Strategic Management within National Australia Bank

Question: Discuss about the Strategic Management within National Australia Bank. Answer: Introduction National Australia Bank is the fourth- biggest financial institution regarding customers and market capitalization in Australia. It is ranked 21st biggest bank around the world regarding market capitalization and 41st biggest bank around the world when measured regarding total assets. It has 1590 service centers and branches and 4412 ATMs in New Zealand, Australia, and Asia and is serving 12.8 million customers. It was formed in 1982 by the merger of two companies National Bank of Australia and the Commercial Banking Co. of Sydney (Bakir, 2005). The bank is mainly committed to providing quality services and products, advice, guidance, relationships and fair fees and charges. It has the goal to provide sustainable and satisfactory returns to its stakeholders. It grew itself in the 20th century by merging with various banks in Australia and around the world. It has major holdings in UK, New Zealand, Australia, Ireland and The USA. These acquisitions were done to diversify the risk and the income of the bank. However, National Australia Bank had to face a very difficult period from the year 2000-2005. In this report, we have discussed the cultural and leadership style followed by the bank and the growth and development of the bank around the period. Various management strategies used by the bank over a period are also discussed in this report. Corporate strategies used for the growth and development of NAB While developing the strategies NAB takes into consideration all the rewards and risks which includes the customer and market segment in which it operates, the external and the internal environment and the degree and sources of differentiation receives from competitors. Its main objective is to deliver to its customers superior returns. To achieve the goals that are set by NAB, it focuses on the prioritization of the customers segment. It is the strategy of NAB to focus on small, medium and micro business customers. National Australia Bank has been using CRM (customer relationship management) strategy for 10 Years which resulted in the expansion and growth of its customer segment. It has recognized CRM strategy as its core value, then after that, they acquired technologies related to CRM (Abbott, Stone and Buttle, 2001). The NAB has acquired various technologies to develop its vision and has developed the infrastructure so as to achieve its vision. One of the key technologies used in NAB is the relationship Optimizer from NCR which acts as a communication gatekeeper and manages the content, frequency and the method used for customer interactions. The various strategies used by NAB for its global business are: For the growth and better performance of the NAB relationship management strategy were used and financial services provided was such that it wins customer interface. It quickens the growth of the global business so as to give the competitive advantage of the NABs efficiency, capability, and service. Developed areas which are good for the growth of financial services. Manage the other business of the bank for value. Develop diversified income methods. As NAB is a global service organization it has improved its IT infrastructure so that it can enhance its services. It had built a WAN environment through which it can connect to the 1200 branches which are around Australia. NAB understands the opportunities and challenges that the external environment and the digital transformation causes and understands that success could be achieved by providing the greater experience to its customers. This could be achieved by making the banking experience of the customers easier and by deepening the relationship with the customers (Ahmed, 2010). Business practices followed by National Australia Bank In the year 2004, NAB incurred huge losses because of unauthorized trading in foreign currency. The procedure and management policies followed by the Bank to manage the risk proved ineffective. In the year 2004, a report came out that NAB has terminated or suspended 31 of its financial advisors or planners (Barat and Spillan, 2012). They were terminated due to reasons like inappropriate advice, conflicts of interest, inappropriate practices or repeated compliance breaches of the code of conducts. The financial advisors of NAB have forged the signatures of the clients, incidents of file reconstructions have taken place, and poor advice was given to the clients which lead to compensation pay-out. The advisors had made attempts to manipulate the files of the clients and forged their signatures to cover up their poor compliance. This behavior was not detected by the internal control system of the bank, but it came into light due to the complaint of the clients or by the query of the regu lators. The strategy used by NAB of Growth by overseas expansion was a huge failure and this strategy came to an end after the demerger of CYBG. Due to the failure of the overseas expansion strategy, NAB was under huge pressure to sell some of its assets. The second business strategy that