7 Famous Authors Who Weren’t Writers by Profession

If you have ever thought about a writer’s career, you might have wondered about the ways you would pay your bills. If you are a famous writer, then writing already pays off. However, before you become one, you need to have a source of income. Ideally, to become an author, one should either have a lot of free time or a job that doesn’t take much of it and gives inspiration for writing. Haruki Murakami The author of numerous books studied drama in Tokyo and then was a business owner. Together with his wife, he managed a coffeehouse and a jazz bar. This experience was later shared through the protagonist of his South of the Border, West of the Sun. Joseph Conrad The author of the famous The Heart of Darkness has worked as a merchant seaman. This occupation of his and the work-related trips to Congo let him create the novel. The book made him famous once and for all. It also served as base for the iconic film Apocalypse Now. Conrad explained his work-life relations in his book, â€Å"I dont like work — no man does — but I like what is in work — the chance to find yourself. Your own reality — for yourself, not for others — what no other man can ever know.† Bram Stoker He managed the Lyceum Theatre in London between 1878 and 1898. In 1897, the novel Dracula came out, very much inspired by the actor Henry Irving. Stoker hoped that one day, Irving would play Count Dracula himself, but that never happened. Still, the first theatrical adaptation of the novel was staged at the Lyceum. Franz Kafka The world-famous Prague-based writer worked as an insurance officer. This job of his was probably the place where he got the ideas about the insane bureaucracy which surrounded people and made them feel alienated and depressed. Working for an insurance firm inspired Kafka to create The Trial. Antoine de Saint-Exupà ©ry A French writer was an airmail pilot prior to the World War II. He flew as a commercial pilot between Europe, the Americas, and Africa. When the war started, he joined the Air Force. The Little Prince, one of the best-selling books of all times, was inspired by his plane crash in the Sahara desert in 1935 when, deprived of water and food, he experienced hallucinations. He wrote the book while he was in exile in New York trying to convince the US government to enter the war against the Nazis. Sir Arthur Conan Doyle The author of the immortal Sherlock Holmes book series was a medical practitioner. He started writing short stories while studying, then while waiting for the patients. After some time, Conan Doyle opened an ophthalmology practice in London. His medical career helped him create a number of stories and characters, especially Dr. John Watson. Harper Lee A Pulitzer Prize laureate was one an airline ticket agent. She was writing fiction while working and even found an agent in New York. Her friends backed her up a lot when they gave her a year’s salary worth of money for Christmas. This helped her write the book of her life, To Kill a Mockingbird. If you ever think that, in order to write a masterpiece, it is necessary to have a degree in Literature, you should remember these 7 authors above. They all succeeded at literature, but had different jobs. Their occupations not only helped them pay the bills, but also provided the source of inspiration. If Joseph Conrad or Saint-Exupà ©ry were Literature students, they would have never had their life experiences which allowed them to create their books.

Politics of leadership in a global economy - Free Essay Example

Sample details Pages: 9 Words: 2589 Downloads: 10 Date added: 2017/06/26 Category Economics Essay Type Analytical essay Did you like this example? The main objective of this paper is 2008 annual report analysis of Mc Graw-Hill companies. Education segment, information Media and financial services are operated by Mc Graw-Hill companies. Annual report cover page photo describes their three business segments with motivation quote that is Managing for today // Preparing for tomorrow. Don’t waste time! Our writers will create an original "Politics of leadership in a global economy" essay for you Create order CEO letter describes their business segments mission, vision past performance, future prospects, products and customers and causes to decline profits, strategies for generating effective results and what changes they are going to achieving goals. Annual report well organized with some photographs, these photographs says importance of their business segments and how these segments helpful to people. Balance sheet shows financial health and operating performance of company. Its includes amount of profits and cash flows, these are related to stockholders equity, resources and revenue. In balance sheet they are clearly mentioned their profits, liabilities, assets. Stockholders creditors debtors stakeholders employees customers everybody can understand balance sheet very easily. Shareholders earned $2.51 per share in year 2008. Company returned over $5.5 billion to share holders since 1996. Management team discussed company issues, strategies and medical dental and life insurance benefits for retired employees. Management discussions also included considerable amount of information about company future and each segment achievements. Company internal accounting staff produced all financial statements in a good manner. These financial statements audited by their internal auditors. Finally annual report briefly says financial condition, performance, and strategies. OVERVIEW The McGraw-Hill Companies Founded by James H. Mc Graw and John A. Hill. James H. Mc Graw began working in publishing in 1884. At the same time co-founder John A. Hill was working as an editor at locomotive engineer. These two persons started their own publications under the headings of Mc Graw publishing companyandHill Publication Company in 1902. The two men crossed the path over the years and their mutual interest in science and technology. These two book departments of two publishing companies merged to form the Mc Graw-Hill Company in year 1909. Mc Graw-Hill Companies operates three leading business segments across the 40 countries. Those are financial services, education and information and media. The corporation offers an array of trusted, market leading brands that address three enduring global needs the need for capital, the need for knowledge and the need for transparency. Mc Graw-Hill Corporation has more than 280 offices across the world. Sales in 2008 were $6.4 billion. From traditional learning materials to online learning solutions, Mc Graw Hill education is a leader across the education market. The company and its educational publishing segment continued to expand their branches across the world since 20th century. It has offices in 33 countries and it publishes in more than 60 different languages throughout the world. Poors publication company established in 1860. In 1906 standard statistics bureau was formed to provide past unavailable financial data on United states companies. In 1941 poor publishing standard statistics companies merged to form standard poors corporation. Mc Graw-hill companies Inc. acquired standard poors in year 1966.. The Financial Services consists of two operating groups, Credit Market Services and Investment Services. KEY IDEAS McGraw-Hill higher education partners with The NewYork times to add timely, Relevant and real world content to textbooks and related web sites to provide more Information, value and service to professors and students. In 1950s education segment started to provide modern information technology at the K-12 levels in United States of America and Canada. McGraw-Hill collaborates with different kind of companies across the World. They are committed to reaching open markets wherever it may be. They are driving a new digital evolution and, they are dedicated to developing and retaining the right talent to lead this process. They are recognizing the development and integration of the latest technologies and products into our already content- rich information structure is a way to create and deliver immediate results for our customers throughout the world. The most success key factor of McGraw-Hill Companies is, they are leveraging new technologies to create new solutions. Mc Graw- Hill professional talent is their most valuable resource. It enables them to be a market leader and provides highly valued services and information to the world. Therefore, they are invites exceptional individuals to make a difference with a company that sets the standard for excellence and helps the open markets of the world perform to their potential. Standard Poors investment advisory group was created solely to provide independent, objective analysis and advice to the investment management and advisory marketplace. Clients receive portfolio strategy, fund research and asset allocation services encompassing the wide range of Standard Poors analysis and tools, including our ranking methodologies. Finally, Standard Poors provides the analysis research and advice that help make clients feel more confident about their investment decisions. PERSPECTIVE An Annual Report provides a detailed look at the financial results for the prior twelve months of operations. Reporting requirements vary by country, but Mc Graw-Hill annual report includes: Chairmans Statement, Income Statement, Cash Flow Statement, Balance Sheet, Notes to the Accounts, Auditors Report and comparisons charts for last 10 years financial reports. My initial impression about this annual report is they are explained honestly about their financial statements. In CEO letter he said very clearly about profits and losses. He covers in letter reasons to decline profits compared to prior year and future strategies to overcome these bad days. I Mcgraw Hill 2008 annual report was really helpful for the people to know the current status of operations and financial status. While my reading of this report I was