If a man has the means to feed himself and protect himself he is free Essay

If a man has the means to feed himself and protect himself he is free. In your opinion, to what extent is this statement relevant for the 21st century - Essay Example The objective of this essay is to analyze the relevance of this statement n the 21st century. Considering the ethics of the discussed statement, it must have relevance at given time. The ideology of freedom suggested here is non-competitive and sharing in nature. However, in the globalised 21st century, where freedom is defined in terms of economic and social competence and people compete with each other for materialistic achievements, food and protection won’t satisfy the needs of men. Hillary Rodhan Clinton, The Secretary of States has stated three essential elements of a free nation which includes a â€Å"representative government, a well-functioning market, and civil society† (Clinton, 2011). Taking this policy of the government into account, it can be assumed that the discussed statement is not given importance in today’s market driven society. However, further analysis of the current policies will reveal that the materialistic objectives ultimately lead to the basic need of food and protection for men. For example, a representative government, func tioning market, and civil society are all indicators of a food secure and protected society. Ironically, the process of achieving the materialistic objectives, most times results in denying the larger objective of food and protection for fellowmen. Bradley J. Birzer , The Commonwealth Men and the American Revolution, Thursday, June 30, 2011, The Imaginative Conservative, Retrieved on 26 September 2011,

Brain Aneurysms Essay Example | Topics and Well Written Essays - 2250 words

Brain Aneurysms - Essay Example Without proper treatment, patients with ruptured aneurysms have limited functional survival. It has been estimated that only 18 percent are functional survivors at 10 years and 8 percent are disabled, the rest die (Vinas and Wilner, 2008). Thus, it can be said that aneurysms of brain have potential to cause death, debility and deformity. The risk factors can be inherited or acquired (Vega et al, 2002). The disease can occur as familial clustering with no other hereditary disease in the family. The cause for this is not yet known. Research has shown that the incidence of brain aneurysms is about 8-9 percent in those with more than one relative suffering from either an aneurysm or subarachnoid hemorrhage (Vega et al, 2002). Also, there are reports that siblings of affected individuals have higher chances of developing subarachnoid hemorrhage due to aneurysms. Thus it can be said that aneurysm has generic and hereditary links. It has been proposed that certain hereditary connective tissue disorders are associated with the development of aneurysms because of weakening of the vascular walls (Vinas and Wilner, 2008). Some research has shown that 10- 15 percent of patients with autosomal dominant condition polycystic kidney disease develop intracranial aneurysms (Vega et al, 2002). However another connective tissue disorde r Marfans syndrome which was incriminated in the development of brain aneurysms is no longer found to be associated with aneurysms (Vega et al, 2002). Other conditions which have been reported to be associated with brain aneurysms are fibromuscular dysplasia, coarctation of aorta and pheochromocytoma. It has been thought that the elevated blood pressure in these conditions is the cause for the development of aneurysms. Other inherited risk factors which have been incriminated in the development of aneurysms include alpha-glucosidase deficiency, Noonans syndrome, tuberous sclerosis, Klineflters syndrome, alpha-1

Essay on Fundamental Rights and Duties

Essay on Fundamental Rights and Duties Rights and duties play an important part in the development of a nation or the growth of an organization. Rights on the one hand give an individual an opportunity to be a part of development process while duties on the other hand make an individual obliged to play a part in the development. As a citizen of a democratic country we all are privileged to have some fundamental rights. But, apart from these rights we also have fundamental duties which we rarely talk about. Moreover responsible citizenship is not just about enjoying the fundamental rights and performing the fundamental duties mentioned in our constitution but it is about going beyond those duties. We always harp on our rights where ever we can and neglect the duties we generally have. As a citizen of our country we enjoy the rights of a privileged citizen and often we complain of the governments inability to provide services. Similarly in an organization, as an employee or a student in an institute we complain about the inadequacies of the system. But when it comes to our duty for the nation or institute, most of the times we are not aware at all. For instance as a responsible citizen, we have the duty of protecting the public properties, which we do not hesitate to destroy while protesting or demanding our rights. Destroying street lamps, burning tyres and vehicles, disrupting traffic are the common phenomena seen at the protest sites. Do we really need to do this? Have we ever realized the losses we cause to our country or organization in this manner? Do we ponder for a moment, how much effort it takes to build those structures? As countrymen we also have a duty to be patriotic towards the country and be humanitarian towards our country men. We also have a social responsibility as a good citizen. But do we perform all these duties? The answer is either a clear No, or partial Yes. We do not pay taxes in time and some of us also try to avoid taxes by questioning its worthiness while being more selfish. We expect government to do everything, without us contributing anything. Most of the unpaid electricity and telephone bills even by people who can well afford to pay those few bucks are a bit astonishing. When we feel our values to be endangered we draw in the attention by retaliating in a particular way. Take for instance, the case of attack on the girls in a pub in Bangalore by some self proclaimed flag