Persians vs. Akkadians Free Essays

The two empires that I am writing about are the Akkadian Empire which was from 2350-1900 B. C. E. We will write a custom essay sample on Persians vs. Akkadians or any similar topic only for you Order Now And the Persian Empire, which was from 2000-330 B. C. E. They were both very powerful and inventive. So first is the Persians. The Persian Empire was from 2000-330 BCE. Though they didn’t begin to, appear in the region east of Mesopotamia until 1300 BCE. The Persian Empire developed in 2000 BCE but at this time the Persians were very nomadic.So they really didn’t establish themselves until they came to Mesopotamia and started become more horticultural. They brought iron working skills with them to Mesopotamia; they were the only empire at the time who knew how to work with iron or even what it was!! They had an awesome administration. They had many great kings, but by far the best in my opinion was Cyrus II, the great. He was a very skilled military leader and the Persian Empire conquered the Medes in 550 BCE, the Lydians in 546 BCE, and finally the greatest conquer of them all the Babylonians in 539 BCE. But the down fall of the Persian Empire was not so simple.Since they fell and then reestablished their empire over and over but the first time they fell was after king Xerxes died in 464 BCE. They fell because they had a failure of leadership. But realistically the Persian cultures and traditions live on in modern day Iran. Matter of fact Iran was called Persia until 1930 CE. The Akkadian Empire was much different though. It was from 2334 BCE till 2279 BCE. The Akkadian Empire had a very good administration until Sargon and his family died out. Sargon ruled for 56 out of 142 years. He had amazing military skills and a military mind set. He put the grounds of military traditions into Mesopotamia.The development of this Empire was very simple. In 2350 they moved from Arabia to Sumer. Conquering Sumer, and all areas connecting Mesopotamia to the Mediterranean Sea. The fall of the Akkadian empire was one of imperial rule. (They fell because of military defeat. ) The neighboring Babylonians wanted their land and took over Akkad by force. Which is also called Dominance. But their traditions were absorbed by the Babylonians because the Akkadian civilization was so advanced. They also used their uniform system of weights and measures. So as you can see these two empires have many similarities and differences.For example they were both from the Mesopotamian region, but were originally from somewhere else. Also the Persian empire fell because of failure of leadership, and the Akkadians fell because of military defeat. They were both developed by river valleys because of their rich soil, fresh water, and agricultural advantages. Their administrations were fairly different though. Akkad’s was highly advanced, and the Persians were very economy based. For example the kings in the Persian Empire were usually worried more about wealth and riches when they conquered another empire than learning their culture and how they ran things.But both Empires had very strong militaries. Though the Persians lasted a lot longer and were a lot larger. That is the basic similarities and differences. So finally, In conclusion the Persian Empire and the Akkadian empire were very different but also very similar in certain ways. They both had good administrations, but they were on completely different pages. They also both had major downfalls, but only the Persian empire rebuilt itself. And finally they developed in similar ways, but with different cultures, and in different places. But they both ended up in Mesopotamia. So that is the Persians Vs. the Akkadians hope you learned a lot. How to cite Persians vs. Akkadians, Papers

Financial Analysis Newmont Mining Corporation

Question: Discuss about the Case Study for Financial Analysis of Newmont Mining Corporation. Answer: Chapter 1: Accounting function of Newmont Mining Corporation William Boyce Thompson is the founder of the Newton Mining Corporation. Newton Mining Corporation (NMC) is the largest gold producers in the world. Consequently, the company has active mines in Nevada, Australia, Indonesia, New Zealand, Ghana, and Peru. Along with this, NMC is the leader in safety and sustainability in the mining industry. The company has been included in SP 500 Index and Fortune 500 (Newmont, 2016). However, high standard and performances of the firm create the value for their shareholders. In this way, the company creates value through portfolio optimization and effective cost optimization for the firm. In current scenario over 28,000 employees are working in the organization. At the same time, the company has delivered the sustainability value for their shareholders and communities, which helps them to make the strong strategy of the firm (Sagebien and Lindsay, 2011). Though, company has an objective to create the value through sustainable mining. Furthermore, Com pany has created the safe environment by focusing on four keys aspects i.e. safety leadership, injury prevention, fatality prevention and health that helps to achieve zero harm workplace (Henisz, 2014). Additionally, Newmont acquired the California empire star mine for increasing their gold production. On the other hand, the company has merged with American gold producers firm Santa Fe Pacific Gold Corporation and Battle Mountain Gold Company. However, Newmont was operating 12 mines in the North America. Earlier company has invested in various resources such as gold, copper, silver, lead, zinc, lithium, uranium, coal, and nickel as well as oil and gas also. Along with this company maintains the strong relationship with the stockholder that helps in economic development (Kotler and Maon, 2016). Nevertheless, the company traded since 1940 on New York stock exchange. Apart from this, key resources of the organization i.e. better workforce, effective technology, physical resources like machinery, financial resource, etc, are helpful in providing a competitive edge (Ennew, et al., 2013). Whereas, the organization has many stakeholders like employees, shareholders, banks, regulatory bodies, tax authority, etc that is helpful in the growth of the business. In this way, the company protects the interest of their shareholder. As a result, an objective of the shareholder is to provide the all legal right in the company decision making, which helps to grow the organization. In addition, the company has followed the corporate governance rules and regulation, which helps them to control the internal activity of the company. Hence, the company increases its productivity. On the other hand, Newmont has achieved their objective effectively with the help of corporate governance. Along with this, effective corporate governance policy also helps to ensure sustainability for the company (Dignam and Galanis, 2013). The Role of accounting is very important for Newmont. It is because it identifies the business activity, financial