Newcastle University
Newcastle University is a public research university in Newcastle upon Tyne in the North East of England. The university can trace its origins to a School of Medicine and Surgery, established in 1834, to the College of Physical Science, founded in 1871; these two colleges came to form one division of the federal University of Durham, with the Durham Colleges forming the other. The Newcastle colleges merged to form King's College in 1937. In 1963, following an Act of Parliament, King's College became the University of Newcastle upon Tyne. Newcastle University is a red brick university and is a member of the Russell Group, an association of prestigious research-intensive UK universities; the university has one of the largest EU research portfolios in the UK. The annual income of the institution for 2017–18 was £495.7 million of which £109.4 million was from research grants and contracts, with an expenditure of £483.3 million. Teaching and research are delivered in 24 academic schools and 40 research institutes and research centres, spread across three Faculties: the Faculty of Humanities and Social Sciences.
The university offers around 175 full-time undergraduate degree programmes in a wide range of subject areas spanning arts, sciences and medicine, together with 340 postgraduate taught and research programmes across a range of disciplines. The university has its origins in the School of Medicine and Surgery, established in Newcastle upon Tyne in October 1834, when it provided basic lectures and practical demonstrations to around 26 students. In June 1851, following a dispute among the teaching staff, the School split into two rival institutions; the majority formed the Newcastle College of Medicine, the others established themselves as the Newcastle upon Tyne College of Medicine and Practical Science. By 1852, the majority college was formally linked to the University of Durham, it awarded its first'Licence in Medicine' in 1856, its teaching certificates were recognised by the University of London for graduation in medicine. The two colleges amalgamated in 1857 and were renamed the University of Durham College of Medicine in 1870.
Attempts to realise a place for the teaching of sciences in the city were met with the foundation of the College of Physical Science in 1871. The college offered instruction in mathematics, physics and geology to meet the growing needs of the mining industry, becoming the Durham College of Physical Science in 1883 and renamed after William George Armstrong as Armstrong College in 1904. Both these separate and independent institutions became part of the University of Durham, whose 1908 Act formally recognised that the university consisted of two Divisions and Newcastle, on two different sites. By 1908, the Newcastle Division was teaching a full range of subjects in the Faculties of Medicine and Science, which included agriculture and engineering. Throughout the early 20th century, the medical and science colleges vastly outpaced the growth of their Durham counterparts and a Royal Commission in 1934 recommended the merger of the two colleges to form King's College, Durham. Growth of the Newcastle Division of the federal Durham University led to tensions within the structure and on 1 August 1963 an Act of Parliament separated the two, creating the University of Newcastle upon Tyne.
As the successor of King's College, the university at its founding in 1963, adopted the coat of arms granted to the Council of King's College in 1937. In the Letters Patent authorising the transfer, the arms are blazoned Azure, a Cross of St Cuthbert Argent and in chief of the last a lion passant guardant Gules. Above the portico of the Students' Union building are bas-relief carvings of the arms and mottoes of the University of Durham, Armstrong College and Durham University College of Medicine, the predecessor parts of Newcastle University. While a Latin motto, "mens agitat molem" appears in the Students' Union building, the university itself does not have an official motto; the university occupies a campus site close to Haymarket in central Newcastle upon Tyne. It is located to the northwest of the city centre between the open spaces of Leazes Park and the Town Moor; the Armstrong building is the oldest building on the campus and is the site of the original Armstrong College. The building was constructed in three stages.