impressed about way of presenting financial report and first page of report displays 2008 financial status with photographs. They are clearly explained company oper ated sales compared with prior year. It has explained the best reasons behind the success. Financial report is well organized and the report divided into sections, as 10 year summary, stock performance graph, statement of income, statement of cash flow, balance sheet, statement of shareholders. So, it is easy to find the required information. Organization of this report make it is to read everyone. CEOs letter is appropriately balanced with graphs and photographs which is related to the text. It shows last ten years revenues, cash generated by operations and cash returned to share holders. The body of the CEO letter is clearly written with confident tone. I believe this is appropriate letter to target audience. In Annual report they didnt balance the text with graphs, photographs. But they are used so many tables for explaining financial conditions with balance sheet, share holders equity and cash flow etc. They have to use more graphs and photographs in report. Comparison tables show financial status of last two years. I think comparisons charts average reader can understand easily McGraw Hill financial information. In my point of view annual report they are organized very well. It contains very important information about the company. Data useful for everybody like customers, shareholders, stakeholders, employees. Students also can learn so many things from this by studying annual report. I learned some important things about companys annual reports from this project. Main thing I knew how to prepare balance sheet for the company. In annual report the main portion is management discussions; it shows companys future plans to get effective results. Average reader also can understand the Mc Graw-hill 2008 annual report. LEVEL 1 ANALYSYS McGraw-Hill Education revenue and operating profit declined 17.2% and 70.1%, respectively, primarily due to softness at School Education Group partially offset by an increase in revenue at Higher Education. In 2008, revenue and operating profit decreased due to declines at the Financial Services and the McGraw-Hill Education segments. COMPARISON TABLE OF FINANCIAL REVIEWS 2008 2007 Operating Results by Segment and Income Statistics Revenue McGraw-Hill Education $2,638,893 $2,705,831 Financial Services 2,654,287 3,046,229 Information Media 1,061,875 1,020,221 Total Revenue 6,355,055 6,772,281 Operating Profit McGraw-Hill Education 316,454 399,990 Financial Services 1,055,427 1,359,477 Information Media 92,051 63,467 Operating Profit 1,463,932 1,822,934 General corporate (expense)/income (109,122) (159,821) Interest expense net (75,624) (40,581) Income from Continuing Operational Before 1,279,186 1,622,532 Income Tax Provision for taxes on income 479,695 608,973 Income from Continuing Operations Before 799,491 1,013,559 Extraordinary Item and Cumulative Adjustment Discontinued Operations: Net (loss)/earnings from discontinued operations Income before Extraordinary Item and Cumulative 799,491 1,013,559 Adjustment Early extinguishment of debt.net of tax Cumulative effect on prior years of changes in accounting Net Income $ 799,491 $1,013,559 Basic Earnings per Share Income from continuing operations before extraordinary $ 2.53 $ 3.01 Item and cumulative adjustment Discontinued operations Income before extraordinary item and cumulative adjustment $ 2.53 $ 3.01 Extraordinary item and cumulative adjustment Net income Diluted Earnings per Share Income from continuing operations before extraordinary item $ 2.51 $ 2.94 And cumulative adjustment Discontinued operations Income before extraordinary item and cumulative adjustment $ 2.51 $ 2.94 Extraordinary item and cumulative adjustment Net income $ 2.51 $ 2.94 Dividends per share of common stock $ 0.88 $ 0.82 Operating Statistics Return on average shareholders equity 55.3% 47.3% Income from continuing operations before taxes as a percent 20.1% 24.0% Of revenue Income before extraordinary item and cumulative adjustment 12.6% 15.0% As a percent of revenue Balance Sheet Data Working capital $ (227,980) $ (314,558) Total assets $6,080,142 $6,391,376 Total debt $1,267,633 $1,197,447 Shareholders equity $1,282,336 $1,606,650 Number of Employees 21,649 21,171 I observed financial reviews of last two years in above table. It shows everything about Mc Graw-hills financial department. In 2008 everything slightly declined compared to prior year, because everybody knows last year will long be remembered as one of the most difficult year that every company has faced problems due to financial recession effect. Financial reviews representing the company financial health and operating performance. Mc Graw-hill company Balance sheet dated as of 31st December 2008. I noticed that its providing comparable figures of 31st December 2007. This comparisons was helped me a lot to analyzing the information about company financial status. I think previous years results also essential for understanding and analyzing the information. Revenue for Education segmen t in 2008 decreased by 2.5% to $2.6 billion compared to prior year. School Education group revenue declined by 5.4% to $1.4 billion in 2008. Higher education group revenue increased by 0.9% to $1.3 billion Basic earnings per share 48 cents decreased in 2008 compared to the 2007. Standard Poors Credit Market Services providing important data and global standards about company that help investors to access capital and foster economic growth. SP is the global leader in credit ratings in 2008. SP was published more than 1 million new and revised ratings and rated approximately $2.8 trillion in new debt. 22.5% of total revenue declined in 2008 compared to the last year. Assets of Mc Graw-hills decreased in year 2008 at the same time liabilities increased, operating profit and revenue as well. These things are not a problem for this company. I think it can easily recover as soon as possible. McGraw-Hill Education International includes businesses in Asia, Australia, Canada, Europe, In dia, and Latin America. More than half of McGraw-Hill Educations revenues come from its School Education Group, the remainder comes from its Higher Education, Professional, and International Group. They are decided to make progress in construction. The electronic delivery of their information is a critical part of the transition and is continuing to produce an increasing share of McGraw-Hill Constructions revenue. Finally In my point of view current environment, Mc Graw-hills remain focused on managing costs and Maintaining liquidity and increased efficiency and reduced redundancies in 2008 and its providing quality of Education for International Students and providing good financial services right time to right company. RESEARCH FINDINGS In early periods (starting stage) Mc Graw-Hill Company focused on developing of different specialties business, management and social sciences, adding to its core strengths in engineering and medical. McGraw-Hill publications built on more than 100 years ago. Innovation, trust and leadership were helped them to their extraordinary success in publication industry. The McGraw-Hill Education segment is one of the premier educational publishers. This segment operates two groups, that is School Education Group and Higher education group. Elementary and high school market comes under school education group and college and university, professional and educational market comes under higher education group. Its resources are delivered across a wide range of print and digital platforms to benefit students, educators and professionals at all levels of learning. in 2008. Financial Services segment operates under the Standard Poors brand. Financial segment provides services to different kind of corporations, such as governments, financial institutions, investment managers and advisors globally. It serves based on interest rates, credit quality and investor confidence The corporation is applying for Leadership Energy and Environmental Design certification, a nationally recognized benchmark for high-performance green buildings, for its higher-education offices. By 2010, the value of the residential green building marketplace is expected to boost its market share from $7.4 billion and 2 percent of housing starts in 2006 to $19 billion to $38 billion and 5 to 10 percent of residential construction activity, according to a National Association of Home Builders survey. While McGraw-Hill and others say green building is good business, in growing green consciousness of the consumer, marketing experts say promoting green building is even better business. The major findings in the study included Green healthcare facilities reduce energy use, thus reducing green house gasses and improving air quality. 47% of respondents said that patient recovery time is reduced in green building other benefits include lower operating costs, greater innovation and public relations benefits. The survey clearly shows that there is an increasing trend toward building green healthcare facilities. Of the survey respondents, 19% said they expect that their organization will be significantly involved with green building in 2008. LEVEL 2 ANALYSIS They are focusing on three core values in education field; those are innovation, success and learning, customer focus. They are constantly looking at new ways to improve learning and help people become more productive and efficient in rapidly changing markets. They are focused on helping students of all ages succeed with their proven solutions. They are committed to providing superior customer service and providing solutions to meet every teaching and learning need. McGraw-Hill Education is an innovative global leader in high-quality teaching and learning solutions.  Ãƒâ€šÃ‚   They are helping to improve the worlds prospects by providing individuals vital knowledge to enable them to reach their full potential.   