bearers of Indian culture who thought that their (girls) presence in the pub was against the Indian culture. But they forgot that women have always been regarded and have a special place in Indian society and u sing force against them is not encouraged in Indian traditional culture. Respecting elders, honesty, veracity, non violence are some of the values of Indian Culture and these as such becomes a duty on the part of us to follow them if we really are conscious of our right to protect the Indian culture. The incident mentioned above just shows how careful we are about our rights and not our duties. The topic is basically about being a responsible citizen; its about deserving first and demanding later. The selection of this topic is slightly influenced by the speech made by our former president Mr. Abdul Kalam Azad YOU say that our government is inefficient. YOU say that our laws are too old. YOU say that the municipality does not pick up the garbage. YOU say that the phones dont work, the railways are a joke, the airline is the worst in the world, mails never reach their destination. YOU say that our country has been fed to the dogs and is the absolute pits. YOU say, say and say. What do YOU do about it? Take a person on his way to Singapore. Give him a name YOURS. Give him a face YOURS. YOU walk out of the airport and you are at your International best. In Singapore you dont throw cigarette butts on the roads or eat in the stores. YOU are as proud of their Underground Links as they are. You pay $5 (approx. Rs. 60) to drive through Orchard Road (equivalent of Mahim Causeway or Pedder Road) between5 PM and 8 PM. YOU comeback to the parking lot to punch your parking ticket if you have over stayed in a restaurant or a shopping mall irrespective of your status identity. In Singapore you dont say anything, DO YOU? YOU wouldnt dare to eat in public during Ramadan, in Dubai. .. YOU would not dare to speed beyond 55 mph (88 kph) in Washington and then tell the traffic cop, Jaanta hai sala main kaun hoon (Do you know who I am?). I am so and sos son. Take your two bucks and get lost. YOU wouldnt chuck an empty coconut shell anywhere other than the garbage pail on the beaches in Australia and New Zealand. Why dont YOU spit Paan on the streets of Tokyo? Why dont YOU use examination jockeys or buy fake certificates in Boston? We are still talking of the same YOU. YOU who can respect and conform to a foreign system in other countries but cannot in your own. You who will throw papers and cigarettes on the road the moment you touch Indian ground. If you can be an involved and appreciative citizen in an ali en country why cannot you be the same here in India So lets put a full stop in complaining about the system. This system is created by us what and we are the system. Lets look at what that can be done by us and what not. Everyone has a duty to be a responsible citizen. But unfortunately, not everyone takes this responsibility seriously. There are plenty of people the world over who do not know what being a responsible citizen means and they are the people who destroy our communities. For being a responsible citizen results in a happy and harmonious community if everyone else does the same. 2. Responsible Citizen Being a responsible citizen covers many areas some of them legal obligations, some social and some moral. So of course, because not all of them are legal obligations, being a responsible citizen is not as easy as staying within the law. In fact, to be a truly responsible citizen, we sometimes must go out of our way to do things which help our society give a little of our time and effort for the greater good. 2.1 Legal Obligations No one can be a responsible citizen without staying within the law. It is as simple as that. Criminals, by their very nature, are not behaving as responsible citizens. Laws exist to protect citizens, the communities they live in and their property. So to be a responsible citizen, we must respect these laws and abide by them. Harming others or others property does not equate to being a good citizen. 2.2 Social Obligations Social obligations really form the bulk of being a responsible citizen and what this means. To be a responsible citizen, we should help our communities and those who live in them. So, being a responsible citizen can encompass things such as volunteering. Volunteering, the third sector is worth billions to our economy and even more to those who are helped by volunteering. But in the interests of being a responsible citizen, this could include smaller things too. So, volunteering for the Samaritans is a noble job to do and one which is certainly needed. But the elderly lady who lives alone may need someone to do her shopping and this demonstrates responsible citizenship just as much as volunteering in an organisation. Other social obligations of being a good citizen can include things such as helping local businesses. This may means buying the meat for Sunday dinner from a local butcher rather than a supermarket, or using a small local bookstore rather than the internet. Being a responsible citizen also means being involved in our communities. This may be demonstrated by being on the school parent teacher association or the village hall committee. It may be as simple as attending events organised by these people. 