Corporate Finance Future Expansion Plans

Question: Describe about the Corporate Finance for Future Expansion Plans. Answer: Introduction The present report aims to provide advice to Woolworths as a financial advisor for supporting its future expansion plans. In this context, the report demonstrates the current financial standing information of the company by analyzing its market value, share value and debt to profit ratio. It also describes the recent capital raising activity of the company through share equity financing or debt financing. In addition to this, the financial strategy is also analyzed to gain an understanding of the strategies used by the company to raise funds. At last, the report provides advice to the company for raising capital in order to fund its future expansion plans. Background of the company Woolworths Limited is an Australian company that is involved in retail business in the country offering food, petrol, liquor, home improvement and general merchandise products to the customers. The company is recognized as largest supermarket chain of the country and operates about 961 stores across the Australia. It is publicly listed on Australia Stock Exchange (ASX) since past 20 years. The company is believed to employ about 111,000 people in its retail stores, distribution centers, and support offices for providing customers high quality products conveniently. The company is recognized as Fresh Food People as it procures about 98% of fresh fruit and vegetable from Australian farmers and growers (Woolworths Supermarkets, 2012). Woolworths Current Financial Standing Position The current market capitalization of Woolworths is around 28.72B and it shares are worth around $ 19.87 (Raszkiewicz, 2015). The debt/equity ratio indicates the financial leverage of the company and is calculated by dividing the total liabilities by stockholders equity. The best/equity radio of Woolworths for the financial year 2015 is calculated as follows: Formula: Debt/Equity = 5331/10834 = 0.49 The ratio indicates the incorporation of more equity in comparison to debt in the capital structure of the company. This is a good sign for the company as it decreases the business risk and therefore supports its long-term growth and development. As indicated by debt/equity ratio, the company incorporates more the use of equity as compared to debt for financing its assets (Annual Report, 2015). Thus, it is analyzed from the market value, share value and debt to equity ration of Woolworths that its current financial position is stable but the company must take future measures for increasing the share prices as market value of shares are low as compared to the previous years. Capital Raising Activity of Woolworths The companys performance is declining in the recent years due to the huge investments made by it in sectors such as home improvements. This caused a shift in focus of the company from manufacturing its food products from fresh ingredients to other sectors causing a decrease in its profitability. The fund manager is currently planning to raise the capital through asset sales of its unprofitable home improvement business (Heffernan, 2016). The credit rating of the company is under risk with rapid decline in its supermarket sales in the past few financial years. The board of directors is cutting down the dividends paid to the shareholders by about 30 per cent and also reducing the payout ration from 70 per cent to about 50 per cent. This is done to retain cash and thus strengthen the balance sheet of the company for improving its credit rating (Mitchell, 2015). The company is also currently emphasizing on incorporating more debt in its capital structure for meet out its current liabilit ies (WOOLWORTHS HOLDINGS LIMITED 2015 INTEGRATED REPOR, 2015). Thus, it can be said that the company is preferably incorporating the use of equity and debt financing both for raising its capital structure. Woolworths financial strategy The financial strategy of the company includes appropriate capital structuring for enhancing the shareholder value. The company pays good dividends to shareholders through optimizing its weighted average cost of capital (Annual Report., 2015). The debt financing policy of the company includes creating an adequate match between long-term debt to long-term equity, minimizing re-financing results and hedging of interest rate for outweighing the potential risks from foreign currency exposure. The board of directors ensures the presence of certainty in liquidity position for meeting the challenges of occurrence of any global financial crisis. The companys incorporate the use of equity financing largely for maximizing shareholder value. It seek to provide highest dividend to shareholders through reducing its liabilities from debt financing (Managing Directors Report Capital Management and Outlook., 2012). Woolworths is also recently utilizing the use of its balance sheet for raising capita l as to reduce its dependence on debt financing. The company is reducing its payout ratio and re-selling its unprofitable assets for enhancing the equity proportion in the capital structure (Mitchell, 2015). However, the company is also currently planning to increase the debt proportion in its capital structure for meet its current liabilities (WOOLWORTHS HOLDINGS LIMITED 2015 INTEGRATED REPOR, 2015). Conclusion On the basis of the overall discussion held in the report, it can be concluded that current financial position