Medicare and Medicaid free essay sample

What does 100 percent or 150 percent of destitution mean? The government destitution level speaks to the level at which neediness or resource starts. Every year, the government decides this number dependent on swelling and other applicable elements. The bureaucratic destitution level rules are utilized as a qualification measure for administrative, states and neighborhood government programs. 100 percent of destitution mean-an individual or household’s yearly pay is equivalent 100 percent of the government neediness level. 50 percent destitution mean-an individual or a family unit acquires 50 percent more than the government neediness level. In 2012 for example, the government destitution level for an individual was $11,170, so a person at 150 percent of administrative neediness level earned $16,755. How are Medicare and Medicaid financed? Medicare is somewhat subsidized from finance charges, through the arrangements of the Federal Insurance Contributions Act. The Medicare cha rge rate is right now 2. 9 percent-half retained from employees’ pay and half gave by bosses. High-salary government managed savings recipients are required to pay burdens on their advantages, some of which goes towards Medicare. We will compose a custom exposition test on Medicare and Medicaid or then again any comparable theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page All the cash goes into a trust finance and are utilized to pay for beneficiaries’ wellbeing administrations. Around one-fourth of Medicare part B is paid for by premiums and co-pays. Medicaid is an administrative and state government program that helps spread social insurance cost for low-pay Americans. It’s subsidized through Federal Medicaid Grants and states charge reserves. The absolute expense of the program was $458 billion out of 2012. Reference: American Hospital Association (2012). Money related reality sheets: Underpayment by Medicare and Medicaid truth sheets, 2012 update. Recovered on March 5, 2013 from www. aha. organization/research/strategy Lorain County Community Action Agency (2012). Qualification Calculator: Federal Poverty Level. Recovered on March 5, 2013 from www. lccaa. net/eligibility_calculator www. cthealthpolicy. organization/pdfs/health_policy www. sharecare. com/questions

Advents Essay Example For Students

Appearances Essay Appearance of the Europeans Vasco da Gama arrived at Calicut, cruising by means of the Cape of Good Hope in 1498. This denoted the start ofthe European time in Indian history. The rewarding exchange flavors of Malabar in current Kerala had temptedthe Portuguese and propelled the quest for an ocean course to the Indies. The Portuguese had as of now establishedtheir province in Goa by the primary decade of the sixteenth Century yet their regional and business hold in Indiaremained rather constrained. In the following century, India was visited by countless European explorers Italians, Englishmen,Frenchmen and Dutchmen. They were attracted to India for various reasons. Some were brokers, othersadventurers, and many terminated by the minister energy to discover changes over to Christianity. Among them wasFrancois Bernier, the French specialist who delighted in the certainty of rulers and nobles and was in a uniquelyprivileged position to watch the working of the Mughal court. His record is a significant source ofinformation for antiquarians. These travelogs stimulated European enthusiasm for India, and incited in course of time, the colonialintervention. Britain, France, the Netherlands and Denmark, skimmed East India Companies. Sanctioned astrading organizations by their separate governments, their essential business intrigue was in Indian textiles,both silk and cotton, indigo and now and again, other various product. During the late sixteenth and the seventeenth Centuries, these organizations contended with one another furiously. By the lastquarter of the eighteenth Century the English had vanquished all others and set up themselves as thedominant power in India. The military crusades of Robert Clive and the authoritative venture of WarrenHastings (1772 1785) contributed fundamentally to this accomplishment. English Colonialism The British regulated India for a time of around two centuries and realized progressive changes inthe social, political and the financial existence of the nation. Most Indians who came in their contact could notperceive the key danger presented by the East India Company. The British from the earliest starting point adhered to apolicy of partition and rule. Strategy and misleading were utilized to deal with income assortment in the provinceof Bengal. This gave the outsiders compelling control of organization. The Marathas, the Sikhs and the rulersof Mysore would never join to face the outside foe and fell individually. By the beginning of the 19thCentury there was no nearby force that could adapt to their invasion. When the British had solidified their capacity, business abuse of the characteristic assets and nativelabour got heartless. The facts confirm that there were a couple of big-hearted Governor Generals who started socialreforms and attempted to render the organization increasingly productive and responsive, however they were exemptions. By themiddle of the nineteenth Century haughty misuse of the individuals had attempted the tolerance of the Indians as far as possible. The British had, to fill their own need, set up instructive foundations that bestowed western educationand had set up a tremendous system of rail-streets and broadcast lines. This assembled the nation in anunprecedented way. The Indians, presented to western thoughts of dependable and delegate government,began to long for freedom and equity. There were numerous who thought back to the countries sublime past andstrove to revive the assumption of enthusiasm. Principal among them were Raja Ram Mohan Roy, and IshwarChandra Vidyasagar. The nineteenth Century is frequently alluded to as the time of national resurgence in India. The glimmer point was reached in 1857 when the British presented another rifle and cartridge in the British IndianArmy. The projectile insulted the strict estimations of both the Hindus and the Muslims, as it allegedlycontained pork and hamburger fat. .ude855b6dd2803f228d418e48b3e79634 , .ude855b6dd2803f228d418e48b3e79634 .postImageUrl , .ude855b6dd2803f228d418e48b3e79634 .focused content region { min-stature: 80px; position: relative; } .ude855b6dd2803f228d418e48b3e79634 , .ude855b6dd2803f228d418e48b3e79634:hover , .ude855b6dd2803f228d418e48b3e79634:visited , .ude855b6dd2803f228d418e48b3e79634:active { border:0!important; } .ude855b6dd2803f228d418e48b3e79634 .clearfix:after { content: ; show: table; clear: both; } .ude855b6dd2803f228d418e48b3e79634 { show: square; progress: foundation shading 250ms; webkit-change: foundation shading 250ms; width: 100%; haziness: 1; change: darkness 250ms; webkit-change: mistiness 250ms; foundation shading: #95A5A6; } .ude855b6dd2803f228d418e48b3e79634:active , .ude855b6dd2803f228d418e48b3e79634:hover { murkiness: 1; change: obscurity 250ms; webkit-progress: haziness 250ms; foundation shading: #2C3E50; } .ude855b6dd2803f228d418e48b3e79634 .focused content region { width: 100%; position: relative; } .ude855b6dd2803f228d418e48b3e79634 .ctaText { outskirt base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: striking; edge: 0; cushioning: 0; content enrichment: underline; } .ude855b6dd2803f228d418e48b3e79634 .postTitle { shading: #FFFFFF; text dimension: 16px; textual style weight: 600; edge: 0; cushioning: 0; width: 100%; } .ude855b6dd2803f228d418e48b3e79634 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; fringe: none; fringe sweep: 3px; box-shadow: none; text dimension: 14px; textual style weight: intense; line-tallness: 26px; moz-fringe span: 3px; content adjust: focus; content embellishment: none; content shadow: none; width: 80px; min-tallness: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/straightforward arrow.png)no-rehash; position: total; right: 0; top: 0; } .ude855b6dd2803f228d418e48b3e79634:hover .ctaButton { foundation shading: #34495E!important; } .ude855 b6dd2803f228d418e48b3e79634 .focused content { show: table; stature: 80px; cushioning left: 18px; top: 0; } .ude855b6dd2803f228d418e48b3e79634-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .ude855b6dd2803f228d418e48b3e79634:after { content: ; show: square; clear: both; } READ: Flowers For Algernon: Supplementary Book Review Essay Soldiers at Meerut were the first to revolutionary and arriving at Delhi proclaimedBahadurshah Zafar the sovereign leader of India. The revolt before long spread like fierce blaze all over north India andcould just be put down after incredible trouble and slaughter. Patriot history specialists have found in it the firstIndian war of autonomy. The six decades between the finish of the mutinous war of 1857 59 and the finish of First World Warsaw both the pinnacle of British magnificent force in India and the introduction of patriot disturbance against it. The Freedom Struggle With expanding interruption of outsiders in their lives, it was characteristic that patriot sentiments started to be articulatedby an expanding number of Indians.

