Burberry Essay Example | Topics and Well Written Essays - 250 words

Burberry - Essay Example The presentation then focuses on the ‘soft strategies’. The company has initiated many new technology led measures to interact with their customers. This part of the presentation deals with Customer Relationship Management. Burberry hosts a fully choreographed live webcast. Emails are used. Internal website is used to ensure that internal customers are fully away of runway shows, editorial coverage and new store events. Travelling road shows are organized. Round table conferences are conducted with senior managers around the world. The company is dedicated on building an excellent brand image. She says that they want to be known as a brand that is simply great. For this purpose Burberry recruits likeminded people. Its employees are its customers also who buy their company’s products and love them intensely. The presentation then moves towards CRM again. The company has its own social media website. Burberry is followed by two million people on Facebook. There are live stream shows around the world. The highlight of CRM is organizing 25 events around the world and using a new Ipad based purchasing technology. Headquarter of Burberry is also state –of-the-art. The presentation then finishes by Angela saying that it is only 4 years since she and her team started their work and so ‘it is still early

Sapphos A Prayer To Aphrodite and Seizure Essay -- Prayer To Aphrodit

Sappho's A Prayer To Aphrodite and Seizure Sappho wrote poems about lust, longing, suffering, and their connections to love. Her poetry is vivid, to the point where the reader or listener can feel the sentiments rising from the core of his or her own being. The poetry truly depicts a realistic picture of the bonds of love. Through the subtle differences of the poems, "A Prayer To Aphrodite," and "Seizure," Sappho conveys the intensity of the longing and suffering of love. In "A Prayer To Aphrodite," Sappho is offering a prayer, of sorts, to the goddess of love. She doesn't directly describe the pains her love causes her: she suggests them, and allows Aphrodite to elaborate. She mentions the grief one feels at the denial of love, but that is all. She implies that she is living in darkness, without this love she so desires. Aphrodite comes to her -- taking pains to do so -- in all her splendor. She knows immediately what Sappho wishes of her. She has been there for the same purpose before...

Eleanor Roosevelt

Discuss in detail how one of the First Ladies (since 1933) has made an impact on a social issue in the United States First Lady, Eleanor Roosevelt experienced tremendous pain throughout her childhood and believed she would find happiness in helping others. Her sense of social responsibility started in early adulthood advocating for the disadvantaged. After entering the White House in March, 1933 her eyes opened to the depth of racial discrimination and the suffering of African Americans. She made it known that the United States government had a moral duty to ensure racial equality.Her critics viewed her standpoint as radical. Mrs. Roosevelt did not waiver in her fight against discrimination despite the political constraints, failures and public outrage. This was evident in â€Å"Arthurdale†, a small community in West Virginia created to help destitute citizens become economically self-sufficient during the Great Depression. She pushed the Homestead Administration to admit Afri can Americans but they refused. She fought and succeeded in getting other low cost housing for African American families. Mrs.Roosevelt urged President Roosevelt as well as the entire nation to confront the discrimination that faced African Americans. She viewed racial discrimination as undemocratic and immoral. She showed her opposition publicly against the heinous crime of lynching perpetrated on African Americans by Caucasian supremacist. When the Costigan-Wagner anti-lynching bill was introduced in 1934, civil rights leader, Walter White needed Mrs. Roosevelt’s assistance to secure the president’s support. Her support infuriated the President’s administration and southerners. This led many including FBI Director J.Edgar Hoover to conclude she had African American blood in her veins. Despite her best effort the bill failed. The President did not support it for various political reasons. Later in 1939, Present Roosevelt created the Civil Rights Section of the Justice Department making lynching a crime, but failed to win any convictions until 1946. In 1939 Mrs. Roosevelt resigned from the Daughters of the American Revolution after they refused to let African American Marian Anderson sing in their Constitution Hall. Mrs. Roosevelt’s action put racism in the national spotlight.The First Lady was instrumental in arranging for Ms. Anderson to perform at the Lincoln Memorial instead. Her biggest accomplishment in the struggle for racial justice was the Fair Employment Practices Commission established through Executive order by President Roosevelt in June 1941. It read â€Å"there shall be no discrimination in the employment of workers in defense industries or government because of race, creed, color, or national origin. † She played a pivotal role in the ending of military segregation, and in the training of the Tuskegee Airmen’s becoming active fighter pilots in World War II.Their success proved that African Americans wer e just as capable as their Caucasian counterpart. After President Roosevelt’s death in April of 1945, she joined the NAACP becoming the first Caucasian D. C. resident to be a board member. Up until her death in 1962, she continued her fearless work against racism. Her relentless support significantly impacted the future of African Americans. In a condolence letter to her family, Dr. Martin Luther King wrote â€Å"Her life was one of the bright interludes in the troubled history of mankind. †