of Woolworths is not sound as it is facing huge loss in its profitability owning to less market sales of its retail products ion home improvement category. The company, is recommend to emphasizes on its main business area, that is, manufacturing fresh food products by divesting its unprofitable businesses for regaining its market leader position in the retail sector of the country. It has invested largely in the manufacturing of products such as home improvement, petrol station, liquor that are not proving to be largely profitable for the company. The company can acquire funds through selling its non-profitable business units and therefore raise capital for supporting its future expansion plans of acquiring finance for production of its main business area of food products. The Company should also incorporate less debt in its capital structure as it would increase the future liabilities posing a threat for its sustainability. The company should focus largely on incorporation of equity financing for reducing the business risk of increasing liabilities. References Annual Report. 2015. [Online]. Available at: https://www.woolworthslimited.com.au/icms_docs/182381_Annual_Report_2015.pdf [Accessed on: 19 September 2016]. Managing Directors Report Capital Management and Outlook. 2012. [Online]. Available at: https://www.woolworthslimited.com.au/annualreport/2012/md-capital-management-outlook.html [Accessed on: 19 September 2016]. Mitchell, S. 2015. Woolworths dividend, credit rating at risk. [Online]. Available at: https://www.smh.com.au/business/retail/woolworths-dividend-credit-rating-at-risk-20151103-gkq2lr.html [Accessed on: 19 September 2016]. Heffernan, M. 2016. Capital raising, store closures may be in store for Woolies. [Online]. Available at: https://www.smh.com.au/business/retail/capital-raising-store-closures-may-be-in-store-for-woolies-20160722-gqbiae.html [Accessed on: 19 September 2016]. Raszkiewicz, O. 2015. How much are Woolworths Limited shares REALLY worth? . [Online]. Available at: https://www.fool.com.au/2015/06/12/how-much-are-woolworths-limited-shares-really-worth/ [Accessed on: 19 September 2016]. WOOLWORTHS HOLDINGS LIMITED 2015 INTEGRATED REPORT. 2015. [Online]. Available at: https://www.woolworthsholdings.co.za/investor/annual_reports/ar2015/whl_2015_integrated_report.pdf [Accessed on: 19 September 2016]. Woolworths Supermarkets. 2012. [Online]. Available at: https://www.woolworthslimited.com.au/page/Who_We_Are/Our_Brands/Supermarkets/Woolworths/ [Accessed on: 19 September 2016].

Best Cause and Effect Essay Topics For High School and College Students

Best Cause and Effect Essay Topics For High School and College StudentsWhen composing an essay on cause and effect in the high school or college setting, you are confronted with a variety of different cause and effect essay topics. It is your responsibility to select the topic that is going to be the best for your particular essay topic. Below are the best cause and effect essay topics for the high school student and college student.If you choose the subject matter to be a criminal trial, you will probably write about how the effects of an event are made to continue after the event is over. This is a great topic for your cause and effect essay topics as you can discuss how the effects of the event may be seen in the future. You could also include the name of the prosecutor, the judge, the jury, the defense lawyer, and the jury.You could choose to write about a robbery, assault, murder, or kidnap. All of these can have strong effects. You can relate the event to the cause of one or mo re of these cases, such as the murder of an innocent bystander. Again, by discussing these effects in the essay, you can better explain what happened to happen to the victim.You could even mention in your essay why the particular event was necessary in the first place. This would make a great cause and effect essay topic as you can then elaborate on why the event was necessary in the first place. You can use this topic to argue that the victim's death was necessary in the case, such as if the victim was being attacked by a predator or if they were about to die from another disease.Cause and effect might seem easy to you at first, but you will find that it will take some thought and effort to get it just right. When you are writing this essay, you should really try to think about why the cause of the event might be seen in the future. Youcan also use this reason to explain why the events are necessary in the first place.The best way to use this idea in your essay is to express a caus e and effect concept. Many high school students forget this important idea when they write their first essay, and it shows in the essay itself. With practice, you will get it down and the essays will be much better than they ever were.Once you have completed your cause and effect essay topics, you should prepare to revise them. You should write a new cause and effect essay topics every semester or quarter, and you should add new ideas all the time. As long as you keep an eye on your paper every day, you will not forget to write about the causes and effects of events in your essay.While this might seem like a difficult concept to grasp, it is very simple to learn and to understand. Use this method of composition to create a great essay. Your first attempts at cause and effect will be very poor, but you will improve and be more successful the more you write about the subject.

