Comparing and Contrast Jean Bartik and Margaret Hamilton

Comparing and Contrast Jean Bartik and Margaret Hamilton Software engineering; hearing this term brings to mind words corresponding to innovating, analyzing complex problems, designing software, and maintenance of programs. People picture a   stubborn nerd who only knows how to communicate with computers. It is a common misconception that in the field of technology, males are dominating all the positions that are available. Despite all that, Jean Bartik, a pioneer software engineer of ENIAC, and Margaret Hamilton, software engineer of the Apollo 11 mission showed history that women are a force to be reckoned with in the field of technology. Jean Bartik and Margaret Hamilton were both born and raised in America and performed spectacularly in their education. Jean Bartik was born as Betty Jean Jennings in Gentry County, Missouri on the 27th of December 1924. Bartik was the sixth of seven children so life hasnt really been easy for her and her siblings. She began her education at a local one-room school and easily gained local attention for her talent in softball. Bartik was at Northwest Missouri Teachers College majoring in mathematics with a minor in English in 1941 when the Pearl Harbor was bombed. Jennings always dreamed of traveling out of the Midwest and having a real adventure in the world. One could say she got her adventure she was looking for when suddenly, the school was emptied of its male students, who either had been drafted for the war or enlisted for the cause. She experienced having sailors that was sent into her school as classmates for officers training. Jennings was the only women and civilian in class. Nevertheless, she didnt let such events distract her from her education. After a few years, she finished her masters degree in English at the University of Pennsylvania in 1967. Margaret Hamilton was born as Margaret Heafield Hamilton in Paoli, Indiana, on the 17th of August 1936. Unlike Bartik, Hamilton was born an only child. She graduated high school from Hancock High School in 1954. She started getting her education in mathematics at the University of Michigan in 1955 and subsequently earned a bachelors degree in mathematics with a minor in philosophy from Earlham College in 1958. She moved to Boston, Massachusetts, with the goal of achieving a graduate study in abstract mathematics at Brandeis University. The career path these exceptional women took was groundbreaking.   Margaret Hamilton, upon graduation taught temporarily high school French and mathematics to help her husband finish his undergraduate study in Harvard University. She was employed at the SAGE Project at Lincoln lab from 1961 to 1963, where she was one of the programmers who coded the software for the pioneer command system computer to search for an enemy aircraft. She also coded software for the Air force Cambridge Research Laboratories. To add to the exciting life of Hamilton, she was assigned as director of the Software Engineering Division of the MIT Instrumentation Laboratory. The MIT Instrumentation Laboratory was given the task for developing the software for the NASA Apollo programs. Hamilton, then in her early 30s, supervised a team of 100 engineers, mathematicians, programmers and technical writers. The team developed the code for the Apollo Guidance Computer. Realizing her expertise in the field of technology, she established the Hamilton Technologies, Inc in Cambridge Massachusetts. The Company provides products and services that modernize systems engineering and software development. At the young age of 20. Jean Bartik pursued to apply for IBM and the University of Pennsylvania. After a few days, she received a rejection notice from IBM by not meeting all of their standards. On the bright side, Jennings received a telegram from the University of Pennsylvania that she was hired.   To her surprise, the University of Pennsylvanias Moore School of Electrical Engineering, where the U.S. Armys Aberdeen Proving Ground had a project, was seeking female math majors. Even though her friends was against with this idea, Bartiks professors in math pushed her to take on this opportunity. Bartik applied and got hired as a so-called human computer, an employee who calculated bullet trajectories through the help of high end mathematical calculators during her time. These two-powerful females made legacy on their respected field and the world made sure to acknowledge their skills.  Ãƒâ€šÃ‚   As a dedication to the history of computing and Bartiks career, Jean Jennings Bartik Computing Museum at Northwest Missouri State University in Maryville, Missouri was named after her to show the appreciation of the museum to her computing of bullet trajectories manually. Content-management framework Drupals default theme, Bartik, was also named in honor of her. In the year of 1997, Bartik was acknowledge in the Inductee, Women in Technology International Hall of Fame. In 2008, she received two awards. One from the fellow, Computer History Museum which honors the exceptional technology pioneers who have changed the world with their achievements. The IEEE Computer Pioneer Award, IEEE Computer Society, for pioneering her work as one of the programmers of ENIAC, and leading the work on BINAC and UNIVAC I. In year 2009, she received the Korenman Award fro m the Multinational Center for Development of Women in Technology. In 1986, Margaret Hamilton received the Augusta Ada Lovelace Award by the Association for Women in Computing. This award is given to individuals who have excelled in either (or both) of two areas: 1. Outstanding scientific and technical achievement and 2. Extraordinary service to the computing community through their accomplishments and contributions on behalf of women in computing. In 2003, she was given the NASA Exceptional Space Act Award for scientific and technical contributions. In 2009, she received the Outstanding Alumni Award by Earlham College. In 2016, she received the Presidential Medal of Freedom from Barack Obama, the highest civilian honor in the United States. Margaret Hamilton became famous as the woman who brought man to the moon. Margaret Hamilton and Jean Bartik proved to the world that women can do outstanding things in technology just as men can. Even though they were born in time where in women was doubted to perform in the field of science and mathematics, they pursued the profession they want with passion, analytical skills and perseverance. References IEEE Computer Society. (n. a.). Betty Jean Jennings Bartik. Retrieved from. https://www.computer.org/web/awards/pioneer-betty-jean-bartik MIT News.   (2016, November 17). Apollo code developer Margaret Hamilton receives Presidential Medal of Freedom. Retrieved from. http://news.mit.edu/2016/apollo-code-developer-margaret-hamilton-receives-presidential-medal-of-freedom-1117 New England Historical Society. (n.  ­a.). Margaret Hamilton, the Woman who put the Man on the Moon. Retrieved from. http://www.newenglandhistoricalsociety.com/margaret-hamilton-the-woman-who-put-the-man-on-the-moon/ Smith, Gina. (2007, December 3). Unsung innovators: Jean Bartik, ENIAC programmer Retrieved from. http://www.computerworld.com/article/2540042/it-management/unsung-innovatorsjean-bartikeniac-programmer.html

Share Capital

? SHARE CAPITAL Share capital is the Funds raised by issuing shares in return for cash or other considerations. The amount of share capital a company has can change over time because each time a business sells new shares to the public in exchange for cash, the amount of share capital will increase. Share capital can be composed of both common and preferred shares. Each share carrying a vote in the management of the business, managerial control may be limited. The authorized capital of a company is the maximum amount of share capital that the company is authorized by its constitutional documents to issue to shareholders.Issued Capital is the value of the shares issued to shareholders. This means the nominal value of the shares rather than their actual worth. The amount of issued capital cannot exceed the mount of the authorized capital. Types of Share Capital:- Redeemable Shares Ownership shares that the issuing business may repurchase. Some redeemable shares are mandatorily redeemabl e and must be repurchased by the issuer on a particular date or on the occurrence of a specified event, such as the death of an owner. Preference SharesPreference shares differ from ordinary shares in giving the holder preferential rights to receive a share of annual profits. An ordinary dividend cannot be paid unless all preference dividends due have been paid in full. Preference shares are also higher in the creditor hierarchy than ordinary shares, and have a preferential right to receive the proceeds of disposal of the assets in the event of a company going into liquidation. They are therefore less risky than ordinary shares, even though they are legally share capital as well. There are three further types of preference shares:-Participating preference shares Preference shares which, in addition to paying a specified dividend, entitle preference shareholders to participate in receiving an additional dividend if ordinary shareholders are paid a dividend above a stated amount. Conv ertible preference shares A preference share that can be converted into common shares at aset conversion price. A company may issue them to finance a major acquisitions without increasing the company’s gearing or diluting the EPS of the ordinary shares. Redeemable preference sharesA preference share which must be bought back by the company at an agreed date and for an agreed price Deferred Shares A share that does not have any rights to the assets of a company undergoing bankruptcy until all common and preferred shareholders are paid. Where it exits, it will rank behind all other shares for dividend. Non-voting Shares A share which equity that does not have a vote, even though it is entitled to a share of the profits. The term is not usually applied to preference shares, although preference share do not have votes, they receive a fixed dividend.Retained profit:- Retained profit is the profit kept in the company rather than paid out to shareholders as a dividend. Retained prof it is widely regarded as the most important long-term source of finance for a business. Dividend payable:- The amount of dividends which have been declared by a company’s board of directors and which are obligated to be paid to shareholders. If the dividend yield falls, then the share becomes less attractive compared to other investments, demand for it will fall, and supply will increase as investors wish to sell. Newspaper information on share:-Many of the broadsheet papers include a section showing security prices and related information including: the highest and lowest prices during the year; the closing price the previous day; the change in price over the previous trading day; dividends net of tax; dividend cover; gross yield; and the P/E ratio. Share categories:- Shares are categorized according to the company type and trading frequency: ? Alphas These are the shares of the most prestigious companies which are generally heavily traded and dealt in by a large number of m arket-makers. Prices are posted immediately on SEAQ ? BetasThese are also large company securities, but they are not as heavily traded as alphas. They must have at least four market-makers dealing in them and prices quoted on SEAQ are those at which firm deals can be made. ?Gamma These securities are traded lessfrequently than betas and the prices quoted for them are merely indicative. ?Deltas These are the least traded of all and no prices are actually shown, simply indications of a dealer's interest. Penny shares:- Penny shares are shares which have a very low value with the bid or offer spread of such shares exceeding 10% of their market value.Investors buy such shares in the hope that the market has undervalued their prospects and that they will make a substantial profit when the price recovers. Methods of issuing shares:- One way in which a firm can expand is to issue additional equity –usually on the main Stock Exchange or second-tier market, either by a quoted company issuing additional shares or by an unquoted company obtaining a quotation. An unquoted company may also wish to issue shares