Lego Analysis Essay

Large losses in Vinalines, Vinashin, EVN, Vietnam Cement Corporation VICEM, Song Da Corporation, TKV †¦ somehow make it easier for the Vietnamese economy sinking into stagnation condition than ever before. Global economic slowdown led to foreign investment flows into Vietnam show signs of decline. Attract foreign investment from the beginning of 2012 to 04/20/2012 only 68. 5% compared to the same period last year, which is down 0. 3% compared to the same period last year. Trinh Thanh Hoan, Director of Insurance Management and Supervision Department of Finance, commented that: the financial crisis affecting the insurance industry in Vietnam, but not heavy. Vietnam’s insurance industry is one of the few lucky industries has overcome the crisis. Revenue growth rate of the insurance industry first 6 months of 2012 has reached a relative situation, though not as high as in 2011. Original insurance exploitation activities increased by 11% compared to the same period in 2011, of which 13. 5% non-life sector, life insurance increased by 8. %. In this context, the Prudential – with revenue of VND 2,182 billion, accounting for 39. 69% of the market array of life insurance market in Vietnam is facing great opportunities to promote their competitiveness The study of the financial situation in 2011 by Prudential in conjunction with specifying the challenges they are facing in 2012 through which creating a premise to promote the Vietnamese insurance m arket in general and the Prudential Vietnam in particular to develop at a stable and healthy way is the reason why this topic was chosen. Title: â€Å"How was the financial situation of Prudential Vietnam in 2011, its problems in 2011 and its challenges in 2012† Object of this project is to study the financial situation in 2011 of Prudential Viet Nam in which the writer focused on the analysis of sales along with the challenges that they are facing in 2012, which is the main factor determining the competitive position of the company The range of research topics: In term of spatial: The insurance company in Vietnam, especially Prudential In term of time: Empirical research in the period 2011-2012 Research objectives of the project are presented in three main aspects, namely: Develop practical scientific arguments about the challenges that Prudential are facing in 2012 as an important strategy in business development issues of Prudential Analysis of the financial situation of Prudential Vietnam in the 12-month period of 2011 The layout of the contents of the subject consists of three parts: Chapter 1: Historical development and organizational structure of Prudential Vietnam. Chapter 2: How Prudential Vietnam did their business in 2011. Chapter 3: Financial Situation of Prudential Vietnam in 2011 compared to 2010, its problems in 2011 and its challenges in 2012. In term of finishing this project, because of limitation in knowledge about finance and insurance field and the lack of information that we can find both on The Internet and directly from Prudential Vietnam, our report may be confined. We would like to show our gratitude to Dr. Gitte Top, who has specially enthusiasm in guiding our group during the process of doing and finalizing this project. We wish you be always happy in your life. METHODOLOGY A. The method used in general is the research â€Å"onion† * Definition : In order to answer how a research should be answered a clear methodology was sought which is referred as â€Å"research onion†. It presents a clear framework for the most suitable methods and strategies to address a research. It promotes the knowledge to answer a research question. After deciding a suitable philosophy other elements are selected from the layers which assist in answering a research. Each element in a different layer is discussed below in order to get an idea why elements were selected while conducting a research * The purpose of research onion The classification of research purpose most often used in the research method literature is threefold one of exploratory, descriptive and explanatory. However, in the same way as our research question can be both descriptive and explanatory, so our project may have more than one price. Indeed, as Robson (2002) point out: â€Å"The purpose of your enquiry may change over time† I. The research paradigms The first layer of the onion is research paradigms. It gives an idea that how we think about the research. Several views about research process dominate the literature, which include positivism, realism, interpretivism and others as well. The knowledge is always judged in different ways and these are different ways you can judge the knowledge. We chose realism because it is a mixture of both the philosophies positivism and interpretivism as it allows us to study for the social issues trying to understand the impact of wider social forces. Moreover, we would take advantage of the accuracy in evaluation of the figures provided in the financial report of Prudential in 2011 to see correctly its problems and challenges. These reasons are why the realism is selected II. The research approaches The second layer of research ‘onion’ refers to research approach. There are two approaches involved: 1. Deductive approach Deductive approach works from more general to specific. This is informally called as top-down approach. A deductive approach is consistent with developing a theory and testing it through research. Arguments based on laws, rules and accepted principles are generally used for Deductive Reasoning. 