faced criticism was in the method of raising funds. NAB raised funds through private placements which mean selling shares to small investors or individual by making them available the shares at a lower price than its market value (Howe, 2001). The criticism that NAB had to face due to this method is that firstly it sells the shares at a lower price than its market value and secondly in the situation of global financial crises it leads investors to demand more compensation for taking the securities with high risks. The image of NAB has suffered huge losses due to its scandal in financial advice, disputed fees, insider trading and rate fixing allegations. The threats and opportunities faced by National Australia Bank SWOT is a technique which is used to find the weaknesses and strength of the organization and the threats and opportunities that the organization faces. This technique was used by managers widely to know the companys strategic situation. Due to the strategies and business policies followed by NAB various opportunities were made available to National Australia Bank. The good amount of opportunities and revenue increase is created because of its acquisition of The Western Bank in the US. Expanding its business in China has also increased its market share and revenue. Positive outlook towards asset management also creates ample amount of opportunities for National Australia Bank. The strength of National Australia Bank is its geographic and product diversification. Because of its diversification, it becomes a leading financial player (Vit, 2006). Spread in management yield increased its revenue and interest income. Its good financial performance helped in contributing towards group prof itability. However, the slowdown in the domestic and global economy affected the financing facilities and the business volume of National Australia Bank. The profitability of Australia is also widely affected due to the competition in the financial system of Australia. Because of this declining revenue, the growth activities of the NAB also get widely affected. They made the available investment in finances so that the customers can manage their finances themselves. They used the concept of Fair value which has four keys to it: providing quality services and products. They entered into a partnership with the company called rediATM and opened a large number of ATM which helped customers to have access to fee-free banking services. They provided information on the interest rate which helped customers to understand the mortgage. A business can run successfully only if it keeps pace with the changing market conditions and for this innovative business, practice is important. NAB understa nds the importance of innovation, and they build the fairer business model which increased the transparency (Deng and Liu, 2014). The approach of NAB towards corporate responsibility helps it to make a sustainable and positive impact in the life of people, customers, environment and the communities in which it operates. It helps to create the value of shares for the stakeholders. It focuses on the rights and the development of its people and the customers. It delivers the programs which support the society both financially and socially. They have developed a strategy of corporate responsibility which sets the policies, objectives, strategies and procedures for the organization and helps in reporting and measuring the progress of the organization. It had been an internal communication system to ensure that the corporate responsibility is understood by the leader, board and all the people concern about it. Organizational Culture and Leadership Style followed in NAB Culture and organization cannot be separated from each others, and they are one and the same. With the help of strong culture, the vision and strategies framed by the organization can be executed successfully. Among the many variables that exist in the organization culture is a very important variable and it impacts the functions of the organization. The two culture scale that is used widely is weak/strong and inefficient/efficient. The cultural scale which is based on strength evaluates and measures the power that culture has on the employees. The cultural scale which is on efficiency measures the culture of the entities fulfillment of strategy and goals (Dellaportas, Cooper and Braica, 2007). If the culture present in the organization is efficient than its becomes easy for the organization to achieve its goals. NAB has various human resources policies and programs for the development of its employees. It has people framework policy which helps the employees to know about where thei r career is going and where it should go, Self-initiated program, talent management program and development and performance plans. The three perspective of culture is integration perspective, fragmentation perspective, and differentiation perspective. The integration perspective acts as glue which holds the organization together. The top management is considered the most influential and they form the values of the organization, which helps in influencing the behaviors of the employees whereas