2.3 Moral Obligations Moral obligations of being a responsible citizen are harder to pin down because different people have different moral codes. But one place we can all start is in helping the environment. The environmental problems society is facing are of our own making and we all have a moral obligation to do what we can to change this. So by living as environmentally friendly life as possible, we can help fulfill our moral obligations of being a responsible citizen. Taking recyclables to be recycled and using a compost bin are two easy ways and there are many more. And they can be linked in with other obligations. For example, if you have a compose bin but no plants to use the compost on, you could give it to people who have plants but live alone, making them less likely to generate a huge amount of compost themselves. Being a responsible citizen should not be a hard thing but it should be something which occasionally requires a little extra effort. This is because being a responsible citizen is, at its core, about being a less selfish person, and putting the needs of society before your own needs. It does not means you have to sacrifice all your free time to volunteer or help others, but it does means taking a little time to think about the impact of your actions on others. A NATION IS HELD TOGETHER BY SHARED BELIEFS AND SHARED ATTITUDES. THAT IS WHAT ENABLES THEM TO RISE ABOVE THE CONFLICTS THAT PLAGUE ANY SOCIETY. THAT IS WHAT GIVES A NATION ITS TONE, ITS FIBER,ITS INTEGRITY, ITS MORAL STYLE, ITS CAPACITY TO ENDURE. -JHON GARDNER 3. Beyond Fundamentals: 3.1 Voting: India as we know is one of the youngest country of the world. More than 50% of its total population is between 20 30 age group, so it has immense probabilities of becoming a global powerhouse. As a country of energy, a country of youthfulness as a country of vibrant young engineers, dynamic technocrats, promising scientists, enthusiastic sportspersons, India has become the cynosure of world. But this country of youths has another face as well. Imagine a case where we are sitting in our drawing room and watching the morning news ..the media persons showing some of our well known leaders taking money for supporting other party or for any other malicious reason. The first thing we do is we start blaming our political system, we never think even for a while that have we played any role in strengthening this system? Have we not contributed in establishing this system of power politics? Have we not chosen these cunning politicians? Werent we influenced by the inflammatory speeches that were deliberately made to create some fire? The modern political system is all about power and money. If we see the profile of a recently elected MPs we will find that almost 300 members are billionaires. Do they really represent the India whos 22% of population is still below poverty line? Arent they the product of this power politics? Isnt the modern Indian politics driven by selfishness instead of the interest of social service? Dont we prefer going according our interest in spite of national interest According to a recent survey majority of the Indian youth especially those living in cities dont go for voting. They prefer going to cinema or watching television. instead of going to polling booths. This is certainly not going to change the scenario. If we really want to change the country, If we really want the tradition to change we have to participate in the elections or at least we have to make sure the person we are going to chose as our representative should be a person of will and a person having an intension to work f or the society, for the country. So the youth of the country and the rich class need to show interest in voting and deciding the future of the country. 3.2 Respecting National Emblems Bertrand Russell once said, Love for your country should be of an extreme nature. Modern era is the era of cut throat competition, an era of hectic schedule, a lifestyle of burgers and pizzas, an age of pubs and discos. The young India is lost somewhere in this euphoric illusion. We hardly remember the martyrs, the independence or republic day is like a holiday for us, we dont even bother to stand up in respect of our national anthem. Our national tricolour doesnt make us feel proud any more. We boastfully talk about patriotism but when it comes to show it we deliver a little. Our attitude comes in between !!! The time is to respect the national heritage, the pluralistic culture of our country and more importantly respecting the people of India. 3.3 Cleanliness/Showing Right Attitude We always cry about the prevailing sanitation problems in our cities. The piles of garbage around our houses and for this we doom the municipality, again comes the famous word system that has been saving our faces to be unveiled and have saved us from disgrace. Do we ever think about the way we behave in our daily life? Do we ever evaluate our attitude? Most of us have the habit of spitting on road while walking, putting garbage on roads in stead of dustbins, we spit on the platforms, in the corners of our offices, classrooms, we dont look for a dustbin after having a coffee or after having a chocolate, we scribble on our benches in our classrooms, we make ourselves immortal by writing on our monuments and finally making them dirty and ugly. We go to our pilgrimages with an immense sense of respect and make them dirty with sheer ignorance !! The solution is that we should always try to change our habit in a positive way. Instead of waiting for the municipality to work we should take the responsibility to make our neighborhoods clean. Its all about changing our attitude. As William James has rightly said The greatest discovery of my generation is that human beings can alter their lives by altering their attitude of minds So what if the municipality is not working properly, its our neighborhood and finally its our responsibility. if we become sincere about our duty everything will be fine. A famous quote goes like this. You improve, the world will get improved. So if we want this world around us to improve, if we want the system to be perfect and smooth we have to take the responsibility. 3.4 Following Traffic Rules One of the common instances in our daily life we see or we do as well is that not following the traffic rules. We dont stop for the red lights and when we are caught we try to settle it down by bribing the policeman. If we have been in Germany we would have stopped for the red light even at the mid night. If we follow the rules in Germany cant we do it in our country? We need to respect the signals. If one starts before the green signal, others will automatically follow him, saying no one is following the rules. Why cant we be the one to follow it? We complain that the traffic police always ask for bribe, why do we allow ourselves to be caught in such a scenario (Exceptions apart)? Few easy things that one can follow Stop for Red signal Start only when Green signal is on Using seat belts while driving Parking our cars only in the designated area Not overtaking on bridges or wherever it is mentioned not to. Wear a helmet when