Domestic Violence Home

Domestic Violence Home Children That Grow Up In Domestic Violence Home Home›Research Posts›Children That Grow Up In Domestic Violence Home Research PostsIntroductionThe question of what domestic violence is and its causes has been a question that for a long time has been begging answers, on its face, it is defined as the use of abusive ways by a partner in a relationship to gain control over the other partner. However, in its strict sense, it is the use of various ways not exactly physical by a partner in a relationship to the detriment of the other partner or family. According to Winkel (24), it is the use of means such as name calling, sexual assault, intimidation, physical abuse, withholding of money among other ways so as to make a partner look inferior in a relationship.In law, violence is criminal and acts of physical assault which may include hitting, shoving or sexual abuse which may include rape and stalking are punishable in law. Although other forms of abuse such as emotional and/or psychol ogical abuse are criminal in nature, they may be catalysts of criminal offences. Statistics in the US indicate that between 3 4 million children ranging from 3- 17 are at a risk of domestic violence each year, 95% of the cases usually involve women who are victims of their male counterparts and this implies that the children to this women are exposed to the violence (Winkel, 99).In my case I have been constantly exposed to the cases of violence appropriated to both my mother and I, over the years, I have been forced to come to terms with the daily happenings albeit disturbing., every time I see my dad, I develop phobia against him and as     a result, I am very fearful and anxious since I do not know what will happen next. Winkel (47) states that children exposed to domestic violence are “always on guard, watching and waiting for the next event to occur”, he is of the opinion that the children never know what may be the next cause of the abuse and this creates a feeling of inse curity in the children, “they are always worried for themselves, their mother, and their siblings”.Causes of Domestic ViolencePhysiological TheoryThere are varied theories used in explaining real cause of domestic violence.   For instance the physiological theory keenly focuses on the personality traits and the mental character of the offender. To many author personality disorders are factors and other abusive experiences while as child leads some people to remain violent at adult. The study reveals higher incidence of psychopathy among the abuser.   Environments were violence is either thought or accepted, creates the normal will that further imprints upon the child’s psyche (Chalk, 76). The act of violence especially issues touching on domestic matters, more often is linked to poor self-esteem. This is adapted in to children as they grow up in violent homes. Children from this background are more likely to have little self-worth. They do engage much of their time in a patter n that is liked to negative self-talk. This part of the encounters that brings about isolation and frustration in it hidden anger developed due to inflicted filling of helplessness. At this stage anger marks the primary source, which further fuels the will fan, and thus increased flames of domestic violence. Use of drugs, for instance alcohol abuse may be one among many precursor of domestic violence. The drugs tend to have influence that is seen responsible for uncontrolled behaviour among its users. Most of the commonality cases among alcoholic families, accounts for poor emotional health, to certain extend this develops a secondary anger, which responsibly works as ineffective substitute in dealing honestly with emotions (Chalk, 89).Resource TheoryThe resource theory explains dependant, in this theory the violent action takes place were women dependence on   the spouse for economic support, hence subjected to childcare, in this the fear of increased financial burden arises if the y have to leave the marriage. The increased dependency creates narrowed options concerning resources to help them cope with the change witnessed. The spouse behaviour typically accounts for an increase frequency in domestic conflicts. Where individual experiences loss of physical health and wage earning-power, this mostly is brought out when victims faces the pressure of paying off bills, and this is initiated through inability to fully respond effectively to the required responsibilities.There are reported cases that reflect increased conflicts as a result of inflicted feeling of helplessness, the anger builds up making the offender inadequate coping with the involved mechanism, hence eruption of domestic violence. For spouse that share powers equally incidents of conflicts are reduced, if conflicts arise there are less likely to resort to violence ends. However, if one of the spouses assumes control and power in relationship, this might inflict increased spouse abuse, isolation, i ncreased blames on each spouse, thus violent happenings (Chalk, 93).Behaviours Exhibited by Children Facing Family ViolenceThere are two major behaviours that children in abusive relationships will exhibit; these can be physical or emotional. Emotional behaviour may include the fear that their parents may kill themselves, they may feel guilty over a small thing that he/ she does. Many at times their is sleep disturbance since most fighting happen at night, the child is normally distracted by the noise from the fight; sadness is another habit, this is the mode that a child has to adopt due to fights that happen, depression and anger will also be exhibited because the child will not know what will happen next at any given time, failure to prevent violence in the family will multiply to emotional stress and unresolved anger (Johnson, 12)Apart from emotional behaviour the child can also develop physical responses towards domestic violence, most of the children experience physical abuse as well as sexual abuse, and they can also be injured while trying to intervene on behalf of their mother or father which may lead to injury. Because children are so imitative they tend to practice what they see happen at their home to their fellow children, they will practice withdrawal and anxiousness to please as well as physical violence at the slightest provocation.   Many children experiencing domestic violence are very anxious to an extent that they cannot concentrate in class due to low attention span, resulting to poor performance in school. They sometimes use aggression and violence to express themselves which is not healthy for a child.Long Term Effects of Domestic ViolenceConsistent ViolenceThe long term effects of domestic violence may be very catastrophic; experts have it that most children who are raised in violent environments will have a tendency to solve problems through violence. They tend to repeat the same actions they witnessed while growing up thereby harming their peers. Krug argues that boys who have witnessed violence against their mothers are likely to abuse their female partners when they become adults as compared to boys who have grown up in peaceful homes. During adolescence, girls will tend to grow up believing that it is the norm in relationships to have threats and violence (Ascione et al, 24).Drug and Substance abuseDrug abuse and alcoholism is another likely trend that children from violent homes will exhibit. Most children tend to indulge in alcoholism and substance abuse as a way of forgetting the abuse. According to Johnson (19) witnessing domestic violence is “the single best predictor of juvenile delinquency and adult criminality. It is also the number one reason children run away”. Children who have witnessed domestic violence in their homes always have the belief that they are the reason for the abuse and therefore live in fear. In families where domestic violence is rife, there are very high chances of the occurre nce of child abuse, according to the report child abuse is15 times more likely to occur. This children use alcohol as an excuse to their wanton behaviours.Physical InjuryMost often family violence takes different forms; it may be emotional, physical or psychological. Where there is physical abuse such as assault and battering, victims may suffer bruises, bodily injury such as broken limbs as well as