13 Essential Editing Tips to Use in Your Essay Writing

It can be a challenge to find ways to keep improving, but one way of making your essays instantly better is effective editing. Editing your essay before you submit it could mean the difference between a good grade and a brilliant one, so it’s worth taking fifteen minutes or so before you send it off just checking through it to make sure that the structure and wording is as good as it can be. In this article, we give you some tips to think about when you’re editing your own writing. Keep these tips alongside you to use as a checklist and you can’t go far wrong! 1. Start by getting the structure right Unlike a house, an essay can be rearranged even after you’ve put it together. If you have time, try to leave a bit of time between finishing your essay and starting the editing process. This gives you time to approach it feeling reasonably fresh; if you edit immediately after spending a long time on something, you might find that you’re so close to it that you’re unable to spot errors. When you do sit down to look through it, start by looking at its structure. Think about the overarching shape of the argument you’re developing and check that the points you’ve made help build your essay towards a logical conclusion. You may have written an essay with the points in order of when they occurred to you, but is this really the most sensible order? Does one point follow logically on from the other? Would it make the essay more interesting to include a certain point near the beginning to tease the reader, or are you revealing too much in the opening, meaning it would be better to move some points nearer the end? These are just a few of the ways in which it might be possible to improve the structure, so it helps to keep in mind your overall argument and ensure your structure puts it across as effectively as possible. With word processors now the primary means of writing essays, it couldn’t be easier to rearrange paragraphs into a more logical structure by dragging and dropping or cutting and pasting paragraphs. If you do this, don’t forget to reread the essay to ensure that the wording works with this new order, otherwise you may end up with a sentence leading into the wrong paragraph. 2. Prune long sentences and paragraphs The perfect essay is like a bonsai tree – trimmed down to just the right size. Whether you’ve exceeded your word count or not, long sentences and paragraphs should be edited because they can be trickier to read, and risk being boring or hard to follow. Try, therefore, to keep sentences to a maximum of two or three clauses (or segments). Avoid long paragraphs by starting a new one if you find one getting longer than three or four sentences: a wall of text can be off-putting to the reader. Leave a space between paragraphs if you’re typing your essay, as we’re doing in this article. Another way of keeping sentences to a reasonable length is to go through what you’ve written and tighten up the wording. If you find yourself writing long sentences, try to look for ways in which you can reword them to express what you’re trying to say more concisely. You’ll probably find numerous instances of phrases that take many words to say what could be said in two or three. 3. Keep overly complicated language in check It’s going to look obvious if you’ve had a thesaurus next to you while writing, just so that you can replace all the simple words with more complicated ones. The thing is, it doesn’t always make you look intelligent; you may, for instance, inadvertently choose the wrong synonym, not realising that even close synonyms can have subtly different meanings or connotations. Sometimes using big words where simple ones would suffice can seem contrived and pompous; aim for clear, concise language to avoid being verbose or pretentious. That’s not to say you shouldn’t use more complex words at all – just choose the situation carefully and don’t overdo it. 4. Watch for repetition of ideas and words Avoid repeating yourself. It’s easy to repeat yourself without realising it when you’re writing, but the editing process is there to enable you to spot this before your teacher or lecturer sees it. As you read through your essay, keep a look out for ideas you’ve repeated and delete whichever repetitions add nothing to your essay (don’t forget that the first instance of the idea may not be the most appropriate place for it, so consider which is the best moment to introduce it and delete the other mentions). On a related note, look out for instances in which you’ve laboured the point. Going on about a particular point for too long can actually undermine the strength of your argument, because it makes you look as though you’re desperately grappling to find supporting facts; sometimes a simple, clear statement with a brief piece of evidence to back it up is all that’s needed. You should be equally wary of repetition of words within the same sentence or paragraph. It’s fine to repeat common words such as â€Å"the†, obviously, but it’s best to avoid using the same connecting words, such as â€Å"also†, more than once in the same paragraph. Rephrase using alternative expressions, such as â€Å"what’s more†. More unusual words should be used just once per paragraph – words such as â€Å"unavoidable†, for example – unless it’s for emphasis. 