we drive a two wheeler. Dont use mobile phone while driving Dont drink and drive(so that you save your life and others life as well) Avoid overloading or riding three persons on bikes 3.5 Pirated CDs and Books We always cry for the prevalent adulteration in the food stuffs and other daily use stuffs, we often complain about the duplicity of the products available in the market. But we hardly bother when it comes to buy a CD cassette or a book and what is the reason? it is cheap in the veil of this statement we hide our crime. Dont we support crime when we go for this kind of shopping? So make sure when you go to buy a CD cassette or a book doesnt buy a pirated one. By this you are contributing in nation building and at the same time you are paralyzing the system of duplicity and cheating and finally you motivate creativity buying a pirated edition of a book is a kind of insult to the author, so make sure we dont insult the creativity when we buy any book next time. 3.6 Respecting Values The one thing every Indian is proud of is Indian culture, Indian values. We boastfully talk about the culture of sacrifice and forgiveness, respecting elders, honesty and truth, non violence etc. we proudly talk about our ethics but sadly gone are the days .we no more respect our so called Indian heritage of honesty and truth and these are being derided in this culture of i-pods and 3g technology the cut throat competition and our willingness to succeed provokes us to use short cuts and we call it smartness so what exactly we need to do? We need to stand firm for a cause; we need to compromise with the compromise this time we need to kill the devil inside that motivates us to use shortcuts for success. As Henry Fielding has rightly said Let no man be sorry he has done well; because others have done evil! If a man has acted right, he has done well, though alone; if wrong the sanction of all mankind will not justify him. 3.7 Corruption and its birth: Now take a glance on our view on Corruption. We might have at some part of time or other complained of corruption all around and talked in great detail in a board room. But in reality do we really fight against this evil in society. Mostly the politicians are blamed for corruption and using unfair advantage of their position. But it is not just the politicians the evil is rooted deeper in the society. A tree cannot nurture without the roots and the roots of this corruption are we the common man. Firstly, we are allowing it to grow. As Edmund Burke says- For evil to flourish, good people have to do nothing and evil shall flourish. Secondly we are ourselves involved in corruption to get an unfair advantage or as a shortcut to our path. For instance, when we are caught for first time in a traffic violation we offer the police person on duty a lesser amount in lieu of a greater official fine according to traffic rules. As responsible citizens, do we not have the right to fight against an d root out corruption? If these politicians are blamed are we not responsible for their election? The question then arises why we elect such people. May be we are not interested in nation building or we might be looking for our narrow minded goals or short term advantages. The leaders if not responsible will lead to failure of the team as whole. So why not be good leaders and enter politics and make a difference in the society? Why not show the way to others. Thomas Carlyle says-Make yourself an honest man and then you may be sure there is one 4. Conclusion: Rights and duties go hand in hand. Before we complain of the inadequacies of the system and claim our rights we must also consider our responsibility and fulfill the duties. As the famous saying goes- Great power brings great responsibilities. Change has to happen but might take some time and we have to wait for it. Change in an organizations or nations culture is a continuous process, it will happen over a period of time and it will take a consistent effort on the part of individuals. Beginning is always tough, we can elaborate it by this example; imagine a case when you are following two way traffic, one fine day this road becomes one way. It will be very difficult to get accustomed to this new change. Later it becomes part of our life; we are not going to think about this option and we become habitual of it. This applies to all these soft duties as well.

How Important was the My Lai Massacre in Generating Support for the Peace Protest Movement? :: American America History

How Important was the My Lai Massacre in Generating Support for the Peace Protest Movement? The Peace Protest Movement was a time in the Vietnam war when people disagreed with it. This was because of a number of things. The amount of money it was costing, The amount of people killed, but it originated largely from the massacre at My Lai. The reason that the happenings in My Lai, 1968 were so unpopular is because it was the first time that people back home, in USA and all around the world saw what was actually happening to innocent citizens who had done nothing wrong, as a result of Search and Destroy missions. The My Lai Massacre was the first incident to be televised during the war and therefore, it was only then that people realised what was actually happening in Vietnam. This caused a major uproar, which many people were involved in. Students played a major role, running demonstrations against the War, Veterans from the war threw their medals away in disgrace at what was happening, as well as a few more individuals, Richard Nixon, Coretta King, Dr Spock, Roger Laporte and Norman Morrison, who all did their own thing to symbolise the wrongs of the war. Teach-ins on why the USA should leave Vietnam, Railway Blocks with human barricades, Campus Demonstrations, Huge Public Demonstrations, Burning Draft Papers and even to the drastic case of burning themselves to death. Not all Americans supported the peace protest movement, if they lived with the enemy, they were the enemy and deserved what they got. Did My Lai harden the support for the War effort? I don't think so, but some people argue that it did. The thing that worried people is they didn't know how long that this sort of thing had been going on, without them knowing. The