without being floated. Placing or Selective Marketing’s:-This method is often used for a company wishing to be floated for the first time and to issue a small issue, or by a quoted company wishing to raise additional finance. It involves securities' acquisition by a market-maker so that they can be purchased by a small number of investors. Offer For sale. This is where the company which is issuing the shares will offer the shares to an issuing house. Generally a merchant bank will act as an issuing house. The shares bought over by the issuing house will be re issued to the general public.Under this method the company which is issuing the shares can make use of the financial strength and the image of the issuing house to make. Normally the shares are offered at a fixed price determined by the company’s directors and their financial advisers. This is usually undertaken by the organization who is offering for the first time and a large issue. This is also known as public offer. The issue price should be low enough to be attractive to potential investors, but high enough to allow the required finance to be raised without the issue of more shares than necessary. PlacingThis is where the company which is carrying out the share issue will select large institutional investors and offer the shares by conducting â€Å"road shows†. A road show is where the company will conduct a presentation to educate the selected investors about the share issue. This will be a low cost method of issuing the shares. Some of the institutional investors who will be interested in the share issue will include pension funds, unit trusts, venture capital organizations, building societies. The shares are issued at a fixed price to a number of institutional investors who are approached by the broker before the issue takes place.Instead of engaging in advertising to the population at large, the sponsor or broker handling the issue sells the shares to its own private clients. The costs of this method are considerably lower than those of an offer for sale. There are lower publicity costs and legal costs. A drawback of this method is that the spread of shareholders isgoing to be more limited. Sale by tender This is where the company which is issuing the shares will call upon the investors to bid the price at which they are willing to buy the shares.Therefore each individual investor will indicate the quantity of shares they expect to buy and price they are willing to pay. The company should decide upon a price at which all the shares can be issued and collect the highest possible revenue. This price will be called the strike price. Investors who bid a price above this will be allocated shares at the strike price – not at the price of their bid. Those who bid below the strike price will not receive any shares. This method is u seful in situations where it is very ifficult to value a company, for instance, where there is no comparable company already listed or where the level of demand may be difficult to assess. It is more costly to administer and many investors will be put off by being handed the onerous task of estimating the share’s value. Short Term Finance:- Securitization:- The process through which an issuer creates a financial instrument by combining other financial assets and then marketing different tiers of the repackaged instruments to investors. The process can encompass any type of financial asset and promotes liquidity in the marketplaceRight issue The term right issue is applied to the system of issuing shares to existing shareholders usually at a discount from the market price in order to raise further capital from existing shareholders. The offer must be on a right basis in proportion to the members existing holding as a fraction of holdings of all members eligible to receive the offer. The rights of shareholders to buy the rights are known as pre-emptive rights. Calculation of issue price. This is the amount that company wishes to raise from the issue divided by the number of new shares.It is important to issue a sufficient number of shares so that the issue price is below current market price. Calculation of price after issue: ?Ex right price ?Actual price after issue †¢At current earnings †¢At lower earnings †¢At higher earnings Values of rights: The value is the difference between the price of the right shares and the ex-right shares. Other methods: ?Subscription offers: An offer for subscription is an invitation to the public by or on the behalf of an issuer to subscribe for securities not yet issued or allotted. ?Prospectus issue:If reasonably substantial the company might make an issue direct to the public with the absolute minimum of assistance from the outside source. It is rather unusual because of the complexity of the nature of the capital issue. ?Stock exchange introduction This is the introduction of the shares on the stock exchange so that a quotation can be fixed, rather than the issue of shares. ?Role of underwriters Under writers agree to purchase any securities not taken up at the issue price and will charge a fixed face for their service. Use of underwriters removes the risk of share issue being under subscribed. Open offers: This is an offer to existing shareholders to subscribe for securities. Whether or not pro rata to their existing shareholders. They are not allotted through the issue of renounceable documents. ?Vendor share scheme or placing: Where a vendor prefers cash to shares issued to finance an acquisition by a purchaser, an issuing house can place the securities with clients for cash. ?Exchanges and conversions: This is the process used to replace one security with another. E. g. ; a vendor consideration issue or paper issue used in a merger or takeover bid. Employee share schemes: Such e mployees are often used as incentives, e. g. ; share option schemes which give certain employees the chance to purchase shares in the company at a price determined in advance hopefully for a financial benefit. The firm should consider the following factors when pricing shares for a stock market quotation: †¢The current and future market conditions and the firm’s results. †¢P/E of similar quoted companies. †¢Whether