2. Inductive approach Inductive reasoning works the other way like deductive moving from specific to general to broader generalization and theories. And informally it is referred as bottom op approach. And its conclusion is likely based on premises and usually involves a degree of uncertainty. Because of the limitation about the information we can look up, we chose the deductive approach in order to have a clear orientation to carry out the project. B. The project I. Object of this project: To analyze financial situation of Prudential corporation in 2011, then reveal factors affecting the company included the cost and national economy situation and as well as the difficulties which corporation face in the this year II. The range of project * In term of space : Insurance market in Viet Nam and especially Prudential * In term of time: Practical research in the 12-month period of 2011 about the main activities of the Prudential corporation; challenges of Prudential in 2012 III. The research objective Offer the student the opportunity to train the skills falling into the categories of writing a report – to learn the logic and practice of investigating/analyzing actual problems, equivalent to current challenges in modern financial companies – and to being introduced to formulating a research question. IV. The research methodology To estimate specifically and exactly how was financial situation of Prudential Vietnam in 2010 our group thinks it is suitable to use dialectical materialist methodology (human relations results), along with the clever combination of theories in economics and management, based on the analysis of reliable material which our group collected, in which we focuses on information on the homepage of Prudential Vietnam. C. The structure of assignment The layout of the contents of the subject consists of five parts 1. The introductory part 2. Methodology 3. The main part a. Chapter 1: Historical Development and Organizational Structure of Prudential Vietnam b. Chapter 2: How Prudential Vietnam did their business in 2011 c. Chapter 3: Financial Situation of Prudential Vietnam in 2011, its problems in 2011 and challenges in 2012 4. Conclusion 5. Appendix CHAPTER 1: HISTORICAL DEVELOPMENT AND ORGANIZATIONAL STRUTURE OF PRUDENTIAL VIETNAM PART 1: HISTORICAL DEVELOPMENT Established in London 1848, Prudential is one of the world’s leading retail financial services groups providing life insurance, financial services and asset management products and it has been writing life insurance in the United Kingdom for 163 years. In 1995, Prudential arrived in Vietnam ;amp; established the Prudential Representative Office in Hanoi, the capital of Vietnam. Later on, in 1997, it established a 2nd Representative office in Ho Chi Minh City After 11 years , in 2006 , it was awarded the â€Å"No. 1 brand in Insurance – Finance – Banking Industryâ€Å". Up to now, it has keep dominating the market share in insurance market. PART 2: ORGANIZATIONAL STRUCTURE Board of Directors Mr. Alexander John Hambly Chairman (Non-Executive Director) Mr. Hambly is the Regional Head of Private Equity of Eastspring Investments (Singapore) Limited (formerly known as Prudential Asset Management (Singapore) Limited) joined Prudential in 2003 and was Chief Executive Officer and Chief Investment Officer of Eastspring Investments Fund Management Limited Liability Company (formerly known as Prudential Vietnam Fund Management Private Limited Company) from January 2006 to September 2007. Alex was also the Chief Executive Officer for Prudential Property Investment Management (Singapore) Pte. Ltd from September 2007 to February 2010 and the Chief Executive Officer of PPEM Pte. Ltd. from March 2009 to October 2010. He has more than 20 years’ direct investment experience gained in both Asia and other major markets. Prior to joining Prudential, he worked for four years for Actis (formerly known as CDC Capital Partners) based in Singapore, four years with HSBC Private Equity based in India, and seven years with Barclays Bank plc based in London, India and Singapore, the last three years of which he was on secondment to a private equity fund (Baronsmead plc) in the United Kingdom. He holds a BA in Modern History from Durham University in the UK. Mr. Hambly is also a member of the VII Audit and Remuneration Committees. He has not been a director of any other listed company in the last three years. Mr. Henry (Van Hung) Lam Managing Director (Chief Executive Officer) Mr. Lam, a resident of Vietnam, was born in Vietnam and came to Australia in 1977 and studied electrical engineering. He resides in Vietnam and is responsible for the group’s operations in Vietnam. He was awarded the â€Å"Red Star† at the end of 2000, the first overseas Vietnamese to receive this, for his contribution to the economy of Vietnam and in 2010 he was awarded the â€Å"Second Class Labour Medal†. He has not been a director of any other listed company in the last three years. Mr. Lam is a director and shareholder of Corbyns International Limited, the Company’s ultimate holding company. Mr. Alan Alexander Young Managing Director (Chief Operating Officer) Mr. Young commenced his business career in the financial sector and was employed for several years in banking and finance. For the past twenty years, he has gained wide experience in the administration of public companies, particularly in the resource sector. Mr. Young is a Board member of all the operating subsidiaries in Vietnam. He was a Fellow of the Institute of Corporate Managers, Secretaries and Administrators and past President of the Western Australia-Vietnam Business Council Inc. He has not been a director of any other listed company in the last three years. Mr. Roger (Sing-Leong) Kwok Independent Non-Executive Director Mr. Roger Kwok is the Managing Director of Arcadia Group in Perth which specialises in designing, developing and managing retirement resorts and premium properties. For the last twenty years, Mr. Kwok has managed a number of Australian businesses in the automotive and healthcare sectors. He is a past president of The Western Australian Chinese Chamber of Commerce and brings significant experience in business relations in international markets, particularly China, which sources raw materials to VII’s rolling mills. Mr. Kwok is the Chairman of the VII Audit and Remuneration Committees. He has not been a director of any other listed company in the last three years. Mr. Andrew David Walker  (appointed 3 January 2012) Independent Non-Executive Director Mr. Walker has graduate and postgraduate qualifications in Medicine and Medical Science from Newcastle University and is a Fellow of the International College of Surgeons. He also has a MBA from The University of Melbourne. Before starting his business career, Andrew was as officer in the Australian Army and a Platoon Commander in Australia’s elite parachute regiment. Mr. Walker has a wide range of Board experiences, both Public