedicated one which operates like a family; they are treated well and are willing to go beyond the call of duty. He believes he has some of the best workers in Jamaica. Challenges faced and overcome The challenges faced by Lascelles Chin during his entrepreneurial journey have been as varied as each of the over forty years since he started National Trading Company. He has faced numerous challenges with financing, security cost, government regulations, changing technology, and the ever changing Jamaican economic landscape to name a few. According to Mr. Chin in his interview with Barbara Ellington, ââ¬Å"In the early days, he wanted a line of credit of ?1,000, and the banks would not give it to him. They thought he was crazy, he eventually got it from Scotia bankâ⬠. His problems with pilferage downtown forced a movement of his earlier operations from East Street to Red Hills Road. Today his operations on Red Hills Road and those at his expansive distribution plant at White Marl Central Village, due to their location in two troubled communities have created high security cost. The LASCO team in a bid to mitigate this cost at these locations takes steps to ââ¬Å"work with the communities, establish good relationships and avoid going home lateâ⬠. Faced with the high manufacturing cost of the 1990s Lascelles.Chin was forced to shut down and bear the losses associated with his furniture and data processing companies. Mr. Chin has however graciously accepted the philosophy that ââ¬Å"failure in a business is an opportunity to learnâ⬠. In his bid to He has fought and loss battles with the government pertaining to government regulations geared towards protecting the local milk industry by its imposition of tax levies on powdered milk. LASCO imports a lot of its raw materials and finished products, this creates a demand for foreign currency to service those foreign accounts. In a bid to lessen this strenuous demand compounded by the ever depreciating Jamaican dollar LASCO has leverage its business with the inclusion of LASCO Financial services, a licensed cambio and LASCO Remittance Services a Money Gram representative in Jamaica. These two businesses along with LASCO Successors, which manufactures and exports soy-based, products helps to generate the foreign exchange needed by the LASCO Group. Financial Performance and Customerââ¬â¢s Perception of the business To date LASCO has been doing well. Lead by its founderââ¬â¢s philosophy of giving back from the profits made, the corporation has made numerous and continuous sponsorships and contributions to various areas of nation building, The National Policeman, Nurse, Teacher and Principal and Pharmacist of the Year Awards, are just a few of the many such programmes that LASCO has been associated with over the years. It contributes to various school feeding programmes, school related competitions, it makes donations to various government programmes, mothers and various charities. In return LASCO has gain customer loyalty which keeps the wheels of their business turning. The LASCO brand is currently a household name, synonymous with the provision of healthy nutritious and affordable products and services. According to its website, ââ¬Å"LASCO is renowned for its quality beverages, cereals, canned meats and sauces, personal care items, household products and pharmaceuticals. The company has pioneered a range of products, which utilizes soy protein and delivers to the consumer a highly nutritious product at an incredible low priceâ⬠. Future Outlook In the earlier operations of his business, Lascelles Chin was supported by is then wife Audrey Chin and other family members at different points along the journey. Today, his eldest daughter holds a senior position in one of the divisions. The LASCO business is a going concern and will remain that way whilst it continues to offer and deliver the kind of products and services that has led to its significant growth over the last two decades. The core business has grown from offering three products to ove r an hundred items. Its consumer and pharmaceutical lines continues to grow with the addition of a range of products each year. The LASCO brand now includes the LASURE, LASCARE and LASMED range of products. Its focus is still on the provision of ââ¬Å"best quality for the consumerââ¬â¢s moneyâ⬠. Steps have been taken to expand their warehouse and distribution plant in White Marl. They have also invested heavily in a new information technology system. Their distribution network continues to spread across the Caribbean, Latin and Central America, The UK and Canada. Though it is dogged by constant competition from major players in the respective markets, LASCO continues to carve out a niche for itself by being the low cost, and value for money supplier of consumer and pharmaceutical products within Jamaica. Conclusion and Opinion of the entrepreneurââ¬â¢s journey Lascelles Chin journey has been one that strongly demonstrates the power of determination mixed with consistent effort in spite of adverse circumstances. Though he has won numerous awards and worn various civic hats including, The Order of Jamaica, The 2001 Business Leader of the Year, The 1997 Entrepreneur of the Year Award from the Jamaica Institute of Management, The President of the Jamaica Exporters Association and is considered to be one of Jamaicaââ¬â¢s leading philanthropists, he remains humble in his quest to make ââ¬Å"Living Affordable ââ¬Å"for the Jamaican people. He is an inspiration to all; he has in no uncertain way demonstrated that much can be gained, even with a small start. His entrepreneurial prowess were not garnered in academia, but were nurtured nonetheless by a quest to understand the business landscape and environment ensuring that he understood clearly what he was shaping and the factors that would ensure a successful execution of those ventures. He was unsuccessful in some of his ventures but was not deter from his quest to make a valiant contribution to the development of Jamaica. If I were to have taken the journey taken by Lascelles Chin, before I understood his process and his strategy for success, I probably would have stopped from the 1970ââ¬â¢s and become a part of the massive tide of migrants leaving the island for a better opportunity elsewhere. I believe I have a bit of persistence and perseverance but probably would have been deterred from pursuing ventures geared towards improving the quality of life of the Jamaican society by