the quotation is to be on the main market or the AIM. †¢An initial premium on launch, followed by steady growth in the share price is desirable. The amount of finance required. †¢Future dividends and earnings forecasts (the more shares the more dividends need to be paid out). †¢Underwriting costs or deep discount required to avoid under subscription of shares. Costs of share issues: The costs involved in share issues include †¢The stock exchange listing fee for the new securities. †¢Fees of advisors including those of the iss uing house. †¢Underwriting costs. †¢The compulsory advertising in national newspapers. †¢Printing and distribution costs of details and prospectus. Issuing new shares without raising capital: Scrip issues/ capitalization / bonus issue: It involves conversion of reserves into capital causing a fall in the reserves. Shareholders receive additional shares in proportion to their holding. The shareholders do not pay for the shares. This results in more equity in circulation with the result that the market value will generally fall in the short term. This making it more attractive to potential investors. ?Scrip dividends: It is a conversional of profit reserves into issued share capital offered to shareholders in lieu of cash dividend.Enhanced scrip dividends are those where the value of shares is greater than cash dividend offered as an alternative. ?Stock split; It is the splitting of existing shares into smaller shares, in order to improve the marketability of the compan y’s shares. Share repurchase: Repurchases or buy-ins of shares may be made by companies out of their distributable profits or out of the proceeds of a new issue of share made especially for the purpose; provided than are authorized to do so in the company’s articles of association.And off- market purchase is said to occur when the shares are purchased not subjected to the marketing arrangements of the stock exchange or other than on a recognized stock exchange. Advantages: †¢It may allow a company to prevent a takeover bid. The control by the existing shareholder group will be increased. †¢A quoted company may purchase its share in order to withdraw from the stock market. †¢It can be a useful way of using surplus cash. †¢Repurchasing shares will reduce the number in circulation which should allow an increase in earnings and dividends per share and should lead to a higher share price.It will increase future EPS as future profits will be earned by few er shares. †¢Reducing the level of equity will increase the gearing level for a company with debt which may be considered beneficial by the company. †¢If a business is in decline a share repurchase may give the firm’s equity a more appropriate level. Disadvantages: †¢Repurchasing of shares may be viewed as a failure by the company to manage the funds profitably for shareholders. †¢The company requires cash for the repurchase. †¢It may be difficult to fix a price which is beneficial to all involved. It requires existing shareholders approval. †¢Capital gains tax may be payable by those shareholders from whom the shares are purchased. †¢It increases gearing. Debt and other forms of loan capital: Debt capital is borrowing fund from others or public with issuing securities, bond, it is cheaper than cost of equity this is largely use from the high cost of equity. Debentures A debenture is a document that either creates a debt or acknowledges it, and it is a debt without collateral. In corporate finance, the term is used for a medium- to long-term debt instrument used by large companies to borrow money.In some countries the term is used interchangeably with bond, loan stock or note. A debenture is thus like a certificate of loan or a loan bond evidencing the fact that the company is liable to pay a specified amount with interest and although the money raised by the debentures becomes a part of the company’s capital structure, it does not become share capital Features of debentures ?Debenture holders are not the owners of the company. They are considered the creditors of the corporation or in other words, the company borrows money from them through issuing debenture. No voting rights. The debenture-holder is not a shareholder and cannot vote in the company's general meetings. ?Fixed rate of interest. A debenture with a fixed charge has a fixed rate of interest. It can be presented as â€Å"10% Debenture†. They a re always unsecured and earns a fixed rate of interest but has no share of the profit. ?Compulsory payment of interest. The interest on debenture is payable irrespective of whether there are profits made or not. Mortgage A mortgage represents a loan or lien on a property house that has to be paid over a specified period of time.Think of it as your personal guarantee that you'll repay the money you've borrowed to buy your home. Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture Convertible loan stock A loan to a company in the form of bonds that can later be exchanged for shares under certain conditions. Investor Advantages In a convertible debt agreement, investors are viewed as creditors of the start-up business. This is advantageous if the company liquidates or goes bankrupt.Note holders are shown preferential treatment when the com pany's assets are divided. As the note is secured against the borrower's assets, an investor may feel more secure lending using convertible debt than he would through a traditional bank loan. Disadvantages for Borrower In the event that the convertible promissory comes due and it is not converted to equity or stock, the note still remains payable when the lender calls it in. The note is taken out against the company's assets, and the lender has the right to liquidate the assets to get his money.This can put a company in dire financial straits Warrants †¢Warrants give the holder the right to subscribe for a specified number of shares at a fixed price during as at the end of a specified time period. †¢Warrants are rights given to investors allowing them to buy new shares in a company at a future date at a fixed given price. †¢The price is known as exercise price. †¢The time at which they can be used to obtain shares is known as exercise period. †¢The