McGraw-Hill Education is where the world learns to succeed. Standard Poors, the worlds foremost provider of financial market intelligence, provides rigorous, independent analysis, and information on stocks, bonds, mutual funds and many other complex inv estment vehicles. The critical thinking, opinions, news and data offered by Standard Poors are an integral part of the global financial infrastructure. The companys Education segment, while not as profitable as SP, enjoys the bulk of a moderately lucrative $800 million textbook publishing industry. With high school and college enrollment rates increasing, McGraw-Hill stands to benefit from long-term societal trends toward higher education, though it is subject to short-term changes in state-wide book adoption rates. The Financial Services segment through Standard Poors credit rating service 41% market share and the Education segment through McGraw-Hills educational publishing of textbooks 35% market share. Education segment McGraw-Hills most profitable segment, Financial Services, enjoys several tailwinds and competitive advantages through its operations as Standard Poors, including increasingly large and complex worldwide capital markets in which market participants demand trusted, reliable, distilled information and ratings on trillions of dollars worth of securities and financial obligation. CONCLUSION The management team constantly finds innovative ways to satisfy the customers. The McGraw-Hill Companies Reports 2008 Earnings Per Share of $2.51, Including $0.14 Restructuring Charge McGraw-hill returned over $5.5 billion to the shareholders since 1996, I think thats pretty good. McGraw-hills 52 week low were $17.15 per share and 52 week high was $37.96. Currently, McGraw-Hills share is worth $25.21 which shows that it is closer to its 52 week high. The reasons to buy the McGraw hill shares, its a one stop shop to understand the company and we can Identify prospective partners and suppliers with key data on their businesses and locations. So I would like to buy shares of McGraw-hills companies and also I am recommending others, who is going to invest money in stock market.

Gender And Communication Essay - 828 Words

In response to what we have discussed thus far in Interpersonal Communication, I would like to further explore the idea of gender in the interpersonal communication arena. As was said in class, †gender influences cultural perspectives.† Gender also influences how we view ourselves in society. On the flip side, I’ve seen how society can mold the way we label ourselves in terms of gender. nbsp;nbsp;nbsp;nbsp;nbsp;The well-known concepts of masculinity and femininity run rampant in our society. We live in a world where men are told to be masculine, women are told to be feminine and those who do not do as they are told, will suffer the societal consequences. nbsp;nbsp;nbsp;nbsp;nbsp;The philosophy of masculinity supports the idea†¦show more content†¦Well, at least for a day or two. nbsp;nbsp;nbsp;nbsp;nbsp;Society would like all women to be feminine. That is to say, society would like all women to render themselves as weak, non-assertive, helpless, male-needing beings. Women are told to act lady-like at all times. This means not arguing, not standing up for themselves and obeying men at all times. The feminine guidelines are seemingly endless and to live a feminine lifestyle is exhausting for most women. It is not accepted for women to spit or belch, whereas for a male these acts are second nature. A fabulous example of manifested pure femininity is the Barbie Doll. Barbie is a homemaker, with a thin body dressed in pink. Barbie is seen as the perfect women and manifests in physical form in every issue of Playboy magazine. Most women are chasing an illusory goal of total femininity, while at the same time searching for complete societal acceptance. nbsp;nbsp;nbsp;nbsp;nbsp;Very few people emit all masculine or all feminine behavior. Most people of our society integrate both feminine and masculine characteristics within their beings. The integration of both masculinity and femininity is known as androgyny. Is has become more and more accepted to be androgynous, yet few people obtain a perfect balance between masculinity and femininity. The unspoken societal rule about gender is, if one is male, one must show more masculine traits than feminine traits, or else risk theShow MoreRelatedGender and Communication1830 Words   |  8 PagesGender and Communications Communication is an ongoing, transactional process in which individuals exchange messages whose meanings are influenced by the history of the relationship and the experiences of the participants. (Adler, p.384) Communication depends on relationships between the people who are communicating, and on common basics between them. Problems in communications between people may arise due to differences in cultures, perceptions, values, and expectations from life. As in manyRead MoreSex, Gender, And Communication1233 Words   |  5 PagesResponse to â€Å"Sex, Gender, and Communication in Small Groups† Throughout this course, a focus of study has been the discrepancies between how men and women communicate in a group. The article â€Å"Sex, Gender, and Communication in Small Groups† by Nina M. Reich and Julia T. Wood focuses on many of these differences, while also providing similarities between how both men and women communicate. To begin, Reich and Wood start by making the important distinction between sex and gender. Sex is the biologicalRead MoreGender Communication in the Workplace2113 Words   |  9 PagesGender Communication 1 Running head: COMMUNICATION BETWEEN MEN AND WOMEN Gender Communication in the Workplace Gender Communication 2 Abstract This research paper focuses on the gender differences at work and their communication styles. It discusses the manner in which men and women take in communicating to others. It is viewed that men are no longer the power house of communication. Research will indicates that in group settings, not one gender type dominates the conversation, butRead MoreDifferences in Gender Communication2246 Words   |  9 Pagesaspects of gender communication differences, the responsible worker or manager can synthesize those findings into a methodology that enhances work place communication. The literature available on gender communication differences, when analyzed, display themes of discussion. They are listed below in order of importance, followed by the different trends that fall under each theme: †¢ Theme: Verbal Differences †¢ Observable Behaviors †¢ Mixed-Gender Supervisors and Subordinates †¢ Mixed-Gender CoworkersRead MoreDifferences in Gender Communication2230 Words   |  9 Pagesaspects of gender communication differences, the responsible worker or manager can synthesize those findings into a methodology that enhances work place communication. The literature available on gender communication differences, when analyzed, display themes of discussion. They are listed below in order of importance, followed by the different trends that fall under each theme: †¢ Theme: Verbal Differences †¢ Observable Behaviors †¢ Mixed-Gender Supervisors and Subordinates †¢ Mixed-Gender Coworkers Read More Gender and Communication Essay1790 Words   |  8 PagesCommunication is an ongoing process in which individuals exchange messages whose meanings are influenced by the history of the relationship and the experiences of the participants. (Adler, p.384) Communication depends on relationships between the people who are communicating, and on common basics between them. Problems in communications between people may arise due to differences in cultures, perceptions, values, and expectations from life. As in many other gender differences, miscommunicationRead MoreCross-Gender Communication as a Form of Intercultural Communication1007 Words   |  5 Pages2011 Cross-Gender Communication as a Form of Intercultural Communication In our daily life we face male/female differences. We can hear almost every day a questions like: Do men and women speak the same language? Why doesnt he/she listen when I talk? He/she is like from another planet, isnt he/she? Men and women communicate and behave differently. Many factors like stereotypes and cultural backgrounds are included in creation of differences in gender communication. Good communication skills areRead MoreSelf-Disclosure, Gender, and Communication639 Words   |  3 PagesRunning head: SELF-DISCLOSURE, GENDER, AND COMMUNICATION 1 Self- Disclosure, Gender, and Communication Gary Wayne McCoy COM 200 Interpersonal Communications Instructor: Jennifer Chagala February 11, 2012 SELF-DISCLOSURE, GENDER, AND COMMUNICATION 2 â€Å"Self-Disclosure, Gender, and Communication† Communication is one of the most important things in our lives. Quality communication in marriage is defined as the interpersonalRead MoreDifferences Between Genders And Communication Essay1613 Words   |  7 Pages When you think of gender differences you probably automatically consider anatomical and biological differences. Perhaps you contemplate about differences in appearance or maybe occupation. Gender differences are relevant in politics, the workplace, domestic commitments, etc. One large gender difference that appears to be prevalent is that of communication. I believe that gender communication holds many advantages and disadvantages within discussions as well as in distinctive settings. When lookingRead MoreOrganisational Behaviour Gender and Communication1557 Words   |  7 PagesBusiness Communication Report TOPIC: Organisational Behaviour - Why men and women are sometimes frustrated with each other’s communication behaviours - armeskueken 02.02.2009 Every race, culture, civilization, and society on this planet shares two basic things in common: the presence of two genders, and the need to communicate between these two. The recent decades, media research has devoted a lot of time and attention to the communicational differences between male and female.