protests were not only aiming to try to stop the Vietnamese War, but also to remember all the other innocent civilians killed in other wars that weren't televised before Vietnam. I think that the main reason that the My Lai Massacre caused such an uproar was because it was the first time that anything of the sort had been televised and had so much media coverage, but could the peace protest movement have happened if the media were not involved? I think that it would have, but not to the same extent. How Important was the My Lai Massacre in Generating Support for the Peace Protest Movement? :: American America History How Important was the My Lai Massacre in Generating Support for the Peace Protest Movement? The Peace Protest Movement was a time in the Vietnam war when people disagreed with it. This was because of a number of things. The amount of money it was costing, The amount of people killed, but it originated largely from the massacre at My Lai. The reason that the happenings in My Lai, 1968 were so unpopular is because it was the first time that people back home, in USA and all around the world saw what was actually happening to innocent citizens who had done nothing wrong, as a result of Search and Destroy missions. The My Lai Massacre was the first incident to be televised during the war and therefore, it was only then that people realised what was actually happening in Vietnam. This caused a major uproar, which many people were involved in. Students played a major role, running demonstrations against the War, Veterans from the war threw their medals away in disgrace at what was happening, as well as a few more individuals, Richard Nixon, Coretta King, Dr Spock, Roger Laporte and Norman Morrison, who all did their own thing to symbolise the wrongs of the war. Teach-ins on why the USA should leave Vietnam, Railway Blocks with human barricades, Campus Demonstrations, Huge Public Demonstrations, Burning Draft Papers and even to the drastic case of burning themselves to death. Not all Americans supported the peace protest movement, if they lived with the enemy, they were the enemy and deserved what they got. Did My Lai harden the support for the War effort? I don't think so, but some people argue that it did. The thing that worried people is they didn't know how long that this sort of thing had been going on, without them knowing. The protests were not only aiming to try to stop the Vietnamese War, but also to remember all the other innocent civilians killed in other wars that weren't televised before Vietnam. I think that the main reason that the My Lai Massacre caused such an uproar was because it was the first time that anything of the sort had been televised and had so much media coverage, but could the peace protest movement have happened if the media were not involved? I think that it would have, but not to the same extent.

Everyday Use Essay Essay

In â€Å"Everyday use† Maggie gained the most emotionally because she finally got something she wanted after years of feeling she didn’t deserve the things she desired. Dee, Maggie’s sister, usually could take what she wished from her mother’s home such as the churn top from a butter churn her family had for years. Meanwhile Maggie usually assumed it was the way life went and that other people were more deserving of the things they wished for than she was. When Dee asked her mother for two quilts their grandmother had handmade, her mother told her no and that the quilts were promised to Maggie. In this case Maggie finally gained something she wished for and was shown she deserved it too. Part of Maggie’s belief that she didn’t deserve the things she wanted sprung from her sister’s ability to get everything she asked for. Dee, as it would seem always received everything she asked for when she asked for it. When Dee was graduating from high school she requested a yellow organdy dress to wear on the evening of her graduation which her mother purchased fro her. This showed Maggie that Dee received many things she wanted, while she remained with the little she already had, never asking for much. When Dee asked her mother for the hand carved churn top their relatives had made her mother gave it too her with no problems, even though it was an important piece from their family. This gave Maggie another example of how her sister got things she would have liked to keep. Maggie often felt that she didn’t deserve as many good things as her sister got. Maggie was often stuck with lesser than that of what her sister received and believed that was how life worked for her. As a child Maggie was badly burned in a house fire while her sister escaped just fine, this resulted in her feeling insignificant and shuffling everywhere she went trying to hide her face. The fire having burned and scarred her made her believe she deserved the lower hand of all things in life. Maggie’s school was closed when she was young while Dee went on through full education, this made Maggie feel simple and uneducated. The advantage of her sister’s education made Maggie feel lesser and undeserving. Before the events in the story Maggie felt more like an outcast and unimportant. When Maggie’s mother gave the quilts to Maggie instead of Dee it shocked Maggie and helped her change her perspective on how she should be treated. Dee who always got what she wanted begged and begged for the quilts and expected to receive them. Maggie also expected so and believed her sister was more deserving of the quilts than she was, she told her mother to give the quilts to Dee. Maggie’s mother instead gave the quilts to Maggie shocking everyone and giving Maggie something she deserved for once. In the end Maggie was shown she deserved just as much as everyone else and that life didn’t always give certain people what they wanted. Her sister who had always gotten everything she desired was not given what she wanted for once. Showing her that their was a little fairness to the way things work. While Maggie received what her sister had asked for, getting something she wanted for the first time. This showed Maggie she deserved a little more than she was getting. Over all the event with the quilts broke Maggie’s mindset and gave her a new view on how she was treated.