the negative elements within the same society who would have pilfered by business place. The challenges presented by the lack of effort from the different governments to preserve manufacturing or keep the exchange rate stable or exercise the measures needed to curb crime and criminality would have probably led to my ââ¬Å"locking shopâ⬠and leaving Jamaica. However, based on the lessons learnt from the journey of Lascelles Chin who started out with his savings, made prudent decisions, braved the economic times and conditions, focused on his goal of improving the quality of life of the poor and needy, through various economic, governmental and technological and social changes, I would take up the mantle of entrepreneurship, having the understanding that success can be achieved, through perseverance, determination, clarity of vision, whilst taking one step at a time, spending less than I earn and treating each failure challenge or obstacle as an opportunity to advance. References Ellington Barbara May 22, 2006, The Monday Interview: Lascelles Chin ââ¬â Brand Domination at its Best. Retrieved on June 17, 2010 from http://www. jamaica- gleaner. com/gleaner/20060522/business/business1. html Ellington Barbara May 22, 2006, The Monday Interview: Lascelles Chin ââ¬â Brand Domination at its Best. Retrieved on June 17, 2010 from http://www. jamaica- gleaner. com/gleaner/20060522/business/business1. html Ellington Barbara May 22, 2006, The Monday Interview: Lascelles Chin ââ¬â Brand Domination at its Best. Retrieved on June 17, 2010 from http://www. jamaica- gleaner. com/gleaner/20060522/business/business1. html Ellington Barbara May 22, 2006, The Monday Interview: Lascelles Chin ââ¬â Brand Domination at its Best. Retrieved on June 17, 2010 from http://www. jamaica- gleaner. com/gleaner/20060522/business/business1. html Kumar, S (June 2003), Transformation: A Journey. Retrieved on April 26, 2010 from http://www. caibinc. org/files_custom/3176_2350. df National Commercial Bank Annual Report 2009, Retrieved on May 04, 2010 from http://www. jncb. com/docs/NCB_Annual_Report_2009. pdf http://zenithbrokers. com/about_us. html https://www. jamaicaobserver. com/news/161017_Question-Time Ellington Barbara, The Monday Interview: Lascelles Chin ââ¬â Brand domination at its best http://www. jamaica-gleaner. com/gleaner/20060522/business/business1. html http://www. lascojamaica. com/site/company-profile. htm
Marriott Corporation: The Cost of Capital
In April 1988, Dan Cohrs, vice president of project finance at the Marriott Corporation, was preparing his annual recommendations for the hurdle rates at each of the firm's three divisions. Investment projects at Marriott were selected by discounting the appropriate cash flows by the appropriate hurdle rate for each division. In 1987, Marriott's sales grew by 24% and its return on equity stood at 22%. Sales and earnings per share had doubled over the previous four years, and the operating strategy was aimed at continuing this trend. Marriott's 1987 annual report stated: We intend to remain a premier growth company. This means aggressively developing appropriate opportunities within our chosen lines of businessââ¬âlodging, contract services, and related businesses. In each of these areas our goal is to be the preferred employer, the preferred provider, and the most profitable company. Mr. Cohrs recognized that the divisional hurdle rates at Marriott would have a significant effect on the firm's financial and operating strategies. As a rule of thumb, increasing the hurdle rate by 1% (for example, from 12% to 12. 12%), decreases the present value of project inflows by 1%. Because costs remained roughly fixed, these changes in the value of inflows translated into changes in the net present value of projects . Figure A shows the substantial effect of hurdle rates on the anticipated net present value of projects. If hurdle rates were to increase, Marriott's growth would be reduced as once profitable projects no longer met the hurdle rates. Alternatively, if hurdle rates decreased, Marriott's growth would accelerate. Marriott also considered using the hurdle rates to determine incentive compensation. Annual incentive compensation constituted a significant portion of total compensation, ranging from 30% to 50% of base pay. Criteria for bonus awards depended on specific job responsibilities but often included the earnings level, the ability of managers to meet budgets, and overall corporate performance. There was some interest, however, in basing the incentive compensation, in part, on a comparison of the divisional return on net assets and the market-based divisional hurdle rate. The compensation plan would then reflect hurdle rates, making managers more sensitive to Marriott's financial strategy and capital market conditions. Professor Richard Ruback prepared this case as the basis for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation. Copyright à © 1998 by the President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to http://www. hbsp. harvard. edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any meansââ¬âelectronic, mechanical, photocopying, recording, or otherwiseââ¬âwithout the permi ssion of Harvard Business School. Marriott Corporation: the Cost of Capital 1. How does Marriott use its estimate of its cost of capital? Does this make sense? Marriott has defined a clear financial strategy containing four elements. To determine the cost of capital, which also acted as hurdle rate for investment decision, cost of capital estimates were generated from each of the three business divisions; lodging, contract services and restaurants. Each division estimates its cost of capital based on: Debt Capacity Cost of Debt Cost of EquityAll of the above are calculated individually for each of the three divisions, and this is a critical aspect due to the varying cost of debt in particular for each division. Marriott then calculate company wide cost of capital using weighted average of the individual divisions cost of capital. This is a very clever approach, particularly as we see that for example the lodging unit, has a 74% debt percentage in the capital structure, and the fact that Marriott use long term cost of debt for lodging (which in this case is c lose to Government debt 110 bps margin) demonstrates the low risk investors perceive this side of the business to haveWe believe this approach is sound due to the difference in the cost of capital between the divisions being a function of the risk associated with the investments considered so this approach incorporates the fact that risk between the divisions varies. Given this we believe the method chosen by Marriott is compliant with the ââ¬Å"Marriott Financial Strategyâ⬠as the capital costing approach is due diligent and reflect the single entity risk (bottom-up) rather than an estimated top-down.We believe this approach enables Marriott to optimize the financial performance and in turn increase the shareholder value. 