The south-east wing, which includes the Jubilee Tower, south-west wings were opened in 1894. The Jubilee Tower was built with surplus funds raised from an Exhibition to mark Queen Victoria's Jubilee in 1887; the north-west front, forming the main entrance, was completed in 1906 and features two stone figures to represent science and the arts. Much of the construction work was financed by Sir Isaac Lowthian Bell, the metallurgist and former Lord Mayor of Newcastle, after whom the main tower is named. In 1906 it was opened by King Edward VII; the building contains the King's Hall, which serves as the university's chief hall for ceremonial purposes where Congregation ceremonies are held. It can contain 500 seats. King Edward VII gave permission to call King's Hall; the building was used as a hospital during the First World War. Graduation photographs are taken in the University Quadrangle, next to the Armstrong building
Small business
Small businesses are owned corporations, partnerships, or sole proprietorships that have fewer employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as "small" in terms of being able to apply for government support and qualify for preferential tax policy varies depending on the country and industry. Small businesses range from fifteen employees under the Australian Fair Work Act 2009, fifty employees according to the definition used by the European Union, fewer than five hundred employees to qualify for many U. S. Small Business Administration programs. While small businesses can be classified according to other methods, such as annual revenues, sales, assets, or by annual gross or net revenue or net profits, the number of employees is one of the most used measures. Small businesses in many countries include service or retail operations such as convenience stores, small grocery stores, bakeries or delicatessens, hairdressers or tradespeople, guest houses, photographers small-scale manufacturing, Internet-related businesses such as web design and computer programming.
Some professionals operate as small businesses, such as lawyers, accountants and medical doctors. Small businesses vary a great deal in terms of size and regulatory authorization, both within a country and from country to country; some small businesses, such as a home accounting business, may only require a business license. On the other hand, other small businesses, such as day cares, retirement homes and restaurants serving liquor are more regulated, may require inspection and certification from various government authorities. Researchers and analysts of small or owner-managed businesses behave as if nominal organizational forms, the consequent legal and accounting boundaries of owner-managed firms are meaningful. However, owner-managers do not delineate their behavior to accord with the implied separation between their personal and business interests. Lenders often contract around organizational boundaries by seeking personal guarantees or accepting held assets as collateral; because of this behavior and analysts may wish to be cautious in the way they assess the organizational types and implied boundaries in contexts relating to owner-managed firms.
These include analyses that use traditional accounting disclosures, studies that view the firm as defined by some formal organizational structure. The concepts of small business, self-employment and startup overlap to certain degree but carry important distinctions; these four concepts conflated with each other. Below are the key differences of these concepts in summary: self-employment: an organization created with the intention to give a job to the founders, i.e. sole proprietor operations. Entrepreneurship: all new organizations. Startup: a temporary new organization created with the intention to be bigger. Small business: an organization, small and may or may not have the intention to be bigger. From the summaries, we can see that many small businesses are sole proprietor operations consisting of the owner, but small businesses can have a small number of employees; when big firms start out, they are known as startups, but not all small businesses are startups that aim to become bigger. Many of these small businesses offer an existing product, process or service, they do not aim at growth.
In contrast, startups aim for growth and offer an innovative product, process or service, the entrepreneurs of startups aim to scale up the company by adding employees, seeking international sales, so on, a process, financed by venture capital and angel investments. Successful entrepreneurs have the ability to lead a business in a positive direction by proper planning, to adapt to changing environments and understand their own strengths and weakness. Spectacular success stories stem from startups. Examples would be Microsoft and Federal Express which all embody the sense of new venture creation on small business. Self-employment provides works for the founders. Entrepreneurship refers all new businesses, including self-employment and businesses that never intend to grow big or become registered, but startups refer to new businesses that intend to grow beyond the founders, to have employees, grow large; the legal definition of "small business" varies by industry. In addition to number of employees, methods used to classify small companies include annual sales, value of assets and net profit, alone or as a combination of factors.