and Private companies. He was the Past-Chairman of the Melbourne Chapter of the Young Presidents Organisation. He was named the 2006 Ernst & Young’s National â€Å"Entrepreneur of the Year† (Service Category). In the past three years,  Mr. Walker is the Executive Chairman of Vallenar Iron Company and Founder-Chairman of Aspen Medical Pty Ltd. Mr. Walker is a member of the VII Audit and Remuneration Committees. CHAPTER 2: HOW PRUDENTIAL VIETNAM DID THEIR BUSINESS IN 2011 PART 1: HOW DID PRUDENTIAL GET PROFIT? The renovation and modernization of the country and international economic integration requires every industry, every business have to try harder, continuing deeply comprehensive reform in all its activities. With the function of mobilizing small amount of money from countless individuals to create a central insurance fund to invest in various sectors of the economy, insurance companies, particularly life insurance Prudential company has become an institution, a key professional investors on the capital market of many countries. And if the world over a long period, the investment activities of the non-life insurance companies are considered a complementary activities in order to increase profits in addition to profit from insurance operations, since the type of life insurance on the market, investors have become a very important activity, can’t be separated and have to say it determines the survival of life insurance companies. To be more specific, the writer will present the way Prudential get profits. Firstly, by buying insurance contracts, Prudential’s employees try to persuade other people to buy their insurance policies. They will get amount of money when the contracts accomplish and unless the buyer have some problems with their body or life, the company will use the money to invest some particular activities to make more profits. Secondly, they generate profit by mortgage. Lending is an important role for life-insurance company. With the nature as an investment tool, Prudential company must also be subject to some limitations when it carry out loan such as restrictions on the maximum amount allowed for limited borrowing and lending of money. Currently the mortgage loans of life insurance companies primarily secured by real estate . Most of loans under life-insurance company tend to increase quickly. This is also the form of attracting more customers to the insurance company. In Vietnam today lending policy is very popular and used by insurance companies as a form of competition. The next one is that Prudential company invested in securities. This is the investment tool which is used by almost life-insurance company most widely, hence the profits from investment securities giving the insurance company is very huge. Moreover, investing in securities has a high liquidity because insurance companies can quickly sell the securities to the market if demand for payment is necessary. Stocks and bond are two kinds of securities which most life insurance companies prefer to invest. In a word, investing in securities has higher margins than other forms of investment. Life-insurance companies tend to invest large value on that list. Associating with the development of securities market in recent years, the investment of life insurance companies in this market is considerably increased. Currently Most of life-insurance companies move to invest in securities and loans which have guaranteed level less but have a higher expected rate of return. Next, Investing in real estate is important element without mention on the way to generate profit . The investment in real estate plays an essential role because it maintains the stability of the value of investing in real estate which is less affected by inflation. However, investing in real estate has high market risk and low liquidity. Therefore the real estate business of life-insurance Prudential is suffered from certain limitations. In addition to these forms of investment, life insurance companies also invest in other forms of joint ventures, deposits at credit institutions, pledge and mortgage. With life insurance company investment which is usually long term should be greater long-term portfolio than that of non-life insurance companies . In previous time, loans secured by the mortgage is the primary form of investment life insurance companies. These investments often bring a higher rate of return than investments in government bonds, although liquidity is not high. Those are the fourth best ways of Prudential company to gain profit. However, it does not mean that they are the only measures. To generate profit, Prudential also take part in forms of organization and operation of investment. And Prudential with a large scale of enterprise and the nature of insurance can invest in this activity with two forms: The first one is establishing investment company belonging to Prudential company. The establishment of an independent investment organization in the form of the investment company or investment fund owned by the insurance company all the shares or hold the shares in the form of applied fairly common in the insurance company in the world. This pattern is consistent with the large-scale insurance companies and developing companies, it helps insurance Prudential company concentrate on its resources to improve the quality and efficiency of investment activities. These funds may only focus on a geographical area or specific industry groups or a wide range of activities and general investment fields. In recent years insurance companies have large-scale switch to set up the fund to focus its resources and improve the quality and efficiency of investment activities. The next one, Prudential buy shares in the non-dominant of other investment company. PART 2: PRUDENTIAL MARKET SHARE AND THEIR COMPETITORS Market share * 2011 situation 2011 was a challenging year for the global economy and Vietnam was not an exception. The slow growth in the US and EU region also softened Vietnam’s export demand. Moreover, the tightening policy by the SBV to tackle inflation lowered domestic industrial activities. For the full year of 2011, GDP growth was 5. 9% compared to 6. 