information, etc. Thus, it is helpful to take effective decision making. Whereas, financial and management accounting play an important role in Newmont business activities, while, financial accounting identifies the financial statements that provide the financial information for the third parties such as stockholders, financial analyst, lenders, etc. Along with this, financial accounting is helpful for Newmonts audit process (Bazley, et al., 2014). Simultaneously, financial accounting is more precise, which follows the Newmont for their effective work. As a result, managers run the business effectively through financial accounting. On the other hand, management accounting provides the Newmont information related to policies, plan, and strategies for effective running the business. As well as, management account is helpful for the company to take a current and future deci sion. However, Newmont managers are provided the financial information of budget, sales, cost, and profit. Therefore, both accounting methods are separated it is because management accounting provides the information and financial accounting prepares the financial statement through financial data. As per above analysis accounting role is more effective for Newmont Mining Corporation. It is because accounting provides the accurate data of companys financial statement. Though, Newmont accounting system is well organized in mining. Consequently, it can be improved through feasibility in company financial data. Newmont has used Ellipse accounting software, which was quite helpful to provide the visible data, global financial reporting, etc. along with this, this software delivers the services like budgeting for distribution, manufacturing, facilities management, which is relatively effective for organization accounting. This software fulfills the unique needs of the organization. At the same time, this software supports the regulatory compliance with the help of SOX, IFRS, and GAAP (Rodgers and Lucas, 2011). Along with this, it is also helpful in corporate, mining and operation communication. Thus, this software is effective for the organization. On the other hand, AMT software determines the precise cost and management capabilities, which is helpful to reduce the risk of the organization. Simultaneously, this software is allocating the resources in different activities for efficient utilization of resources. Moreover, in future AMT software should provide the relevant information regarding strategic management that is helpful to achieve the objectives of the firm. Apart from this, accountants interact with a manager in the annual general meeting of the company. Thus, in meeting an accountant interacts with the manager and third parties, where he discusses the company financial statement and their goals. Similarly, an accountant also interacts with managers at the end of month or year. Apart from this, external accounting increases the feasibility of the organization (Chapman, et al., 2011). It is because external accounting provides the accurate financial statement without any misstatements. Thus, Newmont increases their corporate images through external accounting advice. Similarly, the company also get take the advice through many external accountants for increasing the fairness in financial reports. Chapter 2: A financial accounting analysis of the organisation NMC operates on a global scale and is also listed on New York stock exchange. Hence, to perform well to meet its shareholders expectations is one of its prerequisites. On the basis of financial statements the business is growing as well as performing well as compare to previous year. While a close look into its financial data states that even though the companys net income has decreased to $220 million from $508 million in 2014, it earned good revenue in the year 2015. While balance sheet states that the companys performance has slightly improved as the total assets increased to $25,136 million from $24,916 and total liabilities decreased to $13,786.00 from $14,642.00. This indicates an improvement in companys liquidity performance. Similarly net cash flows of the company decreased to $379 million from $848 million. Companys operating and financing activities is slightly improve and Investing activities has declined. Overall company performance is not good (Google Finance, 2016). The company finances itself through its reserves, cash inflows from operations, loans and issue of shares (AFM, 2016). Capital gearing ratio of NMC declined in 2015 to 53.22% from 63.07%in 2014 as a result of repayment of debt amounting to $454 million. It seems that the companys structure and financial analysis is good and maintaining good level of dividends for stockholders even in times of low profits (Accounting Tools, 2016). Additionally, the company follows an efficient working capital management policy for sound operations. Working capital is the difference between the current assets and current liabilities. As per the financial statements, the working capital management of company is good. The current assets amounting to $4,983,000 and current liabilities of $1,416,000 in the year 2015 indicates that the company has enough assets to pay off its liabilities at the time of risk. Trends in liquidity ratios reveal that the liquidity position of company is better as compared to pr evious year and company is capable enough to pay off its short term debts. And profitability ratio is good as company has earned good profits as compare to previous year (Nasdaq, 2016). Recent profitability trends suggests that the company is earning gross margin of 44% and operating margin of 15% indicating that the financial health of the company is normal and company is paying enough to all its expenses and debts. On the basis of gross margin ratio company can make pricing strategy in future. Similarly profit margin of the company seems less it shows that the company is not derived good net profits from total sales. Pretax margin is normal as company needs to generate more profits before tax. Return on equity seems not so good which shows that the company is not using their investments well to generate greater earnings (Newmont, 2016). Other key ratios calculation below: Hereby, above liquidity ratio of the company indicates that it is increased as compare to previous year like company has a good liquidity and it is capable to pay off its liability. Liquidity position of company has increased as compare to previous year. Gross profit margin of the company is increased as compare to previous year it means that the company is going to earn more profits and its manufacturing and distribution process is improved. Return on total assets indicates decrease as compare to previous it means that the company has not generating more returns on assets this it will lead to the financial loss and affect to the growth of the company. Similarly gearing ratio is low in this year it shows that the financial condition of the company is stable and it will give