Essay on The Dangers of Cell Phone Use While Driving

For years, people who driving under influence leading causes of road accidents in many countries. Many people have a cell phone and some even call their cell phone their life line. The cell phone is a provider of very important information such as addresses, phone numbers, and important dates. However, while the cell phone has many positive attributes like keeping people in touch, the cell phone becomes very dangerous when a person decides to drive and use it.This obliged many countries especially United States to pass regulations that put the level of blood-alcohol allowed for one to be behind the wheel. Now a day, the governments are working hard to consider banning the use of cell phone while driving in United States because sometimes†¦show more content†¦Distraction is the number one statistically of accidents and combines with the use of the cell phone it’s a number one in crashes because the drivers may first take their eyes off the road when driving to dial or text. In 2010, National Safety Council (NSC) estimated that 28% of all incidents and fatalities on US highways were caused by drivers using cell phones. Sometimes professional drivers think that they can do multitask; for example: text and drive, but according to attorney Todd Clements† We look, but we don’t process what we see†. Another studied show that pedestrians or street signs can be present but unseen when people is cognitively distracted. Bad news thru the cell phone might cause loss of control and very dangerous in occasion because the drivers don’t paid attention on the road and disconnected the real world. If the drivers who use the cell phone while driving were more conscious of how closely related texting while driving and drunk driving are, it would help to inform all drivers on safety behind the wheel. By the way, short calls cannot cause any distraction. Also for me, urgent calls need to be answered, but only a very few second because can be unavoidable. Our driver’s community needs to be educated to how use the device on the road. For example: the drivers need to watch out for pedestrians since there are number dangers on the road. In addition, the drivers need to coast onShow MoreRelatedDangers of Cell Phone Use While Driving562 Words   |  2 Pages It has been reported that roughly 660,000 U.S citizens use their cell phones while driving on a daily basis. You are four times more likely to get into an accident if you are talking on your cell phone and twenty-three times more likely to get into a car crash if you are texting while driving. Reports have also shown that 11 % of drivers who are between the ages of 15-19 were distracted at the time of a fatal crash. A cell phone distracted 21% of those drivers at the time of the fatal crash. Of theRead MoreDangers of Cell Phone Use While Driving Essay1306 Words   |  6 Pageslast few decades, the use of cell phones has become a very common tool. Furthermore, Technology has certainly advanced, and the cell phone is becoming the most preferred mode of communication. The demand for a cell phone is growing every day. In addition, the use of wireless technology is affordable, and anyone can buy a cell phone at a reasonable price. They come in all shapes and sizes. They range from black to bright metallic white. American public use of cell phones is increasing everydayRead More Cell Phones And Driving: Dangers Involved with Cell Phone Use While Driving1036 Words   |  5 Pagesoften. Talking on the cell phone and driving has become a very popular thing these days. Technology is coming out with the new est phones that can do everything for you and people are attracted to that. There are people that don’t have hands free and drive their car with only one hand, people that text and totally take their eye off the road and type conversations to each other. Bluetooth is another technological breakthrough where you wear an ear piece and can receive phone calls by one touch ofRead MoreCell Phones in the Hands of Drivers:1096 Words   |  5 PagesCell Phones in the Hands of Drivers: A Risk or a Benefit? As of 2000, there were about ninety million cell phone users in the United States, with 85% of them using their phones while on the road (Sundeen 1). Because of evidence that cell phones impair drivers by distracting them, some states have considered laws restricting their use in moving vehicles. Proponents of legislation correctly point out that using phones while driving can be dangerous. The extent of the danger, however, is a matterRead MoreThe Epidemic of Texting and Driving Essay1478 Words   |  6 PagesAutomobile crashes as a result of texting while driving is an epidemic that has taken over the nation in the past years. In today’s society, people have become more and more dependent on technology as everyday uses. How many can honestly say that they have text and driven? How many have had to swerve, stop on the brakes or almost gotten into an accident because of it? Texting while driving is the most common thing that almost everyone has done or seen. The main iss ue and threat is that peopleRead MoreCell Phones in the Hands of Drivers: a Risk or Benefit?1570 Words   |  7 PagesCell Phones in the Hands of Drivers A Risk or a Benefit Ariana Laguna English 102 Professor Barnes/Walter 10 December 2012 Outline THESIS: Unless the risks of cell phones are shown to outweigh the benefits, we should not restrict their use in moving vehicles: instead, we should educate the public about the dangers of driving while phoning and prosecute irresponsible phone users under laws on negligent and reckless driving. I. Scientific studies havent proved a link between use ofRead MoreThe Dangers Of Texting While Driving1561 Words   |  7 PagesEnglish 015 18 September 2014 â€Å"Almost Home† With the society we live in today, a cell phone almost becomes a necessity. Although cell phones come in handy and even make life a little easier, our cell phone usage is becoming a threat to us. There are several ways in which this powerful object can be dangerous. Texting while driving is one danger many do not realize until something drastic happens. Texting while driving is not only a threat to us, but as well as other drivers, passengers, and pedestriansRead MoreIs Texting Your Friends Or Family More Important Than Your Life? Essay789 Words   |  4 Pagestheir cell phone while driving. â€Å"One out of every four car accidents in the United States is caused by texting and driving.†(Cell Phone Use While Driving Statistics) Using a cell phone while driving is dangerous, distracting, harmful, and may cause accidents. According to statistics, every day about 66,000 people try to use their phones while driving. â€Å"The National Safety Council reports that cell phone use while driving leads to 1.6 million crashes each year.†(Cell Phone Use While DrivingRead MoreStop the Use of Cell Phones While Driving854 Words   |  4 Pages13 2013 Many people driving don’t know that they can be so many wrongs they can be doing without realizing it. Plenty talk on the phone while driving, drink, text and drive. A lot of people even innocent people as well have had accidents involving one of those. Out of the three there has been one that has become more common, and it’s only increasing if people don’t put a stop to it themselves. A usage of a cell phone should not be displayed at any point while driving. It can wait many have hadRead MoreImportance Of Cell Phone Safety Essay1056 Words   |  5 PagesThe cell phone safety In spite of the fact that cell phones convey a few expediency and advantages to our lives, they additionally have some possibly unsafe impacts. Disclosure of cell phones has been one of the critical technological progress lately. A portion of these effects has contributed emphatically to our lives, yet at the same time, others have affected contrarily. The cell phones have had a noticeable effect on the social life of individuals. In any case, cell phones have accompanied

Analysis of Risks and Opportunities in Brazil and India †Free Samples