8% in 2010. This is the second lowest year of GDP growth in the last decade, only higher than 2009 the year after the global financial crisis started. According to the annual report 2011, the revenue of Prudential Vietnam account for nearly 39% of the total revenue of the life insurance market, reduced 1% compared to 2010. However, Prudential Vietnam has reached new business premium of VND615 billion ($30 million), up 21. 2% year-on-year. The total premium income increased to VND2. 8 trillion ($137 million), up 12. % year-on-year. With the market share of 38%, the company reaffirmed its No. 1 position in Vietnam’s life insurance market. In additional, Prudential Vietnam has won the  Golden Dragon Award 2011  with the title â€Å"Best Financial Service† for all three business units in Vietnam: Prudential Vietnam Assurance, Eastspring Investments and Prudential Finance. This is the 10th consecutive time th at Prudential has won the Golden Dragon Award. * Prediction in 2012 2012 outlook is expected to improve due to consistent government policy, the more stable VND and improvement in the balance of payment. We become increasingly optimistic about Vietnam outlook in 2012 due to the consistency of SBV in implementing monetary policy, the more stable VND, and the improvement in the balance of payment. However, in the short term, lower GDP growth is expected in trade off for long term macro stability. During this period, the equity market might remain volatile and highly reactive to releasing news. We think that selective investment in sectors with stable consumption demand (i. e. non-cyclical consumer goods) or have a strong financial capacity will bring benefits for investors. In the long run, we increasingly become optimistic about the equity market as the VN Index valuation is currently at one of its lowest levels historically and compared to other markets in the region. Competitor In Vietnam, the insurance sector is regulated by the Insurance Supervisory Division within the Ministry of Finance. The insurance trade association is the Association of Vietnamese Insurers (AVI). The main life insurance companies are: Bao Viet (also a non-life insurance company); Prudential; Manulife; AIA; Dai-ichi Life; ACE Life; and Prevoir. Key non-life insurance companies include: Bao Viet (also a life insurance company); Bao Minh; Petrovietnam Insurance Company (PVIC); PJICO; PTI; Cong ty BH lienhiep; Bao Long; Vien Dong; and VIA. In the first quarter of 2012, the total sales of life insurance in the market are 3522 billion, up 8. 1% compared to the same period last year. The companies have large market shares of Prudential Vietnam, with 1,308 billion, accounting for 37. 14% market share, Bao Viet is 942 billion VND, accounting for 26. 73%, Manulife is 440 billion, accounting for 12. 5% . Leader in sales of new premium remains the Prudential Vietnam with 239 billion, followed by Bao Viet Life 226 billion and Manulife is 131 billion VND. The strongest opponents of the current Prudential Vietnam Bao Viet Life, with a market share of new operators are close to Prudential. Futhermore, Manulife, although total sales revenue and new operators have a big gap with the Prudential, but development strategy, with a solid foundation and changes quite flexible according to the market trend of this company many companies in the same industry appreciated. AIA is also one of considerable competitors with daring and efficient strategies which may have a spectacular breakthrough in the market share in a few years. Meanwhile, Dai-ichi Life Vietnam after a period of impressive growth, there seems to be a lull down and has not had any extensive development. In the recent economic condition, the issue is not about the number of new contracts or pushing the revenue growth. The vital tatic is maintaining the signed contracts. It dues to the fact that the level of contracts termination in Vietnamese market has always been a â€Å"nightmare† for life insurance ompanies, this ratio is always around 10 – 15% for every years, the rate cancelling contracts in the early years are often higher. Therefore, the development of effective strategies many insurance companies selected for this difficult period. Although the cancelling contracts are high, Datas from the Vietnam Insurance Association showed that the three months of this year, the number of contracts restoration of 27,797 contracts, an increase of 35% over the same period last year. The companies have the contract high recovery rate is Prudential, Bao Viet and Dai-ichi Life Vietnam. Thus, under the current intensive competition, whether Prudential can retain their leader position of the life insurance market or not, it’s still a question. CHAPTER 3: FINANCIAL SITUATION OF PRUDENTIAL VIETNAM IN 2011 COMPARED TO 2010, ITS PROBLEMS IN 2011 AND CHALLENGES IN 2012 PART 1: FINANCIAL SITUATION IN 2011 COMPARED TO 2011 AND ITS PROBLEMS IN 2011 Business activities results Unit: Million VND Content| 2010| 2011| I. Revenue| 7,601,313| 8,871,160| 1. Revenue from insurance activities| 5,365,668| 5,992,532| 2. Revenue for financial activities| 2. 235. 645| 2,871,628| II. Costs| 6,263,946| 7,878,625| 1. Insurance activities and sales cost| 5,298,593| 6,335,556| 2. Financial activities costs| 379,520| 819,496| 3. Manager costs and other costs| 585,833| 723,573| III. Profit without taxes| 1,337,367| 992,535| IV. Taxes| 329,815| 240,839| V. Net Profit| 1,007,552| 751,996| The table shows how Prudential did their business in 2011. According to the table, in 2011, Prudential’s revenue showed an upward trend in both insurance and financial fields. Specifically, its revenue increased by 626,864 million VND and 635983 million VND respectively. However, costs for business activities involved insurance, financial activities, management cost and other cost also grew in this 12-month period as a figure of 1,614,679 million VND. As a result, net profit was decline by a significant number, 255,556 million VND for particular, despite of reduction in taxes. In conclusion, this insurance and finance company still got profit in the previous year, however it was less than it had been in 2010. Important financial ratios: Content| 2010| 2011| I. Asset Structure| 1. Fixed Asset / Total Asset| 0. 3%| 0. 4%| 2. Moveable Asset / Total Asset| 28. 7%| 31. 