5. Don’t rely on the spellcheck It’s a tip we’ve told you before, but it’s worth repeating because it’s very important! The spellcheck will not pick up every single error in your essay. It may highlight some typos and misspellings, but it won’t tell you if you’ve inadvertently used the wrong word altogether. For example, you may have meant to write the word â€Å"from†, but accidentally mistyped it as â€Å"form† – which is still a word, so the spellchecker won’t register it. But it’s not the word you meant to write. 6. Spotting typos Printing something out in order to edit it can help you spot mistakes. It’s said that if you read through your work backwards, you’re more likely to spot typos. This is probably because it’s giving you a new perspective on what you’ve written, making it easier to spot glaring errors than if you read through it in the order in which you wrote it and in which you know what to expect. So, start with the last sentence and keep going in reverse order until you get to the beginning of your essay. Another tip is to print out your essay and take a red pen to it, circling or underlining all the errors and then correcting them on the computer later. It’s often easier to read a document from a printed version, and it also means that you can follow what you’re doing by touching each word with the end of your pencil to make sure you’re not skimming over any errors. 7. Omit unnecessary words and eradicate weasel words Without even realising it, you’ve probably used plenty of unnecessary words in your writing – words that add to the word count without adding to the meaning – and you’ll find that your writing works just as well without them. An example is the word â€Å"very†, which almost always adds nothing to what you’re trying to say. As Mark Twain said, â€Å"Substitute ‘damn’ every time you’re inclined to write ‘very’; your editor will delete it and the writing will be just as it should be†. Weasel words are worse, as they are used to hide weak or objectionable arguments. A study of Wikipedia found that these tend to fall into three different categories: numerical vagueness (such as â€Å"many people say† without specifying who these people are), the use of the passive voice to distance the writer from what they’re saying (â€Å"it is often said†, for example, without saying by whom it is often said), and the use of adverbs designed to soften a point (such as â€Å"probably†). Look out for these in your own writing and rephrase to remove them; they are disingenuous and your essay will be stronger without them. 8. Remove tautologies Also, ‘big’ is quite an unimpressive adjective. A tautology is a stylistic error involving redundant words, in this case the use of two consecutive words that mean the same thing, such as â€Å"the big giant† (referring simply to a â€Å"giant† would have been sufficient to convey the meaning). Students often use them when they’re trying to make their writing wordier, not realising that they simply make their writing worse. 9. Watch the commas People tend either to put too many commas into a sentence, or too few. Too many, and the sentence sounds broken and odd; too few, and the reader has to read the sentence several times to figure out what you’re trying to say, because it comes out in a long, jumbled mess. The secret is to put commas in where you would naturally pause when speaking aloud. If it helps, try reading your writing aloud to see if it flows. Where you would pause for slightly longer, a semi-colon might be more appropriate than a comma. Use a semi-colon to connect two independent clauses that would work as two separate sentences. 10. Consistent spelling Some words have more than one correct spelling, and the important thing is to be consistent with which one you use. You could, if you wanted to make your life a little easier, delve into the settings on your word processor and manipulate the spellcheck so that it highlights the version you decided against – or even autocorrects to the right version. If you’re writing in the UK, ensure that your word processor’s default language is set to UK English so that you don’t end up inadvertently correcting English spellings to US ones (â€Å"colour† to â€Å"color†, for example). 