death if care is not taken. Many victims of physical abuse are women and children since they are not strong enough to defend themselves as was my case.Prevention of Domestic ViolencePrevention of domestic violence requires understanding the circumstances and factors that influence violence. According to experts from the Centre for Disease Control, there is a four level strategy that should be employed in order to prevent occurrence of violence. This is defined as a social ecological model that facilitates the better understanding of violence to and potential strategies for prevention. Th ey argue that the model considers the complexity of the interplay between individual, community, relationship and societal factors, which further permits us to tackle the issues of risk and protective factors from a number of sources (Johnson, 36).The four main levels for prevention of domestic violence are Individual-level influences, Relationship-level influences, Societal-level influences and community level.Individual-level influencesAccording to the experts in CDC, personal history factors of an individual normally increase the chances of becoming an Intimate Partner Violence victim or perpetrator. For instance, the attitudes and beliefs about violence, experience of previous cases of violence and/or a family history of violence may contribute tremendously to the possibility of a continuous trend of violence; at this level prevention strategies are designed to enhance attitudes, behaviours and beliefs that support family unity and intimacy based on a symbiotic relationship that involves respect, trust and equality. These can be taught through education and life skills training so as to enhance a wholesome development of a society.Relationship-level influencesThere are also factors that increase risk of perpetration of domestic violence of the kind of relationship that exists between peers, family members and intimate partners. According to Krug et al (22), this is referred to as the relationship-level influences. An individual’s closest social circle partners, peers and family members will greatly influence their behaviour as well as greatly contribute to their experiences. Parents are encouraged to offer good parenthood to their children by listening to their issues as well as making positive comments that will be a seed to a positive attitude to the children. At this level therefore, prevention strategies may include mentoring and peer programs designed to promote intimate partnerships based on mutual respect, equality, and trust.Community LevelThe t hird level of strategy is at the community level which aims at   examining the contexts in which social relationships are developed, this include places   such as such as schools, neighborhoods and workplaces, at this level, the strategy seeks to identify the specific features in these settings that are characteristic of   victims or the perpetrators of violence. At this level prevention strategies are meant to positively influence the processes, climate, and policies in a given situation. More often than not, awareness campaigns are used to foster a communal environment that will enhance intimate partnerships based on equality, trust and mutual respect (Krug et al, 25)Societal-level influencesFinally, there is the Societal-level which is a combination of larger, macro-level factors, among them religious factors, gender inequality, culture and beliefs orientation, a communities norms, as well as policies developed to influence the occurrence of violence, such policies may be economi c or social. Normally, at this level collaborations by anti violence partners to inform and come up with socially accepted norms, policies, and legislations that support unity both in gender and economy so as to encourage intimate partnerships (Krug et al, 27).Domestic violence is a serious problem all over the world. In order to prevent domestic abuse there are several things that you can do to make sure that this situation does not occur within your family. Furthermore, actions can also be taken to promote the prevention of domestic abuse on a wider scale in order to help those who are already suffering from this terrible issue. Exposure to good programming on the mass media channels will also go a long way in as far as prevention of domestic violence is concerned, Krug (32) states that if children are exposed to “abusive” media such as action films and programmes like wrestling at a tender age, they are most likely going to be perpetrators of violence since it is what they go t used to. Any shows on the radio and television that promote abuse should not be allowed. If already exposed to violence, as was my case then guiding and counseling would provide a safe landing to avoid further occurrences. A good counseling process will help in making an individual understand himself and get over the abuse he/she has been exposed to.Conclusion and RecommendationsAccording to Johnson(38) Domestic violence is a major problem facing about 3.3 million children ever year in the United States, its consequences affect children in many ways, children subjected and exposed to domestic violence stand a risk of developing behavioral problems. As a child grows the trauma that they experience as witnesses of family violence play a very important role in their growth and subsequent physical well being. These children stand a very high risk of developing physical, behavioral, and social problems, as well as emotional problems. Children from such families more often than not deve lop conflicting feelings of distrust and affection towards the abusive parent; they also become overprotective of the victim.Being a firsthand victim of domestic violence, I strongly recommend that the state should come up with strict legislation that will protect the children and generally families exposed to violence. I further recommend that children exposed to domestic violence should be exposed to a safe nurturing environment so as to encourage a healthy development. Caregivers should reassure the children as well as increase sense of security through taking the children step by step in explaining things that worry the children as well as comforting them. Finally, all family members should be more involved in assisting families facing domestic violence.

About penm - Free Essay Example

Sample details Pages: 17 Words: 5204 Downloads: 4 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Final Review Memorandum Newco JSC (Newco) Background PENM is seeking approval to invest up to DKK 115 m (USD 22 m), and minimum DKK 78 m (USD 15 m), in Newco, a fast growing, consumer orientated holding company with investments in Techcombank and Masan Food, with new, related, business areas to be added over time. With a 20% holding in Techcombank, Newcos assets are dominated by its bank investment, measured at current OTC prices, 2/3s of the market value of Newco relates to Techcombank. The investment represents PENMs only opportunity to invest, indirectly, in one of Vietnams most attractive unlisted bank, Techcombank.. Don’t waste time! Our writers will create an original "About penm" essay for you Create order 1. Update since CRM Since writing the CRM, PENM has performed the following due diligence activities: Interviewed senior management of Techcombank, including the CEO, COO, Deputy Executive and Head of Treasury Interviewed some of Techcombanks advisors, including McKinsey Co, a consulting company assisting the bank with product and branch development strategies Interviewed PwC auditors, auditors of the two largest publically traded joint stock banks (ACB and Sacombank) as well as the largest of the state-owned banks (Vietcombank). Interviewed the CEO of Masan Food Performed additional financial analysis on Techcombank, Masan Food and the new business areas Signed a detailed term sheet and started contract negotiations This FRM incorporates the most significant findings from this due diligence and provides an update on the deal structures as well as PENMs valuation. As noted in the CRM, as a successful result of our close cooperation with Masan Food and Eurowindows, PENM has been presented with a unique opportunity to invest in Newco before other local funds have access to the deal. In order to take advantage of this access, the transaction needs to be closed by 15 September, subject to normal Board approvals. 