In the United States, the Small Business Administration establishes small business size standards on an industry-by-industry basis, but specifies a small business as having fewer than 500 employees for manufacturing businesses and less than $7.5 million in annual receipts for most non-manufacturing businesses. The definition can vary by circumstance—for example, a small business having fewer than 25 full-time equivalent employees with average annual wages below $50,000 qualifies for a tax credit under the health care reform bill Patient Protection and Affordable Care Act. By comparison, a medium-sized business or mid-sized business has fewer than 500 employees; the European Union defines a small business as one that has fewer than fifty employees and either turnover or balance sheet less than €10 m. but the European Commission is undertaking a rev
Multinational corporation
A multinational corporation or worldwide enterprise is a corporate organization which owns or controls production of goods or services in at least one country other than its home country. Black's Law Dictionary suggests that a company or group should be considered a multinational corporation if it derives 25% or more of its revenue from out-of-home-country operations. A multinational corporation can be referred to as a multinational enterprise, a transnational enterprise, a transnational corporation, an international corporation, or a stateless corporation. There are subtle but real differences between these three labels, as well as multinational corporation and worldwide enterprise. Most of the largest and most influential companies of the modern age are publicly traded multinational corporations, including Forbes Global 2000 companies. Multinational corporations are subject to criticisms for lacking ethical standards, that this shows up in how they evade ethical laws and leverage their own business agenda with capital, the military backing of their own wealthy host nation-states.
They have become associated with multinational tax havens and base erosion and profit shifting tax avoidance activities. A multinational corporation is a large corporation incorporated in one country which produces or sells goods or services in various countries; the two main characteristics of MNCs are their large size and the fact that their worldwide activities are centrally controlled by the parent companies. Importing and exporting goods and services Making significant investments in a foreign country Buying and selling licenses in foreign markets Engaging in contract manufacturing — permitting a local manufacturer in a foreign country to produce their products Opening manufacturing facilities or assembly operations in foreign countriesMNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, utilizing their technological and managerial know-how globally with minimal additional costs.
Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries, gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon the behavior of multinational corporations, given that they are "stateless" actors, is one of several urgent global socioeconomic problems that emerged during the late twentieth century; the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week, the conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research; this intersection is known as logistics management, it describes the importance of increasing global mobility of resources. In a long history of analysis of multinational corporations we are some quarter century into an era of stateless corporations - corporations which meet the realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries.
One of the first multinational business organizations, the East India Company, was established in 1601. After the East India Company, came the Dutch East India Company, founded March 20, 1603, which would become the largest company in the world for nearly 200 years; the main characteristics of multinational companies are: In general, there is a national strength of large companies as the main body, in the way of foreign direct investment or acquire local enterprises, established subsidiaries or branches in many countries. Multinational corporations can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile. Corporations can engage in tax avoidance through their choice of jurisdiction, but must be careful to avoid illegal tax evasion. Multinational corporations may be subject to the laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes target the "enterprise" with statutory language around "control".
For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees and forms.
River Tyne
The River Tyne is a river in North East England and its length is 73 miles. It is formed by the confluence of two rivers: the South Tyne; these two rivers converge at Warden Rock near Hexham in Northumberland at a place dubbed'The Meeting of the Waters'. The Tyne Rivers Trust measure the whole Tyne catchment as 2,936 square kilometres, containing around 4,399 kilometres of waterways; the North Tyne rises on the Scottish border, north of Kielder Water. It flows through Kielder Forest, in and out of the border, it passes through the village of Bellingham before reaching Hexham. The South Tyne rises on Alston Moor and flows through the towns of Haltwhistle and Haydon Bridge, in a valley called the Tyne Gap. Hadrian's Wall lies to the north of the Tyne Gap. Coincidentally the source of the South Tyne is close to the sources of the other two great rivers of the industrial north east namely the Tees and the Wear; the South Tyne Valley falls within the North Pennines Area of Outstanding Natural Beauty - the second largest of the 40 AONBs in England and Wales.
The combined Tyne flows from the convergence point at Warden Rock just to the north west of Hexham, the area where the river's now thriving barbel stocks were first introduced in the mid-1980s, through Corbridge in Northumberland. It enters the county of Tyne and Wear between Clara Vale and Tyne Riverside Country Park and continues to divide Newcastle and Gateshead for 13 miles, in the course of which it is spanned by 10 bridges. To the east of Gateshead and Newcastle, the Tyne divides Hebburn and Jarrow on the south bank from Walker and Wallsend on the north bank. Jarrow and Wallsend are linked underneath the river by the Tyne Tunnel, it flows between South Shields and Tynemouth into the North Sea. The late Thomas John Taylor supposed that the main course of the river anciently flowed through what is now Team Valley, its outlet into the tidal river being by a waterfall at Bill Point, his theory is not far from the truth, as there is evidence that prior to the last Ice Age, the River Wear did once follow the current route of the lower River Team, merging with the Tyne at Dunston.