differentiation perspective is just the opposite and it is the lack of cultural manifestation among the members of the organization. The basic assumption of differentiation perceptive is that different organization has different cultures. According to fragmentation perspective, the culture is neither clearly inconsistent nor clearly consistent. Mismanaging the organizational culture can have a very harmful effect on the culture of a particular organization. The organization was more inclined to wards profits and they sacrificed the ethical behavior to earn more profits. Profit is King phase was used which means earning short- term profit was more important than long term goals due to which unethical behaviour was carried on (Jain And Bennett, 2006). The NAB leaders tried to manage the balance between profits and risks. It is very important to build genuine relationships with the customers, and this can be done by understanding their needs and requirements. As a part of NABs leadership style, it trains its employees and develops management process which helps in preparing high potential and high- performance employees. It makes available the career development opportunities for its employees. The behavior and the standards of responsibility that we expect from people are developed by the codes of conduct followed by the organization. All the employees, directors, and the people concern should follow the codes of conduct as framed by the organization for the development of t he organization and the employees (Mihaela, 2014). Conclusion National Australia Bank was committed to providing fairer banking services to its customers and worked towards building a relationship of trust with the customers. It abolished the range of fees and helped the customers who faced financial hardship by helping them to manage their finances. The duties of directors need to be reformulated so that they consider environmental and social responsibility an important aspect towards the growth and development of the organization. The reporting requirements need to be reformulated in the system of corporate governance so that the burden of proof is shifted to the persons who caused harm to the organization. The process of regulation, governance and supervision are not to be seen as measures which restrain entrepreneurship and innovation, but it acts as an instrument that helps in restoring the trust of the clients and ensuring that the activities of the bank are conducted fairly, openly and sustainably. As there is a high competition that Nat ional Australia Bank has to face therefore, it should improve its management and service deliverance to remain in the competition. References Abbott, J., Stone, M. and Buttle, F. (2001). Integrating customer data into customer relationship management strategy: An empirical study.Journal of Database Marketing Customer Strategy Management, 8(4), pp.289-300. Ahmed, A. (2010). Customer Relationship Management through Communication Strategy.International Journal of Customer Relationship Marketing and Management, 1(3), pp.15-26. Bakir, C. (2005). The Exoteric Politics of Bank Mergers in Australia.Australian Journal of Politics and History, 51(2), pp.235-256. Barat, S. and Spillan, J. (2012). An Exploratory Study of Customer Satisfaction in a Community Bank.International Journal of Customer Relationship Marketing and Management, 3(3), pp.15-32. Beck, T., Demirguc-Kunt, A. and Martinez Peria, M. (2008). Banking Services for Everyone? Barriers to Bank Access and Use around the World.The World Bank Economic Review, 22(3), pp.397-430. Busaidi, K. (2013). Aligning customer knowledge management tools with business strategy.IJECRM, 7(2), p.117. Dellaportas, S., Cooper, B. and Braica, P. (2007). Leadership, Culture and Employee Deceit: the case of the National Australia Bank.Corporate Governance: An International Review, 15(6), pp.1442-1452. Deng, X. and Liu, L. (2014). The Bank Lending Channel: Evidence from Australia.AABFJ, 8(2), pp.71-87. Howe, M. (2001). National prostate tumour bank launched in Australia.The Lancet Oncology, 2(11), p.656. Jain, S. And Bennett, C. (2006). Bank Industry Risk Analysis: Australia.Economic Papers: A journal of applied economics and policy, 25(S1), pp.88-102. Judson, R. and Klee, E. (2011). Big bank, small bank: Monetary policy implementation and banks reserve management strategies.Journal of Economics and Business, 63(4), pp.306-328. Kaal, W. and Painter, R. (2011). The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche.European Company and Financial Law Review, 8(1). Mihaela, H. (2014). A synergistic approach of cross-cultural management and leadership style.JOIS, 7(2), pp.106-115. Stevens, T. (2013). Cyberspace and National Security: Threats, Opportunities, and Power in a Virtual World.Contemporary Security Policy, 34(1), pp.254-256. Vit, G. (2006). Organizational conformity and contrarianism: regular irregular trading at National Australia Bank.Corporate Governance: The international journal of business in society, 6(2), pp.203-214. Wu, S. (2008). Bank Mergers And Acquisitions An Evaluation Of The Four Pillars Policy In Australia.Australian Economic Papers, 47(2), pp.141-155.