the good returns to its investors (Google Finance, 2016). If the companys performance is compared to its competitor AngloGold Ashanti Ltd., it can be seen that market capitalization of company is 18.78 billion. It has good market value of its equity compared to its competitor but compared to industry average is 54.67M it is much higher. In terms of revenue, NMC generates higher revenues as compared to its competitor. But overall industry average it is very low. Similarly, net income of the company is higher than its rival indicating that companys financial growth is good and it will give adequate returns to its shareholders (Yahoo Finance, 2016). The company seeks to maintain transparency in its operations and as a result also uses non-GAAP measures to access its performance. It uses All-in sustainable costs evaluate operating performance and also adjustments in net income (loss), free cash flow to analyse the position of company to its competitors. Financial statements are required by the many people for information like directors require statements for making strategies and decisions in management. Shareholders or investors required for the profits and dividends. Auditors requires for the reconciliation of the data for transparency. So, there is no misleading or fraud can be generating in the company. Financial institutions requires for granting loans and credit on the basis of company financial position. Government requires statements to check the authenticity of tax returns whether it is correct or not (Accounting-Simplified, 2016). Additionally, the company gets its accounts audited by Ernst Young LLP and Pricewaterhouse Coopers LLP to assess the accounting principles used and check the authenticity of financial information provided to various decision makes. As per the auditors opinion, the financial information disclosed by the company is fair and conforms to U.S. GAAP (Annual Report, 2015). Not only financial measur4es but qualitative factors like safety of employees, environment safety, etc. also require NMC to invest its time and money. Qualitative factors like cost is associated with sales like extracting of metal and convert into ore. It should be consider on statements. Project exploration cost should be including like expenses related to explore the resources for production of gold it should be included. General expenses like, as a public company to support the structure of the corporate and treatment and refining cost for produce the metal. Yes it affects on resources like land is use for mining which is affected similarly air and water is polluted due to whole operations. Also NMC is dedicated to CSR towards environmental policies. They are taking care into water management like they recycle the most of the water, waste management, Bio diversity, and cyanide management and reduce the impact on air quality and climate. They also work on ethical and governance norms and follows code of conduct (Newmont, 2016). Chapter 3: A management accounting analysis of the organisation For any organization to function properly, it is necessary to manage its accounts to generate reliable and usable information for different stakeholders like managers, suppliers, shareholders, employees, etc. This further generates a need to have a structured accounting system in place to meet the information requirements. At Newmont Mining Corporation, there exists a structured accounting system consisting enterprise resource planning (ERP) software that links the corporations financial, accounting, human resource and asset management functions. Additionally, it is also helpful in reducing the transaction costs of the firm and improving its productivity, and profitability (Beheshti and Beheshti, 2010). Newmont Mining Corporation uses SAP ERP in its organizational structure to carry out a structured and effective management of its financial and other related data. The NMC replaced Ellipse in the year 2011-12 with SAP to integrate AMT software as a value added offering to complement SAP that provides specialized budgeting and decision support asset management functions that was not provided by their earlier ERP, Ellipse (iSolution, 2011). Budgets at NMC are prepared regularly for overlooking the maintenance of the fixed assets of the firm, life of mine, project feasibility and planning for acquisition of new mining sites and firms. The company uses ATM Focus: Maintenance Budgeting along with its ERP to assist in achieving time and money bound targets. The budgeting helps NMC to review its maintenance, finance and operations to optimize cash flow, identify cost saving opportunities, highlight its potential risks and cost centers, forecast future expenses and improve profit generation opportunities for the firm (iSolutions, 2013). To ensure accuracy and quality in its budgeting process, NMC uses participative approach to budgeting to streamline all the objectives of all the functional areas of the organisation by using updated information from the enterprise accounting system. Additionally, the firm uses dynamic life cycle costing to create sophisticated zero-based maintenance budgets from ERP maintenance plans that are fed all the relevant data pertaining to the organisation. Thus, aligning the budgeting process with SAP ERP enables NMC to produce up-to date budgets that are both effective and efficient. Being in the mining industry, it is difficult for the company to exactly estimate the total budgeted production as the extraction of the exact quantity of metal is subject to many constraints. Thus, the company uses three-dimensional Resource models that represent the mineral deposits form in the mines and are also used to support exploration decisions, project evaluation and business plan development. However, the data so generated may be subject to errors due to uncertainties. To reduce these risks and uncertainties, Newmont has developed a systematic process of identifying, analyzing and addressing resource risk which is now embedded into their business planning cycle. The process allows the company to narrow the gap between the estimated and actual tonnages, grades, metallurgical recoveries, costs and productivity. Moreover, the management with the help of financial information so generated plays a crucial role in bringing projects online, on time, on budget and meeting project e xpectations thereby providing a major competitive advantage for the company (Newmont, 2016) Newmont uses a mix of GAAP and Non-GAAP measures for identifying and reporting its financial data. The historical data forms the basis for various accounting based assumptions and estimates (Annual Report, 2015). Additionally, the organisation uses a Non-GAAP metric of All-in sustaining cost framework as suggested by The World Gold Council (WGC) to bring transparency into the costs associate with gold production. The presently used framework expands on the GAAP measures like cost of goods sold and non-GAAP measure like costs applicable to sales per ounce, to provide