2. If Marriott used a single corporate hurdle rate for evaluating investment opportunities in each of its lines of business, what would happen to the company over time? Marriott's three divisions are very different in terms of business area, business risk an d capital structure (debt capacity). The result is varying capital costs between the divisions. For instance Lodging has a significant lower cost of capital (WACC) than the Restaurant and even than the company as a whole.Using a single company-wide hurdle rate would create an uneven process in assessing investment opportunities across the divisions. In practical terms the accept/reject decision would not reflect the inherent business risk of the division, which could lead to investments being accepted, while they should have been rejected. Given the WACC calculations in the following questions, we see there is a significant difference in the cost of capital between the different divisions varying from 8. 85% (Lodging) to 12. 11% (Restaurants)Therefore, if we were to use one single corporate hurdle rate, we would assume in this instance that we would use the Marriott WACC of 10. 01%, then we may reject an investment in ââ¬ËLodgingââ¬â¢ which would yield a positive NPV and vice versa, we may accept an investment opportunities in ââ¬ËRestaurantsââ¬â¢ which potentially would yield a negative NPV. Going back to the brief, we know that typically an increase in hurdle rate of 1% will decrease present value of project inflows by 1%. If we were to then use one hurdle rate (10. 1%) and take the lodging hurdle rate (8. 85%) this would be an increase in WACC of 13. 10% (lodging) and would therefore decrease PV of project inflows by the same 13. 10% ââ¬â so the effect of using a single rate is compounded, firstly it impacts the decision, and the PV due to the discount impact. Over time a single hurdle rate (if consistently higher than the existing approach) would significantly hurt the performance of company as the approach could lead Marriott to reject (or accept) investment opportunities which should have been accepted (or rejected).This would destroy shareholder value. 3. What is Marriottââ¬â¢s Weighted Average Cost of Capital? What types of investmen ts would you value using Marriottââ¬â¢s WACC? To calculate Marriottââ¬â¢s WACC, we need to assess three factors 1) Capital structure, 2) Cost of debt, 3) Cost of Equity. As the corporate tax rate is given we will not manually calculate it. If required we would have used the financial statement in appendix 1 to do so.After having calculated the three factors mentioned above we employ the following formula to find WACC: WACC = (1-t)*rD*(D/V) + rE*(E/V) where Re = After tax cost of equity, Rd = pre tax cost of debt, E = market value of the firm's equity, D = market value of the firm's debt, V = E + D = firm value, E/V = percentage of financing that is equity, D/V = percentage of financing that is debt and t = corporate tax rate. 1) Capital Structure We find the capital structure in Table A on page 4 in the case. As the ââ¬Å"debt percentage in capitalâ⬠ââ¬â D/V in the WACC formula ââ¬â is given we find the equity percentage in capital (E/V) as: E/V= 1 ââ¬â D/V. Using this we see Marriott is funded using 60% debt and 40% equity. We do realize the data in Table A is the target-leverage ratio, but we are comfortable using the target capital structure for this purpose instead of the current capital structure. 2) Cost of Debt The cost of debt is mathematically defined as Cost of Debt = (1-t) rD, where rD is the rate for pretax cost of debt and (1-t) represents the tax shield via the corporate tax rate. In the following rD is calculated, while the tax shield is not included until the final WACC calculation.Marriottââ¬â¢s debt was divided into two different segments; floating rate and fixed rate. 40% of Marriottââ¬â¢s debt was floating rate where the interest rate payment changes with changes in the market interest rates, while 60% was fixed rate. The case gives a ââ¬Å"debt rate premium above governmentâ⬠, but information about term structure or other features of the floating debt are limited. We believe the correct way to estimate t he cost of debt is to estimate the cost per debt type/segment and then in a second step weigh the costs using the debt structure.To do this we estimate that the floating debt rate is best estimated using the 1yr government rate in Table B ââ¬â for the reason that we do not have any shorter term data or average, and this most closely would represent floating. While for the fixed debt portion we have selected the 10yr government rate. Again, this is due to a mix of long term and shorter term fixed debit. This is the best assumption we can take using the data provided. Given the above the cost of debt of Marriott is: [Average((1yr Gov. ate)*(Floating debt fraction) + (10yr Gov. rate)*(Fixed Debt Fraction)) + ââ¬Å"Debt Rate Premium Above Governmentâ⬠] [Average((6. 90%)(40%) + (8. 72%)(60%)) +1. 30%] = 9. 29% 3) Cost of Equity Cost of Equity is found using the Capital Asset Pricing Model (CAPM) or rE = RF+ ? i(E[RM] ââ¬â RF), Where rF is the risk free rate we estimated ear lier, ? is the systematic risk or the overall risk factor and (E[RM] ââ¬â RF) is the ââ¬Ëprice of riskââ¬â¢ or ââ¬Ëmarket risk premiumââ¬â¢ (MRP) investors expect over and above what the risk free securities yield.To be consistent in selecting expected market return and the risk free rate, we have selected to use the same time period for both estimates. Using Exhibit 4 and 5 we find the appropriate data. We take the longest time period available as we believe this is the conservative method as outliers in the data is crowded out due to the law of large numbers, which increases the empirical probability of accuracy. Given this we have selected 1926-87 average returns of the long-term U. S government bond as the risk free rate (RF) thus RF is 4. 