How Are Training and Development Effective to Organizational Performance” free essay sample

How are training and development effective to Organizational performance† Abstract: The purpose of the research is to find out how training and development effect organizational performance and to find out what is the impact of training and development in organization. Data is collected from the 100 members of different organizations. And the previous researches carried out on training and development. Training and development is important for the employees in organization, it helps the employees to improve their skills and to give a good performance in workplace. There is a big relation between training and development with the organization performance and the relationship is discussed in the paper. Introduction: The development is basically the process used to advance an employee to the desired level of performance (Holton, 1996) . Training development is process in which skills, behaviors and attitudes are altered in an employee (Laker, 1990) this shows that training includes the polishing of previous skills whereas development is a process of advancing an employee skills to a next level. It is important that top management supports training and provides an environment that is conductive to continued learning and growth and learning should be on on-going basis (Tannenbaum, 1997). Thus training and development should be a continuing process which in long term is beneficial to both the employee as well as organizational output. Training of employees is important for Organizational productivity as well as success. Organizations strongly desire to promote values such as trust creativity, Quality e. t. in their employees and for that proper training and development is necessary (Hassan, 2007). Work force development and transfer of training are important concerns of any organization (Brewer, Lim ,Cross 2008). It is important that the training program should be specific and relevant because its success depends upon the characteristics of the training program itself (Taylor, 1992). Hr practices such as employee selection, appraisal, training and development, compensation are the key point in the performance of an organization (Hassan, 2007). Most of the rganizations have a rigid, wel-defined structure and are not prepared for rapid changes in the environment (Nadim and singh, 2008). Yaghi, Goodman, Holton, Bates (2008) Strongly emphasize on learning and learning transfer ,not only by supervisors but also by other employees and workers. The basic purpose of the paper is to see the result of training and development of employees and managers working in industrial sector and see how it improves their skills, inner capabilities and to sharpen their existent talent and finally working for the betterment of organization . As an employee has a great role in influencing the work outcomes of an organization (Subramony 2009). There is a great effect of training and development to organizational performance. Training and development department helps the employs in boosting up their skills. Dysvik and kuvaas, (2008) prove a positive relationship between perceived training opportunities and task performance. Actually every person is talented, training and development helps in the sharpening their talents skills and making them work in a way that they is helpful for the organization and to enhance their performance at workplace. As a learning process results in innovation and organizations can adapt to changes in a better way (Kontoghiorghes, Awbrey ,Feurig 2005). so, training and development of employees is necessary for organizations to survive and cope up with upcoming challenges. Literature review: Independent variable=Training and development Dependent variable=Organizational performance Variables: The objective of my research is study that how training and development is effective to organizational performance. Independent variables: The dependent variable is the organizational performance which depends on the training and development of an employee. Training should be given and designed or conducted in a way that it is helpful for the trainee and even it is according to the trainee expectations and need (Hutchins ,2009). Training is considered as a critical function of maintaining and development of working capabilities in employees(Valle ,Martin ,Romero ,Dolan 2000). The right training is the one in which the trainee learns ad gets the skills and knowledge that is right to his job. (Cromwell and Kolb, 2004). Two types of training is given to the employees one is internal and other is external, internal training is given by the company it self and external training is given by the outsiders or agencies. Chen, Holton, Bates (2005) lay stress on motivation of employees and persuading them to enhance their skills by training transfer process . Many of the public sector workplaces also face a serious problem of training and development (Yadipadithaya, 2001). Trainings are assessed by taking training tests in which the test declares the trainee knowledge , attributes , skills learned during the training of the job . Tan, Hall, Boyce 2003). High level of learning and training orientations makes the employee more interested and more motivated in learning at workplace (Hartenstein 2001). Organizations continue to look for training for achieving their goals and for achieving for high goals and performance (Krieger, Mclinden, and Casper 2004). Organizational training is a method used to achieve max imum profit and to achieve maximum productivity (tan, hall, Boyce 2003). Organization learning and organization training is the key for the organization success (Egan, yang, Bartlett 2004). Organization learning and training not only contribute on the performance of the organization but also reduce the cost, its helps in reducing turnover rates and helps to train the existent employee to perform well for the organization (Egan, Yang, Bartlett, 2004). A trained employee will always try to put his extra knowledge in the job and always will try to improve the performance of the organization (Burke and Baldwin, 1999). Many organizations spend million of money for the training session in a year so that they achieve the maximum performance and outcome (Krishnaveni and Sripirabaa, 2008). Organization should use training program for the satisfaction of employees (Krishnaveni and Sripirabaa 2008). facilitating trainer training programs will enhance the trainer job performance in organization (Lim 1999). Supervising the trainee and the trainer design will help the trainee to promote the organizational objectives (Lim 1999). well-trained employees do a more efficient and effective jobs and training would decrease the chances of mistakes. (Saibang and Schwindt 1998). While training an employee it should be noted that training should be according to the behavior and interests of the employees . The lack of diversity training especially with respect to trainee characteristics is increasingly a serious problem (Roberson ,Kulik ,Pepper 2001). one thing should be kept in mind while training an employee that the expectations from the employee should be realistic ( Drake, Mackler, Stephens 2002) Training also strengthens the commitment of the employees to the organization which helps in the organization objective. (Eaglen, Lashley, Thomas 2000 ). The cross culture training is done in organizations to make the cross cultural assignment successful , which helps in the organizations performance . Bennet , Aston ,Colquhoun 2000) Organizational performance (dependent variable): Strategies on the implementation of training and development are the core for the business success (Wilkins 2001). The more the organization emphasizes on the organizations performance, the more it emphasizes on the training of the employees (Eaglen, Lashley, Thomas 2000) . The benefit of trained employee is th at they promote the performance of the organization (Glance, Hogg and Huberman 1997). If the manager decides to train his members then the productivity of the organization will increase (Glance, Hogg and Huberman 1997). ncreasing the training and skills of the employees will also enhance the effective of the organization (Collins , Holton 2004). In organizational performance, there is a big role of learning and training of employees. (Hutchins, 2009). The human resource development can provide professional staff development that can enhance the organizational performance in a positive way (Holmes 1998). There is likely to be a positive return on diversity training process on the organizations (Weithoff ,2004) H1: training and development has a positive relationship with organizational performance.