better understanding of the mining operations and costs, profitability and cashflows related to it (Annual Report, 2015). Thus, the new framework is helpful not only from accounting perspective by also for providing adequate and relevant information to stakeholders like investors, government, local communities, etc. in understanding the economics related to mining operations (Whelan, 2013). In addition to using budgeting and costing practices, the company also uses break-even analysis to identify the production scale at which its total expenditures are equal to its revenues obtained from the sale of its extracted metal. The production costs consists of fixed costs that are assumed to be constant per ton on metal extracted and variable costs that varies in direct proportion to the volume of metal extracted. Additionally, to determine the break-even point, the cost data taken from the accounts are subject to sorting and processing to clearly demarcate different types of costs into direct costs, fixed cost of production, fixed cost of administration, etc. Once the costs and revenues are clearly identified, the break-even point can be calculated using arithmetic or graphical method during the planning stage. Additionally, the breakeven can be calculated at the level of mining operation, the place of expenditure or cost centre-production sector, at product group level or for each product (Briciu, Capusneanu, Boca, and Topor, 2014). Earlier, the companies operating in the mining industry segment have had business to business mentality around communications but this attitude is shifting as the world is becoming more transparent and driven by digital age. The company recognizes the need to establish a two-way dialog with its stakeholder including shareholders, government, local community, etc. Thus, the company in addition to publishing its annual reports and quarterly information for financial results has also setup communication teams to serve as nerve centers to coordinate and integrate information along with disseminating information to its stakeholders through investor road shows, mine site tours, analyst days, annual meeting and websites and mailings. These teams also manage the companys business to customer relationships. Additionally, NMC also invites its stakeholders to a mining boot camp where people are engaged and made to work on site for week. This helps in disseminating information of not just financ ial relevance, but also informs them about the work ethics and culture followed at NMC (IFC, 2014). Along with this, the employees at different levels of the organisation are well equipped with the information that is required for their day-to-day activities through a proper chain of command followed by the organisation. Additionally, they have an access to a company specific internal communication platform for timely sharing of required information. Overall the management accounting system used in NMC is very effective in generating and disseminating the required information to its important stakeholders. It seeks to effectively collect data and produce reliable results that can be further used for decision making process. As NMC has recently adopted SAP ERP, it seems rather distant thought to bring about any changes in its systems. However, the company can improve its systems by continuously identifying the gaps in its processes, especially resource mapping, so as to eliminate waste in terms of time, material and efforts. This will help in improving the efficiency of its operations and effectiveness of its management accounting systems (Needles, Powers and Crosson, 2010). Chapter 4: A financial management analysis of the organisation Being a global company, NMC aims to create shareholder value by improving its underlying business and delivering profitable growth. One of the aspects of achieving this aim is strengthening its portfolio of assets. NMC engages in exploration and acquisition of gold and copper properties to replenish its depleting reserves. It also ventures with other well-established companies to diversify its area of work (Annual Report, 2015). NMC has a strong pipeline of projects that consists of recently acquired Cripple Creek Victor (or CCV) mine while Merian, Long Canyon Phase 1, and Tanami Expansion, are in their execution phase. There are additional projects, such as the Ahafo mill expansion, Subika Underground, and NW Exodus, which are in their feasibility stage and could be approved by later half of 2016 based on their feasibility results (Gilroy, 2015). To successfully and profitably undertake these acquisitions and diversification strategies, NMC needs to effectively manage its financial strategies. Financial management is an approach that links financial tools to strategic decision making to ensure profitable growth and sustenance of the company. The companys financial management strategies relate to its investment decisions and working capital management decisions. Additionally, its financial management is also aimed towards maintaining a balance between its cost and capital structure, accelerate debt repayment to reduce the cost of capital and pay higher dividends in line with its shareholders value creation policy (Gilroy, 2015). As a part of its financial management policy and owing to the latest revisions in its credit rating by Standard Poors Rating Services or Moodys Investors Service, NMC has successfully reduced its financial leverage by 35% by repaying $330 million of debt out of a target of $750 million for 2015. This has helped in increasing the amount of free cash flow and to maintain a comfortable liquidity profile (Gilroy, 2015). Capital budgeting forms a crucial part in taking investment related decisions for the company. The company uses financial tools like net present value (NPV), internal rate of return (IRR), payback period, cost-benefit analysis, real option, etc. to assess the value and identify the feasibility of its investment projects. The rationale behind using these methods is that NPV takes into account the time value of money, while IRR is helpful in ranking the projects based on the cashflows that will be generated throughout the life of the project and payback period is used owing to the fact that it is simple to understand and calculate (Maroyi and van de r Poll, 2012). Additionally, the Company has an independent third-party appraiser to assist in the valuation. In valuing acquired assets and assumed liabilities, fair values were based on market prices, expected future cash flows; current replacement cost for similar capacity for certain fixed assets; market rate assumptions for contractual obligations; and appropriate discount rates (Annual Report, 2015). As a part of exercise to strengthen its portfolio, the company timely examines investment opportunities for acquisitions. The success of any acquisition depends of factors like identifying suitable candidates, negotiating terms and conditions, obtaining an approval from regulatory authorities and