11. Get rid of exclamation marks and ellipses If you use lots of exclamation marks, be aware that this is how your readers will picture you. In virtually every case, you don’t need to use an exclamation mark, and – at least in academic writing – your use of one may result in your writing not being taken quite so seriously. Only use them in exceptional circumstances when you really want to convey a feeling of surprise or outrage. Ellipses (â€Å"†¦Ã¢â‚¬ ) should also be avoided except when you’re indicating the truncation of a quote from another writer (that is, where you left a bit out). 12. Attribute quotations Quotations from authors or academic writers should be attributed to them. As you read through your essay, keep a look out for any quotations you’ve mentioned and make sure that you say where they’re from. If you’re writing an essay for university, a footnote would be an appropriate way of citing another writer. If you are using footnotes, this gives an extra area on which to focus your editing skills; ensure that all footnotes are consistently formatted, and don’t forget to put a bibliography containing all the books you’ve used at the end. 13. Consistent formatting There’s no reason to have bad formatting when you’re using a computer. The appearance of your essay matters, too – and the formatting should not be neglected when you’re in editing mode. This means being consistent with your use of fonts, using italics or underline for emphasis rather than using them interchangeably, ensuring that the spacing between lines is consistent throughout, and other such minor aesthetic points. This may not sound very important, but consistent formatting helps your essay look professional; if you’ve used different fonts or line spacing or anything like that, your essay will look a mess even if what you’ve said in it is good. You could make use of the pre-populated formatting options in your word processor to ensure consistency throughout, with header 1 for the title, header 2 for subheadings and ‘normal text’ for the body of the document. If you find that there are too many things on this list to think about in one go when you’re reading through your essay, you could read through it several times looking out for different things each time. All this may seem a lot to think about when you’ve already put in so much effort to write the essay in the first place, but trust us: it will pay off with a sleek and polished piece.

Defining Portraits and Portraiture in Art

Defining Portraits and Portraiture in Art Portraits are works of art that record the likenesses of humans or animals that are alive or have been alive. The word  portraiture  is used to describe this category of art. The purpose of a portrait is to memorialize an image of someone for the future. It can be done with painting, photography, sculpture, or almost any other medium. Some portraiture is also created by artists purely for the sake of creating art, rather than working on commission. The human body and face are fascinating subjects that many artists like to study in their personal work. Types of Portraits in Art One could speculate that the majority of portraits are created while the subject is still alive. It may be a single person or a group, such as a family. Portrait paintings go beyond simple documentation, it is the artists interpretation of the subject. Portraits can be realistic, abstract, or representational.   Thanks to photography, we can easily capture records of what people look like throughout their life. This was not possible prior to the invention of the medium in the mid-1800s, so people relied on painters to create their portrait.   A painted portrait today is often seen as a luxury, even more than it was in previous centuries. They tend to be painted for special occasions, important people, or simply as artwork. Due to the cost involved, many people choose to go with photography instead of hiring a painter. A posthumous portrait is one that is rendered after the death of the subject. It can be achieved by either copying another portrait or following instructions of the person who commissions the work. Single images of the Virgin Mary, Jesus Christ, or any saints are not considered portraits. They are called devotional images. Many artists also choose to do a self-portrait. It is a work of art depicting the artist created by their own hand. These are typically made from a reference photo or by looking in a mirror. Self-portraits can give you a good sense of how an artist views themselves and, quite often, it is rather introspective. Some artists will regularly create self-portraits, some just one in their lifetime, and others will not produce any. Portraiture as Sculpture While we tend to think of a portrait as a two-dimensional piece of artwork, the term can also apply to sculpture. When a sculptor focuses on just the head or the head and neck, it is called a  portrait. The word  bust is used when the sculpture includes part of the shoulder and breast. Portraiture and Appropriation