2. Deal structure The establishment of Newco will follow the below steps: Establishment of Newco though a share swap of Techcombank and Masan Food shares PENMs investment Investment by foreign funds, reportedly Carlisle and TPG Newco will be established by owners of Techcombank and Masan Food shares, principally Masan Investment, Dr Quang (Masan Food Chairman) and Mr Ho Hung Anh (Techcombank Chairman), swapping their holdings for shares in Newco. Upon completion of the swaps Newco will have a direct holding of 20% in Techcombank (with an option for a further 10% direct investment, when the law allows, and indirect control of 40% of the banks share capital) and a minimum 55% holding in Masan Food. PENM will initially invest up to USD 22 m in new share capital for a 5.61% stake in the company. Furthermore, in order to: (1) protect PENMs investment in Masan Food from the risk of not being part of the company that is setting its strategy; and (2) enhance PENMs exit opportunities in the Masan Food, should Newco be listed in the future, PENM has obtained an opportunity to swap its shares in Masan Food for shares in Newco in 2 tranches. In order to have the opportunity to put our Masan Food shares, it has been necessary to give Newco a corresponding call option. The valuation of PENMs Masan Food shares under this arrangement will be a minimum USD 375 m, which compares favourably to PENMs entry price of USD 250 m (up 50%) and Mekong Capitals entry price from March 2009 of USD 320 (up 17%). The terms of the swap arrangement: Duration Masan Food Valuation (USD m) Newco Valuation (USD m) First put 12 months from closing 375 375 + 1,000 net debt First call 12 24 months after closing 375 Market price on stock exchange Second call 15 months from closing 400 within 12 months 415 from 12 15 months Market price on stock exchange Second put 15 21 months from closing 450 Market price on stock exchange The swap gives rise to the following ownership interest scenarios for PENM in Newco, before any dilution for additional capital raising activities: Investment / Share swap PENMs ownership interest in Newco Initial cash investment Up to USD 22 m 5.61% # 1st Option PENM swaps 3,150,000 shares in Masan Food 10.07% 2nd Option PENM swaps the remainder of its shares in Masan Food 14.23% * #: At an initial pre-money valuation of USD370 m (55% x $400 m + 20% x $1,000 m $50 m net debt) *: Assumes valuation of Newco is the same as entry Swap arrangement: Masan Food Valuation (USD m) Newco Valuation (USD m) First put 12 months from closing 350 before listing of Newco 300 after listing of Newco 350 + 1000 net debt First call 12-18 months from closing 350 Market price on stock exchange Second call 15 or 18 months from closing upto First put excersied before or after listing 400 within 12 months 415 from 12 15 months or 12 18 months Market price on stock exchange Second put 15-18 or 18-24 months from closing upto Second call period 450 Market price on stock exchange Following ownership interest scenarios for PENM in Newco: Investment/Shareswap PENMs ownership interest in Newco Initial cash investment Up to USD 22 m 5.57% # First put PENM swaps 4,410,000 shares in Masan Food 11.49% First call PENM swaps 4,410,000 shares in Masan Food 11.11% * Second call PENM swaps remaining shares in Masan Food 13.62% * or 13.70% * Second put PENM swaps remaining shares in Masan Food 13.88% * #: At an initial pre-money valuation of USD3 71.6 m (54.7%x $400m + 20%x$1,000 m $47.2 m net debt) *: Assumes valuation of Newco is the same as entry Following the completion of its transaction with PENM, Newco will look to raise an additional USD 30 40 m from foreign based financial investors Newco is currently in discussions with Carlisle and TPG. Negotiations with these parties are ongoing and we understand that the entry valuation of Newco will be approximately 15% higher than PENMs entry valuation, reflecting a 25% premium to the value attributed to Masan Food. Should the additional USD 40 m be raised at the above mentioned valuation, PENMs ownership interest, should all shares in Masan Food be swapped, will be diluted to 13.17%. 3. Financial performance The financial performance of Newco is based on the underlying financial performance of the businesses in which it has invested, including: Techcombank Masan Food New business areas 3.1 Financial performance Techcombank Balance sheet Techcombank USD m 2008 Actual June 2009 2009 Estimate 2010 Forecast 2011 Forecast Cash on hand 87.0 56.6 101.4 123.5 161.2 Balance with the state bank 127.6 104.6 157.8 191.1 248.5 Balances with financial institutions 869.3 912.3 1,199.7 1,299.9 1,712.2 Investments 638.1 635.1 857.6 1,043.8 1,362.7 Net loans and advances to customers 1,445.5 1,829.2 1,940.8 2,523.0 3,279.9 Fixed assets 32.0 35.3 43.1 52.4 68.4 Other assets 82.1 185.0 110.4 134.4 175.4 Total Assets 3,281.6 3,757.9 4,410.8 5,368.1 7,008.3 Balances with other financial institutions 498.3 476.7 529.3 644.2 841.0 Deposits from customers 2,367.3 2,811.3 3,349.5 4,058.5 5,277.4 Other liabilities 103.4 93.2 137.4 163.8 249.4 Total Liabilities 2,969.1 3,381.2 4,016.2 4,866.5 6,367.8 Share capital 261.4 261.4 261.4 261.4 261.4 Retained earnings 35.4 57.1 96.2 187.2 305.3 Reserves 15.8 58.1 37.0 53.0 73.9 Total Liabilities Equity 3,281.6 3,757.9 4,410.8 5,368.1 7,008.3 YTD June 2009, Techcombanks net loans increased by 29%, compared to 2008, which outstripped market growth of 17% across the sector. Loan growth is expected to be lower in the second half of 2009 as a result of the expiration of the 4% government interest rate subsidy program, expected increases in base rates to curb increasing inflationary concerns and government efforts to limit national annual credit growth to 30%. As a result we expect full year loan growth to be 35% in 2009. In 2010 and 2011 we forecast annual growth in loans of 30%, which will be supported by network expansion, with the number of branch / transaction offices to increase by 45% from 2008 to 2010. In June 2009 non-performing loans (NPLs), decreased from 2.56% in 2008 to 2.54%, reflecting improved economic conditions. We forecast NPLs to remain at around 2.5% of the gross loan portfolio, while increasing the provision coverage of those loans to 70%, up from current levels of around 50%. Techcombanks solid balance sheet, at 2008 loans represented 66.5% of deposits, which was among the lowest of all top tier Vietnamese banks, has allowed it to capitalise on other banks demand for funding, driven by loan growth by being a significant net lender in the interbank market. Historically, this has been a very profitable asset pool for the company. We expect that the company will continue to be an active player in the interbank market and forecast that 70% of its deposit base will be used for customer loans. Investments are mainly bonds and other debt instruments issued by Vietnamese financial institutions, the government and corporations, a large number of which were acquired at heavily discounted prices in 2008. Through network expansion and offering innovative products, Techcombank has been able to develop customer deposits, which are mainly from individuals, into its dominant finding source, accounting for 85% of total funds mobilisation at June 2005, up from 80% in 2008. We expect this to continue going forward, to be supplemented with funding from interbank borrowing and by issuing bonds. Techcombanks capital adequacy ratio (CAR) stood at 14% at the end of 2008, falling to 10.7% at June 2009, we forecast it to remain at around 11 13% in the forecast period, significantly above the 8% recommended by Basel and required by the SBV. Profit and loss Techcombank USD m 2008 Actual June 2009 2009 Estimate 2010 Forecast 2011 Forecast Interest income 345.5 n.a. 354.9 442.5 563.3 Interest expenses (247.7) n.a. (228.4) (290.9) (366.8) Net interest income 97.8 61.2 126.5 151.6 196.5 Net fee and commission income 26.8 25.7 36.0 46.8 60.9 Trading, treasury and other income 58.1 16.3 44.1 53.7 70.1 Total operating income 182.8 103.2 206.6 252.1 327.4 Operating costs (48.2) (29.1) (62.0) (75.6) (98.2) Depreciation (2.3) (1.7) (3.2) (3.8) (5.0) Net operating income before provisions 132.2 72.4 141.5 172.6 224.2 Provisions (42.4) (15.1) (32.0) (30.0) (39.0) PBT 89.8 57.3 109.5 142.6 185.2 Tax (24.0) n.a (27.4) (35.7) (46.3) PAT 65.7 n.a 82.1 