What Is Securitisation And Its Uses Finance Essay - Free Essay Example

Sample details Pages: 7 Words: 2109 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? If you think you can go it alone in todays global economy, you are highly mistaken Jack Welch, CEO of General Electric, USA  [1] Securitization is considered one of the most prominent developments in international finance, and is its utility is expected to rise further in the future.  [2]  Securitization has been defined as the process of pooling and repackaging of homogenous illiquid financial assets into marketable securities that can be sold to investors.  [3] The concept of securitization typically offers investors higher quality assets due to the fact that the structure created is insulated from the bankruptcy risk of the Originator. The Special Purpose Vehicle (hereinafter SPV) is one such structure. An SPV, or a special purpose entity (SPE), is a legal entity created by a firm (known as the sponsor or originator) by transferring assets to the SPV, to carry out some specific purpose or circumscribed activity, or a series of such transactions .  [4]  SPVs gained prominence in light of the Enron scandal, where the directors and auditors utilized SPVs to clear the debts off the balance book of Enron.  [5] A SPV is an independent entity, usually created for carrying out a specific project, wherein the SPV purchases assets from the Originator and issues securities against the purchased assets. Such a model provides an investor added security insofar that their investment in the SPV is not subject to any subsequent deterioration in the credit quality of the Originator.  [6]  Moreover, the investment is secured by the assets of the SPV, or in case of a joint venture, a performance amount. During the course of this paper, the researcher shall endeavor to highlight the advantages of SPVs in various transactions, with emphasis on the use of SPVs as an acquisition vehicle and the use of SPVs for joint ventures. The researcher shall first analyze the concept of a SPV, before dealing with specific issues like the use of SPVs as an acquisition vehicle and the use of SPVs by Private Equity firms. SPVs -The Concept A securitization process typically entails a four step process. First, a SPV is created, which holds the title to the assets underlying securities. Second, the assets held by the Originator are purchased by the SPV, which in turn leads to the third step, i.e. the issuance of securities to the investors which are backed by the assets purchased. The fourth step involves the SPV pays the originator for the assets with the proceeds from the sale of securities.  [7] A securitization deal typically involves three parties, namely  [8]   1. The Originator: This is the entity on whose books the assets to be securitised exist. It is the Company that generally owns the receivables. The Company then sells these receivables to a newly formed separate legal entity, which can take the form of a company or a trust. In a true sale, the Originator transfers both the legal and the ben eficial interest in the assets to the SPV.  [9]  This process results in the risks associated with the receivables being separated from the risks associated with the Originator. 2. The SPV: In order to raise funds for the purchase of the receivables, the SPV approaches the capital markets. The SPV would typically buy the assets (to be securitised) from the Originator. The SPV is characteristically a low-capitalised entity with narrowly defined purposes (in order to make it bankruptcy remote) and activities, and usually has independent trustees/directors. An example would be the acquisition of Zain Africa by Bharti, wherein two SPVs were created, which took the loan to finance the transaction, and the advantage of this process being that the loan was not on the books of Bharti.  [10] 3. The Investors: The investors that purchase the securities offered by the SPV can be in the form of individuals, institutional investors, mutual funds, provident funds, insurance companies, etc. These investors purchase a participating interest in the total pool of receivables and receive their payment in the form of interest and principal as per agreed pattern.  [11] A Special purpose entity is a unique form of joint venture or a separate form of legal structure that is created by a company or a firm for a special purpose, for example, isolation of risk or for providing liquidity or to obtain favorable external funding.  [12]  The rationale behind creation of such structures is that many of the infrastructure projects require huge capital investments, specialized technologies, multi-skill and advanced management techniques. The risks involved in such projects are so high that individual entities cannot bear such a huge risk solely on their own and they do not want to burden the existing units with such a risk. Therefore, this leads to the formation of a special structure that enables the firm to successfully complete the project by isolating the risk in such a case.  [13]  The unique feature about a SPV is that they have no other purpose other than the sole transaction or project for which they were created and they can make no substantive decisions, the rules governing them are set down in advance and they carefully circumscribe their activities. In other words, SPVs are single project/purpose entities which are bankruptcy remote, i.e. scope of activities undertaken by the SPV is strictly limited and in most cases, a non-petition agreement is obtained from the creditors.  [14] A Special Purpose Vehicle typically has the following characteristics: They are thinly capitalised; They have no independent management or employees; Their administrative functions are performed by a trustee who follows pre-specified rules with regard to the receipt and distribution of cash and there are no other decisions; The assets held by the SPV are serviced via a servicing agreement. They are structured so that they cannot become ba nkrupt.  [15] A Working Group setup by the Reserve Bank of India (hereinafter RBI) in its report suggested certain features for an ideal SPV  [16]   (a) An SPV must be capable of acquiring, holding and disposing of assets; (b) It would be an entity, which would undertake only the activity of asset securitization and no other activity; (c) An SPV must be bankruptcy remote i.e. the bankruptcy of Originator should not affect the interests of holders of instruments issued by SPV; (d) An SPV must be bankruptcy proof. i.e. it should not be capable of being taken into bankruptcy in the event of any inability to service the securitized paper issued by it. (e) An SPV must have an identity totally distinct from that of its promoters/ sponsors/ constituents/ shareholders. Its creditors cannot obtain satisfaction from them. (f) The investors must have undivided interest in the underlying asset (as distinguished from an interest in the SPV which is a mere conduit). (g) A SPV must be tax neutral i.e. there should be no additional tax liability or double taxation on the transaction on account of the SPV acting as a conduit. (h) A SPV must have the capability of housing multiple securitisation. However, SPV must take precaution to avoid co-mingling of assets of multiple securitisation. In case of transactions involving various kinds of assets, they should restrict the rights of investors to the specific pool. (i) The SPV agreement may not release its employees or trustees from their responsibility for acts of negligence and a wilful misconduct. Thus, the distinctive features of a SPV typically include the fact that such vehicles are utilised for a specific purpose, generally to isolate risk, as the basic principle of structured financings are based on one central, core principle-a defined group of assets can be structurally isolated, and thus serve as the basis of a financing that is independent as a legal matter, from the bankruptcy ris ks of the former owner of the assets.  [17] SPVs in the Indian Context In India, an Originator can create a SPV thorough various means, depending on the nature of transaction to be carried out by the SPV. A SPV can be in the form of any of the following legal entities- company, trust, mutual fund, partnership, etc. The instruments issued by a SPV should however, have the following characteristics  [18]   (a) Be capable of being offered to the public or private placement. (b) Permit free or restricted transferability. (c) Permit issuance of pass through or pay through Securities. (d) Represent the amounts invested and the undivided interest or share in the assets (and should not constitute debt of SPV or the Originator). (e) Be capable of being classified as senior / subordinate by differentiation in ranking of security or in receiving payments. (f) May be issued in bearer form or registered in the holders name, may or may not be endorsable and may be issued in definitive form or book entry form. The researcher shall restrict the scope of this paper to the study and use of a SPV which is in the form of a Company. A Company, typically a private company, is a familiar form of SPV setup to carry out a particular activity/project. The primary reason for the popularity of this model is the fact that a Company offers flexibility vis-à  -vis the nature of securities issued by the SPV. As per the Indian Companies Act, 1956, a private company can be setup with a minimum paid up share capital of Rs. 100,000, with at least two members subscribing to the Memorandum of Association.  [19]  The disclosure requirements for a private company are generally lower as compared to a public company.  [20]  Such a company may issue shares and debentures backed by the assets that have been transferred to the SPV. In case of a SPV-Company being created for an infrastructure project (for example-construction of a bridge), then the model typically utilized is the BOT model, wherein the assets are transferred to the SPV, the SPV carries out the construction work, operates it for an agreed time period and then transfers it to the government which has the rightful title to the project.  [21] Another form or popular model of SPV is a trust company, wherein a company acts as a trustee. The functioning is similar to the functioning of a company established under the Companies Act. SPV as an Acquisition Vehicle SPVs are increasingly being utilized as acquisition vehicles by various companies and private equity firms. For example, in a leveraged buyout by a private equity firm, a typical structure is modeled on the following lines. The private equity firm would setup a shell parent and subsidiary company. The shell companies created for the acquisition had no substantial assets of their own but were required to, as per the acquisition agreement, to use a measure of best efforts to complete the transactions con templated by the agreement. The target company was given assurance as to the availability of finance for the transaction by financial institutions which provided a debt commitment letter.  [22] However, in light of the financial meltdown, a new private equity acquisition structure was created which required the private equity firm to provide a letter of guarantee (generally in non recourse terms) to the target company to pay compensation in the event of the transaction not being completed. In a typical triangular or reverse triangular merger, either a subsidiary or a shell company is created by the acquiring company to take over the target company. The rationale being that post merger, the shell company ceases to exist and only the target company, now a subsidiary of the acquiring company survives the merger. An advantage of this process is that the contracts entered into by the target company, and in many cases the goodwill created by the brand name of the target company su rvives the acquisition. Conclusion During the course of this paper, the researcher has endeavoured to highlight the concept and the advantages of a SPV. The distinctive features of a SPV typically include the fact that such vehicles are utilised for a specific purpose, generally to isolate risk, as the basic principle of structured financings are based on one central, core principle-a defined group of assets can be structurally isolated, and thus serve as the basis of a financing that is independent as a legal matter, from the bankruptcy risks of the former owner of the assets. SPVs are increasingly being used for, inter alia, infrastructure projects, as a mode of acquisition vehicle, due to the various advantages that a SPV provides to the Originator. The concept however, came to light for all the wrong reasons as SPVs were used by Enron executives to hide the debt and clear their balance sheets. Notwithstanding the negative publicity created post Enron, the researcher bel ieves that SPVs today form an integral part of the MA landscape in todays world, and provide a unique and bankruptcy remote way or raising capital. Don’t waste time! Our writers will create an original "What Is Securitisation And Its Uses Finance Essay" essay for you Create order