58%. (Exhibit 4).The MRP is estimated using Exhibit 5, where we use the S excess return over the long term U. S government bond over the same time period as the risk premium (E[RM] ââ¬â RF) = MRP = 7. 43%. S is chosen as th e ââ¬Å"market returnâ⬠as the stock index represents a wide and diversified range of equity across different sectors and industries. Given this we believe it is fair to use the S excess return over the risk free rate as the market risk premium (MRP) To find the ? we need to adjust the equity ? given in Exhibit 3 as it reflects the current capital structure and not the target structure.To re-calculate in order for the ? to reflect the Marriott target capital structure, we first calculate the unleveraged ? and then re-leverage it with the target capital structure. The unleveraged ? is calculated using: Unlevered ? = Equity ? / (1 + (1 ââ¬â t) x (Debt/Equity)). As all data is given in Exhibit 3, we find unleveraged ? = 0. 7610. (See detailed calculations in excel sheet under tab ââ¬Å"Exhibit 3â⬠). To re-leverage the data we re-write the formula: Equity ? = Unlevered ? * (1 + (1 ââ¬â Tc) x (Debt/Equity)) = 0. 7610 *(1+(1-34%)*(60%/(1-60%)) = 1. 514.We now have all the data need to calculate the cost of equity: rE = RF + ? (E[RM] ââ¬â RF ) 4. 58%+ 1. 514(7. 43) =15. 83%. Finally we find WACC by employing the formula: WACC = E/V ? rE + D/V ? rD ? (1 ââ¬â t) 40%*15. 83% + 60% *(9. 29%(1-34%)) = 10. 01%. Please find all detailed calculations in the attracted excel sheet under tab ââ¬Å"Table Aâ⬠. We would value an investment of similar risk, which would offer us a return higher than the WACC of 10. 01%, as anything over and above this in terms of return would be adding value as the present value of the future cash flows in that case would be positive.In otherwords, we could use WACC as our discount rate and hurdle rate to calculate NPV of potential investment projects of physical asset, where it is expected the financing will be similar to the financing of the company conducting the investment. 4. What is the cost of capital for the lodging and restaurant divisions? The WACC calculation methodology is the same for the divisions as t he calculations under question 3. However the inputs are changed to mirror the attributes and characteristics of the divisions.Please also see excel spreadsheet included within this submission for breakdown of the calculations. Lodging: Cost of debt: For the calculations of the fixed rate debt, we are using the 30 year government bond rate instead of the 10 year. This is a reflection of the comments in the case about the longer durability of the asset and longer financing. For the floating leg of the debt, we continue to use the 1 year government bond rate. rD = Average((1year US (Table B)*Fraction of Floating Debt + 30 Year US*Fraction of Fixed Debt) + 1. 10% rD = Average((6. 90%*50% + 8. 5%*50%) + 1. 10% = 9. 03% Cost of equity: To be consistent we opt for the long-term securities and long-dated data just as we did when calculation the cost of equity in question 3. As for the ? we use the peer group as presented in Exhibit 3. Hence to find the unleveraged beta, we take the average of the equity ? s of the peer group the average debt/equity ratio. After having calculated the unleveraged ? , we re-leverage using the target capital structure of the lodging division. We realize the limitations of using comparable companies to estimate the ? nd understand the criticality of defining the right peer group of comparable companies. We could most likely have increased the accuracy of our calculations by being more due diligent in the selection to find companies that were a closer match to the Lodging (and restaurant) division. However, for the purpose of the calculations in this case, we use the peer group defined in the exhibit. Restaurants: Cost of debt: For the calculations of the fixed rate debt the 10 year government bond is used. rD = Average((1year US (Table B)*Fraction of Floating Debt + 10 Year US*Fraction of Fixed Debt) + 1. 10% D = Average((6. 90%*25% + 8. 72%*75%) + 1. 10% = 10. 07% Cost of equity: To reflect the shorter nature of the assets in the restaur ant business division, we use short-term securities to estimate the risk free rate and the risk premium. We use the same method for estimating ? as we did for the Lodging calculations. Using the data described above, we find WACCLodging to be 8. 85% and WACCRestaurants to be 12. 11%. These findings support the notion that incorporating debt will lower the cost of capital due to the tax shield. Lodging has a debt/equity ratio of 74/26 against the 42/58 in the restaurant division. See detailed calculations in the attached excel sheet) We would also like to point out that of the restaurants given in the brief, many of these would in essence not necessarily be our peer group per se and we would be more selective over the restaurants we would selected to more closely mirror Marriottââ¬â¢s restaurants. With our aim to ensure we have the closest peer group possible for comparison. 5. What is the cost of capital for Marriottââ¬â¢s contract services division? How can you estimate its e quity cost without publicly traded comparable companies?We use the same framework as for the WACC calculations under Q3 and Q4. However, as we do not have a defined ? for the Contract Service division or an adequate peer group, we will estimate the ? using the existing data for Marriott and the two divisions. We know from the literature that a (holding) companyââ¬â¢s ? is the weighted ? ââ¬â¢s of the individual business divisions. We use the revenue as the catalyst for the weighing of the ?. For the purpose of the calculations we use the unleveraged ? ââ¬â¢s. Mathematical this can be expressed as: ?(Marriott) = Revenue Weight (Lodging)* ? Lodging) + Revenue Weight (Contract Division)* ? (Contract Division) + Revenue Weight (Restaurants)*? (Restaurants). To find the ? (Contract Division) we re-write the formula to: ?(Contract Division) = [? (Marriott) ââ¬â Revenue Weight (Lodging)* ? (Lodging) ââ¬â Revenue Weight (Restaurants)*? (Restaurants)]/ Revenue Weight (Contra ct Division) ?(Contract Division) = [0. 7610 ââ¬â 40. 99%*0. 5841 ââ¬â 13. 49%*1. 0014]/45. 52% = 0. 8490 Adjusting for the target capital structure we find ? (Contract Division) equals 1. 223 Using this data, we find WACC for the Contract Service division to be 10. 82%.
Sunday, September 15, 2019
Shadow Kiss Chapter 15