4%| II. Capital Structure| 1. Debt / Debt and Equity| 87%| 88%| 2. Equity / Total Capital| 13%| 12%| III. Payment Capability| 1. Money and money equivalents and short-term investment / Short-term debt ( times )| 3. 77| 3. 58| 2. Total Asset / Total Debt ( times )| 1. 15| 1. 13| IV. Profit ratios| 1. Profit without taxes / Total Asset| 5%| 3%| 2. Net profit / Gross Revenue| 13%| 8%| 3. Net profit / Net Revenue| 20%| 12%| 4. Net profit / Equity| 30%| 22%| The table illustrated some relevant financial ratios included asset structure, capital structure, payment capability and profit ratios. In general, these numbers provide a negative business image of Prudential in 2011 compared to they did in 2010. For example, their payment capability was limited and profit ratios also reduced to. The figures were 0. 19 time deduction in money and money equivalents and short-term investment / short-term debt and 8% decline in net profit / net revenue. Clearly, business activities of Prudential in was not effective compared to 2010 and this fact was because of several reasons and also led to several issues of Prudential in 2011. Factors had devastating impacts on insurance market in general and Prudential for particular included The 2008 Financial Crisis, inflation rates, the increase of gold price and Resolution of the government Firstly, the 2008 Financial Crisis has been proving that it has global affects and there are no countries being exception. In 2008, White House admitted the conclusion of The National Bureau of Economic Research (NBER) which is â€Å"The United States has been being in recession since December of 2007† and tried to accelerate the economic recovery process by improve finance, credit and real estate market. According to official figures, GDP of the biggest economy in the world decreased by 0. 2% in the fourth quarter of 2007 but increased by 0. 8% in the first quarter of 2008 and 2. 8% in the following 4 months. Subsequently, it declined again in the third quarter of 2008 by 0. 5%. However NBER informed that recognizing the recession was not just based on GDP but on other economy factors such. For example, employment market and capital slowed down and showed a downward trend in a 12-month period. After that, this disease started spreading all over the over and several countries and regions were victims. Fifteen European Union countries were the first, then Russia, Japan, China, Singapore †¦ Later on, in 2009, Vietnam became a victims of the crisis, which brought the economy down without recovery up to now and every single industry was effected involved insurance field. As a consequence, business activities of Prudential fell down year after year. Secondly, the inflation rates of 18. 13% was rather high than ideal number and it also means that Consumer Price Index (CPI) was 18. 13% higher than the previous year, furthermore, some essential products increased by 50% or even 100%. Hence, it had impact on social quality and decreased the amount of saving money of residents, limited to capability of participating in insurance activities or maintaining the life insurance contract due to people who have low average income, and increased the compensation costs of non-life insurance. Therefore, the growth of about 10000 billion VND costs of insurance activities and sale costs of Prudential was an obvious consequence. Thirdly, the 24. 6% rise of gold prices also created psychological allocation of the insurers. The stock market and real estate was bleak which reduced investment opportunities and profitability of the insurance business and even generated difficulties for making provision for diminution in value of investment in a relatively large number. And finally, in 2011 The Resolution of the Government about the credit crunch, tightening expenditure and government investment has decreased demand for property insurance, construction and installation of new assets purchased. To conclude, because of several reasons involved The 2008 Financial Crisis, inflation rates, the increase of gold price and Resolution of the government led to a bleak business image of Prudential in 2011 compared to 2010. However, they did a great job in the insurance industry in this year and the evidences proved this is Prudential was the market leader of this field with insurance revenue increased by 12% with the biggest market share and being the number one company in this major. PART 2: CHALLENGES OF PRUDENTIAL VIETNAM IN 2012 Problems of Prudential in 2011 mostly referred to the costs of business activities and the degradation of the economy. However, in 2012, its main mission is to fix these problems and to take advantage of new opportunities in the market to improve its business. In 2012, the inherent difficulties in 2011 still continue, the risk of high inflation, the government undertook to restructure the economy, in which the focus of restructuring banking, securities and insurance will affect the insurance market. Property insurance market is predicted slowing down because of tightening credit, expenditure management and government investment spending forced the non-life insurance companies have turned to market development, non-property insurance products. Moreover, many businesses have to limit their production or stop working because of difficulties in accessing to bank credit which led to an increase in the number of unemployed workers and reducing income. Hence, these determinants generated bad effects on the demand of life insurance. Furthermore, the stock market and real estate do not have any signals of recovery which makes insurance companies being more cautious with investment in this area. And last but not least, The Finance Ministry urged the insurance businesses to thrift, cut costs by 5% – 10%, rearrange insurance companies, restructure the insurance market, improve the business insurance effectiveness, risk management, customer care and upgrade competitive capacity. Although 2012 is expected to continue to be a difficult year for the life insurance industry, based on the difficulties of the Vietnamese economy in general, but there are also positive signs bringing new development in insurance market and providing new opportunities for the life insurance industry, especially Prudential: * The impact of a imited credit growth in the banking system is a positive factor to promote extensive cooperation between the banking system and insurance, also a positive signal for the strong improvement of banking and insurance products * The cost of an employer to purchase insurance for employees is calculated on pre-tax costs will set the stage for the life insurance prod ucts take a forward step to businesses. Limitations of the health insurance system with lower benefits will be an opportunity to stimulate the development of life insurance products which have many benefits about high quality health care and health insurance product lines with high value. To sum up, taking good reactions to overcome these difficulties and take advantage of the opportunities above, Prudential will conduct a successful business in 2012. APPENDIX http://www. vii. net. au/Company/BoardofDirectors. spx http://www. investor. prudential. com/phoenix. zhtml? ID=1099317&c=129695&highlight=&p=irol-newsArticle http://thuvienluanvan. com http://timluanvan. com http://www. prudential. com. vn/ Principles of microeconomics (2003 ) – Mankiw Principles of microeconomics 2ed (2001) –Mankiw Economics book 7th John Sloman – Alison Wride GROUP MEMBERS Nguyen Hoang Tuan Anh Le Xuan Chanh Duong Le Hoang Gia Nguyen Kim Khanh Vo Thanh Tung Nguyen Minh Hai

English Views of Native Americans During Catholic-Protestant Conflict in the New World Essay

English Views of Native Americans during Catholic-Protestant Conflict in the New World During the 16th and 17th century, as settlers from Europe continued to flock to the New World, technologies were being introduced that affected English views of Native Americans and how they saw Catholic, or more specifically, Spanish treatment of the Natives. Many countries wanted superiority in the Americas and to do that they needed more colonists and support from their homelands. To accomplish these goals different means were employed. For England, the New World settlements served a variety of purposes. To secure investors through stock purchases by showing them they would be well rewarded, attract new colonists, and to expand Protestantism in the New World to combat the Catholic movement in the Americas (text 38). Helping in these goals were new technologies that created some of the first propaganda. Many people in Europe feared the Native Americans, thinking of them as savage and uncivilized. Unrest and this fear among the people probably caused many to avoid even entertaining the thought of transplanting themselves and their family to an unknown continent. In 1588 Thomas Harriot published the first pamphlet about life in the New World. Describing great weather, fruitful land, and a wealth of goods these writings encouraged people to travel across the Atlantic. Along with him, painter John White, portrayed the Native Americans as a peaceful people that could easily coexist with Europeans. Taking liberties from these paintings, Theodore de Bry, a protestant from Belgium, made copperplate engravings of civilized Indians. These pictures and views of the Natives had a widespread appeal across England and alleviated fears of the New World which encouraged more settlers to take the voyage and more investors to purchase stock in colonizing companies. One of the biggest battles in the New World was between Catholic and Protestants to control the Americas. During this time Spain was the envy of Europe. With a large navy they were one of the most powerful armies in the world, wealthy, and boasted many colonies in the New World. Several countries, especially England, looked upon Spain with disdain. England being a Protestant country and Spain Catholic did nothing but increase the tension. Public opinion was very important in this power struggle. In 1598 Theodore de Bry republished Bartolome de Casa’s â€Å"Short Account of the Destruction of the Indies (text 38-39)† which helped win supporters for the Protestant movement and England’s prerogative in the Americas. Originally this book was written in 1541 about Spanish mistreatment of the Indians. De Casa’s writing along with de Bry’s graphic illustrations horrified people of the torture and killing of Indians by the Spaniards. The Protestants saw the Catholics as agents of the devil who needed to be purged from society in the New World. Ironically this thinking was hypocritical as almost all countries, including England, mistreated the Native Americans throughout colonization and for centuries to come. Many travel accounts were written over the years that portrayed a frightening and exciting New World to the Europeans. While most of these accounts were written based on opinion and very little facts, they had an important place among society and were very powerful in swaying people’s opinions about Native Americans, the New World, and rival European nations. New technologies of publishing and illustrating at the time helped spread these documents ideas and opinions faster than ever and we saw for possibly the first time ever a propaganda war.

The Wars of Mexico Throughout History

The Connection Between Self Esteem And Income - 1690 Words

It is often speculated upon whether there is any relationship between the amount of money a person has and their level of happiness. Whilst many researchers have directly investigated such a link, most have found little-to-no correlation (Quoidbach, Dunn, Petrides Mikolajczak, 2010; Devoe Pfeffer, 2009). However, a less discussed relationship is that between a person’s self-esteem and their income levels. As it has been found that self-esteem is strongly linked to a person’s happiness (Baumeister, Campbell, Krueger Vohs, 2003; Swann, Chang-Schneider Larsen McClarty, 2007), this paper aims to investigate the connection between self-esteem and income, in order to better understand the link between money and happiness. Mandara and Murray (2000) defined self-esteem as the favourable or unflattering views a person has of his or her own attributes. There are several theories that explain how a person’s level of self-esteem is determined, however the one that will be of focus in this essay is known as the ‘Self-Discrepancy Theory’ (Higgins, 1987). After explaining the intricacies of this theory, it