shareholders, implementing the control, procedures and policies in the acquired firm, etc. in addition to financial profits and synergies expected from them (Annual Report, 2015). On the risk side, the management assesses the social and economic risk, political and geopolitical risk, and technical risk associated with the projects to determine their attractiveness (Gilroy, 2015). The company funds its projects through various resources available at its disposal including cash generated from its core activities, issue of shares, companys reserves and cash proceeds from divestments like Waihi, Midas, Jundee and Penmont (Gilroy, 2015). The management of the company aims to allocate its funding to the projects with highest returns, reducing its debt and shareholders dividend. This will provide the company with the advantages associated with using internal sources of fund like reduce cost and obligations (Atrill and McLaney, 2012). Additionally, the company was able to increase its operating cash flows by practicing all-in sustainable costs and other productivity improvement (Annual Report, 2015). NMC being a large company has many options available that are suitable for investment purposes. It selects projects that have positive NPV and return of capital employed. However, it faces problem where the company has insufficient funds available to undertake all those options that possess a positive NPV. Under such conditions, the company follows capital rationing wherein a budget ceiling or market constraint is imposed on the amount of funds that can be invested during a particular period of time (Drury, 2011). While accounting for capital rationing, the company has to take care of the costs not only for investing in the project but also that is being incurred during its normal course of operations and from its financing activities. The company has to ensure that it invests its profits in a fruitful manner. In such a case, the company evaluates and ranks its projects of the basis of its NPV, IRR and profitability index. It then selects the project in descending order of their prof itability till the capital budget exhausts. Finally, the results of each technique are compared with total NPV and the best project out of the available options is selected. The unfunded projects are considered later when funds are available (Warren, Reeve and Duchac, 2013). Thus, the financial management system of NMC is very efficient in meeting the goals of the company by managing its portfolio and assets. Its system employs the industry best practices for determining the feasibility of proposed investments and is effectively integrated with its cost and profit centers to ensure that the investment decisions do not interfere with the day-to-day operating needs of the company. Additionally, it also implements risk minimizing strategies that acts as a cushion for NMC from financial shock and surprises. Chapter 5: Conclusions and SWOT analysis Thus, it can be concluded that the company has in place a strong structure to manage its accounting and financial data. This helps the company in effective decision making taking into considerations the financial risks, costs and benefits. The company uses ERP software like SAP, AMT Focus, etc. to manage its data. Also, the company makes sure that the data so generated is disseminated to the relevant stakeholders for decision making. However, the company can still improve its system structure by identifying the gaps and working to reduce it for efficient and effective decision making. In addition to its accounting and financial management system, NMC has in place a strong corporate structure with best in industry corporate social responsibility practices. The company very well understands the social and environmental impact of its operations on its immediate surroundings and hence aims to achieve sustainability in all its endeavors. This is also reflected in its purpose, mission and vision. The company aims to minimize and mitigate environmental impacts by better water management, reducing energy consumption and managing the discharge of waste and effluents in the environment. Its corporate governance structure address six key areas that include health and safety, operations and resource development, asset value protection, business integrity, people and sustainability and stakeholder engagement (Newmont, 2016). Additionally, as a part of its corporate governance, environmental stewardship and community engagement initiative, NMC participates in organizations like International Council on Mining and Metals (ICMM) Sustainable Development Framework, United Nations Global Compact, Carbon Disclosure Project (CDP), International Cyanide Management Code (ICMC), Global Reporting Initiative (GRI), etc. to inform its sustainability programs and improve its performance (NMC, 2014). These practices on the part of the company exercise a strong influence on its stakeholders by positioning the company as ethically and socially responsible business unit. However, the scope of the companys CSR practices will keep of increasing with increase in its assets and resources. Thus the company will need to maintain a vigilant stance on the impact areas and keep improving for effective operation of its corporate governance structure. From the discussions, it can be concluded that Newmont Mining Corporation is one the worlds leading gold and copper producer. The scale of its production provides it with economies of scale advantages, while its reserves amounting to 73.7 million ounces of gold places it in a strong position to take advantage of rising demand. The following is the NMCs SWOT analysis: Strengths NMC has competitive advantage in terms of its high quality assets viz. resources, machinery, technology and employees. Its operations span over major continents including America, Australia/New Zealand, Africa, and Indonesia allowing it to expand its operations and develop its business. Additionally, its strong and well structured financial and accounting systems provide efficiency in its operations and taking well planned decisions at right time considering the risks. Also, its strong hold on its corporate governance and CSR practices positions it as sustainable and responsible company. Weaknesses NMCs weakness stems from its heavy dependence on contractors undertaking its operations and construction projects. This exposes the company to the third party risks that arise from its contractors actions and negligence. Additionally, the loss of control on operations may also land NMC in trouble. Along with this, different credit rating agencies have downgraded NMCs credit ratings that can adversely affect the availability of new financing and increase their future borrowing costs. Opportunities NMCs goal of strengthening its portfolio is backed by a strong strategic project pipeline. This will help the company to not only replenish its depleting metal reserves but will also help to maintain flexibility in the operations to increase its productivity