Usually, a portrait records the subjects features, though it often also tells something about them. A portrait of the art historian Robert Rosenblum (1927–2006) by Kathleen Gilje captures the sitters face. It also celebrates his outstanding Ingres scholarship through the appropriation of Jean-Auguste-Domonique Ingres portrait of the Comte de Pastoret (1791- 1857). Ingres portrait was completed in 1826 and Giljes portrait was completed in 2006, several months before Rosenblums death in December. Robert Rosenblum collaborated on the choice of appropriation. Representative Portraiture Sometimes a portrait includes inanimate objects that represent the subjects identity. It doesnt necessarily have to include the subject itself. Francis Picabias portrait of Alfred Stieglitz  Ici, Cest Ici Stieglitz (Here is Stieglitz, 1915, Stieglitz Collection, Metropolitan Museum of Art) depicts only a broken bellows camera. Stieglitz was a famous photographer, dealer, and Georgia OKeeffes husband. The early twentieth-century Modernists loved machines and Picabias affection for both the machine and Stieglitz is expressed in this work. The Size of Portraits Portraiture can come in any size. When a  painting was the only way to capture a persons likeness, many well-to-do families chose to memorialize people in portrait miniatures. These paintings were often done in enamel, gouache, or watercolor on animal skin, ivory, velum, or a similar support. The details of these tiny portraits- often just a couple of inches- are amazing and created by extremely talented artists. Portraits can also be very large. We often think of paintings of royalty and world leaders hanging in enormous halls. The canvas itself can, at times, be larger than the person was in real life. However, the majority of painted portraiture falls in between these two extremes. Leonardo da Vincis Mona Lisa (ca. 1503) is probably the most famous portrait in the world and it was painted on  a 2-foot, 6-inch by 1-foot, 9-inch poplar panel. Many people do not realize how small it is until they see it in person.

Strategies for Implementing Accounting Software Systems in Small to Essay

Strategies for Implementing Accounting Software Systems in Small to Medium Enterprises - Essay Example However, formulating and executing implementation strategies for accounting software are important in maximizing the accounting efficiency of an SME. Problem to be Solved and Worth - In this highly developed economy, there is an influx of accounting software packages tailored to the needs of various customers. This wide array of choices leads to the dilemma of picking out the 'right' software system for small to medium business operations which in turn, brings the more difficult issue of crafting implementation strategies for the accounting software. This problem requires intensive research as it provides better understanding of the relationship between accounting efficiency and strategies of software implementation. Idea for Action and Data Outline - First, the researcher will conduct interviews with 10 to 15 SMEs to gather the required data for the study. The interview is expected to generate a list of implementation strategies employed by these companies. Then, the effectiveness of strategies will be evaluated and compared by measuring the SMEs' accounting efficiency based on the data gathered in the interview. For that purpose, the researcher will devise a measuring system with the help of secondary data gathered in the review of literature. ... The result of analysis will be utilized in the final report to recommend implementation strategies which should be executed and should be eliminated in the accounting processes of the SMEs. Context: Setting, Background and Scope The proposed project will be based in the analysis of the accounting efficiency of SMEs contacted for the research. SMEs to be interviewed will come from various industries in the economy. Although time constraints will not allow contacting a large number of SMEs for the research to come up with a more statistically accurate result, the project will be able to identify the most general trends in accounting software strategies. These trends will be processed and analyzed as factors influencing the accounting performance of SMEs, i.e. by looking on their effectiveness. The measuring system developed in this project will particularly reveal the differences in accounting efficiency as a result of the execution of different implementation strategies. Project Strategic IT Value and Intention The result of the proposed research will be presented in the form of a report which analyzes the software strategies employed by SMEs including the recommendations developed during the research. This set of recommendations will be a useful contribution to the general theory of software implementation strategies as it will aid SMEs to develop strategic approaches in choosing suitable accounting software and devising implementation strategies to enhance accounting efficiency. It can be noted that theoretical frameworks have been mainly concentrating in the general benefits of strategic approach to software implementation. For example, Jones (2005) advises small