107.0 138.9 PAT % 36.0% n.a 39.7% 42.4% 42.4% Note: USD 1 = VND 18,000 (different from the change rate in the info memo) n.a. Not available At June 2009 the banks net interest margin was 3.6%, down from 4.1% in 2008. Over the forecast period we estimate that this will fall to 2.55% as the market becomes more competitive, leading a CAGR increase in net interest income of 19% from 2008 to 2011 to USD 563 m. Techcombank will continue its concerted efforts to increase per customer revenue by pursuing fees and commission income from letters of credit, guarantees, FX and commodity futures as well as developing new products. In 2008 Techcombank booked USD 63 m in realised gains from the sale of bonds purchased in the high inflation environment that existed in mid-2008, a further USD 30 m has been booked in the year to June 2009. While the size of these gains are not expected to be recurring, at December Techcombank had USD 590m of bonds on its balance sheet included in investments, a large portion of which were purchased at heavily discounted rates. In accordance with VAS (Vietnamese Accounting Standards) no gains relating to these bonds have been booked to the income statement. The banks strong balance sheet mean that it should be able to take advantage of such opportunities, should they appear in the future, however, in the forecast period, we expect income from these investments to be at half the current level and together with treasury, investment and trading income, represent 20% of total operating income. We expect the write-off of bad debts to be lower in 2009, compared to 2008 as a result of an improvement in economic conditions. As noted above, we forecast the provision balance will cover 70% of the total NPL balance, which is significantly higher than the historical rate of around 50%. Historically, Techcombank has had a low operating cost ratio, accounting for 26.4% of total operating income in 2008, the lowest of all its peers. Our forecasts, conservatively, include an increase in these costs to 30% of income as competition for staff intensifies in the increasingly competitive environment. As a result of this low cost base we expect PAT to double from 2008 to 2011 to USD 139 m. 3.2 Financial performance Masan Food Profit and loss Masan Food USD m 2008Actual YTD June 2009 2009FRM 2009 Estimate 2010Forecast 2011 Forecast Sales 108.6 83.3 210.1 210.8 296.2 362.5 COGS (71.9) (56.0) (139.5) (141.2) (200.3) (245.4) Gross profit 36.7 27.3 70.6 69.6 95.8 117.0 Gross Margin 33.8% 32.8% 33.6% 33.0% 32.4% 32.3% Sales expenses (8.5) (9.4) (27.3) (23.8) (34.1) (42.4) Admin expenses (5.1) (3.1) (6.3) (7.9) (10.4) (12.7) EBITDA 23.1 14.8 37.0 37.9 51.4 61.9 EBITDA % 21.3% 17.8% 17.6% 18.0% 17.4% 17.1% Depreciation (2.9) n.a.* (3.0) (2.0) (5.9) (7.0) EBIT 20.2 15.0 34.0 35.9 45.5 54.9 Interest 4.4 (0.9) (3.0) (2.0) (2.6) 1.1 Other income 2.1 2.1 0 0 Tax (3.1) (1.4) (6.2) (6.8) (8.6) (11.2) PAT 21.5 14.7 24.8 29.2 34.3 44.8 PAT % 19.8% 17.7% 11.8% 13.8% 11.6% 12.4% Note: YTD June 2009 only includes domestic income, no income from export sales are recorded *: Depreciation not disclosed at June 2009 YTD June revenue, USD 83.3 m is 120% higher than the corresponding period in 2008, largely due to growth in fish sauce (up 218%), due to the introduction of a mass market label/brand in Q4 2008, and instant noodles, up USD 15 m, following the successful nation-wide launch of Tien Vua, a mass market offering in March 2009. YTD PAT, USD 14.7 m, is 165% higher than 2008, due to improved gross margins (YTD 2009: 34% vs YTD 2008: 31%), as a result of lower raw material prices, which is slightly offset by higher sales costs for fish sauce and instant noodles. Other income of USD 2.1 m is income earned on the interest rate differential arising from the governments interest rate subsidy program. Based on the particularly strong June results, we have increased our initial outlook (from November 2008) for 2009, increasing our PAT estimate from USD 24.8 to USD 29.3 m, representing a 36% increase on 2008. Our change in outlook reflects lower than expected increase in sales costs as a result of deeper penetration of Tam Thai Tu, Masan Foods mass market fish sauce, in rural and provincial areas. Privately, management expect that 2009 PAT will be USD 35 38 m. Consistent with what we have previously reported, in 2010 and 2011 sales as expected to increase by 40% and 22%, respectively, driven by growth in the following segments: fish sauce -Masan Food is focused on increasing market share in this large segment by increasing distribution in provincial and rural areas and offering an even more inexpensive line for those customers. By 2011 Masan Food hopes to have around 50% market share. instant noodles similar to fish sauce, Masan Food will continue to broaden its distribution to rural and provincial areas and offer line extensions of its mass-market noodle line. In doing so Masan Foods estimated market share will increase to around 15% in 2010, from around 8% in 2009 and account for 30% of total revenue. Currently the revenue forecast does not include any sales from new categories, including granules, frozen food or beverage (refer to Masan Food due diligence for further details). Nor does it include possible changes in distribution as a result of new activities in Newco. The increased contribution of instant noodles, the gross margin for which (30%) is less than that earned on other sauces (40%), will have a negative impact on profitability going forward as will higher depreciation as a result of investments in additional capacity in 2009 and 2010. Conversely, savings in financing costs in 2011 help improve the PAT%. Balance Sheet Masan Food USD m 2008 Actual 2009 Estimate 2010 Forecast 2011 Forecast Assets Cash Cash Equivalents 5.5 2.1 3.0 42.5 Accounts Notes Receivable 6.4 23.1 32.5 39.7 Inventories 10.4 17.4 24.7 30.3 Other receivables 44.6 32.8 21.5 11.6 Net Property, Plant Equipment 14.7 45.6 54.2 61.0 Other long term assets 15.1 10.6 10.6 10.6 Total Assets 96.6 131.5 146.3 195.6 Liabilities Short Term Borrowings 16.8 35.7 5.4 Accounts Payable 9.0 19.3 27.4 33.6 Other Current Liabilities 11.9 12.1 13.0 16.6 Long Term Debt 1.9 0.5 0.5 0.5 Other Long Term Liabilities 0.1 0.1 0.1 0.1 Shareholders Equity 56.9 63.8 99.9 144.7 Minority Interest Total liab. shareholders equity 96.6 131.5 146.3 195.6 The increase in net debt from USD 26.1 m in 2008 to USD 34.1 m in 2009, is a result of capex is in the region of USD 30 m. The majority, USD 24 m, of the spending is to be allocated to additional noodle capacity, both in HCMC and in Hanoi, with the remainder being spent on Vietnams fished fully automated fish sauce line, USD 5.5 m, in Q4, and moving of the chilli sauce line from the old factory to the new facility in Binh Duong. The capex forecast for 2010 and 2011 does not include expenditure for new facilities in new business areas, including beverage. The most significant other receivable is USD 17.4 m is a convertible bond owed by Masan Investment. The majority of this exchangeable bond was distributed to shareholders as a dividend from 2008 profits. According to our investment agreement, PENM transferred our rights to most of these bonds to Masan Investment (parent company) for the shares purchased in the initial transaction, the remainder will be part of any swap arrangement. Masan Food maintains relatively lean working capital levels, offering 40 days credit to its customers (distributors) and maintaining relatively low levels of finished goods such that total raw material and finished goods represents a little over a month of production. 3.3 Financial performance -New business areas Below is PENMs very early estimate for the earnings potential of the new business areas. These business areas are closely related to Techcombank and Masan Food activities and it is envisaged that there will be close cooperation within the group to ensure that these business areas realise their full potential. We have not included earnings from these businesses in our forecasts or our valuation. 