and address the development risks associated with the projects. Over all these projects will help in increasing the production and enhance the companys market position on a global scale. Moreover, the companys expansion projects will help it to leverage the growing demand for gold and increase its revenues. Also, the reduced fuel price is beneficial in reducing the companys cost thereby increasing its cashflows. Threats NMCs mining and operations are regulated in all the countries of its operations under various federal, state and local laws. These laws related to protection of environment and local people. Any delay in obtaining permission from the government bodies poses an adverse impact on its operations. Additionally, stringent regulations negatively impact the companys profitability. Moreover, security risks impact companys operations while currency risks impact the companys cost of operations. References Accounting-Simplified (2016) Purpose of Financial Statements. [Online]. Available at: https://accounting-simplified.com/purpose-of-financial-statements.html (Accessed: 4 June 2016). AccountingTools (2016) Gearing Ratio. [Online]. Available at: https://www.accountingtools.com/gearing-ratio (Accessed: 1 June 2016). AFM (2016) Capital gearing ratio. [Online]. Available at: https://www.accountingformanagement.org/capital-gearing-ratio/ (Accessed: 1 June 2016). Annual Report (2015) Newmont Mining Corporation. [Online]. Available at: https://s1.q4cdn.com/259923520/files/doc_financials/annual/2015/newmont-2015-AR.pdf (Accessed: 2 June 2016). Atrill, P. and McLaney, E. (2012) Accounting and Finance for Non-Specialists. 8th edn. UK: Pearson. Bazley, M., Hancock, P. and Robinson, P. (2014) Contemporary Accounting. Australia: Cengage Learning Australia. Beheshti, H.M. and Beheshti, C.M. (2010) Improving productivity and firm performance with enterprise resource planning, Enterprise Information Systems, 4(4), pp.445-472. [Online]. Available at: https://www.tandfonline.com/doi/abs/10.1080/17517575.2010.511276 (Accessed: 2 June 2016). Briciu, S., Capusneanu, S., Boca, I.S.R. and Topor, D.I. (2014) Cost Analysis and Reporting the Performances of Companies in the Mining Industry. In Proceedings of the 6th International Conference on Applied Economics, Business and Development, pp. 51-56. [Online]. Available at: https://www.wseas.us/e-library/conferences/2014/Lisbon/AEBD/AEBD-07.pdf (Accessed: 2 June 2016). Chapman, C.S., Hopwood, A.G. and Shields, M.D. (2011) Handbook of Management Accounting Research. UK: Elsevier. Dignam, A. and Galanis, M. (2013) The Globalization of Corporate Governance. UK: Ashgate Publishing, Ltd. Drury, C. (2011) Management and Cost Accounting, 7th edn. USA: Cengage Learning. Ennew, C., Waite, N. and Waite, R. (2013) Financial Services Marketing: An International Guide to Principles and Practice. 2nd edn. UK: Routledge. Gilroy, A. (2015) How is Newmont Positioning in the face of volatile gold prices?, Market Realist. [Online]. Available at: https://marketrealist.com/2015/12/newmont-positioning-face-volatile-gold-prices/ (Accessed: 3 June 2016). Gilroy, A. (2015) How is Newmonts project pipeline looking?, Market Realist. [Online]. Available at: https://marketrealist.com/2015/01/newmonts-project-pipeline-looking/ (Accessed: 3 June 2016). Gilroy, A. (2015) Is Newmonts Financial Leverage Expected to Fall Further?, Market Realist. [Online]. Available at: https://marketrealist.com/2015/12/newmonts-financial-leverage-expected-continue-declining/ (Accessed: 3 June 2016). Gilroy, A. (2015) Is the Value over Volume Strategy Working Well for Newmont?, Market Realist. [Online]. Available at: https://marketrealist.com/2015/12/value-volume-strategy-working-well-newmont/ (Accessed: 3 June 2016). Google Finance (2016) Newmont Mining Corp. [Online]. Available at: https://www.google.com/finance?q=NYSE%3ANEMfstype=iiei=iWdOV-GMG4KsuATI1ry4BQ (Accessed: 1 June 2016). Henisz, W.J. (2014) Corporate Diplomacy: Building Reputations and Relationships with External Stakeholders. UK: Greenleaf Publishing. IFC (2014) Changing the Game: Communications and Sustainability in the mining industry. [Online]. Available at: https://commdev.org/userfiles/Changing%20the%20game%20-%20communications%20and%20sustainability%20in%20the%20mining%20industry.pdf (Accessed: 2 June 2016). iSolutions (2011) Newmont Mining approves global roll out of AMT and Asset Management Services, iSolution News. [Online]. Available at: https://isipl.com/2011/04/17/newmont-mining-approves-global-roll-out-of-amt-and-asset-management-services/ (Accessed: 2 June 2016). iSolutions (2013) ATM Focus: Maintenance Budgeting. [Online]. Available at: https://isipl.com/maintenance-budgeting-amt-focus/ (Accessed: 2 June 2016). Kotler, P and Maon, F. (2016) A Stakeholder Approach to Corporate Social Responsibility: Pressures, Conflicts, and Reconciliation. UK: Routledge. Maroyi, V. and van de r Poll, H.M. (2012) A survey of capital budgeting techniques used by listed mining companies in South Africa. African Journal of Business Management, 6(32), p.9279-9292. [Online]. Available at: https://uir.unisa.ac.za/bitstream/handle/10500/6406/Maroyi%20and%20van%20der%20Poll.pdf?sequence=1isAllowed=y (Accessed: 3 June 2016). Nasdaq (2016) NEM Company Financials. [Online]. Available at: https://www.nasdaq.com/symbol/nem/financials?query=ratios (Accessed: 1 June 2016). Needles, B., Powers, M. and Crosson, S. (2010) Financial and Managerial Accounting, 9th edn. USA: Cengage Learning. Newmont (2016) [online]. Available at: https://www.newmont.com/about-us/ (Accessed: 3 June, 2016). Newmont (2016) Accurately Estimating Gold Resources. [Online]. Available at: https://ourvoice.newmont.com/2016/05/26/accurately-estimating-gold-resources/ (Accessed: 2 June 2016). Newmont (2016) Annual Reports. [Online]. Available at: https://www.newmont.com/investor-relations/financial-reports/annual-reports/default.aspx (Accessed: 1 June 2016). Newmont (2016) Beyond the Mine Ethical Conduct. [Online]. Available at: https://sustainabilityreport.newmont.com/2015/ethics-and-governance/ethical-conduct (Accessed: 4 June 2016). NMC (2014) Beyond the Mine Sustainability Report. [Online]. Available at: https://sustainabilityreport.newmont.com/2014/_docs/newmont-beyond-the-mine-sustainability-report-2014.pdf (Accessed: 3 June 2016). Rodgers, R. and Lucas, P. (2011) Bookkeeping and Accounting Essentials. UK: Cengage Learning. Sagebien, J. and Lindsay, N. (2011) Governance Ecosystems: CSR in the Latin American Mining Sector. UK: Springer. Warren, C., Reeve, J. and Duchac, J. (2013) Financial Managerial Accounting, 12th edn. USA: Cengage Learning. Whelan, T. (2013) All-in sustaining costs and All-in costs, Ernst and Young. [Online]. Available at: https://www.ey.com/Publication/vwLUAssets/EY_-_All-in_sustaining_costs_and_all-in_costs/$FILE/ey.com_gl_cost%20per%20ounce.pdf (Accessed: 2 June 2016). Yahoo Finance (2016) Competitors. [Online]. Available at: https://finance.yahoo.com/q/co?s=NEM+Competitors (Accessed: 4 June 2016).