warrant c onversion premium is calculated by comparing the cost of purchasing a share using the warrant and the current share price. BondsThe long term contract in which the bondholders lend money to a company. In return the company promises to pay the bond owners a series of interest payments known as coupons until the bond matures. At maturity the bondholder receives a specified principal sum called the par value of the bond. The increase or decrease in the market prices of a bond doesn’t affect the return. The investor only gets back the nominal value of the bond. Licensing and franchising This allow for the acquisition of a product, service or business concept of another organization, without the purchase of the other entity as a whole.In this an initial payment is required by the provider and also the royalties on subsequent sales, in return for marketing in an exclusive territory. Syndicated loans For large loans a single bank may not be able or willing to lend the whole amount. So they spread their lending to gain the risk reducing benefits of diversification. They prefer to participate in a number of syndicated loans in which a few banks each contribute a portion of the overall loan. It generally offers lower returns than bonds. And they are paid out before bond holders in the event of liquidation.Mezzanine finance Offering a high return with a high risk. The finance it provides is cheaper (in terms of required return) than would be available on the equity market and it allows the owners of a business to raise large sum of money without sacrificing control. It is used when the limits of bank borrowing has been reached and the business cannot or is not willing to issue any more equity capital. Medium term notes The company promises to pay the holders a certain sum on the maturity date, and in many cases a coupon interest in the period of time. And it may be unsecured.The interest rates may be fixed, floating or zero rate. Project finance Deal is mainly cre ated by industry corporations providing some equity for those who build and operate a project. The significant feature is that the loan returns are tied to the cash flows and fortunes of a particular project rather than being secured against the parent firms assets. For project finance, while the parent company s credit standing is a factor. The main focus is on the financial prospects of the project itself. And it is used to finance power plants, roads, ports, sewage facilities, telecommunications etc. nd the main advantage is that the finance is raised on the projects assets and cash flows and therefore is not recorded as debt in the parent company s balance sheet. Sale and leaseback If a firm owns buildings, land or equipment it may be possible to sell these to another firm and agree to lease the property back for a stated period under specific terms. Hire purchase The finance house allows the hirer firm to use the equipment in return for a series of regular payments. These payme nts are sufficient to cover interest and contribute to paying off the principal.After all payments have been made then the hirer becomes the owner. The main advantage for the customer is that interest part of the payments are allowable against tax, and capital allowances can be claimed on the asset. Leasing It’s similar to hire purchase. Here also the owner converts the right to use the equipment in return for regular rental payments by the user over an agreed period of time. Here the difference is that the lessee never becomes the owner. Operating lease Commit the lessee to only a short term contract. And don’t have to be reported on the face of the statement of financial position.They will not be included in gearing calculations. And liability of future rentals is reported as a note to the accounts. This is mainly useful for lessee in the case of high technology products which are quickly obsolete. Finance lease It is also called capital lease or full payment lease. The finance provider expects to recover the full cost of the equipment plus interest over the period of the lease. And the lessee has no right to cancellation. The lessee will have to bear the risks and rewards that normally go with ownership. And he will usually be responsible for maintenance, insurance and repairs.It is reported on the face of the statement of financial position. Short Term Finance Securitization: The process whereby companies, instead of raising finance by borrowing from financial institutions, Converts assets into securities for sale in the marketplace. This may be allowed in the lower interest rates. Note Issuance Facilities (NIFs) and Revolving Underwriting Facilities (RUFs):- The NIF acts as an underwriter. Should the borrower be unable to sell all notes, the syndicate is obligated to purchase all the remaining notes from the borrower, essentially providing credit.Note issuance facilities are useful in reducing risk and costs for both the borrower and the len der. A RUF differs from a note issuance facility (NIF) in that the underwriters provide loans instead of purchasing the outstanding notes that failed to sell. In either case, both RUF and NIF provide short- to medium-term credit in the Eurocurrency market. Commercial Paper :-(CP) An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories and meeting short-term liabilities.Maturities on commercial paper rarely range any longer than 270 days. The debt is usually issued at a discount, reflecting prevailing market interest rates. One example is where the company issues six month dollar notes in the European Commercial Paper Market (ECP). Medium-term notes (MTN) Range in maturity from one to 10 years. By knowing that a note is medium term, investors have an idea of what its maturity will be when they compare its price to that of other fixed-income securities.All else being equal, the coupon rate on medium-term notes w ill be higher than those achieved on short-term notes. The use of CPs and MTNs is limited in that a minimum size of company and issue restricts it to large companies, multinationals and certain public sector bodies, and they are driven by the demand of investors. Syndicated Credits:- The main goal of syndicated