3.3.1 New business areas logistics Logistics financial highlights USD m 2010 Estimate 2011 Estimate 2012 Estimate Revenue 8.3 17.8 21.3 EBITDA % 5% 5% 5% PAT (0.4) (0.6) 0.4 CAPEX 8.0 7.0 Newco will partner with Dubai-based Gulf Agency Company (GAC) (www.gacworld.com), a leading provider of provider of shipping, logistics, marine and related services, to establish a full scale logistics operation in Vietnam. Initially, the new joint venture, which Newco expects to own a 70% stake in, will distribute Masan Food products. The above estimate assumes that the new venture will carry 40%, 70% and 80% of Masan Foods outbound volume in 2010, 2011 and 2012, respectively. We have not included any new, third party business. 3.3.2 New business areas -branded rice Branded rice financial highlights USD m 2010 2011 2012 Revenue 2.0 7.0 15.0 Gross profit 0.6 2.1 4.5 Gross margin 30% 30% 30% PAT (0.5) 0.25 1.45 CAPEX 8.0 Newco will invest between USD 3 5 m in a joint venture with Olam International (https://www.olamonline.com/), a Singapore-based global leader of supply chain management for agricultural products, for a new factory to produce branded rice. Olam, based partner will assist with processing technology and the development of export markets while Newco will provide an arms-length distribution agreement with Masan Food. 3.3.3 New business areas -commodity exchange Newco will team up with Financial Technologies Group (www.ftindia.com), one of the worlds largest providers of IT platforms for equity and commodity exchanges, with operations in India, the Middle East, SE Asia and Africa, to establish a local commodity exchange in Vietnam. The exchange will initially focus on the trading some of Vietnams largest agricultural exports: rice; coffee; and cashews and will use Techcombanks back office as well as leverage from its corporate customer base, a quarter of which are agriculture traders and processors. Currently, there is no financial forecast for this business area. 4. Newco Opening balance sheet and consolidated PL Newco estimated opening company balance sheet USD m 2009 Investments 420 Total assets 420 Debt 50 Share capital 370 The opening balance sheet reflects the 2 investments in Masan Food and Techcombank as well as the USD 50 m in debt, which has used in acquiring some of the shares. Newco consolidated profit and loss USD m 2009 Estimate 2010 Estimate 2011 Estimate Revenue Masan Food 210.8 296.2 362.5 Branded Rice 2.0 7.0 Logistics 17.8 21.3 Commodity exchange n.a. n.a. Total revenue 210.8 315.9 390.8 PAT before minorities 29.2 33.4 44.5 Elimination of minorities (13.1) (15.2) (20.1) Techcombank 16.4 21.4 27.8 PAT after minorities 32.5 39.6 52.2 n.a. not available The above is our estimate of Newcos consolidated income statement for the forecast period. It includes the full earnings of Masan Food as well as the new business areas, with minority holdings being eliminated after PAT. Techcombank, an associate of Newco, is equity accounted. 5. Valuation The negotiated valuation for PENMs cash investment in Newco has been based on: an equity value of Techcombank of USD 1,000 m an equity value of Masan Food of USD 400 m net debt of USD 50 m Giving rise to the following pre-money valuation: USD m Pre-money negotiated valuation PENM cash flow valuation PENM multiple valuation (PER) Techcombank (20%) 200 200 240 245 410 Masan Food (55%) 220 220 248 250 320 Net debt (50) (50) (50) Pre-money equity value 370 370 438 445 680 No value has been assigned to the new business areas. 5.1 Valuation of Techcombank An equity value of USD 1,000 m for Techcombank, equates to a PE (2009) of 12.2 x (2008 14.1 x) and a P/B (2009) of 2.5 x (2008 3.1 x). In the context of other listed banking companies in Vietnam, the Techcombank valuation is lower than its peers: Techcombank Peer Group Analysis PER P/B 2008 2009 2008 2009 Local Vietcombank 27.0 x 20.9 x 5.0 x 4.6x Vietinbank 24.6 x 24.8 x 3.6 x 3.3 x ACB 16.9 x 14.9 x 3.8 x 4.0 x Sacombank 19.7 x 16.2 x 2.4 x 2.6 x Regional (Indonesia) Bank Mandiri 16.0 x 14.7 x 2.8 x 2.5 x Bank Negara 24.3 x 12.3 x 1.9 x 1.7 x Bank Rekyat 12.9 x 16.0 x 4.1 x 3.4 x Bank Danamon 9.8 x 21.9 x 3.5 x 2.5 x Our cash flow analysis, which is based on the above financials and assumes average loan growth of 22% from 2008 2014, a net interest margin of 2.5% and a terminal value of 8 x 2014 PAT, discounted at 20% p.a., supports an equity value of between USD 1,000 1,250 m. 5.2 Valuation of Masan Food The valuation of USD 400 m for Masan Food equates to an EV/sales of 1.9 x 2009 (2008 3.0 x), EV/EBITDA of 10.2 x (2008- 14.1 x) and a PE of 14.5 x 2009 (2008 19.1 x). Compared to local and regional peers, the above valuations appear reasonable, particularly given the current growth rate of the company. Masan Food Peer Group Analysis PER EV/EBITDA 2008 2009 2008 2009 Local Vinamilk 29.4 x 15.5 x 11.5 x 9.6 x Regional China Foods 28.6 x 20.1 x 11.5x 14.1 x Nestle (Malaysia) Berhad 22.9 x 21.2 x 13.3 x 12.7 x Fraser Neave Holdings Berhad 20.3 x 16.2 x 8.9 x 8.3 x An equity value for Masan Food of USD 400 m is significantly higher than PENMs original entry value of USD 250 m (60%) and than the reported USD 320 m (25%) that Mekong Capital paid in March 2009. Our cash flow analysis, which is based on the above financials, forecast until 2018, with a perpetual growth rate of 5% p.a. and an annual discount rate of 20%, supports an equity value of between USD 400 450 m. 6. Limited due diligence results 6.1 Limited due diligence results Techcombank Our due diligence findings were based on interviews, with the assistance of David Hexter, Advisory Board Chairman, with senior Techcombank management (CEO, COO, Head of Treasury and Deputy Executive), as well as McKinsey Consulting, who are currently advising the bank, the CEO of Masan Investment and PwC, the auditor of the largest state-owned and listed joint stock banks in Vietnam. Those interviews confirmed that Techcombank is a well managed bank, strongly positioned to take advantage of the growth potential in the under-developed Vietnamese banking sector. The key findings from those meetings include: The cooperation with HSBC has been successful to date through the staff seconded to Techcombank (currently approx. 20) and representations in all Boards and committees, HSBC is very active in both the day-to-day management as well as at strategic levels in the bank. It appears that the cooperation has been particularly effective in improving/strengthening internal systems and staff development. Having just received its full banking licence, there could be concern that there is a conflict between HSBCs own activities and that of Techcombank, however, HSBC remain focused on providing services to locally based multi-nationals (MNCs) and foreign companies and individuals and not in Techcombanks of affluent local individuals and local Small Medium Enterprises (SMEs). Management is strong by local standards, although challenges remain By local standards, Techcombanks management and staff are strong, however, there is still a gap when compared to regional competitors. Recognising the gap, the bank has recently recruited a number of experienced foreigners (in addition to the secondments from HSBC) to the senior management team, including the roles of COO, Head of Treasury, Head of Sales and Head of Marketing. Despite this, remaining challenges include improving branch productivity, staff training and staff retention as still present. The Vietnamese banking sector is tightly regulated by the State Bank of Vietnam (SBV) As previously noted, the SBVs control is wide reaching, regulating everything from maximum loan rates banks can charge to loan growth and foreign ownership rules. Its control has the ability to significantly influence the development of the market, as evidenced during the high inflationary period during 2008, however, the development of a stable financial sector appears to be one of the governments focus areas. One of the key risks for the sector is the devaluation of the VND- as evidenced by Moodys recent downgrading of a number of Vietnams banks (including Techcombank and ACB, the leading listed joint stock bank) credit ratings, the devaluation of the VND is one of the greatest near-term risks in the banking sector. Techcombank, well aware of the risk, does not trade FX and limits inter day FX positions as part of its arbitrage services to 5 10% of its capital. Techcombanks level of collateralisation is high -Consistent with other local banks, Techcombanks loan portfolio is highly collateralised. At June 2009 99% of the banks loan portfolio was secured by collateral. By Vietnamese standards, it applies a conservative appraisal policy, and