Sense And Sensibility Essays - Sense And Sensibility,

Sense and Sensibility Sense and Sensibility In Jane Austen's Sense and Sensibility the title is a metaphor for the two main characters. Marianne who represents Sensibility, and Elinor who represents Sense. We find out early on that Elinor does not share her feelings. When Edward comes into the story there is an immediate attraction. Elinor tells no one of her feelings. It is just assumed that they are meant for each other. When Edward has to leave Elinor does not say anything. Edward does promise he will come down to there cottage and deliver an atlas for Margaret. When the atlas comes and not Edward, the only one who ends up crying is Margaret and not Elinor. We do learn however that Elinor can get emotional. While Marianne was playing the piano after they had moved to the cottage, Elinor starts to cry as she listens. She said the song was her late fathers favorite. Later on in the story when Elinor and Marianne are in London, Marianne continually gets on to Elinor for not sharing her feelings. Elinor finally shows her emotions when she tells Marianne she did have a broken heart, after she found out Edward had a fianc. When Elinor did find out about Lucy Steele she did not even tell lucy of her feelings to try to break them up. That is what I would have done. Elinor would definitely represent sense. She keeps things to herself. I think because she thinks if she does she will not end up getting hurt to bad, like Marianne ends up doing. Marianne on the other hand is Sensibility. She follows her heart. She does not let anything come in her way of showing her emotions. When she first meet Colonel Brandon, you could tell the Colonel was in love at first sight. Marianne showed very easily that she was not interested. However, when Marianne meets Willoughby it was like a hero rescuing his princess. They fall in love with each other. Marianne does not hide her emotions to anyone about Willoughby. However in the society that they were in Willoughby did not think he could marry Marianne because of the society class. In the end this almost kills Marianne. As Marianne realizes that the Colonel has always been there she falls in love with him. The story ends with Elinor marring Edward, and Marianne marring The Colonel. I do not think there is anything wrong with there personalities. Some people hide there feelings, and so make it easy to know how they feel. I do not fault either character for there personality, both are unique.

Only the second part of the assignment needs to be done which is the final individual share portfolio review. The company is Tesco. The WritePass Journal