Question: Discuss about the Analysis of Risks and Opportunities in Brazil and India. Answer: Introduction In the contemporary business scenario, business organizations are opting for international business for increasing their presence and market share. In entering in the international business, the first criterion that should be considered by the organizations is the market potentiality and market structure of the target or host country (Folsom et al. 2012). Accordingly, they will implement their strategies in order to effectively cater to the customers in the host country. Brazil and India are one of most potential and developing countries in the world with having huge population and increasing growth rate. Moreover, the enhancement of their domestic infrastructure in the recent years has made them more attractive for the global investors. Cheers is a small brewery firm from Australia known for their craft beer. They have gradually increased their market share in Australia and now they are looking to enter the market of India and Brazil in order to increase their market share. This report will discuss about the potentiality of the chosen markets for Cheers. Moreover, various aspects such as cultural, financial and legal risks will be analyzed for these two countries and accordingly, the best destination will be provided. In accordance to the evaluation of the business prospects of Cheers, the most effective entry mode will also be discussed. Analysis of risks and opportunities in India and Brazil The political environment of India is quite stable with having several political parties involved. The taxation structure of India is quite effective and is being amended according to the current requirement. The recent privatization policy of the government of India is initiating in enhancement of efficiency in the domestic structure. The trade and other agreements of India with other countries will also help the organizations operating in India to drive their international business from India. The recent initiatives of Make in India by the government of India are creating huge opportunities for the organizations abroad (Rajan 2015). Under this scheme, government is providing incentives and other benefits for exporting from India. Thus, it will be a huge opportunities for Cheers if they can have their manufacturing facility in India and make it their exporting hub (Levien 2012). Compared to this, the political environment of Brazil is more unfavorable. The recent impeachment of thei r president have promoted political dilemma in the country (Samuels and Zucco 2014). However, the various fiscal initiatives taken by the government and incentives provided by them in attracting FDI in the country are creating opportunities for the foreign organizations. However, there are few challenges that may be faced by Cheers regarding the political and legal environment in India and Brazil. According to the global corruption perceptions index 2016, the ranking possessed by India is not at the positive side. The current ranking of India is 79 which portrays that India is much behind in corruption index (e.V. 2017). However, the trend is showing positive growth in the last few years. It may pose a challenge for Cheers in operating in India. Another challenge that may be faced by Cheers in India is the ease of doing business. This is due to the reason that, according to the data given by World Bank, the current ranking of India in ease of doing business is 130. Thus, India is standing far lower in terms of ease of doing business. Hence, it will be a challenge for Cheers in operating their business in India with having complex regulations. Compared to this, Brazil also ranked at 79. Thus, the level of corruption in both the country is same (Olken and Pande 2012). However, the trend is fluctuating in the recent years compared to the increasing trend of India. In terms of ease of doing business, Brazil stands at 123 which are lower than India. However, there is no such difference between India and Brazil. Thus, the political scenario of both India and Brazil is more or less same. According to the Hofstedes cultural dimensions, the power distance dimension of India stand at 77 which denote high level of inequality in the society. The Indian society is more of hierarchical (Hofstede 2017). It is also been seen that top down approach is being followed in the society. In the case of Brazil, the power distance is 69 which are quite nearer to that of India. The individualism dimension of India and Brazil is ranked at 48 and 38 respectively. Thus, it denotes that India and Brazil is having both collectivistic and individualist traits in their society. Thus, the influence of society on the individual behavior is more and it will pose a challenge for Cheers. This is due to the fact that, they have to consider the social customs and regulations in order to operate in India and Brazil. India and Brazil is having rank of 56 and 49 respectively in terms of masculinity. Thus, it portrays that India is more masculine nation compared to Brazil. Hence, the Indian society is much competitive and is being driven by success and achievement. It may provide opportunities for the organizations due to the fact that the attitude of driven by success will help the organizations to achieve their organizational goals more effectively. The next aspect is uncertainty avoidance (Hofstede 2017). In this aspect, India ranked at 40 which portrays that the society in India is more patient and are acceptable to imperfection. On the other hand, Brazil ranked at 76. Thus, the tolerance factor is high in India compared to Brazil. However, it will have challenges for Cheers. The acceptance to imperfection may pose challenge for the organization due to the reason that, the employees will be more casual in their workplace and they will not strive to gain the perfection. The next aspect is the long term orientation in which India is being ranked at 51. It shows that India is having more inclination towards the normative societies. In India, the cultures, traditions and religions are being given most preference and traditional values are being held high (Hofstede 2017). On the other hand, Brazil ranked at 44 which are lower than that of India. Thus, the practice of normative societies is more in Brazil compared to India. Thus, it will pose a challenge for the organizations due to the reason that, it will create barrier in inducting new technologies and approaches in the internal organizational environment. Moreover, the sector where Cheers is operating is being considered as taboo in a few parts of India. In the case of indulgence, India ranked at 26 which portrays that the Indian society is more of Restraint. According to this aspect, the society in India is more influenced by social norms, cultures and traditions. Thus, it will be a huge challenge f or the organizations operating in India to adhere with the social norms in driving their business. In this aspect, the rank of Brazil is much favorable at 59. Thus, the influence of social norms and traditions is less in Brazil compared to India. The financial structure of India is strong and stable. However, the taxation rate is on the higher side. Foreign organizations operating in India have to pay basic 40 percent corporate tax. Whereas, the tax rate in Brazil for corporate is 34 percent. Thus, compared to some other leading countries, the tax rate is much higher. The current inflation rate in India and Brazil is 2.36 and 2.71 as of July, 2017 (Tradingeconomics.com 2017). Moreover, it is showing increasing trend and with the increase in the rate of inflation, the customer expenditure will be more and thus being a provider of luxurious items, the market potentiality for Cheers will get lower. In terms of balance of payments, India is having trade deficits of US $ 144.2 billion as of 2015 (Xe.com 2017). Brazil is having trade deficit of US $ 588 billion (Tradingeconomics.com 2017). Thus, the trade deficit which is there for both the economies but Brazil is having more and it will have negative impact on their economy. The current rate of currency exchange between INR and AUD is .20 AUD is equals to 1 INR. Thus, the value of AUD is more than that of INR. On the other hand, 1 AUD is equals to 0.40 Brazil real. Thus, Brazil is having more favorable currency value compared to India. However, it will pose challenge for the organizations operating an exporting from India or Brazil due to the fact that they will receive less exchange valuation in the international business. It will also be a challenge to be faced by Cheers in entering the Indian or Brazilian market. In terms of industrial competition in India, there are various organizations already selling beer in the market. Domestic and global players are present in the market. However, the competition in the market of craft beer is more intense in Brazil due to presence of several competitors (Forbes.com 2017). Another challenge that may be faced by Cheers is the issue with labor problems. Due to the presence of numerous political parties in India, t rade unions are also having diversified ideologies which caused issues in the organizations. However, Cheers will an opportunity in having low cost of production due to adequate labor supply at low cost in India. However, the cost of production in Brazil will be considerably more due to higher labor cost. Huge population is another opportunity for Cheers. This is due to the reason that, the more will be the population, the more will be the market for them to operate. In this case, India is way ahead than Brazil. The annual GDP growth rate of India is 7.1 percent which is leading among the developing countries in the world. The GDP per capita of India is 1709.39 USD as of 2016 and it is also showing positive trend. However, as per the data available with the World Bank, Brazil is going through negative growth rate of -3.4 percent as of 2015 (World Bank, 2017). However, due to less population compared to India, the per capita GDP of Brazil is more at US $ 8649.95. The market for beer is increasing in India and expected to have valuation of $430 by 2017. The niche market of alcohol in India is estimated at $35 billion. On the other hand, it is being estimated that the market for craft beer in Brazil will increase at the rate of more than 40 percent. Selected destination country Based on the analysis being done above, India is being chosen as the