Global Financial Crisis on Rabobank Free-Samples for Students

Question: Write a report analysing a Global Financial Institution (bank). Answer: Impact of global financial crisis on Rabobank: Rabobank survived the financial turbulence of 2007 to 2010 without receiving any assistance from government. Due to credit crisis, bank did not fall out from escape of financial crisis. Regulatory environment and business of banking industry changed drastically due to triggering of economic recession caused by credit crisis. At the end of financial year 2013, due to involvement of Rabobank in Libor affair incurred reputational damage. Bank has achieved higher net profit than previous year and this was the tradition of before 2009. Such tradition was broken due to poor economic recession in Netherland rather than writing off resulting credit crisis (Anginer Demirgu, 2014). The loan portfolio has result in bad debt ratio cost due to economic downturn. Due to strong competition in this field, low margin on savings were faced by bank. In year 2010 after the climax of crisis, bank experienced bouncing back of profits to an all-time high. This high figure was mainly attributable to interest rate development, lower loss of credits and resulting higher revenues from global financial market activities. There was written down of operations of rabobank and some specific losses and the profits will remain subdued for years to come. After and before the global financial crisis, Rabobank was paralyzed by its own good performance and it was reported than bank is acting with arrogance. Bank has written down around six percent of its total equity due to global financial crisis. In the face of financial turmoil, credit rating and high capitalization rate of bank has proved to be powerful assets for surviving crisis. Bank was having capital buffers and solid liquidity and this reason was attributable to retaining good access to professional fundin g (Goldbach, 2015). There was negative impact on bank due to loss of confidence and an environment of low interest in the wake of global financial crisis. Recovery of Rabobank: The financial solidity of Rabobank was never questioned due to difficulties faced after the global financial crisis. In light of challenges faced by Rabobank due to global financial crisis, some fundamental measures were taken by bank for coping up with such challenges. Bank took actions to increase the reservation capacity and visualization of services and products. Bank recovered from this crisis, by securing solid financial profile and strengthening distinctive cooperative nature. Rabobank structured new corporate governance that was intended to maintain trust of external and internal stakeholders (Minoiu Reyes, 2013). Bank operated with lower cost to income ratio in after the global credit crisis. In the dead hand of Rabobank, the maximization of equity is done by calling for profit. Organization has embarked on new visualization program that has resulted in loss of jobs in many cases. The wholesale business of bank was refocused toward the activities that are customer oriented and they mostly concentrated on international activities. Organization has financed its expansion through issuing hybrid capital instruments and it did not compromise its solvency position by member certificates (Hale et al., 2016). A growth plan was formulated by moderating the growth of assets and reservation capacity. Reference: Anginer, D., Demirguc-Kunt, A. (2014). Has the global banking system become more fragile over time?.Journal of Financial Stability,13, 202-213. Goldbach, R. (2015). Global Financial Instability and the Evolution of Global Banking Regulation. InGlobal Governance and Regulatory Failure(pp. 20-44). Palgrave Macmillan UK. Hale, G., Kapan, M. T., Minoiu, M. C. (2016).Crisis transmission in the global banking network. International Monetary Fund. Minoiu, C., Reyes, J. A. (2013). A network analysis of global banking: 19782010.Journal of Financial Stability,9(2), 168-184.

6 Hints to Determine the Best Academic Writer to Handle Your Assignment

The difference between the almost-right word and the right word is really a large matter. It is the difference between the lightning-bug and the lightning Mark Twain The words of the genius refer to the academic writing as well as to the artistic creation. Every essay from the talented writer can be read on one shot: such an academic paper is an inspiring masterpiece which grabs readers attention from the top rows and doesnt let go until the end. But still, there are not so many authors from custom writing services who do their job perfectly. A high-grade quality of writing requires advanced skills along with efforts to improve them every day. 1. Companies Assess Candidates Abilities before Hiring Reputable services cant afford you to think less about them. This is the main reason why they arrange some tests while recruiting new staff to the companys team. The whole examination is usually divided into 2 or 3 parts, during which HR managers try to find out more about the candidate: Language skills; Ability to generate fresh ideas; Speed of information research; Communication skills; Competence in his or her area of expertise; Aptness to adhere the instructions; Individual style of writing and so on. If the applicant possesses the above-mentioned skills at a senior level, they have good chances to become a top assistant in the well-established company. His individual style should also meet the expectations of the majority of customers while being unique. So, the best way to be certain that a chosen author is good enough at academic writing is to refer to a reliable custom service. 2. Check the Reviews from the Other Clients Of course, you can find a suitable helper independently, but in this case, you need to know how to determine the professional author from the thousands of amateurs and students. If customers identify some shortcomings in the paper after delivery, they will readily complain by leaving negative testimonials on the writers page. And they are absolutely right: constructive criticism leads the author to success through revealing weaknesses and learning from the own mistakes. And as for future customers, any word about the writer can affect their choices. By looking through some reviews you can learn more about their responsibility, the ability to be on time with the ready paper, personal approach to the work and communication skills. The notion of quality is usually different for each person, so even the most positive feedback is not enough for the most demanding clients. 3. Request Few Samples Freelancers know that nobody will order a paper from them if they cant provide the customer with examples of previous works and prove their experience. Usually, writers already have a small portfolio on their personal accounts to attract more customers. Examine it carefully and compare it with the other authors examples. Choose the one whose writing is grammatically correct and whose style suits you the best. If there are no sample works on the writers page, you can ask the professional to show them to you. A denial is not a good sign and can mean one out of two things: this freelancer is a complete novice in academic writing or they are trying to deceive you. 4. Get Acquainted with Writers Qualification and Experience It is desirable for your assistant to have a degree in any field of study, the closer this area to your discipline the better. Of course, people are used to taking online courses or gaining knowledge using additional sources without admission to a university or college. Either way, you are free to claim the copy of a diploma or certificate. Obviously, the pieces of paper cant indicate the whole life and professional experience of the person. Sometimes it is better to question a writer about the skills they have gained during their life and what he or she knows about the topical issue. You can even make up a little test assignment for them if you are still not sure about their honesty. 5. Pay Attention to the Prices An average rate per page shouldnt be very low as well as unimaginably high. Cheap academic paper means that its author is a student who wants to earn some extra money or inexperienced writer who is taking first steps in the profession. There are no people with great experience who will work without decent remuneration. Otherwise, the case when writer demands an unbelievable ton of money for an easy college essay does not guarantee a quality. Some freelancers estimate themselves higher than they actually are. Dont get into a cunning trap and find the assistant whose prices correspond to the average market fees. 6. Guarantee of Uniqueness is Required The good academic writer would never lower themselves to copy the other authors works or articles. He or she writes their papers from scratch and revise the results before the delivery. It is a golden rule of any kind of writing for those who would like to achieve the greatest heights in this business. Howbeit, you should discuss all the details including a definition of plagiarism with your assistant before ordering an essay. Also, the writer should know about the proper citation formatting style you need to use in your paper. It is worth noting, all these hints work only together. You can check writers style, but to lose sight of their knowledge in your subject. As the result, the essay will shake you to the core and contain poor arguments on the particular topic at the same time. Otherwise, youll get an informative text which is awfully written. Considering all the factors while making a final decision can help you avoid such a mess