Only the second part of the assignment needs to be done which is the final individual share portfolio review. The company is Tesco. Introduction Only the second part of the assignment needs to be done which is the final individual share portfolio review. The company is Tesco. Christmas trading. Furthermore, the above could dampen CAPEX plans for the coming years. Rise of Discounters As mentioned, the recent Kantar Worlpanel (2014) report cemented the rise of Aldi and Lidl; however recent reports from Tesco have attempted to downplay the threat, with little success. The CEO referred to them as ‘niche’ players, (Tesco, 2013). However, these players control 45% of the affluent German market and are market leaders in several other large countries. We would not compare the effectiveness and the threat posed by Aldi in 2014 with that posed by Kwik Safe (disappeared) in the 1990s. It is not an informative chart in our view. CAPEX remains strong CAPEX guidance was cut to a maximum of  £2.5bn per annum, in line with market expectations. Tesco plans to cut new space additions in the UK to 700,000 sq ft in 2014/15 from 1.4mn in 2013/14. CAPEX is shifting from new space to maintenance. Having invested  £400mn in the UK Refresh programme in 2013/14, the company plans to invest  £500mn per annum in each of the next three years. This is close to  £2bn in total to complete the programme. The priority for next year is re-modelling the Extra format where the sales performance is the weakest, (Tesco, 2013). Online growth Mixed A lot of focus, as expected, has been put on the increasing movement online. With Morrison’s considering and online platform, while Waitrose moves in with more products and free delivery. Tesco announced it will reduce the fee it charges for home delivery and click collect. While it is good that the company aims to be competitive, excessive cuts in the delivery charge would reduce margins and also incentivise the customer to order smaller quantities more frequently, making the economics a lot less attractive. The delivery charge is a tool used to distribute demand among the different time slots and days of the week. Tesco unveiled  £127Million of trading profit from online grocery ( £2.5bn sales), (Tesco, 2013), suggesting a 5% margin. According to the company, all direct costs are fully charged, that is the cost of the pickers and the delivery, (Tesco, 2013). This would not include things such as store depreciation, store energy costs, rates etc. Given this, on estimated 25Million annual orders of  £100 each, the delivery fee ( £4-5 per order) would account for the great majority of profit. If this delivery fee is substantially cut, so will the profit obtained. Share Performance Graph – Share Price Performance of Selected Companies – 6-Month. Data obtained from Bloomberg (2014) [Online]. Focusing on share performance (Graph 1), over the previous 6-months, Tesco Plc is down by 18.3%, however performance is still between than W.M. Morrison and J Sainsbury, whose shares have fell by 24.2% and 19.9% respectively. Given this; the grocery sector has been a weak performer on the market, given that the FTSE 100 has risen by 2% over the same period. Weakness in the sector was seen on the 12th March (circled), after the market release from Kantar Worldpanel (2014). According to Kantar Worldpanel (2014), Tescos market share dropped to 28.7% in the 12 weeks ended March 2. That compares to 29.6% a year ago and is the lowest level since late 2004. Adding to the company’s woes, Tescos sales were down 0.6 percent in the three-month period. The main issue for investors was the movement of these sales to discounters Aldi and Lidl, plus upmarket grocer Waitrose. Morrison’s also loosened further to a share of 11.1% from 11.8% a year earlier, while ASDA, a subsidiary of Wal-Mart Stores eased to 17.5%, a 0.3 point fall Y-O-Y. Sainsbury’s was the only grocer among Britains ‘big four’ to hold on to its market share in the period, reaming at 17%, (Kantar Worldpanel, 2014). The report noted that the big-four where competing more for a shrinking ‘middle-ground’ as consumers move to either discounters or upmarket retailers – over the past 3-years, Waitrose, Aldi and Lidl have taken a combined 3.5 points from competition, equating to  £4.4Billion in sales per year, (Kantar Worldpanel, 2014). Taking an international look, while Wal-Mart did record a small drop on the 12th March, over the 6-month period its shares are up 3%, given its exposure to the U.S economy, which has been performing strongly, supported by consumer spending. Summary While the recovery in the UK economy will present opportunities for Tesco Plc, given its exposure to consumer spending through an extensive product offering, major headwinds remain as the continued expansion of discounters pose a real threat, contrary to the thoughts of Tesco management. Furthermore the price-wars between major retailers commence once again for the shrinking middle-ground of the market, margins are expected to be hit. This has the potential to derail Tesco’s expansion plans, which will impact on future performance given aggressive competition. References BBC Business (2014) [Online]: Morrison’s restructuring sparks fears of new price war, UK, BBC News. Bloomberg (2014) [Online]: Share Price Data, Available at bloomberg.com/markets/, Accessed 27/03/2014. Financial Times (2014) [Online]: Tesco Plc, Available at http://markets.ft.com/research/Markets/Tearsheets/Summary?s=TSCO:LSE, Accessed 27/03/2014. Fitch Rating (2014): Morrison’s price cuts to pressure Tesco; margins at risk, UK, Fitch Ratings Agency. Kantar Worldpanel (2014): Unprecedented change in grocery retailing, UK, Kantar Worldpanel. Tesco (2013): Annual Review 2013, UK, Tesco Plc.