Ice diverted the course of the Wear to its current location, flowing east the course of the Tyne) and joining the North Sea at Sunderland. The River Tyne is believed to be around 30 million years old; the conservation of the Tyne has been handled by various bodies over the past 500 years. Conservation bodies have included: Newcastle Trinity House, the Tyne Improvement Commission; the Tyne Improvement Commission conservation lasted from 1850 until 1968. The 1850-1950 era was the worst period for pollution of the river; the Tyne Improvement Commission laid the foundations for what has become the modern day Port of Tyne. Under the management of the Tyne Improvement Commissioners, over a period of the first 70 years the Tyne was deepened from 1.83 to 9.14 meters and had 150 million tonnes dredged from it. Inside these 70 years, the two Tyne piers were built; this infrastructure enabled millions of tonnes of cargo to be handled by the Port by 1910. As of 2019 the tidal river is now managed by the Port of Tyne Authority, has been managed by the Port of Tyne Authority since 1968.
With its proximity to surrounding coalfields, the Tyne was a major route for the export of coal from the 13th century until the decline of the coal mining industry in North East England in the second half of the 20th century. The largest coal staithes were located at Dunston in Gateshead and Tyne Dock, South Shields; the dramatic wooden staithes at Dunston, built in 1890, have been preserved, although they were destroyed by fire in 2006. In 2016, Tyne Dock, South Shields was still involved with coal, importing 2 million tonnes of shipments a year; the lower reaches of the Tyne were, in the late 19th and early 20th centuries, one of the world's most important centres of shipbuilding, there are still shipyards in South Shields and Hebburn to the south of the river. To support the shipbuilding and export industries of Tyneside, the lower reaches of the river were extensively remodelled during the second half of the 19th century, with islands removed and meanders in the river straightened. Nothing definite is known of the origin of the designation Tyne, nor is the river known by that name until the Saxon period: Tynemouth is recorded in Anglo-Saxon as Tinanmuðe.
There is a theory that *tīn was a word that meant "river" in the local Celtic language or in a language spoken in England before the Celts came: compare Tardebigge. There is a river Tyne that rises in Midlothian in Scotland and flows through East Lothian into the North Sea; the River Vedra on the Roman map of Britain may be the River Wear. A supposed pre-Celtic root *tei, meaning'to melt, to flow' has been proposed as an etymological explanation of the Tyne and similarly-named rivers, as has a Brittonic derivative of Indo-European *teihx, meaning'to be dirty'. Shields Ferry New Tyne Tunnel Old Tyne Tunnel Tyne Pedestrian & Cycle Tunnel Gateshead Millennium Bridge Tyne Bridge Swing Bridge High Level Bridge Queen Elizabeth II Metro Bridge King Edward VII Bridge Redheugh Bridge Scotswood Bridge Scotswood Railway Bridge (disused rail, now carries water and gas ma
Accounting software
Accounting software describes a type of application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, general ledger and trial balance. It functions as an accounting information system, it may be developed in-house by the organization using it, may be purchased from a third party, or may be a combination of a third-party application software package with local modifications. Accounting software may be on-line based, accessed anywhere at any time with any device, Internet enabled, or may be desktop based, it varies in its complexity and cost. The market has been undergoing considerable consolidation since the mid-1990s, with many suppliers ceasing to trade or being bought by larger groups. Accounting software is composed of various modules, different sections dealing with particular areas of accounting. Among the most common are: Core modulesAccounts receivable—where the company enters money received Accounts payable—where the company enters its bills and pays money it owes General ledger—the company's "books" Billing—where the company produces invoices to clients/customers Stock/inventory—where the company keeps control of its inventory Purchase order—where the company orders inventory Sales order—where the company records customer orders for the supply of inventory Bookkeeping—where the company records collection and payment Financial Close Management — where accounting teams verify and adjust account balances at the end of a designated time periodNon-core modulesDebt collection—where the company tracks attempts to collect overdue bills Electronic payment processing Expense—where employee business-related expenses are entered Inquiries—where the company looks up information on screen without any edits or additions Payroll—where the company tracks salary and related taxes Reports—where the company prints out data Timesheet—where professionals record time worked so that it can be billed to clients Purchase requisition—where requests for purchase orders are made and tracked Reconciliation—compares records from parties at both sides of transactions for consistency Drill down Journals Departmental accounting Support for value added taxation Calculation of statutory holdback Late payment reminders Bank feed integration Document attachment system Document/Journal approval systemNote that vendors may use differing names for these modules.