The Greater War

The Greater War Introduction The Greater War changed the structure of the western world in different ways as the political landscape and order took a new direction. Assassination of Franz Ferdinand, Austrian archduke, and his wife triggered the war leading to its eruption. The assassination just triggered the war, and there were some underlying causes that are still debated by historians to date.Advertising We will write a custom essay sample on The Greater War specifically for you for only $16.05 $11/page Learn More The causes of the Greater War include alliances made by different countries, imperialism, militarism and nationalism of the European countries. A clear break of the previous social order and new path for European political change was a result of the Greater War. The factors that changed the political structure of Europe are outlined in the subsequent paragraphs. Ceasing of Empires The defeat of allies ensured they were weakened, and no longer had influence in t he European politics. Germany, Austro-Hungary and Russian Empires were ceased after their defeat in the Greater War. They were not able to control and expand their empires as it had been their tradition and this led to war. Similarly, the Empire of Ottoman ceased to operate because it was weakened during the Greater War in Europe. New Nations New nations emerged after the end of Greater War leading to change in the political landscape in Europe. Boundaries were redrawn after the defeat of the allies, and they had to lose some of their territories to other nations. The Soviet Union emerged from the Russian Empire and European map redrawn to smaller states. Countries such as Finland, Lithuania, Estonia and Latvia gained their independence after the war. The emergence and redrawing of the international boundary changed the traditional social order to a new begging in Europe. Treaty of Versailles Allied forces signed the treaty of Versailles after defeating the allies in the Greater War . The main goal of the treaty was to bring peace and avoid future occurrence of similar war. The peace conference was meant to neutralize threat that Germany posed to European nations from their naval power and to the oversee empires. It was also meant to punish Germany so that it does not destroy the newly created international boundaries. Versailles treaty was important in shaping and re-arranging the social order through taming Germany who was very aggressive.Advertising Looking for essay on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More Paris Peace conference Paris peace conference led to postwar international order, which minimized the emergence of conflicts among the participating nations. The conference condemned the actions by Germany of ceasing larger territories of other nations. The conference discussed issues to stop disputes by each participating nation on what they can do to maintain peace. The nations presen t during this peace meeting included Australia, Japan, Italy, United Kingdom and US issues to bring peace. They gave it different approaches at ensuring there was a break at the social order as well as to bring new political change. Conclusion The Greater War changed the political structure and social order in Europe as it laid a path for a political change. The defeat of the Allies led to changes as more nations became independent as well as emerging of new nations. Independence of other nations was essential in bringing peace and making them autonomous in their actions. Similarly, the Versailles treaty and Paris peace conference led to the creation of order that changed the political and social order of the western countries.

My Left Foot Essay Example | Topics and Well Written Essays - 500 words

My Left Foot - Essay Example They have been treated like a burden and nuisance. To a certain extent, they are deprived of caring, which they must deserve. I strongly feel that this kind of situation is unjust for all of those who are handicapped. They are not treated as decent as a normal human being should, which is already unjust and unacceptable because it is ethically and morally wrong. On the other hand, there are moments where Christy is treated like he is a major spectacle. People would clamour towards him. I felt that people are fascinated about his condition. However, there are instances that people abused him and took advantage of him due to his crippled and incompetent state. People made fun of him. This is quite frustrating because of the insensitivity and inconsideration about his situation. There are moments that handicapped people might do something that is spectacular but it is even unfair for them to be objects of entertainment. It might be good to applaud these handicaps of what they can do but it is not fair for them to be treated as such because it appears quite tokenistic. I daresay it is tokenistic in that case due to the fact that people just recognize that good and plausible things that these handicapped people are capable of doing. What seems to be more problematic, in terms of my perspective, is that those people, who have enjoyed upon seeing such, have not done anything tangible to help these handicapped people to improve their conditions further. This is something that struck me in the whole process of watching the film due to the virtuosity of the actors and actresses to show the pain and madness; the frustrations and delight. In the end, I realized that I have not shown so much care, compassion and sensitivity to the handicapped people. I do felt that I have a responsibility to help them in any way possible.

The Beer Industry in the United States Term Paper

The Beer Industry in the United States - Term Paper Example Throughout the world, brewing or the preparation of beer exists as an activity that even offers financial gains. As a point of fact, the United States of America is the leader in terms of beer production (Kirin Holdings, 2009). Not including the home brewers, United States has an estimate of 1700 breweries having the Anheuser - Busch Inc., the MillerCoors Brewing Corporation and the Pabst Brewing Company consecutively as its top three giant companies in terms of sales (Brewers Association, 2010). Nonetheless, despite the case that America comes to be number one in the production of beer around the world, it lags behind a number of countries, in particular, those in Europe, in terms of consumption making US ranked only second to China in total consumption and only 16th in the world in per capita consumption (Kirin Holdings, 2009). ... Third, it endeavors to understand what beer is in the American context. Fourth, it also seeks to define the structure of the American beer industry through looking at the top brewing companies and the craft breweries or microbreweries. Last, it aspires to take a particular look on the brewing at the domestic level. The need to explore the beer industry in American context can backed up by the reason that beer has always been part of the American culture. Beer has held its prominence to almost everyone existing in the world. Likewise, it is of interesting position that the United States is the leader of beer production. However, the beer industry in United States is not known to most of us. That is what this paper wants to shed light on. The significance of this paper is that it contributes to an understanding of what the beer industry looks like in the American context. Review of Related Literatures This part of the paper will first present a general idea of the available literatures about the beer industry in the United States. This review aims to offer a cursory outlook at how the range of presented data is sought to address the problem of this paper. In order to grasp a deeper understanding of the beer industry in the context of United States, this section is categorized into the following segments namely: a) A Brief Historical Account of Beer Industry in United States, b) The Beer Industry and the Different Types of Beers, c) The Beer Terminology in the United States, d) The Structure of the American Beer Industry, e) An Overview of Top 3 Brewing Companies in the United States, f) A Look at the Microbreweries, and g) Understanding Home Brewing. Meanwhile, it is deemed important to note that the reviewed books, articles and other materials