Fifteen ââ¬Å"Iâ⬠¦WHAT?â⬠ââ¬Å"You heard me. I don't know how far things have gone, and honestly, I really don't want to know the details. That's not the point. The point is that it's going to go no farther.â⬠The queen was looking down on me, hands on her hips, clearly waiting for me to swear I'd do whatever she wanted. Except I kind of couldn't. I glanced around the room, certain this was some sort of joke. I looked to the two guardians across the room, half-hoping they'd explain what was going on, but they were doing that seeing-without-actually-seeing thing. No eye contact. I turned back to the queen. ââ¬Å"Um, Your Majesty â⬠¦ there's been some kind of mistake. There's nothing going on between Adrian and me.â⬠ââ¬Å"Do you think I'm an idiot?â⬠she asked. Wow. That was an opening. ââ¬Å"No, Your Majesty.â⬠ââ¬Å"Well, that's a start. There's no point in lying to me. People have seen you together, here and back at your school. I saw you myself in the courtroom.â⬠Damn it. Why had Adrian chosen that moment to be chivalrous and sneak another hug? ââ¬Å"I've heard all the illicit details about what's going on, and it is going to stop right here, right now. Adrian Ivashkov is not going to run off with some cheap dhampir girl, so you might as well rid yourself of that delusion right now.â⬠ââ¬Å"I never thought he was going to ââ¬â seeing as how we're not involved,â⬠I said. ââ¬Å"I mean, we're friends, that's all. He likes me. He's a flirt. And if you want to talk illicit stuff, thenâ⬠¦yeah, I'm pretty sure he's got a list of illicit things he'd like to do with me. Lots of illicit things. But we're not doing them. Your Majesty.â⬠As soon as the words left my mouth, I felt like an idiot. From the look on her face, however, it didn't seem like things could really get any worse for me. ââ¬Å"I know about you,â⬠she said. ââ¬Å"All anyone talks about are your recent awards and accolades, but I haven't forgotten that it was you who took Vasilisa away. I also know about the trouble you used to get into ââ¬â I know about the drinking, about the men. If it was up to me, I'd pack you up and send you off to some blood whore commune. You'd probably fit in well.â⬠Drinking and men? She made me sound like an alcoholic prostitute when, honestly, I'd probably drunk no more than other teenagers at high school parties. Telling her this seemed useless, though. Pointing out that I was still a virgin probably wouldn't have made much of a difference either. ââ¬Å"But,â⬠she continued, ââ¬Å"your recentâ⬠¦ achievements make sending you away impossible. Everyone believes you have some glorious future ahead of you. Maybe you do. Regardless, if I can't stop you from being a guardian, I can affect whose guardian you are.â⬠I stiffened. ââ¬Å"What are you saying? Are you threatening me?â⬠I spoke the words tentatively, not as a challenge. She couldn't be serious. Taking me away from Lissa during the field experience was one thing, but we were talking about an entirely different matter now. ââ¬Å"I'm just saying I have a great interest in Vasilisa's future, that's all. And if I have to protect her from corrupting influences, I will. We can find her another guardian. We can find you another Moroi.â⬠ââ¬Å"You can't do that!â⬠I exclaimed. I could tell by the look on her face that she was happy to finally get a real reaction out of me. I was both angry and afraid, and I fought hard against my normal explosive instincts. Diplomacy and honesty were what I needed now. ââ¬Å"I'm not doing anything with Adrian. Really. You can't punish me for something I'm not doing.â⬠I quickly remembered to add: ââ¬Å"Your Majesty.â⬠ââ¬Å"I don't want to punish you at all, Rose. I just want to make sure we understand each other. Moroi men don't marry dhampir girls. They play with them. Every girl thinks it's going to be different with her ââ¬â even your mother did with Ibrahim, but she was wrong too.â⬠ââ¬Å"With who?â⬠I asked, the name hitting me like a slap in the face. Ibrahim? I'd never even heard of that name, let alone someone called that. I wanted to ask who he was and what his connection to my mother was, but Tatiana just kept talking. ââ¬Å"They're always wrong. And you can try your hardest to change that, but it's a waste of time.â⬠She shook her head, like she felt sorry for these dhampir girls, but her smug air contradicted any true sympathy. ââ¬Å"You can use your pretty face and easy body as much as you want, but in the end, you're the one who'll get used. He may say he loves you now, but in the end, he'll get tired of you. Save yourself the grief. I'm doing you a favor.â⬠ââ¬Å"But he isn't saying he loves ââ¬â â⬠There was no point. The ironic thing here was that I was fairly certain Adrian did just want to use me for sex. I didn't have any delusions about that. But seeing as I wasn't actually sleeping with him, there was no problem ââ¬â except, well, that Tatiana seemed to see of all this as a problem. I sighed, suspecting no argument was going to make her believe that I wasn't interested in Adrian. ââ¬Å"Look, if you're so certain we can't have a future together, then why are you telling me this? According to you, he's going to throw me away anyway. Your Majesty.â⬠She hesitated for just a second, and I nearly laughed. Despite her trash-talking about me, my mom, and other dhampirs, some part of her really was worried that I might indeed be charming and pretty enough to seduce Adrian into a disgraceful marriage. She quickly hid her uncertainty. ââ¬Å"I like to take care of things before they become messy, that's all. Besides, it's going to make things easier for him and Vasilisa if they aren't dragging around baggage from you.â⬠Whoa, whoa. My moment of brief satisfaction shattered ââ¬â into confusion. I was as lost now as I'd been when she first started accusing me of being involved with Adrian. ââ¬Å"Him andâ⬠¦ Vasilisa? Lissa? What are you talking about?â⬠I forgot the Your Majesty, but I don't think she cared at this point. ââ¬Å"The two of them are an excellent match,â⬠she said, sounding like she was about ready to purchase some artwork. ââ¬Å"Despite your bad influence, Vasilisa's grown into a very promising young woman. She has a very serious, very dedicated nature that will cure some of his recklessness. And being together would allow them to continue examining theirâ⬠¦unusual magical situation.â⬠Five minutes ago, me marrying Adrian had been the craziest thing I'd ever heard. It had just been trumped, however, by the thought of Lissa marrying Adrian. ââ¬Å"Lissa and Adrian. Together. You can't be serious. Your Majesty.