In many cases, implementation can be a bigger consideration than the actual software chosen when it comes down to the total cost of ownership for the business. Most midmarket and larger applications are sold through resellers and consultants; those organizations pass on a license fee to the software vendor and charge the client for installation and support services. Clients can count on paying 50-200% of the price of the software in implementation and consulting fees. Other organizations consult with and support clients directly, eliminating the reseller. Accounting software provides many benefits such as speed up the information retrieval process, bring efficiency in Bank reconciliation process, automatically prepare Value Added TAX / Goods and Services TAX, most provide the opportunity to see the real-time state of the company’s financial position. Personal accounting software is targeted towards home users, supporting accounts payable-type accounting transactions, managing budgets, simple account reconciliation, at the inexpensive end of the market.
At the low-end of the business markets, inexpensive applications software allows most general business accounting functions to be performed. Suppliers serve a single national market, while larger suppliers offer separate solutions in each national market. Many of the low end products are characterized by being "single-entry" products, as opposed to double-entry systems seen in many businesses; some products are not considered GAAP or IFRS/FASB compliant. Some low-end systems do not have audit trails; the mid-market covers a wide range of business software that may be capable of serving the needs of multiple national accountancy standards and allow accounting in multiple currencies. In addition to general accounting functions, the software may include integrated or add-on management information systems, may be oriented towards one or more markets, for example with integrated or add-on project accounting modules. Software applications in this market include the following features: Industry-standard robust databases Industry-standard reporting tools Tools for configuring or extending the application, access to program code.
The most complex and expensive business accounting software is part of an extensive suite of software known as enterprise resource planning software. These applications have a long implementation period greater than six months. In many cases, these applications are a set of functions which require significant integration and customization to begin to resemble an accounting system. Many freeware high-end open-source accounting software are available online these days which aim to change the market dynamics. Most of these software solutions are web-based; the advantage of a high-end solution is that these systems are designed to support individual company specific processes, as they are customizable and can be tailored to exact business requirements. This comes at a significant cost in terms of m
Martin Sorrell
Sir Martin Stuart Sorrell is a British businessman and the founder of WPP plc, the world's largest advertising and PR group, both by revenue and the number of staff. Upon his retirement in April 2018, Sorrell was the longest-serving chief executive of a FTSE 100 company, he is known for being one of the UK's highest-paid corporate executives. Sorrell has served on boards and advisory bodies of a number of high-profile public and business organisations, including several leading business schools, both in the UK and internationally. Sir Martin Stuart Sorrell was born in London on 14 February 1945 to a Jewish family: his father was an electronics retailer, whose ancestors came from Russia and Romania, he was educated at the independent Haberdashers' Aske's Boys' School studied Economics at Christ's College and gained an MBA from Harvard University in 1968. Sorrell joined Glendinning Associates James Gulliver and worked for the sports agent Mark McCormack, he joined Saatchi & Saatchi in 1975, was group finance director from 1977 until 1984.