target market. This is due to the reason that, the economy of India is having more potential than that of Brazil. It is being seen that the GDP growth rate of India is one of the leading growth for any country, whereas Brazil is going through negative growth rate which will be not favorable for business (Phillips 2013). Moreover, market size is one of the key determinants to be considered to enter in to new market. In this case, India is the second most populous country in the world (Cassen 2016). Thus, the market size is more when compared to Brazil. It is also been seen that the political and economical structure and policies of India is more effective and business friendly compared to Brazil. The political environment is India is much more stable and it is necessary for the business organizations for smooth operations. Other aspects such as corruption index and ease of doing business are more or less similar for the both countries. Thus, based on these criterions, it is being selected that India will be the chosen country for market expansion. Proposed market entry strategy: Mode of entry Based on the analysis of the organizational structure and area of operation of Cheers, it can be concluded that the most effective market entry strategy for them will be joint venture. The main reason to initiate joint venture is having low risk and having presence in the host market (Beamish 2013). In the case of joint venture, Cheers will form an entity with an experienced domestic partner from India in setting and driving their operational facility there (Killing 2012). However there are various mode of entry is available for the organizations to enter in the international business. Most notable are direct and indirect exporting, joint venture, licensing and franchising, and direct investment. However, in the case of the direct investment, the business risk and the investment involved is more for the organizations due to the fact that the investment has to be done only be them. Thus, in entering the new markets and effectively determining the market requirement, it will be a huge risk in investing enormous amount. Direct and indirect mode of exporting involves fewer amounts of investment and risk. However, in the case of exporting, organizations will not have any physical presence in the target market, which will pose challenge for them in enhancing the brand equity. Another issue that may be faced by them in the case of exporting is the increased cost due to the involvement of duties and tariffs. Justified mode of entry Thus, among the available mode of entries, Joint venture will be the most effective mode of entry for Cheers. It will help them in effectively targeting and marketing their products according to the market requirement. This is due to the fact that, the domestic partner will have the more knowledge about the taste and preference pattern of the Indian customers more than Cheers. The business risk involved in investing in the foreign country will also be less due to the presence of a partner (Kraus et al. 2015). Cheers can leverage the brand value and goodwill of the domestic partner in marketing their products in India. Moreover, due to direct investment in the Indian market, Cheers can avail the benefits from the government of India. They can further make their operation unit in India as their export hub which will further attract more benefits and incentives (Freixanet 2012). Moreover, due to the presence in the local market, the cost involved in paying import duties can also be avoided and thus, the pricing can be effectively done (Amiti and Khandelwal 2013). In addition, the sourcing of the resources in India will be easier due to the reason that the labor cost in India is much lower compared to other countries. Fruits, which are the key raw material for breweries, are having abundant supply in India. Sourcing of skilled employees is also not an issue in India. Cheers have already established their market in Australia to extent and thus they have the financial resources to invest in the foreign market. Moreover, the sourcing of fund is also easy and efficient in India due to their stable banking system. Commercial infrastructure of India As discussed earlier, India is one of the leading developing nations in the world. Thus, in accordance to their development, the government (Pradhan and Bagchi 213) is developing the infrastructure rapidly. The roads are well connected. Al modes of transport are available and sea and airports are having access with all the major cities around the world. It is already being discussed about the higher rate of corporate tax in India, but with investing in India, tax benefits will be available for Cheers. India is having high margin of income disparity. The percentage in the top of the pyramid is increasing at a rapid rate. Thus, it will be an opportunity for Cheers due to the fact they will cater to the higher end and niche market (Murray and ONeill 2012). However, issues with labor union can be generated due to the reason that they have great influence in the Indian business environment. However, effective management is required in order to prevent these issues. In this case, the measu res taken by other foreign organizations in India will be beneficial for Cheers. Conclusion Having discussed the external environment of Brazil and India, it can be concluded that India will be the perfect market to enter for Cheers. The market segment where Cheers is operating is growing at a rapid rate in India. This report have discuss about the various aspects that should be considered by the organizations before investing in foreign countries. In majority of the cases, it is been seen that Brazil and India is going head to head. However, India is being selected due to their sheer market size and enhanced infrastructure. The financial condition of India is also much favorable than that of Brazil. Moreover, the perfect entry mode strategy for Cheers is being chosen as joint venture. It is been discussed that joint venture will help them in utilizing their resources effectively with enhancing their market presence. Thus, it can be said that entering the Indian market through joint venture will help them in effectively targeting their chosen customer segment in India which will eventually help them in increasing their market share. References Amiti, M. and Khandelwal, A.K., 2013. Import competition and quality upgrading.Review of Economics and Statistics,95(2), pp.476-490. Beamish, P., 2013.Multinational joint ventures in developing countries (RLE International Business). Routledge. Cassen, R., 2016.India: population, economy, society. Springer. e.V., T. (2017).Corruption Perceptions Index 2016. [online] www.transparency.org. Available at: https://www.transparency.org/news/feature/corruption_perceptions_index_2016 [Accessed 4 Sep. 2017]. Folsom, R.H., Gordon, M.W., Spanogle, J.A., Fitzgerald, P.L. and Van Alstine, M.P., 2012.International business transactions: a problem-oriented coursebook. ThomsonReuters. Forbes.com. (2017). Forbes Welcome. [online] Available at: https://www.forbes.com/sites/andersonantunes/2015/02/18/the-30-best-craft-beers-available-in-brazil/#839ac7d7ba41 [Accessed 4 Sep. 2017]. Freixanet, J., 2012. Export promotion programs: Their impact on companies internationalization performance and competitiveness.International Business Review,21(6), pp.1065-1086. Hofstede, (2017). [online] Available at: https://geert-hofstede.com/india.html [Accessed 4 Sep. 2017]. Killing, P., 2012.Strategies for joint venture success (RLE international business)(Vol. 22). Routledge. Kraus, S., Ambos, T.C., Eggers, F. and Cesinger, B., 2015. Distance and perceptions of risk in internationalization decisions.Journal of Business Research,68(7), pp.1501-1505. Levien, M., 2012. The land question: special economic zones and the political economy of dispossession in India.The Journal of Peasant Studies,39(3-4), pp.933-969. Murray, D.W. and O'Neill, M.A., 2012. Craft beer: Penetrating a niche market.British Food Journal,114(7), pp.899-909. Olken, B.A. and Pande, R., 2012. Corruption in developing countries.Annu. Rev. Econ.,4(1), pp.479-509. Phillips, N., 2013. Unfree labour and adverse incorporation in the global economy: comparative perspectives on Brazil and India.Economy and Society,42(2), pp.171-196. Pradhan, R.P. and Bagchi, T.P., 2013. Effect of transportation infrastructure on economic growth in India: the VECM approach.Research in Transportation Economics,38(1), pp.139-148. Rajan, R., 2015. Make in India, largely for India.Indian Journal of Industrial Relations,50(3), pp.361-373. Samuels, D. and Zucco, C., 2014. The power of partisanship in Brazil: Evidence from survey experiments.American Journal of Political Science,58(1), pp.212-225. Tradingeconomics.com. (2017).India Inflation Rate | 2012-2017 | Data | Chart | Calendar | Forecast. [online] Available at: https://tradingeconomics.com/india/inflation-cpi [Accessed 4 Sep. 2017]. World Bank, (2017). [online] Available at: https://data.worldbank.org/country/brazil [Accessed 4 Sep. 2017]. Xe.com. (2017).XE: AUD / INR Currency Chart. Australian Dollar to Indian Rupee Rates. [online] Available at: https://www.xe.com/currencycharts/?from=AUDto=INR [Accessed 4 Sep. 2017].