Problem solving questions Essay Example | Topics and Well Written Essays - 3000 words

Problem solving questions - Essay Example It includes also an incorporated limited partnership. Once a partnership is formed, every partner becomes the agent of the firm and other partners in relation to the business of the firm. Thus, every act of partner for the purpose of business except in the case of incorporated limited partnership shall bind the firm and other partners provided the partner acts within his authority to act for the firm in specific cases and the person whom the partner is dealing with believes him to be the partner having authority. In other words, if the person dealt with by the partner knows that the partner has no authority, his acts cannot bind the firm nor other partners. The same holds good in respect of a general partner vis-a-vis the firm and other general partners. Section 13 (1) of the Act lays down that all partners except in the case of an incorporated limited partnership are liable jointly and severally for the liabilities of the firm that have risen whilst being partners. S 13 (2) if the p artner who is an individual dies, his/her estate is severally liable for the liabilities of the firm after satisfaction of his/her separate debts. Same holds good in case of incorporated limited partnership for a deceased general partner. The general partner of an incorporated limited partnership is liable only in respect of unsatisfied liabilities of the firm or more as per the partnership agreement. ... As the partnership business is in common, the partners should disclose material facts that affect their partnership failing which it would amount to misrepresentation on the part of those who fail to do so. Further, a retiring partner can by a condition of restraint of trade be prohibited to start a competing business within the locality for a pre-determined period. Further, a partnership contract cannot be assigned (Gilles, 1988). Application In view of the above important provisions governing partnership business, Jody whose capital will be at stake must have the partnership agreement reduced to writing. And Jody must be entitled to a proportionately higher share of profit and reserve to herself the right to take important decisions in day to day management. This does not mean the other partners are not liable to loss that may occur due to Jody’s decision making. Conclusion Jody can enter into partnership with Mike and Sarah keeping in view of the limited capital or no capit al Mike and Sara may bring in and also have an agreement in restraint of trade on the retiring partners including Jody herself. Consequences The proposal to enter into partnership agreement among Jody, Mike and Sarah will be viable subject to the above conditions therein. 2. Tort- negligent misstatement Issues: Whether Amy can sue Betty for her wrong advice tendered to Amy as a result of negligent misstatement? Law and cases: In order to prove negligence on the part of defendant, claimant should satisfy three conditions. That defendant had a duty of care to the claimant; this was breached by the defendant; that the damage caused by the breach of duty was

Music-Culture Questions Essay Example | Topics and Well Written Essays - 1250 words

Music-Culture Questions - Essay Example Music has been a part of human civilization since the earliest times of human existence. The evolution of music over the centuries has made it an almost integral part of human life to the extent that music stars become heroes of a country and are immortalized in memory, stamps, or statues and by their very own work. From the classical producers of music like Beethoven and Bach, the rock stars of the 60s to the boy band fever of the 90s, music has been an essential aspect of art and culture for our society. With regard to my own experience, I find it very difficult to estimate how many hours per day I listen to music especially if I include the songs running in the background while I work on my computer or when I am sitting in a lab. However, on a conservative estimate I would guess that I listen to at least 2 hours of music on a daily basis. Often, I will leave the music playing while the TV is on and mute the TV while I work on my computer with the music playing in the background.

Anotatted Bibliography Essay Example | Topics and Well Written Essays - 250 words

Anotatted Bibliography - Essay Example The author comes up with a mode of describing the child; â€Å"Description. The criterion is however based on the child’s figuration. This is as regards oppositional theories of the subject matter. It is an emphasis brought about by the argument that there will always be theories produced in such an increasingly changing world using the context of Australia. In his argument, the author categorically takes a look at the history of childhood. He says this can only be studied through historical conception, that is, through inclusion of such sources as the Philippines Aries. The article uses a quantitative research methodology using results made on based on the insights of demographic historians. The author stresses on the fact that the youth is a constitution not of instinctive acquisition, but rather purposefully processed. This involves social constructs from childhood all the way to adulthood. Youth culture is examined on a historical perspective through the use of a sociological research approach. In this context, a close look and examination of the youth culture is achieved. Castaneda, C. (2002) The Child in Theory: post-structuralism, feminism, and psychoanalysis. In University of Sydney Library (ed), Figurations: child, bodies, worlds, Duke University Press, Durham, Chapter 5,