â⬠ââ¬Å"If they're both here together, I think they'll come around to it. They already have a certain charisma around each other. Plus, both of Adrian's grandmothers came from branches of the Dragomir family. He has more than enough blood to help her carry on the Dragomir line.â⬠ââ¬Å"So does Christian Ozera.â⬠In one of their more disgustingly cute moments, Lissa and Christian had looked up his family tree to see if he had enough Dragomir genes to be able to pass on the name. When they found out he did, they'd then starting naming their future children. It had been horrible. I'd left after Lissa told me they'd name their third daughter after me. ââ¬Å"Christian Ozera?â⬠That condescending smile of hers tightened. ââ¬Å"There is no way Vasilisa Dragomir is going to marry him.â⬠ââ¬Å"Well, yeah. Not anytime soon. I mean, they're going to go to college and ââ¬â ââ¬Å" ââ¬Å"Not now, not ever,â⬠interrupted Tatiana. ââ¬Å"The Dragomirs are an ancient and exalted line of royalty. Their last descendent is not going to attach herself to someone like him.â⬠ââ¬Å"He's royal,â⬠I said in a low voice that was on the verge of becoming my scary voice. For whatever reason, her insulting Christian made me angrier than her insulting me. ââ¬Å"The Ozera line is every bit as important as the Dragomirs and Ivashkovs. He's royal, just like Lissa, like Adrian, and like you.â⬠She snorted. ââ¬Å"He is not like us. Yes, the Ozeras are one of the royal houses, and yes, he has several respectable distant cousins. But we aren't talking about them. We're talking about the son of someone who purposely became a Strigoi. Do you know how many times that's happened in my lifetime? Nine. Nine in fifty years. And his parents were two of them.â⬠ââ¬Å"Yes ââ¬â his parents,â⬠I said. ââ¬Å"Not him.â⬠ââ¬Å"It doesn't matter. The Dragomir princess cannot associate with someone like him. That position is simply too prestigious.â⬠ââ¬Å"But your nephew is the perfect choice,â⬠I said bitterly. ââ¬Å"Your Majesty.â⬠ââ¬Å"If you're such a smart girl, then you tell me ââ¬â back at St. Vladimir's, how are they treated? How do your classmates view Christian? How do they view Christian and Vasilisa together?â⬠Her eyes gleamed knowingly. ââ¬Å"Fine,â⬠I said. ââ¬Å"They have lots of friends.â⬠ââ¬Å"And Christian is fully accepted?â⬠Immediately, I thought of Jesse and Ralf grilling me about Christian. And yes, there were plenty of people who still avoided Christian like he was already Strigoi. It was why he'd had no partner in culinary science. I tried to hide my thoughts, but my hesitation had given me away. ââ¬Å"You see?â⬠she exclaimed. ââ¬Å"And that's just a microcosm of society. Imagine it on a bigger scale. Imagine how it'll be when she's active in the government and trying to get others to support her. He'll be a liability. She'll make enemies just because of him. Do you really want that to happen to her?â⬠It was exactly what Christian had feared, and I denied it now as much as I had to him. ââ¬Å"It won't happen. You're wrong.â⬠ââ¬Å"And you're very young, Miss Hathaway. You're also delaying your flight.â⬠She moved toward the door. The guardians across the room were by her side in the blink of an eye. ââ¬Å"I have nothing more to say and hope this will be the last time we ever have a discussion like this.â⬠Or any discussion, I thought. She left, and as soon as etiquette said I could go, I sprinted off to catch my plane. My head reeled as I went. How insane was that lady? Not only was she convinced that I was on the verge of eloping with Adrian, she also believed that she could work some kind of arranged marriage with him and Lissa. It was almost impossible to figure out which part of that conversation had been the most ridiculous. I could hardly wait to tell the others what had happened and have a good laugh over it. But, as I returned to my room to get my bag, I reconsidered. There was already so much gossip about me and Adrian going around; I didn't think I should be fueling the fire. I also didn't think Christian should hear about this. He was already insecure about his position with Lissa. How would he feel if he found out the queen was already making plans to get rid of him? So I decided to sit on the information for a while, which was hard because Lissa was practically waiting outside my door when I got back. ââ¬Å"Hey,â⬠I said. ââ¬Å"I thought you'd be on the plane?â⬠ââ¬Å"Nope. They delayed it by a few hours.â⬠ââ¬Å"Oh.â⬠Going home suddenly sounded like the best idea ever. ââ¬Å"What'd the queen want?â⬠asked Lissa. ââ¬Å"To congratulate me,â⬠I said glibly. ââ¬Å"Over my Strigoi kills. I didn't expect that from her ââ¬â it was kind of weird.â⬠ââ¬Å"Not that weird,â⬠she said. ââ¬Å"What you did was amazing. I'm sure she just wanted to recognize you for what you did.â⬠ââ¬Å"Yeah, I guess. So what's going on? What are we going to do with the extra time?â⬠There was excitement in both her eyes and her feelings, and I welcomed a change in subject. ââ¬Å"Wellâ⬠¦ I was thinking. Since we're at the Royal Courtâ⬠¦ don't you want to check it out? There's gotta be more to it than a bar and a coffee shop. Seems like we should know this stuff if we're going to be living here. Besides, we've got a lot to celebrate.â⬠The full force of our situation hit me. I'd been so distracted by Victor that I hadn't even really let things sink in: We were at the Royal Court, the center of Moroi leadership. It was nearly as big as the Academy, and there had to be more to it than the all-business side we'd seen so far. Plus, she was right. We had a lot to be happy about. Victor had been put away. She'd gotten a sweet college deal. Only my alleged affair with Adrian had been a downside, but I was willing to put that aside as Lissa's contagious excitement seized me. ââ¬Å"Where's Christian?â⬠I asked. ââ¬Å"Doing his own thing,â⬠she said. ââ¬Å"You think we need him along?â⬠ââ¬Å"Well, he usually is along lately.â⬠ââ¬Å"Yeah,â⬠she admitted, ââ¬Å"but I'd kind of like just us to hang out.â⬠I sensed the thoughts behind her decision. Our brief conversation just before she'd gone to see the queen had made her nostalgic for the old days, back when it had just been the two of us on our own. ââ¬Å"No complaints here,â⬠I said. ââ¬Å"How much can we cover in three hours?â⬠A mischievous grin lit her face. ââ¬Å"The essentials.