Company and Securities Law with Westpool Pty Ltd.

Question: Anthony, Ben, Catherine and Daniel are directors of Chaser Ltd., a company whose business is wine bottling. Given the downturn in the economy and entry of new countries into the "New World" wine market, competition especially in Asia is becoming increasingly stiff. The directors of Chaser Ltd. feel that it would be prudent to diversify and invest in other business opportunities. During the Easter vacation, Anthony caught up with his old friend from university, Wayne, who works for a green energy company in Norway that predominantly specialises in Tidal energy. Tidal energy is a very new form of energy that is picking up momentum in Europe and the Atlantic coast of the USA. The power created through tidal generators is generally more environmentally friendly and causes less impact on established ecosystems. Although not yet widely used, tidal power has a potential for future electricity generation. None of the energy companies in Australia currently use this form of energy. At the nex t board meeting Anthony mentions tidal energy as a possible business venture for Chaser Ltd. Anthony invites Wayne who has just formed a company, Westpool Pty. Ltd. that makes tidal stream generators, to come and speak to all the directors of Chaser Ltd., at their next meeting about tidal energy for thirty minutes. Wayne is a very convincing speaker who showed them great 3D underwater pictures of the tidal stream generators his company makes. After Wayne leaves, the directors are all very excited at the prospect of being pioneers in the field of tidal energy in Australia and believe that this will be a profitable business. Without much further discussion they decided to invest $20 million into this venture and to give the sole contract to supply tidal steam generators to Westpool Pty. Ltd. Three months later Chaser Ltd.'s tidal energy business is a disaster. They discovered that the Australian waters is not suitable for tidal energy. While it may be suitable in Europe and the USA, A ustralia is not a suitable site for tidal energy, mainly because of the Great Barrier Reef. The directors later discovered that although Wayne had been very convincing in his speech to them he really was not an expert in tidal energy and actually held an insignificant position in his company in Norway. Much to the directors' surprise, they discovered that Anthony is a major shareholder of Westpool Pty Ltd. Advise the directors of Chaser Ltd whether they have breached their directors duties under both the Corporations Act 2001(Cth) and general law? Answer: Facts In the present case, the directors of Chaser Ltd, Anthony, Catherine, Ben and Daniel have entered into a contract for the supply of tidal generators with Westpool Pty Ltd. after seeing a presentation by the director of Westpool, Wayne who is also a friend of Anthony. However only after three months, the tidal energy business turns out to be a disaster. The directors of Chaser Ltd come to know that the waters of Australia are not suitable for tidal energy. Later on, the directors also come to know that Wayne was not an expert on tidal energy and in reality he only had a minor position in the company in Norway. At the same time, the other directors of Chaser Ltd also find out that a major shareholder of Westpool is Anthony. Legal Issues Involved: Under the circumstances it needs to be decided if the director's duties provided by the Corporation Act, 2001 as well as the directors duties prescribed by common law have been breached in this case or not. Relevant Laws: Common Law Duties: Apart from the common law directors duties there are duties provided by Corporations Act 2001 also. At the same time, the Constitution of the company may also provide for the duties of the directors. The purpose of the duties of the directors is to promote good governance and at the same time they have also been designed with a view to make sure that the actions of the directors are in companys best interests (Austin, 1995 p19). In this regard, the common law provides that the directors have a duty to act in good faith. It is also the duty of the directors not to act for an improper purpose. There are also the duties of care and diligence, to avoid conflict of interest and refrain from making improper use of position or improper use of information. There is also the duty which requires that the directors should not allow it to trade if it is insolvent (Keay, 2001). In this regard, the duty of care and diligence requires that the directors should be aware of the financial affairs at all times including its solvency. It cannot be diminished in case the duty has been delegated by the directors. In the same way, the directors cannot use ignorance concerning the affairs of the company. Therefore, this duty requires that the directors should question information that has been placed before them. At the same time, the duty to retain discretion requires that the directors of companies should not put themselves in such a position where it will be difficult for them to make decisions that are in companys best interests (ANZ Executors Trustee Co Ltd v Qintex Australia Ltd, 1991). This requirement includes entering into business transactions due to which a situation may be created as a result of which the director is not able to take part in making decisions for the company. An example in this regard can be given of the situation where the director is req uired to raise the interest of other parties before their company's interests. There is the duty to avoid conflicts of interest. It is considered that the directors owe fiduciary duties to their company. It is a significant legal relationship and includes the presence of the duty of trust and good faith (Ramsay and Stapledon, 2000). Therefore, it is required that the directors should give preference to the interests of the company instead of their personal interests. This duty also requires that the directors should avoid situations where a personal interest may be present which conflicts with company's interest as the directors have a duty to protect companys interests. Such a situation may take place in case there are the chances of a conflict (Regal (Hastings) Ltd v Gulliver, 1967). Such a conflict may be direct or indirect and the directors have a duty to avoid having an interest in a transaction that is taking place with the company. This duty will be breached in case a director enters into a transaction, direct or indirect (Statewide Tobacco Services Ltd v Morley, 1990). Another duty another duty of the directors provided by the common law is the duty that requires that directors should not abuse corporate opportunities. Directors are required to avoid these situations where a conflict may exist between their own interests and that of the company. This situation may take place in case the act of the director is related with company's affairs that the act has been done in course of management and also while using the special knowledge and opportunities that are available to the person as a director of the company. It is also required that there should be a causal connection amid directors fiduciary duties and the opportunity. In such a case, it needs to be seen that the opportunity arose under what circumstances along with its nature as well as the nature of companys operations along with its future operations (ASIC v Rich, 2003). In case a connection is present amid the obligations of the director and such an opportunity, there are chances that the d irector has misused the opportunity. At this point, it also needs to be noted that in such a case it is not relevant if the company itself was not in a position to exploit the opportunity, except where it can be said that it is in the interests of the company that such opportunity may be pursued by the director (James, Ramsay and Siva, 2004). Apart from the common-law duties of directors, chapter 2D Corporations Act also provides for directors duties. These include the duty of care and diligence, duty of good faith