at June 2009 the appraised value represented 2.2 x the total loan portfolio, with the majority of the collateral being held in real estate and land use rights. This high level of collateralisation is also reflected in the banks credit processes, which appear to be more asset based than cash flow based. Techcombank has a low level of NPLs with adequate provisioning-Techcombanks proportion of NPLs to total loans is currently at 2.5%, showing a downward trend, this compares local competitors, Eximbank (4.7%) and Vietcombank (3.5%) who have a similar loan portfolio structure, with a high proportion of loans to corporations, who generally are slower in making interest payments. To cover potential losses in excess of the collateral held against those loans, at June 2009, Techcombank recorded provisions (specific and general) equivalent to 53.7% of its total NPLs, up from 48.7% at December 2008. Based on historical trends, these provisioning levels appear to be adequate to cover any write-off exposure. We do not believe that Techcombanks NPL level would be significantly higher if recorded under IFRS the classification of loans under Vietnamese regulations (VAS) is based on outstanding repayment of interest. This differs from IFRS, which uses an impairment based approach, taking into account such factors as the financial state of a company and the industry it is in. This difference allows Vietnamese companies to distort the allocation of loans into various categories by rescheduling repayment dates. However, the banks management has repeatedly attested that it does not undertake rescheduling and insisted that loans are classified automatically in its banking system. A recent survey by Fitch, a credit ratings agency, found significant differences in the level of NPLs under IFRS and VAS for the state-owned banks due to legacy loans to state-owned corporations. Although it did not have access to the joint stock banks accounts, Fitch concluded that such differences did not plague the joint stock banks, who were focused on SMEs and retail customers. Our discussions with PwC, auditor for 2 of the largest listed joint stock banks and largest state-owned bank, corroborated these findings and lead us to believe that the banks NPL level would not be significantly higher if IFRS was applied. It has not been possible to interview the Head of Risk Management or Techcombanks auditors, KPMG. We have, however, discussed risk management with Newcos Techcombank responsible (author of the Techcombank info memo) and PwC, the leading bank auditor in Vietnam. 6.2 Limited due diligence results Masan Food Our due diligence was limited to a discussion with Masan Food CEO, Mr Than, who was upbeat about the future of the company and reaffirmed his commitment to developing Vietnams leading a consumer-focused food and beverage company by entering new markets and defending its dominant position in existing markets. The main conclusions from those discussions were: The companys near term food strategy has been finalised In 2010 Masan Food will focus on marketing a new Vietnamese granule to be used in combination with fish sauce. While granules are currently available in the market, Masan Foods new marketing push is aimed at changing consumer behaviour. Furthermore, the company intends to enter the frozen food market in 2010, starting with an acquisition of a frozen seafood company a category for which no strong brand exists and where Masan Food can continue its food safety message adopted previously. The companys beverage strategy is in advanced stages of development, but not yet in place Masan Food has a vision of being a large food and beverage company and is currently exploring opportunities within beer, ready-to-drink (RTD) tea, water and fruit juices. Of these the most advanced is beer, where the company is considering a partnership with Deer Chang of Thailand in a joint venture that would require an investment of USD 40 50 m. Senior management strongly believe that, due to lack of focus consumer from the major local players, SABECO and HABECO, there are significant opportunities in building a new Vietnamese mid-market brand, focusing on the take-home market (which accounts for over 65% of consumption). Entry into this new category will be a significant challenge for the company and will require a new team to be hired into the company. Managements biggest near term challenge is remaining focused key to the companys success and profitability, has been its ability to derive value from very few stock keeping units (SKUs). As new markets are added Masan Food needs to ensure that its marketing competencies are not spread too thinly. The market is increasingly competitive Asian food suppliers are considered a greater threat than the international players, Unilever and PG, as a result of their ability to localise recipes and consumer insight. Masan Foods scale, particularly in fish sauce, and local marketing expertise, should help it in defending its position in the market. Operational issues still exist consistent with what we noted in our original due diligence, Masan Food continues to have a few operational issues including a poor production set-up (even the new factories are too cramped), an over-complicated internal supply chain and lack of support (operations and finance) from a strong IT system. A new ERP system should be in place by the start of 2010, however, the remaining operational issues still need to be addressed. 7. Key terms Transaction Up to USD 22 m in new capital (VND 394,727,571,000), representing an expected ownership interest of 5.5761%. Use of proceeds Repayment of debt, investment in new business areas and further capital increases in Techcombank. Conditions to subscription Receipt of all relevant evidencefor the ownership structure and approval of the transactions, including Business Registration Certificates, Share Certificates and excerpts of Shareholders Register Books,GSM resolutions, Board resolutions,and due diligence conclusions, accounts etc. satisfactory to PENM and PENM Board approval. Key covenants, reps and warranties Standard covenants, representations and warranties found in this type of transactions in Vietnam. Shareholder rights PENMs minority rights will be limited to normal rights included in the company charter, we will, however, received 1 Board position for a 2 year period after PENM exercises its first put option and as long as PENM holds 8% of the outstanding equity in Newco, excluding any dilution from the issuance of new shares. Restrictions Lock-up of 1 year after closing. Right of first refusal (one-sided) relating to PENMs shares in Newco gained from the swap arrangement, during the swap period. Indemnity Maximum liability, thresholds and Gross-up of Payable Amounts (gross up to ensure that theindemnified party receives and retains a net sum equal to the financial loss actually suffered). Exit Through listing or trade sale. 8.Key risks Key risks Comments Mitigation Limited influence in Newco Medium: The presence of a dominant majority owner and the possibility of future capital raising may mean that, despite Board representation, PENM has limited influence in the decision making process of Newco Use close contacts already forged with owners and align interests with other funds. An eventual listing would make Newco an easy exit Listing of Newco Low / medium: If Newco is listed, it is uncertain how the market will react to a group that combines banking and food assets. Diversified conglomerates are not unusual in the Asian context so no significant discount is expected Bank collapse similar to Europe / US Low: Despite being unaffected by the recent turbulence, there is a risk that the Vietnamese banking sector experiences similar issues as has been seen in Europe and the US Complex derivative instruments are not widely used in Vietnam, banking sector is strictly regulated by the SBV and has little financing on the international interbank market Masan Food not maintaining earnings momentum Low: The valuation of Masan Food requires the company to maintain its momentum in earnings growth The same risk exists on our current investment in Masan Food. The company also has a strong pipeline 9. Proposal PENM is seeking approval to make up to DKK 114,975,0005 m (USD 22 m), and minimum DKK 78 m (USD 15 m), investment in Newco for a 5.5961% stake.