lending is to spread the risk of a borrower default across multiple lenders (such as banks) or institutional investors like pension’s funds and hedge funds.Because syndicated loans tend to be much larger than standard bank loans, the risk of even one borrower defaulting could cripple a single lender. Syndicated loans are also used in the leveraged buyout community to fund large corporate takeovers with primarily debt funding. Banks:- Bank lending to companies is predominantly short term, although it is also now a valuable source of medium term finance. a)Bank loans:- A short-term loan is a fixed amount of debt finance borrowed by a company from a bank, with repayment t o be made in the near future, for example after one year.The company pays interest on the loan at either a fixed or a floating rate at regular intervals, for example quarterly. A short-term bank loan is less flexible than an overdraft, since the full amount of the loan must be borrowed over the loan period and the company takes on the commitment to pay interest on this amount, whereas with an overdraft interest is only paid on the amount borrowed, not on the agreed overdraft limit. The interest rate for small companies on medium-term loans may either be at a fixed rate or at a margin above the bank's base rate.For larger companies, the interest rate on medium-term loans may again be fixed for up to five years, but is usually at a margin above the London Inter-Bank Offered Rate (LIBOR) adjusted every three, six, nine or twelve months in line with LIBOR movements. b)Overdraft:- An overdraft is an agreement by a bank to allow a company to borrow up to a certain limit without the need f or further discussion. The company will borrow as much or as little as it needs up to the overdraft limit and the bank will charge daily interest at a variable rate on the debt outstanding.The bank may also require security or collaterals protection against the risk of non-payment by the company. An overdraft is a flexible source of finance in that a company only uses it when the need arises. However, an overdraft is technically repayable on demand, even though a bank is likely in practice to give warning of its intention to withdraw agreed overdraft facilities. Overdrafts are often the ideal solution for short term borrowing and are extensively used to overcome short term cash flow problems, such as for funding purchase of raw materials whilst waiting payment on goods produced.There is no penalty for repayment of an overdraft, unlike (usually) the early repayment of a medium-term loan. The bank, though, can demand the repayment of an overdraft atany time, and many businesses have b een forced to cease trading because of the withdrawal of overdraft facilities by their bank. The advantages of an overdraft facility with the bank are that: †¢It provides flexibility. †¢It is a relatively cheap from of finance. †¢Interest is charged on the daily balance. The major drawback of an overdraft is that the bank can withdraw the overdraft facility at short notice.Trade Credit:- Trade credit is an agreement to take payment for goods and services at a later date than that on which the goods and services are supplied to the consuming company. It is common to find one, two or even three months’ credit being offered on commercial transactions and trade credit is a major source of short-term finance for most companies. The advantages of trade credit is that it is a relatively convenient, cheap and informal way of securing short term finance and is available to companies of all sizes. Factoring:-A financing method in which a business owner sells accounts rec eivable at a discount to a third-party funding source to raise capital. Factoring is the cash-management tool of choice for many companies. It is one of the most expensive forms of financing. The way it works is as follows: †¢Once a sale is made, the company invoices its customer and sends a copy of the invoice to the factor. †¢The factor then pays the company a set proportion of the invoice value within a pre-arranged time –typically, most factors offer 80-85% of an invoice's value within 24 hours. †¢The factor issues statements on the company's behalf and collects the payments.However, the company remains responsible for reimbursing the factor for bad debts, unless a â€Å"non-recourse† facility has been arranged. †¢The company will receive the balance of the invoice (less charges) once the factor receives payment. †¢The factor provides regular reports on the status of the company's sales ledger Typical charges on the amount financed range fr om 1% to 4% over base rate, with interest calculated on a daily basis. Credit management and administration charges, including the maintenance of the sales ledger, depend on turnover, the volume and number of invoices. Typical fees range from 0. 0% to 3. 0% of annual turnover –a company with 50 live customers, 1,000 invoices per year and ? 1 million turnover might pay 1%. Advantage:- †¢Cash flow is maximized as factoring enables a company to raise up to 80% or more on outstanding invoices †¢Using a factor can reduce the time and money spent on debt collection since the factor will usually run the sales ledger for the company †¢The factor's own credit control system can be used to help assess the creditworthiness of new and existing customers †¢Factoring can be an efficient way to minimize the cost and risk of doing business overseas Disadvantage:- The factor usually takes over the maintenance of the sales ledger, and customers may prefer to deal with the c ompany it is trading with rather than a factor †¢Factoring may impose constraints on the way business is conducted –for example, the factor will apply credit limits to individual customers and for non-recourse factoring, most factors will want to pre-approve customers, which may cause delays †¢The client company might only want the finance arrangements and yet it might feel it is paying for collection services they do not really need †¢Ending a factoring arrangement can be difficult where the only exit route is to repurchase the sales ledger or to switch factors and that could cause a sudden shortfall in working capital. Invoice Discounting:- A