â⬠I could tell she had something special in mind, but she was trying to keep it in hidden. She couldn't block me out of the bond, but she had learned that if she didn't think too hard about certain things, then I wouldn't pick up on them easily. She liked being able to think that she could surprise me sometimes. Trying to hide big issues or problems from me never worked, though. We set back out into the cold weather, with Lissa leading the way. She steered us away from the administrative buildings, off toward some others set at the farther end of the Court's grounds. ââ¬Å"The queen lives in that first building,â⬠Lissa explained. ââ¬Å"It's not exactly a palace but the closest we have. Back when the Court was in Europe, Moroi royalty used to live in castles.â⬠I made a face. ââ¬Å"You make that sound like a good thing.â⬠ââ¬Å"Stone walls? Turrets? Even you have to admit that sounds pretty neat.â⬠ââ¬Å"Yeah, but I bet they had crap Internet access.â⬠Lissa shook her head at me, smiling, and didn't dignify my comment with a response. We passed some other buildings that had the same ornate stonework as the others but were tall and built in a style that reminded me of apartments. She confirmed as much. ââ¬Å"Those are town houses, where people who live here year-round stay.â⬠I eyed them, wondering what they were like on the inside, and a happy thought came to me. ââ¬Å"You think that's where we'll live?â⬠The thought caught her off guard, but she soon grew just as excited as me. She, too, liked the idea of us having our own place, free to decorate it and come and go as we wanted. I rather liked the idea of Dimitri living with us too, but here at Court, he wouldn't be with her 24/7. For that matter, I actually wouldn't need to be with her 24/7 either. Would they let me live with her? Or would this be another chance to show I wasn't needed? ââ¬Å"I hope so,â⬠she said, oblivious to my worries. ââ¬Å"Top floor with a view.â⬠I mustered another smile. ââ¬Å"And a pool.â⬠ââ¬Å"How can you think about a pool in this weather?â⬠ââ¬Å"Hey, if we're fantasizing here, we might as well go the whole way. I bet Tatiana's got one. I bet she wears a bikini and has hot guys rubbing her down with suntan lotion.â⬠I expected another eye roll, but Lissa just grinned as she led me into a building that was near the town houses. ââ¬Å"Funny you mention that.â⬠ââ¬Å"What?â⬠I exclaimed. She was about ready to burst with her secret. I was this close to pulling it out of her mind. I would have, too, if I hadn't been so stunned by our surroundings. It was sensory overload: delicate music, fountains, plants, people in white robes, everything gleaming and silverâ⬠¦ It was a spa, a full-fledged luxury spa hidden away in an old stone building here at Court. Who would have guessed? A long granite receptionist's desk guarded the entrance, so we only had a partial view, but what I could see was pretty sweet. Women sat along a wall getting pedicures and manicures. Moroi men and women were getting haircuts and color. What looked like a maze of halls could just be seen in the back of the salon, with a directory of arrows pointing to other sections: massage, sauna, facials, etc. Lissa grinned at me. ââ¬Å"What do you think?â⬠ââ¬Å"I think Adrian was right about the Court having all sorts of secrets.â⬠I gave a mock sigh. ââ¬Å"And I hate having to admit that he's right.â⬠ââ¬Å"You've been so down about the field experience andâ⬠¦other stuff.â⬠She didn't have to mention Mason's death and the Strigoi fight. I read it from her mind. ââ¬Å"I figured you could use a treat. I checked their openings here while you were with the queen, and they were able to squeeze us in.â⬠Lissa walked up to the receptionist and told her who we were. The woman immediately recognized our names but seemed surprised to be letting a dhampir in. I didn't care, though. I was too bedazzled by the sights and sounds around me. Compared to the harsh, practical lifestyle I usually led, this sort of luxury almost defied belief. After checking in, Lissa turned to me, face eager and radiant. ââ¬Å"I got us set up to get massages with these ââ¬â ââ¬Å" ââ¬Å"Nails,â⬠I interrupted. ââ¬Å"What?â⬠ââ¬Å"I want my nails done. Can I get a manicure?â⬠It was the most exotic, completely useless thing I could imagine. Well, it wasn't useless for ordinary women. But for me? With the way I used my hands and subjected them to blisters, bruises, dirt, and wind? Yes. Useless. I hadn't painted my nails in ages. There was no reason. Half the nail polish would probably chip off after one practice session. A novice like me couldn't afford that kind of luxury. And that was why I so, so desperately wanted one. Seeing Lissa wear makeup had awakened that longing in me for some beautification of my own. I accepted that it could never be a regular part of my life, but if I was in a place like this today, then by God, I wanted my nails done. Lissa faltered a little. She'd apparently had big plans for this massage thing. But, she had a hard time refusing me and spoke to the receptionist again. It sounded like the receptionist had to do a bit of juggling with her schedule, but she said she could make it work. ââ¬Å"Of course, Princess.â⬠She smiled happily, entranced by Lissa's natural charisma. Half the time, Lissa didn't even need spirit to get people to help her. ââ¬Å"I don't want to be an inconvenience,â⬠Lissa said. ââ¬Å"No, no. Definitely not!â⬠We soon found ourselves sitting at adjacent tables while Moroi women soaked our hands in hot water and started scrubbing them with weird combinations of sugar and seaweed. ââ¬Å"Why the manicure?â⬠Lissa wanted to know. I explained my reasoning to her, about how I hardly had time for makeup anymore and how the abuse my hands went through made any sort of pampering impractical. Her face turned thoughtful. ââ¬Å"I never thought about that before. I just figured you weren't into it lately. Or, well, that you didn't need it. Not with your looks.â⬠ââ¬Å"Whatever,â⬠I said. ââ¬Å"You're the one guys worship.â⬠ââ¬Å"Because of my name. You're the one that guys ââ¬â like a certain one we know ââ¬â actually want for other reasons.â⬠Gee, I wondered who she could be referring to. ââ¬Å"Yeah, but those other reasons aren't very noble.â⬠She shrugged. ââ¬Å"The point's the same. You don't need makeup for them to drool all over you.