and the improper use of information and position by the directors. There are certain other provisions that are related with the duty of the directors to prevent insolvent trading, disclosing material personal interests, financial reporting, and reliance on delegates. Statutory Duties: In this regard, s180 of the Corporations Act provides for the duty of the directors to use care and diligence and also provides the business judgment rule (AWA Ltd v Daniels, 1992). The director's duty of care and diligence is also present under the common law and his duty has also been provided by s180 of the Corporations Act. According to s180(1), the directors of companies should use their powers with the same level of care and diligence that would be exercised by any other reasonable person under similar circumstances. In this regard, the reference that has been made to the reasonable person reveals that it is an objective standard of care which is consistent with an equivalent fiduciary duty of the directors. Therefore a balance needs to be maintained between the reasonably foreseen risk of harm and the probable benefits that may reasonably be derived by the company from such conduct. In this regard, the court considers the subjective elements like position of the director as we ll as the particular circumstances of the company while assessing if the duty of the director has been breached or not (R v Byrnes, 1995). Section 180 incorporates the business judgment rule. According to s180(2) the director of the company is required to make judgment for proper purpose and in good faith and such director does not have any material personal interest regarding the subject matter of such judgment. In the same way, the directors should inform them about its subject matter to the extent which they reasonably believe to be appropriate. At the same time, it should be reasonably believed by the directors that the judgment made by them is in the best interests. Therefore, it is important that these requirements have been satisfied by the directors in order to fulfill the duty of care and diligence has provided by the Corporations Act regarding a particular business judgment. At this point, it needs to be mentioned that a business judgment includes the decision related with taking or not to take action regarding a particular matter that is relevant for the operations of the company (Farrar, 2000 p106). Application of Law: In the present case, the directors of Chaser Ltd. Anthony, Ben, Daniel and Kathleen have breached their duty as the director of the company to act with reasonable care and diligence. In this case, the directors of Chasers Ltd have not informed themselves adequately before entering into the contract with Westpool Pty Ltd. and have only relied on the presentation given by Anthony. They have not taken any steps to inform themselves if the tidal generation business would be suitable for the company or not. The result was that without making proper inquiries, they entered into a contract worth $20 million with Westpool Pty Ltd. However the business turned out to be a disaster within a short period of three months. The directors of Chasers Ltd came to know later on that due to the Great Barrier Reef, Australia is not suitable for the generation of tidal energy. Section 181 of the Corporations Act provide for the directors' duty of good faith. Therefore, the directors should use their powers and fulfill their duties in good faith. This section also provides that duties should be discharged and powers should be exercised by the directors for a proper purpose. In this way, this statutory provision is similar to the fiduciary duty of the directors which requires that the directors should act bona fide. In this way imposes a duty on the directors that they should act honestly even if there is a conflict of duties (ASIC v Vizard, 2005). This duty can be breached by the directors if they exercise their powers for an improper purpose although it is believed by the directors that they are acting honestly. Section 182 of the Corporations Act provides the duty of the directors according to which they should not use their position improperly. This section provides that the director of the company should not use its position improperly with a view to ac hieve personal advantage or for any other person or causing a detriment. This duty is breached by the director in case the director involves in conduct with a view to obtain a personal advantage or to cause a detriment to the company. In this regard it is immaterial if such benefit or detriment has been caused in reality or not (Greenhow, 1999 p33). In the present case, this duty has been breached by Anthony who is a director of Chaser Ltd and at the same time also a major shareholder of Westpool. In this case, and then he has acted improperly with a view to achieve personal gain and at the same time, Anthony has also acted with a view to benefit Wayne, who is an old friend of Anthony. At the same time, section 191 to 195 of the Corporations Act provides that material personal interests should be disclosed by the directors. Therefore a director who has material personal interest in any matter associated with companys affairs should give a notice regarding the presence of such interest under section 191 of the Act. The Corporations Act provides a list of the interests that the directors are not required to disclose and all other interests have to be disclosed. The notice containing the details related with the nature and extent and also how it is related with companys affairs needs to be given to the directors. This notice should be given as soon as reasonably possible after the director comes to know regarding the presence of such an interest. Conclusion: As a result of the above said discussion, it can be said in the present case that the directors of Chasers Ltd can be held liable for the breach of their duties as the director of the company prescribed by the Corporations Act and also for breaching the common law duties of directors. While the three directors of Chasers Ltd, Daniel, Ben and Catherine can be held liable for the breach of the common law duty of care and diligence as well as the statutory duty provided by s180, Corporations Act according to which the directors of companies have a duty of care and diligence. On the other hand, the fourth director of Chasers Ltd, Anthony has breached his duty as the director of the company when he did not inform the other directors concerning the presence of a significant material interest in the deal with Westpool. Similarly, Anthony has also acted with a view to attain a personal benefit and to get a benefit for Wayne, his old friend. Therefore, all the directors of the company have breached different duties of directors prescribed by the Corporations Act and also the common law duties. References Anderson, (2006) Creditors rights of recovery 30 Melb Uni LR 1 Farrar (2000) A Note on Dealing with Self Interested Transactions by Directors 12 Bond Law Review 106 Greenhow (1999) The Statutory Business Judgment Rule: Putting the Wind in Directors Sails in Bond Law Review 33 James, Ramsay Siva (2004) Insolvent Trading: an Empirical Study Keay, (2001) The directors duty to take into account the interests of company creditors: When is it triggered? 25 Melb Uni LR 315 Keay, 2001, Directors Duty to Take Into Account the Interests of Creditors Melbourne University Law Review 11 R P Austin, (1995) Representatives and Fiduciary Responsibilities Notes on Nominee Directorships and Like Arrangements 7 Bond Law Review 19 Ramsay Stapledon, (2000) Directors Conflicts Empirical Study Case Law ANZ Executors Trustee Co Ltd v Qintex Australia Ltd (recs and mgrsapptd) [1991] 2 Qd R 360 ASIC v StephenWilliam Vizard [2005] FCA 1037 ASIC v Vines [2006] NSWSC 760 Australian Securities and Investments Commission v Rich and Others (2003) 44 ACSR 341 AWA Ltd v Daniels (1992) 7 ACSR 759 R v Byrnes (1995) 130 ALR 529 Regal (Hastings) Ltd v Gulliver [1967] 2 AC 134 Statewide Tobacco Services Ltd v Morley (1990) 2 ACSR 405