method to draw loans from a company’s outstanding invoices that does not require the company to relinquish administrative control of the invoices. An invoice discounting company will review the outstanding invoices on the company's ledger, and will determine the amount of loans that it will extend. Because the mon ey is loaned, the company will be responsible for interest payments, as well as a fee to the invoice discounting company. The requirements are more stringent than for factoring and different invoice discounters will impose different requirements. ‘Confidential invoice discounting† ensures that customers do not know a company is using invoice discounting as the client company sends out invoices and statements as usual. However, the costs of this are greater since the discounter is carrying a greater degree of risk. Bills of Exchange:- Bills of exchange are similar to checks and promissory notes. They can be drawn by individuals or banks and are generally transferable by endorsements. The difference between a promissory note and a bill of exchange is that this product is transferable and can bind one party to pay a third party that was not involved in its creation. If these bills are issued by a bank, they can be referred to as bank drafts. If they are issued by individual s, they can be referred to as trade drafts. International capital marketsThere is an increasing internationalization of capital markets, especially for the larger companies. Eurocurrency:- Currency deposited by national governments or corporations in banks outside their home market. This applies to any currency and to banks in any country. For example, South Korean won deposited at a bank in South Africa, is considered Eurocurrency. The market generally offers high rates of interest, flexibility of maturities and a wide range of investment qualities in comparison with other capital markets. The unique feature is that the transactions in each currency take place outside the country from which that currency originates.On the short-term, inter-bank Eurocurrency market, transactions may take place between banks on an unsecured basis from overnight to five years' duration. Most transactions are for six months or less and transaction of over ? 1m is common. Eurobonds:- The Eurobond market is an international capital market which has developed alongside the Eurodollar market since the 1960s. Usually, a Eurobond is issued by an international syndicate and categorized according to the currency in which it is denominated. A Eurodollar bond that is denominated in U. S. dollars and issued in Japan by an Australian company would be an example of a Eurobond. The Australian company in this example could issue the Eurodollar bond in any country other than the U. S. A bond issued in a currency other than the currency of the country or market in which it is issued. ) The following advantages are claimed for the Euromarkets in various currencies: †¢Extremely large sums can be raised or deposited. †¢Money will often be cheaper than the domestic markets. †¢Controls tend to be less restrictive. †¢Some protection against exchange rate movements is offered, but here the user will require a high level of skill in selecting his or her alternatives. †¢ Any perio d of surplus or shortage from one day to five years can be accommodated. †¢The markets offer a useful alternative to other sources of capital which the company Eurobonds Available:- †¢Straight fixed rate bondsThe majority of Eurobonds with a fixed coupon can be described thus. Interest is generally paid out once each year and is calculated using a 360-day year. Some older issues do pay half-annually. †¢Equity related bonds These may take two forms: Convertibles–whereby the bond holder has the right (but not the obligation) to Convert the bond into ordinary shares at a pre-determined price. Eurobonds with warrants–which are similar to convertible bonds in that warrants are attached to the Eurobond enabling the holder to purchase ordinary shares represented by the warrants at, or between, specified dates. The exercise price will be set in a similar fashion to that of convertible Eurobonds. †¢Floating rate notes (FRNs)A note with a variable interest ra te. The adjustments to the interest rate are usually made every six months and are tied to a certain money-market index. Also known as a â€Å"floater†. Borrowing in the Euromarkets;- Borrowers in the Euromarkets include: †¢Companies needing dollars for investment in the USA. †¢Unit trusts and investment trusts investing in foreign securities. †¢The United States banks, which find that it is expedient to take up loans through the European market rather than to borrow in the USA. †¢Multinational companies wishing to invest in a particular country without wishing, or being able, to transfer capital from their base country. National governments and bodies associated with national and international agencies. Euro equity:- An Initial Public Offer occurring simultaneously in two different countries. The company’s shares are listed in various countries rather than where the company is based. Choice of Currency for Borrowing The factors affecting the choice of currency used for company borrowing include: †¢The ease and speed of raising finance, which is often easier outside the domestic markets. †¢The size of the debt –larger loans tend to be borrowed in the Euromarkets. †¢The cost of issues –small changes in interest rates can have a significant impact if the loan is large. Whether the currency is required immediately (including coverage in preventing exchange exposure) and in the long run. †¢The security the company has available –Euro borrowings are generally unsecured. Advantages of Raising Funds in International Markets:- There are several advantages to the company in raising funds in international markets, including: †¢It is useful if the company's own capital market is too small, or too complex and/or regulated to raise the required finance quickly and easily. †¢It improves the liquidity and reputation of the company. †¢It may improve trade if the company trades in the cou ntry of the currency/capital market. †¢It can help in preventing takeover bids.