â⬠Then I felt the weirdest thing through the bond. I saw myself through her eyes. It was like looking in a mirror, except she only had a profile view of me. But when she looked at me, she really did think I was beautiful. With my tan and dark brown hair, I seemed exotic to her. She felt pale and washed out compared to me, skinny next to my curves. It was surreal, considering how often I felt scruffy next to her luminous beauty. Her envy wasn't malicious; that wasn't in her nature. It was more wistful, an admiration of a look she could never have. I wanted to reassure her but had a feeling she didn't want me knowing about her insecurities. Besides, my thoughts were interrupted when the woman doing my nails asked what color I wanted. I picked a color that looked like gold glitter. Gaudy, perhaps, but I actually thought it looked kind of cool, and it wasn't like it was going to last long anyway. Lissa picked pale pink, a color as refined and elegant as she was. Hers got painted a lot faster than mine, though, because my manicurist had to spend so long softening my hands and filing the nails. Lissa finished long before I did. When we both had glamorous hands, we proudly held them up side by side. ââ¬Å"You look gorgeous, darling,â⬠she declared, affecting a sophisticated air. Laughing, we went off to the massage area. Lissa had originally scheduled us for extensive massages, but the manicure had cut into a chunk of that time. So we modified the full-body massage into a foot massage, which was just as well since we couldn't have put on robes or any other changes of clothes with our nails still wet. All we had to do was remove our shoes and roll up our pants. I sat down in a chair while my feet soaked in warm, bubbling water. Someone put something into the tub that smelled like violets, but I didn't pay much attention. I was too entranced by my hands. They were perfect. The manicurist had buffed and hydrated them to silky softness, and my nails had been transformed into gleaming gold ovals. ââ¬Å"Rose,â⬠I heard Lissa say. ââ¬Å"Hmm?â⬠The lady had also put a clear coat of nail polish over the gold. I wondered if that would give the nails a longer lease on life. ââ¬Å"Rose.â⬠Sensing that Lissa wanted my undivided attention, I finally looked up from my awesome hands. She was grinning from ear to ear. I could feel that excited news burning in her again, the secret she'd had while we'd been walking over here. ââ¬Å"What's up?â⬠I asked. She nodded downward. ââ¬Å"Rose, this is Ambrose.â⬠I glanced absentmindedly toward the masseuse at my feet. ââ¬Å"Hey, Ambrose, how's it ââ¬â â⬠I cut myself off before the words holy crap or whoa left my lips. The guy massaging my feet couldn't have been much older than me. He had curly black hair and muscles everywhere. I knew this for a fact because he was shirtless and offered us both a good view of his sculpted pecs and biceps. His deep golden skin was a color achievable only by excessive time in the sun, indicating he was human. The bite marks on his neck confirmed it. A pretty boy feeder. Very pretty. His attractiveness was almost unreal, though. Dimitri was gorgeous, but he had little flaws that made him that much more gorgeous. Ambrose was too perfect, like a piece of art. I didn't want to throw myself into his arms or anything, but he was certainly nice to look at. Lissa, still worried about my love life, had apparently thought this was exactly what I needed. Her masseuse was female. ââ¬Å"It's very nice to meet you, Rose,â⬠said Ambrose. He had a musical voice. ââ¬Å"It's nice to meet you too,â⬠I said, suddenly self-conscious as he lifted my feet out of the water and toweled them off. I was especially self-conscious of the appearance of my feet. They weren't gross or anything, since they weren't usually exposed to the elements like my hands. I just kind of wished they'd been polished up too if this male model was going to handle them so much. Lissa, astute enough to sense me being flustered, could barely stop from laughing. I heard her thoughts in my head: Cute, huh? I cut her a look, refusing to voice my thoughts out loud. He's Tatiana's personal masseuse. That practically makes you royalty. I sighed loudly to let her know she wasn't as funny as she thought she was. And when I say personal, I mean personal. I jerked in surprise, accidentally kicking one of my feet out. Ambrose's deft hands caught it before I hit him in his pretty face, thankfully. I might not have been able to communicate telepathically but I was pretty sure there could be no question to Lissa that the look on my face said, You can't be serious because if you are, you're in big trouble. Her grin widened. I thought you'd like that. Pampered by the queen's secret lover. Pampered wasn't exactly the word that came to mind. Looking at Ambrose's young, beautiful features, I just couldn't picture him getting it on with that old hag. Of course, that denial might have just been my brain's way of refusing to acknowledge that someone who had touched her was now touching me. Ew. Ambrose's hands were checking out my calves along with my feet, and he struck up a conversation about what elegant legs I had. His dazzling white smile never left his face, but most of my answers were curt. I still couldn't get over the thought of him and Tatiana together. Silently, Lissa groaned. He's flirting with you, Rose! she thought to me. What are you doing? You can do better than that. I went to all this trouble to get you the hottest guy here, and this is what I get! This one-sided-conversation thing was becoming a pain in the ass. I wanted to tell her that I'd never asked for her to rent out this guy for me. In fact, I suddenly had images of the queen calling me in for another meeting to yell at me for having a nonexistent affair with Ambrose too. Wouldn't that be perfect? Ambrose continued smiling as he rubbed the soles of one foot with his thumbs. It hurt ââ¬â but in a good way. I hadn't realized how sore that spot was. ââ¬Å"They go to such trouble to make sure you wear the right black and white clothes, but no one ever thinks about your feet,â⬠he mused. ââ¬Å"How are you supposed to stand around all day and still manage roundhouse kicks and cat stances in bad shoes?â⬠I was about to tell them that he really didn't need to keep worrying about my feet, but something odd suddenly struck me. ââ¬Å"Roundhouse kicksâ⬠and ââ¬Å"cat stancesâ⬠weren't top-secret guardian terms. Anyone could Google ââ¬Å"martial artsâ⬠and find out about those kinds of things. Still, it wasn't the kind of topic I'd expect a Moroi to casually throw around, let alone a feeder. I studied Ambrose closer, noting the way his dark eyes so carefully darted around and observed everything. I recalled his fast reflexes in stopping my kick. I felt my jaw start to drop, and I shut it before I looked like an idiot. ââ¬Å"You're a dhampir,â⬠I breathed.
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