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Turkle’s use of the plural pronouns establishes a common ground between the writer and the audience which persuades the audience to agree with her argument. Throughout the essay, the author authoritatively repeats her experience in the field of technologicalRead MoreArtificial Intelligence Is An Idea That Machines Can Think And Make Decisions Just As Us Humans?1807 Words   |  8 PagesArtificial Intelligence is an idea. An idea that machines can think and make decisions just as us humans can. With an ever growing knowledge of technology, we have seen a major impact from Artificial Intelligence and it will continue to impact our lives. One future impact of AI is its use in the judicial system. Judicial systems exist all around the world, in one form or anther, each with different laws and policies, but all judicial systems can be significantly impacted by AI. However, the question

Aileen Wuornos Free Essays

This concept application paper is an analysis of social behavior and deviance of serial killers in Sociology Class. Aileen Wuornos killed a total of seven men along Florida highways between November 1989 and November 1990. Wuornos was one of the few female serial killers that was captured January 9, 1991, trialed and executed by the state of Florida in 2002 by the Lethal Injection. We will write a custom essay sample on Aileen Wuornos or any similar topic only for you Order Now Aileen Carol Wuornos, born February 29th, 1956 in Troy, Michigan, who was also known as American’s First Female Serial Killer. Google’s description of a serial killer is someone who murders at least three people in a short period of time. Wuornos was a prostitute where she resided in Florida where she was found guilty of murdering the 7 male victims. Wuornos defense was that each victim either tried to rape her or they actually raped her as she was making a living by prostituting. Wuornos killed each victim by shooting them at a point-blank range in order to kill people on a consistence basis, you  have to be very distinctive because not everybody has the morality to endure in a series of multiple murders. When associating Wuornos to deviance, her upbringing with her family and genetics played a major role in her deviant behavior. Wuornos childhood led her to grow up faster than a normal child would. Wuornos mother was young at the time of her birth. She never met her father, bout time she was born he was already in in prison in, in which her father was diagnosed with a social disorder called schizophrenia. Wuornos toddler years her mother abandoned her and her only sibling keith, her mother’s parents legally adopted them which eventually turned bad. Wuornos family including her mom, father and grandparents were all alcoholics. Alcohol and Substance abuse was apart of every crime Wuornos committed. Wuornos and each murder victim would have drinks together prior to the murders. Wuornos whole life consisted of abandonment an abuse by her family and friends. She was born to a teenage mother who was physically and verbally abusive to her mother prior to her birth, who was also absentee from her life. After the move with her grandparents, her grandfather became emotionally, sexually and physically abusive towards her and kicked her out the house at a very young age. The life experiences that Wuornos went through cause her to live a lifestyle that  was available to her at all times. Which caused her to become a criminal and survive by be being a prostitute because that is all she knew. The Social Control Theory predicts that Wuornos life experiences may have caused her to become a serial killer. Wuornos gave birth to a baby boy at the age of 14, after being impregnated by her grandfather in which she gave him up for adoption. She dropped out of school and her grandmother died due to liver failure from drinking alcoholic beverages throughout the years. Shortly after she was kicked out of the house at the age of 15 years old where she had to support herself and the only way she knew to survive was encountering in sexual deviance. Wuornos fell into a similar pattern of defiance that she inherited from her family. Self Control by itself can not be the main source of criminal behavior somewhere in between you must also have some type of Lack of Self Control. In order to realize the opportunity to commit a crime. Self Control Theory stated that Wuornos acted in self control and also lack of self control. Wuornos was a known prostitute for a long time and was said to have more than 100 partners and only managed to kill seven men, I would say she had some type of self control. The lack of self control comes along with the aggressive behavior that is said to be genetically that led her to murder the victims. Despite of Wuornos life experiences that could have influenced her self control, she was diagnosed with antisocial and borderline personality disorders at the time of each murders which led to a extreme mental and emotional disorder from her Alcoholic family, abandonment from her parents and abuse from her grandparents the jurors still believed that she was substantially aware of the crimes she committed and was found guilty and her diagnosis was not a major role during her conviction. Wuornos was convicted and sentence to death for six out of the seven murders she committed and was executed on October 9, 2002 by lethal injection. Latchison, September 21, 2018 References Golden, D.J (Writer). (2003) Biography: Aileen Wuornos [Motion Picture] Blanco, J. (2016). Aileen Wuronos| Murderpedia, the encyclopedia of murders. Murderpedia.org Twistedmids.creativescapism.com.(2016). Aileen Wuornos Childhood| Twisted Minds How to cite Aileen Wuornos, Papers

Overcoming Struggles as a Slave free essay sample

Amanita faced many struggles throughout the novel The Book of Negroes by Lawrence Hill, in which she overcame them, thus shaping her into a wise and strong person by the end of the book. She adapted to many drastic and immediate changes throughout her journey which includes her witnessing her village being destroyed, the voyage on the Atlantic Ocean from Africa to North America, and accepting the fact that she was a slave and overcoming it. Amanita was born in Baby in Africa; she was raised by two loving parents and ad many friends such as Bombay and Checker, who were with Amanita for some parts of her story. Amanita learnt many things from her parents which contributed to her survival in the new world. Her moms teachings in childbirth aided Amanita and helped make an effect in her life. My mother taught me how to reach inside a woman- after coating my hand with warm oil and touch in the right spot to tell if the door was suitably 23). We will write a custom essay sample on Overcoming Struggles as a Slave or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Mantiss father educated her as well as they had private lessons together on how to pray in Arabic. The simple life of Amanita came to a short end when ere village was destroyed and seeing her people kidnapped and murdered by men, who had the same faces like hers, but with no facial carvings (23).Amanita even witnessed her mother and father being killed, l saw the blood in the moonlight, angry and dark and spilling fast (38). Amanita had no choice to escape from the kidnapping and was placed in a coffee led by many guards. During this time, Amanita met Checker who turned out to be her husband later on in the book. Along the journey, Amanita developed privileges through Checker so that she can be free from the coffee. However, privileges like those did not mean that she was free to go.Eventually, her coffee reached the port of Africa and was soon to be shipped away to America. This was a very devastating time for Amanita but this event was the first of many struggles she had to go through in order to survive. Amanita was brought up by parents from two different villages. Her father was a Full so his language was Fueled. Amanita mother was Banana, so she spoke Panamanian. Since Amanita was able to learn to both Fueled and Panamanian she was more useful when she was on the ship.Mantiss stay along with many other of her home Landers on the ship was a long and cruel journey across the Atlantic Ocean. Being stuck in the bottom of the ship with hundreds of slaves created a disgusting stench (90), which Amanita could not stand. Through luck, a tuba man discovered Amanita that she was able to deliver babies. The man, who was later known as the medicine man was impressed of Mantiss work and made her his assistant. This allowed her to stay with the medicine man instead of the slaves and have an easier time on the ship compared to the other slaves. She easily adapted to this as it was much better than it was in the bottom of the ship. Amanita came up with the concept You help me, and I help you (91) with the medicine man which he compromised. While they were at sea, many slaves as well a few sailors died. When someone on the ship died, the tuba would throw the body overboard with no respect of a proper ceremony, the dead were shown no respect (1 17). The voyage across the Atlantic was not a luxury cruise for Amanita, but she managed to gain privileges that many slaves in the ship did to possess.After her long journey at sea, Amanita was taken to a plantation in South Carolina where she met people who helped her adjust to the role as a slave. She was taken to an Indigo Plantation run by a man named Robinson Appleby. At this plantation, she was forced to do labor outside the fields and whatever command she was asked to do. At first, it was hard for Amanita to adjust to a whole new lifestyle in a plantation. With the lack of respect, Amanita was hit by Appleby. Amanita was saved from near death by a woman named Georgia.Georgia was basically Mantiss guardian, teacher and healer. Georgia taught Amanita how to speak properly to her slave owners and white people and how she can speak to other black people. l came to see that she was teaching me two languages. (1 83), There was the language that Georgia spoke when alone with the Negroes on the plantation, and she called that Gullah there was the way she spoke to Robinson Appleby or to other white people, and she called that English (183). Amanita also came across an overseer named Named, who was a Muslim.Mantiss parents ere Muslims and she learned some prayers in Arabic. Once Named found out that Amanita could say prayers in Arabic, Named secretly educated her privately at his home. This later affected her greatly because Amanita was more educated than other slaves. The two characters of Georgia and Named helped Amanita in a way that helped her overcome the true hardships of a slave. Amanita was then bought by a man named Solomon Lined; he was a lee who thought she was skillful and had a lot of potential. Lined was considered to be a nice owner who let Amanita read and write openly.With he privilege of this, Lined asked Amanita to give some of her earnings to him, You will work in the mornings on my books, keeping accounts and when you are not busy with that, you will start catching babies. With what you earn from that, you are going to start paying me ten shillings a week (Hill 283). Amanita slowly overcame belonging to an owner as she ran away from Lined which made her free. Overcoming the title of being a slave was not easy for Amanita; the motivation of reuniting with her family kept her going each day hoping she will see Checker and her two daughters.As an old woman nearing the end of the book, she finds herself crossing the Atlantic Ocean one more time to England to present the account of her life so it may help abolish the slave trade. Amanita has been through a lot. She has accomplished so much that she does not need to cross no bridges and board no ships, but stay here on solid land (657). With each and every obstacle she faced, she managed to get through it with the help of the people around her and her courage to overcome anything.