African American Booker T Washington

Booker T. Washington was a man beyond words. He rose up from slavery, delivering speech after speech expressing his views on how to help raise America's view of the African American. He felt that knowledge was power, not just knowledge of â€Å"books†, but knowledge of agricultural and industrial trades. He felt that the African American would rise to be an equal in American society through hard work. Washington founded a school on these principles, and it became the world's leader in agricultural and industrial education for the Negro. He put his heart and soul into his school, Tuskegee Institute, and gained great respect from both the white and black communities. Many of the country's white leaders agreed with his principals, and so he had a great deal of support. Booker T. Washington cleared the way for the black community too fully enter the American society. Washington was born into slavery on April 5, 1856, in Franklin County, Virginia, on a small tobacco plantation. His only true relative was his mother, Jane, who was the plantation's cook. His father was thought to have been the white son of one of their neighbors. Washington spent his early years on the plantation. He did the small jobs, such as carrying water to the field hands and taking corn to the local mill for grinding. This hard work at an early age filled him the values he would teach for the rest of his life. Washington and his mom were freed after the civil war. His stepfather had escaped earlier, and had gotten a job in Malden, West Virginia, at a salt furnace, so Washington and his mother went to live with him. Life was tough in Malden. â€Å"Drinking, gambling, quarrels, fights, and shockingly immoral practices were frequent.† Washington himself got a job in the salt furnace and often had to go to work at four in the morning. Washington really wanted an education. A school for African Americans opened in Malden, but his stepfather would not let him leave work to attend. Washington wanted an education so bad that he arranged with the teachers to give him classes at night. Booker did not have a last name until he went to school. When he realized that all of the other children at the school had a ‘second' name, and the teacher asked him his, he invented the name Washington. Booker heard of a big school for African Americans in Hampton, Virginia, and he decided to go there. In 1872, he set out on the 500-mile journey to Hampton, traveling most of the way by foot. He was only 16 at this time too. When he finally arrived, he had to take an entrance exam that consisted of him sweeping the floor. He graduated with honors and returned to Malden. He then was asked to come back to Hampton to be an instructor. Then, soon after, the principal of Hampton received a letter from a group in Tuskegee, Alabama, asking for help in starting a school for African Americans there. They were expecting a white man, but when they got Washington, they were quite pleased with him. Washington founded The Tuskegee Institute in 1885. The school opened with 30 students. Tuskegee Institute and its facilities grew, and so did its courses in agricultural and engineering subjects. The Institute survived its early years only through the perseverance of Washington. Washington believed in the â€Å"dignity of labor.† He emphasized the teaching of â€Å"practical skills,† like brick making, carpentry and dairying for the boys, and cooking and sewing for the girls. He believed that African Americans must make economic progress, and learn how to make a living first. Booker is remembered and admired for his accomplishments. Of course his most famous being the Tuskegee Institute. Booker T. Washington is a perfect example that even if you came from nothing, you can accomplish great things if you try hard enough and are willing to make the sacrifice.

Ethics Ethical And Ethical Considerations - 1741 Words

The idea of being ethical shouldn’t only play a role in business fields, but also in a normal person’s everyday life. Being ethical pertains to what one thinks is right and wrong. For some one thing may be right while for others that same thing may be wrong, it all depends on your own beliefs and morals. In the accounting world being ethical deals with morals and embedding trust into a company. For small business investors, creditors and managers being ethical is a simple way of staying out of trouble, and is easier to distinguish between right and wrong. WorldCom was one of the biggest telecommunication company that our world h as seen and also had one of the largest accounting frauds in history. WorldCom was a company that did not stay ethical in their ways of doing business. In accounting, the ethical consideration is honesty. You want to help your client to pay as little tax as possible, but you also do not want to cheat the government. In business, the ethical cons iderations are honesty, fairness, and quality. You want to make money by paying the lowest possible wages and producing goods as inexpensively as you can. But you also do not want to starve your employees, or produce shoddy goods that will give you a bad reputation. You also want to outsell your competition, without resorting to unfair business practices. According to the journal article An Analysis of Fraud: Causes, Prevention, and Notable Cases by Kristin Kennedy we see the development of WorldCom andShow MoreRelatedThe Ethical Considerations Of Ethics1132 Words   |  5 PagesEthical Considerations Ethics is one of the most important considerations when making a decision about end of life. 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