Qantas Essay

Qantas Airways is an Australian based airline and is a subset of the Qantas Group. It is a public-listed company in the ASX (Australian Securities Exchange). The purpose of this research is to provide information of the Qantas Group focusing on its profitability, efficiency and liquidity for the last 3 years. This research paper also examines the financial analysis and provides other relevant information to support in the evaluation of the company. 1 Company Profile 1.1 History Qantas is the world’s second oldest airline. It was founded in the Queensland outback in 1920 and has been in continuous operation since that date. Qantas is Australia’s largest domestic and international airline and is recognised as one of the world’s leading long distance carriers. The name comes from the initial letters of the words in the original registered title – Queensland and Northern Territory Aerial Services Limited. 1.2 Qantas Group Strategy Safety remains Qantas’ first operational priority and they are committed to maintaining the position as the leading Australian domestic carrier and one of the world’s premier sustainable long-haul airlines through the dual airline brands – Qantas and Jetstar. Qantas aim to maintain customer loyalty by delivering exceptional experiences through these dual brands, in conjunction with Qantas Frequent Flyer. The operating strategy is complimented with a prudent approach to capital management as they seek to deliver sustainable, long terms return to the shareholders. The Qantas Group strategic priorities are illustrated below. 4 1.3 Qantas Overview Qantas is Australia’s largest full service airline carrying 28 million passengers in 2011/2013 on 5,050 flights per week in Australia, New Zealand, Asia, North and South America, Africa and Europe. It is a founding member of the oneworld alliance. Qantas is a single integrated airlines providing airline transportation through its two Qantas brands – Qantas and QantasLink Main Markets Qantas’ main markets are domestic and international traffic to and from Australia. Qantas, a wholly-owned group of subsidiaries including QantasLink and Network Aviation, services 57 metropolitan and regional regular passenger transport destinations across Australia and Port Moresby in Papua New Guinea, as well as 19 dedicated fly-in-fly-out charter destinations. 2011/2012 Passenger Distribution Passenger Revenue Australia domestic 78% 51% International 22% 49% Customers Qantas carries business and leisure passengers Product Qantas offers passengers a premium network product on its extensive domestic and international network and through it oneworld membership, accessing 24 bilateral codeshare agreements (excluding Jetstar and Jetstar Asia with whom Qantas also has codeshare agreements), over 870 destination and 550 lounges. Passengers also have the opportunity to earn and redeem frequent flyer points across its global network. Qantas is focused on both business and leisure travellers by offering a one or two class product on domestic routes and a two, three or four class product for international services. 5 1.4 Jetstar Overview Jetstar commences operations in May 2004. It is the Qantas Group’s low fares airline and the largest low cost carrier in the Asia Pacific region. Jetstar comprises of Jetstar Domestic, Jetstar International and holdings in Singapore-based Jetstar Asia, Vietnam-based Jetstar Pacific and Jetstar Japan. In 2011/2012, its operations carried 18.7 million passengers to over  50 destinations in Australia, New Zealand, Asia and the Asia Pacific. Jetstar also recently announced its intention to invest in a new airline, Jetstar Hong Kong, with China Eastern Airlines in 2013. Main Markets Jetstar’s main markets are domestic and international traffic to and from Australia. Pan-Asian expansion has strengthened through Jetstar Asia, Jetstar Pacific and Jetstar Japan. New Zealand operations encompass both trans-Tasman and domestic New Zealand markets. 2011/2012 Passenger Distribution Passenger Revenue Australia domestic 57% 51% International 43% 49% Customers Jetstar focused on providing consistently low fares to predominantly leisure travellers. Product Jetstar offers domestic and international passengers a value based product with the flexibility to select additional operations in relation to seating, entertainment, catering, baggage and premium seating on long haul. Jetstar’s continual focus on leading online technology has enabled more innovative ways to book, check-in and board. 6 1.5 Fleet Qantas Group operates fleets comprises of Boeing 737-800, A330-200, A380-800 Boeing 787 Dreamliner, Bombardier Q400 and Boeing 717. Over the next 10 years, the Qantas Group has committed capital investment worth US$23 billion in more fuel efficient, next generation aircrafts such as A380-800, Boeing 787 Dreamliner and Airbus A320 neo. 1.6 Corporate and Social Responsibilities The Qantas Foundation was established as a charitable trust in 2008. It forms part of the Qantas Group’s commitment to operating in a sustainable and socially responsible manner. The Qantas Foundation focus on two key areas: ï‚ § Initiative that provide an immediate experience for those in need (Changing lives) ï‚ § Experiences and opportunities that empower the next generation of Australians to make a difference in community (Empowering change) To deliver this vision, the Qantas Group leverage off the diverse resources of the  Qantas Group – from their employees, diverse network of suppliers and partnerships, and