will be linked into the various findings about the connection between self-esteem and income from multiple sources. First termed in 1987 by Higgins, the Self-Discrepancy Theory describes how different sorts of disparities between self-state representations can be connected to various emotional vulnerabilities. Higgins (1987) suggested that there were three domains of the self.Show MoreRelatedAnalysis Of Arts And Music In Music And Education1524 Words   |  7 Pagesraise money through levies and taxes. Both options have shown to be ineffective. Research suggests that Arts and Music should be included in the educational system as it is critical in learning because it promotes cognitive development, develops self-esteem, and helps in understanding all other subjects. Cognitive development is vital in a child’s education. Anything that educators can do to help in this is beneficial. â€Å"Making art is a highly cognitive process that involves problem solving, criticalRead MoreInfluence Of Tobacco Use. â€Å"The Prevalence Of Current Smoking1162 Words   |  5 Pagescannot prove the connection of a causal relationship, but researchers have reported an association between relatively poor self-esteem and substance use initiation (kwon, Ratner, Richardson). â€Å"Considering The relationship between self-esteem and the initiation of tobacco use, the results of this study support previous research reports of a potentially protective role of self-esteem against the initiation of tobacco use (Kwon, Ratner, Richardson).† This research suggest that self-esteem has more of aRead MoreCan Single Parents Raise Successful Children?1468 Words   |  6 PagesChildren? Lavern Francis COM 220 Instructor James York August 17, 2008 Are children who grow-up in a single parent household more likely to struggle in school, get into trouble with the law, and develop serious social problems such as low self-esteem and unhealthy relationships in the future? The myth is that a single parent cannot raise a successful child. That child who grows up in a single parent household is more likely to struggle in school, get into trouble with the law and develop seriousRead MoreBenefits And Costs Of Extracurricular Activities Essay826 Words   |  4 Pagespurpose of this literature review is to examine the benefits and costs of extracurricular activities. First, I discuss how participating in extracurricular activities benefits students. Among the benefits I discuss are academic performance, enhanced self esteem, and respectful behavior. Secondly, I will discuss the cost of participating in extracurricular activities. The costs I discuss are time management, and expenses. EXTRACURRICULAR ACTIVITES Students who participate in extracurricular activitiesRead MoreThe Theory Of Self Efficacy1645 Words   |  7 PagesSelf-efficacy is defined in this article as: beliefs in ones capabilities to organize and execute the courses of action requires to produce given attainments. This article according to Ross (1998) says that research suggest that teacher self-efficacy often influences the teachers willingness to implement new instruction in the classroom. Research also suggests that teachers with high self-efficacy tend to be more effective in the classroom and helping students especially minority students achieveRead More Does Economic Wealth Mean Happiness? Essay1348 Words   |  6 Pageseconomic wealth affects happiness. This paper will conclude that rises in economic wealth do not correlate with happiness. Many factors influence happiness, and the method of enhancing happiness. The essay will begin by discussing the relationship between economic wealth and life standards. According to Mankiw Taylor (2011), the quality of life in countries with high economic wealth could improve. Economic wealth can be measured by materials, goods, services, and GDP (gross domestic product),Read MoreTax Issue in the First Wives Club Essays1284 Words   |  6 Pagesmovie actress whose husband also left her for a younger woman, has now become reliant on plastic surgery to keep her career afloat. Her husband, Bill, is demanding a divorce and half of her fortune. Annie, meanwhile, is separated, suffering extreme self-esteem issues, and going through a therapy with her husband Aaron. Shortly after Cynthias funeral, Annies husband asks her for a divorce to leave her for the therapist. After talking to each other and getting angry about their situations, Brenda, EliseRead MoreSocial Class And The Future Career1686 Words   |  7 Pages In the article, there were total of four research questions. The first research question was examined whether there is a relationship between the social class and the future career, political, religious views, gender roles attitudes to identity development. Does it play a significant role in depending in people with the difference social class upbringing? The second research question was examined under what circumstances is the social class of identity exploration and does the exploration differRead MoreAlarm For Childhood Obesity Is On The Rise Of European Countries Such As Norway Essay1470 Words   |  6 Pagespressure, joint pain, and on a more psychological level they may experience low self-esteem and depression. A study by Bjornelv, Nordahl, and Holmen (2010) examined the association between adolescent obesity and psychological factors. The study was conducted using 8,090 children aged 13-18. The participants completed a questionnaire during one school hour which measured man y factors including eating problems, self-esteem, personality, anxiety, depression, along with having their height and weight measuredRead MoreLow Income Students And Academic Achievement1515 Words   |  7 Pagesn the introduction of this paper, I mentioned that low-income students tend to have decreased academic achievement. However, students living in poverty do not always fall privy to the generalizations that face them. At Walt Disney Magnet School, where I have the pleasure of working, sixty-six percent of students are low income, but sixty-eight percent of students meeting or exceeding the state standards (Illinois Report Card, 2015). I reflected on my own teaching experience at this school. In my

Texting And Teen Literacy Understanding And Knowing How...