Marketing plan Essay Example | Topics and Well Written Essays - 3500 words

Marketing plan - Essay Example With the introduction of smart phones in the market, Nokia continues to take the lead, taking about 56.4% share of the 70.9 million units shipped in Europe in 2006. Nokia sold 40 million smart phones in 2006, reaffirming the fact that the success of the brand remains unscathed (Nokia leading phone market 2007). In fact, it has taken the brand to another level by making its phones highly competitive with the introduction of the Nokia N Series, a collection of smart phones that cater mainly to consumers who have requirements for a full-featured mobile phone with personal computer-like functionalities. These smart phones offer complete phone functionalities while alternately serving as personal data assistants. This â€Å"elite† group of high-end phones has created a stir in the market that the units instantly grew in popularity within a few months after being launched early 2005. The launch of the Nokia N series in 2005 created such a huge impact that sales of these products increased significantly since its launch. As of 2006, Nokia is recognized to be the worlds’ leader in smart phones sales, contributing to 42% market share (Smart phone sales are soaring 2006). This just goes to prove that Nokia has maintained its good relationship with the market as it has continuously managed to cater to the consumers’ needs despite the existence of other Personal Data Assistant (PDA) brands such as Palm and OS, and the emergence of new ones. Nokia is still the top choice in the UK market when it comes to smart phones. Its 3G (third generation) phones continue to fly with its up-to-date features. However, with the emergence of other brands that are determined to give Nokia fierce competition brand-wise, it is a challenge for this company to come up with even more effective ways to hold the market’s attention and sustain its stature in the market.

Intrinsic Properties and Abortion Debate Essay Example for Free

Intrinsic Properties and Abortion Debate Essay The philosophy of intrinsic property rights has created many problems for those who can justify abortion but believe that new born infant has to be treated as a human being. The intrinsic property philosophy also makes it difficult to justify killing animals but not humans. This soul searching debate is the subject of this essay. An intrinsic property is a property within the object or organism. Mass of a body is an intrinsic property, while weight of the body would depend on its location and its gravity and is an extrinsic property. The debate regarding protecting moral and legal rights of a living being when applied to fetuses creates a new set of problems for the pro-abortionists. Is a fetus entitled to the same rights and privileges as a new born? Can we regard a fetus with the same rights and privileges as a living human? It is morally and legally wrong to kill innocent human beings. The fetus is capable of developing within itself, meeting its needs with the ability it has within itself to appropriate nourishment and grow. These intrinsic properties qualify the fetuses as living organism and if we consider this living organism as an innocent human being, the conclusion would be that it is morally as wrong to abort (or kill) a fetus as it is morally wrong to kill an infant. The pro-abortionists argue that the fetus cannot be given the same importance as a newly born infant [McNeil, 2000]. Many feminist philosophers argue [Warren, 1973] that this approach to morality is based on abstract rules and conflict of rights and is inappropriate. Some feminist philosophers have declared that the concept of moral right may be inconsistent with the social nature of persons [Wolgast, cited in Warren, 1973] The philosophical views on the right of fetuses have debated various aspects of the morality or otherwise of abortion. The acknowledgment of intrinsic property rights means that an individual has certain moral rights. The presence or absence of a single determining factor of that intrinsic property which entitles an individual to these moral rights has been open to interpretation. This single criterion [Warren, 1973] which distinguishes between those who have intrinsic property rights and those who do not is in itself a dilemma. Accepting the intrinsic property argument makes the right of the woman carrying the fetus as irrelevant as the moral right of the fetus demands that its right be protected and it is allowed