the use of their own airline. Another initiative that the Qantas Group took on is aiming for a world class performance by protecting the environment for the generations. They aim to reduce their carbon footprint through several proven measures such as: ï‚ § Aircraft weight reduction initiatives ï‚ § Efficient ground power units in lieu of jet fuel driven auxiliary power units ï‚ § Using GPS-based navigation technology to improve operational efficiency ï‚ § Investing in a fuel efficient fleet such as Airbus A380 and Boeing 787 ï‚ § Facilitating a sustainable aviation fuel industry in Australia On ground, together with their partners, innovative projects and partnerships were set to achieve this goal. One example is the Clean Up Australia campaign; started since 1996, the Qantas Group have been a key corporate partner for the Clean Up Australia Foundation. Key Successes 1. Maintained a downward trend on electricity, water and waste-to-landfill consumption since 2006, despite operational growth. 2. Reduced environment impact between 2005 and 2011: Reduced electricity consumption by 8% Reduced water consumption by 19% Reduced waste-to-landfill by 21% 3. Maintained a downward trend on jet fuel emission intensity 7 2. Key Strategies The Qantas Group has a broad portfolio and a clearly defined strategy with the following core goals: ï‚ § Build on the Group’s domestic businesses through a clear focus on the customer ï‚ § Strengthened Jetstar’s presence across Asia to capture the full benefits of the region’s low-cost leisure travel boom. ï‚ § Continue to expand Qantas Frequent Flyer by adding new partners and increasing ways for members to earn and spend points. Some of the changes seen were introducing a new tablet-based in-flight entertainment system called Q Streaming that received outstanding feedback from passengers. New order for 10 Fokker 100 aircraft were placed to extend Qantas’ reach into Western Australia’s mining centres as part of the Group’s fly-in-fly-out strategy. Jetstar’s focus in the domestic market remained on building up  capacity on core leisure routes with modern fleet such as the A320 aircraft, adding almost 16,000 extra seats duri ng the year. Qantas Group also expanded alliance with American airlines, attracting consumers from the America regions. 8 2.1 SWOT Analysis on the Qantas Group STRENGTH Strong partnership with other alliance through its oneworld membership; accessing 24 bilateral codeshare agreements over 870 destination and 550 lounges. Passengers also have the opportunity to earn and redeem frequent flyer points across its global network which attracts consumer to choose the Qantas Airways over other airlines. Operate and fly in to many destinations such as Australia (Domestic), New Zealand, Asia, North and South America, Africa and Europe making Qantas Airways the ideal airline to consumers. WEAKNESS Qantas do not have many direct routes and depend heavily on its other airline partners. For example to get across to destinations such as Europe, the Middle East and North Africa, consumers have to transit at Dubai and change airlines to the Emirates to get to their final destination. This turns away consumers who prefer to fly in direct to the country. OPPORTUNITY Qantas’ subsidiary – Jetstar announced its intention to invest in a new airline; Jetstar Hong Kong, in partnership with China Eastern Airlines this year. This expands the flying business into the Chinese market. THREAT The global fuel price increase affects the airline industry. With higher fuel prices, the airline’s operating cost increases. To compensate, airline raise ticket prices to generate more revenue which in turn, turn away consumers and force them to look at other airline that provides competitive or even lower prices. Introduction of more low cost carriers from established airlines such as Scoot, a subsidiary airline of the Singapore Airline. 9 3. Ratios 3.1 Profitability Ratio (%) Profitability ratio is used to measure a company’s ability to generate revenue in relation to sales, assets and equity (i.e. often the sum of monies invested). It also shows how effective the company is being managed to stay profitable. Some commonly used profitability ratios include return on equity, return on investment, return on total assets, gross and net profit margins and return on capital employed. Profitability ratios provide investors guidance in their assessment of the company’s financial health and performance. For example, return on investment indicates whether the company is generating enough profits for its shareholders. Net profit margin declined by 0.52% in 2012 while an increase of 0.53% occurred in 2011 as seen in Table 1. It is slightly lower than the industry averages of 1.737% by 0.377%. The decline in net profit margin may be attributed to rising fuel costs, fall in freight, tours and travel revenue. In 2012, Qantas incurred restructuring costs of AUD376 million compared to nil in 2011, which is in relation to their initiative to reduce costs and improve business in the international segment. The other ratios such as Return on assets (ROA) and return on equity also declined to 2.12% and 3.38% respectively in 2012. Profitability Year/Ratio 2010 2011 2012 Industry averages Return on total assets (ROA) 1.76% 2.28% 2.12% 2.630% Return on equity 2.88% 4.26% 3.38% 5.290% Net profit margin 1.35% 1.88% 1.36% 1.737% 10 3.2 Efficiency Efficiency ratios are used to show how well a company uses its assets and liabilities efficiently to be able to