Texting and Teen Literacy My personal interest in researching this topic is understanding and knowing how texting affects literacy overall, especially with teenagers. I know that communication has evolved and as we move forward with technology, there are/will be positive and negative results that will arise and affect our daily and normal lives in how we communicate This will affect not only our day-to-day communication but also in how we learn. I would like to know more about this topic because I wonder how technology, non-verbal communication and writing can be impacted by the lack of writing and verbalizing normally. In addition, how well teens are able to transition into the working world. I believe this area is important to research, because it has become a topic of discussion and reality. Cell phones are a ubiquitous and necessary part of most people’s lives. Young people, especially teens, do not know a world before the cell phone. Many parents believe that a cell phone helps maintain connectedness and personal safety. However, with every advancement in technology comes unforeseen consequences. There is a concern among parents, and I am one, about how teens are using the shortcuts afforded by this technology to perhaps, their academic detriment. How does texting affect Teen Literacy? How will teens be able to write and spell in complete sentences, given their reliance on the phones capabilities and limitations? How will teens adapt in the â€Å"real world†Show MoreRelatedTechnology Essay11684 Words   |  47 Pagestechnology, many diseases that before  were the cause of massive death, now  are things of the past. With the advances in technology,  scientists  and doctors find different vaccines to help people be healthier. The medical ... Most importantly, we can see how  scientists are in the process of looking for the solution ... ... and they can infuse  this information into a lesson, making the lesson related with real life situations for students. --- very good!! In the final analysis, I think the benefits technology  offers  to

The Authors of Our Own Stories free essay sample

Book stores smell like nothing else in the world. The resin-scent of paper, ink and the acidic snap of binding glue all mixing together to create an encompassing aroma—there’s nothing else like it. That smell was on my fingers the day that I discovered a novel and a novelist that changed my idea about how beautiful life, and sadness, can be and inspired me to change the way I experienced those beauties. Maggie Steifvater is an international bestselling author with over six publications; The Scorpio Races soon to be released. Shiver, was the book that introduced me to Steifvater, and from there the effect began. The saying, â€Å"Never judge a book by its cover,’ has always been a phrase that comes to mind when I peruse the shelves of a book store. Don’t judge them by what they look like, I thought stroking the spines of new prints. We will write a custom essay sample on The Authors of Our Own Stories or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I would be lying if I said that I was attracted to Shiver for more intelligent reasons than the glossy red blood-droplet dotting the â€Å"I†. The cover intrigued me to read the front panel; the panel drew me in. Suffice to say, I read the whole book over the course of a single day, a week later, I read it again. The writing made curious about the writer. The books captured sadness through stained glass. I had discovered before that an author’s writing can be incredibly different from the author themselves; something that concerned me because I always put myself into everything. With Steifvater’s name in ‘Google,’ I came across her blog; her words, outside the story, were just as inspiring—I realized that she was realistic and therefore real. I had found previously that published author’s blogs become impersonal quickly—Steifvater, in comparison writes to a small audience, not general. This inspired me to write, not for a large audience, but as if I were speaking to an individual. A change in my writing-style that soon became a change in life-style; writing for people and sharing with them became easier. Humans share commonalities: smiling, laughing, walking on two legs, etc. People are unique: the way they smile, the way they laugh, the way they walk on their two legs. Music, writing, reading, and painting: all were things that Maggie Steifvater presented to me with a quirky humility that simply put, proves that it can be done. Her achievement of creating for herself a lifestyle that allows for her to do the things she loves, has ultimately, inspired me to do whatever I have to in order to build for myself what I want my life to be because I have the power to do so. We all have the power to be who we want to be and to make ourselves into people who have time to do what we love. Like books, our dust jackets may be glossy or dull, or boring or beautiful, but our pages are printed in the ink and font we choose.

Your Rights Essays - Law Enforcement In The United States

Your Rights Don't Talk to Cops By Robert W. Zeuner, Member of the New York State Bar " GOOD MORNING! My name is investigator Holmes. Do you mind answering a few simple questions?" If you open your door one day and are greeted with those words, STOP AND THINK! Whether it is the local police or the FBI at your door, you have certain legal rights of which you ought to be aware before you proceed any further. In the first place, when law enforcement authorities come to see you, there are no "simple questions". Unless they are investigating a traffic accident, you can be sure that they want information about somebody. And that somebody may be you! Rule number one to remember when confronted by the authorities is that there is no law requiring you to talk with the police, the FBI, or the representative of any other investigative agency. Even the simplest questions may be loaded and the seemingly harmless bits of information which you volunteer may later become vital links in a chain of circumstantial evidence against you or a friend. DO NOT INVITE THE INVESTIGATOR INTO YOUR HOME! Such an invitation not only gives him the opportunity to look around for clues to your lifestyle, friends, reading material, etc., but also tends to prolong the conversation. The longer the conversation, the more chance there is for a skill investigator to find out what he wants to know. Many times a police officer will ask you to accompany him to the police station to answer a few questions. In that case, simply thank him for the invitation and indicate that you are not disposed to accept it at this time. Often the authorities simply want to photograph a person for identification purposes, a procedure which is easily accomplished by placing him in a private room with a two-way mirror at the station, asking him a few innocent questions, and then releasing him. If the investigator becomes angry at your failure to cooperate and threatens you with arrest, stand firm. He cannot legally place you under arrest or enter your home without a warr ent signed by a judge. If he indicates that he has such a warrent, ask to see it. A person under arrest, or located on premises to be searched, generally must be shown a warrent if he requests it and must be given to chance to read it. Without a warrent, an officer depends solely upon your helpfulness to obtain the information he wants. So, unless you are quite sure of yourself, don't be helpful. Probably the wisest approach to take to a persistant investigator is simply to say: "I'm quite busy now. If you have any questions that you feel I can answer, I'd be happy to listen to them in my lawyer's office. Goodbye!" Talk is cheap. When that talk involves the law enforcement authorities, it may cost you, or someone close to you, dearly. This info came from a leaflet that was printed as a public service by individuals concerned with the growing role of authoritarianism and police power in our society. Please feel free to copy or republish. This info also applies to dealing with private investigators, and corporate security agents.