to develop as a separate entity. The single criterion and intrinsic property right taken together give a new born baby the same rights as a nearly mature fetus, if we accept this argument than late abortion tantamount to infanticide. [Summer, 1983] argues that sentience (ability to sense) should be used as the criteria for permissible abortion. Summer uses the sentience argument to limit abortion to first trimester. The problem with the intrinsic property and single criterion becomes more complicated when we find that philosophers like Tooley argue that both infants and nearly mature fetuses are incapable of desiring their own existence as they have no concept or experience of being a person. The conclusion drawn by him are rather shocking as he shows that infanticide in past history was not treated at par with other murders. [Warren, 1973] rightly points out that sentience alone, cannot be considered a criterion for comparing moral equality of the fetus and of an infant, as if we were to give equality on the basis of sentience mice and other animals which have much higher recognizable sentience are not treated as such. Sentience argument unlike fetus viability however draws an identifiable boundary as fetus viability can change with time and place. In developing countries with poor medical resources even a nearly mature fetus cannot be kept in an incubator and have the required life support to survive. In developed countries with excellent health care facilities nearly half term fetuses already have a reasonable chance of survival. Treating infants and fetuses at par as necessary under to doctrine of intrinsic property would subject the women undergoing a miscarriage to investigation for murder. [Warren, 1973] cites an actual example when an irresponsible pregnant woman was charged for negligent homicide as she failed to observe the precautions and suffered a miscarriage. It is clear that an infant and an unborn fetus cannot be treated as equal in terms of intrinsic property rights. Warren rightly concludes that birth marks an important point of distinction of rights for the infant, the fetus and for the woman. An infant can have a life of its own, in mothers care or even with foster organization/parents. Even if the infant is still dependent on others for survival the birth marks the beginning of a socially responsible individual or person. Pregnancy whether in advance term or at the beginning does not award the right of parenthood, the birth is the clear difference between the fetus and infant and while fetuses in advance state of development need to be protected as indeed they are, they cannot be considered equal to infants in their rights. In brief Warrens philosophy is to give people the rights of a moral community and have moral rights. She defines personhood as meeting five important criteria; ability to recognize internal and external objects, ability to feel pain, ability to reason, self motivated activity, capacity to communicate and self awareness [McNeil, 2000] Peter Singers is an advocate of utilitarianism. His views, although though provoking cannot be described as mainstream, he appears to believe in sentience theory but without a species distinction. He believes that species-ism is a kind of racism or gender based discrimination. [Singer, 1999] also refuses to acknowledge that human lives are more precious because of humans are more intelligent. He argues that if intelligence were to be the criterion we would permit medical experiment on mentally retarded! He appears to be less concerned about infanticide or abortion and his theory is that of great moral good. Singer presents very thought provoking debates but several of his arguments would create serious social right issues. He considers experimentation on animals as immoral but the possible benefit to millions by the sacrifice of a few is permitted in Singers logic. This type of logic can be used to justify slavery, genocide of a minority and create many more similar dilemmas. Warrens philosophical views on the moral and legal status of abortion on the other hand are a serious and practicable discussion and presents logical views. Singer defends a quality-of-life view in ethics and has little regard for sanctity-of-life view. Bibliography McNeil, M. A. , (2000), The Real Problem with Abortion, [Online] retrieved from Internet on May 05, 2007, http://www. abortionessay. com/files/realproblem. html Singer, P. , (1999), Practical Ethics, Cambridge University Press 2nd Edition, ISBN-10: 052143971X Tooley, M. (1983), Abortion and Infanticide, Oxford: Oxford University Press, Cited in [Warren, 1973] Warren, M. A. , (1973), On the Moral and Legal Status of Abortion, The Monist, LaSalle, Illinois, Vol. 53. Also published in James Rachels’, The Right Thing to Do: Basic Readings in Moral Philosophy (2nd Ed. , McGraw-Hill College, 1999)