earn significant amount of profits. Examples of efficiency ratios include asset turnover, inventory turnover, receivables turnover and payables turnover. Qantas may be considered as efficient in utilizing its resources to generate revenue, with asset turnover showing an increase to 252 days in 2012 compared to 245 days in 2011. Generally the higher a company’s asset turnover, it means the assets have been used more efficiently. From table 2, the number of days taken for creditors to be paid fell to 45.41 days in 2011, however a modest increase of 1.45 days was experienced in 2012. Compared to industry averages, Qantas took a longer time to pay their creditors. On the other hand, number of days debtors took to pay was shortened by 2.09 days in 2012 while there was an improvement of 1.62 days in 2011. However the receivables turnover is a little higher at 19.83 days co mpared to industry averages of 18.45 days. Inventory turnover shows the frequency a company’s inventory is sold and replaced over a period. A high turnover indicates strong sales while a low turnover may imply poor sales and hence excess inventory. Inventory turnover fell to 9.39 days in 2012 compared to 9.72 days in 2011. However the ratio is higher than industry average of 8.52 days. Table 2 Efficiency Year/days 2010 2011 2012 Industry averages Days payable 50.43 45.41 46.86 43.90 Days receivable 23.54 21.92 19.83 18.45 Days inventory 9.19 9.72 9.39 8.52 Asset turnover 234 245 252 284.70 11 3.3 Liquidity Liquidity ratio measures the company’s ability to pay its short term liabilities when due. It is calculated by dividing cash and other liquid assets by the short term borrowings and current liabilities. This will show the number of times the short term obligations are covered by the cash and liquid assets. The short term obligations are considered fully covered and the company is in good financial health if the value is greater than 1. The higher the liquidity ratio, the higher the capability the company possesses to meet its current liabilities. Examples of liquidity ratio include current ratio and quick ratio. Current ratio for Qantas was 0.90 in 2011 and 0.77 in 2012, near industry average of 0.81. In comparison to Virgin Australia Holdings Ltd whose current ratio is 0.65 in 2011 and 2012 (See table 4), Qantas appears more stable though the values of its current ratio are less than 1 for both years. Quick ratio also known as the acid-test ratio focuses on the most liquid as sets, leaving inventory out which may be hard to turn into cash in a timely manner. In the case of Qantas, the quick ratio was 0.71 in 2012, 0.14 drop from 0.85 in 2011, while industry average is 0.75. As compared to Virgin whose quick ratio was 0.61 in 2012, the company seems to be in a stronger position to meet its short term commitments. Table 3 Liquidity Year/Ratio 2010 2011 2012 Industry averages Current ratio 0.93 0.90 0.77 0.81 Quick ratio 0.88 0.85 0.71 0.75 12 Table 4 – Growth Profitability and Financial Ratios for Virgin Australia Holdings Limited Liquidity/Financial Health 2010-06 2011-06 2012-06 Current Ratio 0.76 0.65 0.65 Quick Ratio 0.75 0.62 0.61 Financial Leverage 4.15 4.15 4.3 Debt/Equity 2.3 3.21 3.96 Source: 2013 Morningstar, Inc. 13 3.4 Gearing Ratio Gearing ratio compares owners’ equity or capital to borrowings. Gearing is a measure of financial leverage showing the extent to which a company’s activities or operations are funded by owners’ funds against borrowed funds. A high gearing ratio indicates that a company is using debt to pay for its operations and may risk inability to meet repayments in an economic downturn. The situation could be made worse where rates move upwards suddenly. Lenders are generally concerned about excessively high gearing ratio that may put their loans at risk for non-repayment. Some examples of  gearing ratio are debt equity ratio and net interest cover. For Qantas, the gearing ratio increased to 111.21% in 2012 compared to 98.05% in 2011. This means the company used debt instead of equity to fund its continuing operations. However, this ratio is lower that industry average of 130.547%. Net interest cover ratio refers to the ease a company pays interest expenses on outstanding debt. The lower the ratio, the more the company is burdened by debt expense. The company’s ability to meet interest payments may be doubtful when the ratio is 1.5 or lower. In Qantas case, the net interest cover ratio dropped sharply to 1.54 in 2012 against 3.96 in 2011. This ratio of 1.54 is close to the threshold of 1.5 and is indicative that Qantas may face cash flow problems and inability to meet interest expenses should rates increase suddenly. Table 5 Gearing Year/days 2010 2011 2012 Industry averages Net Interest cover ratio 4.16 3.96 1.54 2.35 Gross Gearing (D/E) 95.600% 98.050% 111.210% 130.547% 14 3.5 Investment ratio A shareholder can analyse the financial information available to determine if the investment in a company is of value and quality. The price/earnings ratio is the best known investment valuation indicators and used widely by investment professionals and investors. Generally the stock with a high price earnings ratio indicates that investors expect higher earnings growth in the future. The price earnings ratio for Qantas was 12.23 in 2012, 15.90 in 2011 and 29.14 in 2010. A sharp decline of 13.24 was recorded in 2011 due to market confidence in this stock prior to 2011. However the industry average is 12.25 which may suggest that investors may be less likely to