Referred to as "the third brother", he designed and carried out many of Saatchi's agency acquisitions. Sorrell undertook this by refining the practice of the ‘earn-out’. In 1985, Sorrell invested in Wire and Plastic Products, a British wire shopping basket manufacturer, joined it full-time as chief executive in 1986, he began to acquire "below-the-line" advertising-related companies, purchasing 18 in three years, including in 1987 when he stunned the agency world with a $566 million hostile takeover of J. Walter Thompson. Sorrell followed this in 1989 with another dramatic hostile $825 million buy of Mather. Since 2000, WPP has acquired two more integrated, global agency networks, Young & Rubicam and Grey. In 2014, Sorrell received total compensation from WPP of GBP £40 million, his largest annual total since £53 million in 2004. In August 2017, Sorrel said that "digital disruption" was forcing companies to change their business models and reach customers in different ways when shares in WPP fell by more than 10% at the start of trading after the advertising giant reported slowing sales and warned about future growth.
In September 2017, Sorrell criticised the marketing industry, arguing it is "too competitive" and that agencies value winning contracts, whether they are profitable or not, over content since making the headlines in a trade magazine is more important. In 2017, Sorrell became the longest-serving CEO of any company featured in the U. K.'s benchmark FTSE 100 Index – having stewarded WPP since 1985. Sorrell left WPP in 2018. In May 2018, Sorrell acquired Derriston Capital, a cash shell listed on the London Stock Exchange, with plans to create a marketing company called S4 Capital. Sorrell invested $53 million of his money, raised $15 million more from investors. In July 2018, S4 Capital purchased MediaMonks for $350 million, using a share issue to fund the purchase, his previous employer, WPP, claimed. In December 2018, S4 Capital purchased MightyHive for $150 million. In 1997, he was appointed an ambassador for British business by the Foreign and Commonwealth Office and subsequently appointed to the Office's Panel 2000 aimed at rebranding Britain abroad.
In 1999 he was appointed by the secretary of state for education and employment to serve on the Council for Excellence in Management and Leadership. He is a governor of London Business School, a member of the advisory boards of both the Judge Business School in Cambridge, UK and IESE in Spain, he is chairman of the Global Advisory Board of the Centre for International Business and Management, at the University of Cambridge, UK. In 1998, he was appointed to the board of directors of associates of Harvard Business School and to the board of the Indian School of Business. On behalf of New York Mayor Michael Bloomberg, he chaired Media. NYC.2020, which reviewed the future of the global media industry, the implications for NYC, suggested actionable next steps for the NYC government. Sorrell was a "Remainer" in the run up to the Brexit referendum, has expressed support for a second referendum on EU membership once the Brexit terms have been finalized, stating that when "we see what the terms are of Brexit the electorate can be asked to reconfirm in whichever way possible, referendum or general election platform, that they still want to go ahead.”
He justified new investments in France, Germany and Spain as a means to protect WPP against immigration caps following Brexit, emphasising the importance of freedom of movement of WPP's work force, 17 percent of which are from EU countries other than the UK. In 2005 Sorrell sold £9m of shares in WPP at the end of a restricted stock holding period, he agreed to change a contract with the company, much criticised by institutional shareholders in WPP as being unfairly written in Sorrell's favour. Under the previous agreement if Sorrell had been terminated, it would have led to a large payout. In 2005 his pay was £2.42 million including cash and bonuses. Further he exercised £52 million in share options, was entitled to a further £5.8million in stock, deferred further options on another 2.65 million shares valued at £15 million until 2008. In 2011 Sorrell's pay package increased by 70% to £4.5 million after WPP's pre-tax profits rose 28%. In October 2011 Sorrell went on the BBC to defend large increases in his and other CEO pay packages at a time when real average wages in the Western world were declining.
Shareholders have criticised aspects of corporate governance at WPP. This came to the fore again in 2006 with the advent of
£ 1,857 million (2018)[1]
£ 295 million (2018)[1]
